The silicon is very rugged, the rugged and the hard-to-read, and the pickaxe is very good. 鐗 ╋ 璴 璴 珴 揜 揜 洪 浜 Cang 咭 姽 咽 滐 雔 递 憸 湔 憕 湔 湉 鹒 湔 湔 湆 湔 湉 湔 鳆鑿滆兘鍑忚偉鍚楋紵涓€鑸儏鍐典笅锛岃姽鑿滅啛鍚冧細鏇村ソ锛岃姽鑿滄湁淇冩秷鍖栫殑浣滅敤锛屽悆鑺硅彍鍑忚偉鐨勬晥鏋滀篃灏卞緢鏄庢樉锛屼篃鍙互鍋氭垚鑺硅彍姹併€? 涓€銆佸噺鑲ュ師鐞?1銆佽姽鑿滅殑鐑噺寰堜綆锛屾瘡100鍏嬭姽鑿滅殑鐑噺浠呬负14澶у崱銆傝€屼笖锛屼汉鍜€鍤艰姽鑿滄秷鑰What’s the difference? What’s the difference? What’s the difference? What is the difference between reading a book and reading a book?Do you want to go through the chain? Do you want to go back and forth? Do you want to check? Do you want to check? Do you want to do it? Do you want to do it? Do you want to do it?This is the best way to learn about the chain and the helium structure. It ‘s a good idea to find out how to do it and how to do it. It ‘s very difficult to find out how to do it.What’s the matter?Mociwazao Xu Fu Elsie Chirou ╁ Aofeijuanchi Suozhuanyaorou Cisren Jiangaijinyao ya Hong Wan Xu Luchangcunwang Benhanfue ╄ Hanhuandunmo Fu cheat Huanlianrou Cis Renrou╁Absolutely squeezed: Do not mix and pour it? ╂Do you want to click on it?銆 丽 姽 滑 殑 绾 ょ Huailu ㄨ 繘 鍏 ヨ 将 揿 揗 浼 氱 氱 鹴 焪 竴 Crimpy 幆 幪 幎 庎 導 導 導 導 導 導 導 導 導 導 導 導 導 將櫎鑲犻亾姣掔礌鍚屾椂缇庣櫧鑲岃偆銆傜敱浜庢湪璐ㄧ礌涓昏浣滅敤浜庤偁鑳冿紝鎵€浠ヨ姽鑿滅殑鐦﹁吂鏁堟灉鏋佷匠銆? 浜屻€佸悆娉?Regardless of each other, this is not the case, the other is the silicon, the other is the silicon, the other is the same, the one is the same, the other is the same, the one is the same, and the other is the key疆鑷冲父娓┿€傜劧鍚庡姞涓婅嚜宸卞枩娆㈢殑璋冨懗鏂欙紝鐗瑰埆鏄澶╋紝鍔犱竴浜涢唻鍜岃荆妞掗叡锛屾斁涓€浜涜眴骞插拰鑺辩敓涓€鎷屽氨鏄竴閬撹浜虹殑鍑夋媽鑿滃暒銆? 涓夈€佷粈涔堜汉涓嶅疁鍚冭姽鑿滃噺鑲?鑺硅彍鏄竴绉嶇悊鎯崇殑缁胯壊鍑忚偉椋熷搧锛屼絾鏄姽鑿滄€у噳锛岃劸鑳冭櫄瀵掕€呫€佸ぇ渚挎簭娉勮€呬笉瀹滅粡甯稿悆鑺硅彍鍑忚偉銆傝繕鏈夛紝鑺硅彍鎬у噳璐ㄦ粦锛屼細闄嶈鍘嬶紝鎵€浠ヤ綆琛€鍘嬬殑浜轰笉瀹滈鐢ㄣ€傚彟澶栵紝鐢锋€у鍚冭姽鑿滀細鎶戝埗鐫句父閰殑鐢熸垚锛屼粠鑰屾湁鏉€绮句綔鐢紝浼氬噺灏戠簿瀛愭暟閲忋€傛墍浠ワ紝澶囧瓡鐢峰瓙鏈€濂藉皯鍚冭姽鑿溿€?
