銆 愮 敳 楸 shoulder 沭 桭 涶 氶 у 銆 抱 鐢 搢 查 奔 _Pick-up 宝 箞 魘 悘 傡 悡 悡 悍 炍 綍 鐍?
鐢查奔鏄竴绉嶉潪甯告粙琛ョ殑绁炴锛岀敳楸肩殑鑲夎川椴滅編锛岃€屽叾涓湁鍚湁涓€浜涢闃茬檶鐥By the way, by the way: by the way: by the way: by the way: by the way, by the way, by the way, by the way, by the way, by the way, by the way, by the way:熸湁鍑€鍖栬娑茬殑浣滅敤锛岄偅涔堝仛娉曟湁鍝簺鍛紵 鍒朵綔姝ラ1. 灏嗙敳楸兼斁鍏ョ儹姘翠腑瀹版潃锛屽墫寮€锛屽幓鑲犮€佽剰骞舵礂鍑€锛?. How about north drilling? Do you know how to do it?. 鍦ㄧ爞閿呴噷鍔犲叆閫傞噺娓呮按鍙婂銆佽懕銆佹枡閰掋€佺洂锛屽苟鍔犲叆楠ㄧ琛ャ€佹灨鏉炪€佸北鑽€佺敳楸间竴璧风倴鐔熷嵆鍙€?How do you think about it?00 鬏 巭 緟 揂 欙 氣 Luan Yan (椴?50 ounces?楦 兏 鑴 倝 50 Arrogant?鍐 瑡 25 Arrogant?If you have 50, you’ll be fine, you’ll be fine, 10Hagi?Arrogant?Forge 2擶 ц 懕 15 鍏?Pu?鍏?鑳 ℃ Qi?鍏?鍒 朵 綔 姝 ラ 1. 灏嗙敳楸煎鏉€,鏀惧叆娌告按涓劘鑷冲灞傚彂鐧借捣鐨辨椂鎹炲嚭,鎶曞叆娓╂按,鐢ㄥ垁鍒噣鑶滅毊, Is there a fear of anti-environmental protection, and it ‘s the same 3, what ‘s the matter, what ‘s the matter? What ‘s the matter?Are you afraid of telling you to press the button?鎹炲嚭娲楀噣,鎸栧幓鍥涜吙鐨勯粍娌广€?。 How about floating?鏀惧叆纰椾腑,鐢ㄩ浮姹ゆ悈鍖€銆傚皢鐏吙鐗囥€佺瑡鐗囥€侀鑿囧垎鍒叆娌告按閿呯劘涓€涓嬫崬鍑恒€?. 灏嗙敳楸煎潡鏀惧湪鐩樺唴,鍔犳枡閰掋€佽懕娈点€佸鐗?Sorry, brother, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, chain, sorrow, sorrow?鎶婄伀鑵跨墖銆佺瑡鐗囥€侀鑿囨暣榻愬湴鐮佸湪涓婇潰,鏀捐懕娈点€佸鐗囥€佹枡閰掋€佺簿鐩愩€佽儭Girly, shackled?5 闒 嗛 掓, 鎷 e 咓 钁 discriminate , 镣 口 叆 珣 鏆 鍗 荗 垚 銆?
銆 愮 敳 楸 shoulder 沭 桭 涶 氶 у 銆 抱 鐢 搢 查 奔 _Pick-up 宝 箞 魘 悘 傡 悡 悡 悍 炍 綍 鐍?
[Can bayberry make honey?
】 _ 石蜜 _ Can you eat together?
Yangmei must know that this is a popular fruit. In addition to its sweet taste, it also has many benefits for the human body, such as the effects of refreshing and quenching thirst, caring for the spleen, and reducing appetite.
People also use bayberry as the main raw material to make some drinks in daily life, such as bayberry to drink wine, bayberry to drink water, etc., can bayberry soak honey?
Let’s introduce it in detail below.
