Since the formation of the National Olympic Games, it has been tossed, and it may be difficult to enter the finals next time

Since the formation of the National Olympic Games, it has been “tossed”, and it may be difficult to enter the finals next time
Beijing News (Xu Xiaofan) On the evening of January 15, the Chinese Olympic Games ended the U23 men’s Asian Cup tour with an awkward record of 3 losses and 0 goals.Although this Olympic team is of poor strength, the impact of coaching on the team cannot be ignored.Since the establishment of the team, the controversy of this team has not stopped.Hao Wei is only the executive coach of the Olympic team.Photo / Osports In 2015, Li Ming formed this country name for the 1997 age group.From the initial selection of “I want to go to the Olympics” to the regional leagues in Germany afterwards, this team has been in a hurry. This team has been constantly “tossed” since its inception.After more than 4 years of team building, the team has experienced 4 coaches including Li Ming, Sun Jihai, Hiddink and Hao Wei. The biggest problem caused by the replacement of coaches is personnel instability.According to statistics, there are more than 80 players called by the four coaches, and the changing personnel changes make the team’s running-in constantly push back.The painful defeat of the Asian Cup of the U23 men’s football team is just the result of constant “tossing”.From the beginning of the team competition, in the Toulon Cup, the younger Asian Cup and other international competitions, the performance of this 1997 national number has always been poor.What is impressive is the 2016 U19 Men’s Football Asian Cup. This team also missed a goal in the group stage and was out early.Taking the U23 men’s Asian Cup as the shareholder’s breakdown in the past, this 1997-year-old National Olympics can pass is the worst one, but looking at the future, I am afraid that there will be more “worst national Olympics”.Empire, the U19 national team failed to qualify for the 2020 U19 Asian Cup finals. This is the first time that the National Youth Team has missed the Asian Youth Finals in 25 years.According to this trend, after 4 years, the National Youth will become the Olympic Games, and it may not even be able to advance to the U23 Asian Cup finals.Even more frightening is that the rise of the Southeast Asian team has made the opponents of the Chinese Olympic Games no longer be traditional heroes such as Korea, Japan and Iraq. Perhaps someone in the future can decide the destiny of the Olympic Games without being regarded by Chinese football.This is not alarmist. The U19 National Youth League has lost to Indonesia, Vietnam and Thailand.Editor Zhang Yunfeng proofreading Fan Jinchun

Sports Morning News: Zhang Weili cried and complained about homesick, the new piston crown detection turned negative

Sports Morning News: Zhang Weili cried and complained about homesick, the new piston crown detection turned negative
[Olympic Games]Tickets sold at the Tokyo Olympics are still valid. The Tokyo Olympic Committee said yesterday that tickets sold at the Tokyo Olympics are still valid.If the audience wants to refund the ticket due to changes in the schedule, they can also apply for a refund.At present, the Tokyo Olympic Organizing Committee has carried out two stages of official website online sale and lottery sale, 4.48 million tickets for the Olympic Games have been sold, and 970,000 tickets for the Paralympic Games have been sold.Details >> Tickets sold at the Tokyo Olympics can be postponed and refunded.[Rehabilitation]New test of the piston inside the crown turned negative. The test result of the new piston inside the wood has turned negative.According to US media, Wood’s latest test (Thursday) for the New Piston virus was negative.Local media said that Wood was diagnosed with new crown pneumonia two weeks ago, and he also became the first known NBA player to switch from a positive new crown test to a negative one.So far this season, Wood has played 62 games for the Pistons, averaging 13.1 point, 6.3 rebounds and 1 assist.[Interview]Zhang Weili stayed in the United States and cried for homesickness. On March 25, Zhang Weili, who was stranded in Las Vegas due to the epidemic, was interviewed by sauna and Yewang.Talking about life in isolation, Zhang Weili suddenly couldn’t restrain her emotions and began to cry.For this gold belt, Zhang Weili has not returned home since March last year.After coming out on February 1 this time, it has been drifting overseas for two months.The Hebei girl lamented, “I have never felt so difficult to go home.”Interview details >> Zhang Weili who stayed in the United States cried and edited Zhang Yunfeng Proofreading Wei Zhuo

