maidalun1020/CrosslingualRetrievalFinanceZh2En

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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	According to the company's plan, the number of business departments will reach 40 in three years, the brokerage market ranking will rise from 47 in 2008 to near 30, with a market share of 1%.
2	盈利预测及投资评级:公司收入结构持续优化，西药制剂和原料药的增长可以对冲部分中药制剂业绩下滑带来的风险。预计短期内西药制剂及原料药业务将继续平稳增长，而参芪扶正及大鼠神经生长因子营收及利润占比将快速下降。
3	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。
4	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.
5	Why did the company's gross profit margin decrease, expense ratio increase and net operating cash outflow increase significantly in 2019H1?
6	三只松鼠的投资建议是什么？
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	2015年6月底，民生银行不良贷款环比增加14.7%，不良率环比增加13bp至1.36%，经核查真实不良生成率为1.27%。
10	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.
11	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。
12	Fourth quarter gross profit margin increase beyond expectations, the first quarter of positive business strategy effect.
13	In April 2021, the company announced the 2021 annual private offering plan for A-shares, raising 3.7 billion yuan. At present, the announcement has responded to the feedback of China Securities Regulatory Commission.
14	事件:2014年上半年，公司实现营收7.6亿元，同比增长7.00%;净利润2.2亿元，较去年同期下降3.87%;而扣除非经常性损益后归属于公司普通股股东的净利润为2.13亿元，同比下降3.42%。公司实现每股收益1.35元。
15	这篇文章主要讲了什么？
16	At the same time, the product structure of the company has been further optimized. The proportion of middle and high-end products such as thermoplastic yarn, electronic yarn and wind power yarn has exceeded 50%. The ultra-fine yarn of electronic yarn has begun to achieve small batch supply.
17	公司在电子特气业务方面的发展战略是什么？
18	1)天狮:中国餐饮业规模近2万亿。随着移动互联网的普及，餐饮O2O市场正处于爆发式增长期，2014年达到943亿(渗透率仅为4%左右)，预计2017年将达到2000亿。环境有利于三全生鲜食品的推广。2)地理位置:“三全生鲜”项目将消费者、移动互联网APP、工厂、智能自动售货机连接成一个闭环，可复制性强，在商业租金和人工成本上涨的背景下具有显著优势。结合三全食品加工和冷链配送的资源优势，三全生鲜食品模式优势明显。
19	公司本次募集项目的用途是什么？投产后会带来哪些变化？
20	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。
21	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.
22	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.
23	东方日升2010年的高收入增长主要是由于什么原因？
24	土壤修复业务已准备就绪，只待政策东风。
25	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%。
26	公司在2019年实现了什么样的收入增长和利润表现？
27	The announcement shows that the company has signed a lithium equipment cooperation framework agreement with Northvolt in 2019 with a total amount of 1.939 billion yuan. With the implementation of Northvolt's lithium power projects in Europe, it is expected that the company will gradually receive equipment orders.
28	1)新品类:2014年成功推出植物蛋白饮料、常温酸奶，品类扩张能力得到验证。饮料、休闲食品是未来扩张的方向，品类扩张带来外延扩张的预期。
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	Why did the company's expense ratio fall sharply in the first half of the year?
31	成都银行的业绩表现如何？投资建议是什么？
32	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%)。
33	风险因素。钨、稀土价格下跌；电池材料扩产项目不及预期等。
34	“年产5万吨耐高温、耐腐蚀、高强度特种不锈钢深加工项目”和“永兴特钢企业技术中心建设项目”已建成。整体项目预计今年上半年投产，2017年产量有望达到30万吨，同比增长25%左右。产能释放将直接利好公司未来业绩增长;。
35	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%。
36	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。
37	索菲亚在2018年净增加了310家门店，低于其预期的400家门店，其零售渠道的扩张也略低于预期。
38	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.
39	根据上述内容，锂电隔膜行业在2020年有望实现怎样的发展？
40	赣锋锂业的产能释放情况如何？未来有哪些投资建议？
41	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.
42	张裕公布的09年上半年盈利与预测相比有何不同之处？
43	收入为176亿元人民币，同比增长27%，比我们的预期高出1%。
44	In 2012, the global MDI only expanded its output by 300,000 tons in Wanhua, and in 2013, it only expanded its output by 300,000 tons in Wanhua.
45	What will be the impact of the pandemic on the company's net sales margin in 2020? What changes are expected in 2021?
46	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。
47	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.
48	According to the above, the company's coal production growth slowed down because of the impact of falling coal prices.
49	What is the main business of Fangtai Precision Carbon Material Co., LTD.? What is the biggest attraction of the company?
50	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.
51	In addition, the 300,000 MT TDI project, 80,000 MT PMMA project and 50,000 MT MMA project were completed in December 2018 and January 2019 respectively, and the 1 MT ethylene project and 400,000 MT MDI project in the US were started in 2017.
52	复星时尚的核心观点是什么？
53	At what pace is the feed capacity expected to expand overseas in the next two years?
54	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。
55	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。
