62 world champions cheer for Wuhan with championship spirit!

62 world champions cheer for Wuhan with “championship spirit”!
Beijing News News The new crown pneumonia epidemic affects the hearts of all people. In order to express support for all medical staff, staff and people in the epidemic area, dozens of world champions and dozens of media have startedVideo recording and promotion activities to cheer for Wuhan.The theme of the event was “Championship, Overcoming Difficulties, One Heart, Overcoming Epidemic Situation” and “Believe in this Flag, Believe in the Power of Belief”, which lasted two weeks.As of February 12, a total of 88 world champion personal videos and 62 world champion video collections were released.More than 60 media, represented by the Beijing News Sports, have published personal videos and collected nearly 1,000 articles on the media matrix of dozens of platforms.All the world champions recorded videos for the first time, and highly praised the event.Gymnastics Olympic champion Guo Weiyang added in his poem: “Only words show true feelings, and the champion spirit fights the sickness.Frontline medical care is the most respectable and frontline staff is the most lovely.All sectors of society offer love, you have me and my motherland.Sun Yiting, the world champion of air swimming, said: “It is an honour to participate in the activities of world champion cheering for Wuhan and cheering for China, so that the people of the whole country can seize the power of our world champion.Lin Heqin, the world champion of comprehensive fighting, interpreted it from another angle: “Many people left me a message saying that the slogan is of no practical use.And I want to say that the slogan is cohesion, support, hope, and our goal for this event.Xu Lijia, the Olympic champion of sailing in the UK, said: “The activity of cheering for the world champion to cheer for Wuhan not only brought high-level athletes together, but also sent the gritty and positive energy of the sports people.”

Three men’s U23 men’s and women’s basketball team ushered in their first victory, but the World Cup still faces many challenges

Three men’s U23 men’s and women’s basketball team ushered in their first victory, but the World Cup still faces many challenges
The women’s team ushered in the first victory.Photo courtesy of the organizing committee Today, the 2019 FIBA Triple Basketball (U23) World Cup continues, the Chinese Basketball Association Secretary-General Bai Xilin attended the opening ceremony last night, the Chinese triple basketball U23 women’s team defeated on the first match day yesterdayThe Swiss team and the men ‘s team also defeated the Romanian team this afternoon, and the two Chinese teams both won their first match of the tournament.According to reports, the Chinese three-person basketball U23 women’s team is composed of Ha Wenqian, Pan Xuemei, Zhang Lingge and Wang Haimei. They have participated in this year’s FIBA three-person basketball U23 National League all 6 stations and won the Asian and European teams.The runner-up of 5 races and a third place, and won the third place in the finals that ended not long ago.Yesterday’s first match day, the Chinese three basketball U23 women’s team debuted with a poor offensive feel, losing 11-11 to the European powerhouse Netherlands.After a short adjustment, the girls made full use of home advantage and beat the Swiss team with a 21 to 12 disparity score to win the first victory of this World Cup.This afternoon, the Chinese trio basketball U23 men’s team defeated the Romanian team 21-16, and the first show made a good start.Although this is only the three-person basketball World Cup in the U23 age group, it is inseparable from the three-person basketball Olympic qualification.In the 2020 Tokyo Olympics, three men ‘s basketball will have 8 men ‘s teams and women ‘s teams. On November 1st of the last year, the top three teams in the world will directly receive tickets for the Olympics.Depending on the adult team, and even linked to the scores of some domestic players, the performance of national teams at all levels is very critical.Therefore, the Chinese three-person basketball U23 men’s and women’s teams must strive for higher rankings and more points in this World Cup.According to the format of this World Cup, two Chinese teams need to be able to play and advance to the top 8 before obtaining the group.In the next game, the Chinese three-person U23 men’s and women’s basketball team will face no small challenges.

Tolstoy’s Resurrection opera version premieres next week, with lyrics adapted to the Chinese audience

Tolstoy’s “Resurrection” opera version premieres next week, with lyrics adapted to the Chinese audience
From December 11 to 12, the opera “Resurrection” of the same name, adapted from Tolstoy’s original novel, will be premiered in the Beijing Theater.It is reported that this play is the world’s first opera adaptation of Toweng’s “Resurrection”, with Feng Yuping as the chief planner, Wang Haiping’s screenplay, directed by Duan Xingtao, Zhang Yang, and Song Yuanming as the leading male and female protagonists, and the male protagonist Nehryudov andEmotional story of the heroine Maslova.Opera poster.Photo courtesy of the organizer. On December 6, at the rehearsal site of the opera, director Duan Xingtao introduced that the play was created according to the structure of the big opera. The prelude, chorus, big aria and the inheritance of the plot can make the various opera elements get full display space., “We took the freehand and realistic way to express the emotion and spirit of the script, while enriching the expression form, adding scene expression and dance rendering and narrative.”In terms of music and singing style,” Resurrection “adopts a joint collaboration between Chinese and Russian artists.The overture, chorus and cutscenes were created by famous Russian composers, and the singing and other music were created by the famous Chinese composer Liu Sijun.Actress Song Yuanming said that how to interpret Russian culture in Chinese is a very challenging thing. “The composition part should try to be closer to the Russian style. The vocal part re-planned and adapted by Wang Haiping should be close to the Chinese audience.It is hoped that the result will be a personalized music with a fusion of rich Russian style and mellow Chinese charm.”Sauna, Ye.net editor Yang Chang Tian Ai Ni proofreading Li Xiangling

