U.S. Department of Commerce’s fourth specific part of the trading ban on Huawei

U.S. Department of Commerce’s fourth specific part of the trading ban on 杭州桑拿 Huawei
Xinhua News Agency, Washington, February 13th (Reporter Zhou Zhou) On the 13th, the US Department of Commerce announced that it will extend the temporary temporary license for 45 days, and for the fourth time aimed at the transaction ban imposed on Huawei and its subsidiaries’ existing US products and servicesThe fracture ban has adversely affected US companies and consumers.  The U.S. Department of Commerce issued a statement on the same day that the temporary general license allows U.S. companies to conduct specific and limited exports, re-exports and transfers of products or technologies to Huawei and its non-U.S. Affiliates by April 1.  The statement said that this extension is necessary to allow existing telecommunications service providers in the United States, especially those in rural areas, to resume and continue to operate existing telecommunications networks safely.The US Department of Commerce will decide in the next 45 months whether to continue to extend the temporary general license.  The US Department of Commerce included Huawei and its 68 affiliates in the entity list on May 15 last year, and then issued three consecutive 90-day temporary general licenses on May 20, August 19, and 杭州桑拿 November 18 to allow HuaweiAnd its affiliates engage in specific activities to ensure the continued operation of existing related networks in the United States and to support existing related mobile services in the United States.On August 19, the U.S. Department of Commerce added another 46 Huawei subsidiaries to the list of entities.  The U.S. Secretary of Commerce allegedly stated that exports, re-exports, and products or technology transfers outside the temporary general license must still obtain the relevant license submitted by the U.S. Department of Commerce’s Industry and Security Administration, and the status of the review isveto. Original title: US Department of Commerce’s fourth merger ban on Huawei’s trading ban

SDIC Power (600886): Transfer of assets to promote the performance of the thermal power sector will further improve

SDIC Power (600886): Transfer of assets to promote the performance of the thermal power sector will further improve

Key Investment Events: The company issued an announcement on October 8 regarding the transfer of shares of some subsidiaries. The company plans to list and transfer the shares of the six target companies held by the company on the Shanghai Stock Exchange in the near future.The assessed value of the company’s net assets × the proportion of shares sold.

After the completion of the transaction, the company no longer holds any equity in the target company.

Asset evaluation results: SIC Xuancheng’s 51% equity net asset appreciation rate was 40.

51%, SDIC Beibu Gulf 55% shares of the net asset appreciation rate of 168.

48%, SDIC Yili 60% equity appreciation of 59%.

46%, Jingyuan Second Power 51.

22% shares’ net asset appreciation rate was 117.

45%, Huaibei Guoan 35% equity net asset appreciation rate of 57.

77%, Zhangye Power’s 45% equity net asset appreciation rate was 15.


It is planned to transfer thermal power assets with weak profitability, with a net asset appreciation rate exceeding 60%.

Six trading target companies have dragged down the profitability of listed companies. In 2017, all five thermal power companies were in a profitable state (Zhangye Power did not disclose financial data in 17 years). In 18 years, only SDIC Beibu Gulf, and Zhangye Power achieved profit, but the net interest rate was lowAt 1%.

From the perspective of asset evaluation, the net assets of the six target companies increased by 15%?
168%, the overall value-added rate is over 60%, that is, under the replacement of the transaction completed as scheduled, the PB estimate of the six thermal power companies is lower than 1.

65x, which is higher than the current median PB (1.

03x) and expected (1.


If the transaction goes smoothly, the performance of the thermal power sector will further improve.

Benefiting from the decline in coal prices, 19H1 SDIC Xuancheng and SDIC Beibu Gulf realized a turnaround, but their profitability was weaker than the company’s high-quality thermal power assets (the net interest rates were 5 respectively.

78% and 3.

71%), and the six target companies as a whole are still in a state of substitution (measured according to the latest announcement data, the net profit of 19H1 equity was -53.83 million yuan, and the net profit of 18 years equity was -2.

1.9 billion).

If the transaction goes smoothly, the company’s thermal power sector performance will further improve.

Investment suggestion: Give a “prudent increase” rating.

The company owns 52% equity of the Yalong River hydropower high-quality assets, with a total installed capacity of 16.76 million kilowatts of hydropower; another installed thermal power of about 15.76 million kilowatts of thermal power (if the six standard companies are excluded, the installed capacity is about 10.56 million kilowatts).

