Fang Xuechu and Cheng Jia saw someone coming,Suddenly relieved,Understand that the savior is coming。

this moment,They really thank Brother Hu。
“Damn!Scared me。Okay,We met Director Li in advance。”Cheng Jia patted her plump breasts,Fortunately。
Fang Xuechu nodded,Then look bitterly at Wang Ming:“This surname Wang is too much。”
“Do not worry!Let’s write down this account,Slowly calculate later。”Cheng Jia said。
woman,Never messy,Have always held grudges。
Director Gu put away that angry face,Wry smile:“Li Ge,Ugh!Current actors,Less and less dedicated,Difficult to manage!I will take a day off,Let everyone rest,I didn’t expect the heroine to fly out of the province,Is it plausible??And the two of them,What phone to play?Disrespect the shooting scene at all。”
Director Li takes a serious look,I found out that it was Fang Xuechu and Cheng Jia,Froze for a while。
These two people,Isn’t it with Hu Yang Hu??Why did you come here suddenly?
He rescued:“Isn’t it filming yet??calm down,I believe they were not intentional。Xiao Fang、Xiao Cheng,Apologize to the director first,You are not allowed to do this。”
Uh!Stunned,Looking at Fang Xuechu and Cheng Jia with weird eyes。
These two women,Meet Director Li?Isn’t it?Am i wrong?
Even Gu Dao,Hear this,Open their mouths,Can’t close,Very embarrassing for a while。You know Director Li,Say it early!Will I scold you in front of so many people?It’s not impossible to add drama to you。
Why not say?
Why not say it?

Forget it,Change one。

“Sniff,Lend me your little brother!”
“use?how to use?”Angel Yan has been paying attention to Xin Zhao’s actions,Now I heard him say this,Angel Yan said directly。
Xin Zhao gave her a speechless look,Then I took a look at Sniff,I found this guy didn’t understand,I was relieved。
“I want to analyze the relationship between these demons and ordinary people on this planet,Then analyze what has changed,We can also make some corresponding weapons later,of course,If you don’t want to,forget about it!”Xin Zhao will not force,In fact, after he analyzed the structure of the devil,,I already have an understanding of these guys。
Now I want to know the genetic makeup of people on this planet,Purely to satisfy one’s own knowledge needs。
“Then don’t use my little brother’s,Use my body well,I have always been the strongest fighter in the clan,If you can study something for God,That’s also my honor!”
Look at Sniff,This guy deserves to be a guy who can grow into a big man,Have a brain,Have strength,Such people are unsuccessful,That’s no reason。
think about it,The one in the south is called Enicid,Sniff of the North,Now Sniff’s people are dead.,By the time,Think carefully,Thinking carefully。
I’m afraid this demon was not sent to help Enicid to better control the continent, right?。
Could this demon be an angel’s teammate?!
When thinking like this in my heart,Xin Zhao’s gaze turned on Angel Yan’s body unconsciously,Then looked at Sniff who was already lying beside the devil,Xin Zhao directly put his hand on Snife’s.。
He did,Of course it’s for safety,Although this Sniff has no blood relationship with him,But anyhow, it was the first person I met when I came to Ferrejo,How can you be a little bit affectionate?。
Take a deep breath,Xin Zhao’s eyes turned blue and white,Originally looked like a fleshy body,now

Another male student refuted:“People can make hundreds of millions by selling one round of mobile phones,How could people be billions?At least tens of billions。”

Zhou Xiang knows that I don’t like to talk about such topics,Changed the subject immediately,Speaking of the past。
The students didn’t want to discuss this topic in depth,Just got here。
Everyone hasn’t seen each other for many years,Some have never met since graduating from elementary school。
Have been more than twenty years!
The original boy,Are now middle-aged。
Many female classmates from previous memories,Have become aunts now。
You can know what everyone looks like now,How is life going!
People who worry less will look younger,People who don’t worry will appear very vicissitudes。
Sun Xi and other female classmates look at least ten years younger,Like a young girl in her twenties,No wrinkles on my face!
So her life should be good,Even if it’s not very rich and comfortable,It’s certainly not very hard!
But his eyes are not as clear as before,Some vicissitudes of precipitation。
After all, he has reached this age,Whether married or unmarried,It is estimated that there are a lot of emotional experiences。
Sun Xi didn’t talk much with his classmates,I feel much quieter than when I was in school!
My classmates and I also had a chat,I mainly talk to you about various things。

Tower Group (002233) 2018 Annual Report Comments: Supply and demand pattern is good, high profit, high dividends, low valuations

Tower Group (002233) 2018 Annual Report Comments: Supply and demand pattern is good, high profit, high dividends, low valuations

The company’s performance increased by 139 in 2018.