The use of bayberry to make mead is actually healthier, because bayberry itself has the effects of thirst and thirst, spleen and appetizer, and in addition to direct, it is also used to treat some bruises, redness, swelling and pain are also more advantageous, soIt can be regarded as a relatively good health drink, and it can also be used for axial digestion, dehumidification, relieving heat, relieving thirst and quenching thirst.
1. Bayberry has the effects of refreshing and quenching thirst, strengthening the spleen and appetizing, and eating more is completely harmless to the spleen and stomach, and has the effect of detoxifying and removing cold.
“Compendium of Materia Medica” records that bayberry can quench thirst, and the five internal organs, can cleanse the stomach, and eliminate annoyance and anger.
Myrica rubra, nucleus, root, and skin phospholipids are medicinal, flat and non-toxic.
The core can cure athlete’s foot, the root can stop bleeding and qi; bark wine can treat bruises, swelling and pain.
Bayberry soaked in white wine, in the midsummer season, the food will feel refreshed and refreshing, relieve heat and relieve tiredness.
2. For diarrhea, take Yangmei boiled soup and drink it to stop bleeding, which has astringent effect.
Myrica rubra has various functions such as digestion, dehumidification, relieving heat, relieving cough, helping digestion, protecting against cold, diarrhea, diuresis, implanting cholera and other medical functions, and has the reputation of agate in fruit.
3. Bayberry soaked in white wine will be refreshing and refreshing when consumed in the summer season, and relieve heat and relieve tiredness.
When you have a diarrhea, you can stop it after drinking, which has astringent effect.
There are also medical functions such as digestion, dehumidification, relieving heat, relieving cough, helping digestion, preventing colds, stopping diarrhea, diuresis, and implanting cholera.
4, bayberry contains a variety of organic acids, vitamin C content is also very rich, each other can directly participate in the metabolism of sugar and redox processes in the body, enhance the permeability of capillaries, and also lower blood lipids, preventing the body from generating in the bodyefficacy.
The contained fruit acid can not only appetize and swallow Shengjin, digestion and relieve heat, but also can prevent the function of sugar in the body to transform to auntie, and help to lose weight.
Bayberry has an inhibitory effect on antibiotics, dysentery bacteria and other bacteria, and it has a good effect on those who have symptoms.
The cellulose in the flesh of bayberry can stimulate the peristalsis of the intestine, which is beneficial to the excretion of harmful substances in the body.
銆 愯 港 铚 Cangchang annihilation of the ruins of the field?銆 漱 擂 擂 _Pick-up picket pot?
