maidalun1020/CrosslingualRetrievalFinanceEn2Zh

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0	The development trend of the company is the infrared leader of the whole industrial chain layout, and continues to expand the product range, with high growth. The company is deeply engaged in the field of uncooled infrared, and has the whole industry chain layout from infrared chip to infrared thermal imager. In addition, the company has also expanded its product line, including multi-spectral photoelectric integrated system products and microwave products for unmanned vehicles and UAVs. In terms of earnings forecast, net profit attributable to the parent in 2021 and 2022 is expected to be 853 million yuan and 1.254 billion yuan, respectively. The current share price corresponds to 43.4 times earnings for 2022. According to the upward shift in the valuation center brought about by the high boom in the industry, the target price is raised to 155.04 yuan, corresponding to 55 times P/E in 2022, with potential upside of 27%.
1	招商轮船的船队规模在全球排名第一，拥有45艘VLCC。公司的干散货业务和LNG业务增长稳健，为公司提供了更强的底部生存能力和业绩支撑。
2	The company's strategic objective is to acquire traditional military enterprises, build the "fourth generation" anti-tank missile system industry closed loop, and develop precision-guided weapons, especially the "fourth generation" anti-tank missile system, in order to achieve the mass production of the weapon system. At the same time, the company also plans to broaden its industrial chain through a private offering, strengthen its leading edge in the domestic infrared core device field, and launch an employee stock ownership plan to boost market confidence. In the next 20 years, the market size of China's "fourth generation" anti-tank missile system is expected to exceed 15 billion, which will benefit the company in the long term.
3	Why did the company's gross profit margin decrease, expense ratio increase and net operating cash outflow increase significantly in 2019H1?
4	三只松鼠的投资建议是什么？
5	Investment rating: No rating for now.
6	盈利预测与投资评级：预计2020-2022年EPS分别为0.54元、0.66元和0.76元，对应估值分别为65倍、52倍和46倍。考虑到公司是国内血制品行业龙头，但产能利用率还有较大提升空间，公司成长空间较大，维持“买入”评级。
7	这家公司通过发行股份及现金支付方式获得老挝优质钾肥资源，进军氯化钾的开采、生产及销售领域，迈出了转型升级的重要一步，并将显著增厚公司业绩和增长空间。投资建议为买入-A评级，目标价11元。
8	蒂尔公司在无人机展览会上展出的无人机型具备侦察、火灾监控、数据收集等功能。未来10年，全球无人机总需求预计达到910亿美元。
9	The company's performance is slightly expected, the 2011 annual report shows that the annual revenue of 2.371 billion yuan, an increase of 7.32% compared with the same period last year; The operating profit of 163 million yuan, 2.09% lower than the same period last year; The total profit was 192 million yuan, down 7.24 percent; Net profit attributable to shareholders of listed companies was 149 million yuan, down 15.54% compared with the same period last year; The gross profit margin of products was 23.30%, down 1.2 percentage points from the same period last year, and the decline in profitability led to the company's increased revenue without increasing profit. The scale of construction machinery transmission business increased slightly, achieving business revenue of 1.121 billion yuan, up 11.91% year on year, gross profit margin of 17.56%, down 3.2 percentage points year on year, profitability was significantly affected by the downturn in the downstream construction machinery boom; The company achieved the sales of 37,121 loader gearboxes throughout the year, with a market share of about 15%; 5167 sets of roller transmission, 23.9% market share; 4,096 gear boxes of grader, market share of about 80.9%, the single dependence on loader is reduced, the scale advantage is still obvious.
10	2021年科伦药业实现营业收入172.29亿元，同比增长4.64%，归母净利润10.96亿元，同比增长32.16%。主要得益于输液板块增速恢复，新药板块放量对公司整体营收推力明显。收入端看Q1-Q4逐季向好，主要驱动因素是公司全力拓展输液、非输液制剂产品市场，公司非输液制剂板块持续放量，多个品种增速强劲，拉动公司收入和利润增长。
11	EPS is expected to be 0.28, 0.42 and 0.52 yuan in 2016-2018, and corresponding PE is 55.62 times, 37.67 times and 30.50 times. In view of the company's future strategy of "public safety + Internet of Things", which takes Internet of Things as the technology core and public safety as the application core, can be given 50-55 times PE, and the reasonable price range is 21-23 yuan in the next 12 months.
12	Fourth quarter gross profit margin increase beyond expectations, the first quarter of positive business strategy effect.