0%, EPS1.

RMB 45 On January 12, 2018, the company realized operating income of 66.

30,000 yuan, an increase of 45.

3%, net profit attributable to shareholders of listed companies.

2 trillion, with an increase of 139.

0%, budget benefit 1.

45 yuan; the company’s revenue in the fourth quarter was 21.

1 trillion, with an increase of 38.

5%, net profit attributable to shareholders of listed companies4.

7 trillion, with an increase of 119.


Profit distribution plan: 4 for every 10 shares.

3 yuan cash dividend (including tax), the cash dividend rate is as high as 58.


The sales scale, operating performance and dividend rate of the first-tier companies are reported to reach record highs.

Volume and price are rising, and the company with the best historical profitability report has a comprehensive gross profit margin of 40.

4%, an increase of 10 every 17 years.

8 units; sales rate, management rate and financial rate are 1.

6%, 4.

9%, -0.

2%, 0 per year.

4, 0.

9, 0.

2 averages, period rate 6.

3%, 1 year 17 years down.

4 units.

The company’s comprehensive gross profit margin in the fourth quarter was 38.

5%, an increase of 6 every 17 years.

9 units; sales rate, management rate and financial rate are 2.

0%, 7.

9%, -0.

2%, a decade change of -0.

3, 0 and 0.

2 digits, period rate is 9.

7%, a decrease of 0 every 17 years.

1 unit.

In 18 years, the company’s cement sales reached a ceiling of 1795, an 南宁桑拿 increase of 15 per year.7%, mainly contributed by the first phase of the Wenfu serial port line that was put into production at the end of 17 years.

In addition, benefiting from stricter environmental protection, coordinated peak production by large enterprises and the suspension of Xijiang in the fourth quarter of the season, the price of cement in South China rose by 18 years.

9%, the company’s profitability improved to the historical best level, net sales margin reached 26.


The Hong Kong-Zhuhai-Macao Greater Bay Area merges with the revitalization of the eastern Guangdong countryside, and the regional supply and demand pattern is better.
On the power supply side, except for the completion of the second phase of the Tower Wenfu access line project, which was completed and put into operation at the end of 19 years, there will be no other supplementary production capacity in Guangdong Province in the future. In 19 years, the environmental protection governance in the southern region will gradually increase.The pattern will also continue.

As the cement leader in the Pearl River Delta region, the company’s market share is expected to further increase.

Profit forecast and investment recommendations The internal cement supply and demand pattern in the region is improving, and the company’s business mix business is growing rapidly. The Wenfu clinker insertion line project will continue to contribute to product sales growth, and high profit levels will continue.

In addition, the company’s dividend yield is as high as 7%, which is estimated to have a safety margin.

Maintain the company’s 19-20 year earnings forecast EPS 1.

96, 2.

16 yuan, plus EPS 2 for the 21-year profit forecast.

38 yuan, maintaining a target price of 14.

00 yuan corresponds to about 7 times the PE level in 2019, with a “Buy” rating.

Risk Warning: The demand performance is less than expected, and the risk of a sharp rise in prices of raw materials and coal.

Minutes of Pingmei Coal (601666) Conference Call

Minutes of Pingmei Coal (601666) Conference Call


In the first quarter of the company’s budget, the comprehensive bid for commercial coal was 680 yuan, and then it was increased by 3% instead of 498 yuan for thermal coal.

2% of other coal washing was a small amount of 176 yuan, a large amount, and its contribution to performance was negligible.


The company’s 2018 annual report data shows that the proportion of clean coal has fallen by 120%, accounting for less than 30%. Will there be any changes in the production and sales structure this year?

Last year’s final input did not keep up, the raw coal produced was not enough, and the coal quality declined.

The quality of refined coal in some of the company’s mines declined.

There is also a decrease in the depreciation period last year and an increase in the amount of depreciation.

Coupled with the impact of environmental governance policies, several factors have led to improved performance.

This year, the company’s goal is to enhance the quality of coal, produce more clean coal, and carry out structural adjustment.

This year’s coal output is expected to reach 1,000 tons.

At present, the output of clean coal in the first quarter of 2019 is 237 tons, and there should be a growth interval. The second and third quarters are the peak production period. The output of clean coal is driven by raw coal. The output in the second and third quarters may continue to rise.


