V share rebound in A-shares

V share rebound in A-shares

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  Original title: V-shaped rebound in the A-share market. The odds of winning the stock market are as follows: □ Our reporter Wu Yuhua bottomed out in the two cities yesterday and the three major stock indexes staged a “V” -shaped rebound.

At the close, the Shanghai Composite Index rose 0.

28%, SZSE Component Index rose 1.

08%, GEM Index rose 1.

37%.

Analysts said that the recent index volatility breakthroughs, but the fundamentals are still good, the ChiNext trend is significantly stronger than the main board, and it is expected that the structural market led by technology stocks will continue.

  After the stock index V-shaped rebound quickly fell in early trading yesterday, the three major indexes collectively attacked.

The Shanghai Composite Index rose 0 on the day.

28% at 3060.

75 points; SZSE Component Index rose 1.

08% at 11072.

06 points; GEM Index rose 1.

37%, reported in 1993.

At 90 o’clock, the GEM refers to the time when it stood at 2000.

In terms of transactions, the Shanghai market turnover was 2784.

5.7 billion yuan, Shenzhen market turnover was 4295.

3.1 billion yuan.

  Of the 28 Shenwan Tier 1 industry sectors, 15 sectors rose yesterday, of which the electronics, electrical equipment, and computer sectors had the highest rises, increasing by 3 respectively.

57%, 2.

23%, 1.

57%; of the 13 industries that fell, the textile and clothing, agriculture, forestry, animal husbandry and fishery, and pharmaceutical and biological industries led the decline, falling by 1, respectively.

88%, 1.

68%, 1.

45%.

  In the concept sector, 南京桑拿网 the National Fund, Graphite Rubber, Lithium Titanium Nitride, etc. led the gains, while Artemisinin, Vitamins, and Gold Jewellery led the declines.

Yesterday, the Wind National Big Fund Index rose 6.

36%, 18 constituent stocks rose across the board, of which Anji Technology rose the most, reaching 13.

54%, Jingfang Technology, Huiding Technology, Tongfu Microelectronics, Jacques daily limit.

  The technology sector was the biggest highlight of the market yesterday. Jingfeng Mingyuan, Changxin Technology, DragonSoft Technology, Core Source Micro, Anheng Information, China Micro Corporation, McGrady Technology, Zhaoyi Innovation, Shenxinfu, Huiding Technology, Jingfang TechnologyTechnology stocks hit a record high.

  Regarding the technology sector, Founder Securities (protection rights) said that in 2020, a wealth of opportunities for “growth bulls” will emerge, and the key to getting out of the “growth bulls” is to form a long-term upward industry development trend. The current technology industry has shown this.Competitiveness.

With reference to the development experience of the 4G mobile Internet wave, the agency believes that the development of new technology in the 5G industry is still in a very sharp position. It may experience a period of infrastructure construction and in-depth development and diffusion in the future, but the long-term upward trend of the 5G industry is already obvious.

It is expected that the acceleration of 5G base station construction and the start of 5G mobile phone replacement in 2020 will become the focus of market attention.

  Incremental funds continued to flow into Wind data, showing that northward cash net replacement yesterday.

USD 6.4 billion, of which the net net reduction in Shanghai Stock Connect funds was 7.
.

7.1 billion yuan, the net inflow of Shenzhen Stock Connect funds was zero.

07 billion.
But since 2020, the cumulative net inflow of northbound funds has reached 501.
USD 5.3 billion, continued to achieve net inflows in early January, until the market adjustment and volatility turned into net penetration in the last two trading days.

  In addition, the scale of A-share financing in January was generally climbing.

Wind data show that as of January 21, the financing balance of the two cities was 10444.

USD 3.9 billion, a cumulative increase in financing surplus of 389 in the past month.

3.4 billion.

  In other words, since 2020, the increase in “north-bound” funds and the financing of the two industries has approached 90 billion yuan.

  In addition, there have been many explosive funds recently, and there have been many explosive funds in the market, such as the Bank of Communications Core-Driven Hybrid Fund, GF Technology Pioneer Fund, Bank of Communications Career Technology Innovation Hybrid Fund.

Combining the fund release announcement found that as of January 17, since 2020, 16 active equity funds in the market have raised more than 230 billion yuan, and 14 equity markets that have attracted much attention from the market have reached a total scale of 571.

2 ppm, of which Huitianfu’s core assets of the broad market mixed 113 days to raise 113.

2 ppm, becoming the largest active partial equity fund established this year; Invesco Great Wall Quality Growth raised 3 days to establish a scale of 67.

22 trillion; The Bank of Communications Core-Driven Hybrid Fund, which was established on January 13, “buy gold” over 500 trillion a day, with a placement ratio of only 11.

06%.

  Haitong Securities believes that the net inflow of A shares in 2020 is expected to exceed US $ 1 trillion.

Among them, retail funds are expected to flow into US $ 600 billion, leveraged funds are expected to be invested into US $ 400 billion; public funds are expected to flow into US $ 110 billion, private equity fund budgets are expected to flow into US $ 60 billion, and fund accounts are expected to increase by US $ 436 billion; bank wealth management is expected to invest US $ 15700USD 100 billion, brokerage asset management USD 90 billion, trust USD 215 billion; insurance funds are expected to transfer USD 600 billion; foreign exchange is expected to flow into USD 300 billion.

  Institutions are optimistic about the market outlook since January, the Shanghai Composite Index has increased by 0.

35%, the SZSE Component Index is gradually increasing6.

15%, GEM refers to a gradual increase of 10.

89%, the Shanghai Stock Exchange Index has adjusted in recent trading days.

January 23 is the last trading day of A shares before the Chinese New Year holiday. The question of holding shares or holding currency is in front of investors.

  For holding shares or holding currencies, many institutions are optimistic about holding holidays.

  Guoxin Securities statistics found that the performance of the A-share market around the past ten years of the Spring Festival found that the A-share Spring Festival effect is significant, and the market has a high probability of growth before and after the holiday. From the perspective of the rise and fall, the “Spring Festival red envelope” has a significantly low risk in the past ten years., High-yield characteristics; from the performance of various industries, the average growth probability of Shenwan’s first-tier industries in the five trading days before and after the Spring Festival is above 50%; from the absolute value of the rise and fall of various industries, in the pastIn the past ten years, the electronics and computer sectors have performed well overall, while the financial sector has outperformed.

Overall, in most cases, the performance of the A-share market before and after the Spring Festival is relatively good. Therefore, from the perspective of probability, the market performance does have a significant “Spring Festival effect”.

  Great Wall Securities said that from the historical perspective, the last spring market lasted mostly 2-3 months.

The logic of the current spring market has not changed, and the growth trend is expected to continue to 3 months.

With the current economic data and expectations of corporate earnings recovery, there is room for the risk premium to fall.

With reference to the average increase of spring market prices over the years, the market has room for continued growth.

  CICC said that due to the liquidity factors before the Spring Festival holiday, some investors chose to make a profit in advance after accumulating a certain amount of income, instead of affecting the trend of the A-share market in the next 3-6 months, which will be more positive.

In terms of layout, it is recommended to consider both cycle and growth, mainly focusing on the following three areas: first, some underestimation, low downside risks, and potential upside cycle sectors, such as real estate, building materials, and securities firms; second, relatively backward in the consumer sectorUnderestimated sectors, such as home appliances, home furnishings, hotels, tourism, and automobiles; third, technology and high-end manufacturing leaders that are in line with the direction of industrial upgrading, such as technology, new energy vehicle industry chains, and capital goods.

Hansen Pharmaceutical (002412) Semi-annual Report Comment: Profits in the first half of the year continued to increase, and the industry pattern of medicine + investment gradually became

Hansen Pharmaceutical (002412) Semi-annual Report Comment: Profits in the first half of the year continued to increase, and the industry pattern of medicine + investment gradually became

Event: The company released its semi-annual report for 2019 and reported that it achieved operating income4.

19 ppm, a decline of ten years ago2.

02%; net profit attributable to shareholders of the listed company is 0.

7.2 billion, an increase of 18 in ten years.

49%.

Three major pharmaceutical sectors + investment sector, the four-legged industry scale is gradually expanding. At present, the company’s profits are mainly composed of three types of pharmaceutical products: proprietary Chinese medicines, chemical drugs, and medical preparations, and investment income. When the structural adjustment of pharmaceutical products is in progress, the big single products remain.Performance upward trend.

In the first half of 2019, the company’s pharmaceutical industry achieved revenue4.

1.8 billion, downgraded by 2 every year.

21%, gross profit margin 73.

63%, unchanged from the previous year.

In the product series, the sales of Simatang oral liquid, shrink spring capsules, injections and other products expanded. Among them, Simatang oral liquid achieved revenue2.

51 ppm, an increase of 3 in ten years.

91%; Shuquan Capsule Revenue 31.

87 trillion, an increase of 9 in ten years.

96%; injection revenue 18.

