March 31

How to properly brush your teeth and use mouthwash?

How to properly brush your teeth and use mouthwash?
Dental health is very important to the human body, but people’s awareness of protecting teeth has not been universally understood, and little is known about how to protect teeth.In daily life, brushing, rinsing, and flossing are all related to oral health.Today People’s Daily Science 杭州夜网 popularized Yue Lin, chief physician of Peking University Stomatological Hospital, to give everyone general knowledge about brushing and mouthwash.First of all, with regard to the choice of toothbrushing appliances, many people are struggling to use electric toothbrushes or manual toothbrushes?Experts said that the electric toothbrush was originally invented for the disabled. If a manual toothbrush is used to ensure that every side of the tooth is brushed and cleaned in place, the electric toothbrush can be omitted.So how to brush your teeth correctly?Every time you brush your teeth, especially the last one, you must work hard to extend the toothbrush deep into your mouth. You must feel that the toothbrush has reached your throat before you can reach the last tooth.It should be noted that the light does not reach deep, but also requires the action of shaking and brushing.The last tooth is a hygienic dead corner. Try to touch it every time you brush your teeth.In addition, in the outer jaw of the mouth, it is difficult for the toothbrush to reach the last part of the outside, which is also the most difficult place to brush.In this case, you can use an electric toothbrush, because electric toothbrushes can tremble, and there are different modes, trembling up, down, left, right, and arcs. Some electric toothbrushes also have sound waves. Just extend the brush head of the electric toothbrush to the end, it itselfIt will be brushed.Electric toothbrushes have better cleaning results than manual toothbrushes in many difficult areas.Some people say that if you use an ordinary toothbrush to brush your teeth too hard, it will hurt your gums if you accidentally accidentally. In comparison, electric toothbrushes are milder and can solve this problem.Experts explain that whether you brush your teeth with an electric toothbrush or a manual toothbrush, the key is to keep your teeth in place.So when choosing a brush head for an electric toothbrush, what kind of brush head is effective?The doctor recommends a small-toothed toothbrush. This small-headed toothbrush has a diamond-shaped head, which helps the brushing to reach behind and turn in.Proper tooth care should be brushing, rinsing, and flossing.Some people will ask, how to use mouthwash?Can light mouthwash replace toothbrushing?Rinse your mouth with a mouthful of water, and then spit it out. This is the washing of our teeth by the flow of water. Its strength is very small and insufficient.There are also many people who advocate the use of mouthwash. In fact, the key to mouthwash is to clean plaque.Mouthwashes on the market are made with medicinal ingredients and breath fresheners.However, for drug-containing mouthwashes, long-term use is not recommended.Sometimes you will suffer from oral diseases and oral ulcers and oral soft tissue inflammation. The doctor will prescribe a mouthwash containing medicine, and sometimes a mouthwash containing washing peptides. Do not use it for too long, otherwise the bacterial balance in the mouth will be affected.Break, some drug-resistant bacteria will soar, tongues will turn black, and black hairs will grow.Therefore, do not use the mouthwash containing medicines often. Fresh mouthwashes can freely choose their own taste.Experts from developing countries: Yue Lin, Chief Physician, Peking University Stomatological Hospital

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March 30

These batches of bullish stocks continue to reach new highs and 12 institutions predict a net profit growth of over 30% (list)

