Tongkun (601233): The performance of polyester leader improved as scheduled, maintaining buy

Tongkun (601233): The performance of polyester leader improved as scheduled, maintaining “buy”

Event: The company released the first quarter report of 2019, and achieved operating income of 116 in the first quarter.

780,000 yuan, +49 a year.

10%; net profit attributable to mother 5.

21 trillion, ten years +4.


Main points: 1.

In Q1 2019, the period will be improved, and a good start will be achieved. From Q1 2017 to Q1 2019, the company will achieve net profit after deductions for non-return to its mothers3.

1.6 billion, 2.

8.4 billion, 5.

5.0 billion, 6.

2.3 billion, 武汉夜网论坛 4.

9.8 billion, 8.

3.8 billion, 11.

2.7 billion, -3.

9.4 billion, 4.

76 ppm, except for the industry-wide surpass in Q4 2018, the overall profitability was maintained.

The first quarter of 2019 achieved a good start, mainly due to increased production capacity and increased sales by 49.

67%, revenue increased by 43.


In Q1 2019, the company respectively achieved production and sales of POY 83.

79 digits / 92.

1993 (15 per year growth.

31%, 44.

91%), FDY 27.

78 digits / 26.

49 initially (85 per year).

20%, 87.

61%), DTY 18.

11 growth rate / 17.

98 years (20 annual growth.

09%, 32.

69%), for a total of 129.

68 budget / 137.

40 initially (26 per year.

22%, 49.


However, affected by oil prices, in Q1 2019, POY (7364.

59 yuan / ton, -4.93%), FDY (8107.

48 yuan / ton, -3.

65%), DTY (9113.

93 yuan / ton, -3.

05%)上海夜网论坛 The average sales price excluding tax decreased.

Gross profit margin decreased by 2.

73 perfect to 8.


At the same time, financial expenses increased due to the issuance of convertible bonds.


PTA-polyester bi-elasticity, another Tongkun. With the fourth phase of Hengbang in the second quarter of 2019, the constant optimization fiber POY project was put into production. The company added 90 polyester filaments to 660.

From 2019 to 2020, Hengteng Phase IV will produce 30 indicator green fiber projects with an annual output of 30. Hengchao Company 50 will be called the intelligent super-simulation fiber project, which will continue to optimize the product structure.

At the same time, a planned investment of 16 billion U.S. dollars will be established in Jiangsu Dongyangkou Port for 500 access to PTA, 90 access to FDY, and 150 access to POY.

With the commissioning of various projects, it is expected to create another Tongkun.

The previous judgment on the impact of large-scale production of PX on the industrial chain is gradually being fulfilled. Since March, the price differentials in various segments of the “PX-PTA-polyester” industrial chain have been reflected.

(1) From 2019 to 2020, it is expected that more than 1,000 PX will be put on the market one after another, replacing the current Japanese and South Korean markets. It is expected that PX prices will be reduced and domestic small production capacity will continue to lose competitiveness.

During the expansion period of polyester renewable capacity, the industry concentration has increased. From the perspective of supply and demand, PTA is better than PX in terms of industry structure.

(2) During the period of PX scale expansion (stepped), the cost of PX has dropped, and the current situation of “top-heavy” profit distribution in the industrial chain is expected to change, and PX profit will be profitable downstream.

For PTA, the polyester side is profitable, so don’t be too pessimistic.

The company’s PTA-polyester bielasticity is expected to benefit.


The domestic refining and chemical polyester industry chain has a global competitiveness and maintains the previous point of view. We insist on the profitability of the starting point “refining and chemical industry-PX-PTA-polyester” industry chain and have global competitiveness.

(1) Clothing, food, accommodation, daily necessities, and polyester consumption properties are strong, and the growth rate may decline, but it is related to the strong growth of GPD, and it is not necessary to be too pessimistic.

(2) In 2012-2015, the industry was reshuffled, the backward production capacity was withdrawn, and the polyester giants were re-inserted to expand production. The concentration of the leaders was further increased, which was beneficial to the ecological stability of the industry.

(3) This is one of the leading global manufacturing industries in developing countries, and great companies will be born.

The company’s polyester filament products include more than 1,000 varieties of four major series, including POY, FDY, DTY, and composite yarns, with complete specifications. It is known as the “Wal-Mart” supermarket in the chemical fiber industry. The product decomposition rate has been higher than the industry average for many years.

The company insists on building a pagoda-type enterprise, and the category of polyester filament leader is solid.

At the same time, the company’s shareholding in the Zhejiang Petrochemical Project involved in the large-scale refining and chemical industry, the Group participated in the construction of the cement project, and continued to expand and improve the “refining and chemical-PX-PTA + polyolefin-polyester” overall industrial chain layout.


Earnings forecast and rating predict that the company’s net profit attributable to its parent for 2019-2021 will be 23 respectively.

810,000 yuan, 31.

9.3 billion and 43.

960,000 yuan, corresponding to EPS 1.

31 yuan, 1.

75 yuan and 2.

41 yuan, PE 12.

2X, 9.

1X and 6.

6 times.

Considering that the company insists on building a pagoda-type enterprise, PTA and polyester bi-elasticity, continuously expands and refines the integrated layout of the entire industrial chain of “refining-PX-PTA + polycarbonate-polyester”, has strong anti-risk capabilities, and maintains a “buy” rating. Risk warning: The macro economy is lower than expected, product prices have risen sharply, and the progress of Zhejiang petrochemical projects has fallen short of expectations.