1.1 billion, an increase of 17 a year.

62%.

Combining the company’s production and product strategy, we believe that the company reported that the consolidated pharmaceutical industry’s revenue has been downgraded for two reasons: 1) According to the company’s announcement, the company’s production line technology transformation and old workshop GMP transformation were reported on a larger scale.Temporarily unable to produce some varieties, and the boots will affect the sales of the corresponding products; 2) The company’s main product is Simotang oral liquid for a long time, replacing the company to enhance the ability to resist the risk of a single product and continue to optimize the product structure, we noticedSome of the company’s products have no revenue contribution this year. It can be seen that the product layout is being adjusted. In the future, it may be possible to focus on decentralizing resources to help more star products launch.

The best profit structure of investment income, Sanxiang Bank’s business scale continued to grow.

In the first half of 2019, the company’s investment income reached zero.

24 trillion, an increase of 2081 in ten years.

65%, accounting for 27 of total profits.

11%, an increase of 25 over the same period last year.

60 points.

Hunan Sanxiang Bank is the company’s main source of investment income. The company and Sany Heavy Industry established a joint venture in 2016. The company holds 15% of its equity.

Sanxiang Bank is committed to developing into an innovative private bank specializing in “Made in China 2025” national strategy, serving industrial chain finance, and technology leading to inclusive finance. Its business mainly includes industrial banks, inclusive finance, and interbank finance, Technology finance, revenue in the first half of 20196.

23 trillion, an increase of 202 a year.

43%, net profit 1.

58 trillion, an increase of 2157 in ten years.

14%.

We believe that the continuous development of the transformation of Sanxiang Bank’s business may become a strong guarantee for Hansen Pharmaceutical’s profitability in the future.

Earnings forecasts and investment advice.

According to the 2019 Interim Report, combined with the 四川耍耍网 company’s product structure optimization progress and investment income performance, we cut the company’s revenue for 2019-2021 to 10.

66/12.

76/15.

9.8 billion (previous value was 11.

34/13.

87/17.9.1 billion), with a net profit of 2.

03/2.

55/3.

3.4 billion (previous value was 2.

04/2.

65/3.

4.5 billion).

We are optimistic that the company will continue to launch star single products in the field of Chinese and Western medicine, continue to develop marketing channels, and the coordinated growth of the pharmaceutical + investment sector, and maintain an “overweight” rating.

Risk reminder: pharmaceutical industry policy / safety and environmental protection risk, raw material procurement / single product structure / quality / drug safety / R & D risk, goodwill impairment risk, high sales expense ratio, 武汉夜生活网 and management risk brought by rapid expansion

Xugong Machinery (000425): nearly 900 million depreciation measures to refine the real asset quality; focus on mixed improvement exhibition; group excavators, tower cranes, concrete machinery and other highlights

Xugong Machinery (000425): nearly 900 million depreciation measures to refine the real asset quality; focus on mixed improvement exhibition; group excavators, tower cranes, concrete machinery and other highlights

Brief evaluation of the performance In the first half of the year, the company’s operating income was US $ 31.2 billion, a year-on-year increase of 30%; net profit 深圳spa会所 was US $ 2.3 billion, an annual increase of 107%, which has exceeded 2018.

In the second quarter, the company’s revenue / attribution net profit increased by 27% / 110% each year, and net profit continued to grow rapidly.

Operating net cash flow hit a record high.

Operating analysis and interim report performance doubled in line with expectations; the net profit margin increased and the impairment of nearly 9 trillion was provided to consolidate the quality of assets. The gross profit margin for the first half of 2019 was 18.

33%, an increase of 1 pct per year, a total cost reduction of 4 per year.

18pct%, the company’s net margin is 7.

36% increase every year 2.

7 points.

In the first half of the year, net operating cash flow was 28 trillion, an increase of 46%, a record high over the same period.

In the first half of the year, impairment losses on assets and credit impairment losses8 were made.

90,000 yuan, more than the whole year of 2018.

Risks were cleared and asset quality was substantially consolidated.

The core product-lifting machinery’s gross profit margin improved significantly, the performance of pile workers / fire fighting machinery outstanding in the first half of the year, the company’s lifting machinery revenue was 11.5 billion, an increase of 34%, accounting for 37% of total revenue share.

Product gross profit margin 24.

86%, an increase of 3 per year.

12pct.

The company’s industry leaders have consolidated and consolidated, and the short-term market share has changed. The market share has gradually recovered since June.

Piling / fire-fighting machinery and spare parts are growing at an annual rate of 45% / 59% / 46%, with outstanding performance.

In the second half of the year, the high-altitude operation platform in fire fighting machinery expanded the new production line to break through the expansion of production capacity and gradually achieve sustained high growth.

The scale effect of fire fighting machinery is significant, and the gross profit margin has increased by 7 compared with the same period last year.

9 points.

The reform of mixed ownership of controlling shareholders has been advanced in an orderly manner; the group excavator, heavy truck, and tower crane have many highlights. At present, the company’s controlling shareholder mixed reform plan has been approved by Xuzhou State-owned Assets Supervision and Administration Commission.

The reform of the system has brought new vitality to growth, and the company expects to benefit in many ways.

Parent company’s high-quality assets will not exclude injection in the future.

The Interim Report revealed that the sales volume of the parent company’s excavators exceeded 20,000 units in the first half of the year, a year-on-year increase of more than twice that of the industry, ranking second in the industry in the domestic market.

Heavy trucks maintained an increase of more than 12% in the decline of the industry, ranking first in the industry, with sales exceeding 10,000 units in the first half of the year.

The increase in market share of tower cranes will accelerate the growth into a new important sector of the order of 3 billion.

Earnings forecast and investment recommendations are expected to net profit 35/45/52 million in 2019-2021, an increase of 73% / 28% / 15%, a compound growth rate of 36%.

EPS is 0.

45/0.

58/0.

66 yuan; PE is 10/8/7 times.

Given 10 times PE in 2020, a reasonable market value of 45 billion yuan and a target price of 5 in June-December.

7 yuan.

Maintain “Buy” rating.

If the excavator is injected, we believe that the reasonable estimate of the excavator business of XCMG may exceed 20 billion.

Risk warnings: Infrastructure real estate investment is less than expected; sales risk of some product industries; exchange rate risk.