13	这篇文章主要讲了什么？
14	公司在电子特气业务方面的发展战略是什么？
15	Electrolyte project multi-point flowering, LiPF6 expansion is progressing smoothly.
16	公司本次募集项目的用途是什么？投产后会带来哪些变化？
17	EBITDA达到636.4亿元，同比增长7.0%。
18	士兰明芯公司有望在LED市场中取得良好业绩的原因有四个：一是硅材料价格处于底部区域，有利于公司成本控制；二是公司管理效率不断改善，提高了运营效益；三是公司新品不断放量，占比不断提高，有助于增加市场份额；四是全球半导体市场“V”型复苏，订单加速向中国大陆流动，有助于提升公司业绩。此外，士兰明芯公司在国内户外彩屏市场拥有60%左右的份额，并且拥有良好的口碑。公司还计划扩大LED芯片产能。根据预计，士兰明芯公司的EPS在2009至2011年分别为0.20、0.27、0.40元，这也给予了公司“推荐”投资评级。综合以上因素，士兰明芯公司有望在LED市场中取得良好业绩。
19	The company's choice to enter the field of cultural media is based on its dormant momentum in recent years and full preparation in the early stage of transformation, the strategic choice of repositioning the future development direction.
20	With the optimization of the dealer system and the acceleration of the multi-channel layout, the wardrobe industry will maintain a steady growth; Cabinets and wooden doors are expected to be introduced to the market successively in 2018, providing new growth points for medium - and long-term growth.
21	According to the investment rating, A company is expected to make a net profit of 729, 879 and 1.017 billion yuan respectively from 2021 to 2023.
22	东方日升2010年的高收入增长主要是由于什么原因？
23	土壤修复业务已准备就绪，只待政策东风。
24	根据上述内容，招商银行2021年1季度的贷款较年初增长了5.6%，存款增长了3.5%。
25	我们认为，农业拟除虫菊酯类杀虫剂将受益于发达国家取代有毒农药的趋势。目前，我公司是国内唯一一家从基础化工原料出发，合成中间体，生产拟除虫菊酯的公司。
26	公司在2019年实现了什么样的收入增长和利润表现？
27	2. 国内解决方案持续量增，海外保持高增长，扩大全球第一领先优势。
28	Investment advice: In the second quarter, Bank of Ningbo benefited from the rapid growth of loan scale and accelerated growth of performance. We forecast that in 18/19, Bank of Ningbo's net profit growth rate will be 17.38%/18.82%, PE 7.82x /6.58 times. PB is 1.34 times /1.18 times, giving the "overweight" rating.
29	根据上述内容，2018年旭创的毛利率有望回升，并且费用压力有望下降。毛利率的回升预计是由于100G光模块价格下降将缓解，同时伴随铜陵扩产后带来的规模效用。而费用方面，预计相关费用将有所下降，因为合并所产生的相关费用在2018年预计会减少。因此，2018年旭创的毛利率有望回升，费用压力有望缓解。
30	另外，由于售电量的上涨也摊薄了度电成本。
31	报告期内公司实现营业收入151679.28 万元，同比增长了8.80%；实现营业利润15328.76 万元，同比下降了4.21%；实现净利润（指新会计准则中的归属于母公司所有者的净利润）10984.12 万元，同比增长了25.82%；每股收益为0.58 元，低于我们的预期；每股经营性净现金流为0.88 元，分红预案为向全体股东每10 股派现4.00 元（含税）。
32	Why did the company's expense ratio fall sharply in the first half of the year?
33	成都银行的业绩表现如何？投资建议是什么？
34	2012年的净资产收益率为16.4%，收购上海国际信托可能会稀释该行的净资产收益率(2012年为20.9%)。
35	1) In the first three quarters, controllable installed capacity and on-grid power increased by 31.9% and 23.5% year-on-year respectively.
36	The market's understanding of the company is undergoing further changes. The comparable companies of the company should be service platform companies such as Cailife, 365net, etc., and give the company a 27X valuation in 2015 with a corresponding target price of 18.09 yuan.
37	Organic pigment prices rose sharply to drive revenue and profit growth in the first half of the year. The double growth of the company's revenue and net profit in the first half of the year was mainly caused by the sharp increase in the price of the company's organic pigments compared with the same period last year when the supply of environmental protection contracted after the "321-Xiangshui" incident.
38	公司2季度销售收入增速超过了销量增速是因为公司进行了产品销售结构调整，产品均价上升，导致销售收入同比增速达到了81%，超过了销量同比增速的72.15%。
39	根据上述内容，公司的滴眼液收入增速有所回升，2016年中报同比增长6.95%。预计2017年，公司的滴眼液产品收入将延续较高增长态势。
40	公司主要从事以特许经营模式的城市生活垃圾焚烧发电、厨余、污泥等垃圾处理项目的运营业务;同时，公司及子公司自主研发、制造、销售核心垃圾焚烧处理设备、渗滤液处理、餐厅厨余垃圾处理等设备，供公司垃圾处理项目建设运营使用，并逐步开展设备销售。
41	根据上述内容，锂电隔膜行业在2020年有望实现怎样的发展？
42	Based on the above, the company expects to obtain after-tax proceeds of more than $1.3 billion through the sale of housing and land ownership in 11 owned store properties and the signing of long-term leases.
43	赣锋锂业的产能释放情况如何？未来有哪些投资建议？
44	按照450万美元/吨的报价，全球尼古丁需求量估计在700吨以上。
45	The success of the price hike for the new Common Wuliangye in June will depend on balanced supply and demand. If supply and demand are not balanced, distributors could suffer from price inversion, where the wholesale price becomes lower than the ex-factory price.
46	张裕公布的09年上半年盈利与预测相比有何不同之处？
47	What will be the impact of the pandemic on the company's net sales margin in 2020? What changes are expected in 2021?
48	公司的主要业务包括光膜、电容器、金属化镀膜、晶体谐振器、晶片和橡胶防老剂。受金融危机的影响，公司原有产品需求下降。
49	The production ramp-up of blade battery and a series of new models are expected to support BYD's sales performance in the short term.
