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Sou Yute (002503): a robust and expanding supply chain management expert

Sou Yute (002503): a robust and expanding supply chain management expert

This report reads: The company’s three major businesses go hand in hand, supply chain management has become a core growth point, financial performance is stable and controllable, overall performance has improved, and a neutral rating has been given for the first time.

  Investment points: Neutral rating for the first coverage: The company’s EPS is expected to be 0 in 2019, 2020 and 2021.

09, 0.

10, 0.

11 yuan, an annual increase of -19% / 12% / 10%. Considering the rapid growth of the 武汉夜网论坛 company’s supply chain management business, other businesses have gradually stabilized, giving the company 24 times PE in 2019 with a target price of 2.

37 yuan, the first coverage given a neutral rating.

  The three major businesses are developing concurrently, and the scale of supply chain management business is competing.

The company is an expert in the supply chain management of the domestic textile and apparel industry. After the expansion of its revenue scale and the completion of business transformation, its revenue has shown an expanding trend. In 2018, its total revenue reached 185.

1.9 billion.

Among the three main industries, brand clothing operation, brand management and other businesses have developed steadily, and supply chain management has grown strongly. In the past three years, it has become the company’s main source of revenue, and its proportion has continued to increase.

2%.

  The supply chain management business has become a core growth point, and the customer optimization overlap model helps drive performance growth.

The company provides integrated services of centralized procurement, R & D design, and procurement planning to create a B2B manufacturing procurement platform with a customized focus.

The new consumption trend in the textile and apparel industry requires improved supply chain management capabilities. The company is currently optimizing customers and establishing new subsidiaries to promote the development of the model, and the company’s supply chain management business performance promotes further expansion.

  Financial performance is stable and controllable and is expected to improve in the future.

Affected by the macroeconomic downturn, rising raw material prices, and adjustments to the company’s operating strategy, the growth rate of the company’s revenue and net profit attributable to mothers improved in 2018, and its gross profit margin declined slightly.

61%, but during the period, the expense ratio remained at the lowest level, and the profit performance was stable and controllable; the turnover situation 北京体验网 changed slightly, and the overall stability improved.

  Risk factors: The development of the supply chain management business is less than expected, the sales revenue of brand apparel changes, and the prosperity of the apparel industry is less than expected.

Xingyu Co., Ltd. (601799): Continued Verification of New Cycle of Improved Profitability

Xingyu Co., Ltd. (601799): Continued Verification of New Cycle of Improved Profitability

Event description Today the company released its 2018 annual report and achieved an operating income of 50.

0.74 million yuan, an increase of 19 in ten years.

24%, net profit attributable to parent company 6.

11 ppm, an increase of 29 in ten years.

91%.

Among them, the fourth quarter realized operating income13.

50 ppm, a ten-year increase of 8.

15%, net profit attributable to the parent company1.

7.1 billion, a 10-year growth of 16.

98%.

The incident commented on the high quality of customers and the launch of new models, and the company’s revenue significantly outperformed the industry.

The crop output of the industry in the fourth quarter of 2018 temporarily decreased by 18.

At 4%, the major customers of Xingyu Co., Ltd. FAW-Volkswagen and FAW-Toyota performed relatively steadily, -9 times.

3% and +11.

4%.

Among them, FAW-Volkswagen’s new model Tange and Tanyue output are 2 respectively.

110,000 units and 2.

08,000 units, contributing a new increase.

The company’s fourth quarter revenue increased by 8.

15%, a significant industry, recorded a long-term growth of 19.
.

24%, outstanding performance.

ROE has been significantly improved, and the new cycle of improving profitability has been verified again.

Benefiting from the optimization of the company’s product structure, LED car lights have a high value and profitability, and the company’s operating quality has been comprehensively improved.

The company’s ROE reached 14 in 2018.

55%, an increase of 2 per year.

46 units.

1) Net profit increased by 12.

03%, up nearly 1 quantity.

The gross profit margin of LED headlights is higher than that of ordinary headlights, driving the rated gross profit margin to increase by 1 point to 22.

56%.

Benefiting from economies of scale, period expenses were 9.

03%, 0 per year.

87 units; R & D expense ratio is 3.