Cold is easy to cause joint pain, keeping warm is the first _1

Cold easily causes joint pain, keeping warm is the first
The invasion of cold air, Changsha’s high temperature is like riding a roller coaster, up and down.Middle-aged and elderly people who have suffered from bone and joint diseases are even more difficult to suffer. When the cold wind blows, the bones and joints are faintly painful.According to experts from the Department of Joint and Sports Medicine of Hunan Provincial People’s Hospital, recently, the number of patients who came to the hospital due to joint pain caused by acute sudden drop has increased significantly.Experts remind that the cold wave is coming. In order to avoid pain caused by cold joints, citizens must do warm work. At the same time, the middle-aged and 南京桑拿网 elderly people should avoid accidental falls and fractures.Don’t let your shoulders be cold and cause pain before the cold wave comes. Salsa (a pseudonym) from Changsha is 19 years old and is an art student at a university in Hunan.For almost a year, Sasa’s shoulder has always been painful, but she has never been to the hospital because of the mild symptoms of pain.On November 25th, the temperature in Changsha plummeted, and her entire shoulder and hip pain worsened, so severe that her arms could not be lifted. The family felt serious. She accompanied her to the hospital for a diagnosis. The diagnosis showed that Sarah had myofascia.Pain syndrome.”In the current temperature environment, many people will experience pain in the shoulder, back and other parts.”Wang Jing, the chief physician of the Department of Joint and Sports 成都桑拿网 Medicine of Hunan Provincial People’s Hospital, explained that myofascial pain syndrome is caused by incorrect body posture, plus the effect of cold weather, it will cause obvious shoulder pain, any ageCan occur in adults, especially those with bad posture habits, sedentary desks, abnormal exercise postures, excessive shoulder load, excessive joint movements, etc., may cause shoulder and back muscle strain, low back muscle strain, and boots in the coldThe trigger of the weather caused severe shoulder and back pain.”For this kind of pain, the key to prevention is to develop a good posture, correct exercise mode, to keep warm in cold weather, and to wear a warm down vest in the vicinity to improve blood circulation.”” Wang Jing believes that in addition, shoulder-back muscle coordination exercises, muscle relaxation, stretching, etc. should be paid attention to; when lifting heavy objects, pay attention to shoulder weights to balance shoulder forces, palms forward to reduce the burden on shoulder muscles;When moving objects up high, move first, then shoulders.Strengthening the balance training can reduce the fall injury in winter Chen Ye, who lives in Yuelu District, is 80 years old. She was admitted to the hospital last week. Because she was not careful when doing exercise at home, she fell to the ground and her family rushed her to the hospital.After a thorough examination, Chen Zheng was diagnosed with a fracture of the femoral diameter caused by an accidental fall, and was unable to walk and was confined in bed.”Because of excessive osteoporosis in middle-aged and elderly people, coupled with the cold and wet weather in winter, the ground is slippery, and it is easy to fall and cause fractures. Ordinary flat ground falls may cause osteoporotic fractures in middle-aged and elderly people.”Wang Jing introduced that the common fracture sites are the wrist, spine vertebra, hip, etc., especially hip fracture, the degree of harm.In the cold winter, middle-aged and elderly people should be alert to osteoporotic fractures caused by accidental falls.”There are two causes of osteoporotic fractures, one is the internal cause of osteoporosis, and the other is the external force such as a fall.Wang Jing said that in addition to necessary treatments for these diseases, lifestyle adjustments are necessary.Middle-aged and elderly people can eat more calcium milk, eat appropriate low-salt diet, and supplement protein; lifestyle, avoid smoking and drinking alcohol; use drugs that affect bone metabolism with caution, such as glucocorticoids, anticoagulants, anticonvulsants, etc.At the same time, choose an appropriate exercise method, middle-aged and elderly people can appropriately choose outdoor sports for strength training and rehabilitation treatment, walk appropriately according to the condition of the knee joint, 5000 to 10,000 steps per day, can also ride a bicycle, or practice Tai Chi, increaseMuscle strength, enhance balance and reduce falls; further use hip protection pads to prevent falls to prevent fractures caused by accidental falls in cold weather.Balanced training can improve joint stability, prevent falls, and reduce fall-related injuries. People with good health can try it.The easiest training method is: step on a relatively stable chair with one foot, keep stepping on one foot, maintain balance, maintain this action for 10 seconds, repeat 10 to 15 times, repeat the action with another leg.Lower limb muscle strength exercises can take meditation, scapula, back, waist against the wall, arms hang down naturally, the calf is perpendicular to the ground, the knee is slightly bent, and the angle of flexion reduces the painless position of the knee joint.Knee pain patients can improve their pain through local warmth. Recently, Lin Ying, 50, has developed knee pain.Because of suffering from joint disease for many years, Lin Yu’s pain recurs as soon as he encounters cold weather.Recently, doctors diagnosed her with knee osteoarthritis.”The number of people who come to see a doctor for knee pain caused by cold weather has increased significantly, accounting for about 60% of the total number of visits.Wang Jing said that knee joint pain after cold exposure is more common in the elderly.If the patient has previously suffered from osteoarthritis or patella cartilage softening, bursitis, tendonitis and other basic diseases, the pain symptoms will be more obvious.The cold can also cause muscle contractions and even fractures, which can cause knee pain.Common arthritis includes osteoarthritis and rheumatoid arthritis. Rheumatoid arthritis is arthritis caused by autoimmunity and is a chronic systemic disease. Osteoarthritis is a common joint degenerative disease.Occurs in weight-bearing and hyperactive joints such as knees, hands, waist, and spine.”People with degenerative complications such as arthritis, shoulder joints, and rotator cuff injuries are prone to pain symptoms in winter, and cold is the biggest cause of pain.”Wang Jing explained that when the weather becomes cold and falls sharply, the blood vessels around human joints will shrink, resulting in poor blood circulation and producing metabolites. If these metabolites cannot be effectively removed in time, they will slowly accumulate in the joints.Surrounding, once the accumulated concentration becomes higher, pain can be exacerbated.Coupled with bloated clothes and weight gain in winter, the strength of the human knee joint will increase, so it is more likely to cause knee pain.Wang Jing reminded that the pain caused by atrophic diseases of these joints can usually be improved by local warmth. The knee joint can be kept warm with soft knee pads. It is not recommended to maintain a strong knee pad to keep warm, avoid muscle atrophy and surround the malignancy.cycle.Daily use of hot water to soak your feet to ensure local blood circulation in the joints.Related Links Expert tips on how to prevent elderly people from falling Changsha Evening News, November 27 (whole-media reporter Yang Weiran) What factors can easily lead to elderly people fallingJiang Fenglin, Associate Professor of Cardiovascular Medicine, Third Xiangya Hospital of Central South University, believes that he is older than 60 years old, has unstable walking, accompanied by osteoporosis or arthritis, or has living organisms at home, uses furniture with wheels, no night lights in the bedroom, and the living roomLight bulbs below 60 watts, and toilets and bathing areas without handrails and other borrowing facilities are all reasons for the elderly at home to fall.If the family member or the caregiver finds that the old man has fallen, do not lift the old man blindly. The correct method is to judge whether there is a fracture and go to the hospital for CT and other tests in time. To judge the nature of the disease, it is only temporary cerebral hemorrhage, or brainStroke; to determine if it is sudden death, the patient should immediately lie flat on a hard board. If it is sudden cardiac death, quickly perform cardiopulmonary resuscitation, tap the anterior cardiac area, press the chest heart and mouth-to-mouth artificial breathing, etc., and contactContact the emergency center to rescue the patient in the expected time.In addition, Jiang Fenglin reminded to pay attention to small details of home life.Bathroom: It is the easiest place for the elderly to fall. If there is an elderly person in the home, it is recommended that the floor of the bathroom should be covered with non-slip mats, and handrails should be installed inside.The bathroom is equipped with a solid armrest, which can be grasped immediately by the elderly when they fall; installing an armrest beside the toilet can help the elderly to get up and sit down more easily, especially for the elderly with weak feet.In addition, it is recommended that the elderly take a bath with a bath stool to prevent dizziness.Kitchen: Many households’ kitchen lights are not bright enough, which poses a safety hazard to the elderly.If the kitchen door is too biological, it can cause inconvenience to the elderly who have weak feet.Common things should be placed at your fingertips, not high or low, to avoid the elderly from squatting down and picking things up, and may get dizzy and fall when they get up.Bedroom: It is better to turn on a night light in the bedroom at night, so that the elderly can have enough lighting when they wake up in the middle of the night.Some bedroom floor plates are shifted, causing the ground to be uneven and easy to fall. Repair should be done as soon as possible.Shoes: Wear appropriate shoes to reduce the risk of falling.It is recommended to measure the foot shape before buying new shoes, and you should wear non-slip, non-slip shoes indoors or above.(Reporter Luo Yue)

SAIC Group (600104): 19H1 revenue and profit margin growth is expected to extend to 19H2, improving with industry recovery

SAIC Group (600104): 19H1 revenue and profit margin growth is expected to extend to 19H2, improving with industry recovery

Key Investment Events: The company released its 2019 Interim Report, and the company achieved revenue of 3762 in the first half of 2019.

9 ‰, at least -19.

05%; net profit attributable to mother reaches 137.

6 trillion, a year -27.

5%.

Among them 19Q2 company achieved revenue of 1761 million, a year -22.

1%; net profit attributable to mother 55.

100 million, before -40.

6%.

19Q2 sales increased a certain degree of extended discounts, and the company’s net profit attributable to mother increased.

The company’s 19Q2 car sales were 140.

40,000, at least -17.

3%; the overall 深圳spa会所 sales growth rate is slightly lower than the industry due to Wuling staggered integration.

In 19Q2, the company realized revenue of 1761 million, which was -22 in half a year.

1%; net profit attributable to mother 55.

100 million, before -40.

6%, 19Q2 company’s profit fell more than the decline in revenue than the decline in sales, mainly due to inventory clearance in the second quarter caused terminal discount increase, the overall ASP declined.

In 19H1, the growth rate of investment income shrank, and the performance of major shareholding companies declined to varying degrees.

2019H1 company investment income 169.

300 million, down from 47 previously.

800 million; 19H1 SAIC Volkswagen / SAIC-GM / SAIC-GM-Wuling achieved revenue of 1127

900 million / 913.

800 million / 366.

200 million; ten years-19 respectively.

1% /-18.

3% /-28.

9%; Net profit 98.

800 million / 7.1 billion / 8.

400 million; ten years -36.

1% /-30.

6% /-58.

7%; ROS were 8.

8% / 7.

8% / 2.

3%, twice.

3% /-1.

4% /-1.

7%; headquarter (net profit attributable to mother-investment income)-8.6 billion, ranking in the last year over the same period.

Continue to promote the “new four modernizations”, usher in a new round of product cycles in the second half of the year, and maintain a “buy” rating.

Looking into the second half of the year, after the second quarter of inventory digestion, the company’s overall inventory decline is now close to a reasonable level.

In the second half of the year, GM, Volkswagen, and independent new models will be launched. The company’s new car share will increase. Terminal discounts will continue to increase to improve profitability. The industry ‘s sales growth forecast for the first half of the year will gradually pick up.

According to the latest situation, we adjusted the company’s net profit attributable to mothers to be 304 from 2019 to 2020.

200 million / 325.

700 million / 355.

300 million, maintain “Buy” rating.

Risk warning: industry price war, new car sales are less than expected, policy adjustments are less than expected

Bank of Jiangsu (600919) Quarterly Report Review: Spread Up

Bank of Jiangsu (600919) Quarterly Report Review: Spread Up

Event: On the evening of October 29, Jiangsu Bank disclosed 3Q19 results.