At the end of last year, the state began to suspend and rectify the production of deep high-risk mines, including the subsequent restriction of production capacity. The mines are mainly coking coal mines, which will affect the company.

How will crops across the coking coal industry be affected?

This policy has been implemented, and the operation requires that the expert group first check the mine acceptance, which was completed last month.

The qualified mines are released for production, and the unqualified ones are suspended.

All of the company’s mines have passed the acceptance inspection and are currently in a state of continuous production. The production has not been greatly affected.

For the entire industry, coking coal output will decrease, but the reduction is not too great.

It just reduced the production capacity by 20%, which has little impact on the entire industry.

Due to policy requirements, the production capacity has been reduced by 20%. The mine’s own geological conditions determine the vulnerability of mining. The previous capacity utilization rate has not reached 100%.

Therefore, a 20% reduction in output does not really reduce the 20%.

The production of coking coal is very difficult. It is difficult to dig deeper in coking coal, and there are more semi-gases in coking coal, which has an impact on safety.

The price of thermal coal is often restricted, but coking coal is a raw material for metallurgical coal, so the market price is subject to greater restrictions.

Our company’s clean coal is up an average of 5% every year.

Eight coking coal companies accounted for 50% of the market.

As a “coking coal complex”, there is consensus on the price, because the coal price plummeted in 2015 and the price war within the industry led to vicious competition. In 2015, the company lost 1.5 billion yuan.

Therefore, the degree of competition in the industry has eased and pricing is more stable.


The sales volume of commercial coal in the first quarter increased by 20% every year. The growth rate was at most the clean coal. Is the sales growth driven by the increase in output alone or is it driven by market demand?

There are two factors: one is that the output has actually increased, and the other is that the market is not bad. If there is only an increase in output and there is no market, sales will not reach such a high level.

At present, the top five customers of the company are all large steel companies, and the company is confident in focusing on coal prices.

In the past two years, the company’s coking coal has also expanded to overseas markets due to its superior quality and has been exported to Japanese and Korean companies. The other party’s feedback on the quality of coking coal can replace the beautiful Fengjing coal mine.

The company’s main coking coal is very competitive internationally. Last year, it exported 100 inches. However, there are certain procedures for coking coal export. It is necessary to find qualified agents.

There is currently no scale to realize exports.


The company’s pricing methods and overall price trends are based on quarterly pricing of refined coal to customers, which are adjusted quarterly.

At present, prices have stabilized in the second quarter, and there is no specific data for the time being.

The 19-year plan for the production of clean coal disclosed in the company’s annual report is 1,000 inches, increasing year by year.

However, the output of raw coal fell slightly earlier than the previous 18 years.

How does the company think about making plans?

Judging from the completion of the first quarter, this year’s plan can be completed.

Due to the experience of last year and the annual routine of each year, the company has two indicators, one is the planning indicator and the other is the goal of struggle.
The goal of the struggle is optimistic, and the goal of the plan is more cautious.

Expansion of the planned targets has been expanded initially, and cautious expansion has been initially carried out, for fear of over-high targets causing misunderstandings.


Does the change in depreciation last year have any impact on this year?

There is also an impact on this year, as the extension of the depreciation period has led to an increase in annual depreciation.

Because a few years ago, it temporarily expanded and owned cash.

The amount of underground mining needs to consume a relatively large amount, inadequate expenditure in previous years, resulting in a production gap in 18 years.

Coal quality, production capacity replacement, output can not keep up.

After last year, the digestion of unfavorable factors was basically completed.

In the next step, the company intends to promote smart mines.

The modernization speed of coal mines is relatively slow. It is expected that there will be no staff on the underground, less staff on duty, and more online monitoring.

The subsequent occupation of related equipment is also relatively large.


The depreciation of ton coal in 17 years is about 25, and the depreciation of ton coal in 18 years is about 50. Does the depreciation in 19 years also maintain a high level?

The main purpose is to increase equipment investment, expand output in the future, and improve production efficiency.

To promote centralized mining, the current strategy is to focus on increasing the single yield and single-sided level, and concentrating previous multi-directional mining in one direction.

Improve efficiency, increase production, and reduce headcount.

Q: The sales volume in the first quarter increased significantly. What is the level of coal inventory in the first quarter?

The market demand is better, and the company’s coal has a better reputation in the market. It has always been for reference.

There is very little basic inventory and basically zero inventory.

Even because the supply of raw coal is not available, the company needs to purchase a portion of Shanxi’s coal.

Reprocessing increases added value.

