Jinjia Co. (002191) 2019 Interim Report Express News Review-Revenue Growth Net Profit Growth Meets Expectations

Jinjia Co. (002191) 2019 Interim Report Express News Review-Revenue Growth Net Profit Growth Meets Expectations

2019H1 company’s operating income / net profit +15 per year.

9% / + 22.

9%, in line with expectations.

Revenue from cigarette ancillary business shows pressure on the industry; the increase in profit growth is mainly driven by investment income.

The domestic e-cigarette market broke out in 2019, and the company has the advantages of production capacity and China Tobacco resources, and is expected to contribute performance.

2019Q2 revenue growth expectations, net profit 杭州桑拿 growth in line with expectations.

2019H1 / Q2 company achieved operating income of 18.

6 billion / 8.

600 million, +15 for ten years.

9% / + 7.

5%, in which the operating income of cigarette label products increased by +6.

6% / + 4.

3%, color box products operating income +80 per year.

6% / + 37.

1%, other income (mainly export packaging materials) 14 per year.

1% /-7.

0%, the average growth rate of major products in 19Q2 showed a month-on-month growth rate.

2019H1 / Q2 vested net profit twice +22.

9% / + 24.

2%, 19Q2 profit growth accelerated quarter-on-quarter, in line with expectations.

It is expected that the increase in profit growth in the second quarter of 2019 will be mainly driven by investment income, and its expense ratio is expected to rise significantly.

2019H1 / Q2 operating margin is 31.

4% / 30.

5%, operating profit margin after deducting investment income 28.

7% / 27.

1%, 19Q2 is slightly obvious, but 2019H1 / Q2 companies realized investment income of 49.38 million / 29.29 million, an increase of 67 in the same period.

7% / 83.

4%, investment income driven 19Q2 profit growth accelerated.

We expect the gross margin of cigarette label and color box business to improve in 19Q2, and the combined gross profit margin will be 19Q1 (43.

8%) increase, so operating profit margin is mainly caused by the increase in expense ratio, it is expected to increase by about 4 indicators.

2019Q2 Cigarette supporting business income income, the industry may be under pressure.

2Q19 cigarette label / quality cigarette case revenue for two years.

3% / + 24%, the lowest growth rate of Q1 Q2.

3/124 pieces, in addition to issuing rhythm disturbances, the growth rate of traditional cigarette production has been shortened or affected in size.

Affected by the weak economic growth and the impact of new tobacco, the production of traditional cigarettes in 19Q2 decreased by -0.

8%, down 8 from Q1.

Revise down the company’s 2019 tobacco label revenue growth forecast to 6% (previous forecast 8%), corresponding to 19H2 growth rate of 5.

19Q2 wine bag / 3C revenue growth rate was 96% / 174%, an increase of -5 / 39% from Q1, maintaining the original color box revenue growth rate of 60%.

The domestic e-cigarette market has erupted, and the company has the advantages of capacity and China Tobacco resources.

In 2019, bomb-changing small-smoke brands emerged + channels, and the production dividends ignited the domestic e-cigarette market. The scale is expected to exceed 10 billion yuan, an increase of more than 100%, and rich profits.

In fact, the market is generally worried that the regulatory policies are gradually approaching. Whether it is the nicotine tax, the license operation or the more stringent China Tobacco Monopoly, it is expected that the profit margin of the industrial chain will be compressed to varying degrees.

Although the company’s e-cigarette business temporarily lags behind domestic brands, it has obvious manufacturing advantages and has close cooperation with China Tobacco. It is expected that it will be relatively affected by policies and may contribute some performance during the year.

Risk factors: Weak demand for cigarettes; expansion of color boxes exceeds expectations; tightening of new tobacco policies.

Investment suggestion: Considering the pressure on the growth of cigarette production across the country, lower the forecast for revenue growth from 19-21 to 15.

6% / 杭州夜网论坛 15.

0% / 15.

5% (was 17.

1% / 16.

3% / 16.


The company’s product structure is optimized, its color box business is stable, and its new tobacco advantage is maintained. It maintains its EPS forecast for 19-21 is 0.



81 yuan, maintain “Buy” rating.

State Coal Industry (600188) Annual Report Comments: Progressive normal incremental production can be expected

State Coal Industry (600188) Annual Report Comments: Progressive normal incremental production can be expected

Event: On March 30, the company released its 2018 annual report, reporting that the two companies achieved operating income of 1630.

08 million yuan, an increase of 7 in ten years.

79%; of which, the main coal business income was 624.

28 ppm, an increase of 28 in ten years.


Total profit 150.

4.3 billion, an increase of 45 previously.

76%; net profit attributable to mother 79.

09 million yuan, an increase of 16 in ten years.

81%; net profit after deduction is 84.

91 trillion, an increase of 47 in ten years.

36%; net cash flow from operating activities was 224.

32 ppm, an increase of 39 in ten years.

65%; basic return 1.

61 yuan, an increase of 0 a year.

23 yuan.

Cash deposit of RMB 5 for every 10 shares.

4 yuan (including tax), corresponding to a closing price of 5 on March 29th.

09%, H-share dividend yield of 8.


The company achieved operating income of 438 in the fourth quarter.

1.8 billion, an increase of 37 in ten years.

85%, an increase of 2 from the previous month.

18%; profit totals 40.

17 trillion, an increase of 21 a year.

69%, an increase of 35.

85%; net profit attributable to mother 24.

50,000 yuan, an increase of 25 in ten years.

55%, an increase of 106.

79%; net profit after deduction is 26.

0.6 billion, an increase of 91 previously.

50%, an increase of 124.

08%; net cash flow from operating activities was 97.

79 trillion, an increase of 24 in ten years.

27%, an increase of 188.

47%; basic return is 0.

49 yuan.

Opinion: The company’s coal output has increased, and the capacity release of the Shaanxi and Mongolian bases has initially recovered.The company’s equity coal output in 2018 was 9510.

1 Initially, the annual increase is 1517.

5 nominal (18.


The increase in production mainly comes from Yancoal Australia. Due to the increase in consolidation time after the acquisition of United Coal and the commencement of the second phase of Moraben, Yancoal Australia contributed 3359 coal production to the company in 2018.

9 for the first time, an increase of 1433 a year.

3 for the first time (74.

40%); Shanxi Nenghua and Heze Nenghua increased their output due to the improvement of mining conditions, and the total output of equity coal increased by 127.

4 announcement; Shandong headquarters produces 3247 coal.