Revenue 3Q19.

20,000 yuan, +27 compared with the same period last year.

4%; net profit attributable to mother 118.

80,000 yuan, +15 compared with the same period last year.

8%.

At the end of September 19, total assets were 2.

07 trillion yuan; NPL ratio 1.

39%.

The average ROE for the 3rd quarter of 19 is expected to be 14.

84%.

Opinion: Revenue growth remains at a high level, with steady profit growth. Profit growth is stable.

Net profit growth in the third quarter of 19 was 15.

8%, up slightly in the early 1H19; net profits have continued to grow in double digits since 2016.

Revenue growth in the third quarter of 19 reached 27.

4%, almost the same as 1H19, also in line with expectations.

We believe that the high growth in 3Q19 results mainly from the quarter-on-quarter increase in net interest margin and the steady expansion of asset size.

ROE rises.

Due to the rapid growth of earnings, the average ROE in the third quarter of 19 reached 14.

84%, rising by 0 every year.

52 averages, ROE is in the rising channel.

It is very close to the average ROE level of A-share listed city commercial banks, and may be exceeded in the future.

Optimized asset and liability structure. At least the net interest margin improved significantly.

In the third quarter of 19, the deposit reached 1.

21 trillion yuan, an increase of 8 in ten years.

6%.

The proportion of loans in the last two years has continued to rise, and the ratio of loans to interest-earning assets in the third quarter 杭州桑拿网 of 19 has reached 49.

68%, optimized asset structure.

Assets expanded steadily.

Asset size in the third quarter of 19 2.

07 trillion, an increase of 7 from the beginning of the year.

3%; the earlier 1H19 increased slightly by 19.6 billion.

Net interest margin rose month-on-month. We estimated that the net interest margin of 3Q19 was 1.

36% (I9 caliber), a quarter-on-quarter increase of 7BP, additional contribution from asset-liability division.

The optimization of the asset structure has slightly increased the yield of interest-earning assets. The ratio of loans to interest-earning assets in the third quarter of 19 increased by 1 from 19H19.

5 pct to 49.

68%; the proportion of storage area decreased by 1.

37 pct to 6.29%.

The calculation of interest-bearing impedance cost rate decreased by 9BP to 2 杭州桑拿网 from the previous quarter.

84% is still benefiting from the decline in market interest rates.

We expect that the cost of compensation will require further downside to support stable interest margins.

Pay attention to the improvement of the loan rate, and the provision level will continue to improve. Asset quality will remain better.

The non-performing loan ratio in the third quarter of 19 was 1.

39%, the same as 1H19, maintaining a continuous level.

Focus on the loan ratio in the third quarter of 192.

03%, a significant decrease of 31 BP compared to 1H19.

In recent years, the credit structure has improved significantly, the proportion of loans in non-performing high-income industries has decreased significantly, the proportion of housing mortgages has increased, and there is less concern about future asset quality.

Provision level is high.

The loan-to-loan ratio in the third quarter of 19 was 3.

13%, an increase of 11BP earlier in 1H19, the provision level increased; provision coverage ratio was 225.

1%, an increase of 7.
.

53 pct, with increased risk resistance.

Investment suggestion: The performance will maintain a rapid growth, the asset quality will continue to improve, and through the adjustment of the restructuring of the asset-liability structure, the performance of Jiangsu Bank in 1919 will usher in a change; and it will insist on a stable retail transformation strategy.

25%, an increase of 3 earlier.

83 pct; we maintain its 19-year revenue / net profit growth rate of 20.

8% / 14.

7% forecast.

Maintain 1x 19PB target estimate, corresponding to target price of 9.

76 yuan / share.

Maintain BUY rating.

Risk warning: loan interest rates fall sharply; asset quality is worse than expected.

Mount Emei A (000888): Increase in passenger cableway ticket price increase, performance arts project opening, incremental increase expected

Mount Emei A (000888): Increase in passenger cableway ticket price increase, performance arts project opening, incremental increase expected

The 3Q19 results were higher than we expected the company’s 3Q19 results: 1-3 years 19 operating income8.

7.3 billion, an annual increase of 3.

04%; net profit attributable to mother 1.

8.6 billion, an increase of 10 in ten years.

34%, corresponding profit 0.

35 yuan.

Among them, 3Q19 operating income3.

4.4 billion, an annual increase of 6.

65%; net profit attributable to mother 1.

09 million yuan, an annual increase of 10.

52%.

The company’s performance was higher than our expectation, mainly due to the rapid improvement of passenger ropeway maximization.

  Ropeway revenue contributes to revenue growth.

1) 3Q18 Emeishan peak season attractions tickets are reduced by 25 yuan, reducing ticket revenue growth; 2) The increase in tourist ropeway utilization has become the main driving force for the company’s performance growth, 2H18 / 1H19 ropeway revenue increased + 12% / + 23%.

There are a total of two ropeways in the attraction. The Jinding ropeway is located in Gaoshan District and the Wannian ropeway is located in Zhongshan District.

8/2.

0, a significant increase (theoretical highest rating of 4.

0).

  Financial analysis: 1) 3Q19 gross profit margin reached 47 due to improved ropeway efficiency.

7%, increase by 0 every year.

2ppt; 2) 3Q19 selling expenses twice +24.

3%, corresponding to the sales expense ratio 上海夜网论坛 of 1.

6%; management costs +19 per year.

1%, corresponding to the management expense ratio of 10.

1%.

3) Due to the decrease in investment by associates, the investment income of 1-3Q19 companies decreased by 18.6 billion compared with the same period of the previous year; 4) Net cash flow from operating activities of 1-3Q193.

4.3 billion yuan, a marked improvement over the same period last year.

  Development trend Business diversification: 1) On August 23, the company announced an increase in capital to Yunshang Tourism1.

USD 20.7 billion, accounting for 40% of the tourism capital on the cloud after the capital contribution, becoming the controlling party.

2) The tourism business on the cloud includes literary and artistic creation and performance, art performance venues, cultural tourism project marketing and planning, etc. It is a construction and operation company of “only Emeishan” tourism performing arts project.

3) The premiere of “Only Mount Emei” on September 6, the project was edited by the well-known director Wang Chaoge (Impression, see also the director of the series). It is an original ecological real village immersive drama with an investment of about 700 million yuan.

4) The company expects that the project will bring an increase of 5% of tourists to the attractions every year, increase the hotel accommodation rate by about 10%, increase tickets every year, 33 million ropeways and 20 million hotels.

  Earnings forecasts and estimates As the company’s performance exceeds our expectations, we raised our EPS forecast for 2019/2020 by 6% / 6% to 0.

44 yuan / 0.

47 yuan.

The current sustainable correspondence is 2019/202013.

8 times / 12.

7 times price-earnings ratio.Maintain Outperform rating and 7.

Target price of 30 yuan, corresponding to 16.

8 times 2019 P / E ratio and 15.

4 times 2020 price-earnings ratio, compared with 21 recently.

5% upside.

  Risks Natural disasters affect travel; reform of state-owned enterprises exceeds expectations.

Zhou Dasheng (002867) 2018 Annual Report Review: Outstanding speed of exhibition shops has significantly improved profitability

Zhou Dasheng (002867) 2018 Annual Report Review: Outstanding speed of exhibition shops has significantly improved profitability

Event: Zhou Dasheng achieved operating income of 48 in 2018.

70,000 yuan, an increase of 28 in ten years.

0%; realize net profit attributable to shareholders of listed companies.

10,000 yuan, an increase of 36 in ten years.

2%; gross profit margin was 34%, an increase of 1 over the same period last year.

7 averages; net margin is 16.

6%, an increase of 1 over the same period last year.

0 average; ROE is 20.

5%, an increase of 2 over the same period last 佛山桑拿网 year.

9 averages; EPS is 1.

7 yuan / share, an increase of 28 over the same period last year.

2%.

The speed of exhibiting stores is excellent, and the growth rate of single store revenue is increasing.In 2018, the company relied on its excellent supply chain integration capabilities and adopted an extension-type, scale-first channel construction strategy to establish a wide-ranging and deep “self-owned + franchise” chain network.The annual net increase of 651 stores, including a net increase of 625 franchise stores, a net increase of 26 self-operated stores, the company currently has 3375 stores, expansion capacity is excellent.

In terms of segmentation, the revenue growth rate of individual stores and franchised stores was 12 respectively.

1%, 11.

2%, the increase in the growth rate of single store revenue was mainly due to the rapid development of included products and the further improvement of product structure.

The company’s gross profit margin is 34%. Those with excellent profitability benefit from the increase in the proportion of alternative jewelry with a higher gross profit margin and the rapid expansion of the company’s stores, which significantly improves the company’s profitability.

In terms of segmentation, the gross profit margins of franchise business and self-operated offline business increased respectively over the same period last year.