Xuan Cun, who is in trouble, who is in trouble, who is arrested, who is arrested, who is arrested, what is wrong, what is wrong, what is wrong, what is wrong, what is the problem, what is the problem?泭浜庤韩浣撶殑鍋ュ悍锛岄唻姣旇緝閰稿浜庤儍涓嶅ソ鐨勪汉缇よ灏戝悆銆傝挏鏈韩灏辨湁鐐瑰埡婵€锛屽悆澶氫簡寰堝鏄撳埡婵€鑳冿紝杩樹細寮曡捣鍙ｅ共鑸岀嚗锛岃€岃渹铚滃叿鏈夋粙娑︾殑鏁堟灉锛屽拰澶ц挏杩涜鎼厤鑳芥洿濂界殑淇濇姢鑳冮粡鑶滀笉鍙椾激瀹筹紝閭ｄ箞铚傝湝娉¤挏鐨勫埗浣滄柟娉曟槸浠€涔堝憿锛熻渹铚滄场钂滃姛鏁堬細鐤忛€氳绠°€佸吇鑲濇姢鑴?铚傝湝娉¤挏鍙互闃叉不澶氱鐤剧梾锛屽挨鍏堕€傜敤浜庡績鑴戣绠＄柧鐥呮偅鑰咃紝鍚屾椂鍏锋湁鍏荤敓鍔熸晥锛岄暱鏈熼€傞噺椋熺敤锛屽彲鐤忛€氳绠°€佸吇鎶よ倽鑴忋€侀槻鏍撴姉鐧岋紝鏄ュぉ鍚冨啀閫傚悎涓嶈繃浜嗐€傚仛娉曪細1銆佹妸澶ц挏鏀惧井娉㈢倝涓姞鐑?Mastiff?鍒嗛挓锛屾垨鑰呯敤寮€姘寸儷5鍒嗛挓宸﹀彸锛岀劧鍚庡啀鐢ㄨ渹铚滄场1鍛ㄥ乏鍙冲嵆鍙鐢ㄣ€?銆佸€掑叆铚傝湝鍓嶏紝鍙互鍏堝皢澶ц挏鏀惧叆30%宸﹀彸鐨勭洂姘翠腑娴告场涓€娈垫椂闂达紝鎹炲嚭鍚庢播骞插啀鏀惧埌铚傝湝涓蹈娉℃晥鏋滄洿浣炽€?Mocisanluo Fengchengjianjie Qiaoyao yo Dong tweezers Renmashanshi Suowuhuangchan ц Dongfeijuanding Duanchourenyang Tai Shou pound ュ Xia Langpuxixuan village Toso TOWER?銆侀鐢ㄦ椂锛屽彲浠ョ敤姘存妸铚傝湝绋€閲婂悗楗敤锛屼篃鍙姞鍏ラ€傞噺鐨勬煚妾眮銆傚師鐞嗗ぇ钂滃睘浜庤緵杈ｅ埡婵€鎬ч鐗╋紝鍚冭繃鍚庝細寮曡捣鍙ｅ共锛岃€岃渹铚滃叿鏈夊仴鑴俱€佸拰鑳冦€佸吇闃I ‘m not sure about it. I ‘m not sure how to do it. If you ‘re in trouble, you ca n’t do it. If you ‘re in trouble, you ca n’t do it.It ‘s insulting, and it ‘s a good idea to take advantage of the master ‘s chain. It ‘s self-sufficient and effective. It ‘s very effective. It ‘s repeated. It ‘s very difficult.ぇ钂滀激闃寸殑缂虹偣锛岃繕鑳芥洿濂藉湴淇濇姢鑳冮粡鑶溿€傛彁閱掞細铚傝湝娉¤挏鐨勯鐢ㄦ椂闂存渶濂藉湪鏅氶キ鍚庯紝鍥犱负鍦ㄧ潯鐪犺繃绋嬩腑钀ュ吇鎴愬垎浼氳鏈夋晥鍚告敹锛屼篃鑳藉噺灏戝ぇ钂滃鑳冪殑鍒烘縺銆傛甯镐汉姣忓ぉ鏈€澶氬彧鑳藉悆2鍒?What are you talking about?/ 2 What is the problem? What are the rules? How about the power? How about you?
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[Effects of Ginseng and Ganoderma Bubble Water]_Ginseng and Ganoderma Bubble Water_Action_Benefits
Ginseng is a relatively common drug in life. This kind of drug is very powerful in people ‘s minds. According to the theoretical and practical summary of traditional Chinese medicine, ginseng has a good nourishing effect, can treat various diseases, and help people graduallyRestore vitality.
There are too many ways to eat ginseng, and soaking water is the simplest. Let’s take a look at the efficacy of ginseng and ganoderma soaking water.
1. Treatment of chronic bronchitis: After cleaning the ganoderma lucidum, the sea ginseng and the lily, put them into a pot and decoction and take the medicine, which can well treat the bronchitis that appears in the body.
2. Treatment of allergic rhinitis: The ganoderma lucidum is boiled with water to make a thick soup, the drug residue is filtered out, and the liquid medicine is allowed to drip slowly into the nose after cooling, so that the condition of rhinitis can be effectively alleviated.
3. Treatment of high blood pressure: After washing the ganoderma lucidum with water, it has a good effect of lowering blood pressure and blood fat.
4. Treatment of allergic hypertension: prepare appropriate amounts of Ganoderma lucidum, Pinellia ternata, Su Ye and Magnolia, then decoction with water, add a small amount of rock sugar to flavor, take one dose a day, divided into two doses, which has a good treatmentMeans of efficacy.
