Tower Group (002233) Cement Map Series Report: Scale + Cost Advantage Creates Yuedong Oligopoly Assets Entering Harvest Period

Tower Group (002233) Cement Map Series Report: Scale + Cost Advantage Creates Yuedong Oligopoly Assets Entering Harvest Period

Investment points The cement industry has entered the stage of the industry’s life cycle. The reinvestment capacity and expectations of enterprises are weakening, the industry structure is solidifying, and the trend of continuing to focus on the leader remains unchanged.

For the investment of leading enterprises in which the cement competition pattern has been solidified in some regions, we recommend lowering the rate of return expectations, lengthening the investment dimension, and focusing on strengths.

As a leading company in the eastern Guangdong region, through the expansion of production capacity in recent years, the Tower Group has continued to strengthen its internal competitiveness, and there is still room for potential substitution in the region’s internal demand; it is expected to become a stable income with high dividends and high returns in the future.

Here we will conduct multiple detailed analyses of the competitive advantages and value attributes of the Tower Group; provide a relatively new idea for cement investment.

The Taipai Group is a leading cement company in the eastern Guangdong region. It has a reasonable production capacity layout and strong resource endowment, and is highly competitive in a relatively closed market in the region.

The company has three production bases in Meizhou, Huizhou, Guangdong, and Longyan, Fujian (only 20 km away from the Meizhou base). It is an absolute leader in the eastern Guangdong region. Due to the complex terrain, it has a strong right to speak in the relatively closed eastern market.

The company’s own limestone mines will continue to benefit from the general trend 杭州桑拿 of “clinker resource utilization” in the industry.

In recent years, the company has added two new straight lines. The cost is the lowest in eastern Guangdong. The cost per ton is about 20 yuan lower than the cost of a 5000t / d production line in the region.

The cost and scale are as absolute as possible. The company’s speaking power in the region is strengthened. From the strategic choice, whether it is relative strategic intimidation or genuine price war expansion, it is sufficient.

The strength of the milling station along the coast of eastern Guangdong will not have an effective impact on the sales channels of the tower. In the future, the company will be invincible in eastern Guangdong.

The company has long recognized that the cement process has been improved and its operating efficiency is excellent.

The company’s cement clinker production line is advanced and the scale of the single unit is large; the sales model combines the characteristics of the region with infrastructure and rural-oriented characteristics, through distribution-oriented, direct sales as a supplement, and its leading advantages in key regional projects, ensuring the companySales channels, tons of selling expenses are extremely low.

The cement demand potential in eastern Guangdong is relatively high, and the construction of the Greater Bay Area is also expected to further boost regional cement demand.

In the case of severely weak regional infrastructure facilities, we expect that the regional cement demand will have great room for future development.

In the fourth quarter of 2019, it is expected that the company’s market share in the region will gradually increase to 60% after the company’s second plug-in line is put into production, and continue to improve the company’s competitiveness.

The balance sheet is well repaired, high cash flow returns, potential dividend returns, and the company ‘s asset value can be revalued.

According to the company’s total market value deducted cash in hand, the overall discounted cash flow requirement is only less than 9 billion, according to the company’s assumption of 1 billion to 2 billion net cash inflow per year, the overall asset side safety margin is high.

With the reduction of capital expenditures, the company’s future dividend ratio will remain high (almost 59% in 2018).

We estimate the company’s net profit attributable to mothers to be 17 in 2019.

2.6 billion, after deducting 4.5 billion in net cash, corresponding to only 5X of internal PE; the current index rate level is close to 8%, and the safety margin is high, giving an “overweight” rating.

Risk Warning: 1.

Macroeconomic risks.


Supply-side reforms fall short of expectations

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.

Liuyao Co., Ltd. (603368): Performance continues to deliver high growth, firm optimistic about the company’s valuation costs

Liuyao Co., Ltd. (603368): Performance continues to deliver high growth, firm optimistic about the company’s valuation costs

The company 北京桑拿洗浴保健 released the 2019 third quarter report.

The company Q1-Q3 achieved revenue of 111.

08 million yuan, an increase of 27 in ten years.

53%, achieving net profit attributable to mother 5.

48 ppm, an increase of 40 in ten years.

10%, net profit after deducting non-return to mother 5.

410,000 yuan, an increase of 38 in ten years.


Q3 single-quarter revenue of 39.