4, 0.

1 level, the company’s overall gross profit rate is 34%, and its profitability is excellent.

The proportion of dividends is high, and the performance target is enhanced. The market expects that the company will increase cash dividends in 20183.

US $ 1.7 billion, with a dividend rate and a dividend rate of 39% and 2%, respectively. At the same time, it plans to transfer 5 shares for every 10 shares to give back to shareholders.

In addition, the company’s financial budget target for 2019 is 15% -25% revenue growth; net profit growth is 15% -25%, and the performance goal is to announce that it is conducive to enhancing market expectations.

We maintain the company’s “overweight” rating. We expect the company’s operating income for 2019-2021 to be 59.

01, 67.

37, 76.

55 ppm; net profit attributable to shareholders of the parent company was 10 respectively.

02, 12.

07, 14.

3.8 billion; EPS is 2.

06, 2.

48, 2.

95 yuan / share; corresponding PE is 16.

75, 13.

90, 11.

67 times.

Considering that the company’s product structure fits the consumption trend, it is expected to benefit from the consumption upgrade in low-tier cities and lead the jewellery industry. We are optimistic that the company maintains an 武汉夜生活网 “overweight” rating in the development of the jewelry industry.

Risk reminders: The development of new stores is not up to expectations; the overall economic outlook is expected to cause the industry to recover less than expected; important shareholders reduce their risk.

Guoxin Securities: Four Reasons for Semiconductor Localization as a Protracted War

Guoxin Securities: Four Reasons for Semiconductor Localization as a Protracted War

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Source: Guoxin Securities?

Semiconductor localization is a protracted war-Four reasons semiconductors will not be subject to people for a long time, and of course they will not be quickly localized. The “rapid victory theory” and “perishable theory” are wrong. It is a protracted war., And Chinese semiconductors are still high growth.

  Second: The Chinese market has a large demand, and localization can replace another 10 times more space.

  Third: The manufacturing process is far behind, and 7nm, 5nm, and 3nm require long-term R & D investment.

  Fourth: the top chip design capabilities, architecture, EDA software, etc. will be constrained in the short to medium term.

  ?

Average global growth rate-The growth rate of global semiconductors is different from the growth rate of the high-tech industry that the market has always understood, and the growth rate of the global semiconductor market is not very high.

1999?

In 2019, the global semiconductor compound growth rate was 5 in the past 20 years.

2%.

In the past 20 years, 15 years, 10 years, 9 years, 5 years, and 3 years, the global semiconductor display CAGR was 5 respectively.

2%, 4.

4%, 6.

1%, 3.

6%, 4%, -0.

3%.

  ?

China’s high growth-China’s semiconductor industry is growing faster than the world’s 1) China’s semiconductor industry as a whole is growing faster than the world, and the design industry is growing faster.

  2) The growth rate of domestic foundry manufacturing demand exceeds the global growth rate.

  3) The revenue growth rate of A-share semiconductor companies has been higher than that of US-based companies in the past 7 years.

  ?

10x space-If it can replace all imports, domestic semiconductors still have more than 10x space. In 2018, only 176.3 billion (US $ 25.1 billion) of China’s integrated circuit design industry revenue was sold to China, while China’s IC imports in 2018 were US $ 312.1 billion, Is domestically self-sufficient.

3 times.

If the supply of domestic chip design companies can replace the huge import demand, then the market for domestic chip design companies still has more than 10 times the space.

  ?

The “neck neck” is a short board and a scarce resource. The first step of localization with the greatest investment value is to become a “neck neck” first, and then the full domestication.

From the perspective of the industrial chain, semiconductor manufacturing is our “short board” and a scarce resource; from an investment perspective, the more short board, the more scarce the resource, the more investment value it has.

  ?

The industrial attributes determine that the current leader is also the future leader. Semiconductor manufacturing is a large expenditure and long-term accumulation industry. Founded 20 years ago, SMIC, and 15 years ago, Hua Hong Semiconductor has already occupied a large capital andA large amount of experience is the current leader and the future leader.

  ?

Investment advice The market is already fully aware of chip design and semiconductor equipment.

There is insufficient understanding of semiconductor manufacturing toxicity.

2020 is a big year for semiconductor manufacturing. We continue to recommend two major leaders: SMIC and Hua Hong Semiconductor.

  ? Investment risk is the first. Depreciation in the asset-heavy industry affects profits, and large capital expenditures affect cash flow.

Second, global competition.

Third, trade wars have intensified, making it impossible to purchase equipment.
  Investment Summary In the previous report, we merged “Why Semiconductor is a Big Wave”. In this report, we once again pointed out that the big market for semiconductors is that semiconductors will not be subject to people for a long time, and of course, they will not be localized quickly.It is not correct with the “peril doctrine”. It is a protracted war: first: the global semiconductor growth rate is vertical, while China’s semiconductor is still high growth.
  Second: The Chinese market has a large demand, and localization can replace another 10 times more space.

  Third: The semiconductor manufacturing process is far behind and requires long-term major development.

  Fourth: High-end chip design will be subject to others in the long run.

  Key literature I. Global Growth Index-Global Semiconductor Growth Index.

Unlike the growth rate of the high-tech industry that the market has always understood, the global semiconductor market is not growing at a high rate.
1999?In 2019, the global compound semiconductor compound growth rate during the past 20 years was 5.

2%.

In the past 20 years, 15 years, 10 years, 9 years, 5 years, and 3 years, the global semiconductor display CAGR was 5 respectively.

1%, 4.

4%, 6.

1%, 3.

6%, 4%, -0.

3%.

  Second, China’s high growth-China’s semiconductor industry is growing much faster than the world.

1) Judging from the quarterly and annual growth rate, the overall growth rate of China’s semiconductor industry is faster than that of the whole world, and the growth rate of the design industry is even higher.

2) Domestic OEM demand exceeds global demand (Global growth in 2019 is 13%.

5%, China increased by 21.

7%).

3) The revenue growth rate of A-share companies in the last 7 years is higher than that of US-based companies.

  Third, 10 times the space-If it can replace all imports, domestic semiconductors have more than 10 times the space.

In 2018, only 176.3 billion (US $ 25.1 billion) of China’s IC design industry revenue was sold to China, while China’s IC imports in 2018 were US $ 312.1 billion, which is domestically self-sufficient12.

3 times.

If the supply of domestic chip design companies can replace the huge import demand, then the market for domestic chip design companies still has more than 10 times the space.

  Fourth, the “stuck neck” semiconductor manufacturing short board is a scarce resource with the greatest investment value.

The semiconductor industry involves many aspects. It is impossible to make all localizations in the short term. The first step of localization is to cause a “stuck neck” first, and then it is all-round localization.

From the perspective of the industrial chain, semiconductor manufacturing is our “short board” and a scarce resource; from an investment perspective, the more short board, the more scarce the resource, the more investment value it has.

  The nature of investment advice industry determines that the current leader is also the future leader.

Semiconductor manufacturing is a large investment and long-term accumulation industry. Founded 20 years ago, SMIC and Huahong Semiconductor, which has been established for 15 years, have already invested a large amount of capital and accumulated a lot of experience in advanced technology and specialty processes. SMIC is an advanced company in mainland China.As the leader of technology, Hua Hong Semiconductor is the leader of special technology, and the current leader is also the future leader.

2020 is a big year for semiconductor manufacturing. We continue to recommend SMIC and Hua Hong Semiconductor.

  Appendix: SMIC In-depth Report: “SMIC-00981.

HK-In-depth report: Leading semiconductor foundry, optimistic about advanced processes “20190916 Hua Hong Semiconductor in-depth report:” Hua Hong Semiconductor-01347.

HK-Post-Moore Era Welcomes Automotive Semiconductor Dividend “201810 Global Semiconductor Growth Transistor, Synchronizing with GDP in 1999?
The CAGR in 2019 is 5.

2% The global semiconductor mouse in 2019 was $ 409.8 billion, compared with $ 149.4 billion in 1999.

Over the past 20 years, the global compound growth rate of semiconductor injection molding has been 5.

2%.

  The growth rate of the global semiconductor market is the fastest. The shorter the interval, the lower the compound growth rate, indicating that the acceleration of the global semiconductor market growth rate tends to decrease.

Looking at the compound growth rate in different time intervals, the CAGR of the global semiconductor display in the past 20 years, 15 years, 10 years, 9 years, 5 years, and 3 years was 5 respectively.
1%, 4.

4%, 6.

1%, 3.
6%, 4%, -0.

3%.

The growth rate of the high-tech industry is different from the market’s consistent understanding. From the perspective of compound growth rate, the growth rate of the global semiconductor market is not very high.

  Second, the quarterly growth rate of global semiconductors is likely.

The figure below is obviously polished, and the quarterly growth rate of global semiconductor sales revenue is reset.

Without considering the transformative nature of the 2008 financial crisis, the trend of the previous quarter’s growth rate is even more obvious.