56%, a decrease of 0 every year.

65 single, R & D investment has increased significantly.

2) Asset turnover budget is 0.

74 times, 0 in 2017.
72 times, the return of the value of LED lights complemented the upgrade of the equipment production line.
3) The continuous optimization of customers brings the company’s net operating cycle days from 47.

It fell to 43 in 95 days.

For 17 days, the quality of cash flow continued to improve.

Looking into 2019, the company is still expected to maintain rapid growth.

The trend of LED lamp upgrade is inevitable, and 南京夜网 the LED configuration resets more than 150,000 models to gradually penetrate 100,000 to 150,000.

The company officially ushered in the LED outbreak period, and profitability is expected to continue to improve.

Downstream customers such as FAW-Volkswagen’s models such as Sagitar and Magotan continued to be launched and reorganized. The company’s comprehensive entry into Japanese customers will also bring significant increase.

Product customers made double leaps, and the new cycle of profit improvement continued to be verified.

The company has continued to deepen its high-end customer and product strategies, and the two strong Japanese-German customers guarantee the company’s order volume.

The penetration rate of LED car lights increases the value of bicycles, scale effects drive down production costs and expense ratios, and the profit improvement cycle is continuously verified.

The company’s EPS for 2019, 2020 and 2021 is expected to be 2 respectively.

99, 4.

01, 5.

24 yuan, corresponding to PE 19.

9X, 14.

9X, 11.

4x, maintain “Buy” rating.

Risk Warning: 1.

Industry demand is still severely disrupted in 2019.

2.

The price of LED car lights has dropped rapidly.

Science and Technology Board Subscription Strategy-Longsoft Technology (688078)

Science and Technology Board Subscription Strategy-Longsoft Technology (688078)
This report reads: We recommend that Longsoft refer to the estimated range of 45% -48% quantiles, corresponding to the price of 21.64 yuan-21.76 yuan, it is recommended to buy the first time.Taking into account: (1) Today’s Huatai Gas inquiry today, the inquiry center is expected to drop to around 48th; (2) the computer industry stocks that have recently been listed, such as Puyuan Information and Zhuoyi Information haveBetter performance; (3) Software and Information Technology Services (I65) average static market surplus of 54 in the recent CSI monthly.93 times, Longsoft’s 2019 forecast price-earnings ratio is 27-33 times, which is reasonable.Taking into account the attributes of the computer industry and current market sentiment of Longsoft Technology, it is expected that Longsoft Technology will be in the 45% -48% quantile tomorrow, corresponding to a price of 21.64-21.76 yuan. DragonSoft Technology is a leading domestic integrated solution provider for safety production management informationization in the coal industry. It takes the independent research and development of “Longsoft Professional Geographic Information System” as a progressive development platform, using Internet of Things, big data, cloud computing and other technologiesProvide software R & D and technical 北京夜网 services for coal, oil and gas energy companies and government departments.The company’s main business includes sales of LongRuan GIS software (accounting for 11.17%), professional application software development based on LongRuan GIS (proportion 80).63%), LongRuan GIS-based technical services (proportion 5).04%), system integration (proportion 3).16%) four major categories; from the perspective of downstream applications, the current coal industry’s revenue accounted for 98%.18%, non-coal industry such as oil and gas, government emergency and safety supervision departments, scientific research institutes and other total revenue accounted for 1.82%.Since the establishment of the company, more than 1,400 coal mining units and research institutes have gradually used the company ‘s LongRuan GIS platform and geodetic space management system software products. The existing 86 mining groups and their subsidiaries use LongRuan GIS software products,Among the top 50 enterprises, 41 large coal groups use the company’s products.The company is above the industry leader in the research and development and application of key technologies for coal mine safety production space information processing for intelligent mining of the coal industry. Risk reminders: (1) the current market quotation has entered the game of information effectiveness, and be cautious about the risk of rapid changes in market information leading to quotations being eliminated by high prices; (2) the continuity of the rebound in the opening of the science and technology board market despite its improvementIt remains to be seen that new revenue may be less than expected.