These batches of bullish stocks continue to reach new highs and 12 institutions predict a net profit growth of over 30% (list)
The market is not good, but these batches of bull stocks continue to reach new highs. 12 stock institutions predict that the net profit growth will exceed 30% this year. (List) Source: DataBao A stock oscillating deadlock has not changed, and some stocks have quietly strengthened, becoming a challenge to record highs.Bull stock.  In the past more than a month, the Shanghai Index has fluctuated around 2900 points, and the market as a whole has been in a state of shock consolidation.In essence, the turnover of A shares is gradually thinning. Today, the turnover of the two cities is less than 340 billion, a record low of nearly four months.In the downturn, some stocks have quietly strengthened and become big bull stocks challenging new highs.  Data Bao statistics show that excluding stocks listed in the past year, they have reached record highs in the past month, and at the same time, 28 stocks within 15% of the historical high retracement range before the latest merger.  In terms of different industries, 重庆耍耍网 these stocks are distributed in 12 Shenwan Tier 1 industries, of which the pharmaceutical and biological industries are the most crowded, with 9 on the list, accounting for over 30%; followed by the food and beverage industry, with 5 stocks shortlisted.  Four innovative high-cap stocks doubled during the year. Since the Qingming holiday, China International Travel Service has gradually risen continuously, increasing by 2 today.32%, the latest closing price hit a record high, the latest market value is close to 160 billion yuan.In the first quarter, China National Travel Service’s revenue and net profit both hit a record high and achieved operating income of 136.9.2 billion, an annual increase of 54.72%, achieving a net profit of 23.0.6 billion, an annual increase of 98.8%.  Unlike other bull stocks that have challenged 深圳桑拿按摩网 historical highs, China Travel has not performed the best this year.Data Bao statistics show that among the 28 stocks mentioned above, 11 stocks rose by more than 50%, and China International Travel Service ranked 21st with a 35% increase.  Sinosteel Tianyuan gradually increased by 2.12 times, the stock is also a hot rare earth permanent magnet and fuel cell concept. This year, it has harvested a total of 17 ups and downs. Today, it opened low and went higher.The historical high retracement was less than 6%.  Jimin Pharma followed closely behind, with a continuous increase of 199 during the year.63%, the stock rose nearly 4% today, the latest closing price hit a record high.However, the stock does not have the popular concept of “blessing”, and the performance highlights are slightly inadequate. The operating income in the first quarter of this year increased every year.4%, net profit increased slightly by 0 in ten years.42%.Judging from the number of its shareholders, the number of shareholders in the stock has decreased for four consecutive quarters, and has gradually decreased by nearly 60%.  New hope, Xintian Technology also doubled during the year. The former involves the concept of chicken and pork, while the other belongs to the concept of 5G. Recently, it has harvested 7 consecutive boards.Public utility stocks Yangtze Power and Ninghu Expressway had the smallest gains during the year, at 10 respectively.77% and 7.55%.  Twelve institutions predict that this year’s net profit growth will exceed 30%. The vast majority of innovative high-end U.S. stocks have received the attention of brokerage institutions.Data Bao statistics show that only 28 shares of Xintian Technology, Jinling Sports, Sinosteel Tianyuan, and Jimin Pharmaceutical have not been forecasted by the institution this year. These 4 shares are estimated to be high, Jimin Pharmaceutical, Xintian Technology, Jinling SportsRolling price-earnings ratios are more than a hundred times, and Sinosteel Tianyuan’s rolling price-earnings ratio is more than 52 times.  The remaining 24 shares have been forecasted by more than 4 institutions, of which 11 shares have been forecasted by 20 or more institutions this year.The most watched by brokerage agencies is China National Travel Service, with 35 institutions predicting this year’s performance; followed by Zhong Ju Hi-Tech, Haitian Flavor Industry and Hengshun Vinegar, at least 30 institutions forecast this year’s performance.  Judging from the forecast of the institutions, 12 institutions predict that the net profit this year is expected to increase by more than 30%.The highest forecasted increase in net profit is Zhongfu Information. Seven institutions predict that Zhongfu Information will boost its net profit by 183 this year.39%; followed by Puli Pharmaceuticals, with 7 institutions forecasting a net profit growth of 93 this year.88%, the company achieved revenue 6 last year.24 ppm, an annual increase of 92%, achieving net profit1.USD 8.1 billion, an annual increase of 84.37%.New Hope, China National Travel Service and Tiger Medical Institution predict that the growth rate of net profit this year will also be more than 40%.  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

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March 29

Pan Xiangdong: How will the epidemic affect the stock and bond markets?

Pan Xiangdong: How will the epidemic affect the stock and bond markets?

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Source: Macro of the New Era. This is Dr. Pan Xiangdong, Chief Economist of the New Era Securities. The conference call for investors on the evening of January 31, 2020 replaced the minutes.

  Dear guests, friends, good evening!

First of all, I would like to say goodbye to you over the phone!

Today on the phone, I will analyze the impact of the upcoming new coronavirus pneumonia on the national economy and financial markets, and predict how the country will respond in the future. Of course, it will also provide investors with some operational suggestions.

The question involves eight aspects.

  1. From the perspective of time and space, the impact of this epidemic on the economy is relatively large. Of course, most of us are not experts in public health and it is difficult to give our own opinions. But we went from Wuhan to the WHOSpecial attention must be paid to the characterization of the epidemic.

Many of us have experienced SARS in 2003. At that time, everyone was very nervous and very pessimistic. The five golden flower quotes that A-shares had at that time also died because of the emergence of SARS.