BOE A (000725) Interim Report Comments: H1 Performance Under Pressure, Revenue Contradicts Expansion and Industry Leader Becomes More Stable

BOE A (000725) Interim Report Comments: H1 Performance Under Pressure, Revenue Contradicts Expansion and Industry Leader Becomes More Stable

Performance continued to be under pressure, and revenue expanded against the trend, waiting for the panel display industry to stabilize. The company released its 2019 Interim Report: H1 in 2019 to achieve 550 revenue.

3.9 billion (+26.

60%), net profit attributable to mother 16.

6.8 billion (-43.

92%), subject to the continued decline in LCD prices, the company’s performance continued to be under pressure, lower than market expectations.

The current dual pressures of trade friction and the downturn of the panel display industry, the company continued to promote the Internet of Things transformation strategy, which produced significant results.

We believe that the company, 北京夜网 as a world-class panel display leader, is expected to share the long-term dividends brought by the increased concentration of the industry and the gradual weakening after the LCD winter.To raise funds, the company is committed to achieving sustained and rapid growth.

Considering that the panel prices are still sluggish, the company’s net profit attributable to mothers in 2019-2021 is expected to be 29.

61 (-15.

24) / 42.

88 (-11.

35) / 61.

03 (-13.

41) billion yuan, corresponding to PE is estimated to be 46/32/22 times.

Maintain the “Highly Recommended” rating.

The panel cycle is down, revenue is growing rapidly against the trend, and the gross profit margin is under pressure to cut the business. According to the sluggish H1 demand in 2019, coupled with the rapid release of high-generation capacity, LCD prices continue to fall, and the overall market scale in the industry is shrinking and reducingNext, the company achieved revenue growth.

2019H1 port devices achieve revenue of 508.

9.7 billion (+29.

94%), with a gross profit margin of 15.

56% (-2.

36pct); 2019H1 Smart IoT achieved revenue of 75.

2.2 billion (+2.

38%), with a gross profit margin of 9.

18% (+0.

89 pct); 2019H1 smart medical workers achieved revenue6.

6.4 billion (+26.

09%), with a gross profit margin of 51.

38% (-2.

07 pct); revenue from other businesses reached 35.

6.7 billion (+40.

63%), with a gross profit margin of 99.

88% (+0.


The panel shows the expansion against the trend, the orderly progress of the innovation and transformation strategy, the integration of industry leaders and the strengthening of the company’s continued promotion of the Internet of Things transformation strategy, and the continuous improvement of global competitiveness: Hefei10.

The 5th generation line has achieved full production, and its volume has continued to increase. The five major application areas have maintained the world’s largest allocation, and the volume area of innovative applications has increased by 49%, of which ESL and wearable equipment have the world’s largest market share.

In addition, the company’s Chengdu AMOLED production line reached a record high yield rate, and the Mianyang 6th generation line achieved mass production transformation; the innovation and transformation business progressed in an orderly manner, and the company’s medical imaging products, genetic testing products, smart window products, fingerprint identification products, etc. all went smoothly.It is expected to add momentum to the company’s long-term growth.

In the cold winter of the industry, the company expanded against the trend, and the industry consolidation has become more stable. We believe that the LCD price is expected to gradually stabilize in the future, and the demand for flexible OLEDs will continue to expand, and we are optimistic about the company’s future development prospects.

Risk warning: downside risks to panel prices, OLED capacity release, downstream applications are less than 北京桑拿洗浴保健 expected

Jinhe Industry (002597): Sucralose technical transformation project with performance exceeding expectations put into production