The policy encourages the consumption of hydropower in the province, and the “Yazhong-Jiangxi” UHV landed to guarantee the delivery of new production capacity.

As coal prices enter a downward path, thermal power earnings are expected to continue to improve.

Regardless of the impact of the 佛山桑拿网 transaction, we estimate the company’s net profit attributable to its mother to be 48 in 2019-2021.

91, 51.

19, 54.

5.9 billion, a year-on-year growth rate of 12.

1%, 4.

7%, 6.


Corresponding to the PE estimate of October 9.

5, 12.

0, 11.

2 times, given a “prudent overweight” rating.
Risk reminders: Equity transfer is less than expected, coal prices fluctuate, hydropower prices go down, incoming water continues to dry up, and new energy subsidy policies change.

Yinlun shares (002126): Acquisition of Swedish thermal management company is beneficial to improve product technology and expand mid-to-high-end car enterprise customers

Yinlun shares (002126): Acquisition of Swedish thermal management company is beneficial to improve product technology and expand mid-to-high-end car enterprise customers
Event: The company acquires 100% equity of Setrab AB in Sweden. Core Opinion The company acquires a Swedish high-end sports car intercooler and oil cooler design and manufacturing company.The company plans to start with SEK 70 million (approximately RMB 5067).30,000 yuan) to acquire 100% equity 深圳桑拿网 of Setrab AB in Sweden.The target company is headquartered in Malmo, Sweden, and is mainly engaged in the design and manufacture of high-end sports car intercooler and oil cooler products. Its downstream customers are Ferrari, Lamborghini, Mercedes-Benz, Bentley and other super sports car companies.The target company’s operating income in 2017 and 2018 was approximately 65.09 million and 71.72 million yuan, with net profits of -1.82 million and 750,000 yuan. The acquisition promotes the company’s new energy vehicle thermal management technology and expands the mid-to-high-end automotive enterprise customers.The target company has an advantage in the design of small-scale high-end sports car cooling modules. This technology can be applied to domestic high-end electric sports cars in the future, which will help improve the company’s new energy vehicle thermal management technology and help the company to further develop joint ventures or wholly-owned new energy.Car enterprise customers, improving the profit contribution of new energy vehicle thermal management. The acquisition assisted the company in expanding its business in the European market.The company’s scale continues to expand in the overseas market for passenger cars. In February 2019, the company won an order for water and air cooler products from MANN + HUMMEL. Its Renault model was the first time the company has won a water and air cooler project for passenger cars in the European market.The target company can provide a technical service platform for the company to expand its business in the European passenger car market. At the same time, its factory in Poland can provide a product manufacturing platform for European business and facilitate the appointment of European talents.The acquisition is an important expansion of the company’s continued expansion of overseas customers. It is expected that more thermal management products will receive orders from the European market in the future, becoming an important profit growth point for the company. Financial forecast and investment advice forecast EPS0 for 2018-2020.45, 0.55, 0.69 yuan. The comparable company is a car conduit and parts related company. The 19-year average PE valuation of the comparable company is 22 times, and the target price is 12.1 yuan, maintain BUY rating. Risks suggest that after-treatment of exhaust gas, the amount of new energy vehicle thermal management system matching is lower than expected, and the amount of replacement matching is lower than expected.

Nuoli shares (603611): continue to be optimistic about the major decision of logistics automation to acquire all shares of Zhongding

