————

One thousand three hundred and sixty one Win over
The news of Master Wu Hao’s strong return to God City is gone,The big giants have sent representatives,Invite Master Wuhao to be a guest。
The purpose is naturally to find out some new information from the mouth of Master Wu Hao,I heard that Master Wu Hao got a blessing in disguise on the new plane,Got a bunch of powerful weapons,Even the ruthless character like Gaia’s great priest was completely defeated by him with new weapons,The advent of these new weapons,To some extent, it means that the influence of the Guangming Dragon Temple has been severely weakened.,But Master Wuhao is the legendary Dragon God’s favor,So people’s belief in the Bright Dragon God will only be more pious。
now,The situation in God City is really incomprehensible。It used to be the Ning Prince’s Palace and the Six Prince’s Palace competing for imperial power,The Guangming Dragon Temple is in a neutral position,But now Gaia is dead,The priest Lei Ji exiled himself again,It’s like dead,Then the Guangming Dragon Temple is a powerful force that can influence the city of God,A vacuum period,no matter who,As long as I win the support of the Guangming Dragon Temple,You can reverse the situation。
Although the priest Lei Jiji was before leaving,,In the name of Dragon God,Identified the priest Huang Shaotian as the candidate for the next Pope,But it’s a bit awkward,Huang Shaotian has almost no foundation in the Dragon Temple,She wants to be the pope,I’m afraid that it is unrealistic to wait for three to five years。
The old priests,Just use those cumbersome dogmas as a basis,To make Huang Shaotian obedient,Being pope can,But when,But I can’t help her。
but,The power of the Guangming Dragon Temple is still very powerful,In this situation without a leader,Regardless of Ning Palace,Still the Sixth Prince’s Mansion,Including the big giants,Are trying their best to win over the Knights of the Temple,And the leaders of the temple guards,High-ranking priests and the like。
The weird thing is,Instead, it’s the one who should be drawn the most,Master Wu Hao,But few people go to make friends,Those rich family members just sent an invitation to Master Wuhao,See him unintentionally participating,It’s nothing more。
As for the Ning Palace,They have always been at odds with Wu Hao,I won’t go to waste。
In the evening,Master Wuhao is outside the gate of Shencheng’s house,A group of people came,Headed by the Sixth Prince Mili。
Sixth Prince Mili came to see Master Wuhao in person,It shows how much he attaches great importance to Master Wu Hao。
but,This is also reasonable,Master Wu Hao has a lot of new equipment in his hands,There is magic technology in the body,And he himself is a master,Even the next pope was planted in his hands,A strong person like this,It is indeed worth the Sixth Prince Mili’s personal visit。

After the old fox heard Qin Feng’s voice,Suddenly the body stiffened,The action also stopped,He looked back at Qin Feng,Qin Feng raised an eyebrow at him,But nothing happens,Just holding a bag of something。

The old fox saw Qin Feng didn’t come forward to catch him,I still want to climb out of the tunnel without giving up,And Qin Feng didn’t stop,Just watching the old fox’s embarrassed figure quietly below,A cold smile。
Qin Feng watched quietly for ten minutes,The old fox also slowly climbed from the bottom stairs to the top stairs。
Just climb another layer,He can go to his room,Escaped the demon Qin Feng,He kept thinking about,Face
There was also a twisted and crazy smile。
Coming soon, there are third orders,There are two more steps,One more……
Just when the old fox’s hand touched the last step,Suddenly a force came from behind him,As if to suck him away。
“Ah,Don’t,No!”He is dying,I want to grasp the last step,Don’t let that power suck down。
But when his hand touched the last step,He was suddenly sucked in by the power。
Directly rolled down from the highest point of the passage,Roll directly to the bottom of the channel,Back to the position where he just started to fall,And his eyes are facing Qin Feng’s bright leather shoes。
Qin Feng said with a cold snort of disdain,“I treat you like this,I’m a devil,Have you ever thought,You look at this underground trapped by you。”
“Those few hundred people are as bad as you are,Even more suffering than you,They feel that you can’t survive now,The pain of death。”
“Do you think you are more hateful than the devil?”
That old fox really can’t hear what Qin Feng is saying,Just staring at Qin Feng fiercely,Then raised his arm again,Exhausting his last bit of strength against Qin Feng,Wave a palm towards Qin Feng,Air mass with black mist。
Qin Feng didn’t want to hide this time,But after seeing the old fox’s movements,I lifted an internal force and immediately waved to the palm of the old fox。
Suddenly the mist in the palm of the old fox’s palm was shattered by Qin Feng’s internal force,Dissipate directly into the air。
And the old fox was also crushed by Qin Fengzhen’s internal organs.,A mouthful of blood came out of his throat again。

