Insomnia and drowsiness in autumn The Yellow Emperor’s Canon reminds you to pay attention to gastrointestinal health

Insomnia and drowsiness in autumn “The Yellow Emperor’s Canon” reminds you to pay attention to gastrointestinal health
From late autumn, the climate is cool, the summer heat has passed, and the winter cold has not yet arrived.This climate is good 南京桑拿网 for sleep, but many people don’t sleep properly, drowsy during the day, shaking at night, counting sheep until dawn.Traditional Chinese medicine believes that insomnia in the autumn is mostly hot and hot in the summer and exhausts one’s heart. In the autumn, it becomes depleted and uneasy.In addition, since ancient times, autumn has been sad and lonely, and everything has been depressed in autumn. People are prone to depression, which leads to insomnia.Text: All-media reporter Zhong Kui Insomnia—the stubborn disease that transcends time and space. In fact, abnormal sleep will not only appear in autumn, but also in other seasons.As the saying goes, spring is sleepy and summer is scarce, and autumn is hibernating.People will appear “sleepy”, “tired”, and “depleted” all year round, dozing off during the day and not sleeping at night.Insomnia caused by seasonal changes is only one of the causes of insomnia.Any physical discomfort, stress in life and work, and mental and psychological changes may cause insomnia.Moreover, insomnia is a persistent disease that spans time and space. It not only bothers modern people, but also ancient people.China’s first collection of poetry “The Book of Songs”, the first volume of the book “Guan Yu” is a “insomnia poem”: “Sir lady, please ask.”poo.Long and careless, tossing and turning.The young man did not succeed in pursuing a lady for a while, he missed it day and night, and turned up pancakes in bed at night.Look at the “Moon Yue He Jiao Jiao” in “19 Ancient Poems” of the Han Dynasty: “He Jiao Jiao in the bright moon, according to my Luo bed.Sorrow can’t be distressed, lingering around.Although the passenger line is Yunle, it is better to return early.Who is alone when you leave home?Led back into the room, tears shed clothes.A wanderer who had never thought of Shu, but woke up with the worries of homesickness because of a bright moon, could not sleep at night, rose up in a cloak and wandered alone.Take another look at the first poem in “Wing Huai” by Ruan Ji, one of “The Seven Sages of the Bamboo Forest”: “Don’t be awake at night.The thin curtain reads the bright moon, and the breeze blows me.Guhong outfield, birding song north forest.What will you wander about?Worrying alone is sad.”Ruan Ji, who lost sleep over worries, simply sat up and played the piano.There are a lot of poets suffering from insomnia in history, and this is just the tip of the iceberg. There are only a handful of people who never suffer from insomnia.Stomach discord is a common phenomenon because of insomnia. The earliest medical classics in China, the Yellow Emperor’s Canon, paid much attention to this problem, and spent a lot of time exploring the causes and treatment of insomnia.Regarding the normal physiological clock of sleep, the Yellow Emperor’s Internal Classic believes that the body’s “protective energy” operation is closely related to the generation of sleep.”Lingshu · Dachaolun” points out: “A man who protects qi travels day by day in the sun and night travels in the yin. Therefore, the yang qi lays down while the yin qi runs down.The so-called “protective qi” is metabolized by the essence of water valley that is transported by the spleen and stomach. It flows very quickly and runs between the skin and muscles.The role of invasion.The flow of Weiqi is divided into day and night, Yin and Yang, and the day “walking in the Yang” is the Sanyang meridian of the hands and feet, circulating for 25 weeks.At night “walking in the yin” is traveling in the five internal organs, and it is also circulating for 25 weeks.Normally, Wei Qi “walks in Yang” is awake, and “walks in Yin” sleeps.When Wei Qi has performed the five internal organs, people will wake up.According to this theory, The Yellow Emperor’s Canon of Internal Medicine believes that when the body’s yin and yang are exuberant or weak or imbalanced, insomnia or sleepiness will occur.”Lingshu · Cold-Fever Disease” states: “Yang Qi Sheng is stunned, and Yin Qi Sheng is stunned.”Yang Qi Sheng” means “Wei Qi must not enter the yin and often stay in the Yang”, that is, Wei Qi is still stranded in the Sanyang meridians of the hands and feet at night, and does not enter the five internal organs.In the same way, when Weiqi stays in the internal organs during the day and cannot walk on the body surface, he will be lethargic.”The Yellow Emperor’s Canon” noticed that the “doorway” of Weiqi from the Yangjing to the five internal organs was the hand, the footyangming classic, namely the stomach and the large intestine.The “gateway” of Weiqi from yin to yang is the foot-taiyin meridian, that is, the spleen, such as spleen dysfunction, will affect Weiqi to yang, causing drowsiness.This shows that the normal function of the spleen, stomach, and large intestine is the key factor affecting sleep.Therefore, “Su Wen · Inverse Tune Theory” states: “Stomach discord is uneasy.”The Yellow Emperor’s Canon” also explains the reason why fat people are drowsy and thin and insomnia: “Therefore, the stomach is large . then (weiqi) stays in the yin for a long time, and if it is not fine, it is craving, so it is more prone to sleep.”.Its stomach is small, the skin is smooth and slow, the meat is divided into benefits, and the qi stays in the yang for 西湖阁体验网 a long time, so it is less stingy.”The Yellow Emperor’s Canon of Internal Medicine” believes that the quality of sleep is related to the human spirit. Divine anxiety can conceal energy, and distress can cause sleep disturbances such as dreams, nightmares, and sleepwalking.How to prevent insomnia and drowsiness?The “Yellow Emperor’s Internal Classic” points out that daily routine is the key to obeying the laws of nature.Lung Qi Qing. “In addition, attention must be paid to gastrointestinal health.In this way, you can effectively prevent the “maintaining yang” or “maintaining yin” in Weiqi.