110,000 yuan, an increase of 22 in ten years.

46%, net profit attributable to mothers1.

910,000 yuan, an increase of 41 in ten years.

52%, net profit after deducting non-return to mother 1.

910,000 yuan, an increase of 41 in ten years.


The third quarter results continued to deliver high growth, exceeding market expectations.

The growth rate of the company’s revenue decreased slightly compared to the interim report, mainly due 苏州夜网论坛 to the relatively high revenue base of Q3 last year. In addition, Gucheng Youhe consolidated in September 18, which has a slight impact on the leapfrogging growth rate.

In terms of absolute revenue, Q3 was 39 in a single quarter.

11 ‰, still higher than 38 in Q2 single quarter.

100,000 yuan.

In terms of the company’s wholesale business, retail business and industrial business, the three major segments have achieved rapid growth: 1) Wholesale business: As the company’s Q3 single quarter and Q2 single quarter sales revenue amount is similar, we estimate from the interim report, the companyThe overall wholesale business revenue of Q1-Q3 was about US $ 9.3-9.5 billion, a year-on-year increase of about 22%. The 10-year growth rate of hospital net sales revenue is estimated to be 24% -25%, mainly due to the accelerated increase in industry concentration during the last two ticket systemsAnd the company’s active expansion of supply chain service projects, and medical device revenue4.


800 million, with a growth rate of about 60% before; 2) Retail business: Due to Gucheng Youhe’s consolidation in September 18, the current overall retail revenue growth has slightly decreased compared to the interim report. We estimate the company’s retail revenue from Q1-Q3.At 13.


700 million, an annual increase of 45% -50%.

3) Industrial business: The estimated revenue of the overall industrial sector is about 300 million, of which, according to the company’s step-by-step plan, we estimate that the Chinese medicine decoction piece business will achieve revenue1.

4 million trillion, sustained high growth, 200 million plans for the whole year is expected; and from the same period last year and the first half of this year’s operating conditions to calculate, Q1-Q3 we estimate that Vantone achieved revenue1.


4 megabytes. Due to Metrohm’s consolidation at the end of September 18, most of it was incremental revenue.

The three fees remained basically stable and cash flow improved.

The company’s sales expense ratio, management expense ratio and financial expense ratio in the first three quarters were 2 respectively.

45%, 2.

07%, 0.

93%, +0 compared with the same period last year.

30pp, +0.

35pp, +0.

50pp, mainly due to the rapid growth of the company’s retail business and industrial business.

The company’s operating cash flow in the first three quarters was -5.92 trillion, compared with -7 in the same period last year.

5.7 billion US dollars improved, due to the nature of advancement of circulation companies, Q4 is the time for collection of repayments, due to the gradual weakening of the impact of zero markup, we expect the company to improve cash flow will be more obvious.

The application for the issuance of convertible bonds was approved, helping to boost future performance.

The company’s asset-liability ratio itself is relatively healthy among the circulating companies, and the third quarterly data is 65.

00% of this release 8.

The 2.0 billion convertible bonds will make the company’s capital more abundant and help future development.

The company’s valuation is cost-effective and firmly optimistic.

We believe that the company, as a leader in Guangxi Province, is still far from reaching its ceiling, and achieved about 35% in 19 years and 25% in 20-21 years of profit growth. The current 19 years is estimated to be only 13x.

At the same time, the impact of zero markup has gradually come to an end, and this year is expected to become the turning point of the company’s cash flow; the first batch of 25 types of procurement with a revenue of approximately less than 2% of the company’s revenue, the impact of the inventory is relatively controllable,The faster the procurement promotion speed will further accelerate the company’s market share.

Earnings forecast: We expect the company’s net profit attributable to its mother to be 7 in 2019-2021.

11, 8.

92, 11.

08 million yuan, an increase of 34 in ten years.

7%, 25.

3%, 24.

2%, the current sustainable corresponding PE is 13x, 11, 9x, maintain “Buy” rating.

Risk reminder: The integration of the distribution industry in Guangxi Province is lower than the expected risk; the pressure on medical insurance control fees continues to increase the risk; the company’s pharmacy business expansion is less than the expected risk

Revolutionary chocolates in France

Revolutionary chocolates in France

French doctors have developed a new way to eat chocolate for chocolate-lovers, which will definitely not add weight.