The comparison value of external customers’ demand for the company’s coal. We purchase raw coal and do washing and washing according to customer needs.

This can also solve the problem of strong downstream demand and our inability to supply.

At the same time, we increase our production to prevent idle capacity.

Question: The company disclosed that the transaction costs are 25% of the major shareholders. What are the main products purchased and what do they do for the downstream steel mills?

What we purchase from steel companies is steel, various special steels and U-beams used underground.

The company purchases production equipment and some coal from major shareholders.

We are unified bidding procurement.

Question: The company’s production capacity is relatively stable. Do you have any plans for capital expansion in the future? Capital expansion will focus on two directions.

The first direction is automation and intelligence.

The second plan is the underground ladder project, and the number of projects under construction in the annual report will increase.

Because of the cash balance, a large amount of pre-production reserve work was started.

Once needed in the future, the company can still have room to increase production.
Q: The progress of the group’s state reform. The group’s state reform is in the forefront in Henan Province. Among them, the group’s coking section has private companies in which it holds shares.

The group’s own equity budget and Baowu Iron and Steel each share a stake.

Q: The growth rate of depreciation per ton of coal in the cost of 18 years, but the labor cost is basically flat.
The next step may depend on the provincial plan. The group’s direction is to make good use of the three listed company platforms.

Will labor costs increase significantly in 19 years?

Management costs have fallen in recent years, and whether they will rise. Management costs will not rise. The company adopts a comprehensive budget, not a zero-based budget.

Expense type is based on the previous year, and the index is expected to be given each year.

Management costs will not increase significantly.佛山桑拿网
Expenditure on R & D will increase as the company develops smart mines.

For the production of high-yield and high-efficiency mines, more research projects have been absorbed.

The increase in labor costs is relatively slow, and the two components constitute labor costs.

Part of it is staffing.

The other part is per capita wages.

With the company’s benefits continuing to rise this year, labor costs will increase slightly.

The number of companies is working hard, and there is still room for reduction this year.

The group has a three-year personnel optimization plan.

Adjust non-production and business personnel.

Transfer reserve personnel and reserve personnel from the main production industry.

There are three main aspects: 1) Relevant personnel from the three supply and one industry are transferred and accepted by the municipal government; 2) Retirees are transferred to the government to reduce pension expenses; 3) Young non-ground personnel are transferred to emerging industries, companiesThe company plans to establish a joint chemical industrial park with an investment of about 2 billion yuan, which is the company’s main transfer position.

Therefore, the cost of human resources has remained basically stable in the near future, and will not increase significantly.

Q: What is the company’s attitude towards sustainable planning.

Purpose of company repurchase.

From a corporate perspective, corporate leaders are considered low.

Judging from the estimated indicators, it is now that the PB is relatively low.

The company launched a repurchase program because it had a cash balance for 18 years, and plans to gradually return to a reasonable level and range through repurchase.

Bank of Shanghai (601229): Better performance sets sail

Bank of Shanghai 武汉夜生活网 (601229): Better performance sets sail

Event: On the evening of October 25, the 3Q19 performance was disclosed: revenue 378.

810,000 yuan, a year-on-year increase of +19.

76%; net profit attributable to mother 163.

59 trillion, a year-on-year increase of +14.

59%; annualized weighted ROE14.


As of the end of September 19, the scale of assets was 2.

19 trillion yuan, non-performing loan ratio1.


  Opinion: Better performance, lower ROE revenue growth rate.

Revenue growth in the third quarter of 19 was 19.

7%, compared with 27 in the previous 1H19.

The 4% decline was significant, mainly due to the growth rate of loans, which was 28 at the end of 18 years.

1% of teenagers to 3Q19 of 15.

3%, especially the growth rate of personal loans with higher yields has significantly reduced.

  Better 杭州桑拿 performance.

The growth rate of net profit in the third quarter of 19 was 14.

6%, an increase of 0 from the previous 1H19.

3 units.

Despite the decline in revenue growth, the quality of assets is stable, the amount of impairment growth accrued, and the growth rate of net profit slightly increased.

Achieved faster earnings growth, 19Q3 revised ROE14.

74%, rising by 0 every year.

44 units.

  Optimized asset structure, net interest margin decreased slightly from the previous quarter, and optimized asset structure.

Since 2015, the growth rate of loans has continued to exceed the growth rate of assets, and the proportion of asset-side loans has increased from 36 at the end of 15 years.

0% rose to 43 in 3Q19.

8%, the asset structure is significantly optimized.