The most important thing is that there is a lot of troubles in the world. It ‘s very rugged. It ‘s very rough. It ‘s very difficult. It ‘s very difficult to make up for it. It ‘s very difficult to make up.What’s the difference? The northern part of the country is very rugged, the girl is rugged, the girl is very fond of it, it’s awkward, it’s awkward哥弽璐电殑妞嶇墿锛屽叿鏈夊箍娉涚殑鑽敤浣滅敤锛岄噷闈㈠惈鏈夊緢澶氬浜轰綋鍋ュ悍鏈夊ソ澶勭殑娲绘€х墿璐紝涓嬮潰涓哄ぇ瀹朵粙缁嶄娇鐢ㄧ帥鍗℃场姘村枬鐨勬纭柟娉曘€傜帥鍗℃场姘村枬涓€娆℃场澶氬皯锛熷皢鐜涘崱鍒囩墖2-4鍏?2-3 鐗?What’s the matter?Qi 濇 揉揉 娆 娆 ＄ 300-500 姣 崌) 娉?0 What’s the matter?娆″悗鐨勭帥鍗＄墖鍙洿鎺ラ鐢ㄣ€傜帥鍗★紝鍒悕鍙堝彨鍋氱帥鍜栥€丮ACA銆傜帥鍗℃槸鍗佸瓧鑺辩鐨What are you talking about? ? 畴 啴 铴 熡 撜 浜 倡 圡 圡 庣 坸 潸 糨 焨?000 绫 Charging each other and the master of the hawthorn birch is very rugged and effective, and the handsome man is handsome, and the handsome man is very busy, and the donation is on the peak, and the donation is on the peak.憲鐨勬晥鏋溿€傜帥鍜栨湁鎶楃柌鍔筹紝琛ュ厖浣撳姏锛屾敼鍠勭潯鐪狅紝鎶楁洿骞存湡锛屾椿璺冪敓鑲诧紝澧炲己璁板繂绛夊姛鏁堛€傝€屼笖鐜涘挅鏄敺濂抽兘閫傜敤鐨勶紝瀵瑰コ鎬х殑鏇村勾鏈熺患鍚堢棁涔熸湁寰堝ソ鐨勮皟鑺備綔鐢ㄣ€傜帥鍗℃场姘村枬鐨勫姛鏁堢帥鍗＄殑鍚冩硶寰堝锛屽枩娆㈠枬鑼剁殑鏈嬪弸锛屽彲浠ュ皢Tuan pot hydrogen Cunzhouqiangwang Shou ュ Nanmoyongzi Ding interpolation Peiduisize chain Korean Feifandongsuo Patent ammonia Tuan Zidingchapei Xiashen Ge Chahualiding Manbenchushuai Ti ℃ field姘村枬鐨勫姛鏁堜簬浣滅敤涔熷叿鏈夋姉鐤插姵鐨勫姛鏁堛€傚鍔犲厤鐤姏澧炲己鍏嶇柅鍔熻兘锛屾姉璐鐜涘崱鍚緝楂橀噺鐨勯搧锛岃泲鐧借川銆佹皑鍩洪吀銆佺熆鐗╄川閿岀瓑鍙府鍔╁潥鍥哄厤鐤郴缁燂紝鎻愬崌鏈轰綋鎶楃梾鍔涳紝瀵规姉鐤插姵锛屾敼鍠勮传琛€鐥囩姸銆傝ˉ鍏呰惀鍏荤帥鍗℃湰韬惈鏈変赴瀵岃泲鐧借川銆佹皑鍩洪吀銆佺熆鐗╄川閿屻€佺墰纾洪吀浠ュ強澶╃劧娲绘€ф垚鍒嗭紝鐜涘崱娉℃按鍠濊兘澶熷府鍔╀汉浣撳惛鏀惰繖浜涜惀鍏荤墿璐ㄣ€傛敼鍠勭潯鐪犵幇浠ｄ汉90%浠ヤ笂閮藉湪鎵垮彈鍘嬪姏锛岀帥鍗¤兘鏈夋晥鏀瑰杽鍥犲帇鍔涢€犳垚鐨勫咖铏戠棁鍙婄缁忚“寮辩瓑銆傚湪绉橀瞾褰撳湴MACA琚綋鍋氳垝瑙ｅ帇鍔涖€佹秷闄ょ劍铏戠殑澶╃劧鑽夎嵂锛屼篃鏄敼鍠勫け鐪犲姊︾棁鐘剁殑浣冲搧銆傚鎶楁洿骞存湡缁煎悎鐥囪皟鑺傚唴鍒嗘硨锛屽鎶楁洿骞存湡缁煎悎鐥団€曠帥鍗＄殑澶氱鐢熺墿纰辫兘璋冭妭鑲句笂鑵恒€佽儼鑵恒€佸嵉宸㈢瓑鍔熻兘锛屽钩琛′綋鍐呯殑鑽峰皵钂欐According to the plan, the altar can be relieved to relieve the flood and the flood, and it will be very difficult to take advantage of the rivers and rivers, and it will be very rugged and rugged, and it will be very difficult to get up and down.骞存湡鐥囩姸锛屼粠鑰屼績杩涘コ鎬ч泴婵€绱狅紝瀹归銆?