Chuantou Energy (600674) 2019 Interim Report Comment: Performance Meets Expected Profit Marginal Improvement

Chuantou Energy (600674) 2019 Interim Report Comment: Performance Meets Expected Profit Marginal Improvement

Event: Chuantou Energy released its 2019 semi-annual report.

The company’s 2019H1 operating income3.

200 million, a decrease of 5 every year.

7%; net profit attributable to mother 11.

500 million, a year reduction of 0.

8%; EPS 0.

26 yuan.

Reduced power generation and impact on main businesses: The company’s 2019H1 power generation decreased by 21 due to factors such as the “one stop, one policy” policy for water supply and ecological flow.

9%, of which the increase in power generation in the second quarter of 2019 decreased by 40.


Despite the increase in electricity prices, the company’s 2019H1 operating income3.

2 ‰ (5 per year reduction.

7%), gross margin of 52.

2% (reduction of 1 per year).

9 single); of which the company’s 2019Q2 operating income is 0.

98 ‰ (reduction of 18 per year.

8%), gross margin of 19.

8% (13 per year reduction)

2 averages).

Marginal profit improvement in the second quarter: The company’s main source of profit is investment income from Yalongjiang Hydropower (48% equity participation), and 2019H1 Yalongjiang Hydropower net profit replacement.


Affected by this, the company’s 2019H1 investment net income11.

9 ‰, an average of two in ten years.

5%; but net investment income for the second quarter of 20194.

90,000 yuan, an increase of 21 in ten years.


The company’s net profit attributable to the parent in Q2 20194.

1 ppm, an increase of 24 in ten years.

4% (net profit attributable to mothers in the first quarter of 2019 replaces ten years).

9%), margins improved in the second quarter.

Newly-controlled hydropower assets were added, and the long-term installed capacity was extended to the first half of 2019. The company’s acquisition of 60% equity of Panzhihua China Resources Hydropower Development Co., Ltd. has been completed.

The project is located on the main stream of the middle and lower reaches of the Jinsha River. The total construction period of the project is 72 months. The company’s long-term installed installed capacity is expected to expand.

The application for convertible bonds was approved, and the middle reaches of the Yalong River deserves attention: the company intends to publicly issue convertible bonds to raise no more than 4 billion funds, and it is planned to specifically use it to increase the capital of Yalong River Hydropower.

On July 26, 2019, the company’s application for the public issuance of convertible bonds was reviewed and approved by the issuance committee of the CSRC.

The current projects under construction on the middle reaches of the Yalong River include Lianghekou Hydropower Station (3 million 都市夜网 kilowatts) and Yangfanggou Hydropower Station (1.5 million kilowatts). The first unit is expected to be commissioned in 2021.

With the successive efforts of the Yalong River Midstream Hydropower Station, the company’s long-term growth deserves attention.

Earnings forecast and investment rating: According to the company’s operating data and other conditions, the company’s net profit attributable to its mother for 2019-2021 was slightly increased to 34.