Nuoli shares (603611): continue to be optimistic about the major decision of logistics automation to acquire all shares of Zhongding
Continuously optimistic about logistics automation, the acquisition of all the shares of Zhongding was significantly confirmed on May 21, the company issued an announcement, the company gradually adopted the “Noli shares in the acquisition of controlling shareholders ‘minority shareholders’ equity and connected transactions in the name”, the proposed acquisition of the controlling subsidiary WuxiThe 10% stake in Zhongding Integration held by Zhang Yuanchao, a shareholder of Ding Integration Technology Co., Ltd., was negotiated and the two parties determined that the transaction price of 10% equity in Zhongding Integration held by Zhang Yuanchao was 102 million yuan.After the transaction was completed, Zhongding Integration became a wholly-owned subsidiary of the company.This year, the company still needs to submit a resolution to the East Conference.The acquisition of all the shares of Zhongding shows the company’s recognition of Zhongding and its determination to develop the logistics automation business. Zhongding warps for domestic logistics automation and has a strong ability to take orders. Lithium battery field has first-line customers at home and abroad. In 2016, the company acquired a 90% stake in logistics automation integrator Wuxi Zhongding. Within three years, Zhongding Integrated gradually changed its leading position in the lithium battery, household, and pharmaceutical industries.It is worth mentioning that, in the field of lithium battery, Zhongding Integration has always maintained the customer structure dominated by first-line battery companies, and continued to cooperate with domestic leading companies such as LG, Ningde Times, BYD.In 2017, it developed Panasonic, Sony and other international high-end power battery giants. The total number of lithium batteries received was 3.73 billion.The company added new orders in 201815.7.3 billion, previously + 53%.Among them, the total order of lithium battery is 9.3.6 billion, previously + 151%.End-of-hand orders reached 18.8.7 billion.In Q1 2019, the company’s lithium battery business won another 6 trillion orders from Funeng, demonstrating its strong ability to take orders. Zhongding’s compound growth rate of profits in the past 5 years is 49%, a typical growth company, but the benchmark for overseas logistics automation leaders is still vast. The logistics automation industry is very broad. According to GGII statistical indicators in 2017, the logistics automation market has reached 60 billion US dollars.Due to the large space, the overseas markets have nurtured giants with annual revenues of more than 2 billion U.S. dollars, such as Daifuku, Sapphire, Dematic.And Nuoli’s current revenue scale is only 6.800 million, there is still a lot of room for growth. Zhongding focuses on the field of logistics automation, enters Dafu’s experience, fully promotes the development of hardware + software, hardware +++ shuttles, software WCS + WMS independent research and development and cooperates with overseas partners. After determining the high-end brand image in the field of lithium battery, activelyOpen up new fields such as home furnishings, tires and cold chains. The traditional main business is still growing, 2.Breakthrough in growth of 20,000 energy-saving forks was achieved. The company’s main business was the manual handling trolley in the field of industrial logistics, which achieved a 33% market share in this field.The remote business extends to 南京夜网 products such as electric pedestrian forklifts and electric ride-on forklifts, and has achieved remarkable results in the development of concentric diversification.Annual production of the company in 2019 2.The production capacity of 20,000 energy-saving electric forks was put into operation. According to the IPO fund-raising plan, the unit price was 1.1-1.The supplementary amount of walking forklifts between 30,000 yuan is 2.For 10,000 units, the replenishment of ride-on forklifts with unit prices between 70,000 and 90,000 is 0.10,000 vehicles, the discount contract is an increase in output value of about 300 million.The company’s forklift business has a fast turnover and a fast repayment. The cash cow business attributes and Zhongding’s integrated business form a good complement. Profit forecast: It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 2.62, 3.63, 4.29 trillion, with a growth rate of 39.2%, 38.3%, 18.1%, maintain “Buy” investment rating, continue to recommend! Risk reminder: the speed of the payment is less than expected; the progress of the newly signed contract is less than expected; the influence of policies and markets

Vanke A (000002): The company’s November sales growth rate picked up, and the company’s tiered growth rate maintained a “Buy” rating.

Vanke A (000002): The company’s November sales growth rate picked up, and the company’s 苏州桑拿网 tiered growth rate maintained a “Buy” rating.

The company’s sales growth in November rebounded month-on-month, achieving a sales area of 364.

50,000 square meters, with a sales amount of 545.

400 million, MOM is +34.

4% and +25.

7%, +2 compared with the same period last year.

5% and -6.


The company’s progressive equity construction area and equity land price YOY from January to November were -3 respectively.

1% and +12.

5%, take the ground firmly.

  In the current financing shrinking environment, the company’s financing advantages are prominent; the company can carry rich resources at present, and the company’s performance growth in the next 2-3 years is a definitive alternative.

We expect the company’s net profit in 2019 and 2020 to reach 414 ppm and 498, respectively.

800 million, a year-on-year increase 北京夜网 of +22.

7% and +20.

3%, EPS is 3 respectively.

67 yuan and 4.

4 yuan, calculated based on the current A-share price, corresponding PE is 7 respectively.

6 times and 6.

3 times, PB1.

8 times; PE for H shares is 7.

2 and 6 times, PB is 1.

7 times.

We maintain our investment recommendation for AH shares.

The company’s sales growth in November rebounded month-on-month: the company’s sales area in November reached 364.

50,000 square meters, with a sales amount of 545.

400 million, MOM is +34.

4% and +25.

7%, +2 compared with the same period last year.

5% and -6.

5%; the average monthly sales price is 14,963 yuan / square meter, MOM-6.

4%, year-on-year.