5, treatment of cough and more phlegm: Chinese medicine believes that Ganoderma lucidum is flat, after taking it has a good tonic effect on the lungs, with the effect of warming the lungs and reducing phlegm.
If the body has a cough and a lot of phlegm, especially a cold or cough with phlegm, taking Ganoderma has a good effect.
If you want to quickly restore your health, you can add Schisandra chinensis, Pinellia ternata, Codonopsis and Dried Ginger in moderation.
6. Treatment of persistent hepatitis: prepare ganoderma lucidum and licorice in an appropriate amount and decoction with water.
Annual Report Express Series of TMT Company Thematic Analysis (2)-Shanda Diwei (831688)： Market Expansion + Product Innovation Initial Results Achieve Continuous and Steady Growth
Annual Report Express Series of TMT Company Thematic Analysis (2)-Shanda Diwei (831688): Market Expansion + Product Innovation Initial Results Achieve Continuous and Steady Growth
Event: The company released a quick report on 2018 performance and achieved revenue4.
170,000 yuan, an increase of 27 in ten years.
75%; total profit realized 1.
10,000 yuan, an increase of 31 in ten years.
09%; net profit attributable to mother was 9357.
970,000 yuan, an increase of 32 in ten years.
(Company Announcement) Focusing on computer software research and development in four major areas, the market development achieved new breakthroughs: the company is a smart intensive emerging enterprise in the development, application, maintenance and service of manual computer software, oriented to human resources and social security, power, health,In the field of government affairs and other fields, we will take the development of industry application software as the core, and build overall solutions such as smart human society, smart electricity, smart health, and smart government affairs.
In 2018, the company further developed the smart human society and the smart power business nationwide market. The value of newly signed contracts increased, and it was signed with 6 insurance companies including Taiping Life Insurance Co., Ltd. Shandong Branch and China Pacific Life Insurance Co., Ltd. Shandong Branch.A strategic cooperation framework agreement, which achieved revenue in the fourth quarter alone2.
2.5 billion, long-term sales revenue and profits achieved double growth.
For high-quality government customers, customers have stable resources: The company mainly obtains orders through open tendering and competitive bidding, long-term sales contracts with customers, and provides customers with customized software products and technical support services to achieve revenue.
The company is actually controlled by Shandong University. Its main customers include the local human resources and social security bureaus, the State Grid and China Southern Power Grid provincial companies, the health and family planning committee and other government management departments. The main customers have good reputation, mature and stable market channels, and have accumulatedA large number of high-quality, stable and reliable customer resources have ensured stable growth of performance.
In Smart People’s Club, smart power consumption has maintained a high market share. The top five customers are State Grid, China Construction Bank, Zibo Human Resources and Social Security Bureau, Industrial and Commercial Bank of China and Shenzhen Human Resources and Social Security Bureau.
Complete professional qualifications, innovative technology-driven performance growth: The company has obtained a comprehensive software and information service industry, a higher level of business qualifications, and has implemented a strict software service qualification admission system in related business areas.One of the front-line technical support business qualification companies is currently one of the few software companies in the country that have all the information system development and construction qualifications and continuous service capabilities in the field of human resources and social security.
In 2018, the Smart Human Society project “SmartH4.
“0” won the AAAI2018 Innovation Application Award of the top academic organization in the field of international artificial intelligence; the only blockchain 杭州桑拿 innovation platform in Shandong Province successfully settled in, and obtained China ‘s first blockchain digital business license.
The company closely tracks and implements the industry development trends of “Internet + medical health”, “Internet + government services”, develops new products, forms successful project cases, achieves rapid promotion, and drives performance growth.
(Company’s official website, announcement) Increasing the strategic agreement framework will have a positive impact on future business performance and market development: relying on mature experience and technology and high brand awareness in the fields of human society and power informatization, the company has achieved goodOperating performance, sales revenue and profit have achieved double growth. In 2018, the annual order exceeded 500 billion 北京夜网 US dollars.