0, 35.7, 36.

1 ppm (33 before adjustment.

8, 35.

5, 35.

900 million).

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

77, 0.

81, 0.

82 yuan, the current expected PE is 13, 12, and 12 times, respectively, maintaining the “overweight” level.

Risk reminder: the incoming water is higher than expected, the power demand is lower than expected, the unit’s commissioning progress is slower than expected, the on-grid electricity price is reduced, and the risk of rising financing costs is raised.

Huaxia Happiness (600340): Steady growth in performance and deepening cooperation with Ping An

Huaxia Happiness (600340): Steady growth in performance and deepening cooperation with Ping An

Steady growth in performance and high profit levels in the industry.

In the first half of 2019, the company achieved revenue of 387.

3% ten percent, an annual increase of 10.

7%, net profit attributable to mother 84.

80,000 yuan, an annual increase of 22.

4%, of which, the gross profit of the industrial new city business accounted for 54%.

The company’s initial gross margin and net profit attributable to its parent are 48, respectively.

7% and 21.

9%, an 北京夜生活网 increase of 2.

9 and 2.

1 unit.

As of the end of the reporting period, the company has gradually deployed nearly 80 industrial new cities in 15 core metropolitan areas across the country.

The proportion of foreign capital around Beijing has gradually increased, and there is no worries to complete the performance growth target.

In terms of revenue, the proportion outside Beijing was 21 from the same period last year.

7% increased to 38.

5% to 14.8 billion US dollars, a ten-year growth rate of 96.


In terms of sales, the area outside Beijing is expected to increase from 40% to 58% from the same period last year to 375.

600 million, a 10-year growth rate of 16.


According to the number of reports, the company ‘s land investment increased by 69% over the same period of the previous year, and the land acquisition area increased by more than 66%. The existing land resources will help the company’s sales in the second half of the year improve.

The company’s advance payment of US $ 1403 million guarantees future performance growth and helps the company achieve its performance commitments.

The repayment rate has increased significantly, and the financing advantage is fully reflected.

The report summarizes that the company realized operating cash inflows of approximately 40.8 billion yuan, and the recovery rate increased from 46% to 62% in the same period last year.

The company’s net cash flow from financing reached 317.

4 trillion, -97 compared with the same period last year.

$ 200 million improvement.

With the tightening of industry financing in the second half of the year, the company’s financing advantage is expected to become more prominent.

Cooperation with Ping An has been further deepened, and new modes of coordinated development have been continuously explored.

The company transferred the equity and debts of the project company to Ping An Life, and at the same time, it still provided the project with development and construction and post-completion operation management in the mode of export asset management.

In the first half of the year, the company was about 64 billion U.S. dollars, a year-on-year decline of about 20%.

3%, real estate sales fell 26.

7%), less than expected, we lowered the company’s profit forecast and expected EPS for 2019, 20 and 21 to be 4 respectively.

95, 6.

08 and 7.

78 yuan, the corresponding PE is 5 respectively.

3, 4.
3, 3.
4 times, the corresponding index rate is 5.

7%, 7% and 8.


Maintain company buy rating.

The company is currently less than 6 times PE and is at the bottom of history. Due to the tightening of industry policies, the industry estimates that the hub is down, giving the company 8 times PE in 2019 and lowering the company’s target price to 39.

6 yuan.

Risk warning: slow progress in investment promotion in production cities and weak real estate sales.