Jinhe Industry (002597): Sucralose technical transformation project with performance exceeding expectations put into production
The company released the 2018 performance report and gradually realized revenue 41.3.4 billion, down 7 every year.73%; realized net profit attributable to mother 9.20 trillion, down -10 a year.01%.The company ‘s performance expectations are expected to gradually decrease in the short term because the company reduced some of its business in 2017, resulting in a higher base last year; gradually leading to macroeconomic reasons for the decline in the price of some of the company’s products. The price trend of basic chemicals was divergent.Among the company’s basic chemical products, the prices of nitric acid, synthetic ammonia, and carbon ammonia related to crop fertilizers have basically remained stable; and due to environmental protection and macroeconomic effects, the average price of other basic chemicals such as hydrogen peroxide, formaldehyde and melamine has2018年 年后半年以来出现明显的例外。It is expected that the price of agrochemical-related products will help based on the rebound in grain prices, while the prices of other basic chemical products will move to a new equilibrium. Food additives entered a new round of production expansion.At present, the company’s main product in the food additives sector, Acermi, has gone through several rounds of industry clearance, and the current price is about 5.5 million tons / ton, in the upward phase; the maltol industry, including large-scale companies within the company, plans to expand production capacity, the supply and demand layout will be converted into oversupply, and downward pressure on product prices penetrates;In the Qing Dynasty, the industry was fiercely competitive. After the company’s 1,500-ton technical transformation capacity has been put into operation, its overall competitiveness has taken another step, which is expected to replicate the growth path of Ansaimi. The circular economy industrial park is about to start production.The company’s first phase of the circular economy industrial park includes 1.The production capacity of 5 toluene furfural, 8 toluene naphthalene chloride and 5,000 tons of maltol, among which the previously 深圳桑拿网 constructed 4 ammonium chloride replacement, 1 furfural, combined heat and power, and wastewater treatment projects are expected to be put into production mid-year. Formaldehyde chloride and furfural are the company’s main raw materials for sucralose and maltol respectively. After the first phase of the project is put into production, the company will further improve the product industry chain and continue to strengthen cost advantages.In the future, the production of maltol capacity and the second phase of the project will also bring new profit points to the company. Profit forecast: Adjust the profit forecast and expect the company to achieve net profit attributable to mothers from 2018 to 20209.20/9.54/10.50,000 yuan, corresponding to PE is 11/10/10 times, respectively, given an “overweight” rating. Risk reminder: the 南京桑拿论坛 risk of lower product prices and less-than-expected increase in production capacity.

DunAn Department Broken Arms for Survival: Assets have been sold many times before the crisis detonated

