maidalun1020/CrosslingualRetrievalFinanceEn2Zh

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100	The smart coal is owned by Wanbei Coal Power Holding Co., LTD. 53.79%, and its subsidiary Madiliang Coal mine has a designed production capacity of 5 million tons/year. Wanbei Coal Power holds 38.79%, Waneng Group 15%, and other shareholders are 8 natural persons, holding 46.21% shares in total. The design scale of Haizita mine field of North Energy Chemical Subsidiary Company is 5 million tons; Ordos Northwest Energy Chemical Company is 54% owned by Wanbei Coal Power and 46% owned by Ordos Huayan Economic and Trade Group. It has 1.6 billion tons of coal resources and 1 million tons of methanol project (51% owned by Wanbei Coal Power and 49% owned by Huayan Economic and Trade Group), of which the first phase is 200,000 tons and the second phase is 800,000 tons.
101	It is estimated that the net profit of 2018 will be about 2.227 ~ 2.632 billion yuan, with a year-on-year growth of 10%~30%.
102	Why does 21Q2 company's gross profit margin rise and net profit rate fall?
103	Fuel prices continue to rise will bring greater cost pressure to the company.
104	The total monthly sales volume of the company in May was 46,900 units, up 50.7% year on year, with an obvious month-on-month acceleration trend (the year-on-year growth rate from February to April was 1.0%, 7.3% and 21.2% respectively), and the month-on-month decline was 8.1%.
105	盈利预测和估值分析。
106	公司小幅度上修2012年盈利预测范围致1.20-1.32亿元，同比增幅50%-65%，折算的4Q单季盈利约3200-4400万元。我们认为收入预测符合预期，盈利状况略低于预期。
107	What is the total investment amount of the scenic projects that the company plans to invest in?
108	Why does Yanghe plan to buy back shares and raise dividends?
109	Jiaozuo Healthy Yuan Company, as the first enterprise to produce 7-ACA by enzymatic large-scale industrial process, is still in the early stage of production and has not yet reached the full production. In the reporting period, it has just reached break-even. It is expected to bring profit contribution to the company after reaching the break-even in the second half of the year. The & # 1048766; .
110	According to the article forecast, the price of ferrosilicon, manganese silicon how much room to rise?
111	为什么公司一季度费用率上升幅度较大？
112	在行业复苏的逻辑下，国航能否实现王者归来，实现强弹性，值得关注。
113	本公司自主研发的电容式触摸屏，由于采用了新的结构和工艺，成本比同类产品低30%。
114	安徽安美科作为AMK的中国子公司，最近获得了哪些国产项目的定点，并累计获得了多少订单总金额？
115	According to the above content, the performance of public books in 2019H1 exceeded the market expectations, the whole category of strength, published 853 kinds of new books (up 61%), the market share of management books reached 14.43%, maintaining the first place; The revenue of children's books increased significantly, reaching 149 million yuan (up 61%). In addition, the transformation of bookstore business began to show results, with revenue up 45.3% and profit reduced by 6.28 million yuan year-on-year. As a result, popular books performed well in 2019H1.
116	根据上述内容，公司预计2012-2014年的销售收入分别为56.66亿元、67.10亿元、78.03亿元；归属于母公司所有者的净利润分别为1.27亿元、1.57亿元、1.90亿元。
117	According to the above content, the company has a leading position, transforming into an "outdoor travel integrated service platform" in the outdoor segment industry, and has plans to seek development in the fields of ice and snow event operation and equipment by taking the opportunity of the Winter Olympics. It is expected that the company's revenue and net profit will continue to grow. With these factors in mind, maintain a recommended rating on the company. Therefore, the company's stock may be worth investing in.
118	According to the data provided by China Animal Husbandry Association, the company is the main producer of yellow feather broiler in China, and its yellow feather broiler volume ranks the first in Central China. The company is one of the earliest yellow-feather broiler breeding enterprises to carry out chilled fresh business. After years of development, the company has become the leading enterprise in chilled fresh products industry of yellow feather broiler. At present, it is one of the enterprises with the most comprehensive strength and competitiveness in the yellow feather broiler industry. (2) The company began to explore the marketing mode of chilled poultry meat in 2007. Through years of efforts, the company has formed a set of mature chilled poultry super system marketing mode, accumulated rich operating experience in slaughtering and processing, cold chain logistics, chilled fresh self-management, e-commerce direct sales and other links, and consolidated the leading position of the industry in the field of chilled poultry meat of yellow-feathered broiler.
119	应收账款大幅增加，经营性现金流恶化:2012年末，公司应收账款229亿，较期初增长103%;虽然应收账款的增加是受宏观经济环境下滑的因素影响，但这样的增加也可能反映了公司积极的销售和下游客户的回款难度。当期公司经营活动产生的现金流净额为- 17.5亿，较2011年同期的25.1亿大幅下滑，远低于净利润水平。