At this moment,Borrowing Hu’s name,Make these people suspicious,Their lives will be better in the future。Just look at Director Gu’s face,Even he started to be scrupulous。

“Oh!Is that so?That’s a pity。I talked to Dao Gu about the shooting,If you two are interested,May as well come and listen。”Director Li said。
This word,Obviously it is convenient for the two women。This treatment,Not even a leading actor。The actor wants to go up and have a few words with Director Li,Not too courageous,After all, the status is too bad。
After all,Their play,Just a little trouble,Actor and actress,Actually not very famous,Let alone other people。
Cheng Jia nodded fiercely,Happy:“interested,Thank you Li。correct,We received the information from the crew over there,Brother Hu also let us thank you。”
Ok?What is this nonsense?
The crew over there?What crew?sound,It seems to be introduced by Director Li。
this time,Even the hero is envious。The crew introduced by Director Li,It must be a big production?Really lucky girl,It seems,Have more time to communicate,Just get to know。
As for the others,Not to mention。there’s a few,Have been mixed for years,Bitterness,Only you know。Some people regret it,Why didn’t you say a few words to help?。
Although it has no effect,But at least the two girls have a good impression,It’s easier to make friends in the future。
Director Li thanked Hu Yang for his instructions,Immediately waved his hand and smiled:“Just a small matter,Your brother Hu is a capable person,I also admire。Come together!”
Director Gu has nothing to say,Quite curious,What kind of person is Brother Hu?,It makes this senior man seem to be in favor。
Wait for Director Li and them to leave,Noisy at the scene,A burst of discussion。
Simultaneously,A strange look at Wang Ming,One by one,Avoid the plague。foreseeable,This guy will be more unlucky。

China Merchants Shipping (601872): Acquisition of bulk carrier assets to resolve industry competition

China Merchants Shipping (601872): Acquisition of bulk carrier assets to resolve industry competition

Event: China Merchants Shipping announced (1) the acquisition of the original Sinotrans reduced (368).

HK) each of the bulk cargo and LNG ship assets, and also repays shareholder debts, the total transaction price is tentatively set at 65.

7 ppm (2) Total asset impairment provisions for seven Capesize bulk carriers and seven general cargo ships are equivalent to RMB 5.

400000000.

Resolving competition in the same industry, increasing the share of bulk cargo.

The cash acquisition has resolved the company’s expected competition with Sinotrans.

With reference to the 2018 interim report of Sinotrans, the company has 38 bulk carriers and 25 leased capacity. After the asset acquisition, the company will add Panamax bulk carriers to achieve full coverage of bulk carriers.

We consider bulk asset acquisitions to be relatively neutral.

The dry bulk sector has been repairing at the bottom since the bottom of the 2016 cycle. In 2019, the BDI shift was affected by the dam break of Vale, but the overall average was close to 2018.

In terms of market outlook, the current supply of new bulk carriers under construction accounts for 10% of supply orders at the lowest level in history. The demand side is expected to benefit from the resumption of Sino-US grain trade. The risk of a decline in the cycle as a whole is small, and iron ore is bound to be upward.Demand for coal and grain.

Impairment of bulk assets reduces the cost burden.

The Capesize vessels delivered by the company in 2011-12 and some of the general cargo ships belonging to the former Changhang International (now Shanghai Minghua), due to the relatively old age, the new ship construction cost is higher than the current level with a certain amount of impairment.