4 baseline, increase by at least 26 constants (0.

81%), Shaanxi-Mongolia base (Ordos Energy, Yulin Energy) coal production 1813

7 initially, once downgraded to 7.

7 official (-0.


The company’s coal output in the fourth quarter was 2,564.

3 Initially, at least 152 cases were reduced (-5.

93%), an increase of 164.

7 nominal (7.


The decline in the company’s coal output in the fourth quarter was mainly due to the safety of the Shilawusu coal mine under Haosheng Coal Industry since the second quarter of 2018, and the release of the impact of environmental protection policies led to a decline in output in the fourth quarter172.

3 for the first time (69.

59%), an increase of 9 from the previous quarter.

3 for the first time (14.


It is expected that the capacity utilization of Shilawusu coal mine will be restored in 2019.

Also affected by safety and environmental protection policies, the production of Ordos Nenghua’s coal mines in the fourth quarter basically returned to normal, with a single quarter of coal production totaling 450.

9 Initially, the year was flat, an increase of 204 from the previous month.

6 growth rate (83.

(07%). On January 2, 2019, the National Development and Reform Commission approved the transfer of the production capacity of Longwan Coal Mine from 500 tons / year to 1,000 tons / year.

Domestic coking coal prices and international coal prices rose strongly, and the company’s coal prices continued to rise.

In 2018, the company’s comprehensive coal carbonization was 547.

9 yuan / ton, an increase of 47 previously.

17 yuan / ton (9.


Among them, Shandong headquarters has a purity of 599 tons of coal.

36 yuan / ton, an increase of 14 in ten years.

54 yuan / ton (2.

49%); Yancoal Australia 623 tons of coal cement.

21 yuan / ton, an increase of 82 previously.

83 yuan / ton (15.33%); Shaanxi-Mongolia base crushed 267 tons of coal.

89 yuan / ton, an increase of 1 in ten years.

95 yuan / ton (0.


The company’s comprehensive ton coal thickness in the fourth quarter was 531.

31 yuan / ton, with a value increase of 29 before.

66 yuan / ton (5.

91%), down 53.

27 yuan / ton (-9.


Among them, Shandong headquarters has a purity of 633 tons of coal.

69 yuan / ton, an increase of 58 in ten years.

59 yuan / ton (10.

19%), an increase of 48 from the previous month.

03 yuan / ton (8.

20%); Yancoal Australia crushed 621 tons of coal.

06 yuan / ton, an increase of 26 in ten years.

1 yuan / ton (4.

39%), down 23 from the previous month.

29 yuan / ton (-3.

61%); Shaanxi-Mongolia base crushed 270 tons of coal.

46 yuan / ton, previously downgraded by 12.

48 yuan / ton (-4.

41%), an increase of 11.

54 yuan / ton (4.


The strong growth of domestic coking coal prices and international coal prices in 2018 has driven the company’s comprehensive coal doping up.

The increase in production at the Shaanxi-Mongolia base and the increase in safety and environmental protection expenditures significantly increased the cost of coal per ton, which dragged down the company’s profit in the coal sector in 2018 and improved significantly in the fourth quarter.

The company’s gross profit per ton of coal in 2018 was 241.

18 yuan / ton, an increase of 16 in ten years.

65 yuan / ton (7.

42%), gross profit margin per ton of coal 44.

02%, 0 in ten years.


Among them, the gross profit per ton of coal in Shandong headquarters was 346.

31 yuan / ton, temporarily downgraded to 9.

29 yuan / ton (-2.

61%), with a gross profit margin of 57.

78%, 10 years downgrade 3.

03 pct; Yancoal Australia gross profit per ton of coal 353.12 yuan / ton, an increase of 50 in ten years.

19 yuan / ton (16.

57%), with a gross profit margin of 56.

66%, an increase of 0 a year.

60 pct; gross profit per ton of coal at Shaanxi and Mongolia base 69.

62 yuan / ton, previously downgraded 58.

66 yuan / ton (-45.

73%), gross margin 25.

99% downgraded by 22 per year.


The gross profit margin per ton of coal in the fourth quarter was 42.

79%, more than ten years.

05 pct, which is 2 higher than the previous month.

10 pct; gross margin per ton of coal in Shandong headquarters, Yancoal Australia and Shaanxi and Mongolia bases are 57.

33%, 60.

45%, 23.

34%, down 6 each year.

50 pct, up 0.

80 pct, down 24.

17 pct, each rose by 0 from the previous month.

60 pct, up 3.

84 pcts, up 43.


The gross profit margin of the Shaanxi and Mongolian bases has dropped significantly this year because the cost per ton of coal caused by the reduction of production and the increase in safety and environmental protection expenditures caused by strong safety and environmental protection regulators has increased significantly.

27 yuan / ton, an increase of 60 in ten years.

61 yuan / ton (44.

03%), dragging down the company’s coal sector profit, the cost per ton of coal in the fourth quarter was 207.

33 yuan / ton, down 103 from the previous month.

84 yuan / ton (-33.

37%), marked improvement in the fourth quarter.

The volume of methanol business rose steadily, and the performance of the chemical sector was impressive.

In 2018, the company’s methanol output increased further2.

60% (4.

2 preliminary) to 165.

In June, sales increased by 2 per year.

11% (3.

4 samples) to 164.

5 nominal.

Comprehensive methanol formaldehyde 2124 in 2018.

55 yuan / ton, an increase of 10 in ten years.09% (194.

75 yuan / ton)杭州桑拿洗浴会所, the unit production cost is 1370.

45 yuan / ton, flat for one year, gross profit of 754 methanol units for ten years.

11 yuan / ton, a big increase of 34 in ten years.

9% (195.

08 yuan / ton).

The steady increase in the volume of methanol has brought about the initial realization of the methanol business.

95 trillion, an increase of 12 in ten years.

41% (3.

8.6 billion); realized gross profit12.

41 trillion, an increase of 37 in ten years.

74% (3.

40 ppm); gross margin 35.

49%, an increase of 6 a year.

53 pct, profitability improved significantly.

On March 19, 2019, several Japanese ministries and commissions jointly issued the “Guiding Opinions on the Promotion and Application of Methanol Cars in Certain Areas”, encouraging the rapid development of methanol cars in regions with better resource 杭州夜网论坛 endowments such as Shaanxi and Shanxi.The two methanol second-phase projects with a total capacity of 160 budgets / year are expected to be put into operation in the first half of 2019. Under the scale effect of policy catalysis and capacity expansion, the company’s profitability of the coal chemical sector has gradually increased.