120	According to the above, the company's net profit in 2015 is expected to be 749 million yuan, down 22% year-on-year. The company's net profit for 2016 is expected to be 786 million yuan, up 5% year on year.
121	短期市场平稳盘整:在10月20日的一周,氨纶价格40 d是78000元/吨,环比-1.28%,影响能源消耗的双重控制政策,Xiaoshao,江苏、广东等地下游开始产生影响,导致库存增加,据卓创创,在10月15日的一周,行业库存天15天,9月上涨了25%,平均水平相比仍处于历史低位时在同一时期,后续随着双控动力限位转弱，需求有望继续向好。从产能来看，该公司目前冠名。
122	公司2021年上半年的业绩表现如何？
123	公司20Q1毛利率持续提升是因为公司在19Q4两次提价后，收入加速增长，而20Q1公司继续享受提价红利，加上4月初再次提价，提价效应红利明显。费用率有所改善是因为销售费用率同比下降系公司促销员数量继续减少、一季度经销商渠道占比减少而商超及电商等渠道占比大幅提升所致；管理费用率同比提升系报告期内增加了股份支付费用所致；财务费用率同比下降系可转债利息减少、利息收入增加所致。净利率同比增长是因为毛利率持续提升，费用率有所改善。
124	According to the above, the EPS in 2012 was 0.43 yuan, and the EPS in 2013 was 0.55 yuan. Therefore, the company's EPS growth rate for 2012-2013 is (0.55-0.43) / 0.43 = 0.279, or 27.9%.
125	What is the purpose of Midea Group to buy a 20% stake in Cygnet?
126	利安隆发布的2018年半年度业绩预告公告中，归属于上市公司股东的净利润预计增长多少？
127	In addition, the company acquired 33.43% of the shares of Hangzhou Chemical Research Institute in September 2008 to achieve relative holding, which will lay a good platform foundation for the long-term improvement of the company's industry and technology. In the long run, it is possible to cooperate with higher level research institutions through the platform of Hangzhou Chemical Research Institute, and pave the way for entering new related industries. The new Anmaitu project is progressing smoothly.
128	Based on the above, why was Salt Lake Potash's earnings forecast cut and why did it maintain a "caution recommended" rating?
129	公司自2013年开始将电解铝业务逐步布局至用电低成本区域，目前新疆地区80万吨已经稳定贡献盈利，总产能90万吨的云南水电解铝项目一期（45万吨）也已于2019年投运，预计电解铝按产能加权后的单位用电成本降下降20%以上。加之永城地区铝厂关闭退出的财务影响消化完毕，2020年开始公司电解铝业务盈利有望得到进一步改善。预计2022年EPS为0.47元，增速较高主要是考虑公司云南项目可开始贡献利润。
130	According to the description of the above content, the growth trend and development direction of the future automotive electronics field are mainly concentrated in electrification, intelligence, networking and sharing. Power systems and safety systems (such as driverless technology) will become the key layout direction of automotive electronics giants. This will continue to drive the demand for smart equipment. In addition, the company is also actively developing and laying out new fields, including IGBT module packaging and test equipment technology, automotive electronics applications for new energy vehicles, and expanding optical communications and 5G wireless communications.
131	首次补仓。
132	We maintain our profit forecast and estimate that the net profit attributable to the parent in 2021-2023 will be 29.8/37.1/3.99 billion yuan, 730.3%/24.8%/7.5% compared with the same period last year. EPS of 1.33/1.66/1.79 yuan, corresponding to the current share price PE of 7.7/6.2/5.8 times.
133	Valin's focus on refined management and optimized inventory levels is because high inventories can amplify profit declines at most steelmakers during downturns, a risk that can be reduced by optimizing inventories. Since 2012, the company has strengthened the management of raw material purchase and inventory, and comprehensively optimized the inventory level of all links. By setting up import ore purchasing center and domestic ore purchasing center, the company is responsible for the procurement planning of iron ore raw materials, and divides ore inventory into basic inventory and public inventory, which can flexibly adjust the production needs of various steel mills. It can also operate slightly according to the changes of market prices. At present, the ore inventory has been compressed to 15-20 days, basically reaching the limit level.
134	Vision正是公司收购的重要意义是什么？
135	顾家公司在产品、销售和生产端采取了哪些策略来实现增长和发展？
136	What rating and price target does the research house give for the shares of leading intermediaries?
137	According to the above, the company's profit margin in the third quarter will continue to the level of the second quarter, but considering the impact of low-price cement in the surrounding market, it is difficult to significantly increase.
138	Huaxi Fushun is the investor of the project, and there is a high probability that Huaxi Energy will be able to obtain the equipment supply and the general contract order of the project.
139	In view of the advantages of the company in cost management, the development space of the independent brand "Gema" can not be underestimated, with the increase of the scale of its gross profit margin will be increased to more than 20%.
140	辅助用药限用政策推行。
141	The failure of hospital operation to meet expectations and the risk of market competition may have an impact on the operation and injection schedule of in vitro hospitals, as well as the market size development of cataract, refractive, and optometry businesses.
142	公司拥有深厚的HJT(异质结)布局。3月29日，华晟新能源发布公告称，旗下500MW异质结电池项目投产。试产第一周，平均转化效率达到23.8%，最高转化效率达到24.39%，接近PERC理论转化效率。
143	为什么公司营业利润跌幅高于营业收入跌幅6.5个百分点？
144	公司的归母净利润同比下降主要是由于成本与费用的调整拖累了毛利率与净利率。具体来说，原材料成本上涨导致了毛利率的下降，而产品规模扩张带来的运营成本以及新员工招募及基层管理人员薪资支出的增加，导致了净利润率的下降。尽管公司的营收同比增长，但由于成本与费用的增加，归母净利润同比下降。
