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Yanghe Co. (002304): Successfully closed in 18 years and steadily progressed in 19 years
Event: The company released an annual report of its 18 annual results today, and realized revenue of 241 in 18 years.
22 ppm, an increase of 21 in ten years.
1%, net profit attributable to mother 81.
500,000 yuan, an increase of 22 in ten years.
Of which 18Q4 income 31.
56 ppm, a 10-year increase3.
8%, net profit attributable to mother 10.
66 ppm, an increase of ten years.
Basically in line with our expectations.
Comments: 1, 18Q4 revenue performance increased by 3.
8%, 2%, 18.
4 Revenue performance increased by 3.
8% / 2%, the average growth rate increased sequentially, mainly because the company completed its tasks in October, in order to promote more benign channel inventory and further improve channel profit, Q4 took the initiative to stop stocks and inventory, waiting for 19 young to enter the battle.
Grassroots research understands that the company’s inventory digestion is good in the fourth quarter. During the Spring Festival of 19 years, the growth rate in the province improved after the base growth, and the growth rate outside the province maintained a high growth rate. The overall Spring Festival sales maintained a steady and positive growth.
2. The product structure continues to upgrade. Dream Blue continues to maintain a high growth rate in terms of products. Dream Blue continues to maintain a high growth rate, increasing by more than 50% in 18 years, and it is expected to account for 27% -28% of total revenue; HaitianThe growth rate is relatively slow, and the growth rate in 18 years was in the small double digits.
According to grassroots analysis and feedback, during the Spring Festival of 19 years, the growth rate of Dream Blue was more than 30%, of which Dream 6 and Dream 9 increased faster, Dream 3 was relatively stable, and the product structure was significantly upgraded.
In 19 years, the company will continue to focus on making the dream series. In addition to continuously improving the quality of the wine, the company will continue to expand the marketing efforts of high-end products and continuously improve the brand height.
In addition, in order to better optimize the product structure and 厦门夜网 high-end card position, the company will launch a new line of wine this year. The current trademark has been registered, and the price is expected to be between Dream 6 and Dream 9, replacing the blank price band of Dream 6 and Dream 9.
3. In terms of regions, the growth rate in the province has improved, and the rapid growth outside the province has continued to grow. 1) The company’s growth rate has improved in the province. The main reasons are: 1) the province has a large base;Some liquor companies have expanded their layout and given channels more profit margins.
In view of the above, the company has mapped out the inventory situation in the province’s market this year, and adopted corresponding countermeasures according to the different conditions in various regions. We are optimistic about the company’s strong internal management and adjustment capabilities and wait for the province’s growth to improve;With rapid growth, the income ratio in 18 years has exceeded 50%.
In the past 18 years, Henan / Shandong / Anhui / Zhejiang / Hebei, the major markets outside the province, have performed well, and still have the potential for continuous growth. The product structure has been continuously optimized, and the proportion of dream series has gradually increased.
We believe that as a sub-high-end national brand, the company’s core market outside the province is stable, and some new markets are gradually entering the harvest period, which is expected to continue to maintain rapid growth.
4. Ten-year outlook, 18 years of successful closure, 19 years of steady progress, and looking forward to 19 years, the company will adhere to the development goals of steady progress and maintain steady growth.
In terms of expenses, the company will increase in 19 years, but the expense rate will remain relatively stable. There will be adjustments in the structure and area of the expense release. One is to spend more expenses to the terminal, and the other is toThe growing market is growing.
We believe that the continuous upgrade of the product structure of the conversion company, the expense ratio remains relatively stable, and the profit growth rate is expected to be faster than the revenue growth rate.
5. Investment proposal: Adjust EPS 5 for 18-19 years.
96 yuan, maintaining the “strongly recommended-A” rating company successfully closed in 18 years, looking forward to 19 years, the company is still a company with industry-leading capabilities, benefit from the continuous upgrading of product structure, the rapid growth of markets outside the province, we believe that the companyDouble-digit growth is still expected.
Taking into account the intensified competition in the province, the EPS of 18-19 was slightly adjusted to 5.
38 and 5.
96 yuan, giving 20 times PE in 19 years, adjusting the target price for the year 119 yuan, maintaining the “strong recommendation -A” grade.