The company’s revenue quality has continued to improve, and its long-term performance has been eroded by non-recurring expansions, but its normal operating profitability is strong.

The company’s 2018 revenue was 1630.

08 million yuan, an increase of 7 in ten years.

79% (117.

8 billion), coal business income 624.

28 ppm, an increase of 28 in ten years.

79% (139.

5.6 billion).

Percentage of total revenue was 38.

30%, an increase of 6 per year.

25 pct, low-profit trading business income continued to narrow, and the quality of revenue improved.

The company’s fourth-quarter operating income was 438.

1.8 billion, an increase of 118 a year.

09 billion yuan (36.

89%), an increase of 9 from the previous month.

3.6 billion (2.

18%), while coal business income was 166.

0.6 billion, with a previous appreciation of 2.

900 million (1.

78%), an increase of 7 from the previous quarter.

1.3 billion (4.


The company’s three fees totaled 153 in 2018.

1.8 billion, an increase of 34 in ten years.1.5 billion (28.


Period expense rate 9.

40%, an increase of one year.


The increase in the expense ratio during the period was mainly due to the increase in selling expenses and management expenses. The increase in the sales volume of Yancoal Australia’s coal affected the increase in selling expenses18.

7.4 billion US dollars, part of the company’s social insurance merger Jining City, unified management and one-time provision of social insurance premiums led to an increase in management costs10.

1.6 billion.

Three fees totaled 28 in the fourth quarter.

16 ppm, a decrease of 5 ten years ago.

5.7 billion (-16.

51%), a drop of 15 from the previous month.

3.7 billion (-35.

31%), and the expense ratio during the period is 6.

43%, downgraded 4 in ten years.

11 pct, down 3 from the previous month.

72 pct, the decrease in the expense ratio during the fourth quarter was mainly due to the substantial decline in financial expenses.

In 2018, the company achieved net profit of return to mother 79.

09 million yuan, an increase of 16 in ten years.

81% (11.

3.8 billion); net profit after deducting non-attribution is 84.

91 trillion, an increase of 47 in ten years.

36% (27.

4 billion); ROE 13.

48%, 0 in ten years.


In the fourth quarter, net profit attributable to mothers was 24.

500,000 yuan, an increase of 4 in ten years.

1.8 billion (21.

03%), an increase of 12.

4.2 billion (106.

83%); net profit after deduction is 26.

0.6 billion, an increase of 12 in ten years.

4.5 billion (91.

50%), an increase of 12 from the previous month.

5.5 billion (92.


The company’s performance was eroded by three factors. The output of Shaanxi and Mongolian bases fell short of expectations and costs rose. The transfer of the “three supply and one industry” to local management resulted in non-recurring expenditures.

38 billion and some social security are separately managed and accrued by the local government10.

1.6 billion.With the operation returning to normal, the fourth quarter’s single-quarter results highlight the company’s profitability.

The strong cash profit supplemented the downside of capital expenditures to ensure reliable dividends, and the equity incentive plan escorted the company’s stable operation.

The company’s EBITDA profit margin was 14 in 2018.

73%, an increase of 3 a year.

17 pct, net cash flow from long-term operating activities 224.

32 trillion, an increase of 63 a year.

6.9 billion (39.


The undistributed profit at the end of 2018 was 431.

42 trillion, asset-liability budget 58.

29%, down 2 from the end of 2017.

06 pct, the leverage ratio is moderate, and some of the company’s debts are intended to be repaid through raised funds. The rejection level continues to decrease.

At present, the Shaanxi-Mongolia base and the Australian base have basically completed the construction of coal mines. The company’s capital expenditure plan for 2019 is 90.

240,000 yuan, compared with 108 in 2018.

0.9 million yuan fell significantly.

In 2018, the company’s articles of association will increase the dividend rate from 30% to 35%. Based on the company’s cash flow situation, even the target rate under the basic dividend rate will alternate.

The company announced on February 22, 2019 that the supplementary registration of the stock budget for the equity incentive plan was completed. The implementation of the equity incentive plan further enhanced the reliability of the company’s stable operations.

Earnings forecast and rating: Based on the fact that it will take time for Shilawusu Coal Mine to resume normal production, we have lowered the company’s earnings forecast. It is expected that the diluted EPS in 19, 20 and 21 will be 1.

75 yuan, 1.

85 yuan, 1.

88 yuan.

At the same time, considering the expansion of Zhuanlongwan coal mine’s production capacity, the fulfillment of the integrated incentive effect, and the second phase of the methanol project is about to start production, we maintain the company’s “Buy” rating.

Previous catalytic factors: The central coal price continued to rise, while the factors of normal production at the Shaanxi-Shanshan base eased, Zhuanlongwan coal mine output was released on schedule, and the second-phase methanol project was put into production.

Risk factors: the short-term fluctuation risk of coal prices, the risk of safety in production, and the project under construction is less than expected.

Tongkun Co. (601233): 2019 performance growth of 32% -41% 2020 benefit from the full operation of the first phase of the petrochemical project of Zhejiang Petrochemical

Tongkun Co. (601233): 2019 performance growth of 32% -41% 2020 benefit from the full operation of the first phase of the petrochemical project of Zhejiang Petrochemical

Event On January 15, 2020, Tongkun Co., Ltd. released the 2019 annual performance forecast. In 2019, the company realized a net profit attributable to shareholders of listed companies of 2.8 billion to 3 billion yuan, an increase of 6 per 2018.


8 ppm, with an expected annual increase of 32% -41%; in 2019, the net profit attributable to shareholders of listed companies replacing non-recurring gains and losses is 26.


300 million, an increase of 6 in 2018.


6 ppm, with an expected increase of 29% -42% over a ten-year period; the basic budget benefit is 1.


62 yuan.

  The improvement in performance 深圳桑拿网 comes from the increase in the production and sales of core products, the integration of advanced production technologies and new supporting industrial chain integration, etc .: According to the data disclosed in the first three quarters, the output of filament in the first three quarters increased by 406, an increase of 17%; the sales volume of 420 was achieved, an increase from the previous year29%.

In 2020, the company’s filament production capacity will increase from 570 microns to 690 millimeters and increase the production capacity to 120 microns, contributing 46% of the industry’s total increase in 2019; the company’s expected sales in 2018 are 446 indicators, and we expect 2019 expectationsThe sales volume is 580 pounds, and the sales growth rate is expected to be around 30%.