145	Among them, 19Q4 was the low point of performance. The main reason was that the centralized production expansion was originally planned to be implemented in Q1 of 2013. At the end of 2013, Taijia's shipment was affected, but the price was the first to realize the centralized production price, leading to the decline of Taijia's performance. At the same time, the R&D pipeline optimization in nineteen nineteen resulted in the expensing of 190 million yuan R&D expenditure.
146	一、活动概述。
147	根据上述内容，公司在手订单充裕且预计后续业绩持续兑现。公司新增工程类订单62个，已签合同金额11.96亿元；新增特许经营类订单9个，已签合同金额19.27亿元。截止到三季报披露日，公司在手合同额累计达到99.82亿元。另外，公司还与广西北部湾投资集团有限公司、中国中车集团、中铁一局集团市政工程公司等组成联合体中标大额PPP项目。这些订单和项目的获取有利于借助央企、地方国企的资源及融资优势。因此，可以认为公司在手订单充裕有助于公司未来业绩的提升。
148	How much did the company's operating income and net profit increase year-on-year in 2018? How much did the company's operating income and net profit go back to the parent in Q4, 2018 compared with the same period last year? How much did the operating income and net profit of Wanhua Chemical increase in 2018 compared with the same period last year?
149	Huiquan raised prices in its core markets of Beijing, Inner Mongolia and Yunnan in early 2014, covering the vast majority of local products, with an average price increase of about 10 percent. Due to the company's strong bargaining power in the Beijing and Inner Mongolia markets, the price increase is not expected to have a negative impact on sales volume. The sales volume of the company in Beijing and Inner Mongolia is 1 million and 500,000 million liters respectively. It is estimated that in 2014, the company can gain 300 million and 115 million yuan from the price increase of the two tons of wine at 3,000 yuan and 2,300 yuan, respectively. Although the cost of labor increases rapidly in recent years, overall, the price increase will still contribute considerably to net profit, and it is estimated that the net profit contribution can reach 200 million yuan. In addition, the company successfully turned a loss into a profit in 2013, looking forward to a positive contribution to profit in 2014.
150	The company is determined to transform preschool education, the path is clear, and the execution is strong.
151	What is the change in the order volume of BOC in the first half of this year compared with last year?
152	公司上半年免税业务收入增长的主要原因是内生外延共促。公司通过扩大免税业务的规模和范围，特别是三亚海棠湾免税购物中心、首都机场免税店、日上上海和香港机场免税店的贡献，使得免税业务收入大幅增长。同时，公司也通过提高毛利率来增加免税业务的盈利能力。
153	How does the intentionality contract with VIVUS affect the company's performance?
154	上半年扣非净利润负增长，很大原因是公司供应链业务中套期保值的期货合约与现货交割时间不匹配产生的，三季度单季度扣非净利润同比增长176%，主要原因是，去年三季度房地产结算低峰带来的业绩低估以及去年三季度开始大宗商品进入上行周期，期货合约带来的浮亏逐渐与今年匹配上。地产板块业绩全年稳定增长无忧。
155	我们看好该公司业绩的高增长，维持“推荐”评级。
156	The company's EPS growth in the coming years is expected to be 52.0%, 19.7% and 21.0%.
157	In line with the above, the company plans to expand its expertise by maintaining a high level of investment and developing new projects. The company's major shareholder, Sinohydro Property, may further increase its stake in Southland to provide more support. The company also expects the landing and development of new projects to bring new growth points in its business model. In addition, the company has valuation advantages and expects EPS to have a higher compound annual growth rate in the next three years, maintaining a "buy" rating and a target price of 12 yuan. As a result, the company is expected to transform from a commercial real estate growth stock to a blue chip stock in the next five years.
158	海亮股份未来的发展前景看好，公司主要致力于铜管和铜棒生产，在制冷用铜管等领域拥有品牌优势，并且已经开始开拓建筑用铜管、热交换用铜管等新的利润成长点。预计公司的综合毛利率将持续上升，并且每股收益也有望增长。根据对类似企业的比较，给予海亮股份的静态发行市盈率和合理价位都较为合理，进一步支持了海亮股份未来发展的潜力。
159	我们认为公司坚持创意原点，精准营销深度贴合用户痛点，让跨境电商实现高效流量变现。互联网与包装业务创新结合，在供应链等方面协同效应突出，融合发展前景看好。
160	蚂蚁金服旗下支付宝平台将利用区块链技术研发并实现开具可入帐报销的块链电子发票，并在支付宝和瑞宏平台上查询、查验真伪和溯源。这将摆脱发票开具对税控盘的依赖，并且让电子发票具备了全流程完整追溯、信息不可篡改等特性，完善发票全流程监管。区块链电子发票对接消费者与商家、政府税务部门，将有效构建税务闭环，提升发票使用周转效率。
161	归母净利润135.3亿元，同比增长377.2%，对应每股盈利4.31元，符合我们预期;。
162	In 2020, the company's fleet size and time to achieve contrarian expansion.
163	我们预测2009 - 2011年高压变频器行业的复合增长率将超过40%。变频器是电机系统节能最重要的设备。
164	随着股权和债务融资渠道的控制逐渐放松，制约公司发展的主要因素逐渐缓解。
165	Risk tips: Extended market incubation period of new stores, market competition risks, policy risks, goodwill impairment risks, operation and management risks, licensed pharmacists problems lead to slower opening than expected, etc.
166	Q2 revenue was 12.24 billion yuan, up 80.3% year on year; Net profit of 750 million yuan after deduction, a year-on-year increase of 32.3%.
167	投资者对该公司的消费金融业务持续发力持乐观态度，因为公司预告17年一季度预计净利润增长100%—130%，比16年全年增速更高，主业加速成长。同时，预计消费金融业务单季利润贡献过亿，对应月度流水环比增速超过10%，预计坏账率稳中有降。公司子公司参与设立的互联网小贷公司已获准开业，消费金融业务将进一步扩张。在国内消费金融市场市场高速增长的趋势下，公司消费金融业务有爆发式增长的潜力。