Ended ahead of schedule, the company began to increase sales repossessions through promotions. The monthly sales interval and the month-on-month growth rate were significantly higher last month.

From January to November, the company realized a gradual sales area of 3697.

40,000 square meters, a year-on-year increase of +2.

7%; cumulative sales amount is 5735.

300 million, a year-on-year increase of +5.

4%. The company’s new projects this month decreased, and the overall land acquisition rhythm was stable: In 11 months, the company added 9 new development projects with a total equity area of 86.

80,000 square meters, a year-on-year increase of 44%; total equity land price 28.

800 million, a year-on-year increase of 67%.

The company’s cumulative equity construction area from January to November was 2,377.

70,000 square meters, the progressive equity land price is 1506.

10,000 yuan, -3 compared with the same period last year.

1% and +12.


This year, the company’s land acquisition is more concentrated in first- and second-tier cities; and in the case of the shrinking land acquisition scale of its peers, the company’s overall land acquisition rhythm is stable. With the reduction of land premium in the second half of the year, the company will concentrate on replenishing land reserves.lead the industry.

The company issued 5 in November.

5 year term amount 4.

US $ 2.3 billion in fixed-rate notes at interest rates of 3.

15% and 3.

5%, under the circumstances of shrinking financing environment, the company can still issue notes at low interest rates, which is conducive to the company’s maintenance of a reasonable scale of land reserves, which is an opportunity for development.

Shareholders’ pressure to reduce shareholding further reduced: The company issued an announcement on November 23 that from September 19, 2018 to November 22, 2019, Shenghua and Qianhai Life Insurance gradually reduced their 5% stake in Vanke, which was terminated in the fourth quarterOn November 23, the two positions were gradually reduced by 2.

46% of the company’s shares.

On the final announcement date, the proportion of the company’s shares previously held gradually changed from 15% to 10%, of which Qianhai Life Insurance held 3.

98%, Xun Shenghua holds 6.

02% (of which 5.

16% of the shares have been pledged).

The current pressure on shareholders to reduce their holdings has further declined.

Profit forecast and investment suggestions: At present, under the background of the tightening of real estate financing, the company’s financing ability advantage is prominent; most of the company’s reserve projects are located in first-tier and second-tier cities, which has relatively little pressure to eliminate and promote sustainable and stable development.

At present, the company has abundant resources to carry forward, and the company’s deterministic performance growth will deteriorate in the next 2-3 years. We expect the company’s net profit in 2019 and 2020 to reach 41.4 billion and 498, respectively.

800 million, a year-on-year increase of +22.

7% and +20.

3%, EPS is 3 respectively.

67 yuan and 4.

4 yuan, calculated based on the current A-share price, corresponding PE is 7 respectively.

6 times and 6.

3 times, PB1.

9 times; H shares correspond to PE of 7.

2 and 6 times, PB is 1.

8 times.

We maintain our investment recommendation for AH shares.

Aerospace Development (000547) Company’s Third Quarterly Comment: The third quarter’s performance slightly exceeds market expectations and continues to be optimistic about the company’s performance