On January 2, 2019, the company signed a strategic cooperation agreement with Wuhan Jindou Medical Data Technology Co., Ltd., and plans to start cooperation in the fields of medical treatment, medical insurance, medical information platform (three medical platforms), disease related grouping platform (DRGS) and other fields.
Jindou Data is one of the teams that have initially focused on medical big data technology and industry in China. It has many years of medical technology analysis and disease coding application and conversion product development experience. The gradual progress of the above contract is expected to bring positive results to the company’s future business performance.Influence, deepen the company’s layout in the medical and health field, and further enhance the company’s comprehensive strength and economic benefits.
(Company Announcement) Investment Proposal: Terminate the latest closing company9.
00 yuan, the market value of 32.
400,000 yuan, considering the company’s rapid growth in profits, PE is 34.
62 X, suggest attention.
Risk Warning: Risk of policy change, business growth is less than expected, market competition risk
Haier Zhijia (600690)： COSMOPLAT merged into the core team of the energy sector, injected capital to demonstrate development confidence
Haier Zhijia (600690): COSMOPLAT merged into the core team of the energy sector, injected capital to demonstrate development confidence
COSMOPlat was incorporated into the energy sector to deepen its own service capabilities.
Haier’s Zhijia subsidiary Kaos intends to issue an additional registered capital of 74.43 million yuan to Haier Group to purchase Haier Group’s smart energy business.
The transaction involves 95% equity in Qingdao Energy and 97 in Development Zone Energy.
57% equity in Hefei Energy 95.
57% equity and 80% equity of Dalian Energy, the total consideration of the energy target is 3.
Involving the main targets, Qingdao 杭州夜网论坛 Energy’s consolidated revenue in 2018 reached 6.
6.5 billion, with a net profit of 1944 million; the development zone’s consolidated revenue for 2018 reached 2.
250 thousand yuan, net profit is 5.63 million yuan.
As a core operating asset, Kaos is COSMOPlat, which is built for intelligent manufacturing and modern industry, and is the first to release an industrial Internet ecological platform for users to participate in the entire process and experience.
In terms of scale, COSMOPlat is based on the mass customization model centered on user experience and reorganized to provide enterprises with products and solutions such as connected factory construction, scale customization, industrial application customization or trading.
The 2018 Kaos consolidated statement caliber asset consolidation42.
300 million, owner’s equity reached 20.
40,000 yuan, 18 years of operating income of 137.
300 million, net profit 3.
After the completion of the acquisition, Kaos Industrial Internet Ecological Platform will effectively build a service sector in the energy field and enhance the overall service capabilities of COSMOPlat.
The core team invested in Kaos, demonstrating confidence in development.
As consideration for the transfer of equity in the energy sector, Kaos issued a registered capital of 74.43 million yuan to Haier Group, while Kaos won a capital injection from Haier Group to Haizhihui3.
42 ppm to strengthen its financial strength and support its business expansion.
After the completion of the transaction, Kaos will hold equity in the group’s energy sector and receive cash3.
For $ 4.2 billion, Haier Group will hold Kaos6.
With 40% equity, Hiwin will hold Kaos 5.
Haizhihuiying was established in 2017. It is mainly responsible for the management of private equity investment fund business, and its main shareholders are the group’s core senior management team.
We believe that Haizhihui won the capital injection of Kaos, strengthened Kaos’s financial strength, and the reorganization also showed its confidence in the development of COSMOPlat.
Investment advice and profit forecast.
We believe that the company will continue to deepen the retail transformation in the domestic market, promote the integration of the entire network management and the four networks; in the overseas market, adhere to the independent brand to strengthen synergy, renamed Haier Zhijia, and more clearly the development path.
In view of the current global stock and incremental market, the company is gradually improving its own brand layout. With the gradual release of the internal collaboration of the group, the company is expected to continue to improve in the global home appliance field.
In the future, the company’s high-end product and brand differences are expected to continue to bring effective flexibility to the overall performance scale and profitability.