  Laboshop’s new Le Whif chocolate is first filled with lipstick-sized chocolate particles. This chocolate is not a substitute for eating. It has a variety of “flavors”: mint chocolate, raspberry chocolate, mango chocolate and dark chocolate.

  Laboshop’s is said to have said, “In the past few centuries, the gap between us eating has become shorter and shorter, and the amount we eat has been getting smaller.

It’s as if our tendency to eat is like breathing.

So mixing cooking and spraying science and technology, we help people change from eating habits to their logical ideas.

We call it smell.

Tip: The conditioner must be rinsed clean

Tip: The conditioner must be rinsed clean

Many people think that their split ends or excessive fluff are caused by their dryness. They are convinced that if they can keep about 25% of the conditioner on their hair, they can maintain their hair.

And in some media, there is also this saying-not washing the conditioner can prevent the moisture from evaporating too quickly, and prevent direct damage to the hair from the external environment.

  This time, Huang Zhen, a national senior hairdresser who has been engaged in hair styling for many years, reminded that the conditioner must be rinsed out because it can only supply nutrients to the hair within a certain period of time. Once it exceeds the effective time, it can not only nourish Xiu XiuHair, but also easily cause snoring, resulting in bifurcation and dryness.

  Huang Zhen said that the conditioner can neutralize the alkalinity in the shampoo, keep the hair in the best state of weak acidity, add nutrition to the hair, make the hair soft and smooth, and maintain a healthy luster.

When used properly, it can also improve blood flow to the scalp and stimulate hair nipples and hair mother cells.

However, the actual condition of hair varies from person to person, and conditioner does not have the same effect for everyone.

  As an important source of nutrition for hair, of course, the more nutrition, the better.

And a brand of conditioner is often relatively fixed and single in composition and formula.

Therefore, Huang Zhen suggested that the use of conditioner should not always be limited to one brand and one effect. After using it for 3-6 months, it should be replaced with another brand or conditioner with other effects.

  In addition, when using conditioner for oily hair, you must be careful. Excessive use will cause dandruff. When using it, just apply it on the scattered and dry hair tips, and use as little conditioner as possible on the scalp.

Ginger cure alopecia areata?


Ginger cure alopecia areata?

Because of life and work pressure, people are losing hair more and more by middle age.

Especially for people who have alopecia areata at a young age, it is for the smooth and hairless “area” on their heads to leak.

As a result, various indigenous methods have been released.

Among them, the most widely spread method is to wipe the scalp with ginger.

But in fact, this method is not scientific, and if it is not done well, it will have an adverse effect.

  According to the theory of traditional Chinese medicine, ginger is warm in nature and has the functions of relieving and diverging, so topical ginger can indeed increase local blood circulation, stimulate the opening of hair follicles, and promote hair regeneration.

However, ginger can produce heat for a long time, and hair loss is a hot skin disease. The use of heat medicine to treat fever sexually transmitted diseases violates the principle of “cool medicine for fever” that is pay attention to in Chinese medicine.”The consequences.

Patients with severe alopecia areata may even experience more severe hair loss.

  Therefore, the treatment of alopecia areata should first actively find the cause, and then take different treatment measures according to different types, and do not “disorder the doctor.”

Pay attention to the nine eating habits of premature aging

Pay attention to the nine eating habits of premature aging

The high work pressure and the tight pace of life often make it difficult for many modern urban people to maintain healthy diet and nutrition.

For example, you can eat as much as you can, but you can eat it if you eat it.

We often substitute some foods that we don’t pay attention to just because we like them or think that they are healthy. Such diet “stand-in” is a misunderstanding of many people.

As everyone knows, it is these convenient “stand-ins” that make you farther and farther from health.

  Bad habit 1: Instant noodles instead of breakfast. Eating instant noodles instead of breakfast is bad for human health and development.

Because six major elements are needed to maintain the normal physiological metabolism of the human body, the main component of instant noodles is fat, and other nutrients are few.

Therefore, if you replace breakfast with instant noodles for a long time, it will lead to dizziness, fatigue, weight loss, palpitations, and depression, etc. In severe cases, there may be symptoms of nutritional loss such as weight loss and muscle atrophy.

  Vice # 2: Fruits instead of vegetables. Fruits and vegetables are rich in vitamins. Therefore, many people think that as long as they eat fruits every day, they do n’t need to eat or eat less vegetables.