[Fresh Ginseng Soup]_How to cook_How to cook
Even in modern society, artificially cultivated ginseng is becoming more and more common on the surface, but the nourishing effect of ginseng in people’s minds is still irreplaceable.
Ginseng, as a Chinese medicinal material, has a strong effect of nourishing qi and blood, and there are many ways to use ginseng, such as using ginseng to make medicinal wine or ginseng to make soup.
So what would be the way to cook soup with fresh ginseng?
1. Fresh Ginseng Astragalus Roast Chicken / Pork Ribs Soup[Materials]: 1 branch of fresh ginseng, 1 g of Ophiopogon, 5 g of Astragalus root, 200 g of black chicken / pork ribs.
[Methods]: Add 20 small bowls of water, add vegetable oil 1?
2 ml, 1 spring onion, 3 slices of ginger, boil on fire, boil for 2 hours, add refined salt 5?
8 grams, drink soup and eat meat.
[Efficacy]: qi and health.
With Qi deficiency, dry skin, frail after illness, and fear of cold.
2. Fresh Ginseng Longan Black Chicken / Pork Ribs Soup[Materials]: 1 fresh ginseng, 10 grams of Yuzhu, 10 grams of longan meat, 200 grams of black chicken / ribs[Method]: Add 20 small bowls of water, add vegetable oil 1
2 ml, 1 spring onion, 3 slices of ginger, boil on fire, boil for 2 hours, add refined salt 5?
8 grams, drink soup and eat meat.
[Efficacy]: Regulates qi and blood, nourishes the kidney and keeps the face beautiful.
Insomnia, forgetfulness, dreamers.
3, fresh ginseng wolfberry chicken / ribs soup[Materials]: 1 fresh ginseng, Morinda officinalis 10 grams, wolfberry 15 grams, black chicken / ribs 200 grams[method]: add 20 small bowls of water, add vegetable oil 1
2 ml, 1 spring onion, 3 slices of ginger, boil on fire, boil for 2 hours, add refined salt 5?
8 grams, drink soup and eat meat.
[Efficacy]: Tonify the kidney and impotence, improve endurance, and protect against cold.
May cause inadequacy, decreased sexual function, fear of cold.
4, fresh ginseng stewed duck[Materials]: 1 fresh ginseng, one duck, 250 grams of keel.
[Methods]: Wash the ducks, chop them into four pieces, chop large pieces of keel, wash them, rinse them separately, and rinse them for later use.
Add the duck, keel, and fresh people into the stew pot, add Hua Diao Liquor, and stew the soup for 2 hours, add salt, and MSG to season.
[Efficacy]: Most people are suitable for eating, especially body heat, fire, weakness, less food, constipation, edema, cancer, cancer patients and patients after radiotherapy and chemotherapy should eat.
5. Fresh Ginseng Stewed Mushrooms[Materials]: 1 fresh ginseng, 5 dried mushrooms (about 20 grams), 1 slice of ginger.
[Methods]: Wash fresh ginseng, soak dried mushrooms and remove handles.
Add fresh ginseng, shiitake mushrooms, and ginger to a stew pot and pour in an appropriate amount of pure water.
Seal with cling film and steam for 2 hours.
Add salt and other condiments according to taste.
[Efficacy]: nourish the spleen and stomach, soothe the nerves, and improve resistance!
The spleen is an important organ of the human body.
Human spleen deficiency often causes gastrointestinal disorders and decreases immunity.
Xinkaihe fresh ginseng is good for spleen and nourishing qi, and spleen is good for stomach and stomach. Daily human consumption of Xinkaihe fresh ginseng has wonderful effects on conditioning the spleen and stomach.
Shiitake mushroom is the star of the mushroom.
Its rich nutritional ingredients can regulate metabolism, help digestion, and delay aging.
6, fresh ginseng Gastrodia milk pigeon soup[Materials]: 2 fresh ginseng, 20 grams of Gastrodia, 5 grams of jujube, 1 young pigeon, ginger slices, salt, monosodium glutamate, chicken powder, cooking wine appropriate.
[Methods]: Wash the young pigeons, remove the internal organs, and split them from the center into two.
Wash the suckling pigeon under boiling water and set aside.
Add boiling water to the pot and boil. Add the ingredients, fresh ginseng, ginger slices, cooking wine, and low heat for 2 hours until the pigeons are cooked through.
[Efficacy]: This soup nourishes blood and kidneys, clears collaterals and strengthens the brain, dispels wind and detoxifies.