Seiko Steel Structure (600496): Rising prefabricated building giant

Seiko Steel Structure (600496): Rising prefabricated building giant
Boom!The turning point of the main business profit is upwards, and the assembly business is expected to blowout the company as an old-fashioned steel structure leader. The “Green Building” GBS prefabricated building integration system developed by the company has landed at an assembly rate of 95%.”Base camp” and “technology authorization to join” have developed rapidly. In 18 years, the new span of prefabricated buildings has increased by 169% in one direction, of which technology authorization orders have increased significantly2.4 times, contributing an important increase for the company to expand new business, repair profit margins and increase market share. In 2019, the inspection year of prefabricated buildings is expected. It is expected that the steel structure will reach 54% of prefabricated building composite materials in the 12-18 years. We will replace the newly built prefabricated areas in China in 19-20 and increase the area by 2.5.2 billion square meters (12%) and 3.1.5 billion square meters (15% of the total).In 2019, the prefabricated construction industry enters the year of policy acceptance and inspection. The low-assessment building has a smaller and smaller space for “policy”. The company’s PSC integrated technology architecture advantage is further highlighted. In the future, it will pass higher assembly rates and gradually reduceThe price spread quickly penetrated into the traditional construction and expected concrete markets. Industry leaders have accelerated their growth, maintaining the current point in time of the “Buy” rating, and the prefabricated construction policy has entered a critical inspection year.The company’s traditional main business has seen a significant recovery, and orders, revenue and profit maximization have improved significantly. The industry-leading PSC assembly technology integration system actively seizes market share through self-employment and authorization, contributing to high order growth and restoring 杭州桑拿网 comprehensive profitability.The inflection point has already emerged to push performance growth back to its highest level in recent years.We estimate the company’s net profit attributable to its parent to be 2 in 2018-2020.09, 3.78 and 5.780,000 yuan, EPS is 0.12, 0.21, 0.32 yuan with a target price of 4.20 yuan, corresponding to PE of 35X, 20X and 13X, maintaining the “buy” level. Risk Warning: The development of prefabricated construction business is less than expected; the technology franchise business is less than expected; the construction of component production bases is less than expected; the risk of steel prices rising too quickly.

New explanation of risk capital and A-share real estate model and funding source variables