But in hindsight, I was worried about excessiveness at that time. The Chinese economy experienced only a small quarter of adjustment, and then sang along.

After this epidemic emerged, two views have now emerged. Those who have not experienced SARS are relatively pessimistic and those who have experienced SARS are relatively optimistic.

Everyone who knows how to invest knows that we often experience success and failure.

SARS appeared that year, but first-tier cities such as Beijing and Guangzhou were relatively nervous, and even Shanghai and Jiangsu and Zhejiang were not affected much.

It was once and twice that Hubei was affected. Except for Xinjiang, Tibet, Qinghai and other western provinces, the country suffered less. The other provinces and cities, whether urban or rural, were under strict control, and economic activity was almost half stopped.

From this perspective, future outbreaks will be effectively controlled.

From the perspective of time, it has been more than two months since the outbreak, and it is still in the intensive period of the outbreak of the population. From the public information available, individuals are expected to need a period of effective relief.

Therefore, from the perspective of time and space, the impact of this epidemic lasted for a long time and the coverage was wide. SARS is incomparable with this.

  2. If the epidemic situation is controlled in this way, the impact on the supply side will be relatively limited. In China, the Spring Festival itself is a vacation season. Generally, adequate arrangements will be made on the supply side before the Spring Festival.

Therefore, even during the Chinese New Year, the impact of production on the control of population movements is relatively limited.

In the first quarter, there were two sessions after the Spring Festival. The north was still in the cold season, and production activities were not very active.

Judging from the composition of China’s GDP, the proportion of GDP in the first quarter was relatively minimal.

Although the proportion of previous consumption expenditures to GDP has increased, judging from the data, the extent of the passive increase in the first quarter is still relatively limited.

Of course, if the outbreak lasts longer, it will inevitably affect industrial production and construction.

Therefore, we need to pay close attention to the data changes in the coming week. If the supplementary diagnosed cases are effectively controlled and the trend will decline, it is expected that some factories and construction sites will enter production and resume work, then the impact will be relatively small.

  3. The epidemic mainly affects the economy through the consumption sector. The proportion of consumption is significant. An increase in this proportion is a passive increase because investment has fallen rapidly.

During the Spring Festival, it is the peak consumer season.

In order to control the epidemic, from the information learned, the existing government’s control of the epidemic can be said to be unprecedented.

In some cities in the eastern and central regions, some communities have stopped allowing strangers to enter and leave, and some public transportation has stopped operating.

The people’s government in the rural areas also checked and restricted personnel step by step. The most active gatherings and gatherings during the Spring Festival in rural areas were banned by local governments.

Some tourist attractions, theaters and clubhouses originally belonged to the peak season this season, but they were closed to thank guests.

From the perspective of consumer psychology, these activities will gradually resume only when the epidemic situation is fully controlled and no new cases appear in some cities.

The impact on tourism, film, logistics, catering and other industries is expected to be relatively large, and these consumptions are lost, and it is difficult to make up for them.

  4. The new coronavirus pneumonia epidemic has constituted a “PHEIC” (public health emergency of international concern), which has aggravated the impact of external demand on the economy. On the evening of January 30, WHO Director-General Tan Desai announced thatThe ongoing epidemic of new coronavirus pneumonia has constituted a “PHEIC” (public health emergency of international concern). The decision is valid for three months. In the event of a major change in the epidemic, the Director General has the right to hold an early meeting to lift the state of emergency.
This decision determines that it can bring more human, financial and medical resources to the expectation, and help to gradually improve and better fight the epidemic, but it also triggers countries’ restrictions on their travel, trade and international investment.

The Air Force WHO made five similar announcements, including H1N1 flu in 2009 (announced one month after the outbreak and was quickly controlled at the time), polio in 2014, and Ebola in West Africa in 2014.Zika virus in 2016 and Ebola outbreak in DRC in 2019.

Of course, Tan Desai also said that because “the Chinese government has taken very powerful measures”, “restrictions on international trade and travel are not currently recommended”, and the wording is relatively mild.

However, we must see that the United States and the United Kingdom have implemented controls on China’s flights. As a result, of course, in the short term, it will recognize that the Chinese economy has an external impact. Before it is cancelled, China will still face international travel, international trade, and international investment activitiesBasis and restrictions.

  5. The current economy is fragile and the lethality of external shocks. In 2003, when SARS appeared, the Chinese economy had begun a new growth cycle since 1999, and it was in a period of acceleration and acceleration.