Risk reminder: demand falls, competition within the province intensifies, and development outside the province is less than expected.
Satellite Petrochemical (002648): The resurgence of the explosion of Taixing Economic Development Zone
Event: At about 21:00 on April 3, an explosion occurred in the internal sewage treatment workshop of Jiangsu Zhongdan Chemical Technology Co., Ltd. in Taixing Economic Development Zone. According to preliminary analysis by experts, 杭州桑拿网 Raney nickel spontaneously caused an explosion and deflagration, and the fire was extinguished at 21:25.
There were no casualties at the scene.
The carbon content of the accident park accounts for 25-30% of the country, and the price of acrylic acid will usher in a phased increase: the accident park belongs to the China Fine Chemicals (Taixing) Park, which has a carbonic acid production capacity of 78 tons, of which Jiangsu Miki 30 has only (add 16() The highest productivity was put into production in December 2018), Sube 48 has the most (currently starting 32 inches), accounting for a quarter of the national carbonic acid production capacity.
It is expected that the park will usher in a certain degree of self-inspection and rectification, and the short-term crystal prices will rise.
“Jiangsu Province Chemical Industry Improvement and Improvement Plan (Draft for Solicitation of Comments)” was issued urgently, and the remediation of the park resumed: March 21, in Xiangshui County Ecological Chemical Park (formerly known as Chenjiagang Chemical Concentration) in Yancheng, Jiangsu, Tianjiayi Chemical Co., Ltd.The company exploded.
As of 16:00 on March 25, the explosion had killed 78 people.
On April 1st, Jiangsu Province ‘s Emergency Exit “Jiangsu Chemical Industry Improvement and Improvement Plan (Consultation Draft)”, one of the requirements was to reduce the number of chemical production enterprises along the Yangtze River.In principle, all 34 companies outside the park will withdraw before the end of 2020. The park has no industrial chain connection with the park, and enterprises with major risks for safety and environmental protection will withdraw before the end of 2020.
Fully promoting the renovation and upgrading of chemical parks is likely to promote the supply-side reform of cylindrical industries.
Acrylic and ester flammable and explosive products, concerned about the price logic of sodium bicarbonate: acrylic acid is often replaced as an organic solvent in oil paints and belongs to the third category of flammable liquid dangerous goods.
In 2016, because of frequent explosions in the industry, prices soared, and carbon dioxide production capacity in East China accounted for two-thirds of the country.
On April 4, satellite petrochemicals increased the price of 厦门夜网 acrylic acid in East China (price) by 500 yuan / ton. If the situation in the chemical industry park is revived, the logic of acrylic acid price increase will continue to materialize.
Profit forecast: We expect net profit attributable to mothers in 2019-2021.
88 ppm, corresponding to PE is 11/9/5 times, respectively, giving an “overweight” rating.
Risk Warning: Crude oil prices fall sharply, long-term price fluctuations, and project construction is less than expected
Northeast Pharmaceutical (000597): Rapid growth in preparations and bad debts affect performance
Event: The company released its annual report: The company achieved revenue of 74 in 2018.
6.7 billion, an annual increase of 31.
54%; net profit attributable to mother is 1.
9.5 billion, an annual increase of 64.
04%; net profit after deduction is 0.
4.2 billion, down 63 every year.
18%; EPS per share 杭州桑拿网 is 0.
Key points of investment: The growth rate of APIs is relatively small due to relocation, and the preparation business is growing rapidly.
Revenue for the fourth quarter of 201818.
4.9 billion, an annual increase of 24.
53%, compared to Q1 (36.
39%), the second quarter (34.
61%) and Q3 (31.
(07%) has improved, but from the perspective of each quarter’s revenue scale, basically maintained a stable trend.
In terms of the annual discrete business in 2018, the sales revenue of APIs was 15.
7.2 billion, an annual increase of 4.
55%, sales volume of API is 2.
35 years, with an annual increase of 1.
94%; of which VC series revenue is 8.
00ppm, the ten-year average of 3.
35%, which is mainly related to the price deviation of VC since the end of December 2017.
In addition, due to the relocation of the factory area, the production of some APIs has also improved, so sales growth has been slow. Except for the relocation of offset products, the expected increase in output is 24.
1%; therefore we believe that after the successful completion of the relocation in 2019, the growth rate of API revenue is expected to increase.