Aerospace Development (000547) Company’s Third Quarterly Comment: The third quarter’s performance slightly exceeds market expectations and continues to be optimistic about the company’s performance
Event: 2019Q1-Q3, the company achieved operating income23.5.2 billion, an increase of 44 per year.07%; net profit attributable to mother 3.08 million yuan, an increase of 39 in ten years.31%; net profit after deducting non-attribution to mother 2.850,000 yuan, an increase of 39 in ten years.45%; EPS is 0.19 yuan, an annual increase of 26.67%.Q3, the company realized operating income 8.60 ppm, an increase of 43 in ten years.14%; net profit attributable to mother 0.850,000 yuan, an increase of 43 in ten years.08%, slightly exceeding market expectations. Opinion: The company’s high performance growth trend does not change, and the market slightly exceeded market expectations in the third quarter.The company is a pure electronic informatization listing platform affiliated to the Science and Industry Group. Under the background of leapfrog development of national defense informatization construction, the company is suitable defense equipment represented by electronic blue army equipment, target ships, network security, military communications equipment and other products.Usher in huge demand.In the first three quarters of 2019, the company’s performance continued the rapid growth trend since last year, with revenue and profit growth rates reaching 44.07% and 39.31%. Looking at Q3 alone, the average growth rate of the company’s operating income and net profit attributable to mothers increased faster than in the first half of the year, increasing by 4 respectively.9 points and 5.16pct, slightly exceeding market expectations. Forward-looking indicators continue to improve, and continue to be optimistic about the company’s performance.From the forward-looking indicators, the company’s inventory increased by 43 compared with the beginning of the period.61%, an increase of 11 from the Interim Report.43pct, the degree of prosperity reflecting the downstream demand continues to rise, and the company’s in-products increase.Accounts 北京养生会所 receivable 27.1.1 billion (93.QoQ increase.73%), which shows that the company’s delivery is in good condition, and the recognized revenue in the future will significantly improve the performance level.Prepayment account body 7.1.1 billion, an increase of 203 over the beginning of the period.07%, reflecting the company’s full confidence in downstream demand to accelerate the procurement of raw materials.Based on the above-mentioned forward-looking indicators of the balance sheet, we judge that downstream demand is in a state of rapid growth, the company’s product delivery is in good condition, and it is expected. Earnings forecasts and ratings.The company is the leader of the domestic electronic blue army, and actual combat training drives the rapid outbreak of electronic blue army demand.Network security has risen to the height of national strategy. In the next few years, the industry will reach a multi-billion dollar market scale. Based on the party, government, and military markets, the company will build a national team for network information security. It is expected to fully enjoy industry dividends in the future.At the same time, the company, as an electronic information platform planned by the Science and Industry Group, is expected to take on more group assets in the future.We continue to be optimistic about the company’s future development prospects.The net profit attributable to the parent company will be 6 in 2021.4 billion, 8.48 ppm and 11.10,000 yuan, EPS is 0.40 yuan, 0.53 yuan, 0.69 yuan, corresponding to the current continuous PE of 25 times, 19 times, and 15 times. Maintaining a “buy” investment rating. Risk reminder: orders are less than expected; acquisition progress is not smooth.

Shanxi Fenjiu (600809) 2018 Annual Report and 2019 First Quarterly Report Review: Reforms Continue to Promote Steady Growth in Performance

Shanxi Fenjiu (600809) 2018 Annual Report and 2019 First Quarterly Report Review: Reforms Continue to Promote Steady Growth in Performance

Event: The company released the 2018 annual report and achieved operating income of 93.

82 trillion, an increase of 47.

48%, achieving a net profit of 15.

59 trillion, with an increase of 54.

21%, basic income 1.

69 trillion, it is planned to pay dividends for every 10 shares7.

5 yuan.

The company released the first quarter report of 2019, and achieved an annual operating income of 40.

5.8 billion, an increase of 20.

12%, achieving a net profit of 8.

7.7 billion, an increase of 22.


The consolidation of investment points affects Q1 growth data, but the actual growth is quite impressive.

1) The readjustment of consolidation affects the growth rate, but the actual growth is still considerable.

The reported company integrated part of the group’s alcohol business, resulting in a Q1 revenue growth rate of 20%, but if the company’s actual growth rate is still above 25% excluding the consolidation factor, the main products will still grow very well.

2) More than 20% of the planned income for 19 years.

We expect that the achievement of the target will not be a major problem, mainly due to the rapid growth of the company’s Fenjiu series products, and the increase in the alcohol business, which can also contribute part of the increase.

In terms of the company’s main products, 18 years of blue and white, gold award, Laobaifen series of high-speed heavy volume, high-priced wine revenue growth of 47.

44%, of which the growth rate of blue and white sales caliber exceeded 60%, and the growth rate of Laobaifen series was above 25%.

In the past 18 years, the growth rate outside the province has been rapid, and the income growth rate has reached 64.

1%, 19 years will continue to develop the blank market, becoming another important growth pole of the company.

4) Financial indicators are remarkable.

Book cash was plentiful and advance receipts remained high.

The company’s book cash at the end of 19Q1 was 37.

2.1 billion, an increase of 24 from the previous month.

250,000 yuan, 12 advance receipts in 19Q1.

03 billion, still maintained at a high level.

19Q1 cash flow improved significantly.

The company has achieved sales of 40 in 18 years.

3.2 billion, an increase of 37 per year.

26%; 19Q1 achieved sales receipts of 56.

53 trillion, with an increase of 153.

98%, mainly due to increased income and discounted bills.

In 18 years, the company’s operating net cash flow inserted 0 alternately.

96%, mainly due to the increase in cash expenditure caused by the increase in original purchases; 19Q1 company cash expenditure was relatively stable, operating cash flow increased by 842.

99% of the cracks in the data are related to the consolidation.