China Merchants Bank (600036) Quarterly Report Review: Rising Interest Spreads Steady Performance

China Merchants Bank (600036) Quarterly Report Review: Rising Interest Spreads Steady Performance

Event: On the evening of April 29, China Merchants Bank disclosed 1Q19 results.

Revenue for the first quarter of 19 was 687.

390,000 yuan, +12 year-on-year.

14%; net profit attributable to mother 252.

40,000 yuan, +11 year-on-year.

32%; annualized ROE is 19.


As of the end of March 19, assets were consolidated6.

79 trillion yuan; NPL ratio 1.


Opinion: The performance has grown steadily, and the program fee growth rate is slightly lower than the expected growth.

Revenue in the first quarter of 19, pre-provision profit and net profit increased by 12 each year.

14%, 13.

4%, 11.

32% (vs. 12 of 18 years.

5%, 11.

4%, 14.

8%), with solid performance growth.

We believe that the growth in performance was mainly due to the increase in net income and income from the increase in net interest margins beyond expectations14.


In 1Q19, the ROE reached 19.


The program fee growth rate was slightly lower than expected.

Net income from fees and commissions for the first quarter of 191 was 191.

5.8 billion, a year-on-year growth rate of only 1.

3%, slightly lower than expected.

We believe that as a leading retail bank, China Merchants Bank has a strong ability to sell asset management products on its behalf, or it will obviously benefit from the stock market recovery.

Optimized asset and liability structure, and improved net interest margin. Optimized asset and liability structure.

The scale of assets in the first quarter of 19 only increased by 0 in the early and early stages.

72%, while loans increased earlier4.

9%, the proportion of loans in assets increased in the initial period2.

4 up to 60.

7%, asset structure optimization.

Deposits in the first quarter of 19 only increased by zero compared with the earlier period.

At 6%, the growth rate was lower than expected, and the proportion of deposits in debt was 71.


Net interest margin increased significantly.

Net interest margin in the first quarter of 19 reached 2.72%, a maximum increase of 17BP, a 6BP increase from the previous quarter, mainly due to the improvement of the asset structure brought about by the increase in the rate of return on assets and the Pratt & Whitney micro and micro loan replacement allowance.

In addition, the 1Q19 rejection cost rate was only 1.

89%, a slight decrease of 1BP in the previous 18 years, or benefit from alternative market interest rates.

Asset quality remained outstanding, and adequate asset provision was maintained to maintain excellence.

The non-performing loan ratio in the first quarter of 19 was 1.

35%, an earlier decline of 1BP, and continued to remain low.

At the end of 18, the overdue loan rate was only 1.

58%, paying attention to loan ratio1.

51%, less worry about asset quality in the future.

There has been a fundamental change in the credit structure. The proportion of loans to manufacturing and wholesale and retail industries in non-performing high-income industries has been replaced by 33% in 1H13, 11 at the end of 18 years.

5%, the proportion of mortgage loans increased from 15% to 23.

6%, less pressure on asset quality in the future.

Provision is sufficient.

The loan-to-loan ratio in the first quarter of 2018 was 4.

9%, up 2BP from the beginning of the year; provision coverage ratio was 363.

17%, up 4 from the beginning of the year.

99 samples, risk resistance tonic replacement.

Investment advice: Leading retail bank with a target price of 38.

As a leading retail bank, the RMB 36 / share China Merchants Bank has a relatively high proportion of retail business and prudent risk control. Its performance is less affected by the economic cycle and its performance continues to grow steadily.

As the banking sector has increased by nearly 20% since the beginning of the year, the target of China Merchants Bank is raised to 1.

7 times 19-year PB, corresponding to a target price of 合肥夜网 38.

36 yuan / share.

If the level of loan-to-loan ratio is restored to 2.

5%, currently estimated at 1.

47 times PB (lf).

Considering that China Merchants Bank now has an increase of 40.

2%, is expected to have exceeded our Air Force target price and is close to our current target price for the next six months, downgraded to overweight.

Risk Warning: Lending interest rates have fallen sharply; the economy has fallen faster than expected, etc.

New City Holdings (601155) 2018 Annual Report Comments: Asset Revaluation Profit Increases Largely and Land Reserves Exceed 100 Million

New City Holdings (601155) 2018 Annual Report Comments: Asset Revaluation Profit Increases Largely and Land Reserves Exceed 100 Million

Performance continued to materialize, and non-recurring gains increased the company’s operating income in 2018 to 541.

300 million, an increase of 33 in ten years.

6%; net profit attributable to mother 104.

9 trillion, an increase of 74 in ten years.


Among them, the real estate development and sales, real estate leasing and management segment revenues increased by two times 31.

0%, 117.


Non-recurring earnings of the company in 201828.

900 million, an increase of 182% in ten years.

After deducting non-return to mother’s net profit 76.

0 million yuan, an increase of 51 in ten years.

9%, still higher than the growth rate of revenue, indicating that the company’s growth quality is both.

The sales scale entered the top ten for the first time, with a target of 270 billion in 2019.In 2018, the company achieved sales of US $ 221.1 billion, a growth rate of more than 75%. Kerer ranked eighth in the industry.

The company’s target for 2019 is 2700 trillion, corresponding to a growth rate of about 22%; the sales amount from January to February was 23.7 billion US dollars, an annual increase of 24%.

Moderate expansion, the layout sinks.In 2018, the company added 4473 GM of land reserves, with a total land price of 1112 trillion yuan. The ratio of land acquisition / sales amount was about 50%, which was 20pc lower than in 2017. The expansion was relatively mild.