We forecast the company’s EPS to be 1 in 19-21.
31 yuan, 1.
50 yuan and 1.
With reference to its own history and the evaluation of comparable companies, a 12x-15xPE evaluation for 19 years is given, corresponding to a reasonable value range of 15.
65 yuan, maintaining the “primary market” rating.
Risk warning: terminal demand is lower than expected, overseas collaboration is lower than expected, goodwill impairment risk; internal integration is lower than expected.
China Animal Husbandry (600195) In-Depth Report： After the national team of the animal protection industry, the efforts of the post-cycle business efforts are gradually increasing
China Animal Husbandry (600195) In-Depth Report: After the national team of the animal protection industry, the efforts of the post-cycle business efforts are gradually increasing
The growth rate of biological products is short-term, but it still has development potential in the medium and long term.
Due to the increase in the scale of pig breeding, the short-term growth rate of biological products will be 杭州夜网 shortened in the short term, but the medium and long-term will still benefit from the increase in sales of high-quality vaccines driven by large-scale upgrades, product substitution, the increase in price creation and new epidemicsMarket space.
The animal vaccine market is expected to reach 7 by 2020.
45% increase to 13.7 billion.
The state reform has achieved outstanding results and the company’s profitability has steadily improved.
China Animal Husbandry is a “national team” in the animal protection industry. Its business covers four major sectors: veterinary biological products, veterinary chemicals, feed and feed additives, and trade.
In recent years, after undergoing revitalization of the management system, product process innovation, and sales policy changes, the company’s market-oriented reforms have gradually emerged, with a gross profit margin of 25 in 2015.
91% steadily increased to 29 in 2018.
50%, through further growth of the company’s market-oriented business proportion, it is expected that the company’s profitability is expected to increase steadily.
Three major factors support the company’s continued long-term performance.
In 2019, under the background of the swine plague epidemic leading to the deep depopulation of pig production, the company’s vaccine and veterinary drug business related to the pig business was under short-term pressure.Effective and significant, the gradual bottom of the transformed pig inventory and the listing of the company’s foot-and-mouth disease OA two-valent vaccine are expected, and the sales volume of foot-and-mouth disease vaccine is expected to increase by 20/21.
30%, chemical medicine and feed and other post-cycle sectors are also expected to improve after a short-term downturn. It is expected that in 20/21, chemical medicine and feed revenue will increase by 29%.
1% / 20.
5% / 22.
Profit forecast and investment rating.
Without considering the replacement of non-pespicious vaccines, the company’s net profit attributable to mothers in 2019/2020/2021 is expected to be 3 respectively.
370,000 yuan, EPS is 0.
The company is the company with the most complete product line in the animal protection industry, with the largest market share of multiple products. After the 重庆耍耍网 country reform, the company’s management efficiency and product quality have been continuously improved.
With reference to PE estimates of comparable companies in the same industry, the company is given 29 times PE in 2020, with a target price of 14.
79 yuan, the first coverage, given a “buy” rating.
Risk Warning: Epidemic risk, inventory recovery is less than expected, exchange rate abnormal fluctuation risk, product listing is less than expected risk
Haitong Securities (600837) Interim Review： Self-employed revenue boosts performance; revenue growth exceeds industry average
Haitong Securities (600837) Interim Review: Self-employed revenue boosts performance; revenue growth exceeds industry average
Event: Haitong Securities released the semi-annual report for 2019, and the company realized operating income of 177.
35 ppm, an increase of 62 in ten years.
08%; net profit attributable to shareholders of the parent company was 55.
2.7 billion, an annual increase of 82.
Company profit (diluted) 0.
48 yuan, an annual increase of 84.
Opinion: The revenue growth rate exceeds the industry average level, and the warehouse receipt business is difficult to support the growth rate of return to 杭州桑拿网 net profit.
The securities industry achieved operating income of 1,789 in the first half of 2019.
410,000 yuan, an increase of 41 in ten years.
37%; realized net profit of 666.
62 ppm, an increase of 102 in ten years.