New explanation of risk capital and A-share real estate model and funding source variables
Insurance capital doubles up and raises A-share real estate: a new interpretation of model and funding source variables. 21st Century Business Herald Ye Maisui Insurance has again doubled up.  On January 13, Huatai Asset Management Co., Ltd. (hereinafter referred to as Huatai Assets) issued an announcement on the official website of the China Insurance Industry Association, stating that the Huatai Asset-Chuangying Series Special Product (Phase 1) account managed by the company through its agreement was transferred by agreement.The transferee shares of Guochuang High-Tech Industrial Group Co., Ltd. held by Guochuang Hi-tech Industrial Group Co., Ltd. (002377), which are publicly issued and not restricted for sale.  From the data disclosed by the China Insurance Industry Association’s official website, since 2019, insurance funds have held a list of 9 listed companies, namely: China Life Insurance has successively listed Shenwan Hongyuan, Wanda Information, CGN Nuclear Power, CPIC;The Ping An Department of China has successively held Huaxia Happiness, China Jinmao; the China Pacific Insurance Department has held Shanghai Lingang; the China Taiping Department has held Joy City; the Huatai Department has established National High Tech.  Judging from the nature of the company being promoted, the real estate industry overlaps.For example, China Happiness, China Jinmao, Shanghai Lingang, Joy City and Guochuang Hi-Tech are all in the real estate industry.  The insurance company has already held the name of Huatai Asset Management twice this year.US $ 7.9 billion, with 73.3 million shares of Gaoxin Gaoxin being transferred, accounting for 7.9993%, this is the “second move” in the beginning of 2020.  Earlier this month, Taiping Life announced on the official website of the China Insurance Association that it was about 19.At a total price of 07 trillion yuan, it subscribes for approximately 2 of the non-public offering of Joy City (000031).8.3 billion shares, accounting for 6.6% of the total share capital of Joy City.61%.  Follow Taiping Life Insurance 19.Calculated at the total price of 07 trillion, the joyous cost of Joy City is 6.74 yuan / share, Joy City’s latest closing price is 7.13 yuan / share, in fact, Taiping Life Insurance has now floated1.100 million yuan.The source of funding for Taiping Life Insurance is the insurance liability reserve.  Just a month ago, China Taibao raised its license to Shanghai Lingang.Shanghai Lingang (600848) announced on December 3 last year that the Pacific Asset Management Co., Ltd. (hereinafter referred to as “CPIC Assets”), a subsidiary of China Pacific Insurance, participated in the Shanghai Lingang private placement project.  According to the announcement, through the non-public offering to 9 specific investors including Jianong Investment, ProLogis, CPIC Assets, etc., a total of about 1.9.9 billion shares at an issue price of 23.98 yuan / share.Shanghai Lingang 无锡桑拿网 raised a total of about 47 matching funds.US $ 6.7 billion, which is mainly used to pay the cash consideration of this transaction and the construction expenditures of the raised investment projects.  Among the non-public offering subscription objects, CPIC Assets subscribed for 61.6 million shares and 50.4 million shares with the two products under its management, with a total subscription amount of 26.USD 857.6 billion, which together accounted for 5 of the equity of listed companies after the completion of this non-public offering.33%.After the issuance, CPIC Assets actually became the second largest shareholder of Shanghai Lingang as the actual controllers of the three largest shareholders of Shanghai Lingang replaced Lingang Group.  Real estate stocks are still favorite private placement ranking fund manager Xia Fengguang 南京夜网论坛 said in an interview with 21st Century Business Herald: For insurance capital, in the case of fixed income product returns tending to decline, increase equity market allocationStrength is the key to improving overall returns.The 2016 policy encourages insurance companies to change from scale forecasting to risk forecasting, and more than 5% of listed companies holding insurance capital can use the equity method for bookkeeping, avoiding changes in financial statements.Last year, the blue-chip stocks rose steadily. Among them, the performance of leading real estate listed companies has been growing at an excellent rate, and their advantages are expected to appear.In addition to the performance growth rate of insurance capital listed real estate companies, there is a large discount of NAV (net asset value) of the leading company, and the indicators are also good. From the perspective of long-term holding, the annualized return rate is guaranteed.Therefore, the enthusiasm of the insurance capital for the leading real estate companies has been unabated.  Investment consultants from large insurance companies in South China stated that IFRS9 requires financial assets to be measured at amortized cost or fair value, and floating profit and loss data in sellable assets will be included in net assets.However, according to the new regulations, the above indicators will be included in the income statement. For insurance companies mainly engaged in asset management, the price of the secondary market will greatly increase the impact on the company’s net profit.However, in general, the new regulations will not expand the scope of adjustment of long-term equity investments and will still be accounted for using the equity method.Therefore, too many insurance companies bypass long-term equity investments to avoid the impact of market fluctuations on net profit.  According to the analysis report of Minsheng Securities, from the perspective of endogenous factors, after the insurance company’s premium income increases year by year, the insurance company itself has a growing demand for capital allocation.From the perspective of external factors, the real estate industry has gradually entered a period of stable development, and under the background of increasing industry concentration, leading real estate companies have both value and growth attributes and are attractive to insurance capital.  Judging from the tactics of licensing, in 2015, the wave of risk capital raising with Evergrande, Baoneng, Anbang, and Life Departments was mostly operated through universal insurance.Its specific model mostly adopts short-term operation, sells high and sells low, and competes for control.However, in this round of bidding, most of them adopted peaceful acquisition methods such as agreement transfer.  From the perspective of funding sources, the funding sources for this round of insurance funds are even more modest, which is no longer a “universal insurance”.According to statistics from 21st Century Business Herald reporters, the sources of funding for this round of insurance companies are mostly insurance liability reserves, and their own funds and special products are raised.Among them, insurers with insurance liability reserves accounted for the largest proportion, reaching 50%.Insurance liability reserve refers to a type of fund reserve that insurance companies withdraw from insurance premium income in order to assume unexpired liabilities and process outstanding claims.