Great Wall Motor’s (601633) December sales review: Mo wins for the cloud system

Great Wall Motor’s (601633) December sales review: Mo wins for the cloud system
The short-term wholesale is weaker than the retail, and the inventory level is reasonably controlled. The company’s December wholesale sales totaled 10.600,000 units, at least -20.8% (ten years at retail +7.5%), overall lower than expected.At the beginning of 2019, the company gradually sold 1.06 million units, +0 throughout the year.7% (ten years at retail +5.3%), basically in line with expectations.As the Spring Festival was earlier this year, the company continued the idea of controlling the inventory level of the main shaft. The wholesale incidental period was low throughout November-December, but the terminal retail performance was excellent (+47 compared with the previous quarter).7%), which is also to create a better inventory environment for sprint sales in 2020. The previous disturbances were relatively controllable, and the other highlights of the chain structure were only a fraction. The poor short-term wholesale data was mainly caused by the disturbance of low-price range products. The H2, H4, and F5 models were less than 11 times.Weakened forces, with a total sales of less than 4,000 units, a decrease of more than 80% compared with the same period last year. In 2020, with the new platform architecture driving the restructuring of the product matrix, the problem of stalls between M6 and H6 will be completely 天津夜网 resolved.Momentum coefficient, the company’s wholesale sales in December compared with the previous November average of 7.9%, but the growth momentum of key models is still continuing, of which M6 sales1.90,000 units (+19 from the chain.7%), with more than 7,000 shells sold (+12 from the previous month).2%), V6 and H9 are maintained at a higher central level. The Q4 performance risk is relatively small, and the medium and long-term volume and price elasticity can be expected to take into account Q4 sales in 2019 of 33.60,000 units, but the subdivision structure continues to be optimized. We expect that the net profit attributable to mothers will remain around 14 million in a single quarter (Q3 QoQ), corresponding to a nominal profit of 6,000 yuan for bicycles. At the same time, taking into account year-end expenses, financial 无锡桑拿网 contributions andIncremental point erosion.Looking forward to 2020-2022, we are optimistic about the company’s ability to bear the combined system of cost, quality, marketing, and technology, which will smoothly drive global sales to 1.7 million units and return profits to the order of 10 billion yuan. Earnings forecast and investment rating: Q4 sales are expected to exceed expectations. We lower our 2019 earnings forecast to US $ 4.3 billion and maintain a profit of US $ 6.5 / 8.5 billion in 2020/2021, corresponding to 19/13/10 times the current total PE.We believe that at least the emission standard switching stall in May-August 2019. The current sales slump in November-December is the starting point of a new cycle. It is impossible to look at the clouds, the system is winning, and the “buy” level is maintained. Risk warning: the macroeconomic growth rate exceeds expectations; the growth of the passenger car market is weak; the sales of new models climb less than expected; the profitability of bicycles rebounds more than expected.

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

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

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

700 million, an increase of 15.

8%, net profit attributable to mother 12.

300 million, down 7.

0%, deducting non-attributed net profit 9.

4 trillion, down 19.

1%; Q4 single-quarter revenue of 32.

500 million, an increase of 19.

1%, net profit attributable to mother -2.

0 billion, 0 in the same period last year.

8 billion.

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

9% (Q3 also increased by 11.

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

5% (Q3 decreased by 26.

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

2% (Q3 also increased by 5.


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

8%, the load factor decreased by 3.

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

3%, the load factor decreased by 0.

4pct, the overall RPK increased by 9.

2%, the load factor decreased by 0.

8 points.

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

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

1%, higher than Q1-Q3 of 3.

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

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

1%, higher than 85 of A320 series aircraft.

0%, and passenger kilometers yield 0.

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

5 yuan.

But the B787 currently only uses 8.

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

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

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

400 billion shares and 5.

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

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

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

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

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



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

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

Intime Resources (000975) 2019Q2 results increase: Gold prices increase overlapping Dachaidan resumes production to drive high growth Maintain Recommended rating