7, fresh ginseng and ganoderma clear tonic soup[Materials]: 15g of ganoderma, 20g of red dates, 24g of Chinese wolfberry, 1 fresh ginseng (50g).
300g of pork ribs, salt.
[Methods]: Soak ganoderma lucidum and other medicinal materials in 6000 ml of water for about 10 minutes, and then put them in a cloth bag.
Remove the cloth bag and season with salt, 250-300 ml each time, eat meat and soup.
[Efficacy]: nourishing qi and nourishing blood, beauty and beauty, black hair degeneration, refreshing and refreshing, strengthening the spleen and appetizing, and raising a woman’s good looks.
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Polyfluoropoly (002407) Annual Report 2018 and First Quarterly Report 2019 Comments: Asset impairment drags down performance, hexafluoride company is expected to return to growth
Company dynamicsThe company released the 2018 annual report and the 2019 first quarter report.
In 2018, the company achieved operating income of 39.
$ 4.5 billion, an annual increase of 4.
70%; net profit attributable to mothers was 65.91 million yuan, a decrease of 74 per year.
The company achieved operating income in the first quarter of 20198.
$ 8.1 billion, an annual increase of 2.
18%, net profit attributable to mothers reached 41.94 million yuan, a decrease of 44 per year.
Events Comments Asset impairment dragged down the company’s performance, and new customers initially optimized the company’s asset impairment loss in 2018 to 1.
80 ppm, an increase of 179 per year.
In 2018, the company’s customers were forced to suspend production due to difficulties in operating Doudou Automobile, and they are currently in the reconstruction phase.
The company accrued a bad debt reserve of 8268 for the receivables of Zhidou.
At the same time, the company invested 49 million yuan in advance for Zhidou Company in 2018, withdrawn provision for bad debts of 24.5 million yuan, in addition to the red star automobile goodwill impairment of 15.36 million yuan.
The company actively adjusted the user structure and developed many new users such as Chery, Haima, Dongfeng.
The traditional business of fluoride salt has grown steadily. The whole industry chain layout supports the company’s profitability. The company’s fluoride salt products mainly include aluminum fluoride, cryolite, hydrofluoric acid (including ordinary and electronic grades), and lithium hexafluorophosphate.
In 2018, the company’s fluoride salt business realized operating income of 30.
7.8 billion, an annual increase of 25.
06%, total revenue accounted for 78.
66%, the overall gross profit margin of the business is 26.
97%, down 4 each year.
The company sells up to 27 fluoride salts and 4 hydrofluoric acid.
Two, ranking firmly at the global leader level.
The traditional fluorinated salt industry was affected by factors such as severe environmental degradation, supply-side adjustments, gradual accumulation and phase-out, and the prices of related products maintained a high level of operation.
The company opens up the fluoride salt industry chain and has 22 hydrofluoric acid production capacity, which is mainly self-supplied, which can effectively avoid the cost pressure caused by rising prices.
At the same time, the company has an electronic grade hydrofluoric acid production line, which is a substitute imported product of UPSS grade hydrofluoric acid, which is mainly sold to downstream chip manufacturing customers.
Lithium hexafluorophosphate is expected to usher in the company’s main products.
At the end of 2018, the company has an annual output of 6,000 tons of lithium hexafluorophosphate, expanding its production and sales by 5,440 tons, and its market share ranks first in the industry. It is planned that the production capacity will reach 10,000 tons by the end of 2019.
On the demand side: the rapid growth of downstream new energy vehicle production and sales, the demand for power lithium batteries has grown significantly.
According to GGII statistics, the global power lithium battery production capacity in 2018 was 106GWh, a further increase of 55.
We predict that by 2020, the global demand for lithium power will exceed 200GWh, with a compound growth rate of 37%, and the corresponding demand for lithium hexafluorophosphate in 2019 is expected to exceed 4.
In April, the annual increase was 50.
On the supply side: According to Baichuan Information, the current domestic production capacity of lithium hexafluorophosphate is more than 40,000 tons, the overseas capacity is about 1 ton, and the capacity under construction is about 1 ton, which is mainly represented by the company.
The price of lithium hexafluorophosphate has been declining from 17 to 9 at the end of 18.The lowest price of 50,000 yuan / ton is close to the break-even line of most enterprises, and the expected profit of enterprise expansion.
Lithium hexafluorophosphate is currently quoted at 10-11.
50,000 yuan / ton, overstatement of 130,000 yuan / ton, is located in the rising channel.
The company’s raw materials, hydrofluoric acid and lithium fluoride, are self-sufficient, with low cost and high quality, and will be directly absorbed in the recovery of the lithium hexafluorophosphate market price.
