This is the most important thing: the ammonia chain is the best way to compete with each other and the chain is going to go up and down, and the chain is up and down, and the chain is up and down.岀殑铔嬬槠璐纴铏界劧浠锋牸骞朵笉渚击疁锛屼絾浠岖劧娣卞弹浜轰滑镄勫枩鐖便€備笉杩囷紝浜轰滑鍚冪殑閮芥槸铦夊辜铏紝绛夋垚闀夸负鎴愯櫕鍚庡悆鐨勪汉灏卞緢灏戜簡銆傝潐骞艰櫕鍙互鐐哥潃鍚冿紝閭ｄ箞铦夋垚铏€庝箞鍚冨ソ鍛紵鍏跺疄鍚屾牱涔熸槸鐐哥潃鍚冩瘮杈冨ソ銆傝潐浠峰€间簬鍏呴鍝佽嵂鐢ㄣ€婅瘲缁忛泤鑽°€?铚╄灄銆婃瘺璇楅檰鐤忓箍瑕併€嬩簯:鐩栬湬浜﹁潐绉嶅舰榛勬様鍟栥€婄ぜ璁板唴鍒欍€?鐖点€佹檹銆佽湬銆佽寖姹夐儜鐜勬敞:铚╄潐;鑼冭渹鐨嗗悰鐕曢鎵€鍔犲憾缇炶鑷冲皯姹変唬鍓嶈潐浠呭悆鏄嗚櫕涓斿笣鐜嬬甯匠鑲村畬鍏ㄧ櫥闆呭爞鍖楅瓘銆婇綈姘戣鏈€嬭潐鐑归璁拌浇:铦夎劘鑿?What is the realm of the world?Go back and forth?娌稿嵆鎿橀鑿滆摷鍗宠铦夌倷銆佽捀銆佺€逛笁绉嶇児鍒跺悆铦夋嵁璇村彜浠ｅ笇鑵婄綏椹帍鍙栧湡铦夊嵉(骞艰潐)鐑归オ鍗佸彛鑿滆偞鐢变簬浜ч噺闄愪环鏍艰緝璐佃潐闆嗗競浠ょ尽鎱曠簿璐甸鍝佷笢鍗椾簹浠婇┈The best way to do it is to look forward to it. Fan Qiqi is a real fan of the world, and there is a lot of people here. What is it?Chong Qiao Geliaiqie ф Sizhuanbudui Tiaoqiao Xincuanhuliang Zengshanduiban Min Duibanshuzhang Qindugcenyao ┓ crepe Aoshu Guaqunjingrou ╀ Dangshixixian Quarters Yangchuangbangsi Segmentation of the problem, the problem is that the effect is very complicated, and the effect is very complicated. It’s very hard to pick up. It’s hard to pick it up.Complicated and troubled by the people of the village, the village of the Communist Party of China is always accustomed to it.Suddenly changing into the village, it’s changing, and it’s hard to change, and it’s very difficult to make a difference.磋The difference between donating, donating, arranging, arranging, donating, arranging, damaging, arguing, arguing, arrogant, arrogant, arrogant, sorrowful, sorrowful, confusing閰岖簿鍒惰椋熷搧淇濈暀铦夎惀鍏诲懗閬撻矞缇庛€侀閰ュ彛鍙楁秷璐硅€呴潚鐫愩€傝潐娌冲崡鐗逛骇鏇炬姤閬撶偢铦夋渤鍗楀懆鍙ｅ尯鍗?0鍏冮挶10涓插€兼彁浜涜潐鍏ㄥ伐鍩瑰吇浜涗埂鍐掑吇铦変笓涓氭埛鍏堝甫铦夊嵉鏍戞灊闆嗚捣鍩嬫爲鏍瑰懆鍥村湡涓ゆ惌璧峰鏂欐绛夊€欑兢缁撻槦鏂拌潐鐮村湡鍐滄皯骞艰潐鍏堟斁杩涚洂姘磋铦夊悙娉ュ湡姘旇剰鐗╀簩鐑嬁甯傚満鍗栬嚧鍙樿川鐢变簬鎵规壒姣忛兘鎼炶幏瑙傛敹鍏ャ€傜爺绌跺彂鐜板辜铦夊惈铔嬬櫧璐ㄧ浉涓板瘜姣?00 協 僔 惈 72 鍏 嫔 埆 倗 倜 倝 集 來 Floating inlaid inlaid?銆?鍊嶃€?chain?銆?The chain is not just set?5鍏嬨€佺伆1銆?鍏嬪強鐢插３绱犮€侀挋銆佺７銆侀搧绉嶇淮绱犺潐鍚勭鐩婁績杩涘彂鑲层€佽ˉ鍏呮満浣撲唬璋㈡秷鑰椼€佷綋铏氭偅鑰呭悍澶嶇瓑閮芥瀬浣宠緟鍔╂不鐤椾綔鐢ㄣ€傝璧疯潐鑽敤閮界煡閬撹潐铚?Hard work?Forge Chong, drill, yue, y, y, y, y, y, y, y, y, y, y, y, y, y, y, y, y, y, y, y, ji浠婄煡鐢ㄨ湑鐭ョ敤铦夈€婄鍐滄湰鑽夌粡銆嬩簯:铓辫潐鍛冲捀瀵掍富鎯婄棲澶滃暭鐧梾瀵掔儹銆婂湥鎯犮€嬭浇:鐢ㄨ毐铦?Huan 倰) Qian tea teasing (鐢?鐗涢粍銆侀泟榛勫悇(缁嗙爺)鏁ｇ敤钖勮嵎姹よ皟鏈嶆不閽撱€佺溂鐩悙銆婃櫘娴庛€?Draped (Earth?璧よ妽鑽悇涓夐粍鑺╀簩鏈按鐩忕厧浜旀福鏈嶆不鍒濈櫨鍙戠棲銆婃湰鑽夌翰鐩€嬬铦夎偆鐐掑叓楹濋灏戣鏈厭鏈嶄簩閽辨不鐮翠激椋庣梾璁拌浇澶栧彜灏氳毐铦夋堡銆佽毐铦変父銆佽毐铦夋暎绛夌瑪鑰呮浘瑙佷粖鐢ㄨ潐浜屽垯:铓辫潐30鍏嬨€佽但鐭?0 嬏 彔 宔 鮔?鍏嬪叡鐮旂粏鏈湇3Jiao?Isn’t it ridiculous? 瀹?: 30% of the braided braid (together with the total number of people) 銆 人 槠 chain?0 嬏 嬬 倰 髮 繅 彅 10 鍏 嫔 睿 馏 旗 粏 链 Sore chain?Arrogant?鐤楃柍鐤惧舰浣撶靖鐦︺€佺鍊︾撼鍛嗚铦夎嵂鐢ㄥ簲鍙楀喎钀界铏被鑽姛鏁堝€艰繘姝ョ爺绌躲€?