Intime Resources (000975) 2019Q2 results increase: Gold prices increase overlapping Dachaidan resumes production to drive high growth Maintain “Recommended” rating
Core points: 1.The event company released the 2019 semi-annual report performance forecast, the company expects to achieve net profit attributable to shareholders of listed companies in the first half of 2019.2-4.50,000 yuan, an increase of 54 in ten years.03% -65.03%; realized profitability of about 0.2145-0.2298 yuan, an increase of 56% -67 in ten years.13%.  2.Our Analysis and Judgment (I) Rising gold prices and the start-up of Qinghai Dachaidan boosted the company’s performance. As the volume and price of gold business rose, the company’s net profit increased significantly.During the reporting period, the Federal Reserve suspended interest rate hikes and released a signal of interest rate cuts due to increasing uncertainties in the outlook for the US economic development, which caused the international gold price in 2019 to rise from $ 1285 in the early period to 1412 at the end of June.5 USD / GBP, domestic gold price from 288.3 yuan / gram rose to 316.85 yuan / gram.The average price of gold in the first half of 2019 was 289.59 yuan / gram, up 5.6% and 5.88%.In addition, the company’s Dahaidan mine in Qinghai (the amount of gold resources reached 53.05 tons, average grade 4.12g / t) was put into production in April, making the company’s mineral gold output increase compared with the same period of the previous year. It is expected that the Dahaidan Mine in Qinghai will be realized in 2019.6-1.The output of 7 tons of gold has become the supplementary amount of the company’s mineral gold production.The increase in gold prices combined with the release of mineral gold output has driven a significant release of the company’s performance.  (2) The Fed ‘s interest rate cut expectations are strengthened, which is positive for the uncertainty of the upward trend in the price of gold in the US economy, which has kept the price of gold rising this year.  Fed Chairman Powell said in the latest congressional testimony that the US economic outlook has not improved since the Fed ‘s interest rate meeting in June, and the uncertainty surrounding trade tensions and the rapid pace of global economic growth have responded to pressure on the U.S. economic outlook., Denied the prospect of a change in non-farm employment data in June that may lower interest rates.At the same time, fatigue fatigue may be more persistent than currently expected.Such a “dove” statement has raised the market ‘s expectations of the Federal Reserve ‘s interest rate cuts again. According to CME, the probability of the Federal Reserve ‘s interest rate cuts in July is 100%, and the probability of three interest rate cuts at the end of December has once again become the mainstream market expectation, which suppresses the actual yield of US Treasuries.Rates and the US dollar index support the rise in gold prices.It is expected that in the second half of 2019, the United States will cut interest rates and enter a new round of monetary easing, which will help gold prices to rise in the medium and long term.  (3) Incentives for employee shareholding plans and expansion of prospecting will consolidate the foundation for the company’s future growth This year, the company announced the first phase of the employee shareholding plan budget and revised draft, raising a total of about 2 funds.1.4 billion, the total number of employees participating in the shareholding plan is 45, of which 11 are directors, supervisors and senior management, and 34 are key personnel.The lock-up period is 1 year and the duration is 2 years.The employee stock ownership plan establishes a link between the company’s performance and the core employee’s interests, which helps release the enthusiasm of the employees and is beneficial to the company’s long-term development.  The company’s mine technological transformation project helps endogenous growth.The technical transformation of the mining system of Yulong Mining has a maximum lifting capacity of 3500 tons / day. As of the end of 2018, all shafts have been bottomed. Except for the main shaft tower, other shaft equipment has been installed and entered the commissioning stage.Before the completion of safety acceptance intervention use.Heihe Yintai’s open-pit to underground mine project is expected to reach the end of 2019. At the same time, it will overlap the expansion and reconstruction of the Dongan Gold Mine. The ore processing capacity will reach 1,200 tons / day, and it will add the advantages of Heihe high-grade ore, the company’s performance and gross profit margin.The water level has been further improved.In 2018, the Jilin Banmiao Subproject completed the completion of the tailings pond heightening project and the 80-year / year capacity expansion project. Upon completion of the underground development project, the mine mining and processing capacity will be increased by 7 to 80 years / year.Mineral grades will also gradually increase.  Prospecting and increasing reserves support future development.Yulong Mining has four exploration rights, and the exploration scope of exploration rights reaches 41.11 square kilometers. In 2018, the total amount of proven silver metal was 1,818 tons. The resource part of the prospecting area is estimated to be evaluated, and there may be reserves in the future.Heihe Yintai, Jilin Banmiaozi and Qinghai Dachaidan have a total of nine gold exploration licenses. The exploration scope of the exploration right is about 260 square kilometers.Underground prospecting projects in Qinglongtan and Xijinggou, Dachaidan, Qinghai continued, and the prospecting right retained 35 of the gold metal resources.28 tons.  3.The investment proposal benefited from the increase in gold prices and the resumed production of Dahaidan Mining in Qinghai. The company’s performance in the reporting period improved significantly.The company’s technological transformation in existing mines, new 杭州桑拿养生会所 mines put into operation, and the strategic layout of exploration and increase reserves are clear. It is expected that the company’s mineral gold output will continue to increase in the next few years.As the global economy enters a downward phase of resonance, countries will re-enter monetary easing, overlapping the Federal Reserve ‘s recent dovish statement, and further strengthening the market ‘s expectations for the rise of gold, silver and other precious metal price centers.The increase in the price of precious metals and the company’s output are steadily progressing. The company’s future performance is flexible under the rise in both volume and price.We expect the company’s EPS to be zero in 2019-2020.52/0.65 yuan, corresponding to the PE of 27x / 22x in 2019-2020, maintaining the “recommended” level.  4.Risk warnings 1) The price of gold and silver has fallen sharply; 2) The Federal Reserve has restarted the process of raising interest rates and shrinking the balance sheet; 3) The company’s mining and technological transformation projects have been put into operation

Dongmu (600114): Business performance in line with expectations in the second half of the business is expected to pick up and keep buying!