50	According to the above, the company's coal production growth slowed down because of the impact of falling coal prices.
51	What is the main business of Fangtai Precision Carbon Material Co., LTD.? What is the biggest attraction of the company?
52	In 2011, the company's profit distribution plan exceeded market expectations, mainly because the company's net profit attributable to shareholders of listed companies increased by 46.22% year-on-year, reaching 292 million yuan. This was mainly due to the substantial increase in the investment income of Bibi Chemical in 2010. Due to the downstream demand, the PTA industry in 2010 was in short supply, resulting in an average PTA price increase of 14%. The company's Bibi chemical investment income also increased from 93.13 million yuan in 2009 to 223 million yuan, an increase of 139%. Therefore, the company's profit distribution plan exceeded market expectations, reflecting the company's confidence in its development prospects and getting ready for the rights issue in the later stage.
53	During the reporting period, the company's operating revenue declined by 18.37% year-on-year, marking the second consecutive year of negative growth. The revenue of all businesses decreased: 1) The beer business of the company was affected by low temperature, continuous rainstorm and flood, the crackdown on drunk driving, and the squeeze of first-tier brand beer, the sales volume decreased by 5.84% and the sales revenue decreased by 14.73%; 2) The malt business of the company was affected by the continuous low malt price, and the operating revenue decreased by 46.14% compared with the same period last year; 3) The operating income of the company's beverage business also decreased by 16.41% compared with the same period last year.
54	复星时尚的核心观点是什么？
55	At what pace is the feed capacity expected to expand overseas in the next two years?
56	业务方面，2014年营收增长7%，主要是日用品和化妆品行业收入增加所致。
57	中国重汽：固定资产投资增速创5年新高，半挂牵引车月销量持续回升
58	Last year, the company completed the "return to zero" competition of H sales lines nationwide. Next year and next year, we may reform the system of 7 sales companies to enhance the enthusiasm of sales.
59	公司未投产募投项目建设的不确定性可能会对公司盈利能力产生负面影响。由于项目建设尚未开始或完成，公司无法确保项目能按计划顺利进行，可能面临项目延期、成本增加等风险。如果项目建设受阻或无法达到预期效果，公司可能无法获得预期的收益，从而影响公司的盈利能力。因此，公司需要谨慎评估并管理好未投产募投项目建设的不确定性，以减少对盈利能力的不利影响。
60	同时，公司预计2018年前三季度归属于上市公司股东的净利润为63500.60-68500.60万元，因此公司三季度将实现净利润约3 - 3.5亿元。
61	根据上述内容，公司在2019年一季度通过发行公司债券、境外发债以及超短融资券进行了融资。具体包括10亿元公司债、6.3亿美元的境外债券、25亿元的270天超短期融资券。
62	太钢不锈2015年3季度业绩亏损的原因主要是由于需求疲低迷和不锈钢价格下跌所导致。3季度需求持续疲弱，不锈钢价和普钢价格同比分别下跌27.74%和31.03%，其中不锈钢价格的下跌导致公司业绩下滑较大，从上半年的盈利转变为亏损。此外，人民币贬值也给公司带来了汇兑损失，加重了公司3季度的亏损。
63	公司与郴州平背建筑组成的联合体能够成为郴州有色金属产业园区林邑生态公园及配套工程项目投标中标候选人第一名，是因为工程采用BT建设模式，由铁汉生态负责全部投资，房建部将由郴州平背建筑负责施工，体现了公司资金优势。此外，铁汉生态处于脉冲式成长延续期，融资能力较强，加上行业处于黄金年代且资金驱动，铁汉受益资金优势将持续体现。
64	The company plans to use the overraised funds to increase capital to its wholly-owned subsidiary to build the production line of enamel corrugated plate heat transfer components with an annual output of 5000 tons. What is the expected new annual sales revenue and net profit respectively?
65	The company announced the capacity construction of its subsidiaries in Henan and Liaoning.
66	销售价格方面，2018年Q3公司综合平均销售价格为428元/吨，同比上涨10元/吨，环比上涨约4.5元/吨。Q3自产煤的平均单位成本为106.3元/吨，环比下降约6元/吨。外包煤炭成本的增加，导致Q3煤炭事业部单位成本较Q2有所上升。
67	在业绩增速方面，光大银行净利润增速低于2016年2.71%的股份制银行平均水平，仅高于中信银行。2017年上半年，增速为3.04%，提升至行业中等水平。净息差低导致营业收入不足是影响光大银行业绩的主要原因。
68	1)受《泰囧》票房成功带动，2012年公司影视业务实现营业收入6.45亿元(收入占比62.4%)，净利润1.57亿元(光线影业净利润占比50.6%)，同比分别增长131.5%和573.8%，是公司收入和利润增长的主要来源。2)根据公司规划，2013年公司将有《二探》、《四大名捕》等8部影片继续上映，《上海滩》等6部影片将开拍，有望推动公司电影业务持续增长，成为股价表现的催化剂。3)根据计划，公司2013年的TV电视剧业务将由以往投资获取固定收益的模式向以投资为主转变。目前，预计2013年将有8部TV获得发行许可，7部TV有望开拍。我们预计，随着公司TV剧业务战略转移的不断推进，TV剧业务有望为公司贡献可观的收入(详细分析请参见我们3月7日发布的《光线媒体深度研究报告》)。
69	The basic orientation of the company is good. After adjustment, the south Sichuan API base will turn from loss to profit. In the future, patent drug enterprise intermediates, API and pharmaceutical products are the growth points of the company. According to the profit forecast, the forecast price-earnings ratio is 25 times, 18 times, 14 times, the current stock price has basically reflected the negative factors of equity fighting, but there are still buying opportunities. Short-term investors can wait for the shareholder conflict to become clear, while medium - and long-term investors can consider buying.