We have calculated that the oil tanker assets are substantially impaired, and the oil tanker ship assets exceed the replacement cost.

After the assets are impaired, the break-even line of dry bulk assets is reduced, and the cost burden is reduced.

The proportion of LNG ship holdings increased and profits increased.

China Merchants Shipping holds 50% of CLNG shares and 25 of the 5 LNG ships acquired this time.

5% of Sinotrans’s original joint venture with CLNG and Dynagas.

After the completion of the acquisition, China Merchants Shipping’s shareholding ratio for this part of the ship will range from 13% to 38.

5%, investment income increased.

Adjust earnings forecast and maintain “overweight” rating.

(1) Taking into account the current assets5.

400 million impairment.

(2) Affected by the acquisition, the number of operating days for the 2019-2021 LNG ship equity increased by 452, 470, and 470 days, and the investment income increased by 1.

26, 1.

32, 1.

32 billion.

(3) After the sanctions, some ships in CLNG were suspended. We originally scheduled CLNG in Q4 2019 to be 200 million less than the non-sanctioned state, but the recovery was better than expected. We raised the abnormal damage to 0 in 2019.

5 billion.

(4) Although the bulk part has increased in volume, it is still at the edge of the break-even line. As a precautionary measure, calculate the break-even part.

In summary, the company’s net profit attributable to its parent is expected to reach 16 in 2019-2021.

900 million, 49.

1 billion, 70.

200 million (previous forecast was 19.

8 billion, 47.

8 billion, 68.

800 million, corresponding to the company’s single ship TCE33518, 50,000, 65,000 US dollars / day).

Risk reminder: US crude oil exports are less than expected, the economic growth rate exceeds the importing country’s destocking cycle, 深圳桑拿网 new ship orders have risen sharply, and orders under construction account for more than 20%.

Zhongshun Jierou (002511): Cash flow improved significantly and performance exceeded expectations

Zhongshun Jierou (002511): Cash flow improved significantly and performance exceeded expectations

Event: The company issued an announcement: (1) Semi-annual report: The company achieved revenue 31 in 19H1.

72 ppm, an increase of 22 in ten years.

67%; net profit attributable to mother 2.

75 ppm, an increase of 37 in ten years.

59%.

Among them, the single and second quarter achieved revenue of 16.

32 ppm, an increase of 19 years.

88%; net profit attributable to mother 1.

51 ppm, an increase of 49 in ten years.

66%.

(2) Announcement on the progress of 30 initial bamboo pulp and paper integration projects: The company and the Quxian County People’s Government of Dazhou City, Sichuan Province have invested in the “Bamboo Pulp and Paper Integration Construction Project Investment Agreement”, which plans to achieve pulp production for about 30 years and paper production capacityAbout 30 years / project, progress is smooth.

Opinion: Revenue grows steadily and profit growth exceeds expectations.

天津夜网
The company achieved revenues of 15 in Q1 / Q2.

41/16.

32 ppm, an increase of 25 each year.

78% / 19.

88%, achieving solid growth.

19Q1 / Q2 achieved net profit attributable to mother 1, respectively.

23/1.

51 ppm, an increase of 25 in ten years.

18% / 49.

66%, profit growth accelerated significantly in the second quarter.

19Q1 / Q2 achieved net profit after deduction of non-return to the mother, respectively1.

22/1.

4.8 billion, an annual increase of 33.

13% / 50.

13%.

The pulp price has dropped + the product structure has been upgraded, and the gross profit margin and net profit margin have been reset to the highest in a single quarter.

Gross profit margin: The company’s gross profit margin in 19H1 was 36.

69%, quarterly, Q1 / Q2 gross margins were 34.

01% / 39.

23%, Q2 gross margin is the highest in the company’s historical single quarter.

The increase in gross profit margin ultimately resulted in the decline in pulp prices and the upgrading of product structure. (1) The decline in pulp prices: As of July 31, the price of coniferous pulp was US $ 580, a decrease of about 30% from the beginning of the year.

(2) Product structure: The company continues to optimize the product structure, increase the proportion of high-end, high-margin products and non-rolled paper products, continue to deepen the overall distribution of emulsion products, and improve key products such as facials, emulsions, and natural wood in various channels.Of utilization.