U.S. troop withdrawal changes, U.S.-America differences deepen, relations tighten, narrative variables increase

U.S. troop withdrawal changes, U.S.-America differences deepen, relations tighten, narrative variables increase

Xinhua News Agency, Ankara, January 8 (International Observation) Withdrawal of troops, U.S.-Turkish relations are tightening, Xinhua News Agency reporter Shi Chun Qin Yanyang Turkish President Erdogan said on the 8th that Turkey cannot accept U.S. protection of the People’s Protection Force and other Syrian Kurdish forcesAttitude, Turkey is ready to launch a new round of military operations in Syria.

On the same day, Bolton, assistant to the US President ‘s national security affairs, met with Turkish officials in Ankara, Turkey, but Erdogan did not meet with him.

  Analysts point out that the United States has recently changed its attitude and established new conditions for the withdrawal of troops from Syria, which has deepened the differences between Turkey and the United States and re-tensed relations again, which has added more uncertainty to the future situation in Syria.

  Turkey-U.S. Differences deepen Bolton ‘s talks with Turkish President Ibrahim Kalin on the 8th. His main purpose is to persuade Turkey to accept the new U.S. withdrawal conditions from Syria and abandon military use of Syrian Kurdish forces.

  US National Security Council member Marquis said after the meeting that Bolton and Carin had a fruitful discussion on the US President’s decision on the withdrawal of U.S. troops from northeast Syria at an appropriate pace.

  Unlike the US statement in an attempt to downplay the differences between the United States and Turkey, Erdogan severely criticized the US position at the meeting of the ruling party ‘s parliamentary group, saying that Turkey does not accept that the United States will ensure the safety of the People’s Protection Force as a condition for withdrawal from Syria.

He said Turkey was determined to clear the northern Syrian highway corridor.

  Democracy, Bolton said during his visit to Israel on the 6th that the withdrawal of the United States from Syria needs to meet certain conditions, including the elimination of the Islamic 武汉夜生活网 State ‘s residual forces in Syria and the protection of Kurdish allies in the Syrian army.

  For a long time, Turkey and the United States have been severely divided on the issue of the legality of the Kurdish armed forces in Syria.

Turkey believes that the People’s Protection Force is a Syrian branch of the Turkish anti-government organization Kurdistan Workers’ Party and belongs to a terrorist organization.

And the U.S. military has been working closely with the People’s Protection Forces through the Kurdish progressive Syrian Democratic Army to fight the extremist organization ISIS.

  Turkish political analyst Serkand Mirtash believes that the announcement last month of a rapid withdrawal from Syria has given Turkey optimism, but that sentiment has now subsided.

With the recent change in the attitude of the United States, the slightly warmer relationship between the United States and Turkey has returned to a tense state, and the Kurdish issue will continue to deepen the differences between the United States and Turkey.

  The Turkish side believes that the elimination of the Syrian Kurdish armed forces is related to Turkish national security. The United States demands that Turkey abandon the fight against Kurdish armed forces, which undoubtedly touched the Turkish red line.

  Syrian variables increase, analysts point out that the replacement of the United States and Turkey reached a consensus on the Kurdish armed forces, adding more variables to the future development of Syria.

  As soon as possible, the gradual government gradually changed its stance on rapid withdrawal, saying that there was no timetable for withdrawal and establishing conditions for withdrawal.

According to US media reports, there is no specific plan for the US withdrawal, and the withdrawal process may continue for months or even years.

This uncertainty will make Syria’s democracy even more complex and unpredictable.

  At the same time, Turkey has a dilemma in fighting Syrian Kurdish forces.

Turkish public opinion generally believes that although Turkey has a strong position, the clear opposition of the United States will undoubtedly increase Turkish military operations and increase risks.

  Hussein Baghe, dean of the School of International Relations at Turkey ‘s Middle East Technical University, believes that at present, it is difficult for Turkey and the United States to reach a consensus on the conditions for withdrawal.

However, in the foreseeable future, the possibility of a positive conflict between Turkey and the United States is not high.

Turkey may carry out estimated US cooperation while continuing to maintain military pressure on Syrian Kurdish forces.

  In addition, Sinan Jurgen, director of the Turkish Think Tank Economic and Foreign Policy Research Center, pointed out that the view that Turkey can take over the fight against the residual forces in Syria after the US withdrawal is currently unrealistic.