70	Which of the company's products have broad application prospects in the future? Which capacity construction will be used for the private placement plan?
71	Careful online/offline risk control.
72	2) Cooperation term The 3+7 mode has two cooperation terms, the first three years and the second seven years.
73	Maintain the company's 2010 performance forecast, EPS 0.80.
74	煤炭产量价格成本的稳定如何影响了运输板块的收入利润？
75	Why does the investment recommendation maintain a "buy" rating?
76	中信证券收购广州证券后，将如何利用其前端客户资源与中信证券的优势业务结合，推进全国范围内的财富管理转型？
77	对于中长期投资者，该股票的投资价值在哪里？
78	松节油价格整体企稳，化工深加工业务有望触底反弹。
79	由于去年同期3600万美元的绩效薪酬，营业外收入大幅下降，导致净利率下降0.4个百分点。
80	国内外订单均大幅增加。1 - 2月国内新签合同总额101.59亿元，增长71.17%;海外新签合同金额由2017年1 - 2月的30.9亿元增至77.18亿元，增长149.77%。其中，丹格特炼油项目核心区安装建设总承包3002、俄罗斯鄂木斯克原油深度转化项目、恒益文莱PMB石化项目新增3个大型海外合同，贡献了公司海外合同总量的近85%。
81	The increase in expenses during 2012 was obviously due to increased investment in CS domain, PS domain and next generation LTE network testing in response to customer demand, which resulted in a substantial increase in R&D expenses. The balance of systems projects under construction in the inventory account continued to grow and remain at a high level, laying a solid financial foundation for the Company's revenue growth in the coming accounting periods.
82	金瑞科技控股股东长沙矿冶院拟将其持有的长远锂科35%的股权以评估价作为交易底价在产权交易所公开挂牌转让，金瑞科技受让长远锂科35%股权后持股比例将达到多少？
83	金地集团的净利润同比增长了多少？核心净利润同比增长了多少？
84	How was the performance of Agricultural Bank in the third quarter of 2019?
85	What measures have been taken to improve the company's business risk under the impact of the epidemic?
86	F-652: Currently, three indications are in clinical stage, GVHD (graft-versus host disease, USA) indication trial is in clinical IIa stage, and orphan drug application has been completed, and clinical data and other materials are being actively supplemented according to FDA feedback. If orphan drug is approved (high probability will be known this year), it will be directly marketed after completing phase 2 b with high probability. The market size is expected to reach 300-500 million US dollars in the future.
87	公司沸石环保材料V-1一期产能满负荷运作，而二期沸石环保材料进程预计于2016年陆续投产。请问公司在全球高端SCR汽车尾气处理市场的竞争优势将如何提升？
88	为什么分析师上调了该公司的盈利预测并维持“增持”评级？
89	In terms of a single quarter, the revenue and net profit in the third quarter increased by 54.47% and 103.58% year-on-year, respectively, and 6.7% and 5.7% quarter-on-quarter.
90	南国置业的主要产品是什么？它与其他金融产品有什么不同之处？
91	The raised funds are mainly used to build supporting facilities at the company headquarters and set up subsidiaries in Shijiazhuang and Hubei to engage in driving training business.
92	The company is in a leading position in the field of conversion catalyst in China. The comprehensive technology of its subsidiary Liming Yuan is at the international advanced level. The related efficient palladium catalyst and its supporting working liquid system are sought after by the market. The company collaboratively drives the production and sales of catalysts through technical services. Driven by the continuous construction investment in China's chemical industry, the company has a large market space for catalyst business. In addition, the company plans to invest 420 million yuan in the construction of clean energy catalytic material industrialization base project, which is expected to help the company to meet market demand and improve competitiveness. Therefore, the company's catalyst business has a broad market prospect.
93	公司对复方阿胶浆已有十多年的准备，商标保护、学术研究、功效开发、包装完善等，已经具备突破增长的实力。目前，公司已经将复方阿胶浆市场从医疗端转向OTC端，从地县级城市转向一线城市，今年不断加大地推，同时线上积极宣传，我们认为阿胶浆全年有望增长超40%。
94	In the third quarter, revenue and net profit increased by 43.0% and 56.4%, respectively.
95	1-3Q20 results, the company's revenue increased by 29.0% year-on-year, net profit attributable to the mother increased by 0.7% year-on-year. In the single quarter, 3Q20's revenue increased 68.6 percent year on year, while net profit attributable to mother increased 69.6 percent.
96	According to the summary of the report, what is the position of the juice tea business and brewing business in the development of the company?
97	5.风险提示：。
98	We believe that the ejiao block sales are expected to remain stable and profits will increase steadily as the company's marketing investment increases after this price increase.
99	为什么公司的利润增速低于营收增速？