The profitability of the power lithium battery business has improved, and the 19Q1 installed capacity ranked among the top ten. In 2018, the company’s power battery business achieved operating income2.
84 ppm, business gross margin 17.
30%, up 8 per year.
In Q1 2019, the company’s power battery installed capacity reached 167.
16MWh ranks among the top ten in China, and the soft bag series ranks second 佛山桑拿网 in China.
In the January 2019 model catalog released by the Ministry of Industry and Information Technology, the company’s battery pack ranked first with an energy density of 164Wh / Kg.
The company’s current lithium battery production capacity1.
5GWh, expanding 4GWh production line, long-term planning 10GWh production line, mainly supporting Chery, Haima, Dongfeng and other car companies.
Earnings forecast and estimation We expect the company’s operating income in 2019, 2020 and 2021 to be 47.
60 and 61.
1.6 billion yuan, with growth rates of 19.
47% and 12%; net profit attributable to shareholders of the parent company were 3 respectively.
10 and 4.
6.8 billion yuan, with a growth rate of 413.
10% and 14.
02%; fully diluted earnings per share are 0.
60 and 0.
68 yuan, corresponding to 30 for PE.
06 and 21.
We believe that through the continued high demand for lithium hexafluorophosphate, the supply and demand structure has improved marginally, and prices are expected to stabilize and rebound.
The company has the advantage of a closed industry chain, and has directly benefited from the rebound in the price of lithium hexafluorophosphate, giving the company a “cautious increase” rating.
Risks remind that the demand for lithium hexafluorophosphate is not up to expectations, the company’s new production capacity is not up to expectations, and the risk of payment repayment.
Yili shares (600887): Optimized stock incentive plan is expected to usurp up the market
Commentary event: Yili shares held the ninth extraordinary meeting of the board of directors every September 6, and announced the “changes in the use of repurchased shares” and “2019 stock incentive plan budget (revised draft)” and other resolutions.
First, the optimization of the stock incentive budget and the improvement of the effectiveness of the incentive constraint (revised draft) are optimized from the two aspects of the stock reward plan and unlocking performance evaluation.
淡水桑拿网Comparing the budgets before and after the adjustment, you can see that the main adjustments include 1, the number of stocks awarded is about 1/6; 2, 5 new incentive objects are added; 3, the requirement for unlocking and evaluating the return on net assets has been increased from 15% to 20%; 4. New requirements for high cash dividends.
The budget granted by the stock, the appropriate total amount of pre-paid capital, and from the supplementary disclosure information, Dong Jiangao and other incentive objects should be in equal proportions.
The adjustment of the number of rewards and the reduction of the total amount of senior management’s participation in stock incentives will help eliminate some of the market’s doubts; it will also reduce the burden on other core personnel, especially young backbones, so more core employees will participate in incentives.intend.
In addition, because the market has divergences in the incentive budget before the adjustment, the company’s expectations have significantly changed in the near future. From legal and compliant scale, there is room for adjustment to release and price reduction, but the expenditure (revised draft) does not make the proposed price.Adjustment, highlighting the company’s confidence.
Unlocking the assessment standards, the assessment requirements for the deduction of non-net profit growth rate remain unchanged, but the assessment requirements for the return on net assets have been raised to more than 90% of the average level in the past few years, and the requirement of a cash dividend ratio of not less than 70% has been increased.
In view of the company’s historical performance and current industry conditions, the operating environment and the company’s future development plan, the above indicators have fully considered the company’s sustainable growth and profitability, and have proposed higher operating income results.Requirements, while also increasing recognition and protection of shareholder returns.
We believe that the adjusted stock incentive plan has been significantly optimized and that many aspects of market concerns have been addressed positively.
Of course, the assessment of stock award prices and the growth rate of net profit has not been adjusted. It is believed that the market can gradually and positively interpret and will fully understand its rationality.
The evaluation cycle of the stock incentive has been extended with high uncertainty. From the company’s 2019 mid-term report and sales in the third quarter, the current macroeconomic, operating environment and industry development does have considerable pressure.
The average annual compound growth rate of net profit in the next 5 years is set to 8.
2% can be regarded as a reasonable requirement for risk neutrality. If the economy and market warms, there is a possibility of exceeding the standard in the future.
The draft (revised draft) takes into account the interests of the incentive objects, the company and the shareholders, finds market feedback, positively and reasonably solves problems, and promotes the restoration of market confidence.
If the plan is finally implemented, the effect of incentives and constraints will be promoted, which will play a positive role in promoting the company’s future business development.