Regardless of the political or military level, as long as the Kurdish issue in Syria is not resolved in a day, stopping the Islamic State is not a priority goal of the Turkish government.

Original Title: Withdrawal of Students and Relations in Turkey and U.S.

Golden pit appears anti-virus concept stock Lu Kang medicine main force invested 1.2 billion

Golden pit appears anti-virus concept stock Lu Kang medicine main force invested 1.2 billion
Want to deal with institutions like water?Come to Sina University of Finance and listen to Chen Hao’s “Technical Analysis: Follow the Main Force to Grasp Bull Stocks”, understand the cost moving average, and understand the main trend.Original title: Golden Pit?The main force of this anti-virus concept stock invested 1.2 billion into the source: Data Po “Deep V” reversal, the main funds to build positions in these stocks.  After yesterday’s “cold spring cold”, today’s A shares staged a “Deep V” reversal.The Shanghai Composite Index plunged 1 yesterday.After 41%, today it opened down to the 3,000-point mark within half an hour of the opening day, and then stopped falling and rebounded. The closing loss 南京桑拿论坛 in the early session narrowed to zero.twenty three%.The small and medium board index rose 0 after turning red.86%, GEM Index closed up 0.At 17%, the Air Force once fell by nearly 2%.  In terms of industry, 11 of the 28 Shenwan Tier 1 industries opened lower and higher, and then became popular.The electronics, real estate, electronics and electrical equipment sectors rebounded the most, with consecutive morning closings, and the gains have each expanded to 1.99%, 1.45% and 0.82%.The stocks of Tesla and lithium battery industry chain ushered in the general rising market, the stocks of World Games Circuit, Guoxuan High-tech and other stocks rose.Agriculture, film and television, genetic testing and other sectors were lower.  In the early morning, the main funds were the major positions in these stocks. Northbound funds yesterday sold a net of 4.2 billion U.S. dollars, and the net 北京桑拿洗浴保健 sale amount reached a new high in 8 months.In the downturn, the main funds hit 32 points in the morning, with a net inflow of more than 100 million US dollars, and the pharmaceutical and electronic sector stocks occupied the mainstream.  Among them, due to the spread of pneumonia infected by the new coronavirus, the pharmaceutical bio-sector has increased sharply in the past two days, and today the trend is different.Lu Kang medicine three consecutive daily limit, the main fund net buying in early trading12.9.4 billion, the highest purchase amount.Among the stocks that have not risen and stopped, Vanke A, Huiding Technology, Sihuan Biological (rights protection), Ningde era, Ganfeng Lithium Industry’s main fund path in early trading all exceeded 200 million yuan.  According to the latest report from the State Council, as of 10 am today, a total of 440 cases of pneumonia infected with the new coronavirus have been confirmed locally, of which 9 died.Judging from the performance of other pharmaceutical stocks, as of the close of the morning, pharmaceutical stocks in Wuzhong, Jiangsu, Zhende Medical, Lexin Medical, and Serial Pharmaceuticals had daily limit, Jiao Tong University, Jinyu Medical daily limit, Haite Biological, Longjin MedicineIndustry, North China Pharmaceutical and other stocks fell more than 7%.  The 12 pre-shares have been expanding by more than 20% since January. Since the beginning of 2020, the Shanghai Stock Index has closed slightly down by 0.17%, the latest highest expected price of more than 60 shares exceeded 20% in the previous month, replacing the new shares, 12 shares preview the 2019 results.Among them, Broadcom Shares, Longxi Shares, Edifiers, and Heshan Weiwei Shares showed a significant pre-sale increase on Saturday.  It is worth mentioning that most of the individual stocks that have recently been expected to have a certain depth have been previously speculated.Of the 12 stocks, 6 stocks have exceeded the maximum increase of more than 100% since October last year.On Saturday, the biggest gains between the Edifier and Nanning Department Store exceeded 600%, 300% and 200%, respectively.  Judging from the expected level, after some major changes, the related stock market earnings ratio is still high. Among the 12 shares, only the latest rolling price-earnings ratio of Longxi and Shangwei is below 50 times.  (Article source: Data treasure) (Original title: Golden pit?This anti-virus concept stock, which was invested by 1.2 billion, has just been diagnosed with 440 cases of new pneumonia)