Longji shares (601012): Cost reduction, expansion of production, acceleration of performance, acceleration of growth

Longji shares (601012): Cost reduction, expansion of production, acceleration of performance, acceleration of growth
This report reads: Longji’s 2019 silicon wafer extension funding application, non-silicon costs continue to decline, and profitability is expected to continue to rise. After 2020, the integration and consolidation of components will reappear high growth and maintain an “overweight” rating.  Investment Highlights: Maintain 北京夜网 “Overweight” rating.Increase EPS forecast for 2019-2021 to 1.38 (+0.19), 2.28 (+0.57), 2.76 (+0.74) yuan, the reason for the increase is that non-silicon costs fell more than expected, the throughput expansion progress exceeded expectations, and the target price was raised to 35.47 (+4.88) yuan, the reason for the increase is the upward revision of earnings forecasts.Longji shares announced the first half of 2019 results, and the results were in line with expectations.  Non-silicon costs have fallen sharply, capacity expansion has accelerated, and profits have entered an accelerated period.In the first half of the year, silicon wafers were exported.4.8 billion tablets, + 183%; for own use 7.9.5 billion pieces, export components3.2GW, + 21% a year.Overseas sales amounted to 2.4GW, accounting for 76% of total sales.In the first half of the year, the cost of non-silicon wafers increased by at least 32%, exceeding market expectations, highlighting the company’s cost-reduction culture and competitive advantage.At the same time, the speed of silicon wafer construction is expected to reach 65GW by the end of 2020, and one year in advance is planned.It is estimated that the annual silicon wafer expansion volume is expected to exceed 6 billion pieces, and the module is expected to exceed 6GW in the second half of the year, and continued growth in performance is expected.  Benefiting from a shortage of monocrystalline silicon wafers in 2019, major breakthroughs between components are expected in 2020.The orientation of the single crystal silicon wafer shows the shape of the long-ring double-oligonucleotide. In 2019, as the single crystal PERC battery downstream of the single crystal silicon wafer will significantly increase the production capacity by more than 30GW, the difference between the single crystal silicon wafers is unavoidable.At that point, the gross profit margin of monocrystalline wafers has risen to 30%. In the long run, the oligopoly maintains a gross profit margin of 25% and a net profit margin of 15% is also very reasonable.At the same time, the 合肥夜网 scale of Longji’s double-sided modules is expected to exceed 40% in 2019, which will also enhance profitability. Combined with orders on hand and long-term supply chain orders, modules will achieve 20GW sales in 2020, an increase of 100%.  catalyst.Non-silicon costs continue to fall, and product expansion has grown significantly.  risk warning.International trade policy and exchange rate risks in 2019.

Jiuyang shares (002242) 2019 first quarter report comments: channels continue to optimize and upgrade performance to maintain steady growth

Jiuyang shares (002242) 2019 first quarter report comments: channels continue to optimize and upgrade performance to maintain steady growth

First, the event overview On April 26, the company released the 2019 first quarter report.

At the core of the report, the company achieved revenue 17.

99 ppm, a ten-year increase of 14.

70%; net profit attributable to mothers1.

63 ppm, an increase of 10 in ten years.

90%; net profit deducted from non-attributed mothers1.

54 ppm, an increase of ten years8.


  Second, the analysis and judgment of the first quarter results achieved a steady increase in the company’s revenue in the first quarter, net profit attributable to mothers increased by 15%, 11%, the company’s performance maintained a double-digit steady growth.