56	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。
57	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。
58	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?
59	风险提示:市场竞争加剧，供给释放过快，行业需求下降。
60	The termination of Monalisa private placement is also related to the re-pricing of private placement, the criteria of war investment participants and the adjustment of the lockup period.
61	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。
62	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.
63	Which of the company's products have broad application prospects in the future? Which capacity construction will be used for the private placement plan?
64	Careful online/offline risk control.
65	Risk tips: silicon wafer gross profit margin improvement is lower than expected; Additional issuance and expansion process is lower than expected.
66	Maintain the company's 2010 performance forecast, EPS 0.80.
67	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？
68	考虑到未来处方药预计会进一步流出，公司持续受益，我们给出公司全年营收145.28/184.67/ 237.57亿元，归属于母公司净利润1.6/13.5/ 17.1亿元，每股收益1.6/21/2.6元，稀释后当前股价为64/50/39倍PE。
69	In addition, in 2018, the company will cooperate with other foreign manufacturers to launch a compatible biochemical immune production line, using Hitachi pretreatment, Hitachi biochemical analyzer and TESMI, and compatible with other immunoanalytical instruments, the company can take part in the main testing platform supply competition of medium and large hospital laboratories.
70	Why does the investment recommendation maintain a "buy" rating?
71	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？
72	对于中长期投资者，该股票的投资价值在哪里？
73	Looking ahead to 2021, with the sales volume of the already launched Tank 300, Euler Good Cat, intermediate modified Havre M6PLUS and Havre First Love, and WEY Mocha and WEY Macchiato to be launched soon, the sales volume will continue to increase.
74	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.
75	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？
76	Investment risks mainly exist in the downturn of the automobile industry, the performance of supporting models is not ideal and the impact of the risk of extension expansion.
77	With the smooth recovery of the epidemic, hospital-end marketing was resumed. Additional capital is planned to expand production capacity of blood products.
78	How was the performance of Agricultural Bank in the third quarter of 2019?
79	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？
80	What measures have been taken to improve the company's business risk under the impact of the epidemic?
81	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？
82	When DCF valuation is adopted, the value brought to shareholders by its low-cost acquisition of hotels can ultimately be reflected through discounted cash flow.
83	On the other hand, the net profit of the first quarter of last year is obviously low, low base effect is strong.
84	为什么分析师上调了该公司的盈利预测并维持“增持”评级？
85	Under the vigorous promotion of PPP mode, the company has accumulated more than 4.1 billion yuan of orders by virtue of the technical advantages of data business and capital accumulation. From the perspective of project influence, the company's three existing projects have been included in the "List of the third Batch of government-social Capital Cooperation Demonstration Projects" jointly issued by the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and 19 other ministries and commissions.
86	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？
87	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.
88	（2）若将运费还原回原会计科目，2020全年/2020Q4公司销售费用率分别为8.96%/8.42%，同比+0.80/+1.97pcts。（3）2020全年/2020Q4管理费用率分别为6.28%/6.93%，同比+0.6/-0.54pcts。
89	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.
90	In the third quarter, revenue and net profit increased by 43.0% and 56.4%, respectively.
91	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.
92	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?
93	Our target price of $10.4 /sh is derived from a mixed PER valuation ($11.1 /sh based on 11.4 times target PER) and DCF-based valuation ($9.7 /sh based on 8.0%WACC).
94	为什么公司的利润增速低于营收增速？
95	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.
96	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%.
97	Why does 21Q2 company's gross profit margin rise and net profit rate fall?
98	First, the company's technology accumulation, based on its current 5.8GHz wireless communication chips and other bands, will help it further develop its internet-of-vehicles chips.
99	公司依托保利协鑫集团，产业链上下游协同优势明显。我们重申看好公司在行业中的领先地位。