Earnings forecast and estimation: Benefiting from the significant decrease in costs, we raised the company’s earnings forecast. It is expected that the EPS in 19-21 will be 0.

47, 0.

63, 0.

80 yuan, corresponding PE is 28X, 21X, 16X.Maintain “Buy” rating.

Risk warning: RMB depreciates severely, raw material prices rise sharply

Xinbao shares (002705): Independent brands are making efforts to significantly increase flexible production

Xinbao shares (002705): Independent brands are making efforts to significantly increase flexible production

This report guide: 2019Q1-3 net profit growth exceeded our expectations.

The company’s independent brand is working hard to continuously promote automation and flexible production to reduce costs and increase efficiency.

Maintain the “overweight” level and raise the target price to 20 yuan.

Investment Highlights: The net profit for the third quarter of 2019 is higher than our expectation. We maintain our “overweight” rating and raise our target price to 20 yuan.

The company’s 2019Q1-3 revenue was 68.

3 ‰, an increase of 9% in ten years; net profit attributable to mother 5.

2 ppm, an increase of 45% per year.

Maintain 2019-2021 revenue forecast to 99.

47, 117.

74, 137.

2.3 billion, raised net profit forecast to 6.

99 (+1.

07, + 18%), 8.

75 (+2.

14, + 32%), 10.

34 (+2.

98, + 40%) billion, corresponding to 0 EPS.

87 (+0.

13, + 18%), 1.

09 (+0.

27, + 33%), 1.

29 (+0.

37, + 40%).

Considering that earnings are better than expected, we raise our target price to 20 (+3.

59, + 22%), corresponding to 18xPE in 2020, maintaining the “overweight” rating.

Q3 single quarter gross profit increased significantly, operating cash flow increased significantly.

Single-quarter revenue in Q3 2019 was 27.

800 million yuan, an 重庆耍耍网 increase of 12%; net profit attributable to mother 2.

80,000 yuan, an increase of 27%.

Gross margin 25.

6%, compared with 21 in the third quarter of 2018.

5% increase by 4.

2 points, compared with 22 in the second quarter of 2019.

8% month-on-month increase of 2.

8 points.

2019Q1-3 Net operating cash flow10.

95 trillion, compared with 1 in the same period in 2018.

34 trillion US dollars increased by 716%, of which the third quarter net operating cash flow in a single quarter.8.9 billion.

The independent brand exerts its strength, and the flexible production performance is outstanding.

The company’s own brand Mofei sales have grown significantly. According to Taobao and other data, Mofei’s products including juicers, multifunctional pots and electric kettles are expected to achieve a total revenue of 400 million in the first three quarters, compared to only 1 billion in the same period in 2018, an increase of 300%, And Q3 ranks Q2 to accelerate.

The company scale divides production units according to product categories and uses different product lines for different customers; gradually promotes automated production to extend to more processing.

Continuously advancing automation and flexible production not only improve the responsiveness to customers, but also reduce costs and increase efficiency.

Catalyst: Accelerated landing of cooperation orders between the company and innovative brands. Tips: Declining demand in the international market, changes in exchange rates, risks in developing domestic markets, etc.

Conch Cement (600585): High-quality blue-chip leader with outstanding cash cow attributes

Conch Cement (600585): High-quality blue-chip leader with outstanding cash cow attributes

Event: Recently, the company announced its 2019 semi-annual report. In 19H1, the company’s revenue was 71.6 billion, which was +56 in the past.

6%; net profit attributable to mothers is 15.3 billion, annual +17.

9%; EPS is 2.

88 yuan.

The company’s second-quarter revenue was $ 41.1 billion, +52 for the year.

5%; net profit attributable to mother is 9.2 billion, +12 in ten years.

4%.

Comments: 19H1 real estate infrastructure demand is still strong, the company’s volume and price rose, continue to strengthen trade sales.

1) The growth rate of 19H1 land construction area continued to increase, and the demand for cement at the infrastructure end picked up. Affected by this, the company’s total net sales of 19H1 cement clinker was 2.