During the market development period, the expense ratio is expected to remain stable, and it is only a matter of time before the profit margin rises.

Gross profit margin is relatively stable.The gross profit margin dropped due to the partial consolidation of alcoholic beverages, and the company’s gross profit margin reached 66 in 18 years.

23% down 1.

23pct (adjusted).

Initially, low-price liquor such as Bofen was affected by the integration of Xinghuacun and personalized products, and the gross profit margin dropped by 9%.

78 points to 50.

72%; medium and high-priced wines benefit from product structure optimization and increase gross profit margin2.

84pct to 75.


1Q1 gross profit margin 71.

94%, a year to raise 0.

99pct, the gross profit margin improvement of high-end products is still gradually promoted.

The sales expense ratio is expected to remain stable.

In general, the company actively promotes the process of nationalization, and market expenses are inevitable. The company’s sales expense ratio has been steadily high for 16 years, and the company’s sales were 17 in 18 years.

34% is slightly lower than that in the past 17 years. In Q1 19, sales expenses were reset by 20.

74%, which is expected to be related to the pace of expense recognition, and the expected sales expenses remain stable.

The company’s management expense ratio has declined steadily, and it was 6 in 18 years.

70% compared to the same period last year2.

34pc, management efficiency is constantly improving.

To sum up, the company’s net profit margin remains stable, and its 18-year net profit margin is 16.

63%, 19Q1 net margin 23.

25%, which are basically the same as the same period of last year, but we expect that the scale effect will continue to expand, the company’s strong brand advantage will once again stand out, and the increase in net profit margin is only a matter of time.

Visible reform, predictable growth.

A series of alternatives, such as joint incentives and group liquor injections, have been continuously implemented in 18 years, and the company’s reform progress has been firmly implemented.

At the same time, the implementation of the company’s sales policy has continued to improve, such as the company’s problem of channeling goods has been further improved, 无锡夜网 the assessment of sales companies has gradually strengthened and the epilogue system has been gradually phased out.

We believe that Shanxi Fenjiu has strong brand strength, strong product strength, and strong sales scale. Famous wine distribution rights are sufficiently attractive to dealers. We can optimistically expect that the company will continue to expand in a large blank market.

Firmly optimistic about the long-term development of Fenjiu.

Earnings forecast and investment advice: We have updated and raised our earnings forecast, and we expect EPS to be 2 in 2019-21.



48 yuan, maintain the “prudent overweight” rating.

Risk reminder: The economic growth in the province affects the market in Fenjiu, the expansion outside the province is not up to expectations, and the expenditure is higher than expected.

Changshu Bank (601128): Advantages of small and micro businesses continue to increase

Changshu Bank (601128): Advantages of small and micro businesses continue to increase

Event On January 10, Changshu Bank released a quick report on 2019 performance, in which operating income increased for ten years.

81%, net profit attributable to mothers increased by 20 per year.


  Brief comment 1, the growth rate of the fourth quarter performance dropped from the operating income of 64 in 2019.

530,000 yuan, an increase of 10 in ten years.

81%; net profit attributable to mother 17.

930,000 yuan, an increase of 20 in ten years.


From a single quarter point of view, 4Q revenue grows by 7 per year.

88%, an increase of 0 over the previous quarter.

81 averages; 4Q net profit increased by 15.

37%, an increase of 10 from the previous quarter.

92 units.

  EPS for 2019 is 0.

69 yuan / share, an increase of 0 over the same period last year.

02 yuan; BVPS is 6.

09 yuan / share, an increase of 0 over the same period last year.

42 yuan; increase the annualized ROE by 11.

71%, compared with the same period last year.

91 averages; ROA is 1.

09%, an increase of 0 earlier.

08 averages.

  Among them, the village bank sector’s profitability continued to exceed that of the parent bank. The ROE of the village bank sector in 2019 was 13.

49%, super full line level 1.

78 averages, ROA is 1.

26%, super full level 0.

17 units.

  2. The non-performing ratio was flat month-on-month, and the provision coverage ratio continued to increase at the end of 2019. Changshu Bank’s non-performing ratio was 0.

96%, an earlier decline of 3bp, which was flat at the end of the third quarter. It has been at the lowest level in rural commercial banks, and it is only higher than Ningbo Bank and Nanjing Bank in the entire listed bank.

Considering that most of Changshu’s bank loan business is operating loans, and business loans generally have higher NPL ratios in retail loans, the low NPL ratio of Changshu Bank also fully reflects the rich experience of Changshu Bank in small and micro loan business and itsOutstanding advantages in risk management and control.