姣旂洰楸煎叾瀹炶倝璐ㄦ瘮杈冪殑椴滅編鍙彛锛岃€屼笖鍦ㄧ敓娲诲綋涓紝鍙互鍋氬嚭鍚勭缇庡懗鐨勯鐗╋紝甯歌鐨勭孩鐑ф瘮鐩奔浠ュ強纰崇儰姣旂洰楸奸兘鏄編鍛崇殑椋熺敤鏂瑰紡锛屼絾鏄娉ㄦ剰鐥涢鑲ヨ儢锛屾垨鑰呮槸鎮ｆ湁鐧岀棁鐨勪汉涓嶈兘澶熷悆姣旂洰楸笺€?涓€銆佺孩鐑ф瘮鐩奔鐨勫仛娉?鏉愭枡:姣旂洰楸笺€佸ぇ钂溿€佸ぇ钁便€佸銆佸ぇ鏂?鍏)銆侀叡娌逛笁鍕恒€侀唻涓ゅ嫼銆佺櫧绯栦竴鍕恒€侀潰閰变袱鍕恒€侀鐩愮害涓€鍕恒€侀潰绮夐€傞噺銆佺櫧閰掗€傞噺銆傚仛娉?1 銆 侀 餏 祢 楸 Fried hammer?It’s hard to get along with it, it’s so bad, it’s 3 drafts? 冔 娈?娲楀噣娌ユ按,灏嗘播鍑€姘寸殑姣旂洰楸兼簿涓婂共闈㈢矇鍚庢姈鎺変綑绮夊鐢ㄣ€傚ぇ钂滃幓鐨?姣忕摚鍒囨垚涓ゅ崐,澶ц懕鍒囨,濮滃垏鎴愮墖銆傚皢閱嬨€侀潰閰卞拰閰辨补鍏堟斁鍏ョ閲屾悈鎷屽潎鍖€,鍐嶅狢 朵朵 包 Huncang 握握 鏡 Fear of 揆 兆 兾 兑 囩 囩 啤 銆?銆 ? 皢 阌 咳 鐑?Are you scared?鍐嶅皢楸兼斁鍏ラ攨鍐呯厧鑷抽噾榛勮壊,鍦ㄧ厧鐨勮繃绋嬩腑缈婚潰鐓庝竴涓嬨€傜厧濂藉悗,灏嗕綑娌瑰€掑嚭鐣欏簳娌归€傞噺,杩呴€熷皢鎵€鏈夌厧濂界殑楸煎€掑叆閿呭唴,骞跺皢璋冨ソ鐨勪綔鏂欏€掑叆閿呭唴,鐩栦笂閿呯洊绋嶅井鐒栦笂涓€浼氬効,鐒跺悗鍐嶅悜閿呭唴鍔犲叆涓€鐐规按,娌¤繃楸煎嵆鍙?Do you feel tired of getting rid of the chain?5鍏嬨€備腑鐏倴鑷虫湁灏戣姹佸嵆鍙嚭閿呫€?浜屻€佺儰姣旂洰楸肩殑鍋氭硶 鏉愭枡:甯﹂姣旂洰楸艰倝150鍏嬨€佹补鑿?00鍏嬨€佺墰濂?00鍏嬨€佽姳鐢熸补銆佺洂銆佹煚妾眮銆侀粦鑳℃銆佽姖澹墖銆佺孩榛勬熆妞掓湯銆侀鑺规湯銆侀粍娌广€傚仛娉?1 銆 佸 姢 姣 哰 楸 湸 掸 珝 呀 垁 Juan?0 脳 10 铡 樼 背 澶 у 員 員?Do you have a back?鍦ㄨ倝鐗囦腑闂村鏂滃垏涓ゅ垁4鍘樼背娣卞彛,浣嗕笉鑳藉皢鑲夌墖鍒囨柇;涔嬪悗鍔犲叆鐩愩€佹煚妾眮銆侀粦鑳℃纰庤厡鍒?0 闒 嗛 擓 揶 囩 护 劆?銆 丸 卄 嗒 匛 咓 钖?灏嗗垏纰庣殑鑺濆＋鐗囥€佺孩榛勬熆妞掓湯銆侀鑺规湯鍜岀洂鎷屽寑,濉厖鍒版瘮鐩奔鑲夌殑鍒€鍙ｄ腑,鍓╀綑閮ㄥ垎閰垮湪姣旂洰楸艰倝琛ㄩ潰,鍏ョ儰绠遍潰鐏?20 险 冨 簏 鐏?00 鈩 power 卒 跺 卄 卒 嗛 抓 銆?銆佸彟璧烽攨,灏嗛粍娌瑰拰鐗涘ザ鍊掑叆閿呬腑,鐓祿鎴愬懗姹併€?銆佸皢杈呮枡娌硅彍娓呯倰,浣滀负鐑ゅソ鐨勬瘮鐩奔鑲夎鐩樻穻鍛虫眮鐨勭偣缂€銆?涓夈€佹瘮鐩奔鐨勯鐢ㄧ蹇? 1.鎮ｇ檶鐥囥€佺棝椋庛€佽偉鑳栥€佹湁鐥扮伀銆佽灏忔澘鍑忓皯銆佽鍙嬬梾銆佺淮鐢熺礌E缂哄皯銆佽倽纭寲绛夌梾鐥囪€呬笉瀹滈鐢ㄣ€?.Do you know how to make up?
】 _How to clean_How to clean
[How to clean figs?
】 _How to clean_How to clean
Figs are a fruit originally originated in the Mediterranean region. At the time of the Tang Dynasty, domestically, today, the production of figs in China is not high, mainly in southern Xinjiang. I believe everyone likes to eat this fruit and eat it.The taste is very sweet and has a wide range of dietary effects. Some figs have the effect of assisting in the treatment of hemorrhoids. The following will teach you how to clean figs correctly.
How to clean figs?
Dried figs taste sweet without the fruity scent, but they are a bit hard but chewy. Generally, they are opened directly to the mouth and eaten, but some friends told them to wash first.Do not wash with water first?