In terms of preparations, it achieved revenue of 29 in 2018.
$ 3.5 billion, an increase of 47 per year.
86%, sales of preparations increase by 17 per year.
50%; It is expected that the intestinal health, core products such as carbopregnancy and levocarnitine will continue to maintain rapid growth momentum.
Bad debt loss 2.
16 trillion USD deducted non-net profit maximize expansion.
The consolidated gross profit margin for 2018 was 41.
38%, an increase of 1 per year.
84 digits, an increase of 0 from the previous quarter.
In 27 years, it was mainly due to the increase in the gross profit margin of the preparation business, of which the gross profit margin of the bulk drug in 2018 was 52.
27%, a decline of 3 per year.
22 units; the gross profit margin of the preparation business in 2018 was 68.
12%, an increase of 7 per year.
82 inches.In terms of performance, the net profit after deducting non-attribution to mothers in 2018 was 0.
$ 4.2 billion, mainly due to asset losses2.
US $ 5.9 billion caused this, while bad debt losses from asset losses2.
1.6 billion, compared with only 0 in the same period last year.
1.7 billion, and 0.
$ 3.2 billion in inventory loss and 0.
11 trillion of goodwill is impaired.
In addition, the net profit attributable to mothers in 2018 was 1.
9.5 billion, an annual increase of 64.
04%, mainly due to a substantial increase in non-operating income, the annual non-operating income is 1.
4.5 billion US dollars, an annual increase of 85.
90%, the first is supplement 1.
$ 3.2 billion in compensation for demolition.
Fangda continued to advance, and the consistency evaluation progressed smoothly.
In July 2018, Fangda became the main shareholder and carried out a series of management reforms of the company. First, it started to reduce costs and increase efficiency, and diversified the entire chain from procurement, production, and sales to reduce costs and increase efficiency.
In addition, the company comprehensively studied Liaoning Fangda from top to bottom, cadres and employees quickly changed their ideas, strengthened problem-oriented and results-oriented, and the horse racing work also began trials in November 2018, covering 70 units of the company.
We believe that through a series of measures, it is expected to improve overall operating efficiency, further increase employee motivation, and be conducive to long-term healthy development.
In terms of consistency evaluation, the company has carried out consistency evaluation of 32 products and 41 varieties. A total of 18 products have completed pre-intermediate-level experiments, 9 products have undergone pre-BE experiments, and 1 variety has entered bioequivalent.During the sex test phase, the submission of the application materials for one breed has been completed.
Maintain the “Recommended” level.
As the company conducted equity incentives at the end of 2018, it is assumed that the amortization cost for 杭州桑拿网 2019-2020 is 21774.
30,000 yuan and 7044.
540,000 yuan, EPS is expected to be 0 in 2019-2021.
19 yuan, 0.
59 yuan and 0.
Considering the improvement of Fangda and the continuous growth of its performance after the entry, we maintain the “recommended” level.
Risk warning: changes in the price of the drug substance; rapid increase in sales expenses; sales promotion is not up to expectations;
Hengli (600346) 2018 Annual Report Commentary 西安耍耍网 Report: The whole process of refining and chemical projects opens up the rise of private refining and chemical leaders
Hengli Co., Ltd. released the 2018 annual report. In 2018, the company achieved operating income of 600.
670,000 yuan, an increase of 26 in ten years.
51% (compared to the same after adjustment), realizing net profit attributable to shareholders of listed companies.
2.3 billion, an annual increase of 4.
In Q4 2018, the company achieved operating income of 162.
36 trillion, 6% interest rate.
58%, achieving net profit attributable to shareholders of listed companies -3.
30 trillion, 118 chain carbon dioxide.
We maintain our investment rating of “Prudent Overweight”.
PTA and polyester filament boom continued to help the company’s performance growth; Q4 single-quarter PTA, polyester filament boom fell, while oil prices fell unilaterally caused inventory losses, dragging down the company’s single quarter performance.
The company’s 2000 initial refining and chemical integration project has successfully completed the entire process. The project combines many advantages into one. The total project size and single unit scale are among the best in the country, effectively reducing the investment per ton of oil and the amount of oil per ton, and the cost of processing per ton of crude oil.The advantages are obvious; the main refining of the project is medium-heavy crude oil, which has the lowest raw material cost compared to the discount of light crude oil. At the same time, the supporting facilities of the refining and chemical project are complete, which effectively reduces the crude oil loading and unloading and transportation costs. Overall, the refining and chemical project has excellentCompetitiveness.