In recent years, Bank of Shanghai has continued to promote retail transformation. The balance of personal loans increased from 865 trillion at the end of 15 years to 3,021 trillion in 3Q19, while the ratio of individual loans increased from 16.

1% rose to 31.


However, the 3Q19 loan-to-loan ratio fell by an integer in the initial period.

  Net interest margin decreased slightly from the previous quarter.

According to our calculations, the net interest margin in 3Q19 was 1.

67%, a decrease of 2BP from the previous 1H19, mainly due to the decline in the return on assets.

Return on interest-earning assets in the third quarter of 194.

39%, a decrease of nearly 6BP from the previous 1H19, which is expected to be mainly related to the growth trend of personal loans with higher yields.

  Asset quality remained stable, and loan allocations were relatively high. Asset quality remained stable.
The non-performing loan ratio in the third quarter of 19 was 1.
17%, down 1BP from the previous 1H19, focusing on the loan ratio of 1.

86%, unchanged from 1H19.

1H19 overdue loan ratio1.

61%, with a bad net production rate of 1.

27%, or related to the rise in the generation of bad consumer loans.

  Loans are relatively high.

The loan-to-loan ratio in the third quarter of 19 was 3.

90%, slightly decreased in the early 1H19, and increased 0 in the early and early stages.

1 unit, wide provision.

  Investment suggestion: Estimated benefits and costs highlight that Shanghai Bank, as a city commercial bank based in the Yangtze River Delta, has obvious regional advantages.

1530 retail customers in the third quarter of 1930.

50,000 households, retail AUM6091 trillion US dollars, an increase of 17% compared to the earlier period, and retail transformation is advancing steadily.

  In addition, Bank of Shanghai intends to issue convertible bonds not exceeding 20 billion yuan, which will effectively replenish capital and support future business development.

  Taking into account the year-end expectations, it is estimated to switch to 2020 and give 1.

Double the 20-year PB target estimate, corresponding to 13.

31 yuan / share.

The current estimate is only 0.

88 times 19 PB, can be estimated, maintain Buy rating.

  Risk warning: risks of contraction of consumer loans, deterioration of asset quality and other risks.


Lujiazui (600663): Qiantan high gross margin project carried over office occupancy rate slightly rebounded

Lujiazui (600663): Qiantan high gross margin project carried over office occupancy rate slightly rebounded
Revenue for two years +23.86%, gross margin increased by 9 in the short term.In the first half of 2019, the company’s revenue was 81.89 billion +23.86%, net profit attributable to mother 20.47 trillion +11.34%.In terms of items, sales, leasing, finance, and property management segment growth rates were 27.48%, 8.9%, 47%, 7.62%.Overall gross profit margin 58.62%, an increase of 9 over the same period in 2018.36pc, which is mainly driven by the high 北京夜网 gross profit projects in the residential sector. Real estate sales: Tianjin project remaining support, Suzhou project gradient reasonable Reasonable contracted area in the first half of 2019 1.170,000 square meters, the contract amount is 6.1.6 billion, -22% and -12% annually.The main sales projects in the first half of the year are Tianjin Maritime Garden (East Standard Section) and the Shanghai Stock House. The main projects in the second half of the year are still Tianjin Maritime Garden (Eastern Standard Section). At the same time, the Suzhou project has a reasonable gradient layout and is expected to enter the market in the second half. Leasing: The leasing rate of office buildings has driven the gross profit margin of the leasing business to rebound, and new projects have continued to enter the market to achieve leasing income.0.5 billion, an increase of 8 per year.9%, a decrease in the growth rate in the first quarter, mainly due to the breakdown of office rent growth in the second quarter of 2019.Commercial property income + 66% per year, mainly affected by the two L + Malls in Shanghai and Tianjin (opened in the second half of 2018).In the first half of 2019, the leasing rate of Grade A office buildings increased by 1pc compared with 2018, driving the gross profit margin of leasing business to increase by 0 compared with 2018.91.In the second half of the year, Oriental Plaza Phase I and Lujiazui Riverside Center are expected to enter the market. With the expansion of the leased area, the revenue from the rental segment is expected to continue to increase. The net interest rate rose slightly, and the advantage of financing costs highlighted that the net interest rate increased by 12 in the first half of 2019.58 tablets to 118.29%, mainly due to the increase in bond issuance, and the short cash debt ratio rose by 0.07 to 0.39.The company’s shareholders have a long-term credit rating of AAA, and the coupon rate of the latest issue of corporate bonds has gradually decreased to 3.88%, financing advantages continue to highlight.Out of prudence, we will include bonds “16 Riches 01” and “15 Shin Kong 01”, “15 Shin Kong 02”, and “11 Shin Kong Bonds” in the forecast of performance. Target price of 17.12 yuan, upgrade to “Buy” rating. Considering the delivery of SN1 office building projects in the first half of the year, high-margin projects in 2019 have been carried forward. We raise the company’s EPS forecast for 2019-2021 to 0.95, 1.04, 1.19 yuan (was 0.91, 1.02, 1.16 yuan), the current sustainable corresponding 2019-2021 forecast PE is 14.9, 13.6, 11.9 times.It is expected that Shenwan’s real estate industry evaluation center will move downwards. We lower the PE in 2019 to 18 times (previously 北京男士spa会所 19 times) and lower the target price to 17.12 yuan.High gross profit items were booked, and the occupancy rate rose steadily and raised to the “buy” level. Risk warning: the company may push the market less than expected; the settlement progress may be less than expected.