Among them, the company’s related-party transactions realized revenue of 74.93 million yuan (mainly sales of goods to SharkNinja). If this part of the effect is excluded, the company’s revenue growth rate is about 10%; the non-growth rate in the first quarter was 8%, which was lower than the net profit growthThe main reason was that the gains and losses on disposal of non-current assets in the current period increased by 8.39 million yuan over the same period last year.

  The growth rate of the gross profit margin 重庆耍耍网 improved, and the company’s sales expense ratio increased by zero.

27 points to 13.

25%, the management expense rate rose by 0.

88 points to 3.

40%, R & D expense ratio rose by 0.

38 points to 4.

19%, financial expense ratio rose by 0.

10pct to 0.

36%, the overall expense ratio rose by 1.

63pct to 21.


  In terms of profitability, the company’s product structure was optimized and upgraded, and the company’s gross profit margin increased.

20pct to 32.

73%; the expense burden reduces the net interest rate by zero.

55pct to 8.


  Channels continue to be optimized and upgraded. The acquisition of sharks is expected to bring new points of performance growth. In addition to the optimization and upgrade of traditional stores, brand stores are also opened in shopping malls. Combining online and 北京夜网 offline integration, the company’s three-dimensional sales network has gradually formed.

In addition, the company completed the acquisition of SharkNinja, a vacuum cleaner in the United States. While opening the international market, it has also increasingly enriched the category of household electrical appliances. Related transactions with SharkNinja are expected to bring performance growth to the company.

  Third, investment proposals are expected to achieve basic earnings for the company in 2019-2021.

11, 1.

27, 1.

46 yuan, corresponding PE is 20X, 17X, 15X. As a leading company in the small home appliance industry, the company can definitely estimate the premium.

The profitability of the company’s internal business is expected to rise steadily after the channel is streamlined. Therefore, the acquisition of the Chinese subsidiary of North American vacuum cleaner brand Shark to lay out high-end environmental home furnishings is expected to bring rapid growth in revenue and performance, and maintain a “recommended” rating.

  Fourth, risks suggest that raw material prices will rise, competition in the industry will increase, and new product categories will expand less than expected.

Hewang Electric (603063) commented in the Interim Report: revenue growth and growth of key businesses are progressing smoothly