2 billion tons, of which 1 is self-produced and sold.

4.6 billion tons per year.

0%, basically matching the growth rate of industry demand (19H1 national cement output growth rate was 6.

8%).

2) We believe that under the environment of good industry demand, peak shifts, environmental protection, and synergy continue to play a role in cement prices. The unit price of cement clinker in 19H1 company is 330 yuan, each time +19 yuan; the cost per ton exceeds +8 yuan.It is estimated that the cost of raw materials and labor will rise mainly; gross profit per ton is 155 yuan, +10 yuan each time.

3) The company’s trade sales volume in 19H1 was 5,600 initially, with trade revenue of 19.7 billion, accounting for 27% of total revenue.

5%, gross margin is 0.

16%, with limited impact on earnings.

Affected by this, the growth rate of revenue in 19H1 significantly exceeded the growth rate of net profit.

4) Except for cement clinker business, the company’s aggregate revenue in 19H1 was about 4.

6 ppm, previously + 33%, gross margin was 68.

6% a year -2.

5 points, profit level performance is expected.

The cost per ton is basically stable, and the net profit per ton continues to hit a new high.

1) According to the calculation of self-production and sales, the company’s 19H1 ton cost (tax, three fees) is about 29 yuan, which is +1 yuan in a row. There is a cash surplus in hand and the company’s financial costs that continue to decline continue to decline, and the financial costs per ton are ten-3.

8 yuan.

2) The net profit of 19H1 ton is about 107 yuan, +10 yuan in ten years, continuing to hit a record high.

The balance sheet continued to be optimized with strong cash cow attributes.

The company’s combined capital expenditure is limited and its operating cash flow is merged. In the second quarter of 2019, the asset-liability ratio dropped by 19%. We believe that the company has been the basis for high dividends for a long time, and also has the strong ability of cross-industry chain cross integration.

The company’s 四川耍耍网 internationalization is progressing smoothly, domestic mergers and acquisitions integration is advancing steadily, and industrial chain integration is continuously promoted.

1) In terms of internationalization, the company ‘s shareholders ‘meeting announced that the 13th Five-Year Plan will have an overseas cement capacity of 5,000 tons, which will be the main source of the company ‘s new capacity in the future.”All the way”, the Group continued to strengthen overseas research and demonstration and reserve project carriers.

Domestically, we expect that the future development path will be dominated by mergers and acquisitions, and the company’s early secondary market will increase its shareholding in western cement to about 21.

11%, and subsequent cooperation in the western market is worth looking forward to.

In 19H1, the company added 230 cement production capacity, 200 aggregate production capacity and 600,000 square meters of commercial concrete production capacity.

2) Since 18Q4, the company’s purchase and construction of fixed assets, cash payments for intangible assets and other long-term assets have picked up. The company continues to promote the integration of the industrial chain, extending from the main cement clinker business to upstream and downstream industries such as aggregate and concrete.

The company plans a capital expenditure of USD 10 billion in 2019 for project construction, energy conservation and environmental protection, technological transformation and M & A project expenditure. The company is expected to increase the clinker production capacity by about 400 tons (excluding M & A) and aggregate (including mechanical sand) production capacity by 1,700.mortality rate.

Maintain “Highest Market” rating.

The company is a high-quality blue-chip cement leader with obvious advantages in cost and cost control. In 2019, we expect that the company will have limited new capacity in the region. The new high-value-added construction in the early stage will gradually move away from the support for cement demand, and the company strives to maintain a high profit level.
What do we expect the company 2019?EPS in 2021 will be about 6.
13, 6.

37, 6.

49 yuan for the 2019 PE 8?
10 times, reasonable value range 49.

04?
61.

30 yuan.

risk warning.

Demand exceeded expectations, coal prices rose sharply, and internationalization progress fell short of expectations.

Juneyao Airlines (603885): Q4 Seat Receipt Improved, Waiting for Widebody to Operate Intercontinental Airways

Juneyao Airlines (603885): Q4 Seat Receipt Improved, Waiting for Widebody to Operate Intercontinental Airways

A brief evaluation of the company’s 2018 revenue of 143.