The new device for POY filaments put into 成都桑拿网 operation in 16-17 was 1-2 points higher than the gross profit margin of the old device, corresponding to a profit of 100-150 yuan per ton; Jiaxing Petrochemical’s 1930s distribution of chemical fiber projects,As the production raw material PTA comes from Jiaxing Petrochemical, it is matched with the PTA industry to effectively reduce energy consumption, transportation costs and packaging costs. The gross profit margin is higher than the same type by more than two.

  The acetic acid market price in 2019 is 2937 yuan / ton, which is a continuous decrease of 36% compared to 2018’s 4593 yuan / ton. The cost reduction caused by the decline in acetic acid price is expected to be about 200 million yuan.

The company reduces costs and enhances profitability through self-produced filament oil, paper tube and packaging materials.

At the same time, the company continues to improve the institutional mechanism and organizational structure, increase product innovation and intelligent manufacturing expansion, further optimize the product structure, further improve production efficiency, and significantly increase business profitability.

In 2019, the company expects to achieve a net profit of $ 2.8 billion to $ 3 billion attributable to shareholders of listed companies, which is expected to grow by 32% to 41% per year, exceeding market expectations.

  In 19 years, the PTA spread was slightly offset, and the filament spread was deviated from the range: in 2019, the average market prices of PX, PTA, POY, FDY, and DTY were 902 yuan / ton, 5753 yuan / ton, 7936 yuan / ton, and 8349 yuan./ Ton, 9542 yuan / ton, -15 twice.

1%, -10.

6%, -16.

7%, -15.

4%, -13.

9%; PTA, POY, FDY, DTY spreads are 902 yuan / ton, 5753 yuan / ton, 7936 yuan / ton, 8349 yuan / ton, 9542 yuan / ton, respectively -15.

1%, -10.

6%, -16.

7%, -15.

4%, -13.

9%; PTA, POY, FDY, DTY spreads are 886 yuan / ton, 1373 yuan / ton, 1786 yuan / ton, 2979 yuan / ton, -53 yuan / ton, -159 yuan / ton, -93 yuan respectively/ Ton, -111 yuan / ton.

From Q4 2019 to 2020, it is determined that the PTA can be put into production. There are new Fengming 440, Zhongtai Petrochemical 120, Hengli Petrochemical 500 replacement, and Yisheng New Material 330, totaling 1400 microns. PTA has entered the industry in the fourth quarter.State, it is expected that the PTA industry will continue in 2020, and Tongkun Jiaxing Petrochemical Phase II can achieve the world’s most advanced INVISTA P8 technology and still have a certain profit.

2 In 019, the supplementary capacity of the filament industry was 260 tons, and the corresponding capacity growth rate was 7%. It is expected that in 2020, the supplementary capacity of filament yarn will still be 250-300 tons, and the capacity growth rate will still be about 7%, which is roughly matched with the demand growth rate.Based on the orderliness and demand for increased production capacity of the filament industry than in 2019, we expect that the filament price spread in 2020 will be better than in 2019. The company’s future filament production capacity will remain at 100 per year to increase production capacity, and the investment quota will be 3 to 4 billion US dollars.

  The short-term development looks at Rudong project, and the long-term development looks at Guangxi Qinzhou project: The listed company plans to invest 16 billion U.S. dollars to build a new petrochemical polyester integrated production base in Rudong, Jiangsu, and build a new PTA with an annual output of 2 * 250, 90 optionalFDY, 150 budget POY capacity, after the full production is expected to reach 35 billion yuan, profit and tax is 3.5 billion.

Among them, the first phase of the project invested 12 billion U.S. dollars, the new production capacity of 2 * 250 was inserted into PTA, 30 to FDY, 90 was inserted into POY, and the company invested in filaments. On January 2, 2020, the opening ceremony of the antique Tongkun Rudong polyester integration project,Starting from 2021, filament production capacity will be gradually put into production; the second-phase investment will be 4 billion yuan, with an additional 60 feet of FDY and 60 tons of POY. At the same time, a coal-fired cogeneration project will be built. After the project is completed, the company’s leading scale will be further consolidated.

At present, the company has many production bases, and the upstream and downstream production capacity are not completely matched. The Qinzhou project hopes to realize the entire industrial chain in a park. The total planned investment of the project is 51 billion yuan, including refining, PTA and polyester filaments, and construction from upstream to downstream.Realize the integration of the industrial chain in the true sense, and look at the Guangxi Qinzhou project for long-term development.

  The first phase of Zhejiang Petrochemical was put into full production, and the investment income drove the 2020 performance to continue to grow.

Zhejiang Petrochemical Co., Ltd. “4,000 tons / year integrated refining and chemical integration project” with a total investment of about 180 billion yuan.

According to the principle of producing aromatics, supporting ethylene and properly producing refined oil, the total scale of the project is 4,000 tons / year of refining, 800 tons / year of para-xylene, and 280 tons / year of ethylene.

The scale of each phase is 2000 distillates / year refining, 400 distillates / year paraxylene, 140 distillates / year ethylene and downstream chemical plants.

The first phase of the 2000 / year refining unit was put into operation on December 30. The main project includes 22 sets of refining units and 15 chemical units; the second phase of the refining, aromatics, and ethylene core facilities are the same scale as the first phase, including 22 sets of refining unitsAnd 12 sets of chemical installations, after the two phases are fully put into operation, it is expected to achieve an annual output of PX 800. The equity attributable to Tongkun shares is 160 indicators (20%).

After the completion of the project, it will reduce the right to speak in the aromatics industry, further extend the company’s industrial chain, improve the company’s overall strength and anti-risk capabilities, and gradually drive the production, processing and sales of mid-to-downstream chemical products to achieve the company’s economic benefits andMaximum optimization of social benefits.  In addition, the investment income brought by Zhejiang Petrochemical can offset the PTA price reduction in 2020, so it is expected that the overall performance in 2020 will still maintain double-digit growth compared to 2019.

  Profit forecast and estimation: It is estimated that the company’s net profit attributable to its parent in 2019, 2020 and 2021 will be 29.

0 million yuan (previous value was 27.

500 million), 36.

900 million (unchanged) and 40.

800 million (unchanged), EPS 1.

59 yuan, 2.

02 yuan and 2.

24 yuan, PE 9.

2X, 7.

3 times and 6.

6x, maintain “Buy” rating.