  Semiconductor has been the basis of the technology industry for 73 years. Since the invention of the first integrated circuit (only one transistor) of Bell Labs in 1947, the global semiconductor industry has entered a mature and stable stage.

  The growth rate of the semiconductor market is slightly higher than the GDP growth rate, and the global semiconductor compound growth rate is compared with the global GDP growth rate. According to the past 20 years, 15 years, 10 years, 9 years, 5 years, and 3 years,The semiconductor market and GDP are basically synchronized, and the growth rate of the semiconductor market is slightly higher than the GDP growth rate.

  Correlation with GDP is getting higher and higher According to the annual growth rate, the correlation between global semiconductor growth and GDP growth is getting higher and higher.

Semiconductors are the foundation of information technology, and end users are computer and automobile communications, which have a high correlation with the macro economy. Therefore, from a global perspective, it is reasonable that the growth rate of semiconductor industry and GDP are high.

  China’s growth rate exceeds global growth China’s semiconductor industry growth rate exceeds global growth quarterly, annual growth rate, China’s semiconductor industry growth rate exceeds global growth, is a necessary condition to support the domestic stock market semiconductor market.

  2009?
In 2019, the overall growth rate of mainland China’s semiconductor industry surpassed the global. Although the global semiconductor growth rate is vertical, China’s semiconductor industry is still developing rapidly.

The annual growth rate of China’s semiconductor industry is faster than the world’s. In the first three quarters of 2019, the global semiconductor transistor’s continuous growth rate was negative, while the Chinese market was growing in the same period.

  China’s semiconductor industry’s annual growth rate exceeds the global, 2017?
18 Chinese IC design growth 26.

1%, 21.

5%, compared to 21 globally.

6%, 13.

7%.

  The growth rate of integrated circuit design is higher. From the perspective of the subdivision-integrated circuit design industry, the growth rate is higher.

  The foundry’s growth rate is faster than the global growth rate. Semiconductor manufacturers’ models are divided into Fabless mode with only design without manufacturing and IDM with design and manufacturing.

Fabless, IDM, and system manufacturers are all foundry customers.

  The size of the semiconductor foundry market in mainland China in 2019 is expected to grow by $ 11 billion annually14.

6%.

  Global Fabless semiconductor foundry demand in 2019 is US $ 126 billion, 合肥夜网 an increase of more than 13%.

5%, of which China’s market demand is 28 billion U.S. dollars, an annual increase of 21.

7%.

  When the capacity of IDM manufacturers is insufficient, they will find a foundry. Some system manufacturers make their own chips, such as Huichuan (inverter), Hefei Sunshine (power supply), INVT (inverter). In order to reduce costs and ensure the supply chain,The design chip is manufactured by the foundry.

  Semiconductor foundry growth rate Super semiconductor industry growth rate, 2013?
In 2019, global semiconductors will grow by 34%, while Fabless demand (corresponding to foundry revenue) will increase by 83%.

  The growth rate of stock companies’ income is higher than that of US stocks. From the perspective of income growth, Chinese semiconductor companies are in the growth stage.

Comparing 天津夜网 the overall income of the 30 major semiconductor companies in the US stock market and the 27 major semiconductor companies in the A stock market, it is found that the revenue growth rate of A-share companies is greater than that of US stocks.

  The domestically imported space that is more than 10 times the domestic supply is 10 times the domestic supply. In 2019, the national integrated circuit imports were 300.5 billion U.S. dollars. In 2018, China ‘s IC design industry revenue was only 251.9 billion yuan (including exports).

According to the electronics industry-semiconductor-integrated circuit in the 10,000-level industry catalog, 26 integrated circuit design companies in this category are sampled. The total overseas revenue of 26 integrated circuit companies in 2018 was 40.

4%.

  The export ratio of the above 26 listed integrated circuit design companies is 40.
4%, we assume that the export ratio of all Chinese integrated circuit design companies is 30%, and domestic sales are 70%.

  According to the above export ratio, only 186.3 billion (US $ 25.1 billion) of China’s integrated circuit design industry revenue was sold to China in 2018, while China’s IC import value in 2018 was US $ 312.1 billion, which is domestically self-sufficient12.

3 times.

  Therefore, we can re-conceive that if the supply of domestic chip design companies can replace the demand for huge imports, then the market for domestic chip design companies still has more than 10 times the space.

  The key chip space size is specific to the core chip field, and the domestic self-sufficiency rate is reduced, or even zero.

  China ‘s market share exceeds and exceeds. From the perspective of chip demand, the Asia-Pacific region accounts for 60% of market demand. One is that Japan, South Korea, China, and Taiwan have many IC downstream industries and are global factories. The second is that Asia-Pacific has a large population.The market for electronic equipment is in great demand.
  In the global semiconductor sales market, the Chinese market share has gradually increased, and by 2018 the Chinese market will account for 33 of global semiconductor transistors.

8%.

  With the gradual increase of the Chinese market share, the market space of Chinese local design companies will become larger and larger.

  Manufacturing requires long-term development. Manufacturing is the focus of the semiconductor industry. In general, we divide the semiconductor industry into: design-manufacturing-package testing, EDA for design and manufacturing, and equipment for manufacturing and packaging testing.

  Semiconductor manufacturing is currently the largest scale in the development of semiconductors in mainland China. Computer CPUs, mobile phone SOC / baseband and other high-end chips have been replaced in China. Although the performance is different from the international giants, it can at least be used.

  And semiconductor manufacturing is at “0?
During the “1” breakthrough process, if overseas semiconductor foundries do not provide manufacturing services to mainland Chinese design companies, China ‘s semiconductor industry will be severely affected.

  Five silicon wafer factories monopolize the market The global semiconductor wafer market is mainly concentrated in several large enterprises, with high industry concentration and high technical barriers.

The top 5 large silicon wafer manufacturers in 2018 totaled 95% market share. The market shares of the top five companies in the industry were: Japan’s Shin-Etsu Chemical Market Share 28%, Japan’s SUMCO Market Share 25%, Germany’s Siltronic Market Share 14%, and Taiwan GlobalThe wafer market share is 14%, South Korea’s SKSiltron market share is 11%, and French Soitec is 4%.

  The global foundry was monopolized by TSMC in the third quarter of 2019. The ranking of the world’s top ten wafer fabs is: TSMC, Samsung, Glofonde, UMC, SMIC, High Tower, Hua Hong, World Advanced, Powerchip, Eastern Hi-Tech.

  The domestic foundry leader SMIC ranks fifth with a market share of four.

4%.

  The short board of the “card neck”, the five major difficulties in semiconductor manufacturing with the greatest investment value, are accompanied by the increasing integration of chips, and the advanced level of semiconductor manufacturing has gradually increased.

The semiconductor industry contains more and more machinery, chemical, software, materials and other fields, and it is a large system that integrates many integrated machines.

  At the same time, the semiconductor industry involving so many industries also promotes economic development.

Because the performance of semiconductor products is gradually improved, while the cost is reduced and the price is reduced.

So as to meet the market demand for high performance and specifications.

  An industry with such a high degree of industry integration has five major difficulties, divided into two categories.

  One is: high precision and high integration.

  The second category is: single-point process technology, integrated single-point technology, and mass production technology.

  First, integration is getting higher and higher.

The number of transistors integrated on a chip is increasing. From the 1960s to the present, the number of transistors has increased from one transistor to more than 10 billion.

Improved circuit integration challenges the ability of semiconductor manufacturing processes and improves process technology under reduced cost conditions to produce advanced large-scale integrated circuit chips.

To achieve this, the semiconductor industry has become highly standardized, and most manufacturers use similar manufacturing processes and equipment.

The key to successful market development is the company’s ability to launch the right product at the right time.

  Second, the requirements for accuracy are getting higher and higher.

The high accuracy is reflected in the critical dimension (CD). The physical size feature on the chip is called the feature size. The term mainly describing the feature size is the circuit geometry size.

The common understanding is that the smaller the key size, the more difficult the process.

The critical size was reduced from 1um in 1988 to 5nm in 2020, a reduction of 99.

5%.

From this point of view, the shortcomings of integrated circuit manufacturing have gradually increased, and the acceleration of serious lifting has also increased.

  From the transistor structure diagram, the key dimension is the gate length of the transistor (the line width in the figure below).

  Third, single-point technical breakthroughs are difficult.

The process technology that constitutes the smallest unit of a semiconductor manufacturing process is single-point technology, or component technology.
Integrated circuit manufacturing involves performing a series of complex chemical or physical operations on a silicon wafer.

  The manufacturing process of complex circuits exceeds 500 processes, and 500 processes are equivalent to 500 single-point technologies. Moreover, these processes are performed under precise instruments, which are difficult to see with the naked human eye, which brings great difficulties to manufacturing.
Taking the most typical CMOS process as an example, the following steps are involved.

  Fourth, multiple technologies need to be integrated.