From a hygiene point of view, washing is better, but I always feel that dried figs will affect the taste after washing with water, and they will stick to the mouth, so should I wash them?
Let’s see how Xinjiang fruit farmers explain it.
Everyone knows that Xinjiang produces dried fruits, especially Xinjiang’s raisins, which are civilized nationwide, but most of the dried figs eaten in Xinjiang are also produced in Xinjiang.
The traditional method of raisins is that the fruit farmers hang the grapes just picked from the tree in a special house and let it air dry.Water, otherwise it will spoil.
But through the progress of society, the yield of figs is now much larger. Traditional drying methods have not kept up with the demand. Now fruit farmers have begun to use advanced drying equipment to process dried figs. It is not restricted by the weather. AvoidAbsolute pollution.
But fruit farmers in Xinjiang explained that regardless of the mixed drying method, they would not wash with water before and after making dried fruit.
Did you understand the explanations of Xinjiang fruit farmers?
That is to say, those dried fruits will not be washed during the entire production process, then you must understand the truth. The dried figs you get should be cleaned first for health. If you feel that the taste is not good after washing, you can dry it again.Isn’t it alright?
Please be careful when using the refrigerator for refrigerated storage. Do not wash the fruits before storage. Simply remove the impurities from the purchased figs and store them in the refrigerator.
If washed with water, it will cause the humidity of the fruit to increase, and the fruit is more likely to rot and deteriorate, which is not conducive to preservation.
[How to fry corn]_How to fry_Fry method
As a kind of coarse grains, corn is more easily accepted by many people, because corn basically tastes very fragrant, and tastes sweet and completely different from other coarse grains.
The most common one may be boiled corn. In fact, corn can also be peeled and fried to eat, but some people may not be able to eat the fried corn kernels if they are not skilled enough.
Here’s how to fry corn kernels.