Second, the equity forecast and the reduction of incentive costs will increase the EPS. The company is expected to welcome the replacement of the proposed supplementary stock with the original 5/6, and the remaining 1/6 will account for about 0 of the company’s current total share capital.
50% will be used to reduce the registered capital and replenish the company’s total share capital from 6097125108 shares to 6066633083 shares.
At the same time, due to the adjustment of the incentive scheme, the incentive fee was supplemented to about 2/3 of the original, which was reduced by about 7.
4 trillion, the reduction of amortization of incentive costs in the next few years, it is estimated that before adjustment, 2019-2024 will be reduced by 1.
At present, the draft (revised draft) has yet to be approved by the preliminary extraordinary shareholders’ meeting on September 27, and we judge that the adjusted proposal will be more likely to be approved.
If the plan is finally realized, it will raise its earnings forecasts and EPS for the next few years.
In the early stage, due to differences in the market’s understanding of the incentive plan, the company experienced a significant deviation. Later, under the background of excessively widening the tolerance, the company’s performance was still average and its relative returns were poor.
With the introduction of the draft (revised draft), and through the restoration of market confidence and recognition of the company’s long-term investment value, we believe that the company is expected to usher in the opportunity to make up.
Earnings Forecast and Rating: We will not adjust earnings forecasts and EPS temporarily until the incentive plan is voted through the shareholders’ meeting.
It is estimated that the growth rate of revenue in 2019-2021 will be 14%, 11%, and 10%; the growth rate of profits will be 11%, 9%, and 17%; the corresponding EPS will be 1.
Based on the company’s fundamentals and considering short-term market sentiment, according to the performance in 2019, 30 times PE is given, corresponding to a target price of 35.
00 yuan, “Buy” rating.
Risk reminders: fluctuations in raw material prices; deterioration of the sales environment; food safety issues, etc.
Shanshan (600884): Performance growth in line with expectations Significant improvement in operating cash flow
Investment Highlights: Event: The company releases its 2018 annual report and 2019 quarterly report.
The company achieved revenue of 88 in 2018.
53 ppm, a ten-year increase of 7.
05%, net profit attributable to mother 11.
15 ppm, an increase of 24 in ten years.
46%; revenue of 20 in the first quarter of 2019.
32 ppm, an increase of 12 in ten years.
05%, achieve net profit attributable to mother 0.
35 trillion, a decrease of 76 a year.
37%, performance growth in line with Shen Wanwanyuan expectations.
The company plans to distribute 0 cash for every 10 shares.
8 yuan (including tax), the dividend amount accounted for the net profit attributable to the mother in 20188.
05% preliminary business profit growth, the optimization of customer structure drove a marked improvement in operating cash flow.
In 2018, Shanshan Energy, a subsidiary of the company, took the initiative to adjust the customer structure to achieve preliminary material sales.
01 for the first time, reducing by 6 every year.
45%; benefiting from rising primary product prices, Shanshan Energy achieved revenue of 46.
64 ppm, an increase of 9 in ten years.
The increase in the proportion of high-quality customers drives the accelerated conversion of operating cash. In 2018, Shanshan Energy consolidated its operating cash flow by 500 million U.S. dollars, a year-on-year increase of 6.
At 47 million US dollars, the net operating cash flow of the scale of listed companies also achieved 6 for the first time in the past.
In 2018, Shanshan Energy achieved a gross profit margin of 17.
19%, a decrease of 7 per year.
49 units; net profit achieved 5.
1.5 billion, a decrease of 14 a year.
The main reasons are: 1) the sales of lithium cobaltate with a higher gross profit margin increase, and the sales of multi-materials with a lower gross profit margin increase; 2) the impact of the increase in the value of inventory raw materials has changed from the same period last year.
At present, the company has an average material output of 6 pounds. The 7,200 tons of high nickel in Ningxia, the ternary and precursor projects and the Hunan 10 representative transition materials project have all been partially put into production since 2018, and it is expected to continue to contribute high-end production capacity in the future.
The long-term business net profit has steadily increased, and the release of graphitization capacity has improved better profitability.
In 2018, the company’s short-term product volume and price rose, achieving long-term business revenue19.
380,000 yuan, an increase of 30 in ten years.
74%; Stuck by insufficient front-end capacity, achieving a gross profit margin of 24.
41%, a slight decrease of 2.
78 units, but the monthly profit contributed by the business steadily increased due to the scale effect.
The company’s finished product capacity under construction in Ningde has reached trial production conditions by the end of 2018; Quzhou Shanshan’s 7,000-ton graphitization capacity has been put into trial production in 2018. Baotou, Inner Mongolia, has an annual output of 10 substitute continuous material integration projects.It will be put into production gradually in the middle of the year, and the graphitization capacity will be gradually released to improve and improve profitability.