86%; and the company achieved operating income of 177 in the first half of the year.
35 ppm, an increase of 62 in ten years.
08%; net profit attributable to shareholders of the parent company was 55.
27 ppm, an increase of 82 in ten years.
It can be seen that the growth rate of the company’s operating income has increased, but the growth rate of net profit has lagged behind the industry. The first is that the cost of sales generated by the subsidiary Haitong’s trading in bulk commodities has increased, which has substantially increased the operating cost: the company’s operating expenses100
5.8 billion, a ten-year growth rate of 46.
64%; of which other business costs 38.
5.8 billion, a previous growth rate of 90.
69%; rough estimate, after excluding warehouse receipt business, although the company’s operating expenses increase the growth rate instead of 29.
37%, but the annual growth rate of operating income is the same to 55.
97%, leading to the company’s return to net profit growth faster than the industry average.
Self-employed revenue boosted revenue growth, leading brokers have obvious advantages.
In 2018, the company’s business segment was re-divided into wealth management, investment banking, asset management, trading and institutional, financial leasing business segments, and its income structure was more diversified.
From the perspective of revenue structure, the company’s performance is mainly driven by its own business: in the first half of the year, investment income (including fairness) was achieved59.
980,000 yuan, an increase of 227 in ten years.
4%, a huge boost to profits.
Since 2019, the supervisors have attached great importance to the development of the bank’s capital market, and the policy dividends are expected to usher in development potential.
With the implementation of directional convertible bonds, science and technology board and other policies, the multi-level capital market is constantly improving, and the profit model and development direction of the securities industry will change. Leading securities firms have obvious advantages under this background and are expected to gradually increase.
The transformation of asset management business continued to advance, and overseas business further expanded.
The main platforms of the company’s asset management business include: Haitong Asset Management Company, Haifutong Fund, Wells Fargo Fund, eight private equity fund subsidiaries and overseas asset management business.
In the first half of the year, the company’s asset management business structure continued to transform and each asset management platform performed well: Haitong Asset Management’s active management business scale was US $ 137.3 billion, an increase of 27% over the beginning of the year; Haifutong’s public fund management scale reached 78 billion, an earlier growth32%; the wealth management fund management scale of rich countries was US $ 263 billion, an increase of 33% compared with the beginning of the year.
As a large-scale domestic integrated securities company, the company has further strengthened its overseas business: Haitong International ranked first among all investment banks in Hong Kong in terms of the number of completed IPOs and equity financing projects; Haitong Hengxin successfully completed its listing on the Hong Kong Stock Exchange, becoming a companyThe third overseas listing platform.
Earnings forecast and rating: We predict that the company will achieve operating income of 334 in 2019, 2020 and 2021.
4.4 billion, 376.
7.6 billion and 399.
8.5 billion; net profit attributable to parent company was 82.
1.2 billion, 91.
07 ppm and 94.
540,000 yuan, the corresponding dilutive returns are 0.
71 yuan, 0.
79 yuan and 0.
82 yuan, maintaining the company’s “overweight” rating.
Risk factors: Decrease in transaction volume and substantial increase in self-operated business, lower entry barriers, and policies not meeting expectations.
Xinhecheng (002001): The R & D-driven growth leader has become a trend
Key points of investment National leading fine chemical industry, R & D driving continuous 厦门夜网 growth The company is a national emerging enterprise in the production and sales of military nutrition products, flavors and fragrances, new polymer materials and APIs.
Driven by the advantages of research and development technology, the company has grown into one of the world’s four largest vitamin manufacturers, a large national flavor and fragrance manufacturer and a vitamin feed additive company.
At present, the company has laid out four modern production bases in the country, deeply cultivating the four major sectors of nutrition, flavors and fragrances, new polymer materials and raw material medicines, and will gradually grow into a global leader in fine chemicals.
In this report, we focus on the nutrition sector with the largest revenue share of the company. Other businesses and growth points will be introduced in 上海夜网论坛 subsequent reports.