Ingredients: Water-milled glutinous rice flour, 25g canned corn kernels, 280g corn starch, 25g corn oil, 1 small bowl. Method / step: Carrots are scraped off the skin, washed and cut into small dices, ham into small dices; sweet corn, green beans are reserved.
Cook the diced carrots for a few minutes before frying, so that they are easy to cook. After cooking, scoop them out with a drain scoop and drain the water. If the green beans are too hard, you can cook them and fry them.
Because the frozen green beans used were thawed and pinched with hands, they were very soft, so they were not cooked.
Pour oil in the pot, add all the ingredients after heating, add salt, and fry over medium heat for a while.
Wash the corn, add it to white sugar water and simmer on high heat for half an hour, until the corn is slightly softened, there is a hard heart in it that can be ignored.
Drain the cooked corn kernels and put them in the refrigerator for freezing overnight. Thaw the frozen corn kernels and dry them. The dried corn kernels can be fried in a pan and fried.
After the cooked sweet corn is taken out and allowed to cool, remove the corn kernels with a knife against the corn cob, so that the removed corn kernels will stick together, and you need to separate them into one kernel by hand.
Ingredients: corn, corn starch, oil 1. Method: 1. Wash the corn and catch the dry water, pour the corn starch for cooking, and stir well; 2. Put it in the pan and fry until golden brown.Just fine.
Second, the main material of the material: two sweet corns of general size (the slender grains are better, because the corn kernels that have been peeled are more expensive, so cob is recommended), salt and pepper, raw flour, one egg, and spring onions (fine points are good)
Method 1, peel the corn, try not to crack it, the whole grain looks better.
Then wash clean.
2. Add egg white to corn kernels and stir well; add raw flour, you can put more, until it feels thick and thick, that is, the corn kernels are covered with a layer.
3. Put more oil in the pan, add more, and pour the stir-fried corn kernels when it is 70% or 80% hot. Do not use a shovel immediately. You can stir it after half a minute. Stop frying for a while. Do n’tAlways move it.
Probably fry for six or seven minutes. It’s almost golden (this is the type in which the whole egg is poured in).
4, ready to cook!
Take a bigger pot, because it will be stirred later.
Pour the salt and pepper on the corn, and measure it yourself.
You can add chicken essence and stir.
5. Finally, sprinkle the chopped spring onion on top. The spring onion should be cut finely, otherwise it will be ugly.
Beijing New Building Materials (000786) Review of Major Issues
Through the acquisition of Sichuan Shuyang, Panjin Yuwang and Henan Jinmuzhi three companies, the company deployed ten production bases nationwide, quickly realized the national layout of the waterproof material industry, and expanded its revenue to become the top five in the waterproof material industry.
Matters: The company announced the acquisition of 8 companies including Yuwang Waterproof and Golden Thumb Waterproof Technology Co., Ltd., respectively.
6.9 billion, 2.
The cost of $ 7.3 billion was transferred to 70 companies including Yu Wang Waterproof and 70% of Golden Thumb.
Among them, 8 companies including Yuwang Waterproof have a total revenue of 7 in 2018.
600 million, net profit 0.
900 million yuan, net assets 5.
290,000 yuan, ROE17.
1%; Golden Thumb revenue 5.
770,000 yuan, net profit 0.
600 million, net assets 3.
350,000 yuan, ROE17.
The highest-level veteran waterproofing company must have a certain reputation in the industry.
Established in 1985, Panjin Yuwang is the first high-end waterproof company in China to introduce advanced production lines in Europe and the United States, and is a leading waterproof company in the three provinces of Northeast China. It has five production bases across the country and currently ranks in the top ten in terms of revenue.
Founded in 2000 in Henan, Golden Thumb is also an established company in the waterproofing industry, with a higher market share in Henan.
The consideration is reasonable.
Yuwang’s 2018 net profit was 0.
9 trillion, net assets 5.
29 trillion, this acquisition corresponds to PE12.
Net operating cash flow of the company 1.
18 ppm, matching the relative net profit is as high as 1.
3. Accounts receivable 2.
200 million, receivables turnaround time is less than 110 days.
Kim said that 2018 net profit was 0.
600 million, net assets 3.
350,000 yuan, this acquisition corresponds to PE6.
6 times, PB3.
The company’s net operating cash flow is -0.
The merged company’s Air Force acquired Sichuan Shuyang, corresponding to PE7.
2 times, PB1.
8 times, the consideration is relatively reasonable, and it is estimated to be significantly higher than the average valuation of listed companies in the waterproof industry.
The two wings of the body are beginning to take shape.
The overall transportation restrictions of the waterproof business and the multi-regional layout are conducive to ensuring the timeliness of supply to downstream customers, and at the same time can save transportation costs.The production base quickly realized the national layout of the waterproof material industry, and the income scale expanded to the top five of the waterproof material industry. It also conforms to the central economic work conference’s policy of strengthening and optimizing the state capital and accelerating the transformation from management to capital. Risk factors: gradual fluctuation risk of real estate investment, raw material price fluctuation risk, macroeconomic fluctuation risk.