Dongmu (600114): Business performance in line with expectations in the second half of the business is expected to pick up and keep buying!

Key points of investment: The first half of 2019 deducts non-attributed net profit for ten consecutive years.

47%, in line with expectations!

In the first half of 2019, the company realized operating income8.

65 ppm, a decrease of 16 per year.

27%, net profit attributable to mother is 57.08 million yuan, which is extended by 71 every year.

52%, corresponding to a basic income of 0.

09 yuan; including net profit of 52.93 million yuan deducted from non-attribution, every 64 bits.

47%; including the 北京夜网 second quarter of the single quarter, the company achieved sales revenue4.

33 ppm, a decrease of 13 per year.

68%, unchanged from the previous month, and achieved a net profit of RMB 34 million, at 72 intervals.

35%, an increase of 50 from the previous month.

58%, overall performance is in line with expectations!

  Four consecutive quarterly reports show that the bottom of the results fluctuated, waiting for the turning point of the industry to come!

Since the third quarter of 2018, the company’s single quarter sales revenue has always been at 4.


The 700 million fluctuations are mainly affected by multiple factors such as the switching of the National V and National V standards, and the impact of changes in the external environment of China and the United States on customer purchases and other factors!

According 苏州桑拿网 to the current trend, the improvement of industry orders still has to wait for some time!

Due to fluctuations in orders at the automotive end and increased revenue at the end of the magnetic materials, the company’s automotive powder metallurgy business accounted for 60% of the total revenue at the peak and was changed to 53% in the first half of 2019; the operating rate was not full production (income 50Over 100 million) when the operating rate can exceed 85%) and the increase in the proportion of low-margin business structure suppresses the company’s comprehensive business gross profit margin. In the second quarter, the company’s comprehensive business gross profit margin was 25.

72%, down 1 from the first quarter.

14 averages, enough to continue the trend of improving gross margin!

In the first half of 2019, the company’s R & D expenditure was 5,241.

440,000 yuan, an annual increase of 3.

09%, R & D expenses as a percentage of sales revenue continued to increase, which is the basis for the company’s future revenue growth.

Reported volume, net operating cash flow of the company1.

5.9 billion, higher than net profit, showing that the company still has good bargaining power in the upstream and downstream of the industry!

In the magnetic materials business, the revenue in the first half of 2019 was stable, and the gross profit margin decreased year by year8.

75 up to 26.

29%, mainly due to the new plant put into production but the revenue has not kept up and the implementation of the industry card strategy sacrificed part of the profit compression strategy!

  Subsequent extension of endogenous two-wheel drive, the repurchase of shares has progressed in an orderly manner.

In the announcement of the resolution of the 30th meeting of the 6th Board of Directors of the company, it was disclosed that the board of directors agreed that the company would use its own funds or self-raised funds to jointly invest in Ningbo Dongmu Guangtai Enterprise Management Partnership (limitedPartnership), the registered capital is 2.

$ 5 billion, of which the company is a limited partner and contributes in cash2.

00 trillion, accounting for 80% of the registered capital.

00%, agrees that Ningbo New Jinguang Investment Management Co., Ltd. is the general partner of the target partnership enterprise and performs partnership affairs on behalf of the target partnership enterprise.

In addition, the company disclosed in the 2019 Interim Report that the company has used 1.

9 trillion repurchased 27.8 million shares, and actively safeguard the company’s value!

  Investment suggestion: The bottom feature of performance is obvious. The upward inflection point will drive the gross profit margin to increase in the same direction, the net profit will be more flexible, and the buy rating will be maintained!

From the perspective of operating cash flow and the proportion of R & D expenses, the company’s industry competition is particularly strong, and from the perspective of revenue, the gradual trend has stopped, waiting for subsequent improvements to occur!

We believe that starting from the second half of 2019, the company’s single quarter profit will continue to improve month-on-month, and considering that the company may receive 2 from the demolition in 2019.63 trillion of land compensation, therefore raised the profit forecast for 2019 to 4.

3.6 billion (previous forecast was 3.

30,000 yuan) and maintain the net profit forecast for 2020-2021.