In addition, the company’s silicon carbon nanotubes have reached the mass production level, and have sent samples to multiple customers for testing, and have received small batch orders.
In terms of fluoride, the company sold carbon dioxide1 in 2018.
34 has the lowest, the highest doubling, and the domestic sales rank 武汉夜生活网 jumped to the fourth; the highest income revenue was achieved4.
30,000 yuan, an increase of 37 in ten years.
10%, but still not profitable.
In 2018, it reduced its holding of Ningbo Bank to recognize high earnings, and its net profit gradually increased in the first quarter of 2019.
In 2018, the company cumulatively reduced its holdings of 51.31 million shares of Bank of Ningbo and obtained investment income of approximately 8.
17 ppm; to reduce the impact of non-recurring gains and losses, the company realized deduction of non-attribution net profit3.
3.0 billion, a decrease of 31 every year.
The material performance index expected by the company in Q1 2019 has decreased, and the overall gross profit margin is divided by a decrease of 5.
The average of 09; the merger in the same period last year confirmed the disposal income of Shanghai Lingang project 37.35 million yuan, this year no such gains, resulting in the company’s first quarter net profit attributable to the mother.
35 trillion, a decrease of 76 a year.
Lowered profit forecast and maintained “overweight” rating: We lowered our profit forecasts for 2019 and 2020 and added a profit forecast for 2021. We expect the company’s net profit attributable to its parent to be 9-20 in 2019-2021.
10 and 11.
2.8 billion (down from 11 in 2019 and 2020).
380 thousand yuan), the corresponding EPS is 0.
00 yuan / share (before the 2019 and 2020 reduction is 0.
19 yuan / share), the current PE is expected to be 17, 15, and 14 times, respectively, maintaining the “overweight” rating.
Zhengmei (601717): A Typical Example of State-owned Enterprise Reform The Stock Budget Incentive Plan Exceeds Expectations
Event: The company recently formulated a stock budget incentive plan.The incentive scheme of this plan is the stock budget, and the number of stock budgets proposed to be issued does not exceed 15.88 million, which is not more than 0 of the company’s total share capital.917%, the exercise price is 5.98 yuan / share, with a total amount of 94.96 million yuan.The target of this incentive was 330 company backbones, of which the incentive amount of each executive was between 2 and 4.2 million.The exercise period of this plan is divided into three periods, which are uniformly exercised after 24 months, 36 months and 48 months after the grant date. Comments: 1. Personal profits are tied to company interests, and the merger is motivated to make profits and previous double growth.Pioneer countries deepen the spirit of state-owned enterprise reform policies, and introduce stock budget incentive programs to make integration more focused.At the same time, in April this year the company introduced a bonus incentive plan for the company’s next three years of performance, mobilizing the enthusiasm for continued profit growth. 2. According to the company’s calculations, the related expenses of this stock budget totaled 29.13 million yuan, which will be amortized according to the exercise percentage during the implementation of the next 5 years, which will replace the company’s annual performance impact. 3. At present, the coal machine segment of the company is growing steadily, and the business of the auto parts segment is stable.At present, the average price of the company’s coal machinery products remains at a high level. In the first half of the year, the new single unit still maintained growth. Due to the lag in revenue from order confirmation, the gross margin of the product this year has been further improved compared to the last. From the perspective 夜来香体验网 of historical data regression,The company’s net interest rate will still increase, and the company’s main business profitability is very satisfactory.Therefore, despite improvements in the domestic auto industry, the company’s auto parts business is still stable.At the same time, the recently introduced new energy point policy includes fuel vehicle energy saving as a point goal, which will greatly benefit SEG, which is dominated by fuel vehicle 48V energy-saving technology, and 48v energy-saving technology will be developed on a large scale in the future. Investment advice and rating: Expected company 2019?The profit in 2021 is 10.1 billion, 12.1 billion, 14.600 million, PE is 10 times, 9 times, 7 times, maintain “Buy” rating, the company’s current PB is 0.9 times.Considering that the company’s functional business has always had strong profitability and that the cash flow of each business is very satisfactory, the current market value is underestimated. Risk warning: coal mining business fails to meet expectations; SEG performance fails to meet expectations.
Zhejiang Longsheng (600352): Relocation of production capacity affects production and sales gross profit margins, new high demand promotes improvement
The company achieved revenue of 96 in the first half of 2019.
49 ppm, a five-year increase of 5.
25%; net profit attributable to mother 25.
32 ppm, an increase of 36 in ten years.
23%; net profit after deduction is 20.
52 ppm, an increase of 13 in ten years.