0

The development trend of the company is the infrared leader of the whole industrial chain layout, and continues to expand the product range, with high growth. The company is deeply engaged in the field of uncooled infrared, and has the whole industry chain layout from infrared chip to infrared thermal imager. In addition, the company has also expanded its product line, including multi-spectral photoelectric integrated system products and microwave products for unmanned vehicles and UAVs. In terms of earnings forecast, net profit attributable to the parent in 2021 and 2022 is expected to be 853 million yuan and 1.254 billion yuan, respectively. The current share price corresponds to 43.4 times earnings for 2022. According to the upward shift in the valuation center brought about by the high boom in the industry, the target price is raised to 155.04 yuan, corresponding to 55 times P/E in 2022, with potential upside of 27%.

1

招商轮船的船队规模在全球排名第一，拥有45艘VLCC。公司的干散货业务和LNG业务增长稳健，为公司提供了更强的底部生存能力和业绩支撑。

2

The company's strategic objective is to acquire traditional military enterprises, build the "fourth generation" anti-tank missile system industry closed loop, and develop precision-guided weapons, especially the "fourth generation" anti-tank missile system, in order to achieve the mass production of the weapon system. At the same time, the company also plans to broaden its industrial chain through a private offering, strengthen its leading edge in the domestic infrared core device field, and launch an employee stock ownership plan to boost market confidence. In the next 20 years, the market size of China's "fourth generation" anti-tank missile system is expected to exceed 15 billion, which will benefit the company in the long term.

3

Why did the company's gross profit margin decrease, expense ratio increase and net operating cash outflow increase significantly in 2019H1?

4

三只松鼠的投资建议是什么？

5

Investment rating: No rating for now.

6

盈利预测与投资评级：预计2020-2022年EPS分别为0.54元、0.66元和0.76元，对应估值分别为65倍、52倍和46倍。考虑到公司是国内血制品行业龙头，但产能利用率还有较大提升空间，公司成长空间较大，维持“买入”评级。

7

这家公司通过发行股份及现金支付方式获得老挝优质钾肥资源，进军氯化钾的开采、生产及销售领域，迈出了转型升级的重要一步，并将显著增厚公司业绩和增长空间。投资建议为买入-A评级，目标价11元。

8

蒂尔公司在无人机展览会上展出的无人机型具备侦察、火灾监控、数据收集等功能。未来10年，全球无人机总需求预计达到910亿美元。

9

The company's performance is slightly expected, the 2011 annual report shows that the annual revenue of 2.371 billion yuan, an increase of 7.32% compared with the same period last year; The operating profit of 163 million yuan, 2.09% lower than the same period last year; The total profit was 192 million yuan, down 7.24 percent; Net profit attributable to shareholders of listed companies was 149 million yuan, down 15.54% compared with the same period last year; The gross profit margin of products was 23.30%, down 1.2 percentage points from the same period last year, and the decline in profitability led to the company's increased revenue without increasing profit. The scale of construction machinery transmission business increased slightly, achieving business revenue of 1.121 billion yuan, up 11.91% year on year, gross profit margin of 17.56%, down 3.2 percentage points year on year, profitability was significantly affected by the downturn in the downstream construction machinery boom; The company achieved the sales of 37,121 loader gearboxes throughout the year, with a market share of about 15%; 5167 sets of roller transmission, 23.9% market share; 4,096 gear boxes of grader, market share of about 80.9%, the single dependence on loader is reduced, the scale advantage is still obvious.

10

2021年科伦药业实现营业收入172.29亿元，同比增长4.64%，归母净利润10.96亿元，同比增长32.16%。主要得益于输液板块增速恢复，新药板块放量对公司整体营收推力明显。收入端看Q1-Q4逐季向好，主要驱动因素是公司全力拓展输液、非输液制剂产品市场，公司非输液制剂板块持续放量，多个品种增速强劲，拉动公司收入和利润增长。

11

EPS is expected to be 0.28, 0.42 and 0.52 yuan in 2016-2018, and corresponding PE is 55.62 times, 37.67 times and 30.50 times. In view of the company's future strategy of "public safety + Internet of Things", which takes Internet of Things as the technology core and public safety as the application core, can be given 50-55 times PE, and the reasonable price range is 21-23 yuan in the next 12 months.

12

Fourth quarter gross profit margin increase beyond expectations, the first quarter of positive business strategy effect.

13

这篇文章主要讲了什么？

14

公司在电子特气业务方面的发展战略是什么？

15

Electrolyte project multi-point flowering, LiPF6 expansion is progressing smoothly.

16

公司本次募集项目的用途是什么？投产后会带来哪些变化？

17

EBITDA达到636.4亿元，同比增长7.0%。

18

士兰明芯公司有望在LED市场中取得良好业绩的原因有四个：一是硅材料价格处于底部区域，有利于公司成本控制；二是公司管理效率不断改善，提高了运营效益；三是公司新品不断放量，占比不断提高，有助于增加市场份额；四是全球半导体市场“V”型复苏，订单加速向中国大陆流动，有助于提升公司业绩。此外，士兰明芯公司在国内户外彩屏市场拥有60%左右的份额，并且拥有良好的口碑。公司还计划扩大LED芯片产能。根据预计，士兰明芯公司的EPS在2009至2011年分别为0.20、0.27、0.40元，这也给予了公司“推荐”投资评级。综合以上因素，士兰明芯公司有望在LED市场中取得良好业绩。

19

The company's choice to enter the field of cultural media is based on its dormant momentum in recent years and full preparation in the early stage of transformation, the strategic choice of repositioning the future development direction.