At the end of 2018, the company’s land bank1.

100 million square meters, of which the first and second lines, the Yangtze River Delta, the third and fourth lines, the other regions accounted for 40%, 37%, and 23% respectively.

The level of leverage is relatively healthy, and financing costs are improving. At the end of 2018, the company’s net debt ratio (permanent debt recognition debt) was about 52%, in a healthy range; the average financing cost increased by 1.

15 tablets to 6.

47%, the uplink is relatively controllable.

In 2019, the coupon rate of the newly issued bonds of the company dropped slightly from the previous month, and the improvement of financing cost remains an indicator.

Target price of 47.

90 yuan, maintain “Buy” rating. Considering the company’s relatively abundant sold unsold resources and high completion target growth, we raised our 2019-2020 EPS forecast to 5.

99, 7.

29 yuan (was 5).

61, 6.

86 yuan), dating 2021 forecast EPS is 8.

61 yuan.

The current sustainable corresponding PE forecast for 2019-2021 is 6.

5, 5.

3, 4.

5 times.

The company’s two-wheel drive has led to steady growth, deterministic restructuring of future performance, and financing costs are expected to return to the downward path.

We maintain 深圳桑拿网 our 8x PE estimate for 2019 and raise our corresponding target price to 47.

90 yuan, maintain “Buy” rating.

Risks suggest that sales in third- and fourth-tier cities are getting colder, causing the company’s sales rebates and gross profit levels to fall short of expectations; domestic economic growth is growing, and the rent levels of newly opened malls are lower than expected; the scale of planned completions in 2019 is expanding, and quality control pressures have improved.

Jinjiang Hotel (600754) Interim Review: Vienna Performs Beautifully, Mid-Range Expansion, Steady Performance Growth

Jinjiang Hotel (600754) Interim Review: Vienna Performs Beautifully, Mid-Range Expansion, Steady Performance Growth
Event: On August 30, Jinjiang shares released its semi-annual report for 2019.The company achieved 71 in the first half of the year.4 ppm / increase of 2.93%, net profit attributable to mother 5.68 ppm / increase of 12.78%, net profit after returning to mother 3.5.8 billion / growth13.48%. Among them, 2019Q2 achieved revenue of 38.1 ppm / increase of 3.18%, net profit attributable to mother 2.7.2 billion / down 0.23%, net profit after returning to mother 2.8.7 billion / growth 16.58%, in line with market expectations. Comments: 1. The hotel catering business increased steadily, and the overall profit was in line with expectations.The company’s revenue increased in the first half of the year 2.9%, mainly due to the annual increase in revenue of Platinum and Vienna; accompanied by a 12% increase in net profit.78%, mainly because the Hong Kong shares of Yilong shares held by Bo Tao 深圳桑拿网 rose sharply after listing, and obtained a large amount of gains from changes in fair value.48%, mainly due to: 1) the income and profit of Bo Tao and Vienna increased compared with the same period of last year; 2) the profit of the catering segment increased; 2. The decline in the occupancy rate narrowed and the rise in house prices fell. RevPAR performed slightly better than Q1.The same-sale occupancy rate / average room rate / RevPAR of mature hotels that has been open for 18 months in the first half of the year has increased by -4 per year.2pct / 1.6% /-3.9%, where Q1 is -4.8 points / 2.3% /-4.2%, Q2 accounted for the decline in Q1 occupancy rate narrowed, the increase in house prices fell, RevPAR performed slightly better than Q1.In terms of grades, the same-sale RevPAR in the first half of the year dropped by 7.1%, occupancy rates and house prices both fell; RevPAR at mid-to-high-end same-store dropped by 0.7%, of which the occupancy rate decreased and house prices rose. 3. In the first half of the year, the speed of opening business accelerated, and the number of mid-range guest rooms accounted for 46%.In the first half of the year, the company opened 660 hotels, closed 254 stores, and opened 406 nets (among which, 15 directly operated stores were closed, and 421 were franchised stores), which was a further improvement from the first half of 2018 (net opening of 341).As of mid-2019, the company has opened 7,849 hotels, of which 37 are mid-range.1%, 780,000 rooms have been opened, of which 45 are mid-range.6%. At the end of 2018, the company has signed up to 4,035 hotels to be opened to ensure the expansion rate in the next three years. 4. Platinum Tao’s performance in Vienna was dazzling, and the adjustment of taxes and fees affected Luft’s profit and loss.In the first half of the year, the company’s hotel business achieved revenue of 70.2 ppm / increase of 2.94%, of which hotels in mainland China achieved income of 50.6 trillion / growth 4.5%, income from outside the mainland19.600 million / down 0.9%.Hotel business achieved net profit attributable to mother 4.9ppm / increase of 25.1%, of which net profit attributable to mothers in Mainland China is 5.7 ppm / 45% increase, mainly due to Yilong’s fair value gains, as well as the growth of Platinum Tao and Vienna’s business; net profit attributable to foreign hotels was 7.5 million euros / down 5027%, mainly due to processions and rallies in France, and the one-time income brought about by the adjustment of the French quota.  1) Jinjiang Department: The revenue of Jinjiang’s overall business in the first half of the year13.3 ‰ / down 5.9%, net profit 1.32 ppm / decrease of 12%, mainly due to the non-current asset disposal gains and losses and government subsidies, and after excluding regular factors, profits fell slightly2.8%, mainly due to weak hotel demand, operating data fell.  2) Platinum Group: Platinum Group achieved revenue of 20 in the first half of the year.8 ppm / increase of 3.3%, net profit attributable to mother 2.9 ppm / 118% increase, mainly due to the fair value change income brought by the holding of Yilong shares, after excluding the net profit of the mother to about 1.4 ppm / increase of 6.1%. In the first half of the year, Lifeng / Banfen / Xi’an opened 72/30/40 nets respectively. The scale of mid-range hotels increased rapidly.  3) Vienna: Revenue of the Vienna Hotel in the first half of the year reached 16.6 ppm / increase of 16.6%, net profit attributable to mother 1.45 ppm / 33% increase. In the first half of the year, the Vienna series opened 239 stores, benefiting from the expansion of brand scale.  4) The Louvre system: In the first half of the year, Louvre achieved revenue19.600 million / down 0.9%, realizing a net profit of approximately 63.29 million yuan / a decrease of 45%, mainly due to the one-time gain of 57.76 million brought by the adjustment of the income tax rate in the same period last year, excluding the effect, the company’s profit decreased.8%, affected by the events of closed stores and French parades.Accommodation in the Louvre Hotel in the first half of the year 63.6% / growth 0.5pct, average house price 56.6 euros / growth 2.0%, RevPAR is 36 euros / growth 2.At 9%, there are 34 net closing shops of the four major brands of Louvre.  5. Food and beverage income increased slightly, and the profits of participating companies increased.Food and catering business achieved consolidated operating income in the first half of 20191.1.7 billion / growth 2.8% due to: 1) Jinjiang Food’s income from the Legion meal increased; 2) It was replaced by Jinya’s catering income.Net profit attributable to the food and beverage segment1.4 ppm / increase of 4.12%, mainly in Hangzhou, Wuxi and Suzhou KFC, which shareholdings increased dividends.  6. The gross profit margin increased slightly, and the expenses during the period decreased at least.In the first half of the year, the company’s gross profit margin was 89.6% / growth 0.35pct, selling expense ratio 52.9% / down 0.63pct, management expense rate 26.2% / up 0.At 17pct, R & D expenses increased by 14.7 million in the first half of the year, mainly for the development of software by Platinum Group, with a financial expense ratio of 2.5% / down 0.4pct.  7. Investment suggestions: The hotel industry was under pressure in the first half of the year, and the company’s revenue increased steadily. Platinum Tao and Vienna performed well, deducting non-performance and steadily increasing.Q3 is the peak season of hotel operation, and the number of bases will decrease at the same time. If the economic budget stabilizes, the early economic transformation and the mid-range start-up volume, RevPAR performance improves, and the current hotel is estimated to be at a historical low.Jinjiang’s scale advantage and the leading position in the mid-range market are constantly strengthened. The speed of opening stores is far faster than its peers, and the potential for future performance needs to be released.We expect net profit attributable to mothers in 2019-2021.9/10.7/12.2 ppm, with an annual increase of 10% /-10% / 14% (after deducting non-adjustment, an increase of 21% / 11% / 15%), corresponding to a PE valuation of 19x / 22x / 19x, maintaining the “strongly recommended-A” investment rating.  8. Risk factors: macroeconomic risks; exchange rate fluctuations; mergers and acquisitions integration is not up to expectations.