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.

Ningbo Gaofa (603788): The low point has been corrected several times in the third quarter

Ningbo Gaofa (603788): The low point has been corrected several times in the third quarter

Performance summary: The company announced the third quarter of 2019, and the first three quarters of 2019 achieved revenue6.

US $ 600 million, an average of 35% over a ten-year period, and net profit attributable to mothers1.

400 million, the previous interest rate was 32%.

In the single third quarter, it realized revenue 2.

2 ‰, an average of 21% over a ten-year period, and achieved net profit attributable to mother.

500 million US dollars, an annual growth of 2%.

Revenue declines narrowed, and performance continued to turn positive.

In terms of revenue, benefiting from GM Wuling, Geely and other major customers plus inventory, the company’s third-quarter revenue increased sequentially.

At the same time, the company’s divestiture of Sherman’s related assets is expected to affect revenue of about 20 million in a single quarter. Excluding the impact of Sherman’s divestiture, the company’s main business revenue is expected to replace about 14% in the third quarter.

The company’s gross profit margin was 33 in the first three quarters.

5%, stable compared with the same period last year.

Period expenses cost 10.

6%, an increase of 0 compared with the same period last year.

Two amounts, including sales expense ratio, management expense ratio (including R & D expenses), and financial expense ratio are 5.

5%, 6.

8% and -1.

7%, respectively, exceeded the change by +1.

2%, +0.

3% and -1.


The company’s expectation to achieve a normalized performance transition with reduced revenue is that BAIC Yinxiang’s accounts receivable accounted for bad debts in the last three quarters, and asset impairment losses in the third quarter of 2019 decreased by approximately 12 million yuan compared with last year.

It is expected to continue to pick up and make progress on a common breakthrough.

We judge that the sales volume of the industry is expected to gradually improve 佛山桑拿网 in the fourth quarter. According to industry judgment, the company’s operating situation in the fourth quarter is expected to continue to improve.

At the same time, in the fourth quarter of 2018, the company’s profit base was subdivided due to the accrual of expenses by the sale of Sherry Mann.

In terms of market development, the joint venture development made gradual progress, and the report was merged. The company passed the review of potential suppliers of Changan Mazda and became the bidding qualification of the corresponding product.

From the follow-up point of view, the penetration rate of automatic transmission products for existing customers still has room for improvement. Electronic barriers are gradually cutting into mainstream independent brands such as Geely and Great Wall. Joint venture brands are gradually 杭州夜网论坛 expanding. Future growth is still expected.

Demonstrated confidence in development and continued repurchase.

According to the company’s equity repurchase plan, the size of the repurchased shares does not exceed RMB 50 million and does not exceed RMB 10,000, and the repurchase price does not exceed RMB 22.

7 yuan / share.

As of the end of September 2019, the company had repurchased approximately 5.16 million shares, accounting for 2 of the company’s total share capital.

24%, the highest transaction price of 14.

82 yuan / share, with a minimum transaction price of 13.

07 yuan / share, with a total transaction amount of 72.5 million yuan.

Earnings forecasts and investment advice.

Affected by the industry in the short term, the performance improvement is under pressure, and the medium and long-term growth is still expected.

What do we expect in 2019?
The company’s net profit will be 2 in 2021.

80,000 yuan, the corresponding EPS is 0.



24 yuan, corresponding to the estimated value of 15X / 13X / 11X, maintain “Buy” rating.

Risk Warning: The production and sales of automobiles are lower than expected, the penetration of automatic transmission manipulators is lower than expected, and some automotive electronics products are less than expected.