But now, the Chinese economy has been in the economic clearance cycle since 2008, and it is still in the most difficult period of clearance. Many companies have only one breath to support in the conflict.The number of defaults can be polished.If they are made worse by the impact of the epidemic, they are likely to fall.

Enterprises are not like engineering projects. Engineering projects can be postponed because of external forces.

This also shows that the longer the epidemic lasts, the destructive power will change, and the destructive power to the economy will show a non-linear characteristic.

If we must compare the same experience with history, we can consider the 1997 Southeast Asian financial crisis, when the developing countries’ economies continued to clear, and that round of economic clearing bottomed out in 1999.

  6. Impact on the financial market If there is no effective policy tool hedging before the opening of A-shares next week, the impact on the financial market will be relatively large in the short term. After the Chinese New Year holiday on the 23rd, the A50 futures index 13910 will fall to 16:00 today.12830, down 7.


Observe the development of the epidemic after a short-term shock.

If there is a downward trend in suspected supplementary cases and complementary medical observation cases next week, the A-share market may form a middle bottom area.

If there is no effective suppression, then we need to look at our policy tools again. Without a lasting policy tool, the market will still be under pressure and seek a mid-term bottom.

Commodities will also be under pressure in the short term, and LME’s copper, aluminum, zinc, etc. have experienced long-term declines in the near future.

The trend of BDI also shows the interests of investors. From January 17th, it has fallen from 768 points to today’s 500 points, which has dropped by nearly 35%.

Due to the short-term pressure on the economy in the future, investors expect monetary policy to become accommodative, and due to the sharp contraction in demand, the pressure on prices will ease in the future, which will form a short-term positive for the bond market.

Therefore, for investors, if they are short-term operators, then the short-term trends still need to be observed. If they are medium- and long-term investors, this change can be ignored, and on the contrary, it will give everyone an opportunity to increase their investment.

  7. The impact of the epidemic on A-share industries In the short term, the affected industries are mainly concentrated in offline consumption, catering, logistics, film and television, food and beverage industries, and many people are afraid to go out and consume because of the fear of the epidemic.Everyday consumption is simple at home.

These infringing industries will be lost in the short term, and there will be no deferred extensions. This is not like production, engineering construction, and consumption of durable goods such as housing. These are deferred and delayed, and the short-term epidemic will not worsen.They have the effect of cracks, and the epidemic situation will be resolved in the future. They can also make up by working overtime.

Therefore, the performance of these industries this year is expected to be affected by the impact of interference.

Of course, everyone does not go out, and it will have a positive impact on online consumption, software development and online entertainment, especially online games, hot videos (like vibrato).

Due to the emergence of the epidemic, biomedicine will have a positive short-term impact, and everyone’s understanding of health will also change. Therefore, the impact on this sector is medium and long-term.

Relative to the extent and duration of the impact of all these sectors, this depends on future data. When supplementary suspect cases and supplementary medical observation cases show a trending decline, these short-term shocks have already occurred.

So investors need to pay close attention to changes in these data.

  8. The final policy proposal. In the face of external shocks, we feel that we can reduce interest rates as soon as possible, reduce the quota and issue special government bonds in 2008. The launch of the 4 trillion yuan in 2008 has been criticized by many people.The sequelae are “three poisons of medicine”, because the economy stabilized later, and there was no collapse, so all we see afterwards are the “three poisons of poison”.

The main reason for this is that it is difficult for economic operations to perform preliminary experiments in the laboratory.

Let’s think about it, what would happen if we didn’t do that?

Of course, it is controversial that the intensity of the operation can be not so great, which is all hindsight.

Many of today’s listeners are investing. When you look at the stock market trend afterwards, you can see it clearly and a lot of it can be explained clearly. But what about the future?

The only relief of this epidemic situation is that it provides policy space for our steady growth. Monetary policy can choose to cut interest rates and lower the quota as soon as possible.

Of course, interest rates have been reduced, and the pressure on fiscal repayments has eased, and the space for operation has also opened up.

  After tax reductions of around 2 trillion yuan in 2019, coupled with continued economic downturn, fiscal pressure is distorted.

Judging from the budget goals of the two local congresses, the budget revenue growth rate has generally been reduced, let alone spending. Some provinces and cities have directly adjusted to negative growth. The central government has also called on everyone to prepare for a tight schedule, that is, to save expenses.