Xinhua Insurance (601336) 2019 Interim Report Review: Stable Growth in Profit Investment Focus on Follow-up Business Development

Xinhua Insurance (601336) 2019 Interim Report Review: Stable Growth in Profit Investment Focus on Follow-up Business Development

The main points of the report describe Xinhua Insurance’s 2019 interim results, and the company achieved a net profit of 105.

45 ppm, an increase of 81 in ten years.

8%; embedded value 1914.

30,000 yuan, an increase of 10 at the beginning of the review.


Incident comment The growth rate of investment income is accelerating and perfecting. Supplementary measures. Policy adjustments have promoted high profit growth. At the same time, reserve replacement has certain support.

In the first half of 2019, the equity market showed positive investment returns 178.

82 ppm, +5 for ten years.

1%; in accordance with the “Announcement on the Cancellation of Pre-Tax Policies on Commissions and Commission Expenses of Insurance Companies”, the 2018 Annual Settlement and Payment 17 will be returned.

85 (expected 20.

15) USD 100 million to increase profits; reserve adjustments are assumed to affect and increase profits7.

07 trillion, better than the same period last year 1.

4.7 billion.

At the beginning of the first quarter of the business and the high base in the second quarter, new orders increased in the second quarter.

New unilateral, agent growth is better (ten years +15.

5%) but production capacity has increased (ten years -13.

8%), new single quarter +7.

0%. At the same time, the first-year premiums for long-term health insurance and +3 for short-term insurance are twice.

4%, +37.

7%, good growth rate.

Under the combined effect of the initial protection business in the first quarter and the high base in the second quarter, the growth rate of new orders in the second quarter dropped significantly: in the first quarter, the insurance period was paid, the bancassurance period was paid, and the short-term insurance was separated by +16.

3%, +25.

0%, +48.

7%, in the second quarter of a single quarter insurance period, bancassurance period, short-term insurance changes -21.

5%, -0.

2%, +13.


The current benchmark is basically set, and follow-up attention will be given to the steady growth of agents and the growth of economical business brought about by the decline in interest rates.

The decline in the value rate dragged down the growth of NBV, and the growth of EV was stable.

2019H company NBV half year -8.

7%, of which the value rate is ten years -12.

5pcts is the main cause of drag.

The highest yield was due to the sale of high-interest-rate policies in the first half of the year, in which the value-of-bank insurance ratio dropped by -15.