Combined with single-point technology, the circuit is implanted into the silicon chip, and the technology that integrates this process flow is integrated technology.

For example, in the production of DRAM, more than 500 processes are required. This process is first developed in a research and development center, and the developed process can be actually produced.

  In the preparation process stage, the combination of single-point technology is unlimited. Even if DRAMs with the same integration and precision are manufactured, different semiconductor manufacturers use different methods.
In addition, different technology integrators have different process flow structures.

  The difficulty of integrated technology is how to complete the process of formulating specifications from an unlimited combination of component technologies in a short period of time to meet the specifications and run completely.

  We use integrated technology to understand through table tennis and football.

The single point technology of semiconductor manufacturing, we Chinese can break through, just like table tennis in single player sports, the Chinese can win the world championship.

However, the combination of these single-point techniques is just like the 11-man football team, and they cannot win the championship.

This is the difficulty of integrated technology.

  Fifth, mass production technology.

The technology of transferring the process flow of the R & D center through the integration technology to a mass production factory, and implanting a semiconductor that meets the quality requirements of the target on the silicon wafer and mass production is mass production technology.

A true strict exact copy is basically impossible.

Even if the development center and the mass production plant have the same equipment, the same results may not be obtained under the same process conditions.

Frankly, it is generally difficult to get the same result.

  This is because even with the same equipment, there will be slight performance differences between the two machines.

This difference constant machine is poor.

Machine difference can be said to be a difference in equipment that semiconductor manufacturing equipment manufacturers may produce due to the existence of uncontrollable factors when producing the same type of equipment.

With the continuous improvement of semiconductor precision, the problem of machine poorness has become more and more significant.

  Therefore, through the improvement of the degree of precision, it is necessary to implement fine processing, and the machine differences (small ones that will not be a problem during the drilling production process) become serious problems.

  Intel once required that 12-inch millimeter batch production plants located in Ireland, Israel and the United States must unify the types and models of manufacturing equipment, and even the specifications of each pipeline must be strictly uniform.

In addition, it also prepares detailed guidelines for equipment repair, maintenance inspection details, etc., requiring the three factories to perform operations in strict accordance with the operating instructions.

Even so, the yields of the three factory products are still different.

The root cause is the poor machine performance.

  In terms of mass production technology, yield is of great significance.

Yield is the proportion of qualified products in the finished semiconductor product that is implanted on the wafer.

Scale, the stage where the process flow has just been transferred from the development center to the mass production plant, and the yield of the mass production plant is almost 0%.

  And the technology that raises the yield rate to 100% as soon as possible and maintains the yield rate close to 100% for a long time is the real mass production technology.

  The mission of the development center’s integrated technicians is to do their best to develop the process flow so that at least one product can be fully operational.

The task of the integrated technicians in a mass production plant is to complete a process that can achieve a high yield based on this process.

Needless to say, at this time, the integration technicians in the mass production plant will lead the component technicians in the plant.

  However, there are also occasions where it is difficult to improve the yield.

At this time, the process may need to be re-developed.

When large-scale adjustments are required, the process is returned to the development center.

More unfortunately, you may need to redesign.

  In this way, it usually takes 5?
From the process originally prepared by the development center to the formation of a process that enables a mass production plant to achieve a high yield.
10 repetitions.
  Semiconductor manufacturing requires integrated technologies that precisely integrate various component technologies and mass production technologies that improve yield.

Only in this way can semiconductors be manufactured.

  The current investment boom in semiconductor manufacturing nationwide is based on this logic-“As long as you buy equipment, separate them and press the button, everyone can produce semiconductors.”

This view is wrong. It is believed that other industries may be right, but semiconductor manufacturing is definitely wrong.

  Manufacturing is the most eager to make a breakthrough. The semiconductor industry involves many aspects. All domestic changes are not possible in the short-term. The first step of localization is to “stuck the neck” first, and then all-round localization.

  From the following diagram of the semiconductor industry chain: design-manufacturing-package testing, the three major insertions, the most “stuck neck” is manufacturing.

  Semiconductor manufacturing is currently the largest scale in the development of semiconductors in mainland China. Computer CPUs, mobile phone SOC / baseband and other high-end chips have been replaced in China. Although the performance is different from the international giants, it can at least be used.

  And semiconductor manufacturing is at “0?
During the “1” breakthrough process, if overseas semiconductor foundries do not provide manufacturing services to mainland Chinese design companies, China ‘s semiconductor industry will be severely affected.
  Because even if a chip design company in mainland China can design a chip that is internationally recognized, but without manufacturing capabilities, the designed chip is just a “bunch of data” and cannot form a product.

  In terms of specific product segments, high-end CPUs, GPUs, FPGAs and other chips use 7nm and below processes, and low-end chips are gradually shifting from mature processes to advanced processes. Therefore, advanced processes are the “card neck” that Continental Semiconductor must first break through.”The project is a short board.

  Although SMIC and Huahong Semiconductor lag behind the global leaders, SMIC is the leader in advanced technology in mainland China, and Huahong Semiconductor is the leader in featured technology.

Semiconductor manufacturing is a large investment and long-term accumulation industry. Founded 20 years ago, SMIC and 15 years after its founding, Hua Hong Semiconductor has a huge capital investment and accumulated a lot of experience in the field of advanced processes and special processes. The rise of semiconductor manufacturing in mainland China is sureHave to count on this white company.

  Therefore, from the above point of view, the more our “short board”, the more investment value.

  Manufacturing is China’s core technology asset, and SMIC is the core asset that can become a major turning point in the development of national semiconductors.

The core asset is not 1?
The infinite expansion of N, the second is 0?
1 key breakthrough.

  The core asset is not better without it, but not without it.

The lack or disappearance of the so-called core assets in the market has little impact on the country and the society. It is a big deal to set up a company and continue to do it.

Semiconductor foundries such as SMIC are the foundation of the entire technology industry. Under the background of restrictions on semiconductor manufacturing overseas, the manufacture of crystal semiconductors in mainland China will shake the foundation of the technology industry.

From this perspective, SMIC is the core asset.

  As SMIC is in Hong Kong stocks, Mainland Capital does not know enough about SMIC.

At the same time, coupled with high barriers to semiconductor industry research, the capital market is passively monitoring SMIC.

  The trade war accelerates SMIC’s growth and accelerates capital market understanding of SMIC.

In the past year, in the context of the trade war and various restrictions on the development of Chinese semiconductors in the United States, the market has gradually become the core asset of semiconductor manufacturing, which is an indispensable asset.

Under this logic, SMIC should own higher estimates than other manufacturing industries.

  First, SMIC, as an unavailable core asset, compared with panel faucets, household appliances faucets, and mobile phone parts faucets, SMIC’s estimates have a lot of room for improvement.

  Investment suggestions We are optimistic about the domestic upstream chip design industry. The more upstream chip design companies, the stronger the downstream foundry demand, which is beneficial to the domestic semiconductor foundries. The two major domestic foundry giants are in Hong Kong stocks. We are in Hong Kong stocks.SMIC and Hua Hong Semiconductor are recommended within the scope.

  SMIC (0981.

hk): Leading semiconductor foundry, optimistic about advanced manufacturing processes Leading semiconductor manufacturing in China: State-owned background + technology CEO company is the largest semiconductor foundry in mainland China, the fifth largest in the world; the most advanced 14nm process is only behind the most advanced 7nm in the world, only behind2 generations.

The first two shareholders are Datang Telecom and National Integrated Circuit Fund.

  Liang Mengsong and Yang Guanglei joined and are expected to replicate 2013?
The glory of 2018 The technical CEO Liang Mengsong joined in 2017, and Yang Guanglei, the former director of R & D of TSMC, joined in August 2019. It is expected to promote the company to replicate 2013?
Brilliant 2018.

year 2013?
In 2018, technical CEO Ke Zaiqi became Intel’s CEO, during which the core net profit fell by 9% and increased by 157%.

Krzanich promotes the conversion of integrated circuits to the Internet of Things and AI, and based on the IDM model, dating foundry services.

  Trade war accelerates SMIC’s growth First, domestic semiconductor demand growth exceeds GDP growth; second, domestic chip self-sufficiency is very low, and trade war accelerates domestic substitution; third, the trade war has led upstream design companies to diversify orders from competitionOpponents are transferred to SMIC.

  The chaser has the opportunity to have another 7nm process logic in the mature process. In addition to the RF chip, the company’s 14nm (contributed revenue in the second half of this year) technology can be achieved.
For example, power management and fingerprint recognition application requirements ensure full production of 8-inch factories, and the demand for Internet of Things, CMOS image sensors, and WiFi chips will drive 12-inch business growth.

  SMIC is the real core asset. SMIC is the core asset that can become a major turning point in the development of National Semiconductor.

The core asset is not 1?
The infinite expansion of N, the second is 0?
1 key breakthrough.

  The core asset is not better without it, but not without it.

The lack or disappearance of the so-called core assets in the market has little impact on the country and the society. It is a big deal to set up a company and continue to do it.