In addition to the refining and chemical project, the company also expanded the industrial chain, carrying out 150 vinyl resin projects, 500 PTA projects, 135 long silk projects and 20 tons of high-efficiency automotive silk projects. With the planned project’s commissioning, the company’s productsThe type and scale will continue to expand.
We adjust company 2019?
The EPS forecast for 2020 is 1 respectively.
07 yuan, and dating 2021 EPS is 2.
The forecast value of 29 yuan maintains the investment rating of “prudent increase in holdings”.
Risk reminders: the risk of a sharp drop in international crude oil prices; the risk of worsening Sino-U.S. Trade frictions; and the risk that the final demand for polyester polyester is worse than expected.
Test his love for you from a boyfriend Christmas gift
Have you ever thought that when your boyfriend or ordinary male friend gives you IPOD, sexy lingerie or perfume, there is a certain purpose in the subconscious?
Maybe you want to get closer to you, or you want to get strong . want to know what sexual cues are hidden behind the gift?
And listen to the two experts in the heart to analyze one by one for you.
What does the boyfriend really think when he gives a gift?
Is it to please you?
Or do n’t ask for it?
In order to understand this mystery, invite the psychologist Wang Zhongping to give you a double bed of 12 boyfriends as gifts for girls, to analyze the reasons why your boyfriend loves you; then please go to another psychologist Huang Zirong, from the giver ‘sDifferent, to analyze his personality and how he feels and attempts at you.
Gift 1: The gift he gave you is diamond, gold, jewelry boyfriend loves: your good mood, his desire index: 57 points, he wants you to have a good mood every day, no matter how much you pay, even if you wantIt takes several months of salary to buy a small diamond that you like, and he is willing to (whether it is saving money or accumulating the card to find it in stages).
As long as I can give you a smile, everything is very worthwhile for him!
The gift-giving man is this: If a strong-minded man is sent by an ordinary male friend, this person must have a deep friendship with you and have enough weight, otherwise he wants to announce the place and hope to have the opportunity to become a formal boyfriend; if the boyfriend sent it, it may beThe thing of affection has the expectation for the future, and it means the proposal of marriage.
The boyfriend who chooses to give this kind of gift has a strong self-awareness and feels that the relationship is under control. When he gives you a diamond necklace or a gold bracelet, you will feel that he is playing with this relationship.
Gift two: The gift he gave you is sexy lingerie boyfriend loves: your sexiness His desire index: 96 points Your sexiness is extremely lethal to him, especially the seductive power between hands and feet, I do n’t knowWhy he is so fascinated by you, let him spread his hands, and throw himself into the net.
The gift-giving man is this: In fact, the wild man’s act of sending underwear will make girls have two extreme feelings, either good or bad.
If it is sent by an ordinary male friend, the girl will find a pervert and think that this person has evil thoughts, some kind of reverie, and even more abrupt, unless the underwear he sent is not sexually suggestive and a cute style, otherwise he would be too revealingIt is necessary to be closer.
If it is sent by a boyfriend, it is completely the opposite. Sending sexy lingerie to a boyfriend can increase the interest and clearly praise your sexy and girly side, which can improve the effect on sex and love.
Gift three: The gift he gave you is a sex toy. The boyfriend loves: your body and his desire index: 91 points. The boyfriend’s natural lust is really an irreversible fact. What he wants is your passion and enjoy each other ‘s body.You also understand the truth of food taste more than him, depending on whether you feel that the relationship with him is really so close, or that this boyfriend is just a personality embryo.
The man who gave this gift is: If the humorous man is from an ordinary male friend, he may not dare to send condoms, bed sex toys and other supplies directly, and he prefers to pack fun and fun condoms and underwear flowers, otherwiseSuddenly it ‘s too momentous, not stable enough, and the boyfriend who gives some gifts wants to test how acceptable the girl is about sex; if it ‘s sent by her boyfriend, he hopes to have a better sex life, moreInteraction, this kind of boyfriend will work very hard to create life interest and actively create sparks in life.