In 2020, we expect Changshu Bank’s NPL ratio to remain at zero.

Between 9% and 1%.

  At the end of the fourth quarter, Changshu Bank’s provision coverage ratio reached 481.

26%, an increase of 36 earlier.

24 digits, far exceeding the 300% regulatory red line.

Net profit data from the fourth quarter can be grounded. With low non-performing and high provisions, Changshu Bank will be able to continue to maintain a high net profit growth rate in the future and maintain the first-ranked ratio in the industry.

  3. The growth rate of deposits and loans significantly exceeded the growth rate of assets and debts. The structure continued to be optimized until the end of 2019. The total assets of Changshu Bank were 1844.

950,000 yuan, an increase of 10 earlier.67%, with a total loan of 1099.

44 trillion, an earlier increase of 18.

48%, a growth rate exceeding the total asset growth rate of 7.

81 per share; the ratio of loans to total assets reached 59.

59%, an increase of 3 earlier.

93 units.

After the conversion of convertible bonds into stocks, the capital adequacy ratio of Changshu Bank increased rapidly. In the last 4 quarters, the loan growth rate increased significantly from the earlier 3Q.Continue to significantly increase loan issuance, especially small and micro loan business with unique advantages.

  Total debt in 2019 was 1668.

4 billion, a growth rate of 8.


The total deposit is 1347.

02 trillion, a growth rate of 19.

10%, the growth rate exceeds the growth rate of total assets by 10.

17 accumulations; strong deposit growth has brought a large amount of compensation debts, and has been able to hedge to a certain extent the spread loss caused by the decline in interest rates in 2020.

  4. The proportion of advantageous businesses continued to increase In the fourth quarter, Changshu Bank continued to expand its small and micro loan business with significant advantages.

In 19Q4, the ratio of personal loans to total loans was 53.

79%, an increase of 2 from last year.

77 first-level, personal business loans accounted for 34 of total loans.

62%, an increase of 1 from last year.

83 units.

By stabilizing the advantages of small and micro loan business, Changshu Bank’s net interest margin and interest-earning asset yield continue to lead other rural commercial banks, while 杭州桑拿网 maintaining high-quality asset quality, and reducing marginal costs through scale effects to further increase net interest margin.

  5. Investment suggestions Changshu Bank has always been an absolute leader in rural commercial banks’ profitability and risk control levels. High growth, high net interest margin, and low non-performing ratio have made Changshu Bank significantly ahead of its peers in fundamental indicators. WeIt is believed that the advantages of Changshu Bank can be further consolidated and strengthened.

  First, the fundamentals are the strongest in the industry. The growth rate, profitability, and asset quality are among the highest in the industry. Second, the future development will focus on small and micro loans, and continue to open branches and outlets in different branches.Sinking customer groups, 杭州夜网论坛 while taking advantage of the first new type of license to set up outside the province, and acquiring village and town banks with high ROE, there is a lot of room for development. Third, currently it is still underestimated. Changshu Bank has mature and replicable small and micro models, Small market capitalization premium, and small and medium-sized banks’ targeted policy dividends should deserve higher PB estimates.

  Changshu Bank continued to increase its advantages in small and micro businesses in the fourth quarter, and the core tier 1 capital that overlapped after the conversion of convertible bonds gave effective support to scale expansion.

At the same time, Changshu Bank is significantly ahead of comparable peers in overall fundamental indicators, with multiple indicators remaining at the forefront of listed banks.

It is unique in retail loans, especially in operating loan business. It maintains the highest retail loan returns of listed banks while continuously reducing the already low NPL ratio, highlighting its operation and risk control capabilities.

Continuously recommended.

We forecast a 10-year increase in operating income in 202013.

14%, net profit grows by 20 per year.

45%, EPS and BVPS are expected to be 0 respectively.

79 and 6.

74, PE and PB are 11 respectively.

14 and 1.

30, maintain Buy rating, 6-month target price of 12 yuan, corresponding to 1.

78 times PB.