DunAn Department “Broken Arms for Survival”: Assets have been sold many times before the crisis detonated
Dun’an Department of “Broken Arms for Survival”: Before the crisis detonated, it had sold off assets many times.  The Beijing News reporter self-assessment agency Dagong International was informed that it had downgraded the Dunan Group shareholders’ credit rating from AA + to AA- on the evening of May 4, and adjusted its rating outlook to alternative.  Dun’an 武汉桑拿 Group was founded in Zhuji, Zhejiang in 1987, and implemented rapid expansion through repeated heavy lifting. Its business covers many fields such as precision manufacturing and advanced equipment, civil explosives, new energy, new materials, modern agriculture, investment management, etc., becoming Zhejiang Province.Star private enterprises.Today, Dunan’s leveraged expansion sanctions test.  Since the debt crisis broke out on May 2nd, the star private enterprise has been in a rage. At present, the stocks and bonds of the Dunan Group have been suspended, and the incident has even been alleged to bring systemic risks to the local area.  On May 5th, the Zhuji Entrepreneurs Association publicly advocated “supporting the Dunan Group”, and said that it believed that the problems encountered by the Dunan Group were only temporary.  Dunan ‘s “Mother and Child Mutual Protection” funding chain was under pressure on the morning of May 5th. The Beijing News reporter self-assessment agency Dagong International was informed that it had downgraded the Dunan Group shareholders ‘credit rating from AA + to AA on the evening of May 4.-The rating outlook is adjusted to interest rates.  Dagong International said that Dunan Group’s available monetary funds are tight, and the redemption funds for the maturing bonds are still in the previous stage.As of May 4, Dunan Group’s existing bonds totaled US $ 11.3 billion, of which the total restructuring of bonds due in 2018 was US $ 7.3 billion, and the maturity of bonds was concentrated.  On May 3rd, the debt crisis of Dunan Group was made public.  According to media reports, Zhejiang Dunan has a debt crisis of 45 billion yuan, and the Provincial Financial Office has coordinated efforts to guarantee it.Reports show that on May 2nd, the Zhejiang Finance Office convened local financial institutions, the China Banking Regulatory Commission, and the China Development Bank Zhejiang Branch and other financial institutions to coordinate and discuss solutions to the Dunan debt crisis.  Regarding the above-mentioned debt turmoil, the Shenzhen Stock Exchange quickly sent a letter of concern to Dunan Environment, asking for clarification on whether the above-mentioned report concerning the financial situation of Dunan Holdings was true and “whether it involves your company’s debts and guarantees”.  For this, Dunan Environment should be balanced. As of May 3, the balance of Dunan Environment’s guarantee for Dunan Holding Group was 82228.The balance of Dunan Holding Group’s guarantees for Dunan Environment and its subsidiaries is RMB 707.5 million.  Dunan Group’s subsidiary listed company Jiangnan Chemical repeated at about the same time. On May 3, the balance of the company’s guarantee for the Dunan Holding Group was 200 million yuan, and the balance of the guarantee provided by the Dunan Group for the company was RMB 41 million.As of May 3, 2018, the balance of the guarantee provided by Dun An Holding Group to Zhejiang Dun An New Energy Development Co., Ltd., a wholly-owned subsidiary of the Company, was 453,221.RMB 320,000.  According to preliminary calculations, the two listed companies, Dun’an Environment and Jiangnan Chemical, together provided the parent company Dun’an Group with guarantee balances exceeding 10.At the same time, Dunan Group provided guarantee balances of more than US $ 5.2 billion for Dunan Environment and Jiangnan Chemical (and its subsidiaries).  Regarding the issue of Dunan Group’s debt crisis and its relationship with listed companies, a person from Dunan Environment Securities Department told the Beijing News reporter on the afternoon of May 3 that no correction has been received. The authenticity of the pictures on the Internet is obvious.There are disclosures, please pay attention to subsequent announcements.  In addition to the mutual protection of internal companies of the Dun’an Department, whether the local enterprises in Zhejiang Zhuji will be affected by the Dunan debt crisis has also attracted much attention from the outside world.  As recently as January of this year, Zhou Jiancan, chairman of Jindun Group, also located in Shaoxing, was killed when he sat down in a hotel. “Fed to death by usury” was considered to be one of the chief reasons for Zhou Jiancan’s death.  On May 3, the market was rumored that the Hailiang Group, one of the world’s largest copper companies in Zhuji, was involved in the Dunan crisis and involved mutual protection with the Dunan Group.  In the evening of May 4th, relevant persons from Hailiang Group responded to the Beijing News reporter exclusively, saying that Hailiang Group and Dunan did indeed start from one place. Starting from multiple companies, the relationship between the two bosses is also good, but the economyThere is no affair on the board. “Mutual guarantees existed in the early days, but now they are not. Media reports are not true.On May 5th, Zhuji Entrepreneurs Association publicly stated that they believed that the problems encountered by Dun’an Group were only temporary and “certainly and soon could be resolved”. I hope that the party committee and government can pay attention to Dunan Group and activelyCoordinate financial institutions; I hope that all financial institutions will be patient with Dunan Group and exchange time for space.  Zhuji Entrepreneurs Association has suggested that in the context of “de-leveraging”, it is recommended that member companies make reasonable use of financing instruments and pay attention to controlling the risks of bond financing.  Under the leverage expansion, the performance decreased and the loss increased. On September 26, 1987, the 23-year-old Yao Xinyi set up a revitalization spring factory in a small pig house with a 900 yuan fund, mainly engaged in the production of agricultural machinery parts.Prototype.  Thirty years later, the headquarters of Dunan Group has been relocated to Wanjiang, Hangzhou. The core industries have covered precision manufacturing and advanced equipment, civil explosives, new energy, new materials, modern agriculture, and investment management. The total number of employees in the group is about 2.90,000 people.  The official website shows that Dunan Group has been ranked among the “Top 500 Chinese Enterprises” for 9 consecutive years, and ranked among the “Top 500 Chinese Private Enterprises” for 16 consecutive years. In 2017, it ranked No. 283 and No. 81, respectively, and ranked among the Top 100 Enterprises in Zhejiang27th.  