20

With the optimization of the dealer system and the acceleration of the multi-channel layout, the wardrobe industry will maintain a steady growth; Cabinets and wooden doors are expected to be introduced to the market successively in 2018, providing new growth points for medium - and long-term growth.

21

According to the investment rating, A company is expected to make a net profit of 729, 879 and 1.017 billion yuan respectively from 2021 to 2023.

22

东方日升2010年的高收入增长主要是由于什么原因？

23

土壤修复业务已准备就绪，只待政策东风。

24

根据上述内容，招商银行2021年1季度的贷款较年初增长了5.6%，存款增长了3.5%。

25

我们认为，农业拟除虫菊酯类杀虫剂将受益于发达国家取代有毒农药的趋势。目前，我公司是国内唯一一家从基础化工原料出发，合成中间体，生产拟除虫菊酯的公司。

26

公司在2019年实现了什么样的收入增长和利润表现？

27

2. 国内解决方案持续量增，海外保持高增长，扩大全球第一领先优势。

28

Investment advice: In the second quarter, Bank of Ningbo benefited from the rapid growth of loan scale and accelerated growth of performance. We forecast that in 18/19, Bank of Ningbo's net profit growth rate will be 17.38%/18.82%, PE 7.82x /6.58 times. PB is 1.34 times /1.18 times, giving the "overweight" rating.

29

根据上述内容，2018年旭创的毛利率有望回升，并且费用压力有望下降。毛利率的回升预计是由于100G光模块价格下降将缓解，同时伴随铜陵扩产后带来的规模效用。而费用方面，预计相关费用将有所下降，因为合并所产生的相关费用在2018年预计会减少。因此，2018年旭创的毛利率有望回升，费用压力有望缓解。

30

另外，由于售电量的上涨也摊薄了度电成本。

31

报告期内公司实现营业收入151679.28 万元，同比增长了8.80%；实现营业利润15328.76 万元，同比下降了4.21%；实现净利润（指新会计准则中的归属于母公司所有者的净利润）10984.12 万元，同比增长了25.82%；每股收益为0.58 元，低于我们的预期；每股经营性净现金流为0.88 元，分红预案为向全体股东每10 股派现4.00 元（含税）。

32

Why did the company's expense ratio fall sharply in the first half of the year?

33

成都银行的业绩表现如何？投资建议是什么？

34

2012年的净资产收益率为16.4%，收购上海国际信托可能会稀释该行的净资产收益率(2012年为20.9%)。

35

1) In the first three quarters, controllable installed capacity and on-grid power increased by 31.9% and 23.5% year-on-year respectively.

36

The market's understanding of the company is undergoing further changes. The comparable companies of the company should be service platform companies such as Cailife, 365net, etc., and give the company a 27X valuation in 2015 with a corresponding target price of 18.09 yuan.

37

Organic pigment prices rose sharply to drive revenue and profit growth in the first half of the year. The double growth of the company's revenue and net profit in the first half of the year was mainly caused by the sharp increase in the price of the company's organic pigments compared with the same period last year when the supply of environmental protection contracted after the "321-Xiangshui" incident.

38

公司2季度销售收入增速超过了销量增速是因为公司进行了产品销售结构调整，产品均价上升，导致销售收入同比增速达到了81%，超过了销量同比增速的72.15%。

39

根据上述内容，公司的滴眼液收入增速有所回升，2016年中报同比增长6.95%。预计2017年，公司的滴眼液产品收入将延续较高增长态势。

40

公司主要从事以特许经营模式的城市生活垃圾焚烧发电、厨余、污泥等垃圾处理项目的运营业务;同时，公司及子公司自主研发、制造、销售核心垃圾焚烧处理设备、渗滤液处理、餐厅厨余垃圾处理等设备，供公司垃圾处理项目建设运营使用，并逐步开展设备销售。

41

根据上述内容，锂电隔膜行业在2020年有望实现怎样的发展？

42

Based on the above, the company expects to obtain after-tax proceeds of more than $1.3 billion through the sale of housing and land ownership in 11 owned store properties and the signing of long-term leases.

43

赣锋锂业的产能释放情况如何？未来有哪些投资建议？

44

按照450万美元/吨的报价，全球尼古丁需求量估计在700吨以上。

45

The success of the price hike for the new Common Wuliangye in June will depend on balanced supply and demand. If supply and demand are not balanced, distributors could suffer from price inversion, where the wholesale price becomes lower than the ex-factory price.

46

张裕公布的09年上半年盈利与预测相比有何不同之处？

47

What will be the impact of the pandemic on the company's net sales margin in 2020? What changes are expected in 2021?

48

公司的主要业务包括光膜、电容器、金属化镀膜、晶体谐振器、晶片和橡胶防老剂。受金融危机的影响，公司原有产品需求下降。

49

The production ramp-up of blade battery and a series of new models are expected to support BYD's sales performance in the short term.