Medicinal Recipes for Treating Constipation

Medicinal Recipes for Treating Constipation

What is constipation?

Constipation refers to dry stools, difficulty in excretion, and prolonged interval between defecation. Usually, there are no stools for two or three days, or there is a bowel movement, but the stool is difficult.

The causes of constipation often include hot and dry internal knots, weak transmission of qi deficiency, or low yin deficiency and blood.

下面介绍治疗便秘常用有效的偏方大全:  治疗便秘偏方[方一]  麻仁、杏仁、瓜蒌各等分,白蜜适量。The three flavors are fine, white honey is refined into pills such as jujube, and 2-3 pills are served daily.

This prescription clears heat and intestines, and is suitable for constipation caused by heat knot.

  治疗便秘偏方[方二]  香蕉1-2个,冰糖适量。Peel the bananas, add an appropriate amount of rock sugar, and stew them over water, 1-2 times a day, even for several days.

This prescription is suitable for constipation of Jinchang dryness.

  治疗便秘偏方[方三]  锁阳、桑椹各15克,蜂蜜30克。Fry the Suoyang slices and mulberry water into the juice, stir in the honey, and divide into 2 servings.

This prescription applies to constipation of Qi deficiency.

  治疗便秘偏方[方四]  蜜糖30克,金银花15克。First fry the honeysuckle, remove the residue and let it cool. Add honey in portions and dissolve.

Don’t fry too much when frying. Generally fry into two bowls of silver flower juice.

This prescription clears heat and defecates, and is suitable for constipation caused by heat.

  治疗便秘偏方[方五]  马铃薯不拘量。It was washed, crushed, squeezed, and gauze filtered.

Take half a cup each morning on an empty stomach and before lunch.

This prescription applies to constipation caused by various reasons.

  治疗便秘偏方[方六]  生军4克,白糖适量。Make boiling water and drink frequently on behalf of tea.

This prescription is suitable for hot constipation.

  治疗便秘偏方[方七]  麻仁、杏仁、芝麻各等分。The three flavors are fine, the white honey is refined into pills such as jujube, called R2-3 pills, warm water to send.

This prescription clears heat and intestines, suitable for dry stool.

  治疗便秘偏方[方八]  沙参、玉竹各50克,老雄鸭1只,调料适量。Remove the duck hair and internal organs, wash them, and add them to the casserole with ginseng and jade bamboo, add onion, ginger, water, boil, and simmer for 1 hour until the duck is overripe, salt and MSG are eaten at will.

This prescription is suitable for constipation due to lung deficiency, long cough, and stomach yin.

  治疗便秘偏方[方九]  猪脊瘦肉、粳米各100克,茴香、食盐、香油、川椒粉各少许。First cut the spine into small pieces, stir-fry in sesame oil, then add the previous rice to cook porridge, cook cooked, fennel, Sichuan pepper, salt, etc., and then boil 1-2 boiling, fasting in the morning and evening.

This prescription applies to fever and constipation.

  治疗便秘偏方[方十]  菠菜200克,粳米30克。First cook the early rice porridge, cook it, and spinach it.

This prescription and Zhongtong defecation are suitable for frail, chronic illness and stagnation.

  治疗便秘偏方[方十一]  栗子粉、玉米粉各30克,芝麻仁、大麻仁、红糖各适量。Wash the sesame kernels, drain off the water, and stir-fry; Marie Renyan as the end, add the two flavors into the pot and mix well, then add chestnut powder, corn flour, brown sugar, water and mix well, put in the cake base, and put it in the basket.Smoke for 15-20 minutes, once a day, and eat in the morning.

This formula is for kidney and intestines, suitable for qi deficiency and constipation.  治疗便秘偏方[方十二]  发菜3克,蚝豉(即牡蛎肉)。Lean pork is 60 grams each, and rice is the right amount.

Wash the lettuce, oyster ravioli, chop the lean pork into meatballs, boil in a casserole with an appropriate amount of water, add rice, add the lettuce, mutton meat, cook in the pot until the rice blooms, and cook the meatballCook and eat meat porridge.

This recipe comes from “Chinese Food” and is suitable for senile constipation.

  治疗便秘偏方[方十三]  郁李仁15克,白米50克。Smash yu li ren, stir in water, filter the residue to remove its juice, add yu li ren with 500 ml of water to cook and boil the juice, use the medicinal juice to wash the white rice to make porridge, and take it warm morning and evening.

This formula moisturizes and smoothes the intestines and is suitable for constipation in the elderly.