168	Earnings forecast: Since the company announced the ownership of 39 retail stores in the Ginza Mall of Lushang Group at the end of 2012, the market's previous concerns about the group's business focus on the Ginza Mall have been alleviated, and the group's overall listing has provided early preparation work. For 2013 alone, hosting fees are expected to add more than 40 million yuan to the company's net profit.
169	The issue price of asset shares is 7.90 yuan/share. The estimated valuation and transaction pricing of this transaction have not been determined.
170	The funds raised from the private offering will be invested in the Company's development projects in Shijiazhuang, Nanjing, Jinan and Handan to enhance the company's market influence and competitiveness in these regions. There are four projects with a total investment of 12.267 billion yuan, of which 4.9 billion yuan will be invested using the raised funds. According to the company's private offering plan disclosure, the sales volume of the four projects is expected to be 15.711 billion yuan, and the total net profit is expected to reach 2.286 billion yuan.
171	08 年公司水产饲料受益于公司快速扩张的优势，继续保持良好的增长势头，09年来看，我们认为水产、鸡禽行业的复苏将会给公司带来明显的正面效应，鱼饲料和禽饲料的盈利有超预期的可能。
172	Why can the company's operating income and net profit achieve more than 60% growth?
173	The company's 2018 performance growth of 6.4% was in line with expectations.
174	该钢结构制造商在未来几年内的发展目标是什么？
175	How much did Sanhua Intelligent Control's automotive thermal management sector revenue increase year-on-year? What is the proportion of contribution of new energy vehicle parts to revenue?
176	该公司是涤纶长丝行业的龙头企业，车用领域产品持续放量，同时在环保石塑地板领域持续扩产，产品未来市场空间广阔。公司拥有自主研发能力，产品通过国际认证，市场占有率不断提高。因此，投资该公司有望获得较好的回报。
177	The revenue of LCM and LCD products reached 32.50 billion yuan and 1.277 billion yuan respectively, with year-on-year growth of 22.8% and 89.3%. LCM accounted for 71.79%, down by 7.89 percentage points compared with last year.
178	After the reorganization, the company can better rely on the leading brand and quality of the East Carlsberg industry, rely on the market-oriented mechanism and good management level, continue to promote the optimization of product structure, and will further expand the company's sales area, cooperate with superior resources, expand the growth space.
179	Q: What are earnings forecasts and investment ratings?
180	Why did the company miss expectations in the first quarter?
181	In the first three quarters of the year, Everbright Bank's net profit attributable to the parent company rose 2.35%, while operating revenue rose 1.01%, but the growth rate slowed from the first half of the year. Net interest income accounted for 69.02% of operating revenue, down 1.87% year-on-year and 0.44% quarter-on-quarter. By the end of the third quarter, non-interest income was 21.922 billion yuan, up 7.5 percent year on year, but accounting for less than 1 percent.
182	公司在2021年一季度实现营业收入4.02亿元，同比增长22.75%；实现扣非归母净利润0.84亿元，同比增长53.02%；研发费用为0.44亿元，同比增长23.52%。
183	公司主营业务收入和利润增长的原因主要是由于公司依托自主研发的油气增产新兴技术，在油田服务领域提供高附加值的复合射孔器销售、复合射孔作业服务、复合射孔专项技术服务、爆燃压裂作业服务及油田其他服务。在报告期内，公司的复合射孔器销售项目实现营业收入增长，实现项目毛利率增加，复合射孔作业服务项目实现营业收入大幅增长，油田其他服务项目也实现收入增长。这些高附加值产品和技术服务的推广应用，以及毛利率较高的技术服务项目的增加，都对公司的主营业务收入和利润增长起到了积极的推动作用。
184	Why did fee income fall so sharply in the third quarter?
185	Why is the wind power industry still experiencing high growth in revenue from electricity sales under the background of downturning of economic cycle and severe curtailment of wind power?
186	What is the company's development strategy in terms of the Marine economy and the photovoltaic industry?
187	The net fee income in the first three quarters was 2.183 billion yuan, up 88.17% year on year.
188	潍柴动力可能面临来自中国重汽的更多挑战。中国重汽计划在香港上市后大举扩大发动机产能。
189	The company's operating income and net profit in the third quarter increased so high year-on-year mainly due to the high-speed growth of EMU connectors and electric vehicle connectors. The company has performed well in the EMU connector market and is expected to continue its high growth next year. In addition, the company has also achieved good market expansion in the electric vehicle connector market, which is expected to more than double the growth this year. These factors contributed to the company's excellent performance in the third quarter.
190	公司募集资金的项目针对公司核心客户需求，有望迅速转化为公司业绩；与康明斯进一步的合作将是双赢的结果，公司将成为具有国际竞争力的曲轴厂商，战略意义深远。曲轴出口与胀断连杆项目将成为潜在利润增长点。公司与康明斯合作紧密，有望进入康明斯全球采购体系，并进一步打入海外市场；涨断连杆将成为未来发展趋势，也是公司产业链合理延伸。
191	How did the company perform in the first three quarters?
192	Can Air China achieve stronger performance resilience in the post-pandemic era?
193	根据上述内容，公司3季度利润率将延续2季度的水平，但考虑到周边市场低价水泥冲击，难以明显提升。
194	根据上述内容，均胜电子预计收入增长的预期为19%（2017-2020年）。
195	一品两规、医改中大病统筹等因素是中美华东保持快速增长的原因。随着08 年医改投入的增加，重大疾病用药将获得较快增长，这也是华东医药最主要的投资理由。
196	公司下半年的成本压力较其他大型钢铁公司要大是因为上半年中国进口铁矿石价格大涨，导致公司用矿成本大幅提升。根据测算，下半年公司用铁精粉价格将比上半年增加192元/吨，影响吨钢毛利307元，占上半年吨钢盈利的22％。因此，公司下半年面临较大的成本压力。
197	投资建议：Q2超市延续高增长、百货复苏，考虑疫情后行业复苏慢于预期，下调2020-2022年EPS至0.38（-0.07）/0.70（-0.14）/0.83（-0.13）元，参考可比公司估值维持目标价13.16元，维持增持。
198	黄山景区的投资前景如何？
199	为什么公司的业绩低于预期？