Gift 4: The gift he gave you is 3C supplies. The boyfriend loves it: your intelligence. His desire index: 38 points. Maybe he is not very romantic, even a little dumb goose, but because of his honesty and humor, he willI can’t help but fall in love with your cleverness; the complementary effect makes him think you are a perfect match, and whenever you think seriously, it is his favorite expression.
The gift-giving man is this: If a rational but possessive man is sent by an ordinary male friend, he is a very down-to-earth, attentive, and solid person who will choose practical things to donate.
If it ‘s a boyfriend ‘s gift, it means his possessiveness is strong. He hopes that you can think of him when you listen to music, use PDA, and mobile phone; but you can also say that he cares about you, and hopes to be ready for you.Items, types Boyfriends are usually rational but possessive.
Gift five: The gift he gave you is a credit card with a boyfriend. What he loves is: your meekness. His desire index: 69 points. He has an absolute desire to dominate. He likes to give you realistic gains. He likes you to be meek.Graceful cat; he is a manly man with a very big boyfriend.
The man who gave this gift is: If the big boyfriend is an ordinary male friend who sends you a credit card, he seems to be telling you “You can consider me!”
You can leave your life to me!
I can afford you!
“If it is sent by your boyfriend, he hopes you can buy what you like, and he will say to you,” Be my wife!
This type of boyfriend has big boyfriendism, but also with a bit of show off.
Gift 6: The gift he gave you is a designer clothing boyfriend loves: your temperament and his desire index: 48 points. The significance of a brand name to him is a symbol of identity, and temperament is the characteristic he thinks can be most found from youAs long as you control yourself and maintain your temperament in front of him, everything will be perfect.
The gift-giving man is this: If a strong possessive man is sent by an ordinary male friend, he is trying to please you and show off that his taste is good, but also has a bit of pursuit; if it is a boyfriend, he has the right to interveneHe has high desire and possessiveness. He hopes to label the girls, saying “I will pay attention to the brands you like and buy them for you. I will give you everything in the future!”
“Gift Seven: The gift he will give you is a makeup care product. Boyfriend loves it: your appearance. His desire index: 74 points. This is a simple option. This type of boyfriend hopes you will always be young and beautiful. He canAlways love your appearance, any other part is a secondary consideration for him.
The gift-giving man is this: If the lover is sent by an ordinary male friend, then he wants to establish a deeper and better relationship with you. This kind of boyfriend will be more considerate.
If it is sent by a boyfriend, he is a caring boyfriend, he will notice your skin condition, I hope you are better and more beautiful, and my mood is good every day; In addition, this type of boyfriend is also more compassionate, the entire sight only noticedYour dress and mood are the same for you.
Gift eight: The gift he gave you is a fluffy doll boyfriend loves: your childishness His desire index: 43 points He has the breath and desire of his big brother, hoping to treat you like a sister and sister forever, but he loves toWhen you think of a child, it sometimes makes you love and angry.
The gift-giving man is this: If a conservative male is sent by an ordinary male friend, it shows that this person is very careless and conservative, and even some dull, he thought that every girl likes fluffy dolls, but did not expect to have ordinary people in the general public.In addition to being a little embarrassed by a friend, the baby has to consider how to hold it home, which is far better than sending a hundred roses.
If it is sent by a boyfriend, the situation is just the opposite, meaning “I want to protect you”. Although the boyfriend cannot stay with you 24 hours a day, but he hopes that this doll will be with you to accompany you, the girl will feel veryWoxin.
Gift Nine: The gift he gave you is a chocolate boyfriend. What he loves is: your hobby. His desire index: 66 points to give you sweet chocolate, which means he likes to do the same hobby with you; he is an unbearable boyfriend., And common hobbies will be more fun for each other.
The man giving this gift is: If the gentle and considerate man is sent by an ordinary male friend, be careful, he is hinting that he wants to chase you, and he likes you secretly, but he doesn’t know how to get started, so he has to take advantage of the festival, and it seems that it is not interestingChocolate, in fact, he hopes to ignite your relationship with him by chocolate.
If it is a gift from a boyfriend, it means that your relationship with him is sweet now. He hopes that the sweetness of chocolate will also make you realize his sweetness. The boyfriend who will give this type of gift is very gentle and considerate. Gift 10: The gift he gave you is the perfume boyfriend loves: your femininity. His desire index: 86 points. The perfume is full of mystery and temptation. It also represents the hormone.Show the charm of a woman, so you can easily conquer him.