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

According to the company's plan, the number of business departments will reach 40 in three years, the brokerage market ranking will rise from 47 in 2008 to near 30, with a market share of 1%.

2

盈利预测及投资评级:公司收入结构持续优化，西药制剂和原料药的增长可以对冲部分中药制剂业绩下滑带来的风险。预计短期内西药制剂及原料药业务将继续平稳增长，而参芪扶正及大鼠神经生长因子营收及利润占比将快速下降。

3

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。

4

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.

5

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

6

三只松鼠的投资建议是什么？

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

2015年6月底，民生银行不良贷款环比增加14.7%，不良率环比增加13bp至1.36%，经核查真实不良生成率为1.27%。

10

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.

11

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。

12

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

13

In April 2021, the company announced the 2021 annual private offering plan for A-shares, raising 3.7 billion yuan. At present, the announcement has responded to the feedback of China Securities Regulatory Commission.

14

事件:2014年上半年，公司实现营收7.6亿元，同比增长7.00%;净利润2.2亿元，较去年同期下降3.87%;而扣除非经常性损益后归属于公司普通股股东的净利润为2.13亿元，同比下降3.42%。公司实现每股收益1.35元。

15

这篇文章主要讲了什么？

16

At the same time, the product structure of the company has been further optimized. The proportion of middle and high-end products such as thermoplastic yarn, electronic yarn and wind power yarn has exceeded 50%. The ultra-fine yarn of electronic yarn has begun to achieve small batch supply.

17

公司在电子特气业务方面的发展战略是什么？

18

1)天狮:中国餐饮业规模近2万亿。随着移动互联网的普及，餐饮O2O市场正处于爆发式增长期，2014年达到943亿(渗透率仅为4%左右)，预计2017年将达到2000亿。环境有利于三全生鲜食品的推广。2)地理位置:“三全生鲜”项目将消费者、移动互联网APP、工厂、智能自动售货机连接成一个闭环，可复制性强，在商业租金和人工成本上涨的背景下具有显著优势。结合三全食品加工和冷链配送的资源优势，三全生鲜食品模式优势明显。

19

公司本次募集项目的用途是什么？投产后会带来哪些变化？

20

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。

21

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.

22

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.

23

东方日升2010年的高收入增长主要是由于什么原因？

24

土壤修复业务已准备就绪，只待政策东风。

25

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%。

26

公司在2019年实现了什么样的收入增长和利润表现？

27

The announcement shows that the company has signed a lithium equipment cooperation framework agreement with Northvolt in 2019 with a total amount of 1.939 billion yuan. With the implementation of Northvolt's lithium power projects in Europe, it is expected that the company will gradually receive equipment orders.

28

1)新品类:2014年成功推出植物蛋白饮料、常温酸奶，品类扩张能力得到验证。饮料、休闲食品是未来扩张的方向，品类扩张带来外延扩张的预期。

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

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

31

成都银行的业绩表现如何？投资建议是什么？

32

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%)。

33

风险因素。钨、稀土价格下跌；电池材料扩产项目不及预期等。

34

“年产5万吨耐高温、耐腐蚀、高强度特种不锈钢深加工项目”和“永兴特钢企业技术中心建设项目”已建成。整体项目预计今年上半年投产，2017年产量有望达到30万吨，同比增长25%左右。产能释放将直接利好公司未来业绩增长;。

35

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%。

36

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。

37

索菲亚在2018年净增加了310家门店，低于其预期的400家门店，其零售渠道的扩张也略低于预期。

38

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.