100

The smart coal is owned by Wanbei Coal Power Holding Co., LTD. 53.79%, and its subsidiary Madiliang Coal mine has a designed production capacity of 5 million tons/year. Wanbei Coal Power holds 38.79%, Waneng Group 15%, and other shareholders are 8 natural persons, holding 46.21% shares in total. The design scale of Haizita mine field of North Energy Chemical Subsidiary Company is 5 million tons; Ordos Northwest Energy Chemical Company is 54% owned by Wanbei Coal Power and 46% owned by Ordos Huayan Economic and Trade Group. It has 1.6 billion tons of coal resources and 1 million tons of methanol project (51% owned by Wanbei Coal Power and 49% owned by Huayan Economic and Trade Group), of which the first phase is 200,000 tons and the second phase is 800,000 tons.

101

It is estimated that the net profit of 2018 will be about 2.227 ~ 2.632 billion yuan, with a year-on-year growth of 10%~30%.

102

Why does 21Q2 company's gross profit margin rise and net profit rate fall?

103

Fuel prices continue to rise will bring greater cost pressure to the company.

104

The total monthly sales volume of the company in May was 46,900 units, up 50.7% year on year, with an obvious month-on-month acceleration trend (the year-on-year growth rate from February to April was 1.0%, 7.3% and 21.2% respectively), and the month-on-month decline was 8.1%.

105

盈利预测和估值分析。

106

公司小幅度上修2012年盈利预测范围致1.20-1.32亿元，同比增幅50%-65%，折算的4Q单季盈利约3200-4400万元。我们认为收入预测符合预期，盈利状况略低于预期。

107

What is the total investment amount of the scenic projects that the company plans to invest in?

108

Why does Yanghe plan to buy back shares and raise dividends?

109

Jiaozuo Healthy Yuan Company, as the first enterprise to produce 7-ACA by enzymatic large-scale industrial process, is still in the early stage of production and has not yet reached the full production. In the reporting period, it has just reached break-even. It is expected to bring profit contribution to the company after reaching the break-even in the second half of the year. The & # 1048766; .

110

According to the article forecast, the price of ferrosilicon, manganese silicon how much room to rise?

111

为什么公司一季度费用率上升幅度较大？

112

在行业复苏的逻辑下，国航能否实现王者归来，实现强弹性，值得关注。

113

本公司自主研发的电容式触摸屏，由于采用了新的结构和工艺，成本比同类产品低30%。

114

安徽安美科作为AMK的中国子公司，最近获得了哪些国产项目的定点，并累计获得了多少订单总金额？

115

According to the above content, the performance of public books in 2019H1 exceeded the market expectations, the whole category of strength, published 853 kinds of new books (up 61%), the market share of management books reached 14.43%, maintaining the first place; The revenue of children's books increased significantly, reaching 149 million yuan (up 61%). In addition, the transformation of bookstore business began to show results, with revenue up 45.3% and profit reduced by 6.28 million yuan year-on-year. As a result, popular books performed well in 2019H1.

116

根据上述内容，公司预计2012-2014年的销售收入分别为56.66亿元、67.10亿元、78.03亿元；归属于母公司所有者的净利润分别为1.27亿元、1.57亿元、1.90亿元。

117

According to the above content, the company has a leading position, transforming into an "outdoor travel integrated service platform" in the outdoor segment industry, and has plans to seek development in the fields of ice and snow event operation and equipment by taking the opportunity of the Winter Olympics. It is expected that the company's revenue and net profit will continue to grow. With these factors in mind, maintain a recommended rating on the company. Therefore, the company's stock may be worth investing in.

118

According to the data provided by China Animal Husbandry Association, the company is the main producer of yellow feather broiler in China, and its yellow feather broiler volume ranks the first in Central China. The company is one of the earliest yellow-feather broiler breeding enterprises to carry out chilled fresh business. After years of development, the company has become the leading enterprise in chilled fresh products industry of yellow feather broiler. At present, it is one of the enterprises with the most comprehensive strength and competitiveness in the yellow feather broiler industry. (2) The company began to explore the marketing mode of chilled poultry meat in 2007. Through years of efforts, the company has formed a set of mature chilled poultry super system marketing mode, accumulated rich operating experience in slaughtering and processing, cold chain logistics, chilled fresh self-management, e-commerce direct sales and other links, and consolidated the leading position of the industry in the field of chilled poultry meat of yellow-feathered broiler.

119

应收账款大幅增加，经营性现金流恶化:2012年末，公司应收账款229亿，较期初增长103%;虽然应收账款的增加是受宏观经济环境下滑的因素影响，但这样的增加也可能反映了公司积极的销售和下游客户的回款难度。当期公司经营活动产生的现金流净额为- 17.5亿，较2011年同期的25.1亿大幅下滑，远低于净利润水平。

120

According to the above, the company's net profit in 2015 is expected to be 749 million yuan, down 22% year-on-year. The company's net profit for 2016 is expected to be 786 million yuan, up 5% year on year.

121

短期市场平稳盘整:在10月20日的一周,氨纶价格40 d是78000元/吨,环比-1.28%,影响能源消耗的双重控制政策,Xiaoshao,江苏、广东等地下游开始产生影响,导致库存增加,据卓创创,在10月15日的一周,行业库存天15天,9月上涨了25%,平均水平相比仍处于历史低位时在同一时期,后续随着双控动力限位转弱，需求有望继续向好。从产能来看，该公司目前冠名。

122

公司2021年上半年的业绩表现如何？

123

公司20Q1毛利率持续提升是因为公司在19Q4两次提价后，收入加速增长，而20Q1公司继续享受提价红利，加上4月初再次提价，提价效应红利明显。费用率有所改善是因为销售费用率同比下降系公司促销员数量继续减少、一季度经销商渠道占比减少而商超及电商等渠道占比大幅提升所致；管理费用率同比提升系报告期内增加了股份支付费用所致；财务费用率同比下降系可转债利息减少、利息收入增加所致。净利率同比增长是因为毛利率持续提升，费用率有所改善。

124

According to the above, the EPS in 2012 was 0.43 yuan, and the EPS in 2013 was 0.55 yuan. Therefore, the company's EPS growth rate for 2012-2013 is (0.55-0.43) / 0.43 = 0.279, or 27.9%.