In fact, vegetables are the essential foods of the human body, second only to food. It can effectively promote the human body to absorb the three major nutrients of protein, trace amounts and residues.

If humans only eat animal foods, protein absorption and absorption are 70%; if they eat vegetables, the absorption rate can reach more than 90%.

In addition, vegetables contain unique plant crude fibers that can stimulate intestinal motility, thereby helping digestion and preventing bowel cancer.

  Bad habit three: Fresh vegetables instead of refrigerated vegetables If it refers to fresh vegetables just picked from the vegetable field, there is no problem with this statement.

But in fact, most of the vegetables we eat are not so fresh, they are usually stored for several days, and their vitamins are gradually lost during the simultaneous storage.

In contrast, refrigerated vegetables can maintain more vitamins, because refrigerated vegetables after picking can prevent the loss of vitamins.

  Bad habit four: Mineral water replaces boiled water Many people say that mineral water is rich in minerals, so they no longer drink boiled water and use mineral water instead, but mineral water can also be polluted by harmful substances in the land.

Recently, Dutch scientists analyzed bottled mineral water and found that mineral water is more susceptible to contamination by dangerous microorganisms and bacteria.

Although these bacteria may not pose a significant threat to the body of a healthy person, bacteria for bottled mineral water may pose a considerable danger to those with weak immunity.

  Bad Habit 5: Liver meat eats only pork instead of fish. It is a habit of most Han people to eat less or no fish.

Although their protein content and absorption rate are not much different, the accidental composition is very different.

Fish’s trace glucose content is a polyunsaturated fatty acid that plays a beneficial role in children’s brain development and prevention of cardiovascular disease.

For livestock meat, especially beef and mutton, fatty acids are mainly saturated, and overcoming them is not good for health.

  Vice # 6: Brown sugar instead of white sugar. Brown sugar and white sugar are both extracted from sugar cane or sugar beet. The manufacturing process of brown sugar is slightly simpler than that of white sugar. The glucose and cellulose contained in it are also available, and the energy released is faster, and the absorption and absorption are morehigh.

However, brown sugar is not as sweet as white sugar, and people naturally add more when drinking tea and coffee, so in fact brown sugar is sometimes more dangerous than white sugar.

  Bad habit seven: Tonics replace too many people. When doctors recommend strengthening nutrition, they often take various tonics.

However, experts point out that supplements are not a substitute for nutritional products.

Amino acid is a common tonic, but it is not necessary if it is not difficult to eat. Blind infusion of amino acid may even cause allergic reactions. For those with poor renal function, it may also cause liver coma and uremia.

Too many people think that vitamins are good for the body. It ‘s okay to eat more, but otherwise, long-term use of vitamin A and D pills can cause vitamin A poisoning, bone pain, vomiting, itching, and hair loss.

Therefore, to strengthen nutrition, you should start with regulating your diet and never repeat nutrition.

  Bad habit eight: expensive instead of cheap expensive, may not be the best.

For example, the costly shark fin’s main ingredient is collagen.

The amino acid composition of collagen is not comprehensive, and it does not match the amino acid composition of the human body. It is far inferior to the albumin and globulin in eggs and milk.

Along with eating shark fins to absorb that little collagen, it is better to eat eggs and drink milk to absorb albumin, and globulin must be nutritious.

  Bad habit # 9: Nutrition replaces natural foods Many people increasingly recognize nutrition, which is a good thing. But repeating nutrition, good things become bad things.

Eat protein powder for meals and vitamins for fruits and vegetables. It is believed that if you eat these nutrients, your body will stay healthy.

Too many people think that vitamins are good for the body. It ‘s okay to eat more, but it ‘s not true.

For example, a large amount of vitamin C is related to the formation of kidney stones. Strengthening nutrition should, in principle, start with diet adjustment.

If the diet is not enough and it is really necessary to supplement, it should be advised by the relevant experts.

The best iron and zinc supplement for children is pig, beef and mutton

The best iron and zinc supplement for children is pig, beef and mutton

According to experts, children should eat more meat, which is rich in iron, zinc and other trace elements, red meat of pigs, cattle and sheep, which is the best food oxide for children to supplement iron and zinc.The surplus of nutritional knowledge is boring, resulting in a lack of reasonable supplements for children, resulting in children with iron deficiency and severe excessive conditions.