As of the end of September 2017, Dunan Holdings Group had total assets of 677.2 billion yuan.  According to reports, Dun An Group focused on the emergency report recently submitted to the Zhejiang Province government. It plans to complete the listing of ten business sectors during the 13th Five-Year Plan period (2016-2020), with annual profits and taxes of 10 billion yuan and annual sales revenue of 100 billion yuan.  The issuance documents from the Shanghai Clearing House show that as of the end of September 2017, Dunan Group had a total of 244 subsidiaries, of which 18 were first-level subsidiaries, and distributed across multiple provinces, gradually extending the industrial chain and integrating resources.The number and distribution of subsidiaries will be further expanded, which will bring challenges to the issuer’s management.  Under the rapid development, the Dunan Group’s main business is not strong in hematopoietic capacity.  According to the issuance documents, from 2014 to 2016, Dunan Holdings Group’s operating income was 503.1.9 billion, 516.3.9 billion and 525.6.8 billion yuan, with operating profit of 15.2.8 billion, 14.03 billion and 13.3.8 billion, showing a downward trend.  In essence, Dunan Group’s debt scale has expanded rapidly.According to the latest rating report, Dagong International said that from the end of 2014-2016 and the end of March 2017, the scale of operations continued to expand and the required funds continued to increase. The total interest-bearing debt scale of the Dunan Group increased year by year, and the investment requirements for new energy and new materialsDrive the debt burden up.  As of the end of 2014-2016 and the end of March 2017, the total interest-bearing debt scale of Dunan Group was 226.9.1 billion, 272.8.6 billion, 338.4.1 billion and 338.3.4 billion.  The latest issuance documents show that, as of 2014, the total assets of Dunan Group were 463.600 million yuan, to 677 by the end of September 2017.2 billion yuan, debt scale reached 437.0.5 billion.From 2014 to 2016 and the end of September 2017, the Dunan Group’s asset-liability ratio was 64.44%, 62.27%, 63.64% and 64.54%.  In 2016, Dunan Group’s interest rate expenditure was 19.6.5 billion yuan, to 21 in 2017.1.7 billion.  As of the end of September 2017, Dunan Group bank deposits increased by 292.3 billion yuan, of which short-term borrowings 84.$ 6.6 billion, 75 long-term debt due within one year.2 billion, 97 long-term loans.8.6 billion bills payable 34.7.7 billion yuan.  In 2017, as deleveraging became the subject of economic policy, Dunan’s leveraged expansion was under pressure.  On the morning of May 4, Jiangnan Chemical, a listed company of Dunan Group, issued a public notice and acknowledged that due to the macro financial environment, Dunan’s holding bonds had not been issued as scheduled, causing certain short-term liquidity problems.  The Beijing News reporter learned from the Shanghai Clearing House that Dun’an Group ‘s 2018 third-phase ultra-short-term financing bonds for the year 2018 have been cancelled (when), due to “recent market fluctuations.”  Began to survive with broken arms at the end of last year?  Dunan Department has sold 5 assets. Dunan Group ‘s Jiangnan Chemical responded to the exchange on May 4th. In response to the problems encountered today, Dunan Group has taken various measures to revitalize existing assets and activate cash flow.  On May 3, Jiangnan Chemical announced that as of April 27, it will gradually reduce its holding of 6,560,000 shares of Xuefeng Technology’s unlimited shares through a competitive bidding transaction, with an average price reduction of 4.7 yuan / share, get investment income of about 949.690,000 yuan, accounting for 11% of net profit in 2017.62%.  The Beijing News reporter noted that since the end of 2017, Dunan Group has sold a number of shares.  At the end of 2017, the Dunan Environmental Announcement stated that the company gradually reduced its holding of 29,995,45 unrestricted shares of Conch Profile through centralized bidding transactions, reducing its average price by 8.52 yuan / share, get investment income of about 1019.890,000 yuan, accounting for 12 of 2016 net profit.29%.  The Dunan Group issued documents showing that in December 2017, the equity of Zhejiang Caiyun Trading Co., Ltd. changed. The Dunan Group disposed of 17% of the shares, the disposal price was 5 million yuan, and the remaining 35% of the shares were completed after the transaction was completed.  According to industry and commerce information, some of the company’s shares held by Dunan Group changed in the past.  In December 2017, the equity of Zhejiang Dun’an Real Estate Development Co., Ltd. changed, and Zhejiang Free Trade Zone Baotai Industrial Development Co., Ltd. became a shareholder. The shareholding ratio is unknown.Prior to this, Dunan Group was the sole shareholder of Dunan Real Estate.  According to the issuance documents, Zhejiang Dunan Real Estate Development Co., Ltd. was established in 2003. As of the end of 2016, Dunan Real Estate had a net asset of 27.7.3 billion yuan; operating income for the year 6.5.6 billion, net profit 506.250,000 yuan.  The assets that Dun’an originally acquired were also sold off.  It was announced on March 23 that Dunan Environment weighed, and it planned to transfer the Jinglei shares 63 held by Dunan Environment to Daming Xinye.95% of shares with an assessed value of 12411.380,000 yuan, the transaction price is 130 million yuan.  According to public information, Jinglei was founded in 2002. It is the first company in the country to produce DC electric compressors and DC brushless fans for automobiles. The company is listed on the New Third Board.  Since 2016, Dunan Environment has continued to increase its stake in Jinglei, and as of April 2017, it has reached 63.95%.However, the performance promise of acquiring the target Jinglei shares has repeatedly failed to meet the standards.  Jinglei’s 2016 annual report shows that the company’s net profit after deduction in 2016 was -235.900,000 yuan, which is lower than the original promised net profit of capital increase (18 million yuan) and equity transfer promised net profit (25 million yuan); In 2017, Jinglei shares deducted non-returned net profit of -569.990 thousand, again lower than the promised net profit of capital increase (30 million) and equity transfer promised net profit (32 million).  In addition to failing to meet performance commitments for two consecutive years, Dunan Environment said when selling Jinglei shares that after two years of development, Jinglei still could not quickly occupy the first-class new energy vehicle market share, replacing investment recovery and striving for investment losses.Minimization is the basic starting point for the company to handle this equity investment.  Beijing News reporter Zhao Yibo