  Risk warning: Crude oil prices fall; operating rate of refining and chemical projects is lower than expected.

Zhengjinhuijin holds 14 stocks with a stock market value exceeding 230 billion

Zhengjinhuijin holds 14 stocks with a stock market value exceeding 230 billion
Securities Times reporter Chen Jiannan announced successively with the listed company’s 2019 semi-annual report, 苏州桑拿 and the agency’s position trends in the second quarter also gradually surfaced.Securities Times · Databao statistics show that as of August 20, more than 250 stocks have been semi-annually reported to have obtained China Securities Finance Co., Ltd., Central Huijin Investment Co., Ltd., Central Huijin Asset Management Co., Ltd.) Huijin) and other institutions hold positions.From the perspective of shareholding trends, most of the stocks have not changed. 14 stocks are new and heavy positions, 1 is an increase in holdings, and 2 are being reduced.  According to statistics from the end of the period, the stock market value of Zhengjin Huijin exceeded 230 billion yuan. For August 20th, the stock market value of Jinjin Huijin was over 230 billion yuan.Specific to individual stocks, Zhengjin Huijin’s market value at the end of the Ping An period reached 913.8 trillion bits, ranking first; the market capitalization of Guizhou Moutai reached 185.26 trillion, second place; holding Ping An Bank’s ending market value reached 88.9.4 billion, ranking third.In addition, holdings of Poly Real Estate, Vanke A, Shanghai Port Group and other stocks at the end of the period have a market value of more than 4 billion yuan.  From the perspective of the proportion of positions held, the highest proportion of securities held by Zhengjin Huijin among the outstanding shares is still Ping An of China.3.1 billion shares, accounting for 9 A shares.52%; Wanhua Chemical takes second place and holds 9,894 shares at the end of the period.710,000 shares, accounting for 6 shares.95%; Lu Thai A ranks third with 3862 shares.870,000 shares, accounting for 6.88%.In addition, holding Yueda Investment, Tsingtao Brewery, Commodity City and other stocks accounted for more than 6% of the outstanding shares, Jingwei Huikai, Meihua Bio, Pangang Vanadium Titanium and other stocks exceeded 5%.  The newly entered 14 heavy stocks is that the above-mentioned plum blossom biology has become the only stock that has been added.Data show that Central Huijin Asset Management Co., Ltd. (hereinafter referred to as Huijin Asset Management) newly entered the stock in the second quarter.270,000 shares, which helps to get a total increase in positions.Rhein Bio and * ST Controls were reduced.Among them, Huijin Asset Management reduced its holdings of Rheinbio 570 in the second quarter.330,000 shares, exiting * Top 10 of ST Control, holding 1164 shares before exiting.50,000 shares.  In terms of new stocks, the number of new stocks of Zhengjin Huijin has reached 14.In terms of holding stock prices at the end of the period, Industrial Wealth Union, CICC Environment, and stocks such as 2343 and 5 were higher, reaching 3 respectively.500 million, 0.9.8 billion, 0.8.5 billion yuan.In terms of shareholding ratio, the average shareholding ratio of individual shares held by Industrial Fulian, Evergreen, CICC Environment, Kangyue Technology, and Kangqiang Electronics exceeds 1%.  It is worth mentioning that industrial wealth is a combination of popular concepts, including the Shenzhen sector, Huawei concept, 5G concept, smart machines, and industrial interconnection.In addition, Kang Qiang Electronics is a well-known Xu Xiang concept stock.  Nearly 200 shares that have held most of the shares unchanged for 4 consecutive years are all stocks held by Zhengjin Huijin during the heavy holding period.Statistics show that nearly 200 shares in the list have held positions for 4 years.Among these stocks, 29 stocks continued to increase their net profit in the first half of the year by more than 10% and their dynamic price-earnings ratio was less than 20 times.  Of the above 29 stocks, the highest net profit growth rate in the first half of the year was Soochow Securities, which grew more than 27 times in one year.Lansheng’s growth rate is second, close to 10 times.In addition, Guizhou Tire, Yonggao shares, Qilianshan and other stocks in the first half of the net profit growth rate all exceeded 100%.From the perspective of price-earnings ratio, China Happiness has the lowest dynamic price-earnings ratio, less than 5 times.In addition, Rongsheng Development, Qilianshan, Xishan Coal and Electricity and other stock markets have reduced their earnings ratios.In terms of market performance, Liangxin Electric has surged 26 since July.77%, ranking first in the list of gains. Livzon Group, Poly Real Estate, Yonggao and other stocks rose more than 10% on average.

Yinlun Co. (002126): Revenue maintains high growth; gross profit margin rises; expense ratio stays high

Yinlun Co. (002126): Revenue maintains high growth; gross profit margin rises; expense ratio stays high
The 2018 results were lower than the expected 2018 results announced by Yinlun shares: total long-term operating income was 50.20,000 yuan, an increase of 16 in ten years.1%; net profit attributable to mother is 3.49 ppm, an increase of 12 in ten years.26%; net profit after deduction is 3.0 million yuan, an increase of 3 in ten years.78%.Corresponding fourth quarter operating income was 12.10,000 yuan (one year -2.2%, +1.4%), net profit was 65.4 武汉夜生活网 million yuan (ten years -7.6%, compared with -19.7%), slightly lower than our United Nations expectations. Development trend In the fourth quarter, the gross profit margin did not increase, and the Three Guarantees fee was high, which lowered the net profit margin.Thanks to the further decline in the prices of aluminum and other raw materials, the gross profit margin was repaired in the fourth quarter.4ppt to 26.8%,.However, the sales rate increased to 7 due to the Three Guarantees fee.2% (one year + 1 ppt, +3 chain.1ppt), which lowered the net profit margin to 5 per quarter.4%, resulting in single quarter earnings lower than our expectations.Initially, the company’s gross profit margin decreased by 0.56ppt, of which tail gas treatment products have expanded significantly by 10.01ppt is the main drag. Increasing research and development expenditures, capital expenditures and cross-border mergers and acquisitions, the medium-term growth path is becoming clearer, but in the short to medium term, the pressure on fixed asset turnover is falling.The company’s 18-year R & D expenses3.7%, an increase of 0 from 17 years.2ppt; capital expenditure increased by about 1 from 17 years.The total value of fixed assets and construction in progress increased by approximately 3 trillion, of which 4Q18 construction in progress converted to solid impurities, construction in progress decreased by approximately 300 million yuan, and fixed assets increased by 4.400000000.In addition, the company completed the acquisition of Setrab AB in Sweden in 2019. Looking forward to the upgrade from high-speed growth to expected growth.The company has maintained a two-digit increase in operating income for six consecutive years since 2013, with a CAGR of 20.0%, but the re-gross margin peaked in 2016, and RoE peaked in 2016. Since then, the increase in inventory and working capital brought by the expansion of income, coupled with the increase in fixed assets, has also increased in the short term.Looking forward, the scale effect of reducing revenue to increase revenue is expected to continue to decline, and the turnover rate of fixed assets bottomed out; replacement, product line and customer expansion are also expected to drive the gross profit margin to stabilize and rise. Earnings forecast We maintain the 2019 earnings forecast unchanged; the date of 2020 earnings forecast5.4.4 billion. Estimates and recommendations The company currently can sustainably cope with 14/19/20.8/13.1x P / E.Maintain the recommendation level, and move up the target according to the overall evaluation center, and raise the target price by 16.7% to 10.5 yuan, corresponding to 19 years 17 years.5x P / E, compared to current expectations of 18.1% upside. The prices of risky raw materials have risen sharply; the Sino-US trade friction has led to a decline in the gross profit margin of exports to the US