Midea Group (000333) 2018 Annual Report Comments: Q4 Fundamentals Bottom Set to Regain Growth in 2019

Midea Group (000333) 2018 Annual Report Comments: Q4 Fundamentals Bottom Set to Regain Growth in 2019
This report reads: The 18-year revenue performance is basically in line with expectations, Q4 costs and exchange rate pressures have been reduced, and gross margins have improved. The external environment has improved significantly in 2019, and the company’s performance is expected to improve steadily and increase its holdings. Investment Highlights: Increase earnings forecast and target price to increase holdings.We believe the company’s revenue and earnings growth rate is expected to improve quarter by quarter under the strong recovery of consumer momentum in the home appliance industry.Increase EPS forecast for 2019-2020 to 3.64/4.23 yuan (original 3.51/4.(RMB 04, + 4% / + 5%), with a new forecast for 2021 4.52 yuan.We believe the company’s reasonable estimate should be improved compared with 2017 under the new trend of improving industry fundamentals and liquidity improvement, and raise the target price to 76.44 yuan (originally 42.12 yuan, + 81%), corresponding to the 21xPE estimate for 2019. 18-year income is in line with expectations.The company’s 18-year revenue was 2618.200 million (+8.2%), net profit attributable to mother 202.300 million (+17.1%), net of non-attributed net profit 200.600 million (+28.5%), gross margin of 27.5% (+2.5pct), net interest rate 8.3% (+0.6pct)南京夜网; Q4 single quarter revenue 544.200 million (+0.5%), net profit attributable to mother 23.300 million (+2.0%). Q4 single quarter growth rate is a stage low.In 18H2, domestic demand was obviously under pressure. The KUKA business stayed dragging down earnings reports, and revenue growth and profitability increased significantly.In terms of business lines, Q4 of air-conditioning washing machines improved month-on-month, kitchen appliances continued to be under pressure, KUKA revenue increased by 10%, and profitability could affect penetration.Q4 gross profit margin increased by 4.7pct to 28.6%, but the net margin increased by only 0.1pct.In 18Q4, the internal and external pressures of the company were concentrated, forming a periodical low, and 2019 will improve trend. The external environment has improved significantly in 2019, and the company’s performance is expected to improve steadily.We believe that the 19 year home appliance industry will show a strong turnaround under the triple benefits of consumer confidence + real estate + consumption policies. Midea has excellent market acumen and execution ability and will become one of the main beneficiaries of this new upward cycle.The company’s 19Q1 growth rate is expected to show a trend inflection point, and Q2-Q4 growth rate will increase quarter by quarter. Core risk: KUKA business further drags down performance.

Donghua Software (002065): Goodwill impairment releases potential risks Core profit growth basically meets market expectations

Donghua Software (002065): Goodwill impairment releases potential risks Core profit growth basically meets market expectations

The company warns of the risk of goodwill impairment. It is expected that the profit will fall by 26% -13%. The company issued a 2019 annual performance forecast, and it is expected that the net profit of the mother will be 6 in 2019.

0-7.

0 billion, a year-on-year decrease of 26% -13%.

The company judges that there may be impairment of relevant goodwill arising from the acquisition of assets, and it is expected to make provision for impairment of goodwill3.

0-4.

0 million.

The company’s performance forecast is slightly lower than our 2019 profit forecast (7.

5.3 billion), significantly lower than the consensus expectation of the Wonder Market (10.

1.6 billion); after adding back the provision for impairment of goodwill, it basically met market consensus expectations.

After paying attention to the points and adding back the provision for impairment of goodwill, the expected profit is 失败:重查 expected9.

0-11.

0 million.

After the addition, the company expects that the net profit in 2019 will increase by 14% -39% per year, which is gradually increasing.

Looking back, we are optimistic about the growth prospects of the company’s software integration business in the medical, smart city and other sectors, and it is expected to become the gradual implementation of the new listing and spin-off regulations. Each business sector can obtain better incentives through the spin-off and revitalize the company’s existing assets.

Work with Huawei to create a new chapter in development.