Hengli Petrochemical (600346): Estimated project boosts Hengli Petrochemical’s net profit by over 20%

Hengli Petrochemical (600346): Estimated project boosts Hengli Petrochemical’s net profit by over 20%

According to the China Securities Journal, on January 30, 2020, Hengli Petrochemical’s ethylene plant was successfully commissioned for a trial run.

  Hengli 150 cap / year ethylene plant, as the largest single ethylene plant in China, has created a series of ethylene plants.

Hengli Petrochemical’s ethylene plant will theoretically bring more than 1.5 billion excess profits to the company in the event that the industry is not profitable.

If the downstream chemical plant of the ethylene plant is considered, under the condition of full plant production, the annual net profit of the chemical plant led by ethylene can theoretically reach more than 20% of the existing profit of the refinery.

  (1) The commissioning of an ethylene plant will bring significant synergistic effects of refining and chemical engineering, and theoretically can create 1.5 billion excess returns.

This effect includes but is not limited to: dry gas recovery and recovery of light hydrocarbons as raw materials for ethylene plants, theoretically saving 1 billion ethylene plants, hydrocracking gasoline as aromatics extraction raw materials, ethylene plants, by-product gas return to oil refinery plants, and (2) ethylene plantsThe effect of scale has excess benefits in terms of both plant investment and operating cost savings.

The investment in equipment can be saved by 3 trillion per year, and the operating cost should be no less than 200 million yuan.

  (3) Lightweight feed significantly improves the diene yield and high value-added product yield of the device. The diene yield reaches 48%, currently the first in the country.

Ethylene plant has the largest driving defects in chemical plants, the temperature has the largest span among all the plants, and requires high purity of materials. The successful one-time feeding of Hengli ethylene reflects the efficient execution of the Hengli petrochemical team.

Due to the continuous production of petrochemical equipment, the impact of the epidemic situation is usually small.

From the perspective of product supply and demand, due to the impact of downstream product demand, the first quarter is expected to be partially affected.

  Earnings expectations We maintain the profit forecast of profitable companies in 2019 with the company’s forecast of US $ 10.9 billion, and a profit forecast of 143 / 16.1 billion in net profit in 2020/2021.

We maintain Hengli Petrochemical’s target price of 22 in 苏州夜网论坛 the next 12 months.

76 yuan, corresponding to the company’s 2019-2021 price-earnings ratio of 11.



47 times, maintaining the company’s “Buy” rating.

  Risk Warning 1.

Risk of declining one-way scale of crude oil 2.

Severe demand for textiles and clothing has deteriorated3.

Risks of refined oil sales caused by policies and restrictions on export restrictions.

Geopolitical risks 5.

The project progress is less than expected 6.

Risk of large-scale lifting of company stocks 7.

Risk of sharp fluctuations in the US dollar exchange rate8.

Severe competition in the industry9.

Downside risks to the global economic cycle10.

Impact of other force majeure

Xingfa Group (600141) 2019 Third Quarterly Report Review-Third Quarter Performance Increases MoM, Profitability Continues to Improve

Xingfa Group (600141) 2019 Third Quarterly Report Review-Third Quarter Performance Increases MoM, Profitability Continues to Improve

Benefiting from the rise in prices of some products and the decline in prices of raw materials, the company’s third-quarter performance increased by 128% month-on-month, and its profitability continued to improve.

Considering that the severe environmental protection regulation is expected to drive the improvement of the phosphorous industry’s business climate, and the expansion of production capacity brings about the expected growth in performance, we are firmly optimistic about the company’s long-term development.

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



77 yuan, maintaining target price of 12.

6 yuan and “Buy” rating.

The third-quarter performance increased greatly from the previous quarter, and profitability continued to improve.

The company achieved operating income of 144 in the first three quarters of 2019.

47 trillion, +1 a year.

01%; net profit attributable to mother 3.

10,000 yuan, at least -23.


Realized operating income in the third quarter

4 billion, -4.

15%, realizing net profit attributable to mother 1.

7.7 billion, +128.

twenty three%.

Benefiting from the decline in the prices of raw materials and the rise in prices of some products, the company’s profitability in the third quarter improved significantly from the previous quarter, and the gross profit margin for single quarter sales.

49%, +3 from the previous quarter.

32pct; net sales margin 3.

84%, +1.

35 points.

The price of yellow phosphorus remained high, and the profitability of phosphorus chemical industry improved.

Affected by the environmental protection of the yellow phosphorus industry in the southwest, the price of yellow phosphorus has changed in stages and is currently at an historical high.

The average sales price of the company’s yellow phosphorus in the third quarter was 1.

650,000 yuan / ton, about +16 in the first half of the year.


The prices of overlapping raw materials dropped, and the profitability of the phosphorus chemical sectors such as yellow phosphorus, phosphate, and glyphosate increased significantly compared with the first half.

In the future, driven by the severe environmental protection supervision and the strategic protection of phosphate rock 杭州夜网论坛 resources, we are optimistic that the prosperity of the phosphorus industry will continue to increase.

The company’s advantageous mineral-electricity-chemical integration advantages and the industry’s leading layout are expected to fully enjoy the prosperity and product prices.

The price of organic silicon recovered, and the acquisition of 50% equity of Xingrui Silicon Materials increased its performance.

Affected by the peak demand season and the reduction in supply of some equipment maintenance in the industry, the price of organic silicon rebounded in stages.

The average selling price of silicone and 107 glue in the third quarter was 1.

640,000 yuan / ton, about +2 in the first half of the year.