50

According to the above, the company's coal production growth slowed down because of the impact of falling coal prices.

51

What is the main business of Fangtai Precision Carbon Material Co., LTD.? What is the biggest attraction of the company?

52

In 2011, the company's profit distribution plan exceeded market expectations, mainly because the company's net profit attributable to shareholders of listed companies increased by 46.22% year-on-year, reaching 292 million yuan. This was mainly due to the substantial increase in the investment income of Bibi Chemical in 2010. Due to the downstream demand, the PTA industry in 2010 was in short supply, resulting in an average PTA price increase of 14%. The company's Bibi chemical investment income also increased from 93.13 million yuan in 2009 to 223 million yuan, an increase of 139%. Therefore, the company's profit distribution plan exceeded market expectations, reflecting the company's confidence in its development prospects and getting ready for the rights issue in the later stage.

53

During the reporting period, the company's operating revenue declined by 18.37% year-on-year, marking the second consecutive year of negative growth. The revenue of all businesses decreased: 1) The beer business of the company was affected by low temperature, continuous rainstorm and flood, the crackdown on drunk driving, and the squeeze of first-tier brand beer, the sales volume decreased by 5.84% and the sales revenue decreased by 14.73%; 2) The malt business of the company was affected by the continuous low malt price, and the operating revenue decreased by 46.14% compared with the same period last year; 3) The operating income of the company's beverage business also decreased by 16.41% compared with the same period last year.

54

复星时尚的核心观点是什么？

55

At what pace is the feed capacity expected to expand overseas in the next two years?

56

业务方面，2014年营收增长7%，主要是日用品和化妆品行业收入增加所致。

57

中国重汽：固定资产投资增速创5年新高，半挂牵引车月销量持续回升

58

Last year, the company completed the "return to zero" competition of H sales lines nationwide. Next year and next year, we may reform the system of 7 sales companies to enhance the enthusiasm of sales.

59

公司未投产募投项目建设的不确定性可能会对公司盈利能力产生负面影响。由于项目建设尚未开始或完成，公司无法确保项目能按计划顺利进行，可能面临项目延期、成本增加等风险。如果项目建设受阻或无法达到预期效果，公司可能无法获得预期的收益，从而影响公司的盈利能力。因此，公司需要谨慎评估并管理好未投产募投项目建设的不确定性，以减少对盈利能力的不利影响。

60

同时，公司预计2018年前三季度归属于上市公司股东的净利润为63500.60-68500.60万元，因此公司三季度将实现净利润约3 - 3.5亿元。

61

根据上述内容，公司在2019年一季度通过发行公司债券、境外发债以及超短融资券进行了融资。具体包括10亿元公司债、6.3亿美元的境外债券、25亿元的270天超短期融资券。

62

太钢不锈2015年3季度业绩亏损的原因主要是由于需求疲低迷和不锈钢价格下跌所导致。3季度需求持续疲弱，不锈钢价和普钢价格同比分别下跌27.74%和31.03%，其中不锈钢价格的下跌导致公司业绩下滑较大，从上半年的盈利转变为亏损。此外，人民币贬值也给公司带来了汇兑损失，加重了公司3季度的亏损。

63

公司与郴州平背建筑组成的联合体能够成为郴州有色金属产业园区林邑生态公园及配套工程项目投标中标候选人第一名，是因为工程采用BT建设模式，由铁汉生态负责全部投资，房建部将由郴州平背建筑负责施工，体现了公司资金优势。此外，铁汉生态处于脉冲式成长延续期，融资能力较强，加上行业处于黄金年代且资金驱动，铁汉受益资金优势将持续体现。

64

The company plans to use the overraised funds to increase capital to its wholly-owned subsidiary to build the production line of enamel corrugated plate heat transfer components with an annual output of 5000 tons. What is the expected new annual sales revenue and net profit respectively?

65

The company announced the capacity construction of its subsidiaries in Henan and Liaoning.

66

销售价格方面，2018年Q3公司综合平均销售价格为428元/吨，同比上涨10元/吨，环比上涨约4.5元/吨。Q3自产煤的平均单位成本为106.3元/吨，环比下降约6元/吨。外包煤炭成本的增加，导致Q3煤炭事业部单位成本较Q2有所上升。

67

在业绩增速方面，光大银行净利润增速低于2016年2.71%的股份制银行平均水平，仅高于中信银行。2017年上半年，增速为3.04%，提升至行业中等水平。净息差低导致营业收入不足是影响光大银行业绩的主要原因。

68

1)受《泰囧》票房成功带动，2012年公司影视业务实现营业收入6.45亿元(收入占比62.4%)，净利润1.57亿元(光线影业净利润占比50.6%)，同比分别增长131.5%和573.8%，是公司收入和利润增长的主要来源。2)根据公司规划，2013年公司将有《二探》、《四大名捕》等8部影片继续上映，《上海滩》等6部影片将开拍，有望推动公司电影业务持续增长，成为股价表现的催化剂。3)根据计划，公司2013年的TV电视剧业务将由以往投资获取固定收益的模式向以投资为主转变。目前，预计2013年将有8部TV获得发行许可，7部TV有望开拍。我们预计，随着公司TV剧业务战略转移的不断推进，TV剧业务有望为公司贡献可观的收入(详细分析请参见我们3月7日发布的《光线媒体深度研究报告》)。

69

The basic orientation of the company is good. After adjustment, the south Sichuan API base will turn from loss to profit. In the future, patent drug enterprise intermediates, API and pharmaceutical products are the growth points of the company. According to the profit forecast, the forecast price-earnings ratio is 25 times, 18 times, 14 times, the current stock price has basically reflected the negative factors of equity fighting, but there are still buying opportunities. Short-term investors can wait for the shareholder conflict to become clear, while medium - and long-term investors can consider buying.