The tax cuts that were expected previously can drive the economic recovery, but it is not significant at present. Whether the Laffer curve is effective in China remains to be verified.

Of course, in response to this emergency, the central government may consider initiating the issue of special government bonds.

  Due to the impact of African swine fever last year, meat prices have increased to varying degrees, and the CPI growth rate has continued to reach new highs. Due to constant concerns about the 北京夜网 impact of rising pork prices, monetary policy has maintained vigilance on prices in operation., Mainly through spicy powder (MLF) and wife meat (LPR) in small steps.

The emergence of this epidemic has greatly suppressed some consumption. As the supply was relatively well prepared a few years ago, the result is that the worry of rising prices will be lifted.

Relative to the Internet, some areas in Hubei have increased the prices of supermarkets due to restrictions on some commercial activities. This is only a temporary phenomenon in some regions. The increase in external supplies will ease the phenomenon of hoarding and prices will fall.

  Since there is no need to worry about future prices, monetary policy can remain relatively aggressive, and interest rate cuts and RRR cuts can be considered as soon as possible.

The 杭州桑拿网 direct effect of cutting interest rates is to reduce the capital cost of enterprises, reduce the cost of debt of local governments, and provide strong confidence to both enterprises and financial markets.

Especially for the short-term, it will help to partially resolve the worries of financial markets brought by the epidemic.

  Even if the interest rate cuts correct the real estate market and the foreign exchange market, which have undesired effects, we can consider suppressing them through administrative reforms. They cannot affect the overall situation of stable growth because of them. Moreover, from a medium and long-term perspective, only economic growth is stableIf we stay, the foreign exchange market can stabilize, and the real estate market can hope to maintain relative stability.

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March 28

Vanke A (000002): Steady sales and diversified energy storage performance exceeded expectations

Vanke A (000002): Steady sales and diversified energy storage performance exceeded expectations

Event Vanke released the semi-annual report for 2019: the company achieved operating income of 1393 in the first half of 2019.

20,000 yuan, an increase of 31 in ten years.

47%; net profit attributable to mother 118.

40,000 yuan, an increase of 29 in ten years.

79%; earnings per share 1.

06 yuan, an annual increase of 28.


Opinion settlement accelerated, gross margin improved, and performance exceeded expectations.

In the first half of 2019, the company achieved operating income of 1393.

20,000 yuan, an increase of 31 in ten years.

47%; net profit attributable to mother 118.

40,000 yuan, an increase of 29 in ten years.

79%, profit growth and income growth remained the same.

The company has good profitability, with a gross profit margin of 36 in the first half of the year.

25%, increase by 1 every year.

81 units, of which the real estate business settlement gross margin was 28.

3%, increase 1 unit in advance; net margin 13.

84%, an increase of 1 per year.

08 averages.

The company’s sales expenses in the first half of the year 31.

90,000 yuan, an increase of only 13 in ten years.

5%, synchronized with the contracted sales scale, the mismatch between sales expenses and income also led to an increase in net profit for the period.

Vanke’s future performance is highly deterministic, and the scale of unsold resources sold has continued to increase. By the first half of 2019, the company had accumulated 4,403 unsold resources sold.

70,000 square meters, the contract amount is 6215.

500 million, an increase of 18 each year.

7% and 17.


Steady sales and prudent investment.

In the first half of 2019, the company achieved sales of 334 billion yuan, a year-on-year increase of 9.

6%; sales area 2150.

10,000 square meters, an increase of 5 in ten years.


In the first half of 2019, the company will gradually acquire 54 new projects and acquire a total land area of 1372.

80,000 cubic meters, a year-on-year decrease of 33%, of which equity construction face 941.

80,000 countries, an annual decrease of 18%; the land value of equity totals 649.

80,000 yuan, a year-on-year increase of 12%; the average floor price of 6,900 yuan / square meter, accounting for 44% of the average sales price over the same period.

Calculated based on the amount of equity investment, 苏州夜网论坛 88.
4% are located in first- and second-tier cities.
As of the first half of 2019, the total construction area of the company’s projects under construction was 9867.

The total construction area of the project under planning is about 5472.

60,000 countries.

At the same time, the company also participated in a number of old city reconstruction projects. According to the current planning conditions, the total equity building area is about 341.

40,000 countries, the land reserve resources are very sufficient, which can meet the company’s sales needs in about 2 years.

The debt structure is good and the financing advantage is outstanding.