94 trillion is unchanged, corresponding to a current dynamic PE of 9 for 19 years.

0X, considering that the company’s potential future cash acquisition will strengthen the company’s industrial competitiveness, we maintain the buy rating!

Depth-Company-Adisseo (600299): Multi-point flowering company performance steadily rises at low prices

Depth * Company * Adisseo (600299): Multi-point flowering company performance steadily rises at low prices

The company released the third quarter report of 2019 and achieved revenue of 83 in the first three quarters of 2019.

1.3 billion, a year-on-year decrease of 2%, and net profit attributable to mothers8.

1.2 billion, an increase of 14% in ten years.

In line with expectations.

Maintain BUY rating.

  The company released the profit distribution plan for the first three quarters of 2019, and plans to pay 1 for every 10 shares.

03 yuan (including tax).

  Highlights of support levels The third quarter results continue to improve each year.

In the first three quarters of 2019, the company achieved revenue of 83.

1.3 billion, a year-on-year decrease of 2%; net profit attributable to mothers8.

1.2 billion, an increase of 14% in ten years; net profit after deduction 6

79 ppm, a decrease of 2 per year.


Among them, in the third quarter, the company achieved revenue of 29.

5.5 billion, an increase of 6 every year.

48%; realized net profit attributable to mother 2.

780,000 yuan, an increase of 26 in ten years.


  The company’s profitability continued to remain at a relatively high level, with a combined sales gross margin of 34%, comparable to the same period last year.

Especially when the price of methionine dropped, the gross 杭州夜网论坛 profit margin of the company’s functional products increased by 1 to 31%, reflecting the company’s advantages in cost control and technological innovation.

The sales of several products showed a good momentum, offsetting the negative impact of the low methionine price.

Although the price of methionine continues to run low and the price of vitamin A fluctuates, the sales of liquid methionine and certain specialty products have become the driving force for the company’s growth.

Since 2019, the company’s liquid methionine sales have maintained double-digit growth, especially in China, where sales have grown by more than 20%.

  At the same time, the revenue of special products in the third quarter increased by more than 9% each year.

Among them, the sales revenue of enzyme preparations increased by more than 14%; the US dairy industry market initially resumed growth, and anti-gradual animal product sales increased by more than 16%; Hilary Selenium achieved the best sales performance in a single quarter, an increase of more than 26%.

The asset evaluation was reduced and the “BANG” plan continued to advance.

The listed company intends to acquire 15% of the ordinary shares of Blue Star Adisseo Nutrition Group Co., Ltd. held by the holding company in cash.

After the failure of the first acquisition, the assets of this acquisition are estimated to be 36 from the previous one.

14 trillion down to 30.

8.6 billion yuan.

If the acquisition is successful, the listed company will hold 100% of the common stock of Adisseo Nutrition Group, which will help the company to further improve its financial position and operating results.

  It is estimated that the company ranks second in the global methionine market share, and the liquid methionine share is the first in the world.

In the future, the company will expand its production capacity and lead the industry in profitability.

It is expected that the EPS for 2019-2020 will be 0.

43 yuan, 0.

51 yuan, corresponding PE is 24 times, 20 times.

Maintain BUY rating.
  The main risks faced by the rating are outbreaks of large-scale epidemics; emergencies such as environmental protection and safety; sudden increases in raw material prices or a key intermediate supply interruption; project construction is not up to expectations; abnormal exchange rates affect the company’s performance.

Infrastructure “Spring Busy” Multi-site Project Starts Centrally

Infrastructure “Spring Busy” Multi-site Project Starts Centrally

Infrastructure “Spring Busy” Multi-region Project Starts Centrally ⊙ Reporter Yu Xiangming ○ Editor Qiu Jiang Since the end of January, Guangdong, Zhejiang, Shandong, Shanxi, Shaanxi, Henan and other places have started the project intensively.

According to statistics, from January to February, a total of 32 regions across the country issued US $ 696.1 billion of new local government bonds, accounting for 50 new replacements issued in advance.


Wu Yaping, the director of the Investment Research Institute of the National Development and Reform Commission, said to the Shanghai Securities Journal on the 8th that a reasonable expansion of effective investment this year will make the short-term 南京龙凤网 project faster.

The reporter learned that this year the National Development and Reform Commission will focus on areas to promote effective investment and formulate an implementation plan for the gradual development of infrastructure.