Jinzhi Technology (002090) Company Review: Non-Economic-induced Sudden Changes in Ubiquitous Results Bring New Opportunities for Development

Jinzhi Technology (002090) Company Review: Non-Economic-induced Sudden Changes in Ubiquitous Results Bring New Opportunities for Development
The company released the third quarter report for 2019: the first three quarters achieved revenue of 12.92 ppm, an increase of 12 in ten years.79%; net profit attributable to mother is 0.96 ppm, an increase of 19 years.88%; net profit after deduction is 0.380,000 yuan, an average of 27 in ten years.44%; gross margin 26.93%, down by 1 every year.99 points; net interest rate 7.14%, 0 per year.42 points.Single quarter: revenue in the third quarter alone4.47 million, an increase of 18 per year.64%; net profit attributable to mother 0.20,000 yuan, a ten-year average of 89.84%; net profit after deduction is 0.10 ‰, 39 years ago.22%; gross profit margin 24.39%, more than ten years.96 points; net interest rate is 0.65%, a decline of 5 per year.17 points.The performance basically met market expectations. Non-recurring gains and losses caused the company’s performance to expand, and changes in its business structure led to a decline in non-performance. The amount of non-recurring profits and losses of the company in the first three quarters was zero.USD 5.80 billion, of which the foreign currency statement conversion difference brought by the transfer of Bulgarian factory allocations in the third and third quarters was carried forward to non-recurring losses and negative, resulting in the company’s single third quarter net profit attributable 重庆桑拿 to the mother even increased.84%; the company’s net profit after deducting non-attribution for the third and third quarters is extended by 39 each year.22%, due to the decrease in the proportion of revenue from the recognition of power product business in the third quarter. The financing guarantee for Damao Banner project was lifted, and the second phase of Laojunmiao Wind Farm accelerated.In the report, the company completed the overall sale of the 198MW Damaoqi wind farm and EPC general contracting project delivered by the company. The four project companies and CICC rented back the remaining principal and interest of the financial lease in advance, and the company’s subsidiary’s guarantee obligation was released.In September 2019, the company’s subsidiary and the China Power Construction West Exploration Institute’s ten-year Laojunmiao Wind Farm Phase II 250MW project general contract contract, to fully promote the project investment and construction and subsequent grid-connected power generation. Smart energy focuses on power products, and the new TTU is expected to usher in demand.In the first half of 2019, the company developed a new generation of TTU products based on Huawei chips. In May 2019, it successfully won the bidding project for the distribution network materials of the State Grid Jibei Power Company.Considering that there are a total of 27 network provincial companies in the State Grid, the new generation of TTU products as important intelligent distribution transformer terminals under the ubiquitous platform is expected to be gradually promoted in the remaining 26 network provincial companies, thus ushering in heavy demand. The “integration of the two industries” strategy continued to advance, and the “ubiquitous” comprehensive acceleration brought new opportunities for development.The company adheres to the organic combination and deep integration of the core technologies of electric power automation and informatization, gives full play to the synergies of the two major businesses, and deeply participates in the “Internet of Things intelligent sensing terminal platform” countries. In October, the State Grid Corporation of China held a flood of power IoT promotion conferences and published a dissertation. The flooding is accelerating construction in an all-round way. Based on the first-mover advantage and independent R & D innovation strength, the company has made more and more improvements. Investment suggestion: The company has focused on electric power automation and informatization for many years, has the entire industrial chain layout of electric power automation, and actively promotes the smart city solution platform, and is committed to fully benefiting from domestic intelligence and informatization investment.The net profit attributable to mothers will be 1 in 2021.68/2.10/2.79 trillion, EPS is 0.42/0.52/0.69 yuan, corresponding to the closing price of PE on October 29, 2019 were 25.0/20.0/15.1x, maintaining the overweight rating. Risk warning: Power grid bidding is less than expected, generally under construction, and smart city business advances

New City Holdings (601155): Steady increase in sales leverage to reduce two-wheel drive

New City Holdings (601155): Steady increase in sales leverage to reduce two-wheel drive

The company released the first quarter report for 2019, and achieved operating income of 43 in the first quarter.

30 ppm, a decrease of 8 from the same period last year.

4.9 billion; net profit attributable to mother 2.

0.7 million yuan, a decrease of 1 over the same period last year.

5.3 billion; basic EPS0.

09 yuan / share.

Profitability continued to improve and leverage was further reduced: 1) The decline in revenue and profits was a matter of completion rhythm and did not affect the achievement of performance: the company achieved revenue of 43 in the first quarter.

4 billion, down 8 from the same period last year.

4.9 billion; net profit attributable to mother 2.

7.0 billion, a decrease of 1 compared with the same period last year.

5.3 billion; the decline in performance was finally due to the adjustment of the completion rhythm and the report expected to carry forward changes in the project. At the end of the reporting period, the company had a contractual liability of 140.3 billion, which was only the unsold resources sold. The prospective performance remained at an earlier high level of protection.A question of the pace of completion; 2) Further improvement of profitability: Thanks to the carry-over of high-margin projects in 16-17, the first quarter settlement gross margin was 38.

41%, increasing by 2 units each year, the gross profit margin continues to repair.

3) Abundant cash and lower debt interest rate: As of the end of the reporting period, the company’s monetary funds were 433.