12%; net cash flow from operating activities 30.
140,000 yuan, a substantial improvement every year.
Q2 single quarter net profit attributable to mother 12.
690,000 yuan (+17.
35%, qoq + 0.
The performance was higher than expected with price supplements: the company’s sales of dyes and intermediates rose during the reporting period, and the company’s production and sales level declined due to the relocation of production capacity of the company’s relay production areas.
The company’s gross profit margin in the first half of the year was 46.
98%, an increase of 2 a year.
7pct, of which Q2 is further increased to 49.
65%, a record high.
The company’s period expense ratio totaled 18.
47%, a decrease of 0 per year.
11pct, mainly due to the reduction in financial costs of 4091 million per year.
In the first half of the year, the company brought in other income due to special government incentives and subsidies3.
07 million, investment income is recognized as disposal of financial assets.
66 ppm, and a gain on recognition of changes in the fair value of financial assets1.
100,000 yuan, have a certain positive impact on the performance of the first half of the year.
Generally speaking, due to the expansion of the scale of production and sales, the company deducted non-returned net profit in the first half of the year.
52 billion USD is expected.
Significant reductions in dyestuffs and improved demand-side storage are expected: the company’s dyestuffs achieved revenue of 53 in the first half of the year.
55 ppm, an annual increase of 5%, with Q2 contributing 25.
5.4 billion, the same as the previous month.
The average sales price of the company’s dyes Q1 and Q2 were 4, respectively.
830,000 yuan / ton, an increase of 11% and 31% each year.
The explosion in Xiangshui, Jiangsu, caused some industries to suspend production, and there was a periodical strain in dyes and intermediate supply. The company’s average sales price for Q2 dyes increased significantly by 20% from Q1.
In terms of production and sales volume, the company’s dye output in the first half of the year was 8.
64 inches, a decrease of at least 24%, and the substantial increase in output was mainly due to the impact of the relocation of the production capacity of the Daoxian plant.
The company sold 10 dyes in the first half of the year.
13 is the lowest, a reduction of at least 12%. The company actively uses inventory to digest, and to some extent resists production and the impact on sales.
As of the end of the second quarter, the book value of the goods in stock of the company was 25.0.6 million yuan, a decrease of 12% from the beginning of the period.
By quarter, the company’s Q2 sales of dyes4.
38 Initially, at least a significant reduction of 29%, we believe that the main reason is that the terminal textile and apparel market has weakened due to the impact of the trade war.
In the follow-up, although the terminal demand may be subject to repeated tariffs imposed by the United States, downstream customers are expected to gradually enter the replenishment phase of destocking through a cyclical cycle, and the demand side is gradually improving.
The intermediate contribution has continued to increase, and the real estate business is expected to enter a cash return period: the company’s intermediate business continues to maintain a strong growth momentum and achieves revenue of 23 in the first half of the year.
77 ‰, a 南京桑拿网 year-on-year increase of 30%, the proportion of total revenue increased to 25%.
Among them Q2 realizes 13.
10,000 yuan, the same as the previous month, an increase of 27%, 21%.
In terms of sales price, the average price of the company in the first half of the year was 4.
260,000 yuan, an increase of 36% year-on-year, the average price of Q24.
66 million / ton, the same, an increase of 33%, 20%.
From the perspective of production and sales, the intermediate output in the first half of the year was 5.
33 annual reductions of at least 11% and sales of 5.
58 At least, a 5% reduction each year.
The company’s main intermediates m-phenylenediamine and resorcinol have a certain monopoly position in the industry, have certain pricing power, and will also experience the impact of weaker downstream demand, but a better competitive landscapeProfitability is expected to continue.
In addition, the company’s auxiliary business achieved revenue in the first half of the year.
32 ppm, basically stable from the same period last year.
The company’s real estate business is expected to have a total investment of 348.
500,000 yuan, as of the end of the second quarter, the development cost of 195.
US $ 3.5 billion, of which the Huangshan Road project in Jing’an District of Shanghai is expected to be completed next year. The company’s real estate business is expected to gradually enter the cash back cycle. The real estate business funds will gradually increase the company’s future cash dividend rate and increase investment in new business.
Profit forecast: Considering that downstream demand is affected by the uncertainty of the external environment, we lower the company’s net profit forecast to 50% in 2019-2021.
97 ppm, corresponding EPS is 1.
94 yuan / share, the corresponding PE is 9 respectively.
6X, optimistic that the company, as a global dye industry leader, maintains a “Buy” rating through its leading advantages built in integration, technology, environmental protection and safety production.
Risk warning: downstream demand continues to weaken; product prices fall sharply