6pct; Second, the value rate of the insurance market is declining as competition in the health insurance market intensifies. Although the short-term insurance market is growing rapidly, the overall value rate is low.

Group EV, the remaining marginal proportion increased by 10 in the initial period.

5%, 6.

5%, steady growth.

The company and the industry’s value rate improvement phase has basically 厦门夜网 passed, and the subsequent NBV growth momentum focuses on scale growth. Investment performance in the equity market is stable.

2019H company net, total investment income injection5.

0%, 4.

7%, flat for one year, -0.


The allocation of large-scale assets is stable. At the end of 2018, the proportion of debt investment and non-standard investment increased slightly.

At the same time, the equity market is improving, and other comprehensive income is floating.

85 (from the same period last year -21.

04) Ten thousand yuan, basically digesting accumulated floating losses.

Investment suggestion: The current chief is initially determined, focusing on follow-up strategic arrangements, and saving business recovery is the main growth driver.

It is expected that the PEV for 2019/2020 will be 0.


69, at the bottom of the estimate, continue to pay attention.

Risk Warning: 1.

The industry environment is changing, and the growth rate of new orders highlights its advantages; 2.

Equity markets have fallen sharply.

Do some health before bed

Do some health before bed
Diabetes expert: Liu Peimin, director of the Department of Oncology, Henan Provincial Hospital of Traditional Chinese Medicine, teaches how modern people work during the day. After returning home from work, he is used to using a mobile phone and watching TV to relieve the fatigue of the day.As everyone knows, this seemingly relaxing way is not good for the body.For example, continuously facing the screen of the mobile phone is very hurting eyes, and sitting for a long time can easily lead to cervical and lumbar fractures.Professor Liu Peimin, director of the Department of Oncology, Henan Provincial Hospital of Traditional Chinese Medicine, said that the body is very tired after a day of intense operation. At this time, if you can use the hour before bedtime to do something good for the body, you can even relieve fatigueIt is also very helpful for health.Comb your hair.Chinese ancient health experts have always advocated “faying often combing.”According to legend, Su Dongpo, a Northern Song writer, had severe hair loss. Later, he accepted the advice of a famous doctor and insisted on combing his hair before going to bed.The Qing Dynasty’s “Notes on Living” recorded that the Empress Dowager Cixi hit the Chief Eunuch Li Lianying daily and combed her hair with ivory combs and wooden combs in turn, which left her full of silk after her seventies.Chinese medicine believes that combing hair can effectively stimulate the acupuncture points on the head, and has the effects of encouraging righteousness, dredging the meridians, promoting blood circulation and removing blood stasis.It is recommended that you relax your head and comb your hair before going to bed every day.You can use a comb or try a finger comb.The specific method is: start with the ten fingers of both hands starting from the upper hairline, combing the hair from front to back to the back of the neck, rubbing the scalp while combing.Movement should be slow and gentle, about every 10 minutes.Rub your legs.From the perspective of Chinese medicine, complications such as waist and leg discomfort due to physical fatigue are mostly caused by sedentary standing, poor blood flow, and insufficiency of tendons and veins. These problems can be adjusted by acupressure.The Chengshan acupoint on our calf (straightening the calf or lifting the heel up, the depression under the gastrocnemius muscle is the acupoint), it is an effective “depletion acupoint”, which can relax muscles, strengthen muscles, and tonic.It is very effective in alleviating low back pain and calf fracture 西安耍耍网 and perforation.In particular, pressing this point before bedtime can alleviate the fatigue of the day and let the body fall asleep in a relaxed and comfortable state.Rub your feet.Yongquan is located at the sole of the foot and the center of the foot, and is the first point of the kidney meridian.Massage Yongquan can improve human blood circulation, relieve dizziness, brain swelling, insomnia, dreams, memory loss and other discomforts.People with long-term insomnia, insisting on massaging Yongquan before going to bed is the most alternative method for adjuvant treatment of insomnia.It is recommended that everyone massage and rub the soles of their feet for 5 minutes every night before going to bed, and feel that their feet are hot.Drink a glass of water.Traditional Chinese medicine believes that water can nourish yin, while 北京桑拿洗浴保健 warm water can warm the internal organs and play a role in warming the sun.Therefore, many Chinese medicine practitioners insist on drinking hot drinks only for many years.Chinese medicine believes that the heat of hot water can relax the meridians and promote the dispersal of the cold air staying on the body surface, which is very helpful for the body’s warmth and repair after sleep.At the same time, drinking hot drinks can also promote perspiration, accelerate metabolism and toxins.Therefore, you may wish to drink a cup of warm water before going to bed, but the amount should not be too much, so as not to affect the quality of sleep due to the night.(Special correspondent Dai Xiujuan)

Zhejiang Dingli (603338): H1 performance affected by North American market optimistic about arm-type heavy volume contribution to revenue

Zhejiang Dingli (603338): H1 performance affected by North American market optimistic about arm-type heavy volume contribution to revenue

Event: Company’s 2019H1 revenue 8.

4.9 billion, +8 in ten years.

05%; net profit attributable to mother 2.

60 billion, previously +26.

79%; deduct non-attributed net profit 2.

3.4 billion, previously +23.


H1’s performance is affected by the North American market. The sales volume of arm-type products began to increase. H1’s revenue growth rate was slightly lower than expected. In terms of regions, the company achieved internal main business income in the first half of the year.

01% is 10%, accounting for 51%, ten years + 35%, the growth rate of domestic business is in line with expectations; the decrease in overseas revenue is reduced by 17%, accounting for 49%, of which the European market revenue1.