The company continues to strengthen cooperation with Huawei in multiple business fields such as medical care, finance, and public utilities. In October 2019, Donghua and Huawei jointly released a user portrait system and intelligent data 合肥夜网 connection platform based on Kunpeng Financial’s big data solution.

The company is one of the eight system integration manufacturers with super-level qualifications in the country. We believe that the company can deeply participate in and benefit from the wave of domestic information technology innovation.

The prosperity of medical IT policy is sustainable, and the medical sector continues to be beautiful.

Favorable policies in the medical IT field have continued since 2018.Donghua Medical, a subsidiary of the company, is a high-end customer with more than 500 tertiary hospitals, and has continued to harvest large-scale orders from Nanfang Hospital, Zhumadian Central Hospital, and Affiliated Hospital of Southwest Medical University since 2019.We believe that the high prosperity of the industry is sustainable.

Estimates and recommendations take into account the company’s provision for impairment of goodwill3.

0-4.

0 million, we lowered our net profit for 2019 by 18.

8% to 6.

2.5 billion; Considering the favorable policies and the company’s performance after accumulating goodwill impairment provisions basically meet market expectations, we slightly increase the net profit in 20203.

9% to 9.

04 ppm, dated 2121 revenue forecast 121.

72 ppm, an increase of 10 in ten years.

0%; net profit forecast 10.

41 ppm, an increase of 15 in ten years.

2%; Maintain “Outperform” rating and raise target price by 37.

5% to 11 yuan, mainly due to switching to 2020 evaluation.

Our target price is based on 38 2020 price-earnings ratio, corresponding to 55/33 times the 2019/21 price-earnings ratio, which is 1 compared with the year before.

6% upside.

The current contradiction corresponds to a price-earnings ratio of 54 in 2019/20.

4/37.

6 times.

Risks Goodwill impairment risks, policy benefits exceed expectations, and R & D expenses exceed expectations.

Long Mang Baili (002601): Yunnan Xinli comprehensively resumes production of titanium industry expansion project to help growth

Long Mang Baili (002601): Yunnan Xinli comprehensively resumes production of titanium industry expansion project to help growth
Recent situation of the company On January 9, we participated in the resumption of the completion of Xinli Titanium Industry of Longman Baili Antiques and the intensive start-up ceremony of major projects in the titanium industry, and exchanged views with the company. Yunnan Xinli ushered in a full-scale resumption of production, and the titanium dioxide and sponge titanium expansion projects started construction.Since the acquisition of Xinli Titanium by Longman Baili in May 2019, the 8-crystal high-titanium slag production line and 1 sponge sponge titanium production line have been successfully resumed in 180 seconds, and the 6 chloride titanium dioxide production line has been improved.At the closing stage, the company expects to resume production by the end of January 2020.At the same time, Xinli Titanium Industry will start the construction of 16 targets / year high titanium slag, 20 targets / year chlorinated titanium dioxide and 3 indicators / sponge titanium project. The company is expected to invest a total of USD 5 billion.LiTitanium will become the world’s largest sponge titanium production base and the nation’s important chloride titanium dioxide production base. 20 Titanium Chloride Titanium Dioxide started to increase steadily, and the titanium chloride slag project progressed smoothly.At present, the first phase 10 of the company’s second-stage chlorinated titanium dioxide reached the production line and the production increased to 6000 tons / month. The second 10-line production line is in the commissioning stage. We expect that the gradual release of the second-phase chlorinated titanium dioxide capacity will helpCompany performance growth.50 Initial Panxi Titanium Concentrate Upgrading and Transformation Construction 30 Progressive construction of the titanium chloride slag project is progressing smoothly. The company is expected to start production at the end of 2020 and it is expected to reach production in 2021. We expect that the cost of titanium chloride titanium dioxide raw materials will be reduced after the project is put into operationEnhance the competition of chlorinated titanium dioxide. Demand for titanium dioxide is expected to improve, and the company’s market share will continue to increase.The real estate team of CICC is expected to increase the real physical completed area of houses across the country by 9% by 2020, which will increase domestic demand for titanium dioxide; exports of titanium dioxide will continue to improve, and monthly exports of titanium dioxide will increase by 6 on January 11, 2019.9% to 90%.3 Initially, we expect that the export volume 南京夜网 of titanium dioxide will exceed 100 inches by 2020.On the supply side, according to our statistics, in 2020, the titanium dioxide industry will mainly increase its output and concentrate on leading enterprises. We expect that the market share and speaking power of leading enterprises will be further enhanced. It is recommended to keep the profit forecast for 2019 unchanged. Taking into account the resumption of production of Xinli Titanium Industry and chloride titanium dioxide, the profit forecast for 2020 is raised by 3% to 32 trillion. The profit forecast for 2021 is 3.7 billion yuan.At present, the company is in line with the corresponding P / E ratio of 2020/21.8/9.4x. Considering the evaluation switch and better company growth, we raise our target price by 17.6% to 20 yuan, corresponding to 17% growth space and 13 / 11x P / E ratio in 2020/21, maintain outperform industry rating. Risks Titanium dioxide prices have dropped, and chlorinated titanium dioxide has started operations lower than expected.