Hewang Electric (603063) commented in the Interim Report: revenue growth and growth of key businesses are progressing smoothly
Event: The company released its 2019 Interim Report, which stated that the company’s total assets were 371,153.720,000 yuan, an increase of 1 over the beginning of the period.37%; net assets attributable to shareholders of listed companies 244,844.800,000 yuan, an increase of 2 from the beginning of the period.95%; the company realized operating income of 69,378.390,000 yuan, an increase of 134 in ten years.25%; net profit attributable to 武汉夜生活网 shareholders of the listed company is 2,316.0.6 million yuan, -41 per year.30%. Various businesses are progressing smoothly and the competitive advantage of wind energy converters is obvious.The company continues to optimize the product structure, make full use of the outstanding product quality advantages and service level advantages, and after years of unremitting efforts in the field of new energy electronic control systems, especially in the field of wind power converters, has established a certain competitive advantage.The company has better grasped the development potential of the wind power industry, and has always adhered to the strategy of high performance, high quality and reasonable pricing to expand the market of the wind power industry. The company broke through the protection and reliability difficulties of offshore wind power, and its multi-point test operation was stable.The offshore wind power market has gradually grown steadily; at the same time, the company has achieved product innovation in the field of photovoltaic inverters, and the outstanding performance of new products has been recognized by customers, and the revenue of photovoltaic inverters will gradually increase; the company’s low-voltage inverters and engineering invertersOn the basis of multiple trials, it officially launched on the market. Continue to increase investment in research and development.The company’s senior management background is a pure Huawei Emerson system, and core executives accompany Emerson’s R & D and management experience.The company has a team of 255 R & D engineers, and continuous high-intensity R & D success ensures that the company has core intellectual property rights.According to the company’s announcement, the company’s R & D expenses accounted for more than 10% of revenue in the past two years, which is higher than the industry’s central level in manufacturing.In the first half of 2019, the company continued to expand R & D investment to 0.6.2 billion. The brand advantage is obvious, and the market share is promoted.The company has been cultivating in the field of wind power converters for many years, and its products have been highly recognized by the market and widely distributed in wind farms.The company’s market share of wind power converter products is relatively high, which reflects the customer’s recognition of the company’s products and brand value.For a long time, wind turbine manufacturers have mainly used self-produced wind energy converters to replace this part, and the company’s share in other markets has reached nearly 30%.In the future, through the development of the wind power market, complete machine manufacturers will release certain external orders, and the company will gradually increase its market share. High-power converters for offshore wind power may become a future growth point.According to the company’s announcement, the funds raised were mainly invested in offshore wind power projects. From the perspective of industry development, the growth rate of offshore wind power in the past three years cannot be underestimated.The current wind energy converters used at sea are mainly the products of large international electrical companies such as ABB. The improvement of the company’s technology and design level is expected to achieve import substitution in the future and create new growth points for the company. The industrial chain has been extended downward to exert synergy.According to the company’s announcement, the company acquired a 51% stake in Fuyao Energy, and the industrial chain extended down to EPC, which is conducive to the company to play a synergistic effect, develop generator business, and obtain downstream photovoltaic power generation and wind farm development and construction capabilities.In addition, Fuyao Energy’s 2018-2020 performance commitment promises to deduct non-net profit of 1, 1.4 and 1.700 million.In the first half of 2019, Fuyao Energy achieved a net profit of 2,915,711.67 yuan. Investment suggestion: As a leading company in electrical equipment, the company seizes the development opportunities in the new energy industry and has long cultivated in the field of wind energy converters and photovoltaic inverters, forming a certain brand advantage and market influence.With the advent of the new energy industry, the company is expected to achieve promising growth.It is expected that the company’s net profit for 2019-2021 will be 2 respectively.53,3.50 and 4.43 trillion, corresponding to EPS0.60, 0.83 and 1.05 yuan / share, corresponding to PE16, 11 and 9 times, given a “buy” rating. Risk reminders: industry policy risks, product price and gross profit decline risks, and changes in the competitive landscape.

Star Semiconductor (603290) company in-depth report: domestic IGBT leader to seize the new energy vehicle market

Star Semiconductor (603290) company in-depth report: domestic IGBT leader to seize the new energy vehicle market

Domestic IGBT leading companies have independent technology control and are expected to continue to improve profitability: The company was established in 2005 and is a leading company in the domestic IGBT field. It successfully developed NPT and FS-Trench chips independently in 2011 and 2015.All types of IGBT chips have been mass-produced by the end of 2018.

The company’s self-developed chip procurement ratio is from October 2016.

26% increased to 52 in the first half of 2019.

71%, the self-sufficiency rate has increased year by year.

In recent years, the company’s gross profit level has stabilized at about 30%, and its net interest rate has climbed year by year. The gross profit rate in the first half of 2019 was 30.

24%, net interest rate 17.

60%, through the company’s 四川成都耍耍论坛 chip self-sufficiency rate further increased and scale efficiency brought about a decline in expense rate, the company gradually continued to improve profitability.

The company seized the new energy vehicle market and opened up a broad market space: According to strategy analytics data, global electric vehicle production in 2018.

5 million units, it is expected that by 2023 electric vehicle production will increase to 25.

4 million units, with a CAGR of 27.


The IGBT module accounts for about 5% of the total cost of an electric vehicle. It is the second most expensive component other than a battery, and the market space is broad.

Proposed company 2.

The 500 million USD new energy vehicle IGBT module expansion project, with an annual production capacity increase of 1.2 million units after its completion, is expected to achieve annual sales4.

20,000 yuan, with an average annual profit of 64.04 million yuan.