Profit forecast and investment rating.
Regardless of the impact of the consolidated statement of the waterproof business, we maintain our 2019-2021 net profit forecast8.
1 trillion, corresponding to EPS prediction 0.
Give a target price of 24.
24 yuan (corresponding to 2019 PE15X).
Maintain “Buy” rating.
Feike Electric (603868): Q3 revenue narrowed
Event: Feike Electric announced the third quarter report of 2019.Company 2019 1?Revenue of 27 in September.200 million, YoY-3.5%; achieve performance 5.300 million, YoY-14.5%.Converted into a single quarter of 2019Q3 to achieve revenue10.0 million yuan, YoY-0.8%; achieve performance 1.900 million, YoY-13.0%.We believe that through the continuous introduction of new products, the company’s operations are expected to continue to improve. Q3 revenue decline narrowed: The company’s Q3 single 佛山桑拿网 quarter revenue decline significantly narrowed month-on-month. We believe that the distortionary impact of the adjustment of Feike’s channels has improved and operations have gradually recovered.At present, the company has launched lifestyle products, and we expect that Feike may add new growth points in the future. Expenditures increased, Q3 performance increased: Feike’s Q3 performance increased negatively, we analyzed, mainly due to: 1) the increase in expense during the period.According to the announcement, during Q3 2019, Feike’s expenses increased by more than 0.2.5 billion.2) Revenue from bank wealth management products decreased in the third quarter.According to the announcement, the investment income of the company in Q3 2019 decreased by 0 year-on-year.10,000 yuan. Q3 cash flow improved slightly: In Q3 2019, the company’北京夜网s net operating cash flow was zero.6 ‰, increasing by 0 every year.200000000.Q3’s cash flow has increased, mainly due to a significant decrease in cash expenditures from operating activities.Specifically: 1) Due to the increased bargaining power of Feike on upstream suppliers, the cash paid for purchasing goods in the third quarter of 2019 may be reduced by 1.300 million.2) The fees and taxes paid in the third quarter of 2019 decreased by 0.500 million. Investment suggestion: We believe that Feike has achieved a leading edge in terms of products, and after operating adjustments, its future performance may resume rapid growth.What do we expect the company to do in 2019?The EPS in 2020 will be 1.76/1.82 yuan, maintain Buy-A investment rating, 6-month target price of 40.04 yuan, corresponding to 22 times the dynamic price-earnings ratio in 2020. Risk reminder: rising raw material and labor costs, increasing industry competition
Yutong 重庆耍耍网 Bus (600066) Interim Review: Double sales volume and market share, operating efficiency further improved
Event: The company released its 2019 Interim Report, and the company achieved 125 operating income in 1H19.
100 million yuan (+4.
1%), net profit attributable to the listed parent company6.
800 million (+10.
8%), EPS is 0.
Comments: 1. The company’s sales volume increased against the trend and the market share continued to increase. In 1H19, the company sold a total of 25,429 passenger cars (+2.
6%), of which 8,834 new energy (+0.
A total of 9 buses were sold in the 1H19 industry.
70,000 vehicles (-6%), the company’s sales increased against the trend, the market share increased by 2.
The two digits are 26.
1%; the company’s market share in new energy buses was reorganized 25杭州桑拿网.
6%, of which the market share of new energy passenger cars is 40% (at least 16.
8 samples), the market share of new energy buses was reset 28.
5%, basically the same as the same period in 2018, sleeper and other new energy vehicle companies ranked second in market share.
The three digits are 1.
9%, mainly due to the relatively high value of products in this segment, which is currently not the company’s main segment.
2. Operational efficiency improved, Q2 gross profit margin increased 2Q19 The company’s sales of new energy buses accounted for 39.
4%, 6 lower than the same period of 18 years.
Nine shareholders, but the company ‘s gross profit margin increased by 1 in 2Q19.
5 perfect to 22.
1%, bicycle net profit increased by about 4%, bicycle net profit increased by 15.
We think this is mainly because the overall efficiency of the company has been improved since the general manager Tang became the general manager, production has improved, and the company’s operating efficiency will be further improved in the future.
3. Continue to increase investment in research and development and continue to expand overseas markets. The sales expense ratio and management expense ratio of the 1H19 company were 8 respectively.
2% and 2.
6%, basically unchanged from the same period in 2018.
R & D expense ratio is 5 from 1H18.
2% rose to 6 in 1H19.
3%, mainly due to the increase in R & D projects. The main research and development investment of 1H19 company includes the design and development of highways, public exchange and new products, and the development and improvement of high-end products such as T7 commercial vehicles, overseas high-end buses, tourism, and CL6 / CL7.
Due to the rapid advancement of research and development in the first half of the year, it is expected that the research and development expense rate in the second half of the year will be lower than that in the first half of the year.
The financial expense ratio increased by 1 to 0.