Yongxing Materials (002756): Consolidated mining rights report layout layout of lithium carbonate complete industry chain

Yongxing Materials (002756): Consolidated mining rights report layout layout of lithium carbonate complete industry chain

The event company announced that its holding subsidiaries Yongxing New Energy, Huaqiao Yongtuo, Yichun Mining and Huaqiao Mining special issue “Agreement on Yifeng County Huaqiao Yongtuo Mining Co., Ltd.’s equity change and investment increase”.

After the equity change and increased investment, Huaqiao Mining and the porcelain stone mining rights it holds in Baishi Mining Area will be within the scope of the company’s consolidated statement.

The opinion guarantees the upstream raw materials of the lithium carbonate project and opens the last link of the industrial chain.

The forthcoming Huaqiao Mining and the porcelain mining rights held in Baishi Mining Area will be within the scope of the company’s consolidated statement. In the future, it will effectively guarantee the company’s upstream raw materials for the battery-level lithium carbonate project that has been put into trial operation.

According to the announcement, as of April 2019, the Huashan 天津夜网 porcelain stone ore body gradually identified the controlled intrinsic economic resources (332) + the triggered intrinsic economic resources (333) and the amount of ore was 4507 variables, of which 332The amount of ore is 3099 additives, and the amount of 333 types of ore is 1408 additives.

At this point, the company has completed the layout of the complete new energy lithium battery industry chain from the mining of mineral resources to the production of brine to the production of battery-grade lithium carbonate, and the cost advantage will change.

Lithium carbonate project is expected to contribute to profit, and it is estimated that there is room for improvement.

The company’s first-phase annual production of 1 entered the battery-grade lithium carbonate project has been put into production. Considering the company’s research and development technology strength and cost advantages brought by its own minerals, the project’s future profitability is expected, and it is expected to contribute profits in 2020.

Since 2017, the company has been involved in the dual main business of lithium battery, and subject to the impact of the outlook on the lithium carbonate industry, the company is expected to continue to be under pressure.

We believe that once the project achieves profitability, the suppression of estimation factors is expected to be eliminated, and the bottom of the price of lithium carbonate will be stabilized, which will contribute to the profitability elasticity in the future, and it is estimated that there is room for improvement.

The leading segments are growing steadily, with low resistance and high dividends, and the main business has an expected margin of safety.

The downstream of the company faces high-end manufacturing industries such as petrochemical, aerospace, marine, military, nuclear power, etc., with high barriers and high added value, and the second largest domestic market share in the field of stainless steel rods and wires.

At the same time, the company has excellent management, with a debt ratio of 25% and an ROE of 10%. The net profit in the five years of listing has doubled.

At the same time, the last two years have continued to have high dividends, with an average yield of 5.
.

7%.

Earnings forecast and investment recommendations The company is expected to achieve net profit attributable to the parent of 4, respectively, in 2019-2021.

3.7 billion, 5.

2.1 billion, 6.

6.9 billion yuan, corresponding to PE of 13.

4 times, 11.

3 times, 8.

8 times.

Maintain target price of 21.

9 yuan, maintain “Buy” rating.

Risks suggest that the price of lithium carbonate will continue to fall; there is a downside risk to macro demand.