70

Which of the company's products have broad application prospects in the future? Which capacity construction will be used for the private placement plan?

71

Careful online/offline risk control.

72

2) Cooperation term The 3+7 mode has two cooperation terms, the first three years and the second seven years.

73

Maintain the company's 2010 performance forecast, EPS 0.80.

74

煤炭产量价格成本的稳定如何影响了运输板块的收入利润？

75

Why does the investment recommendation maintain a "buy" rating?

76

中信证券收购广州证券后，将如何利用其前端客户资源与中信证券的优势业务结合，推进全国范围内的财富管理转型？

77

对于中长期投资者，该股票的投资价值在哪里？

78

松节油价格整体企稳，化工深加工业务有望触底反弹。

79

由于去年同期3600万美元的绩效薪酬，营业外收入大幅下降，导致净利率下降0.4个百分点。

80

国内外订单均大幅增加。1 - 2月国内新签合同总额101.59亿元，增长71.17%;海外新签合同金额由2017年1 - 2月的30.9亿元增至77.18亿元，增长149.77%。其中，丹格特炼油项目核心区安装建设总承包3002、俄罗斯鄂木斯克原油深度转化项目、恒益文莱PMB石化项目新增3个大型海外合同，贡献了公司海外合同总量的近85%。

81

The increase in expenses during 2012 was obviously due to increased investment in CS domain, PS domain and next generation LTE network testing in response to customer demand, which resulted in a substantial increase in R&D expenses. The balance of systems projects under construction in the inventory account continued to grow and remain at a high level, laying a solid financial foundation for the Company's revenue growth in the coming accounting periods.

82

金瑞科技控股股东长沙矿冶院拟将其持有的长远锂科35%的股权以评估价作为交易底价在产权交易所公开挂牌转让，金瑞科技受让长远锂科35%股权后持股比例将达到多少？

83

金地集团的净利润同比增长了多少？核心净利润同比增长了多少？

84

How was the performance of Agricultural Bank in the third quarter of 2019?

85

What measures have been taken to improve the company's business risk under the impact of the epidemic?

86

F-652: Currently, three indications are in clinical stage, GVHD (graft-versus host disease, USA) indication trial is in clinical IIa stage, and orphan drug application has been completed, and clinical data and other materials are being actively supplemented according to FDA feedback. If orphan drug is approved (high probability will be known this year), it will be directly marketed after completing phase 2 b with high probability. The market size is expected to reach 300-500 million US dollars in the future.

87

公司沸石环保材料V-1一期产能满负荷运作，而二期沸石环保材料进程预计于2016年陆续投产。请问公司在全球高端SCR汽车尾气处理市场的竞争优势将如何提升？

88

为什么分析师上调了该公司的盈利预测并维持“增持”评级？

89

In terms of a single quarter, the revenue and net profit in the third quarter increased by 54.47% and 103.58% year-on-year, respectively, and 6.7% and 5.7% quarter-on-quarter.

90

南国置业的主要产品是什么？它与其他金融产品有什么不同之处？

91

The raised funds are mainly used to build supporting facilities at the company headquarters and set up subsidiaries in Shijiazhuang and Hubei to engage in driving training business.

92

The company is in a leading position in the field of conversion catalyst in China. The comprehensive technology of its subsidiary Liming Yuan is at the international advanced level. The related efficient palladium catalyst and its supporting working liquid system are sought after by the market. The company collaboratively drives the production and sales of catalysts through technical services. Driven by the continuous construction investment in China's chemical industry, the company has a large market space for catalyst business. In addition, the company plans to invest 420 million yuan in the construction of clean energy catalytic material industrialization base project, which is expected to help the company to meet market demand and improve competitiveness. Therefore, the company's catalyst business has a broad market prospect.

93

公司对复方阿胶浆已有十多年的准备，商标保护、学术研究、功效开发、包装完善等，已经具备突破增长的实力。目前，公司已经将复方阿胶浆市场从医疗端转向OTC端，从地县级城市转向一线城市，今年不断加大地推，同时线上积极宣传，我们认为阿胶浆全年有望增长超40%。

94

In the third quarter, revenue and net profit increased by 43.0% and 56.4%, respectively.

95

1-3Q20 results, the company's revenue increased by 29.0% year-on-year, net profit attributable to the mother increased by 0.7% year-on-year. In the single quarter, 3Q20's revenue increased 68.6 percent year on year, while net profit attributable to mother increased 69.6 percent.

96

According to the summary of the report, what is the position of the juice tea business and brewing business in the development of the company?

97

5.风险提示：。

98

We believe that the ejiao block sales are expected to remain stable and profits will increase steadily as the company's marketing investment increases after this price increase.

99

为什么公司的利润增速低于营收增速？