500 million US dollars, previously + 47%, accounting for 39% of overseas revenue; North American market revenue1.

US $ 2.6 billion, -54% before, accounting for 33% of overseas revenue (59% in the same period in 2018); Asia and other markets achieved revenue growth of + 22%, which was normal.

North American revenue declined significantly, mainly due to the company’s initiative to adjust its market strategy to reduce the impact of Sino-U.S. Trade frictions and strengthen sales in Europe and Asia. At the same time, high-altitude operation platforms imposed a 25% 武汉夜网论坛 tariff on the US government by 250 billionAmong U.S. dollar products, North American customers’ purchases are also on the sidelines; while North America is the world’s largest aerial platform market and the company’s main source of overseas revenue. This decrease in revenue has a significant impact on overall performance.

However, in the first half of the year, the market development in Europe and other countries has achieved remarkable results and is expected to reduce the impact of the North American market.

In terms of business, the domestic revenue of the arm products of H1 in 2019 is 0.

7.2 billion, previously + 88%, accounting for 18% of domestic main business revenue, +5 in ten years.

02 points.

The company actively explores the domestic boom aerial platform market and prepares for the completion of production 四川耍耍网 and investment projects in 2020.

Net interest rate broke a new high of 30%, and the overall gross profit rate was well controlled during the period, with a comprehensive gross profit rate of 41.

7%, +3 per year.

At 1 point, we judge that it is mainly due to the impact of product price increases since May 2018; the gross profit margin of products in the second quarter decreased by 2 from the previous quarter.

1pct, which has declined quarter by quarter since Q1, mainly because the proportion of sales of arm-type products with reduced gross profit margins has begun to increase. We believe that after the volume of arm-type products is fully volumeted, there is still room for improvement in gross profit margin.

Net interest rate is 30.

7%, +4 per year.

5 points, a record high, improvement in profitability. In addition to good cost control, the company received 25.47 million government subsidies in Q2, including other income, accounting for 3% of total revenue.

Expense rate during 2019H1 is 9.

2% per year -0.

8pct; of which the selling expense ratio is 5.

3%, ten years +0.

1 point; management expense ratio (including R & D expense ratio) 5.

9% every year -0.

1pct; financial expenses account for -2.

1%, ten years -0.

9pct, mainly due to the increase in interest income.

Arm-type products are rapidly advancing, optimistic about heavy volume contribution to revenue. The new arm-type developed by the company and Magni can significantly reduce customer costs. It adopts a redesign, 95% of main components are universal, 80% of structural components are universal, and sinking design is adopted.As long as the maintenance personnel of the rental company have mastered a set of product maintenance skills, they can easily cope with the maintenance problems of the entire series of products, improve the maintenance efficiency and reduce the rental company’s employment costs; customers only need to provide a set of wearing parts,Easily cope with the sudden failure of a full range of equipment of different heights, which can effectively reduce the cost of parts procurement and storage.

At the same time, the company actively carried out new-arm product field experience activities. According to company news, on May 26, June 1, and June 8, the company ushered in Zhejiang, Jiangsu, Anhui, Shanghai, and the Pearl River Delta.A total of 100 state-owned leasers experienced new arms on the spot.

At present, the company’s new arm products have been produced in small batches and put on the market. The leasing company is relatively satisfied with the overall performance of the new arm products.

By 2020, 3,200 large-scale intelligent aerial work platform raised projects will be put into production, and the new product volume and cash income will make an important contribution to performance.

Profit forecast and investment grade: We expect the company’s net profit to be 6 in 2019-2020.2/8.

400 million, corresponding to PE 38 / 28X, given a “buy” rating.

Risk Warning: Raw material prices fluctuate; investment projects fail to meet expectations; overseas market expansion is less than expected

Taiji Industry (600667) 2019 Third Quarterly Report Review: Quarterly Fileback Accelerates Exceedingly Standards Expectation

Taiji Industry (600667) 2019 Third Quarterly Report Review: Quarterly Fileback Accelerates Exceedingly Standards Expectation

业绩点评 太极实业公布2019 年3Q 营收,达41 亿人民币,环比衰退10%但同比增长加速到16%(1Q19‘s 7% y/y, 2Q19’s 10% y/y),营业利润率从今年6 in the second quarter and the same period last year.


5% fell to 4 in the third quarter.


Diluted budget earnings for the third quarter amounted to CNY $ 0.

08, down 13% month-on-month, 2% year-on-year, diluted earnings in the first three quarters of CNY $ 0.

22, accounting for 74% of our long-term forecast of diluted earnings.

Business analysis quarterly revenue restart file, but at least accelerated: we attribute Taiji Industrial’s third-quarter revenue to a 10% quarter-on-quarter decline due to lack of confirmation of design revenue and storage customer inventory consolidation, but still up 16% from the same period last year, higher than oneQuarterly 7% revenue growth was ten years and 10% in the second quarter.

We currently predict that Taiji will easily grow 15-20% QoQ in the fourth quarter, and the revenue in ten years can exceed expectations.

The short-term approved interest rate is not as good as expected: Although Taiji ‘s extreme revenue is expected to exceed expectations, it is affected by the downward cycle of snapshots, demand pressure on some products, and clean room turnkey projects with a low gross profit margin of the product mix, resulting in gross profit margin and operating profit 杭州桑拿网 marginFall back.

Growth momentum in the next five years is expected: Although we are still conservative about the DRAM / 3D NAND memory industry boom, 5G mobile phones will be replaced in the world next year (2-2.