39

根据上述内容，锂电隔膜行业在2020年有望实现怎样的发展？

40

赣锋锂业的产能释放情况如何？未来有哪些投资建议？

41

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.

42

张裕公布的09年上半年盈利与预测相比有何不同之处？

43

收入为176亿元人民币，同比增长27%，比我们的预期高出1%。

44

In 2012, the global MDI only expanded its output by 300,000 tons in Wanhua, and in 2013, it only expanded its output by 300,000 tons in Wanhua.

45

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

46

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。

47

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.

48

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

49

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

50

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.

51

In addition, the 300,000 MT TDI project, 80,000 MT PMMA project and 50,000 MT MMA project were completed in December 2018 and January 2019 respectively, and the 1 MT ethylene project and 400,000 MT MDI project in the US were started in 2017.

52

复星时尚的核心观点是什么？

53

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

54

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。

55

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。

56

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。

57

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。

58

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?

59

风险提示:市场竞争加剧，供给释放过快，行业需求下降。

60

The termination of Monalisa private placement is also related to the re-pricing of private placement, the criteria of war investment participants and the adjustment of the lockup period.

61

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。

62

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.

63

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

64

Careful online/offline risk control.

65

Risk tips: silicon wafer gross profit margin improvement is lower than expected; Additional issuance and expansion process is lower than expected.

66

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

67

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？

68

考虑到未来处方药预计会进一步流出，公司持续受益，我们给出公司全年营收145.28/184.67/ 237.57亿元，归属于母公司净利润1.6/13.5/ 17.1亿元，每股收益1.6/21/2.6元，稀释后当前股价为64/50/39倍PE。

69

In addition, in 2018, the company will cooperate with other foreign manufacturers to launch a compatible biochemical immune production line, using Hitachi pretreatment, Hitachi biochemical analyzer and TESMI, and compatible with other immunoanalytical instruments, the company can take part in the main testing platform supply competition of medium and large hospital laboratories.

70

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

71

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？

72

对于中长期投资者，该股票的投资价值在哪里？

73

Looking ahead to 2021, with the sales volume of the already launched Tank 300, Euler Good Cat, intermediate modified Havre M6PLUS and Havre First Love, and WEY Mocha and WEY Macchiato to be launched soon, the sales volume will continue to increase.

74

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.

75

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？

76

Investment risks mainly exist in the downturn of the automobile industry, the performance of supporting models is not ideal and the impact of the risk of extension expansion.

77

With the smooth recovery of the epidemic, hospital-end marketing was resumed. Additional capital is planned to expand production capacity of blood products.

78

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

79

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？

80

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

81

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？

82

When DCF valuation is adopted, the value brought to shareholders by its low-cost acquisition of hotels can ultimately be reflected through discounted cash flow.

83

On the other hand, the net profit of the first quarter of last year is obviously low, low base effect is strong.

84

为什么分析师上调了该公司的盈利预测并维持“增持”评级？

85

Under the vigorous promotion of PPP mode, the company has accumulated more than 4.1 billion yuan of orders by virtue of the technical advantages of data business and capital accumulation. From the perspective of project influence, the company's three existing projects have been included in the "List of the third Batch of government-social Capital Cooperation Demonstration Projects" jointly issued by the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and 19 other ministries and commissions.

86

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？

87

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.

88

（2）若将运费还原回原会计科目，2020全年/2020Q4公司销售费用率分别为8.96%/8.42%，同比+0.80/+1.97pcts。（3）2020全年/2020Q4管理费用率分别为6.28%/6.93%，同比+0.6/-0.54pcts。

89

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.

90

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

91

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.

92

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?

93

Our target price of $10.4 /sh is derived from a mixed PER valuation ($11.1 /sh based on 11.4 times target PER) and DCF-based valuation ($9.7 /sh based on 8.0%WACC).

94

为什么公司的利润增速低于营收增速？

95

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.

96

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%.

97

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

98

First, the company's technology accumulation, based on its current 5.8GHz wireless communication chips and other bands, will help it further develop its internet-of-vehicles chips.

99

公司依托保利协鑫集团，产业链上下游协同优势明显。我们重申看好公司在行业中的领先地位。