125

What is the purpose of Midea Group to buy a 20% stake in Cygnet?

126

利安隆发布的2018年半年度业绩预告公告中，归属于上市公司股东的净利润预计增长多少？

127

In addition, the company acquired 33.43% of the shares of Hangzhou Chemical Research Institute in September 2008 to achieve relative holding, which will lay a good platform foundation for the long-term improvement of the company's industry and technology. In the long run, it is possible to cooperate with higher level research institutions through the platform of Hangzhou Chemical Research Institute, and pave the way for entering new related industries. The new Anmaitu project is progressing smoothly.

128

Based on the above, why was Salt Lake Potash's earnings forecast cut and why did it maintain a "caution recommended" rating?

129

公司自2013年开始将电解铝业务逐步布局至用电低成本区域，目前新疆地区80万吨已经稳定贡献盈利，总产能90万吨的云南水电解铝项目一期（45万吨）也已于2019年投运，预计电解铝按产能加权后的单位用电成本降下降20%以上。加之永城地区铝厂关闭退出的财务影响消化完毕，2020年开始公司电解铝业务盈利有望得到进一步改善。预计2022年EPS为0.47元，增速较高主要是考虑公司云南项目可开始贡献利润。

130

According to the description of the above content, the growth trend and development direction of the future automotive electronics field are mainly concentrated in electrification, intelligence, networking and sharing. Power systems and safety systems (such as driverless technology) will become the key layout direction of automotive electronics giants. This will continue to drive the demand for smart equipment. In addition, the company is also actively developing and laying out new fields, including IGBT module packaging and test equipment technology, automotive electronics applications for new energy vehicles, and expanding optical communications and 5G wireless communications.

131

首次补仓。

132

We maintain our profit forecast and estimate that the net profit attributable to the parent in 2021-2023 will be 29.8/37.1/3.99 billion yuan, 730.3%/24.8%/7.5% compared with the same period last year. EPS of 1.33/1.66/1.79 yuan, corresponding to the current share price PE of 7.7/6.2/5.8 times.

133

Valin's focus on refined management and optimized inventory levels is because high inventories can amplify profit declines at most steelmakers during downturns, a risk that can be reduced by optimizing inventories. Since 2012, the company has strengthened the management of raw material purchase and inventory, and comprehensively optimized the inventory level of all links. By setting up import ore purchasing center and domestic ore purchasing center, the company is responsible for the procurement planning of iron ore raw materials, and divides ore inventory into basic inventory and public inventory, which can flexibly adjust the production needs of various steel mills. It can also operate slightly according to the changes of market prices. At present, the ore inventory has been compressed to 15-20 days, basically reaching the limit level.

134

Vision正是公司收购的重要意义是什么？

135

顾家公司在产品、销售和生产端采取了哪些策略来实现增长和发展？

136

What rating and price target does the research house give for the shares of leading intermediaries?

137

According to the above, the company's profit margin in the third quarter will continue to the level of the second quarter, but considering the impact of low-price cement in the surrounding market, it is difficult to significantly increase.

138

Huaxi Fushun is the investor of the project, and there is a high probability that Huaxi Energy will be able to obtain the equipment supply and the general contract order of the project.

139

In view of the advantages of the company in cost management, the development space of the independent brand "Gema" can not be underestimated, with the increase of the scale of its gross profit margin will be increased to more than 20%.

140

辅助用药限用政策推行。

141

The failure of hospital operation to meet expectations and the risk of market competition may have an impact on the operation and injection schedule of in vitro hospitals, as well as the market size development of cataract, refractive, and optometry businesses.

142

公司拥有深厚的HJT(异质结)布局。3月29日，华晟新能源发布公告称，旗下500MW异质结电池项目投产。试产第一周，平均转化效率达到23.8%，最高转化效率达到24.39%，接近PERC理论转化效率。

143

为什么公司营业利润跌幅高于营业收入跌幅6.5个百分点？

144

公司的归母净利润同比下降主要是由于成本与费用的调整拖累了毛利率与净利率。具体来说，原材料成本上涨导致了毛利率的下降，而产品规模扩张带来的运营成本以及新员工招募及基层管理人员薪资支出的增加，导致了净利润率的下降。尽管公司的营收同比增长，但由于成本与费用的增加，归母净利润同比下降。

145

Among them, 19Q4 was the low point of performance. The main reason was that the centralized production expansion was originally planned to be implemented in Q1 of 2013. At the end of 2013, Taijia's shipment was affected, but the price was the first to realize the centralized production price, leading to the decline of Taijia's performance. At the same time, the R&D pipeline optimization in nineteen nineteen resulted in the expensing of 190 million yuan R&D expenditure.

146

一、活动概述。

147

根据上述内容，公司在手订单充裕且预计后续业绩持续兑现。公司新增工程类订单62个，已签合同金额11.96亿元；新增特许经营类订单9个，已签合同金额19.27亿元。截止到三季报披露日，公司在手合同额累计达到99.82亿元。另外，公司还与广西北部湾投资集团有限公司、中国中车集团、中铁一局集团市政工程公司等组成联合体中标大额PPP项目。这些订单和项目的获取有利于借助央企、地方国企的资源及融资优势。因此，可以认为公司在手订单充裕有助于公司未来业绩的提升。

148

How much did the company's operating income and net profit increase year-on-year in 2018? How much did the company's operating income and net profit go back to the parent in Q4, 2018 compared with the same period last year? How much did the operating income and net profit of Wanhua Chemical increase in 2018 compared with the same period last year?