02 billion +157.

35%, net debt ratio of 61%, a decrease of 38 averages over the same period last year.

Sales in the first quarter were 467.

1.4 billion, ranked among the top ten in the industry: According to Kerer’s data, the company’s trading volume and area in the first quarter were among the top ten in the industry.

From January to March, the company realized contract sales of about 467.

1.4 billion, +23 in ten years.

36%, the cumulative sales area is about 415.

280,000 countries, +36 a year.

18%; average selling price 1.

120,000 / sqm.

Considering that the company’s soil reserves are mostly concentrated in the third and fourth tier cities of the Yangtze River Delta, the inventory ratio is relatively speaking. At the same time, since March 19, the areas represented by the first and second tier core cities and the strong third tier cities in the subsidiary urban agglomerations have market salesBeginning to pick up, we are optimistic that the company has the advantage of resource layout, and once again led the top ten housing companies in sales growth during the year.

Land acquisition is more active, following the market rhythm: the company added 24 projects in the first quarter (26 last year), with a total construction area of 640.

500,000 square meters, ten years +22.

35%, with an average floor price of 4,245.

10 yuan / flat, ten years +73.


The significant increase in the average land acquisition price was mainly due to the higher floor prices of the three parcels in Taizhou, Xuzhou and Wuhan, and the significant increase in land acquisition density in Tianjin also had a certain impact.

The supplementary land price in the first quarter accounted for 48 of the contract.

29%, ranking up 13.

45 averages, the rhythm of taking land has accelerated significantly.

In the third quarter of last year, the company gradually increased and tightened. The company adjusted its strategy in a timely manner to slow down the pace of land acquisition. In the fourth quarter, it accurately grasped the bottom of the land market and actively acquired land. Since March 19, mainstream cities have picked up.Adjust your strategy in line with market conditions, and replenish soil reserves in a timely manner when the land premium rate has not yet reached a high point. Not only is there support, the gross margin of the project is also higher.

Commercial real estate business continued to grow steadily, and rental income doubled: by the end of 18, Wuyue Plaza had opened 42, ending at the end of February 2019, and it opened +18 reserved property squares in 102; in the first quarter of 2019, Wuyue PlazaRealized rental income 8.

6.7 billion, previously +102.

57%, with an average occupancy rate of 98.
Investment suggestion: The company’s first quarter revenue and total profit 淡水桑拿网 have declined in the same period last year, but it is only affected by the pace of completion and is relatively small to achieve worry-free. In addition, sales continue to increase steadily; land acquisition is still active and it has begun to penetrate second-tier cities;At the same time, the anti-cyclical commercial real estate sector continued its efforts, and the rent management fee doubled in the first quarter.

We expect the company’s EPS to be 6 in 2019-2021.

40, 9.

09, 12.

58 yuan, corresponding to PE6.

25X, 4.

40 times, 3.

18X, maintain “Buy” rating.

Risk warning: the industry’s financing end improves more than expected, and sales expectations in third- and fourth-tier cities exceed expectations.

Depth-Company-Haitong Securities (600837): Self-employed, Asset Management Revenue Increased, ROE Significantly Increased

Depth * Company * Haitong Securities (600837): Self-employed, asset management income increased significantly, ROE increased significantly

The company achieved operating income of 177 in 2019H1.

35 ppm, an increase of 62 in ten years.

08%; net profit attributable to mother is 55.

27 ppm, an increase of 82 in ten years.

34%; 19EPS0.

85 yuan, BVPS10.

67 yuan.

19H1 net profit increased significantly, ROE was significantly higher than the industry average: 1) The company’s 19H1 revenue and net profit attributable to mothers may increase by 62, respectively.

08% and 82.

34%, the performance is leading among the big brokers.

19H1 company’s net profit margin and ROE were 31.

14% vs. 9.

23%, ROE increased 4 percentage points from 18H1, and significantly higher than the industry average (6.


2) Proportion of self-employed, credit, brokerage, investment banking, asset management business revenues are 33%, 13%, 11%, 9%, and 6%, respectively.

Self-employed income accounted for an increase of 16 units compared to 18H1.

The self-employed income increased by more than 2 times, and the asset management revenue achieved a two-digit increase against the trend: 1) The company’s 19H1 achieved self-operated income of 58.

470,000 yuan, a sharp increase of 213%.

As of 2019H1, the company’s self-operated assets scale is 2,289.

620,000 yuan, an increase of 10% over the beginning of the year, of which shares were 205.

7.3 billion (9%), an increase of 13% over the beginning of the year.

2) Revenue from 19H1 brokerage business18.

9.6 billion, an increase of 14% in ten years.

In the first half of the year, the company’s turnover per share was 5.

79 trillion, with a market share of 4%, a decrease of 0 from 18 years.

5 units.

3) Revenue from 19H1 asset management business11.

440,000 yuan, an annual increase of 32%.

The scale of asset management in 19H1 increased from the earlier stage4.

57% to 3,079 trillion. At the same time, the company took the initiative to adjust the structure. The proportion of collective asset management increased by 4 to 25%, and targeted asset management decreased by 8 to 66%.

Investment banking business grew slightly, and overseas subsidiaries strengthened their capital strength.

1) 19H1 investment bank business income16.

47 trillion, a year-on-year growth of 8%, the total scale of 19H1 company bonds and debts is 1934 南京夜网论坛 trillion, the market share increased by 45bp to 5 compared to 18 years.


The IPO underwriting amount is 10.

7.9 billion, with a market share of 1.


2) 19H1 credit business income 22.5.3 billion, the previous interest rate was 7%.

The surplus in 19H1 was US $ 39.6 billion, an increase of 14% from the beginning of the year, and the balance of stock pledged repo assets was US $ 50.5 billion, a decrease of 9% from the beginning of the year.

3) It is reported that a series of companies have completed a 20 trillion capital increase in Haitong International Holdings and Haitong Bank3.

7.5 billion euros reloan and Haitong International 700 million US dollars senior notes issued.

Haitong International successfully helped Ruixing Coffee complete its IPO on NASDAQ, and continued to maintain the influence of international investment banks.

It is estimated that due to the market decline in the second quarter, we lowered the company’s net profit forecast for the company in 19/20/21 from 100/115/133 million to 98/113/131 trillion, corresponding to 0 EPS.



13 yuan, maintaining the overweight level.

The impact of the risk alert policy on the industry exceeded expectations; the market fluctuations have an impact on industry performance and estimates.