The company actively entered the new energy vehicle market, and the broad market space promoted the company’s high performance growth.

The IGBT market is led by overseas manufacturers, and the company continues to lead localization: According to IHS Markit data, the top ten manufacturers in the IGBT module market in 2018 have a total market share of 79.

Among them, the only company in China ranks in the top ten with two.

The 2% market share ranked eighth.

The size of China’s IGBT market accounts for about 43% of the global proportion, and it is the world’s largest IGBT consumer country. The domestic IGBT domesticization level is about 30?
40%, the import substitution space is broad.

The company is a leading IGBT company in developing countries and will continue to lead the localization of IGBT.

Covered for the first time and given a “highly recommended” rating: We are optimistic that the company will continue to lead the IGBT localization, card positioning of new energy vehicles, inverter home appliances and other high-quality circuits.



39 trillion, EPS is 0.



50 yuan, corresponding to PE about 34X, 26X, 18X, for the first time coverage, giving a “highly recommended” grade.

Risk warning: New energy vehicle launch is less than expected; customer development is less than expected.

Xinhua Insurance (601336) 2019 Interim Report Review: Tax Structure Recoups Profit Structure to Be Adjusted

Xinhua Insurance (601336) 2019 Interim Report Review: Tax Structure Recoups Profit Structure to Be Adjusted

Event: In the first half of 2019, the company realized operating revenue of 90.2 billion yuan, an annual increase of 7.

8% (Ping An 19.

2% / National Life 12.

3% / person insurance 6.

6% / CPIC 7.

9%); net profit attributable to mothers was 10.5 billion, an increase of 81 year on year.

8% (Ping An 68.

1% / National Life 128.

9% / person insurance 58.

9% / CPIC 96.

1%); In the first half of 2019, the company’s nominal average ROE14.

59%, budget dividend 0.

77 yuan.

Health insurance has steadily increased, and production capacity and surrender rates have continued to decline.

(1) In the first half of 2019, the company realized a total premium of 739.

94 ppm, a ten-year increase of 9.

0%; new business value 58 in the first half.

90 ‰, a decrease of 8 per year.

7%; the company realized 65 years of premium income in the first year of long-term health insurance.

22 ppm, a 10-year increase3.

4%, accounting for 55% of the first year of the overall long-term insurance premiums.

7%, increase by 1 every year.

4 units; (2) The value added of the insurance marketing team has an additional value of 15.

5% to 38.

60,000, reaching a record high; the average per capita comprehensive production capacity fell by 13 per month.

8% to RMB 4,472, which is basically the same as that at the end of 2018; (3) The company’s business transformation, the expenditure on surrender of high cash value products in the bancassurance channel decreased, and surrender was replaced in the first half of the year.

0%, a decrease of 3 per year.

With 0 averages, the surrender is reduced by 73 per year.

3% to 68.

7.3 billion.

We believe that the marketing team will become stable, and it is expected that in the second half of the year, efforts will be made to increase per capita capacity and improve the growth rate of new business value rate.

The investment strategy is relatively conservative and the returns remain stable.

Investment assets grow by 5 per year.

7% to 7,732.

3.1 billion, net investment yield 5.

0%, flat for one year (Ping An 4.

5% / National Life 4.

7% / person insurance 5.1% / CPIC 4.

6%), the total investment yield fell by 0.

1 up to 4.

7% (Ping An 5.

5% / National Life 5.

8% / person insurance 5.

4% / CPIC 4.

8%); the company’s investment strategy is relatively stable, the share of equity investment decreased by 0 compared to the end of 2018.

8 samples, the proportion of non-standard equity investment increased by 1.

4 up to 19.

7%; we believe that the investment income in the second half of 2019 will have a high degree of resistance to risks, mainly based on stable and small fluctuation adjustment.

The value of new business decreased slightly, and the embedded value grew steadily.

The company realized new business value in the first half of the year58.

90 ‰, a decrease of 8 per year.