149

Huiquan raised prices in its core markets of Beijing, Inner Mongolia and Yunnan in early 2014, covering the vast majority of local products, with an average price increase of about 10 percent. Due to the company's strong bargaining power in the Beijing and Inner Mongolia markets, the price increase is not expected to have a negative impact on sales volume. The sales volume of the company in Beijing and Inner Mongolia is 1 million and 500,000 million liters respectively. It is estimated that in 2014, the company can gain 300 million and 115 million yuan from the price increase of the two tons of wine at 3,000 yuan and 2,300 yuan, respectively. Although the cost of labor increases rapidly in recent years, overall, the price increase will still contribute considerably to net profit, and it is estimated that the net profit contribution can reach 200 million yuan. In addition, the company successfully turned a loss into a profit in 2013, looking forward to a positive contribution to profit in 2014.

150

The company is determined to transform preschool education, the path is clear, and the execution is strong.

151

What is the change in the order volume of BOC in the first half of this year compared with last year?

152

公司上半年免税业务收入增长的主要原因是内生外延共促。公司通过扩大免税业务的规模和范围，特别是三亚海棠湾免税购物中心、首都机场免税店、日上上海和香港机场免税店的贡献，使得免税业务收入大幅增长。同时，公司也通过提高毛利率来增加免税业务的盈利能力。

153

How does the intentionality contract with VIVUS affect the company's performance?

154

上半年扣非净利润负增长，很大原因是公司供应链业务中套期保值的期货合约与现货交割时间不匹配产生的，三季度单季度扣非净利润同比增长176%，主要原因是，去年三季度房地产结算低峰带来的业绩低估以及去年三季度开始大宗商品进入上行周期，期货合约带来的浮亏逐渐与今年匹配上。地产板块业绩全年稳定增长无忧。

155

我们看好该公司业绩的高增长，维持“推荐”评级。

156

The company's EPS growth in the coming years is expected to be 52.0%, 19.7% and 21.0%.

157

In line with the above, the company plans to expand its expertise by maintaining a high level of investment and developing new projects. The company's major shareholder, Sinohydro Property, may further increase its stake in Southland to provide more support. The company also expects the landing and development of new projects to bring new growth points in its business model. In addition, the company has valuation advantages and expects EPS to have a higher compound annual growth rate in the next three years, maintaining a "buy" rating and a target price of 12 yuan. As a result, the company is expected to transform from a commercial real estate growth stock to a blue chip stock in the next five years.

158

海亮股份未来的发展前景看好，公司主要致力于铜管和铜棒生产，在制冷用铜管等领域拥有品牌优势，并且已经开始开拓建筑用铜管、热交换用铜管等新的利润成长点。预计公司的综合毛利率将持续上升，并且每股收益也有望增长。根据对类似企业的比较，给予海亮股份的静态发行市盈率和合理价位都较为合理，进一步支持了海亮股份未来发展的潜力。

159

我们认为公司坚持创意原点，精准营销深度贴合用户痛点，让跨境电商实现高效流量变现。互联网与包装业务创新结合，在供应链等方面协同效应突出，融合发展前景看好。

160

蚂蚁金服旗下支付宝平台将利用区块链技术研发并实现开具可入帐报销的块链电子发票，并在支付宝和瑞宏平台上查询、查验真伪和溯源。这将摆脱发票开具对税控盘的依赖，并且让电子发票具备了全流程完整追溯、信息不可篡改等特性，完善发票全流程监管。区块链电子发票对接消费者与商家、政府税务部门，将有效构建税务闭环，提升发票使用周转效率。

161

归母净利润135.3亿元，同比增长377.2%，对应每股盈利4.31元，符合我们预期;。

162

In 2020, the company's fleet size and time to achieve contrarian expansion.

163

我们预测2009 - 2011年高压变频器行业的复合增长率将超过40%。变频器是电机系统节能最重要的设备。

164

随着股权和债务融资渠道的控制逐渐放松，制约公司发展的主要因素逐渐缓解。

165

Risk tips: Extended market incubation period of new stores, market competition risks, policy risks, goodwill impairment risks, operation and management risks, licensed pharmacists problems lead to slower opening than expected, etc.

166

Q2 revenue was 12.24 billion yuan, up 80.3% year on year; Net profit of 750 million yuan after deduction, a year-on-year increase of 32.3%.

167

投资者对该公司的消费金融业务持续发力持乐观态度，因为公司预告17年一季度预计净利润增长100%—130%，比16年全年增速更高，主业加速成长。同时，预计消费金融业务单季利润贡献过亿，对应月度流水环比增速超过10%，预计坏账率稳中有降。公司子公司参与设立的互联网小贷公司已获准开业，消费金融业务将进一步扩张。在国内消费金融市场市场高速增长的趋势下，公司消费金融业务有爆发式增长的潜力。

168

Earnings forecast: Since the company announced the ownership of 39 retail stores in the Ginza Mall of Lushang Group at the end of 2012, the market's previous concerns about the group's business focus on the Ginza Mall have been alleviated, and the group's overall listing has provided early preparation work. For 2013 alone, hosting fees are expected to add more than 40 million yuan to the company's net profit.

169

The issue price of asset shares is 7.90 yuan/share. The estimated valuation and transaction pricing of this transaction have not been determined.