  This week, the Shanghai Development and Reform Commission announced a list of major construction projects in 2019, which are divided into five major areas, namely industrial technology, social and people’s livelihood, ecological civilization, urban infrastructure, urban-rural integration and rural revitalization, with a total of 138 items.

Among them, Tesla Super Factory Phase I, ABB Robot Super Factory, Shanghai Grand Opera House, Pudong Airport Phase III Expansion Project, Rail Transit Chongming Line and other major projects are listed.

  According to rough statistics from reporters, since the end of January, at least 50 urban areas have released news of concentrated project start-up, with project investment amounting to hundreds of billions, at least billions.

  Taking March as an example, in less than 10 days, projects in nearly 10 cities have started intensively.

Among them, on the 6th, 20 projects in Luancheng District, Shanxi Province started construction with a total investment of 7 billion yuan. On the 5th, 20 projects in Tieshan Port, Beihai, Guangxi Province started construction with a total investment of 130.

5.0 billion; On the 4th, 56 projects in Chencang District, Baoji City, Shaanxi Province were started intensively, with a total investment of 108.

On the 4th, 20 projects in Guangzhou Tianhe District were started in a concentrated manner with a total investment of 18 billion yuan. On the 2nd, 19 major projects in Jinxiang, Jining, Shandong were started in a concentrated manner, with a total investment of 6.5 billion.Through increasing efforts to supplement shortcomings in infrastructure construction, the growth rate of investment in infrastructure projects declared nationwide has gradually picked up since August 2018.

Judging by the inception cycle of infrastructure projects for about one year, infrastructure investment attempts to maintain a medium-speed growth trend in 2019.

Hongqi Chain (002697): Southwest Convenience Store Leader Strengthens Shortboard and Expands

Hongqi Chain (002697): Southwest Convenience Store Leader Strengthens Shortboard and Expands
Southwest convenience store chain leader, step by step for the steady expansion of the company. Backing Chengdu, radiating Sichuan, focusing on the convenience store’s main business, with “convenient, affordable, assured” as its long-term business philosophy. Since 2015, it has continuously acquired Hongyan, Four Seas, Reciprocity, and 9010 supermarkets.In order to maintain the steady development trend of the business, the regional leaders continued to strengthen.According to the data of the Chain Store Management Association, the company’s revenue in 2018 was 72.200 million US dollars, is the third largest convenience store chain in developing countries (non-petroleum), and ranks 51st among the top 100 national chain stores.At the same time, the company, New Hope Group, and Sichuan Yinmi jointly established Xinwang Bank to grasp the rise of Internet banking dividends and create a second profit growth point. Xinwang Bank turned losses into profits in 2018 and continued to optimize its profitability. The per capita GDP of second- and third-tier cities in the country that have both regional leadership and growth and complement the supply chain to strengthen competitiveness has intensively exceeded US $ 10,000. Convenience stores are located in the golden period of development. Currently, the top three existing convenience store brands are all regional.Characteristics, in the future, convenience store brands are committed to achieving cross-regional integration, and the concentration will continue to increase (according to Bloomberg data, CR5 in 2018 and Japan are 37 respectively.5% and 73.1%).We judge that the Red Flag Chain will stand out: 1) It will merge into a half-dominated city in Chengdu, with a solid regional division. Considering 苏州桑拿网 store encryption and the development of Sichuan, the growth space will be complementary; 2) Dating Yonghui’s fresh supply chain and Chengdu Budweiser Food to strengthen fresh food and mealsThe food category includes many value-added services, and the customer acquisition ability and consumer stickiness have continued to strengthen; 3) The company has launched smart retail and strengthened logistics construction, and the product allocation rate and store delivery rate have been continuously optimized. Profit forecast and investment advice The company adheres to the expansion of competition barriers with “goods + services”, relying on dense offline outlets, the brand has gained popular support.Considering the company’s regional leadership and growth, the merger of Xinwang Bank will continue to contribute incremental income, and it is expected that it will return to its mother’s net profit in 2019-2021.01/4.79/5.65 ppm, an increase of 24 in ten years.3% / 19.4% / 18.0%, referring to the estimated situation of comparable retail leaders, giving the company 24xPE for 19 years, corresponding to a reasonable value of 7.08 yuan / share, maintaining the “overweight” rating. Risk reminder: the risk of continued intensified competition in the retail market; store renovation and upgrading are not up to expectations; store expansion is not up to expectations;