8%, mainly due to the impact of foreign currency assessment in the same period in 18 years on foreign exchange gains and losses.
The company continues to expand research and development investment, and it is expected to further open the gap with subdivision in the future and expand the foundation for opening up overseas markets.
The sales volume of overseas markets in 19 years is expected to be close to 8,000 units. The high-end models for overseas markets are expected to be put on the market from the end of 2019 to the beginning of 2020. At that time, it will further open up the overseas market space and increase the level of profitability.
4. Profit forecast and rating We believe that the company’s market share will increase and the gross profit margin will increase, reflecting the company’s competition.
The company’s continuous expenditure on research and development will ensure that the company is above the leader in the industry and widens the gap with subdivision.
In the future, the company’s market share is expected to continue to increase, and sales of high-end products will continue to increase, driving the company’s profitability.
The company’s advancement in the field of RVs and fuel cell buses will open up a larger market segment for the company.
The company’s EPS for 2019-2021 is expected to be 1.
52 yuan, maintain “strongly recommended-A” rating 5, risk warning: passenger car sales are not up to expectations, overseas market promotion is less than expected
Yangnong Chemical (600486): Sinochem Assets’ High Growth Performance Exceeds Market Expectations Youjia Phase III, Phase IV Steady Advancement and Continuation of Company 杭州夜网 Growth
The company released three quarterly reports for 2019: 1-3Q2019 to achieve operating income of 70.
6.2 billion yuan (YoY + 1.
09%, after adjustment, the same below), to achieve net profit attributable to mother 10.
7 billion (+14 compared to the same period last year).
69%), after deducting non-return to mother’s net profit.
9.4 billion (YoY + 1.
26%), of which revenue in Q3 2019 was 18.
00 ppm (YoY-8.
19%), Q3 returns to net profit of the mother 2.
190,000 yuan (YoY + 0.
55%), the third quarter does not include Sinochem’s assets before the adjustment to the net profit attributable to the parent is estimated to be about 2.
100 million (YoY-6.
Fundamental asset performance is in line with market expectations, and QoQ is actually a QoQ sales decline in the off-season.
Sinochem Crops 杭州桑拿 and Agricultural Research Corporation consolidated net profit and loss for the first three quarters2.
33 trillion, of which Q3 consolidated profit and loss of 14.65 million yuan, the performance slightly exceeded market expectations.
In the third quarter sales, the off-season sales volume turned into an asset, which was a month-on-month decrease. The long-term unit price of pyrethroid remained stable, but the cost of raw materials replaced the company’s gross profit margin.
19Q3 company sales of pesticides 3026 tons (YoY + 18.
14% in the 19th quarter.
11%), the sales volume share was mainly due to the off-season export sales in the third quarter. In terms of price, the company’s chief executive unit price of permethrin. At the beginning of Q3, the company’s main pyrethrin products, kefirthrin, bifenthrin, and cypermethrin prices were 32 and 35.
2 million / ton, the price at the beginning of Q2 was basically stable, so the average price was 21.
300,000 yuan / ton (YoY + 3.
89%, QoQ + 0.
32%), the overall price remained stable compared to the previous quarter, the entire pesticide sector 19Q3 achieved revenue of 6.
4.5 billion (+22 compared to the same period last year).
73% in the 18th quarter.
85%); in the herbicide sector, sales of 7,914 tons in the third quarter (YoY33.
80%), average selling price 2.
580,000 yuan / ton (YoY-44.
05%), both volume and price fell plate revenue 2.
0.4 billion (YoY-62.
51%), mainly because in the third quarter of the herbicide export season, the shrinkage of wheat straw reduced the sales volume and average price of the pesticide sector. According to our estimates, the company ‘s Q3 wheat straw shrinkage sales were around 300-500 tons, and glyphosate sales were aroundAbout 7300-7500 tons; at the end of 18th, the company’s 1,000 tons of pyrazolium corpuscles were put into production and put into production. In addition to the 600 tons of fluoroamine put into operation in the first phase of the company, the company’s fungicide section started to take shape.19Q3 contributed about 25 million net profits; at least the company reported that the main raw materials, caustic soda, diethanolamine, formaldehyde, isoprene, toluene, and methylfuran, each fell by 19 prices.
6%, 18.8%, 11.
9%, so the company’s 19H1 gross profit margin increased to 1pc to 28.
73% (adjusted), the average ROE of formaldehyde in the combined company reported an increase of 0 in half a year.
56 points to 19.
The synergy shows the rapid growth of Sinochem’s agrochemical performance, and the demand in South America is about to start. Dicamba is expected to resume growth.
In the first half of the year, the company actively explored the domestic market, fully exerted the synergy with Sinochem crops, adopted product sales, expanded new products, and established a new transfer warehouse, etc., and achieved good results. Sinochem Agrochemical Assets 2019H1 achieved net profit2.
180,000 yuan, at least 1 in 2018H1.
54 billion percent increased by 41.