170

The funds raised from the private offering will be invested in the Company's development projects in Shijiazhuang, Nanjing, Jinan and Handan to enhance the company's market influence and competitiveness in these regions. There are four projects with a total investment of 12.267 billion yuan, of which 4.9 billion yuan will be invested using the raised funds. According to the company's private offering plan disclosure, the sales volume of the four projects is expected to be 15.711 billion yuan, and the total net profit is expected to reach 2.286 billion yuan.

171

08 年公司水产饲料受益于公司快速扩张的优势，继续保持良好的增长势头，09年来看，我们认为水产、鸡禽行业的复苏将会给公司带来明显的正面效应，鱼饲料和禽饲料的盈利有超预期的可能。

172

Why can the company's operating income and net profit achieve more than 60% growth?

173

The company's 2018 performance growth of 6.4% was in line with expectations.

174

该钢结构制造商在未来几年内的发展目标是什么？

175

How much did Sanhua Intelligent Control's automotive thermal management sector revenue increase year-on-year? What is the proportion of contribution of new energy vehicle parts to revenue?

176

该公司是涤纶长丝行业的龙头企业，车用领域产品持续放量，同时在环保石塑地板领域持续扩产，产品未来市场空间广阔。公司拥有自主研发能力，产品通过国际认证，市场占有率不断提高。因此，投资该公司有望获得较好的回报。

177

The revenue of LCM and LCD products reached 32.50 billion yuan and 1.277 billion yuan respectively, with year-on-year growth of 22.8% and 89.3%. LCM accounted for 71.79%, down by 7.89 percentage points compared with last year.

178

After the reorganization, the company can better rely on the leading brand and quality of the East Carlsberg industry, rely on the market-oriented mechanism and good management level, continue to promote the optimization of product structure, and will further expand the company's sales area, cooperate with superior resources, expand the growth space.

179

Q: What are earnings forecasts and investment ratings?

180

Why did the company miss expectations in the first quarter?

181

In the first three quarters of the year, Everbright Bank's net profit attributable to the parent company rose 2.35%, while operating revenue rose 1.01%, but the growth rate slowed from the first half of the year. Net interest income accounted for 69.02% of operating revenue, down 1.87% year-on-year and 0.44% quarter-on-quarter. By the end of the third quarter, non-interest income was 21.922 billion yuan, up 7.5 percent year on year, but accounting for less than 1 percent.

182

公司在2021年一季度实现营业收入4.02亿元，同比增长22.75%；实现扣非归母净利润0.84亿元，同比增长53.02%；研发费用为0.44亿元，同比增长23.52%。

183

公司主营业务收入和利润增长的原因主要是由于公司依托自主研发的油气增产新兴技术，在油田服务领域提供高附加值的复合射孔器销售、复合射孔作业服务、复合射孔专项技术服务、爆燃压裂作业服务及油田其他服务。在报告期内，公司的复合射孔器销售项目实现营业收入增长，实现项目毛利率增加，复合射孔作业服务项目实现营业收入大幅增长，油田其他服务项目也实现收入增长。这些高附加值产品和技术服务的推广应用，以及毛利率较高的技术服务项目的增加，都对公司的主营业务收入和利润增长起到了积极的推动作用。

184

Why did fee income fall so sharply in the third quarter?

185

Why is the wind power industry still experiencing high growth in revenue from electricity sales under the background of downturning of economic cycle and severe curtailment of wind power?

186

What is the company's development strategy in terms of the Marine economy and the photovoltaic industry?

187

The net fee income in the first three quarters was 2.183 billion yuan, up 88.17% year on year.

188

潍柴动力可能面临来自中国重汽的更多挑战。中国重汽计划在香港上市后大举扩大发动机产能。

189

The company's operating income and net profit in the third quarter increased so high year-on-year mainly due to the high-speed growth of EMU connectors and electric vehicle connectors. The company has performed well in the EMU connector market and is expected to continue its high growth next year. In addition, the company has also achieved good market expansion in the electric vehicle connector market, which is expected to more than double the growth this year. These factors contributed to the company's excellent performance in the third quarter.

190

公司募集资金的项目针对公司核心客户需求，有望迅速转化为公司业绩；与康明斯进一步的合作将是双赢的结果，公司将成为具有国际竞争力的曲轴厂商，战略意义深远。曲轴出口与胀断连杆项目将成为潜在利润增长点。公司与康明斯合作紧密，有望进入康明斯全球采购体系，并进一步打入海外市场；涨断连杆将成为未来发展趋势，也是公司产业链合理延伸。

191

How did the company perform in the first three quarters?

192

Can Air China achieve stronger performance resilience in the post-pandemic era?

193

根据上述内容，公司3季度利润率将延续2季度的水平，但考虑到周边市场低价水泥冲击，难以明显提升。

194

根据上述内容，均胜电子预计收入增长的预期为19%（2017-2020年）。

195

一品两规、医改中大病统筹等因素是中美华东保持快速增长的原因。随着08 年医改投入的增加，重大疾病用药将获得较快增长，这也是华东医药最主要的投资理由。

196

公司下半年的成本压力较其他大型钢铁公司要大是因为上半年中国进口铁矿石价格大涨，导致公司用矿成本大幅提升。根据测算，下半年公司用铁精粉价格将比上半年增加192元/吨，影响吨钢毛利307元，占上半年吨钢盈利的22％。因此，公司下半年面临较大的成本压力。

197

投资建议：Q2超市延续高增长、百货复苏，考虑疫情后行业复苏慢于预期，下调2020-2022年EPS至0.38（-0.07）/0.70（-0.14）/0.83（-0.13）元，参考可比公司估值维持目标价13.16元，维持增持。

198

黄山景区的投资前景如何？

199

为什么公司的业绩低于预期？