Experts point out that the lack of a reasonable and reasonable structure results in the lack of trace elements and excessive excess, which have become two major issues affecting the health of children in developing countries.

  The data show that it will cause children’s intelligence to be low, and even to be able to “iron supplement” in the future, they will still not be able to recover the defects of children’s intellectual development.

In each year, iron deficiency is above 20% in children under the age of two, and the prevalence of anemia among boys under the age of two has begun to increase significantly.

However, it is interesting to note that according to relevant statistics, the deficiency of trace elements is most common in households with a per capita monthly income of more than 1,000 yuan, and households with a monthly income of less than 1,000 yuan are not obvious.

  According to experts, children should eat more meat instead of drinking soup. The meat is rich in trace elements such as iron and zinc, and the most in the broth are traces and amino acids. Children ‘s parents believe that “the good nutrition is in the soup”Is incorrect.

The correct recipes derived from clinical experience of domestic and foreign experts should be: children’s rice noodles, fruits, vegetables, dairy products, egg yolks, red meat, fish, and meat account for half of the total menu.

“The red meat of pigs, cattle and sheep is the best food for children to supplement iron and zinc.”

  Over 80% of obese children love foreign fast food According to CCTV reports, more than 40 children can only go out of school to enter a weight-loss school because of being overweight.

Because of the development of obesity, boys have secondary sexual characteristics that are not obvious, and girls have amenorrhea. These children are all lovers of foreign fast food.

According to statistics from a hospital, 85 per cent of obese children.

2% of children said they like to eat foreign fast food, 43.

6% said they eat every month, 6.

2% eat daily or weekly.

An expert from the University of Traditional Chinese Medicine pointed out that the cure rate of childhood obesity has increased. If it cannot be cured, it will easily lead to cardiovascular disease and even premature death in adulthood.

The key to solving childhood obesity lies in budget balance. Generally, it is best not to consume nutritional supplements, otherwise it is easy to endanger the growth and development of children.

The chair is the number one killer of health

The chair is the number one killer of health

“Get up from your chair!

“This is a suggestion from a professor of psychology to the” sitting generation. ”

Most of the workers in modern society sit in the office and drive around on the way to and from work. When they return home, whether they eat dinner or watch TV or sit .People “sticking” to the chair may be at higher risk of developing high blood pressure, slowing metabolism and gaining weight.

  Why do honest chairs make a healthy killer?

  The passiveness of “sit” is second only to “lying”. The sitting human body has the lowest absorption and consumption, which easily leads to metabolic imbalance.

Many people feel that even eating an apple consumes more transfers than “sticking” to a chair.

On the other hand, “Some people mistakenly think that ‘sit sedentary’ is equivalent to ‘no exercise’. In fact, if someone exercises 30 to 45 minutes in the gym every day and still sits the rest of the time, their lifestyle still belongs to ‘sit sedent’.

“The sitting position changes the natural shape of the human spine, making muscles and bones more and more uncomfortable.

The spine of a healthy person is naturally S-shaped, but the sitting position pushes the waist back into a “C” shape, so that the back and abdominal muscles that should support the body lose their effect.

In the long run, the hip muscles become weak, unable to support the spine strongly, and the pain comes in pain. Someone in the sitting position is bent at 90 degrees. The muscle strength and hip flexors have been compressed, the hip muscles are stretched, and the limb movements will change.No longer free, stretching, pain and injury are more repeated than before.

  After a long period of time, the waistline of the “seat” will gradually increase over time.

“Stand up” can only consume a few calories of conversion at a time, but as long as you insist on doing it once a day, it will gradually become obvious.

Consuming 30 to 50 more calories per day is not difficult, but it is enough to prevent weight gain of 2 to 3 pounds per year.

And if you spend a lot of time in a “sit” state, your weight will quietly fall on you.

  ”Sit” not only does not put a positive physical test on the body, but forces it into a relaxed state, while “correction” can exercise the muscles of the head, shoulders and legs, perform effective metabolism, and adjust the position of the spine in time.

  It is not appropriate to call a chair the No. 1 killer of health, because it will not intentionally harm people’s health. What really should be changed is the sedentary bad habit.

Scientists suggest that people try to move away from the chair as often as possible. Workouts or treadmills are good choices.

Another way is, “Make the right habit when answering calls,” Biddle said, “and constantly switch focus by changing feet.

This way you also burn calories during the call.