6%, an important increase in adjusted performance; the company’s dicamba drug is mainly sold to the American market. Affected by factors such as the adverse external trading environment, dicamba is afraid of exports less than expected. The market is generally worried that dicamba is afraid of downstream demand.Began field trials of geramiphos-resistant soybeans in Brazil and extended them in total (in Brazil, the area of soybeans planted in 2018 was 89.65 million acres).
The market demand for dicamba in South America has exploded. The company currently has a capacity of 25,000 tons of dicamba, which is the global leader in supplying dicamba, and the South American market growth company will fully benefit.
The planned acquisition of the parent company’s technology-based intangible assets will pave the way for the Youjia project. Youjia Youjia Phase III and Phase IV projects have steadily advanced and continued high growth.
The company announced that it intends to acquire the parent company’s products such as anisole, meconazole, fluorourea, and Gaigai. The above products will replace the related products of the company’s Youjia Phase III project.It is laying a good foundation for the construction and commissioning of the company’s third-phase project, replacing the total investment of 20.
The US $ 200 million Youjia Phase III project is steadily advancing construction, and production capacity is expected to be successively launched; until the end of 2018, the company announced the Youjia Phase IV project, including 3800 tons / year bifenthrin, 1,000 tons / year fluorophenolamine, 120 tonsThe total annual investment of sanitary esters and 200 tons / year of hydroxypropyl ester pesticides will be converted.
3 trillion, the project construction period is tentatively set to 2 years, after the project is completed and put into production, the estimated average annual operating income is 10.
2.3 billion, continuing the company’s high growth.
As the only listed pesticide asset in Sinochem, Yangnong constantly makes it a high-quality Sinochem agrochemical asset, and promotes to become the world’s leading pesticide research and development and production enterprise relying on Sinochem’s platform.
Investment suggestion: Maintain “Buy” rating and maintain the company’s profit forecast for 2019-2021. It is expected that the net profit of the mother will be 11-20.
10,000 yuan, EPS 3.
84 yuan, the current market value corresponding to PE is 13X, 11X, 10X.
Risk reminders: 1) The progress of the new project is not up to expectations; 2) Environmental protection is relaxed, and product prices have fallen sharply.
UFIDA (600588): Time, Place, and People, and 19 Years of Success
Event: On the evening of April 16, the company released the 2019 first quarter report: report, the company achieved operating income of 12.
52 ppm, an increase of 16 in ten years.
Realized the return of profits to the mother of 82.21 million yuan, turning losses into profits every year.
Opinion: For the first time in 11 years, it has achieved profit for the first quarter, and the software business has grown faster than expected.
In Q1 of 19, the company realized operating income of 12.
50,000 yuan, an increase of 16 in ten years.
At 6%, the company realized a net profit of RMB 82.21 million, which is the first time that the company achieved profit in the first quarter of 2011.
The unexpected results in the first quarter were mainly due to the strong overall development momentum of the cloud and software business, and the obvious cost control effect. In addition, investment income and changes in fair value also had a positive impact on profits.
Cloud business grew at a high speed, traditional software grew rapidly, and financial business strengthened risk control.
Revenue of cloud services (excluding financial cloud services) in the first quarter of 19
25 billion, an increase of 95% over the same period, accounting for more than 10%; software business income8.
4.6 billion, an increase of 20 in ten years.
The decline in Q1 revenue growth was mainly due to the obvious growth in financial business. The company proactively strengthened risk control. It is expected that the subsequent gradual speed will slow down.
Cloud business maintained rapid growth, and traditional software grew faster than expected.
Cloud business competition has steadily improved, and it is expected that the industry’s leading advantages in 19 years will become more apparent.
In the first quarter of 19, cloud business continued to grow at a high speed, of which large and medium-sized enterprises grew by 94.
1%, small and micro enterprises increased by 100.
The number of bidding customers was 380,000, an increase of 46 in ten years.
3%, the renewal rate has steadily increased, and the renewal rate of large and medium enterprises is 63.
3%, small and micro enterprises renewal rate of 51.
In January 19, the company’s NC Cloud was officially released and is expected to gradually land.
In addition, the ecosystem has been continuously improved, with more than 3,500 registered ecological partners, 5,500 products and services, and 52 cloud ecological fusion products released / listed in the cloud market.
The cost is well controlled, and it is expected to increase by about 10% per year.
In Q1 of 19, the company’s selling expenses decreased by 1.
2%, and management costs fall by 3 every year.
5%, R & D expenses increase by 37.
7%, the total of the three expenses increased less than 10% per year, the cost is well controlled.
At the end of 19Q1, the number of employees of the company was 15,779, a decrease of 300 from the beginning of 2019, of which 2,327 were full-time military cloud service business, accounting for 14.
7%, an increase of 123 people over the beginning of 2019.
On the whole, the company will accelerate the rejuvenation of cadres, the overall number of employees will be basically stable, and the cost increase will be manageable.
The company’s continued increase in expenditure will fully benefit the digitalization and autonomous control of the enterprise.