  治疗便秘偏方[方十四]  芋头250克,大米50克,盐适量。Peel and dice taro and boil porridge with rice and season with oil and salt.

This party is suitable for dry and firm stools.

  治疗便秘偏方[方十五]  鲜空心菜200-250克,马蹄10个(去皮)。Take fresh water spinach and horseshoe soup, and take 2-3 times a day.

This prescription is suitable for hot knot constipation.

  治疗便秘偏方[方十六]  松仁15克,粳米30克。Boil the porridge first, then paste the pine nuts and water into the porridge, wait for 2-3 to boil, and take it on an empty stomach.

This prescription applies to constipation caused by insufficient blood and qi.

  治疗便秘偏方[方十七]  人参9克,白术、茯苓各12克,黄芪15克,黄精、当归各10克,柏子仁10克(冲),松子仁10克(冲),甘草7克。Decoction, 1 dose a day, divided into 2 servings.

This prescription applies to qi deficiency and constipation.

  治疗便秘偏方[方十八]  当归12克,川芎、白芍各10克,地黄、炙首乌各12克,大麻仁20克(冲),黄芪15克,檀香7克(研末后放入Decoction within the medicine), 15 grams of yam.

Decoction, 1 dose per day, divided into morning and evening.

  治疗便秘偏方[方十九]  大黄6克,槟榔10克,枳实、木香各7克,乌药9克,沉香7克(研末冲服),陈皮9克,茯神、半夏、杏仁10 grams each.

Decoction, 1 dose a day, divided into 2 servings.
This prescription applies to constipation of Qi stagnation.

  治疗便秘偏方[方二十]  牛乳250毫升,蜂蜜100毫升,葱汁少许。Cook hot every morning.

This prescription smooth bowel and laxative is suitable for habitual constipation.

  治疗便秘偏方[方二十一]  鲜桃花瓣4克,粳米100克。The first two flavors are boiled into a gruel and taken once every other day.

This side smooth bowel and laxative is suitable for constipation.

  治疗便秘偏方[方二十二]  黑芝麻25克,粳米50克。After the black sesame is fried, it is ground and prepared. The rice is washed before use. Put the black sesame with the previous rice in the pot, add water, and boil on high heat, then cook on low heat until the porridge is finished.

  This formula has the effect of nourishing liver and kidney, nourishing the five internal organs, and is suitable for liver and kidney deficiency, deficiency of wind and dizziness, intestinal dryness and constipation, deficiency of diarrhea after cough, dry cough without sputum, early whitening and less postpartum milk.

  This recipe comes from “Compendium of Materia Medica”, “Distinguishing Diseases and Distinguishing Diet”, etc., and the original recipe name is “sesame porridge”.

For “deficiency of the five internal organs, Yiqi strength, strong bones.

“And” the large intestine is closed, and the dry cough has no sputum.

“A formula commonly used to nourish liver and kidney.

Insufficient liver and kidney can not be filled in the brain, you will see dizziness; loss of lung nourishment, see dry cough; jin dry intestine, see constipation; hair loss and nourishment, you must see early whitening; insufficient milk source, see postpartumLess milk; the five internal organs lose their nourishment, but they are weak and lean.

Fayi will nourish the liver and kidneys and nourish the five internal organs.

Fangzhong mainly uses black sesame to nourish liver and kidney, and nourish the five internal organs; supplemented by previous rice, it nourishes the spleen and stomach, and helps to nourish the effect.The two are used together to make liver and kidney tonic and nourish the five internal organs.

This side focuses on nourishing, especially for those with insufficient yin essence and blood deficiency.

The black sesame in the formula can resist aging, so it is suitable for the elderly to replace it.

  Adding honey to the food, the power of nourishing and moisturizing is stronger.

  Except for its nourishing power, it is not suitable for those with phlegm dampness inside and diarrhea.

  治疗便秘偏方[方二十三]  狗肉、红薯各250克。1 tsp cooking wine, except fine salt.

Peel and cut the sweet potatoes and set aside.

Wash and cut the dog meat into small pieces, add 1 spoon of cooking wine to the pot, add an appropriate amount of water, above the salt, boil on high heat, skim off the floating foam, and stew the sweet potatoes for about 1 hour until they are rotten.

  This formula tonifies the qi, warms the kidneys and impotences, widens bowel movements.

It is suitable for urination at night and habitual constipation.

  There are sweet potatoes in the dishes, and it is easy to vomit sour, so those with gastric ulcers and too much acid are not suitable.