Zhejiang Meida (002677): Enjoy the rapid development of the industry bonus company has a large space for development

Zhejiang Meida (002677): Enjoy the rapid development of the industry bonus company has a large space for development

Investment points: The company’s revenue growth rate is higher than the industry as a whole, and the dividend rate is high.

With the increasing popularity of the integrated stoves market, since the company’s rapid purchase growth phase in 2016, the revenue growth rate has climbed from about 10% in the past to around 50%.

Since the company went public in 2012, it has gradually realized 7 cash dividends and gradually realized a net profit of 15%.

570,000 yuan, gradually cash dividends11.

200 million, the dividend rate reached 72.


  Integrated stove products have low coverage and large penetration space.

From 18 years to 19 years, the traditional kitchen appliance market has experienced obvious weaknesses. However, benefiting from continued optimization of size and rapid increase in intelligence, the integration of emerging product categories has maintained high growth, with a CAGR of more than 30%.

From the perspective of industry competition, market acceptance, technological stability, and rapid demand growth, we believe that the integrated stove industry has entered the rapid growth phase from the introduction period, and the market penetration of integrated stoves will further expand.

It is estimated that the annual sales of integrated stoves will reach 2.27 million units in 19 years, and it is expected to reach around 17 billion.

  The company builds the entire kitchen industrial chain, and the gross profit margin of its products is rising steadily.

The company aims to build an overall healthy and intelligent kitchen, and has successively developed and put into production a variety of high-end high-end, humanized and intelligent integrated stoves, as well as other kitchen products such as sink dishwashers and kitchen cabinets.

In terms of product gross profit margin performance, the gross profit margin of integrated stoves has remained above 55% year-on-year and has kept moving upwards; the gross margin increase of cabinets has risen from 25% in 18 years to 34%, an increase of 9pct.

  Expand KA: The first- and second-tier markets, the company’s brand marketing benefits are significant.

The company encourages the support 南宁桑拿 of dealers to open more stores and include blank sales outlets. At the same time, it optimizes and integrates existing dealer channels, and adopts the last elimination system.

In the first half of this year, Suning entered about 100 stores, and extending to the big city KA is the main direction of the company’s future channel development.

In H1 of 19, the company’s advertising costs were close to $ 100 million, and similar kitchen and electric companies were at a significantly lower level, but the net profit / advertising ratio was one.

92, the advertising return ratio is significantly higher than the same industry.

  Profit forecast and estimation analysis: The company’s EPS is expected to be 0.



1 yuan, PE is 16.



7. Maintain “Buy” rating.

  Risk warning: Macroeconomic fluctuations exceed 杭州桑拿 expected risks; industry entry barriers are low; KA channel market development is slow.

Depth-Company-Ping An Bank (000001): Strong growth in main business Focus on asset quality performance

Depth * Company * Ping An Bank (000001): Strong growth in main business Focus on asset quality performance

Benefiting from the capital replenishment, the company’s scale expansion speed in the fourth quarter further increased, and deposits and loans achieved rapid growth. The growth rate is expected to be among the top of the stock market.

In terms of asset quality, the company’s stock of non-performing loans has been reduced, and its identification of non-performing materials has been strictly enforced. All loans overdue for more than 60 days have replaced non-performing loans.

Maintain BUY rating.

Key points of the official rating The main revenue growth remained strong, and the provisioning effort increased to increase the company’s net profit growth rate by 10 times in 2019.

6%, compared with the first three quarters (15.

5%) down 1.

9 single, but the company’s core profitability remains strong, and revenue increases by 18 every year.

2%, down slightly in the previous three quarters.

6 units; annual profit growth before provision is approximately 19.

5%, about 0 up from the first three quarters.

5 units.

Therefore, the increase in provision in the fourth quarter is an important factor affecting the company’s net profit performance. The credit cost in the fourth quarter was three.

12%, up 22BP from the same period in 2018.

In the fourth quarter, the interest margin was flat, and the deposit and loan business increased rapidly. In the fourth quarter, Ping An Bank’s net interest margin remained flat at 2 in the third quarter.

62%, the decline in debt-side cost ratio hedged the decline in asset-side yield.

In the fourth quarter, the company’s budget-side cost ratio decreased by 7BP compared with the third quarter. Among them, the cost of deposits dropped significantly by 8BP from the third quarter.

On the asset side, credit yields in the fourth quarter fell 11BP to 6 from the third quarter.

44%, mainly due to the combined effects of LPR reform and the convergence of corporate risk appetite.

Under the sustained downward pressure on the economy in 2020, it is expected that there will still be downward pressure on asset-side pricing.

Benefiting from the capital replenishment, the company’s scale expansion speed in the fourth quarter further increased.

Among them, loans increased by 8 from the previous month.

0%, the growth rate is expected to be in the forefront of stocks; corporate and personal loans increased by 10 respectively.

0%, 6.

The 6% increase in corporate credit also reflects the initial manifestation of corporate strategic performance.

Thanks to the increase in the credit growth rate in the fourth quarter, the company’s deposits in the fourth quarter had a better growth, an increase of 14 quarter-on-quarter.

5%, 6.


Non-performing identification tends to be severe, paying attention to the generation of non-performing assets. Ping An Bank replaced non-performing loans in the fourth quarter.

65%, a decrease of 3BP from the end of the previous 3 quarters, but the non-performing ratio of retail loans increased by 0 from 武汉夜网论坛 the end of the previous 3 quarters.

Twelve samples are expected to be affected by the gradual severity of bad recognition and the acceleration of consumer loan risk exposure.

The company’s bad expectations further tightened, with loans / non-performing loans overdue for more than 60 days at 96%.

In the fourth quarter, we calculated that the bad generation substitute 3.

19%, an increase of 95BP month-on-month, maintaining a high level. In the future, we need to pay attention to the company’s bad generation.

The company’s provision coverage ratio in the fourth quarter decreased its loan-to-loan ratio by 3 in the previous quarter.

06 averages, 12BP to 183%, 3.

01%, against the background of the increase in the provision of provisions, the decline in provision coverage is affected by the seriousness of bad identification and the acceleration of the rate of bad production.

It is estimated that we maintain Ping An Bank’s EPS in 2020/21 to be 1.

66/1.The forecast of 90 yuan corresponds to a net profit growth rate of 14.

1%, 14.

6%, which currently corresponds to a net subsidy of 2020/21.



The main risks facing ratings The economic downturn has caused asset quality to deteriorate more than expected.