700 million, an increase of 15.

8%, net profit attributable to mother 12.

300 million, down 7.

0%, deducting non-attributed net profit 9.

4 trillion, down 19.

1%; Q4 single-quarter revenue of 32.

500 million, an increase of 19.

1%, net profit attributable to mother -2.

0 billion, 0 in the same period last year.

8 billion.

Operational analysis The capacity of the international line Q4 has resumed growth, and the growth rate of the off-season revenue level has increased: Shanghai’s main base in Q4 2018 is still tense at both moments, and the company’s domestic line ASK increased by 9.

9% (Q3 also increased by 11.

6%). However, after the shipwreck in Thailand severely reduced the capacity of the international line, the company began to redeploy the capacity of the international line. The Q4 international line ASK also increased by 3.

5% (Q3 decreased by 26.

1%), the overall ASK of Q4 companies increased by 9.

2% (Q3 also increased by 5.

9%).

It will take time for the international line to recover, and the Q4 international line RPK will still be interrupted at least 0.

8%, the load factor decreased by 3.

5pct, domestic performance is slightly better, RPK increased by 9.

3%, the load factor decreased by 0.

4pct, the overall RPK increased by 9.

2%, the load factor decreased by 0.

8 points.

The increase in Q4 income level is obvious, or due to the stabilization of international airline fares, and domestic airlines once again increase the full fare.

We estimate that the Q4 unit-kilometer income increased by 9 as well.

1%, higher than Q1-Q3 of 3.
.

6%. In the future, we believe that it will take time for the main base Shanghai to relax at two moments, and the B737max grounding incident will continue to affect the industry supply, and the company’s performance improvement will continue.

Waiting for B787 to operate intercontinental routes: The company introduced the widebody B787 in Q4, with a load factor of 89.

1%, higher than 85 of A320 series aircraft.

0%, and passenger kilometers yield 0.

6 yuan, which is also higher than 0 for A320.

5 yuan.

But the B787 currently only uses 8.

In 7 hours, the highest execution efficiency and higher operating costs led to the company’s 2018 unit oil deduction cost to increase by 8%, Q4 deducted non-net profit -2.

700 million, 0 in the same period last year.
8 billion.
It is expected that after the implementation of the long-haul intercontinental flight by the B787, the company’s revenue level and operating efficiency will be further improved, and the advantages of the wide-body aircraft and Shanghai will be fully utilized.

Participate in mutual increase with Eastern Airlines + continue to date wide-body aircraft to accumulate power for the future: Juneyao Airlines and its major shareholder Junyao Group will subscribe for Eastern Airlines13 in total.

400 billion shares and 5.

300 million Hong 上海夜网论坛 Kong stocks are set to increase. At the same time, the company will increase its investment in China Eastern Airlines to form a strategic partnership to promote improvements in the operating environment of the Shanghai market and obtain more stable returns.

In addition, the company will continue to introduce B787 to reach the scale of 10 aircraft, which will become a new growth point for the company’s performance.

On the whole, the company’s current asset quality is good, and the asset-liability ratio is stable. In future route expansion, it is necessary to take into account route connection, improve aircraft utilization and reduce operating costs.

The investment proposal makes full use of the resources of the two high-quality moments in Shanghai + the introduction of wide-body aircraft + the opening of Jiuyuan International Airline to become the company’s future performance growth point.

The company’s EPS for 2019-2021 is predicted to be 0.

91/1.

22/1.

39 yuan, corresponding PE is 17 times / 13 times / 11 times, respectively, give a “buy” rating.

Risks indicate that oil prices have risen faster than expected, wide-body machines have failed to operate as expected, and safety accidents have broken through.

Daqin Railway (601006): 1H performance meets expectations 2H pays attention to the diversion of other lines and the impact on the economic environment

Daqin Railway (601006): 1H performance meets expectations 2H pays attention to the diversion of other lines and the impact on the economic environment

1H results are in line with our expectations of 1H19 revenue of 402.