500 million units) and the recovery of server demand (5-year compound revenue growth rate> 10%), it is expected that the storage industry will gradually come out of the bottom, which will help Taiji’s storage packaging and testing business to pick up.

The upcoming mass production of the Yangtze River Storage, coupled with Hefei Changxin and Ziguang Chongqing / Storage’s expansion plans for the next five years, will be beneficial to Taiji’s storage cover logging and storage manufacturing clean room design and turnkey projectsof.

Investment recommendations We think that for A shares, a 10-15% ROE is expected to remain at 3.


0 times the net worth.

At our target price of CNY $ 11.

7 (still 63% growth space), it was previously at 3.

Twice the quantitative net assets in 2021, we forecast the ROE from 8 in 2018.

9% to 12% in 2021.

Risks prompt customers to focus on excessively high operational risks, the risk of buffering down cycles to cash cost prices, the risk of inflexible state-owned enterprise management mechanisms, and the performance risks caused by weak subsequent orders for clean room engineering and design business.

Three Trees (603737): Repurchase highlights development confidence

Three Trees (603737): Repurchase highlights development confidence

It is planned to implement repurchase to implement employee shareholding and policies to promote the repainting of old houses. On the evening of June 20, 2019, the company’s board of directors formulated and approved a repurchase program.plan.

Following the success of the stock and the first employee shareholding plans, the company’s incentive level is expected to expand.

And this week, the State Council will deploy to promote the transformation of old urban communities, promote indoor and indoor transformation and drive consumption. We believe that it will drive the rapid growth of the old house repainting market and the company’s “live immediately” business.

We maintain that the company’s net profit attributable to the parent for the year 19-21 is 3.



600 million, corresponding to EPS 1 after dividends.



56 yuan, maintain “overweight” rating.

Plan to repurchase 0.


10,000 yuan, employee shareholding is expected to expand the incentives company this repurchase plan to repurchase 0 within six months.


10,000 yuan for subsequent employee stock ownership plan.

The repurchase method is centralized auction trading, and the repurchase price does not exceed 45 yuan / share.

The company implemented extended stock incentives in 2017, and for the first time granted shares to 2 of the total share capital in 2018.

27%, covering 292 people, of which the extra part is 0.

31% covered 56 people; in February 2019, the company completed the first phase of the employee stock purchase plan, accounting for 0 of the company’s total share capital.

95%, with a turnover of 48.38 million yuan.

The first planned repurchase amount is higher than the first employee shareholding plan purchase amount, which is calculated based on the repurchase ceiling to account for 1 of the company’s total share capital.

31%, we expect that the breadth of employee incentive coverage may increase.

Policies promote pilot exploration of old reforms, repainting market exceeds 360 billion yuan This week, the State Council deployed to promote the renovation of old towns and towns, focusing on the renovation of water and electrical roads and optical fiber and other supporting facilities in the districts. Conditional installation of elevators and parking facilities, Promote indoor transformation and drive consumption.

According to preliminary statistics from various places, the old urban communities in the country that need to be renovated involve hundreds of millions of residents, and about 3-4 people per household are involved in about 30 million old reforms, according to 1.

Calculating the unit price of 20,000 yuan, the market for repainting of old houses is above 3600.

According to our calculations in the “Consumer Change: Rising Stock, Incremental Upgrade” in the Consumer Building Materials In-Depth Report, since 2015, the decoration area of second-hand houses has surpassed that of new houses.

Assume that the proportion of refurbishment every year is increased by 0.

3%, second-hand housing in 2020 is expected to drive the scale of consumer building materials to reach 3.

5 trillion yuan, three years CAGR + 16.


Actively build comprehensive service providers, increase market share and promote acceleration. In general, we believe that the renewal of residential stocks will become a demand factor for consumer building materials, and incremental upgrades will promote the concentration of the industry.

The company sold engineering wall paint 33 in 2018.

5 nominal, corresponding to sales income 17.

600 million, a year-on-year increase of +54.

7%; sales of home improvement wall paint 10.

In May, sales revenue reached 8 trillion, a year-on-year increase of +12.

9%, steady growth.
At the same time, the company actively promoted the “Live Now” service, and the number of “Live Now” transactions in 18 was 6.
40,000 orders, previously added 4.

60,000 orders, 872 authorized outlets, and 339 will be added in the future, changing to a comprehensive service provider of “paint + consulting + construction”.

Continue to be optimistic about the company’s medium- and long-term growth, and maintain the “overweight” rating of the company’s 2018 distribution revenue accounted for 76.

2%, net operating cash inflow 2.

At 7 trillion, the cost of personnel recruitment and sales of equity stalls in 19 was smaller than the expected gap in 18 years, and the company’s repurchase amount was 0.


100 million US dollars, less pressure on cash flow.

We maintain the company’s net profit forecast for the company from 19-21, corresponding to an EPS of 1 after the implementation of the 18-year equity distribution.



56 yuan.

Considering that the company is the only domestic engineering coating company with full coverage at the retail end, maintaining the company for 19 years and 26 years?
28x 南京桑拿网 PE with a target price of 47.


24 yuan, maintaining the “overweight” level.

Risk reminder: The completion of the real estate is not up to expectations, the cost of raw materials increases, and major safety and environmental protection production accidents.

Shandong Heda (002810): Performance slightly exceeds expectations Three quarterly report predicts high growth

Shandong Heda (002810): Performance slightly exceeds expectations Three quarterly report predicts high growth

Event: The company announced its semi-annual report for 2019 and achieved revenue5.