7% (Ping An + 11% / National Life 22.

7% / Personal Insurance 19.

6% / CPIC 39%); the new business value ratio decreased by 12.

6 up to 38%; embedded value reaches 1,914.

30,000 yuan, an increase of 10 over the end of last year.

5% (11% for Ping An / 11 for China Life).

5% / person insurance 19.

6% / CPIC 8.


Tax preferential policies have increased current profits, and the remaining margin has continued to accumulate.

Tax preferential policies 杭州桑拿网 offset income tax expenses19.

32 ppm, a one-time increase in profit for the period; the remaining margin is 2,083.

1.3 billion, an increase of 6 over the end of last year.


Maintain “Buy” rating and maintain target price of 67.

05 yuan.

Realizing that the company maintained a steady growth trend, the first half of the year affected by tax reform and surrender premiums had a significant increase in net profit, and the continuous improvement of product structure will increase the value of new business.

We raised the net profit for 2019-2021 to 14.44, 12.39 billion (previously expected to be 9.99, 11.29 billion for 2019-2021), according to 1.

01x PEV estimates to maintain target price of 67.

05 yuan, maintain “Buy” rating.

Risk Warning: The macro economy has fallen sharply; premium growth has fallen short of expectations; the market has changed significantly

Tianqi Lithium (002466): The bottom of the industry is now or will be

Tianqi Lithium (002466): The bottom of the industry is now or will be

The industry has bottomed out or is about to bottom out, and the high probability of demand in 2020 will be better than the high probability of the industry in 2019. It will bottom out in the second half of 2019. There are some possible industry downturns that will be postponed to the first half of 2020.

From three perspectives, we believe that the industry has the highest probability of bottoming in the second half of 2019, and may continue into the first half of 2020 under relatively pessimistic conditions.

From the demand side of 2020, the probability is 武汉桑拿 better than 2019.

One is that domestic efforts will be made to achieve the policy goal of 2 million electric vehicles; the other is that 2020 will be the year when overseas car giants launch models on a large scale.

From the perspective of the long-term industry space, it is estimated that there will not be much difference in the demand space for lithium products. First, the global trend of electrification of automobiles has just begun. This is obvious; second is the trend that energy storage will inevitably rise.This point of concern may not be that high.

With the increasing installed capacity of photovoltaic and wind power, and the lower and lower cost of lithium batteries, and the better and better performance, energy storage will inevitably rise at some point, greatly driving the demand for lithium batteries. We 杭州桑拿体验网 mayGetting closer to the tipping point.

Looking at energy storage in the long term, it is expected that the demand for lithium batteries will greatly increase and will exceed the demand for lithium batteries for electric vehicles.

Tianqi Lithium Co., Ltd. has deployed the world’s lowest-cost lithium concentrate and salt lake. For mining companies, the core competitiveness is cost. Low cost means that they can survive when the industry is in a downturn and resist the winter.At that time, you can make a lot of money.

Tianqi Lithium Co., Ltd. has deployed the world’s lowest-cost lithium concentrate and salt lake, which is the advantage of the card position.

From the perspective of the distribution of lithium ore resources, the reserves and grade of the Green Bush mine are ranked first in the world.

From the perspective of the distribution of methane, SQM’s Salar de Atacama has a lithium reserve of 4,290 length LCE, which is the largest brine reserve in the world. The lithium grade is 1840ppm, which is the highest grade of all halides.

The allocation of shares was approved, and the financial risk caused by the large amount of debt to acquire SQM equity was eliminated. The biggest risk before Tianqi Lithium was the capital risk of large amount of debt to acquire SQM equity.This risk has basically been eliminated in the application of rights issue.

The potential part of the previous implied this risk, then there must be a repair process after the risk is eliminated. After this process is completed, gradual changes are sufficient to make the fundamentals of the industry and the company.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 4.



22, the corresponding PE is 81/32/17 times, maintaining the “strongly recommended” level.

Risk warning: production capacity advances less than expected, product price fluctuates