Fed chairman says patience with tightening monetary policy

Fed chairman says patience with tightening monetary policy
Xinhua News Agency, Washington, January 4th (Reporter Yang Chenglin Gao Pan) US Federal Reserve Chairman Powell said on the 4th that the Fed will closely monitor the trend of the US economy and changes in financial markets, and remain patient for tightening monetary policy.  Powell said at the meeting of the American Economic Association in Atlanta that day that the overall performance of the US economy was better in 2018. Macroeconomic data showed that the job market continued to perform strongly and gradually stabilized at the level. It is expected that the US economic growth momentum will continue into 2019.However, he also pointed out that the Fed also noticed that the financial market has reduced the downside risks to the economy.  Powell said that the Fed does not have a pre-set policy path and has passed the current short-term level of stability in the United States. The Fed will continue to observe the trend of the US economy and remain patient in changing its tightening monetary policy.He also said that the Fed is ready to adjust monetary policy if necessary, including the process of adjusting the balance sheet to achieve its dual goals of price stability and full employment.  According to recent media reports that the US president is gradually intending to ask Powell to resign, Powell responded that if requested, he will not resign, highlighting the Fed’s 北京桑拿洗浴保健 long-standing tradition of maintaining independence.  After Powell’s comments, the three major stock indexes in the New York stock market have grown sharply after many days of declines.Analysts believe that Powell’s remarks suggest that the Fed will be patient with subsequent rate hikes.J.P. Morgan Chief U.S. Economist Michael Ferroli said Powell’s speech suggested that the Fed’s rate hike in 2019 will be more gentle.  The Federal Reserve announced in December last year that it would raise the federal funds rate target range by 25 basis points to two.25% to 2.At the same time, it is expected to raise interest rates 2 times in 2019 and 3 times in the budget forecast. Original Title: Fed Chairman Says Patience for Tightening Monetary Policy

China Merchants Bank (600036): Chenghe protects the king’s power from a new level

China Merchants Bank (600036): Chenghe protects the king’s power from a new level

Core Views China Merchants Bank’s retail development strategy is an important way to form its competitive advantage, and its strategic capabilities constitute core competitiveness and are sustainable.

In 2004, China Merchants Bank first determined the retail development strategy, expanded the first-mover advantage of the retail business, and transformed its execution power to continuously accumulate its first-mover advantage, eventually forming a wider moat.

CMB’s retail strategy is highly forward-looking, and it always adheres to the fundamentals of retail strategy.

The three transition themes of China Merchants Bank in 2004, 2010, and 2014 were “Keeping the business straight”, and did not sway in high-yield, fast-recruiting interbank and off-balance-sheet businesses, and adjusted specific retail tactics in a timely manner according to different era backgrounds.Doing the right thing has brought outstanding performance to China Merchants Bank.

The moat of China Merchants Bank comes from opposition, assets and capital.

In terms of debt, high-viscous demand deposits contributed significantly 杭州龙凤夜网 less than the cost of losses to peers, which is also the fundamental reason why their net interest margin aggravates peers.

Its asset end adheres to a sound business philosophy, continuously invests in non-standard assets with high returns and high risks, and at the same time tilts retail loans with higher yields. Accordingly, the yield of China Merchants Bank is not much different from that of its peers, but retail loans have contributed better.Asset quality.

Due to the excessive consumption of capital in the retail and non-interest-bearing businesses, China Merchants Bank’s lightweight conversion effect is significant, and its capital adequacy ratio is relatively high. RoRWA far exceeds its peers.

Fintech is expected to break through the ceiling of the core development elements of retail business, “capability of customer acquisition” and “customer stickiness.”

Fintech has resolved the restrictions on outlets for banks, opened digital services, established user portraits, and cooperated with third-party platforms to achieve comprehensive, multi-scenario services to promote new possibilities for user experience.

When the user’s portrait reconstruction is completed, cross-platform cooperation can improve the bank’s ability to reach customers from multiple perspectives and increase banking service scenarios.

When service friction is distorted and user experience improves, bank customer stickiness will further increase.

In 2018, China Merchants Bank’s “Fintech Bank” made significant progress. China Merchants Bank is on the right path, and its core competitiveness has continued to strengthen.

Financial Forecast and Investment Suggestions We use DDM to estimate China Merchants Bank and get a target price of 38.

31 yuan, 2019-2021 earnings per share forecast 3.

61, 4.

14, 4.

53 yuan, BVPS predictor 22.

76, 25.

85, 29.

19 yuan.

The target price corresponds to 1 for 2019 PB.

68 times, corresponding to 10 PE in 2019.

61 times.

The first coverage was given an “overweight” rating.

Risks suggest that competition in the industry is intensifying, fintech results are not as good as expected, downward pressure on the economy is increasing, and interest rates are gradually reduced.