As of the end of the first half of 2019, the company’s asset-liability ratio was 85.

26%, the net debt ratio is 35.

04%, which is increased by 0 each year.


The 34 averages continue to remain at the industry-allowed level.

The company’s total interest-resistance scale is 2,253.

2 trillion, a year of reduction of 0.

70%; the total proportion of short-term loans and interest-based denials due within one year is 29.

6%, short-term debt repayment pressure.

The company’s capitalization rate used to determine expenses during the first half of the year.

21%, 9 BP lower than the level at the end of 2018, and the company’s financing situation in the first half of the year has improved.

The rapid development of diversified businesses: The company adheres to its position of “urban and rural construction and living service provider”, and the rapid development of diversified businesses: 1) Vanke Property realized operating income52.

80,000 yuan, an increase of 27 in ten years.

1%; added project signing saturated income 21.

64 ppm, an increase of 113 in ten years.


2) The total area of commercial project management exceeds 13.5 million countries.

Among them, there are 110 PG management projects, with a management area of 915 GM, and an opened area of 643 GM; 4) Wanwei Logistics has settled in 44 cities, and has acquired 127 projects. The building area of leaseable properties is about 996 GM.

Investment suggestion: As an industry leader, Vanke adheres to the layout of “three major metropolitan areas + key cities in the central and western regions”, and its sales scale continues to expand; meanwhile, it plans forward-looking layout in logistics real estate, property management, long-term rental apartments, and commercial real estate.

The company’s EPS for 2019-2021 is expected to be 3 respectively.

66, 4.

31, 5.

05 yuan, corresponding to PE are 7.

43 and 6.

31, 5.

38 times, maintain “Buy” rating.

Risk reminders: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operating risks; shed reform monetization is not up to expectations.

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March 22

Construction Machinery (600984): Third quarter notice continues high growth prefabricated buildings to provide development momentum

Construction Machinery (600984): Third quarter notice continues high-growth prefabricated buildings to provide development momentum

Event: The company released a third-quarter 2019 pre-announcement announcement, which is expected to return to net profit for the first three quarters3.

820,000 yuan, an increase of 228 in ten years.


Q3 single quarter results were about 1.

0.94 million yuan, a sharp increase of 240%.

Tower crane leasing has a high growth, and continuous expansion is the basis for subsequent growth. The announcement shows that the rental income of construction machinery in the first three quarters increased by about 50%, mainly benefiting from the increase in volume and price of high-ton meter tower cranes.

The rental price is determined by the supply and demand of tower cranes on the stock market. On the demand side, prefabricated buildings are rapidly emerging, which has created a huge demand for high-tonnage equipment. On the supply side, the average tonnage of Pangyuan equipment is around 226, which is significantly ahead of peers.Supply-side competition is strong, and we have the right to speak the price. We 杭州夜网论坛 expect the rental price to continue to grow in the future.

The announcement shows that from January to September this year, the company’s procurement of leased equipment increased by 74%, and continued equipment expansion is the basis for subsequent growth.

Leading manufacturer of construction machinery leasing has a long-term growth space.

The tower crane leasing industry is an operating lease + wet lease model, which places high requirements on the company’s equipment management, personnel management, and customer service capabilities.

Peer peers include Zizhu Huihe Zhenghe Leasing, with total tower crane holdings of more than 1,000 and 400 units, respectively. At the end of Pangyuan Leasing at the end of 18, the inventory of 4,271 has been far ahead.

It is not seen that the ROE of an enterprise is the core factor that determines whether it is able to continue to purchase equipment. Pangyuan Leasing’s ROE reached 7%, 10%, and 13% in 16-18 years, compared to 6% and 4% respectively.And 2%; it can be seen that with its peer ranking, Pang Yuan has stronger expansion power and ability.

At present, Pangyuan’s national market share is less than 3%, and there is broad room for future growth.

Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 5 respectively.

8.6 billion, 8.

45 ppm and 11.

07 ppm, corresponding to PE, 15 times, 10 times and 8 times, respectively, assigned a “buy” rating.

Risk warning: Tower crane rental competition deteriorates and real estate construction demand decreases.

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March 21

Dahua Shares (002236) 2019 Interim Report Express News Review: Significant improvements in internal reforms continue to improve performance

Dahua Shares (002236) 2019 Interim Report Express News Review: Significant improvements in internal reforms continue to improve performance

Core point of view H1 company’s revenue in 2019 is 108.

07 billion, ten years +10.