The gift-giving man is this: If an intellectual boy is sent by an ordinary male friend, the sexual suggestion is very strong. He hopes to smell this perfume on you in the future. He can also use the perfume to realize whether you careHe is even willing to let him successfully occupy a certain blockchain in your emotions.
If your boyfriend sends you perfume, he hopes to create a happy scene and make the relationship closer and stronger.
Use with caution, contraindication, and widening of medication
When we use drugs, we often find that the instructions for use are marked with caution, avoidance and substitution.
Although these three words differ only one word, they mean that they are quite different.
Use with caution: It means that care should be taken when using the drug, and after using the drug, you should pay attention to observation.
If an adverse reaction occurs, the drug should be discontinued immediately, especially in children, the elderly, pregnant women, and those with low heart, liver, and kidney functions. They should be cautiously armed, which is determined by certain physiological characteristics they possess, such as in vivo drugsMetabolic (including detoxification, detoxification) ability is weakened, causing the body to have adverse reactions to certain drugs.
Generally not easy to use.
However, caution should not be taken as it cannot be used. Generally speaking, in cases where drugs must be used with caution, they should be applied under the guidance of a doctor.
Avoid: It means avoiding or preferably not using.
For example, some patients may cause obvious replacement after taking certain drugs. For example, sulfa drugs have a harmful effect on the kidney, and those with poor renal function should not use it. Remifen (anti-tuberculosis drug) has damage to liver cells.Poor function should be avoided.
But when the disease condition requires the use of certain contraindicated drugs, it is appropriate to find other drugs with similar pharmacological effects but more adverse reactions instead.
If it is not necessary, drugs that can counteract or reduce its side effects must be applied at the same time to minimize unsafe factors.
When using medicine at home, it is best not to use medicines that are not to be used.
Absolute: It is absolutely prohibited.
For some medicines, it can be said that there is no choice.
Because once the patient takes it, there will be serious adverse reactions or poisoning, such as Chinese medicines such as croton, morning glory, musk, leech, etc., which are absolutely taken by pregnant women.
Patients with gastric ulcer have high blood pressure aspirin, otherwise they may easily cause gastric bleeding or even gastric perforation.
Morphine has the effect of inhibiting the respiratory center, so bronchial blood pressure and patients with pulmonary hypertension.
When the medicine is used at home, do not use it rashly to prevent serious consequences.
Eye yoga makes your dark circles quickly retreat and massage
Eye cream yoga method is the most fragile skin on the eyes, and the cream can easily pull the delicate skin on the eyes even when removing the eye makeup.
It is recommended to use special eye makeup remover when removing eye makeup, apply a cotton pad to the eye for a while, and then remove the cotton pad to dissolve the eye makeup naturally.
Do not rub your eyes vigorously or apply too much force when applying eye cream during skin care on weekdays. This can easily “pull” the eye lines and even make the eye skin droop.
Start with the hand-painted eye cream gesture. Each time you rub the eye cream with a set of eye yoga massages, massage with “V” gestures to prevent wrinkles.
Gently press back and forth with your fingertips under the belly of your eyes to enhance blood circulation more effectively, make your eyes look more energetic, and lighten your dark circles!
Eye yoga massage method: V letter method 1, index finger and middle finger are placed in a “V” shape near the temple, two fingers lightly press up and down to enlarge the eyes.
2. Maintain the movement, and then use the index finger of the other hand to lay it flat on the end of the eyes and crow’s feet and massage in a circular motion.
Eye yoga massage method: circular method 1, starting from the inner corner of the eye, beyond the circular massage, to the eye belly position and then up to the eyelid position.
2. Under the eyes, massage from the inner corner of the eye with dots, and then massage left and right.
Night eye hydration was applied once a week, but recently many brands have introduced more eye masks that can be used every night.
At night, repair procedures will be carried out to make bags under the eyes and dark circles collapse.
If the eye skin is often dry, apply a paper eye mask 1-2 times a week.
Use a carbonic acid mask while sleeping, double moisturizing, the skin is not dry in nature, how can it regenerate other problems?