670,000 yuan, an increase of 6% in ten years; net profit attributable to mother to 80.

410,000 yuan, a decrease of 4% per year, corresponding to a profit of 0.

54 yuan.

2Q revenue grew by 7% per year, and net profit fell by more than 2%, in line with our expectations of replacing 2%.

In terms of business, the main revenue of railway transportation was 394.

740,000 yuan, a 5% increase over the past ten years, of which freight revenue increased 6% to 312.

07 million yuan, mainly due to the combined effects of economic environment and hydropower squeezed weak demand.

Core freight assets Daqin line 1H freight volume2.

1.8 billion tons, slightly exceeding 3%; 2Q transportation volume decreased by 3% per ton, slightly better than 1Q replacement 4%.

Passenger revenue is growing by 5% to 36 per year.

9.1 billion.

1H Shuohuang railway investment income16.

400,000 yuan, ten years + 4%.

Looking forward, the transportation volume still needs to pay attention to the impact of the economic environment on coal demand.

The amount of coal sent by 1H companies accounted for 0% of the total national railways.

4ppt. Until now, the company is still concentrating on market share. Overall, the company’s coal transportation volume is similar to the national coal transportation trend.

Since entering the peak season in July, the coal consumption rate of the six major power plants has improved, but until late August, coal inventories at the power plant continued to stabilize at a level of more than 20 days; the peak season is about to pass, and the demand will decline after the peak 杭州夜网 seasonOr due to restrictions on imported coal, we believe that overall domestic transportation demand remains stable.

The low 2H base may bring relatively favorable results: 1) As the Daqin Line was affected by the distortion of water damage in August last year, the traffic volume may increase in the same period this year; 2) 2H began to be affected by macroeconomic effects last year, so the base was reduced by 1H.
Regarding the monthly coal transportation volume, we suggest that the September-October regular behavior period will cause changes in the 20-day fall maintenance period to bring about changes in growth.

The policy promotes the growth of railway freight transport and pays attention to the diversion effect of other routes.

Driven by the “increase in freight” policy, the growth of railway freight volume continued to accelerate.

The national railway freight volume increased by 9 in July.

2%, coal transportation volume increases by 5 per year.

At 5%, the Wazi and Zhangtang lines have grown rapidly (both achieved a 10% growth rate in July), and the Menghua Railway opened to traffic in October. We recommend paying attention to the impact of other lines on the diversion of the Daqin Line.

Earnings forecast and forecast For the time being, the 2019/20 net profit forecast for 2019/20 is USD 14.9 billion (ten years + 2%) / USD 15.2 billion (ten years + 2%).

At present, it generally corresponds to 2019/20 July.

7 times / 7.

6 times price-earnings ratio, 6.

4% / 6.

5% dividend yield.

We maintain our Outperform rating and RMB10 based on high dividends.

The target price of 12 yuan corresponds to October 2019/20.

1x / 10.

0 times price-earnings ratio, 31% upside.

Risks Macroeconomic growth is less than expected, and other railway lines diverge.

 Measure how high your relentlessness index is

 
 Measure how high your relentlessness index is
 
When you are watching Animal Channel by yourself, which scene is your favorite?
?

  A, dolphins jumping and playing in water B, monkeys playing and playing in the tree C, tigers and lions catching prey D, foxes nestling warmly to each other E, a group of birds spread their wings and flying high.

  You belong to “If you are sure that there is no future for each other, you will choose to leave silently.” Your ruthless index is 55%.

  Your choice is: B, the monkeys play on the tree.

  You belong to “If you change your mind, you will be a person who will never look back”, and your ruthless index can reach 99%.

  Your choice is: C, tiger lion is catching prey.

  You are a person who “will not give up if there is still a glimmer of hope for each other.” Your ruthless index is 40%.

  Your choice is: D, the fox family snuggles each other warmly.

  You belong to the person who “sucks love if you can’t bear him”, and your index of ruthlessness is 80%.

  Your choice is: E, a group of birds spread their wings and fly high.

  You belong to the “you will be loving and soft-hearted, but you will not be ruthless to cut love”, your index of ruthlessness is only 20%.