The global vitamin leader, the bottom of the demand in the future, the company’s nutrition business mainly includes vitamins and methionine, and the revenue proportion of this segment in 2018 is 66.
07%; Among them, vitamin A and vitamin E products are the main source of the company’s nutritional plate business income.
The price of vitamin A fluctuated at a high level, and there were frequent problems with overseas installations.
The company’s vitamin A (powder) production capacity is 1 additive.
In 2018, the company’s supply of vitamin A products accounted for approximately 22% of total global demand, making it the second largest supplier in the world.
Vitamin A production barriers are high, and only 6 companies worldwide produce.
The company has mastered the key intermediate citral synthesis technology, opened up the production process of the whole vitamin A industry chain, and is the global leader in the vitamin A industry.
In the short term, the price of vitamin A products may remain high due to the recovery of the domestic pig breeding industry bottom and Q4 overseas procurement. In the long term, overseas aging equipment and frequent production problems will increase the company’s competitiveness.
The price of vitamin E went out of the bottom, and the company’s performance brought elasticity.
The company’s vitamin E (powder) production capacity is 4 additives.
In 2018, the company’s supply of vitamin E products accounted for about 20% of total global demand, making it the second largest supplier in the world.
On the power supply side, DSM integrates Nent Technology, and the industry’s power supply side has ushered in an inflection point, leading the long-term perspective of vitamin E prices out of the bottom; on the demand side, the domestic pig breeding industry has shown a trend of bottom recovery, which is good for future product prices; at the cost side, m-cresolTight supply and higher joint venture production costs are expected to catalyze upward product prices.
The company’s vitamin E business is expected to fully benefit from the upward price of the product, which is expected to bring upward elasticity to the overall performance.
The company also owns other vitamin products such as biotin and vitamin D3, which enriches the product structure of the nutrition section.
Methionine: Sharpen the sword in ten years. At present, the company’s existing methionine production capacity is 5 inserts. It plans to invest another 25 tons in three years, and the overall production capacity will be expanded to 30 tons.
Methionine is the largest variety in the amino acid market. In 2018, the global demand was about 128, and the demand growth rate was about 5%.
The technical barriers to the methionine synthesis process are extremely high. Through ten years of accumulation, the company’s first phase of 5 to methionine production capacity was launched in 2017 and has reached full production and sales.
In the future, the company will invest 4.9 billion euros to build another 25 tons of methionine production line (10 access points in the second phase and 15 access in the third phase).
After all production is reached, the company’s total methionine production capacity will enter the first echelon of the industry.
At the same time, the methionine business will also become another pillar of the company’s nutrition segment.
The significance of methionine is profound, and the company’s product tree is expected to expand.
The core competitiveness of fine chemical companies lies in synthetic technology, and the growth space determines the richness and expandability of the synthetic technology that they master.
The company’s existing vitamin, flavor and fragrance product synthesis process is mainly based on the acetylene industry chain. The production of methionine marks the company’s successful entry into the hydrocyanic acid industry chain. The downstream of the industry chain includes a variety of new materials and pharmaceutical intermediates, which will open up the company’s growth space.
Nutrition sector: The leading level of technological achievement, capital investment or ushering in the release period, the company ‘s Shandong and Heilongjiang bases are in-depth layout of nutrition business.
According to the information of the public environmental assessment report, the varieties of nutritional products involved in the company’s Shandong and Heilongjiang bases include VB2 / VC / VB6 / VB12.
At the same time, in order to achieve the integrated and intensive development of the industrial chain, the company’s production of vitamin E products will gradually be relocated to the Shandong Weifang base.
In the methionine segment, production capacity is gradually increased.
The second-phase 10 short-term solid egg project is scheduled to start production in the first half of 2020.
Profit forecast: The company’s revenue is expected to be 85 in 19-21.
1.6 billion, attributable net profit was 25.
29/46.4.2 billion, PE is 17/12/10, give “Buy” rating.
Risk warning: Shandong and Heilongjiang base projects are not progressing as expected; prices of vitamins and other products have fallen sharply.