32 ppm, an increase of 25 per year.

43%, net profit attributable to mothers is 80.45 million yuan, an increase of 151 per year.

4%, attributable to non-net profit of 84.02 million yuan, an annual increase of 169.

49%, net operating cash flow is 81.14 million yuan, an annual increase of 1534.

65%, EPS0.

4385 yuan, ROE10.


And forecast the first three quarters of net profit attributable to the mother is 1.

02 billion-1.

1.4 billion, an increase of 80% -100% in ten years.

Comment: In the first and second quarters, the growth exceeded expectations, and the net profit of subsidiaries Hershey and Fuchuan Chemical continued to grow.

The results of the interim report were slightly higher than expected. Q2’s single-quarter profit hit a record high, operating cash flow increased significantly, and the degree of matching with net profit was high.

The main reason for the increase in performance is that the company continues to maintain a good operating condition, and orders for major products continue to increase.

Hershey’s subsidiary, which produces plant capsules, completed a net profit of 15.24 million yuan in 19H1, an increase of 48% annually, mainly due to the continuous growth in sales; Fuchuan Chemical, a subsidiary of the original trimethyl acetate manufacturer, completed a net profit of 24.98 million yuan in 19H1.The increase of 536% was mainly due to the cost reduction and product price increase due to the upgrading of production line technology.

2. The global demand for plant capsules is growing rapidly, and the company will continue to expand production and aspire to become a global leader.

Plant capsules have obvious performance advantages over animal gelatin capsules, but due to higher prices, the global penetration rate is currently only 10%, and is in a high-speed growth period. The annual output is about 150 billion capsules, and the annual demand growth rate is 20% -25%.

The company’s capacity of 3.5 billion tablets began to increase in 2016, and its sales volume increased rapidly from 500 million tablets in 2016 to 3.5 billion tablets in 2018. It is expected that the sales volume will increase rapidly to 15 billion tablets in the next two years, and more than 80% will be exported abroad.Downstream is mainly health care customers.

The company invested in 20181.

The technological transformation project of 5 billion plant capsules initiated by 07 million is planned to supplement 12 production lines. At present, 4 production lines are in full production, and the remaining 8 lines will be put into production in two batches in the first half of the year.

The company is the only company in the industry that integrates the plant capsule industry chain from upstream cellulose ethers. The cost is 30% lower than that of capsule companies that produce imported raw materials. It has obvious advantages in raw materials, equipment and process control.

In the future, the company will continue to expand the production of plant capsules to meet the constraints of the pursuit of productivity donors, and is determined to become a leader in the global plant capsule industry.

3. Leading domestic cellulose ether industry, pharmaceutical grade products will open up room for growth.

The company’s main products are HPMC-based non-ionic cellulose ethers, including 3.

39 initial building materials grade (3,900 tons of low-end production capacity in the Wangcun plant was shut down, and the output was more than 1,000 tons) and 0.

4 Initial pharmaceutical and food grade, has become the largest nano-cellulose ether industry, the highest technology, the most complete product line of leading enterprises.

The penetration rate of downstream ready-mixed mortar continues to increase, and traditional construction-grade products have maintained a slow growth; pharmaceutical-grade products due to the continuous expansion of downstream applications will open up room for industry growth.

The expansion of downstream plant capsules has increased the demand for pharmaceutical-grade products. There are only a few domestic companies that can produce pharmaceutical-grade products. The company controls more than 60% of the domestic raw material supply, and reached preliminary with India’s ACG, the second largest capsule manufacturerIntention of strategic cooperation, ACG will supply cellulose ether products for plant capsules in the future.

At the same time, the downstream pharmaceutical customers, Zhengda Tianqing, Jiangsu Deyuan Pharmaceutical and other related pharmaceutical products (the company supplies pharmaceutical excipients HPMC) have been 西安耍耍网 consistently evaluated by generic drugs. It is expected that the future sales of pharmaceutical products will continue to increase.

4. The competition pattern of trimethyl orthoacetate has changed drastically, and the rising price has brought about performance elasticity.

As an important chemical intermediate, trimethyl orthoacetate is widely blended with downstream products such as sucralose and methyl ester. The major domestic manufacturers include Weiming Tianyuan (capacity 5000 tons) and Yantai Fuchuan (Herda subsidiary,Production capacity of 5000 tons), due to the area is located in the chemical industry forbidden development zone, the deadline to relocate at the end of September 2018, there is no substantial progress in the relocation is still in production, resulting in short-term market supply constraints, the fourth 北京桑拿洗浴保健 quarter of 2018Starting price includes tax.

3 million / ton rose to the current 3.

3 million / ton, the price increased by more than 40%, because the contradiction between supply and demand is difficult to ease in the short term, it is expected that the price may increase further.

Fuchuan Chemical’s 5,000 tons of trimethyl orthoacetate and 1,000 tons of double-fractured melamine have undergone process optimization and improvement. The product yield has increased. In 18 years, it has achieved 60 million in revenue and a net profit of -6.38 million. We expect that Fuchuan Chemical will achieve a net profit of 3,000 in 19 years.10,000-40 million yuan.

5. Maintain “Highly Recommended-A” investment rating.

We expect the company’s net profit to be 1 in 2019-2021.

4.3 billion / 1.

8.4 billion / 2.75 yuan, the corresponding EPS is 0.



44 yuan, corresponding to 18 for PE.



6 times, maintaining “strongly recommended-A” level.

6. Risk warning: the price of raw materials rises, the capacity digestion is less than expected, and the market promotion of plant capsules is unfavorable.