Semiconductor foundries such as SMIC are the foundation of the entire technology industry. Under the background of restrictions on semiconductor manufacturing overseas, the manufacture of crystal semiconductors in mainland China will shake the foundation of the technology industry.

From this perspective, SMIC is the core asset.
  As SMIC is in Hong Kong stocks, Mainland Capital does not know enough about SMIC.
At the same time, coupled with high barriers to semiconductor industry research, the capital market is passively monitoring SMIC.

  The trade war accelerates SMIC’s growth and accelerates the capital market’s understanding of SMIC. In the context of the trade war and the United States’ various restrictions on the development of Chinese semiconductors, the market has gradually evolved. Semiconductor manufacturing is the core asset.Missing asset.
Under this logic, SMIC should own higher estimates than other manufacturing industries.

  First, SMIC, as an unavailable core asset, compared with panel faucets, household appliances faucets, and mobile phone parts faucets, SMIC’s estimates have a lot of room for improvement.

  Benefiting from the localization of semiconductors, market awareness has shifted from underestimated to reasonable, maintaining a “Buy” rating target price of 22?
twenty three.

7 The manufacturing of the semiconductor industry in mainland China will rise. From design to foundry, packaging and testing must be autonomous. Therefore, it is an inevitable trend for mainland chip design companies to seek mainland foundry.
Whether it is a domestic chip design giant or a chip design small and medium-sized company, it is possible to shift foundry to domestic. This kind of transfer of foundry orders has gradually become a consensus, and the trend is strengthening.

As a domestic foundry leader (many types of production lines and large production capacity), SMIC will obviously benefit.

  Expected 2019?
Income in 2021 will be 31.

$ 3.2 billion / 36.

$ 0.4 billion / 40.

USD 5.9 billion, with growth rates of -6.

8% / 15.

1% / 12.

6% in 2019?
The profit in 2021 will be 2.

$ 0.7 billion / 1.

$ 8.4 billion / 2.

USD 2.6 billion, a growth rate of 55% /-11% / 23%.

  The company’s technology as a semiconductor foundry follows. Technology breakthroughs are the key. We should look at the company’s technology first, then the revenue, and finally the profit.

In the medium and long term, we are optimistic about the rise of mainland foundries under the background of domestic substitution.

  The company’s reasonable range of PB estimates2.

5?2.

7 times, the company’s reasonable estimate is 22?
twenty three.

7 Construction, maintaining performance forecasts and a “Buy” rating.

  Risks suggest that the 14nm process is not progressing as expected, and global capacity is loose, affecting the company’s gross profit margin.
  Hua Hong Semiconductor (1347.

hk): The company focuses on special processes, and the revenue growth rate is stronger than the global market. The company is the world’s leading pure wafer foundry company. It specializes in embedded embedded memory, power devices, analog and power management, and logic and RF differencesWith a unique process platform and quality management system, it meets the stringent requirements of automotive electronic chip production.

The company’s discrete device platforms continue to show great advantages, especially super junctions, IGBTs and general purpose MOSFETs.

It is expected that the demand for discrete devices will continue to grow in the future.

In the second quarter of 2019, global semiconductors were initially $ 98.2 billion, a decrease of 16 from the same period last year.

8%; in the first half of 2019, it will replace 14 globally.

5%.

The global semiconductor market is still in a recession.

The initial averages of major global regions and semiconductor product categories declined.

  Because the company specializes in differentiated and unique technology platforms such as embedded embedded memory, power devices, analog and power management, logic and radio frequency, the quality management system meets the stringent requirements of automotive electronic chip production.

The company’s discrete device platforms continue to show great advantages, especially super junctions, IGBTs and general purpose MOSFETs.

Demand for discrete devices will continue to grow in the future, which will drive company revenue growth.

  Focus on small and medium customers to diversify risks In order to stabilize growth, the company chooses a small and medium customer strategy from the beginning and chooses differentiated competition from the perspective of target customers.

Because the budget of small customers is small, it is impossible to allocate the cost of tapeout by increasing the expansion amount, and the bargaining power of the customers served by the company is relatively weak.

Large customers have strong bargaining power, low profit margins, and high risks. The adjustment of large customers’ orders affects the stability of the company’s performance.

  Maintain “Buy” rating forecast for 2019?
Income in 2021 will be 10.

$ 0.9 billion / 16.

$ 6.9 billion / 13.

USD 3.2 billion, with growth rates of 8.

5% / 15.

8% / 14% in 2019?
2021 net profit is 2 respectively.
$ 1.2 billion / 2.

$ 3.6 billion / 2.

US $ 5.5 billion, with growth rates of 16.

3% / 11.

2% / 8.

1.
Maintain “Buy” rating.

  Risks suggest that new semiconductor device process alternatives, short-term demand for downstream power devices, Wuxi plants can not mass production on schedule.

  Industry investment risk is the first. Depreciation in asset-heavy industries affects profits.

  Second, large capital expenditures affect cash flow.

  Third, global semiconductor foundry leaders compete with domestic foundries.

  Fourth, trade wars have intensified, making domestic foundries unable to purchase equipment.

  Securities analyst: Wang Xueheng Telephone: 010-88005382 Email: wangxueh @ guosen.

com.

cn Securities Investment Consulting Practice Qualification Certificate Code: S0980514030002 Securities Analyst: He Lizhong Telephone: 010-88005322 E-MAIL: helz @ guosen.

com.

CN Securities Investment Consulting Practice Qualification Certificate Code: S0980516110003 Securities Analyst: Ouyang Shihua Telephone: 0755-81981821 E-MAIL: ouyangsh1 @ guosen.
com.

cn Securities Investment Consulting Practice Qualification Certificate Code: S0980517080002 Securities Analyst: Tang Hongyi Phone: 021-60875135 E-MAIL: tanghy @ guosen.

com.

cn Securities analyst: He Lizhong Telephone: 010-88005322 E-MAIL: helz @ guosen.

com.

CN Securities Investment Consulting Practice Qualification Certificate Code: S0980516110003

Wingtech (600745): Non-public offering of funds to implement the smooth implementation of excess capital to help companies collaborate with Anshi Qifei

Wingtech (600745): Non-public offering of funds to implement the smooth implementation of excess capital to help companies collaborate with Anshi Qifei
Event: The company issued an announcement to complete the non-public offering of shares to raise funds at an issue price of 77.93 yuan / share, the number of issues is 8,336.670,000 shares, the raised funds budget is 64.9.7 billion.The remaining funds after deducting related expenses are intended to be used to pay the cash consideration for the acquisition of Anshi Semiconductor, supplement the liquidity of listed companies, and repay the debts of listed companies. Opinion: The fundraising of targeted funds was completed more than expected, showing that investors expected the company to raise funds this time, of which 43.3.7 billion was used to pay the cash consideration for the acquisition of Ace Semiconductor, so far the acquisition funds have been fully in place.The company’s final issue price for the fundraising was 77.The price of RMB 93, which is higher than the expected budget, reflects the importance of the synergy between the two parties after the acquisition of Wingtech and the good expectations of the company’s long-term growth. Repayment of debt supplements liquidity and optimizes the company’s financial quality.Beyond 3.7 billion, the rest of the funds raised will be used to supplement the liquidity of listed companies and repay debts of listed companies.According to the company’s budget estimates, the company will need to repay the internal and external expenditure principals and indexes totaling approximately 600 million and 16 in 2019 and 2020, respectively.9 billion.The company’s own business has ample net cash flow. The proceeds raised this time will further reduce the company’s cash repayment pressure and optimize the company’s financial quality.After the debt is repaid, the company’s interest expenses will decrease in the future, and the reduction in financial expenses will effectively increase the company’s net profit. The merger and acquisition of Ace Semiconductor progressed smoothly, and the synergy effect began to appear. Ace Semiconductor is a global leader in power semiconductor devices. The company entered the field through the acquisition of Ace Semiconductor, and opened the huge space for domestic substitution through the advanced of Ace Semiconductor.Performance brings huge increase.In addition, the power components of AXA Semiconductor and the company’s existing business form a synergistic effect that promotes each other, and complements each other in aspects such as industrial chain integration, customer resource sharing, and technology complementarity. Investment advice and profit forecast The company’s endogenous development and outbound M & A have achieved good performance.As a dual leader in ODM and power semiconductors, the company’s business development will have better performance in the future.Considering the consolidation of Ace Semiconductor next year, the company is expected to achieve operating income of 314 in 2019-21.43/626.67/782.7.5 billion, net profit attributable to mothers is 7 respectively.18/29.71/37.100,000 yuan, the corresponding EPS is 0.69/2.86/3.57 yuan / share, corresponding to the next two years of performance, the company estimates that it is still at a relatively undervalued level, maintaining the company’s “Buy” rating. Risks suggest that 深圳桑拿网 downstream demand is less than expected, 5G mobile phone advancement is less than expected, and technology research and development is less than expected.