11%, achieving net profit of return to mother 12.

39 trillion, ten years +14.

51%, of which 64 in the second quarter.

59 trillion, ten years +4.

23%, net profit attributable to mother 9.

23 ppm, +17 a year.

31%, showing a seasonal 北京spa会所 improvement trend.

We have long been optimistic that the intelligentization of the video security field will lead to heavy industrial upgrades, and we will pay attention to the improvement of the company’s profitability and the acceleration of overseas market expansion brought by the new reforms, and maintain a “Buy” rating.

  2019H1 performance average +14.

5%, close to the upper limit of performance indicators.

The company’s revenue in 2019H1 was 108.

07 billion, ten years +10.

11%, achieving net profit of return to mother 12.

39 trillion, ten years +14.

51%, close to the upper limit of performance indicators.

In terms of a single quarter, the company achieved revenue of 64 in Q2 2019.

59 trillion, ten years +4.

23%, net profit attributable to mother 9.

23 ppm, +17 a year.

31%. The growth rate of Q2 revenue was partly due to the high revenue base caused by the strategic contraction of the company’s restructuring in the same period last year. The growth rate of Q2 net profit was far better than the growth rate of revenue, and partly benefited from the company’s internal management reform and preferential income policies.
We estimate that the company’s income tax rate for 2019H1 is about 9% -10%. Once it is significantly reduced, it comes from the tax shield effect brought by preferential policies such as the addition of research and development expenses.

  It is expected that the company’s performance will continue to improve in the second half of the year, and the expected growth rate is expected to reach 25%?

Industry scale, domestic commercial demand shifts to corporate efficiency improvement, driving ASP of single projects to increase significantly, and is expected to grow faster than the domestic market as a whole; we estimate that domestic government security projects ‘bidding amounts in the first half of the year were -7% / + 1%The government-side demand is gradually improving; the channel-to-customer demand for AI upgrades is expected to maintain steady growth; there is still uncertainty in overseas markets, but emerging market demand is gradually released and it is expected to maintain a steady growth rate.

At the company level, the company has gradually adopted a contraction strategy since the start of H2 in 2018, laying a good foundation for the company’s H2 growth in 2019; we have noticed that the company won the bid for Q2 2019 in Jinhua City (6 billion) and Gaochun District (1

500 million) and other large security projects, considering the initial characteristics of costs, we are optimistic about the company’s overall performance in the second half of the year.

Overall, through the gradual recovery of the external environment + internal expense control, we expect the company’s second-half performance to continue to improve, and the gradual performance growth rate is expected to reach 25%?

  It is planned to increase the capital of Dahua Robot by 80 million yuan to accelerate the expansion of industrial automation business.

The company issued an announcement that it plans to increase the capital of Dahua Robots by 40.8 million yuan (a total increase of 80 million yuan).

Dahua Robotics is a newly established innovative business subsidiary of the company in 2018, focusing on the three major business scenarios of AGV handling, industry inspection, and security patrol. We believe that the company’s move is mainly to increase the industrial automation field.

At present, the application of industrial automation and big data analysis in the commercial market is progressing rapidly. The company has expanded its investment in the field of robotics (mainly AGV), is committed to improving the overall competitiveness of industrial solutions, and is able to better grasp this round of business.Dividend from the expansion of the end market.

  Long-term optimistic about the stable development brought about by the company’s internal reforms.

Since taking office in 2017, the reform is still ongoing. Overseas will promote the gradually integrated management and actively participate in large projects around the national “Belt and Road” strategy. In 2019, it will successfully secure safe city projects in Dubai, Mexico, the Czech Republic and other countries.The business is divided into four major segments: 2G + 2B + SMB + 2C, which improves operating efficiency. At the same time, the company mainly promotes the HOC architecture to provide customized solutions for existing customers.

We expect the company reform to continue, and we are optimistic about the company’s steady development brought about by internal reforms.

  Risk factors: Government demand is lower than expected; AI exceeds expectations ahead of time; exchange rate change risks; internal reforms of the company are lower than expected, overseas market development is blocked, and supply of key components is blocked.
  Investment suggestion: The new leader reform will bring about improvement of the company’s profitability and acceleration of overseas market expansion.

We maintain the company’s EPS forecast for 2019-2021.


73 yuan, giving a 20x PE estimate for 2019, corresponding to a target price of 21.

60 yuan, maintain “Buy” rating.