The company continues to expand research and development investment, NC cloud has been launched, and a new generation of U8 cloud is expected to appear this year.
Beginning in the second half of 2018, the company comprehensively upgraded the marketing system in the cloud era, increased the construction of UFIDA cloud partner ecosystem, strengthened business integration, and created a strong corporate service ecosystem.
Promote institutional innovation and upgrade customer systems.
The company firmly implements UFIDA 3.
The 0 杭州夜网 strategy will fully benefit from the digital market opportunities and autonomous and controllable policy possibilities of enterprises.
Investment suggestion: We are optimistic about the broad space of the company’s enterprise-level services and the industry’s leading level, and maintain a “buy” rating.
After the new president takes office, the company’s talent rejuvenation and efficiency improvement will accelerate. It is expected that the cloud business will continue to grow at a high speed in 19 years, the traditional software revenue will increase, and the financial business will develop steadily.
We estimate the company’s net profit attributable to its parent to be 8 in 19-20.
Risk warning: the growth of traditional software business exceeds expectations; the growth of cloud business exceeds expectations; the Industrial Internet policy falls short of expectations.
Marubeni (603983) new shares report: from “in front” to the future
A comprehensive cosmetics group that researches, produces and sells complete chains.
The company owns two comprehensive skincare brands “Marumi” (including the high-end series “Marumi 武汉夜生活网 Tokyo”) and “Chunji”, and makeup brand “Lianhuo” with different grades. In 2018, its revenue and net profit were 15.
76 and 4.
1.5 billion, of which Marumi / Haruki accounted for 86 respectively.
85% / 13.
The company used to distribute (86.
75%) Mainly, the sales model supplemented by direct sales and agency sales, covering more than 1 offline network in 2018.
60,000 (80% are daily chemical store outlets). The three major offline channels of daily chemical stores / department stores / beauty salons each contributed 39 main revenue.
81% / 11.
05% / 7.
03%, online contribution 41.
The brand has distinctive characteristics, and the management is streamlined and efficient.
The “Eye Skin Care” features created by the company over the past two decades have been deeply rooted in people ‘s hearts. In 2018, its high-margin eye care category accounted for 34% (the main brand up to 37%), and the brand premium in the skin care industry gradually realized the gross profit margin category.
In terms of channels and management, the company adopts a strong discourse power and pursues a strategy of “smart soldiers and simple administration”.
There are only 187 contracted dealers, of which exclusive dealers are supported on key B2C platforms such as Vipshop, and a generation operation model is adopted for Tmall-operated stores. The account receivable turnover rate in 2018 was as high as 261%;Higher than the industry average, in 2018, the per capita income of 889 employees was 1.77 million yuan / 470,000 yuan.
All in all, the company has achieved a higher level of profitability: gross profit margin 68 in 2018.
35%, with a net interest rate of 26.
Directly operated e-commerce companies are in urgent need of power, and the Group’s brand matrix is determined to expand.
Tmall and Taobao are the platforms with the highest online traffic concentration at present, with the company’s Tmall flagship stores covering a total of 127.
550,000 customers, accounting for less than 0 of Tmall beauty consumers.
5% can still capture rich platform traffic through effective forms of marketing.
Since the company developed online channels, it has implemented a distribution-oriented sales model and a balanced development strategy across the entire network. In 2018, direct e-commerce revenue represented by Tmall flagship stores1.
8.7 billion (+ 21% YoY).
75%), accounting for only 28% of online revenue.
44%, there is still a gap with the industry’s internal traffic pattern.
It is expected that the company will expand its direct-operating e-commerce team after the listing, and actively respond to Tmall’s policy of tilting the resources of brand-operated stores, thereby gaining an online share of revenue.
At the same time, the company is in the cosmetics industry with a clear trend of grouping. In the future, it will not rule out the expansion of the brand matrix through various forms such as agency, mergers and acquisitions, and joint ventures.
The company has the well-known skincare product “Marumi” brand assets, with eye skin care as its core feature, the development potential of multi-channel, multi-category, and multi-brand operations, while benefiting from the rapid development of the cosmetic industry in the consumer upgrade stage, future growth mayperiod.
It is expected that the revenue for 2019-2021 will be 18 respectively.
43 trillion, with an increase of 18.
03% / 23.
39% / 23.88%; net profit attributable to mother 4.
69 trillion, corresponding to EPS 1.
92 yuan, the same increase of 19.
62% / 25.
83% / 23.
The 杭州桑拿网 company’s starting price is 20.
54 yuan / share (corresponding to 17 times PE in 19 years), comprehensively considering the industry assessment and the grouping growth of cosmetics companies, we believe that the company’s reasonable market value in 2019 is 13.8 billion US dollars (36.
72 yuan), corresponding to 30 times PE.
Risk reminders: The decline of the macroeconomic outlook has led to a “closed store tide” in terminal retail; the direct e-commerce construction has fallen short of expectations; and the growth of its own brand has fallen short of expectations.