In August this year, the company completed the acquisition of a 50% stake in Xingrui Silicon Materials, a holding subsidiary, to convert it into a wholly-owned company. This acquisition will help the company consolidate the layout of the integrated organic silicon industry chain and gradually increase the company’s performance.

The orderly expansion of phosphate ore and ammonium phosphate capacity has driven long-term performance growth.
In March of this year, the company obtained a mining license for Houping phosphate ore, which has a total phosphate rock production capacity of 760 millimeters. The reserves of phosphate rock and the scale of production capacity are among the highest in the industry.
The company is constructing new product capacity of ammonium phosphate and organic silicon monomer. Among them, the ammonium phosphate production capacity of 40 is expected to be put into production by the beginning of 2020. After completion, it will produce a total capacity of 100 tons; the organic silicon monomer under construction capacity of 16 is expected to be in 2020.Completion in June will increase production capacity to 36 inches.

The launch of new production capacity is expected to provide a driver for long-term performance growth.

Implement the stock incentive plan and improve the long-term incentive mechanism.

The company implemented a large-scale stock incentive plan on September 16, granting a total of 15.99 million shares to 354 incentive objects through targeted issuance, accounting for 1 of the total share capital.

7% grant price 5.

79 yuan / share.

The plan covers the company’s directors, senior executives, middle management personnel and core backbone employees. It will further improve the long-term incentive mechanism and be linked to the interests of shareholders, optimistic about the company’s long-term stable development.

Risk factors: Product prices have fallen sharply; global agricultural demand has fallen; new planned capacity releases have fallen short of expectations.

Investment suggestion: The environmental protection regulation is expected to be severely expected to drive the improvement of the phosphorus industry’s prosperity, and the expansion of production capacity expansion will bring about performance growth expectations. We are optimistic about the company’s long-term development.

Taking into account the company’s completion of the acquisition of 50% equity in Xingrui Silicon Materials, which will increase its performance, the company’s 2019-2021 return to its parent’s net profit forecast is increased to 4.



06 trillion (previous forecast was 3.



1.3 billion), the corresponding EPS is 0.



77 yuan.

Maintain target price of 12.

6 yuan (corresponding to 27 times PE in 2019) and “Buy” rating.

Wuliangye (000858): the pace of reform is expected to change to the qualitative change to maintain buying

Wuliangye (000858): the pace of reform is expected to change to the qualitative change to maintain buying

Event: The company participated in the 2018 shareholders ‘meeting, and the shareholders’ meeting passed the company’s positive changes and continuous development trends.

Investment rating and estimation: Maintain profit forecast, forecast EPS for 2019-2021.

28 yuan, 5.

24 yuan, 6.

17 yuan, an annual increase of 24%, 22%, 18%, currently expected to correspond to PE in 2019-2021 are 23x, 19x, 16x, maintain BUY rating.

We believe that the company has entered a process of quantitative change to qualitative change in 2019, and all departments of the company are undergoing positive changes. The core work of this year is the launch of the eighth generation of Puwu, and at the same time promote channel reform, introduce the control disk distribution model, and digitize.The marketing system, through combing to create a matrix of high-end products to increase the price, and solve the core problem of channel profitability.

At present, a series of actions of the company have been gradually implemented, the cash can be improved step by step, and the new journey of entrepreneurship has continued.

The implementation of reform has entered a critical period of implementation.

We believe that the company’s inherent positive changes have gradually expanded since the chairman Li Shuguang took office in 2017, including personnel adjustments at the production and sales sides, the implementation of the “ten million” plan, the optimization of organizational structure and assessment, and the informatization projects.Advancement, etc., is equivalent to making gradual preparations. The performance beyond the expected performance around the Spring Festival this year to the present, there are external factors of the industry, and it is also a reflection of the process from quantitative change to qualitative change after the measurement of previous measures.

Brand and product revolution.

First and foremost is to reshape and enhance the brand power of Wuliangye. The company has now clarified the product strategy of Wuliangye “1 + 3” and a series of wines “4 + 4”.

The Wuliangye series highlights the core value and value of the top five single products at 52 degrees. The medium and long-term strategic thinking is three dimensions of high-end, fashion, and internationalization. In the short term: 1. To enhance the high-end positioning of Puwu, the company has launched a super high-end image.Product 501 Wuliangye, the 40th anniversary of the reform and opening up and a new era of National Yunchang commemorative wine; 2. Reduce the overdraft of the series of products to the main brand. At the end of last year, the contract with development brands such as PTVIP has been stopped. This product will be compulsorily removed from the market. In the future, brands and bar codes will continue to expand. It is expected that the number of brands of Wuliang will be consolidated to about 45, and the number of bar codes will be replaced to about 350. 3. The market price and inventory level are conducive to the eighth generation.The launch of Pu Wu, the most important job in 2019 is the listing of the eighth Pu Wu. At present, preparations are going smoothly. The off-season approval price has risen to 880-900 yuan, channel inventory is not high, and dealer confidence has increased; 4, Wuliangye series brandsEach has a clear positioning. 1618 is a strategic product that supports Puwu. Low-alcohol wine is the dominant product of Wuliangye. At the end of last year, contract spending on 35 degrees was stopped. This year’s focusAt 39 degrees and 42 degrees, it has become the largest strategic support after 52 degrees and the fifth five. The size standard is already sorting out the price system. It is expected that the size will be gradually reduced in the future.After the eighth generation is launched and the price place is clear, the layout will be repositioned.

Channel model change.

The company structured its organizational structure, that is, 7 major marketing centers replaced 21 core theaters, and introduced a control panel distribution model and an information system.

The market is very concerned about the operability and effectiveness of the distribution of control disks, but we believe that both informatization and the channel model are just tools, and their purpose is to help the eighth generation of Puwu to be successfully listed, and to achieve the transformation of the medium and long-term channel model.Or to meet the needs of future market demand changes.

First of all, channel transformation requires comprehensive improvement of brand and product power for improvement, and secondly, the demand driving force of high-end wine has been converted to the upgrading of mass consumption, which is different from the government affairs drive of the previous cycle, and the company needs to change its sales thinking through the factory.The model of in-depth cooperation between Canadian businesses realizes comprehensive coverage of terminals, service terminals, and control of terminal conversion.

At present, the company’s thinking about how to adjust various parts of its sales, channels, and terminals has been clearly organized, and then it will be implemented and implemented.

We can see that the leadership of the company is very determined, the execution ability has been significantly improved, and the passive acceptance before the channel is gradually transformed into active cooperation and support.

Progress in production reorganization.

The company owns 20 large-scale power generation advantages. This year, it will continue the construction of the first phase of 30 Taotao Chenjiu brewery and the technical renovation of 3 wine storage.

In 2017, the company improved the quality and efficiency of the production side, the overall overall quality rate, and the quality of the wine have improved, maintaining the supply and quality stability of the eighth-generation Puwu and higher-end products.

Corporate governance optimization.

According to the related party transaction announcement in 2019, the amount of related party transactions in 2019 is expected to be 40.

4.5 billion, an increase of only 1.

4%, accounting for 8 of the revenue target.

1%, down by 1 from the actual level of 18 years.

9pct, from 2017, the company’s connected transactions as a percentage of revenue has continued to decline, from 11 in 17 years.

4% fell to the expected 8 in 19 years.

1%, indicating that the company’s sales and procurement are moving in a more market-oriented direction.

The most expressive catalyst: capital prices continue to rise, marketing improvement accelerates core assumptions risks: economic downturn affects 南京桑拿网 overall demand for high-end liquor

Joy City Double (000031): Joy City both exceeded expectations and moved quickly together

Joy City Double (000031): “Joy City” both exceeded expectations and moved quickly together

This report reads: Joy City is currently the only real estate platform owned by COFCO. The two-wheel drive of residential development and sales and commercial holdings will continue to release key points of investment: maintain overweight rating and maintain target price.

80 yuan.

The company is currently the only real estate platform under the COFCO Group, 南宁桑拿 and continues to leverage the synergy between residential development and commercial real estate.

Considering the performance contribution brought by the Joy City property merger, the company is raised in 2019?
EPS to 0 in 2021.

69 yuan / 0.

81 yuan / 0.

92 yuan, the target price corresponds to 14xPE in 2019 (an equity expansion in January 2019).

  If Joy City Real Estate is consolidated, the net profit in 2018 will increase to 26.

50,000 yuan, corresponding to 10 times the PE in 2018.

The company absorbed the merger of Joy City Real Estate (0207.

HK), and completed the consolidation in January 2019, so the performance achieved in 2018 did not realize the profit of Joy City Real Estate.

Judging from the 2018 results of Joy City Real Estate, the net profit attributable to mothers was 21.

0 ppm (+ 82%) and a core 重庆耍耍网 net profit of 15.

700 million (+ 87%).

Based on the 60% shareholding ratio, Joy City Real Estate will contribute to Joy City and consolidated net profit.

US $ 600 million, so Joy City’s total net profit attributable to its mother reached 26.

500 million.

  The land reserve and the scale to be settled have driven the company’s continued growth.

The company’s settlement area in 2018 was 630,000 cubic meters, the area to be settled was 1.01 million, and the corresponding amount was 22.4 billion US dollars.

In 2018, the company’s new soil storage area was 196 GM, the sales area was 129 GM, and the land sales ratio was 1.

5. At the same time, the company has a total land reserve of 5.62 million miles, corresponding to a current dechemicalization cycle of 4.

4 years.

  After the merger with Joy City, the elimination of inter-industry competition will help the company’s residential business to scale up quickly, while operating cash flow will be stabilized.

We believe that the company’s short-term strategy will support the commercial development with cash flow from residential platforms, and gradually cultivate stable cash flow for business.

Considering that Joy City is positioned as an urban shopping center rather than a regional shopping center, its core value will gradually become a stabilizer of growth.

  Risk warning: business is hit by new retail