Category: 桑拿 | Comments Off on Dahua Shares (002236) 2019 Interim Report Express News Review: Significant improvements in internal reforms continue to improve performance
March 20

Changchun High-tech (000661): Reorganization plan released, development risks eliminated

Changchun High-tech (000661): Reorganization plan released, development risks eliminated
The company disclosed the issuance of shares and convertible bonds to purchase assets and raise supporting funds and related party transaction reports. The company intends to issue shares and convertible bonds to Jin Lei and Lin Dianhai to purchase the Jinsai Pharmaceuticals it holds.50% equity.At the same time, the company intends to raise matching funds from no more than ten qualified specific investors through non-public issuance of shares not exceeding US $ 1 billion, and the total amount of matching funds raised does not exceed the proposed purchase of assets by issuing shares and convertible bonds.100% of the transaction price, the issue quantity and price are determined in accordance with the relevant regulations of the China Securities Regulatory Commission. Comment: The reorganization plan was released to eliminate the hidden dangers of development and increased deep profits. The two companies simultaneously released the reorganization plan in March and released the reorganization plan, which confirmed the consideration payment method for the acquisition of minority shareholders’ equity of the core holding subsidiary Jinsai Pharmaceutical and the issue of share payment.Base price (173.69 yuan / share), this release of the reorganization report (preliminary) 北京桑拿洗浴保健 further determines the overall estimate of Jinsai Pharmaceutical is 191.08,000 yuan (Kinsai Pharmaceutical distributed dividends to all shareholders11.After 2.4 billion, the same below), this acquisition 29.The 5% Jinsai equity corresponds to a total price of 56.37 ppm, in addition to determining the detailed consideration payment method, the issue of shares to pay the transaction consideration of 92.02%, or about 51.87 ppm; 7 of the consideration paid for the issue of convertible bonds7.98%, or 4.5 ppm; as of now, key information of the scheme has been disclosed, and the results of regeneration are further clear.去年公司股价大幅波动主要受核心灵魂人物金磊欲对外转让金赛股权事件所致,本次两位股东通过发行股份\可转债置换为上市公司股份后,与上市公司利益更为深度捆绑、一致To eliminate market doubts and relieve hidden dangers of future development. At the same time, Jinsai Pharmaceutical is the main source of profit. Jin Lei and Lin Dianhai promised 北京男士会所 that Jinsai Pharmaceutical will achieve a net profit of not less than 15 in 2019-2021.58.1 billion, 19.48.2 billion, and 23.20.3 billion.After complete consolidation, it will also be beneficial to thicken the company’s earnings. Based on the pricing of the issuance price, it is assumed that the subsequent raising of supporting funds and convertible bonds into stocks will not be considered for the time being. It is estimated that the increase in earnings per share in 2019 will be about 14%. Growth hormone market cap is still far away. The vaccine business is the icing on the cake. Jinsai Pharmaceuticals has the most comprehensive product line of domestic growth hormone, powder injection, water injection, short-acting, long-acting and other various dosage forms and varieties combined. The accumulated revenue in 2018 is about 32.0 million yuan, net profit is about 11.300 million, an increase of 53.4% and 65.1%, the fourth quarter revenue and profit growth exceeded market expectations, were 63% and 158%, respectively.The ceiling of the domestic market for growth hormone is still far away. According to data from the Pediatrics Branch of the Chinese Medical Association, the incidence of dwarf children in China is about 3%. Of all the dwarf population, there are about 700 children aged 4-15 who need treatment, of which 1/3Pathological, about 2.1 million people. Based on the current annual cost of pink needle treatment, only 100,000 children with dwarf are treated nationwide, and the penetration rate is less than 5%. This translates into society. Parents ‘knowledge of growth hormones has expanded and deepened.The future of hormones is controversial.The company’s vaccine business is icing on the cake, and is primarily owned by Biogram (46).15%) input, last year income 10.30,000 yuan, an increase of 40 in ten years.3%; net profit realized 2.0 million yuan, an increase of 63 in ten years.0%, Biogram will have the opportunity to share the chickenpox and mad vaccine market space left by Changsheng’s exit, and continue to be optimistic about the annual growth of vaccine business in 2019. Earnings forecast and investment rating will not take into account the acquisition of minority shareholders’ equity of Jinsai Pharmaceutical and the impact of raising funds. We predict that the company’s operating income will be 72 in 2019-2020.27/95.88/121.7.3 billion, an increase of 34.5% / 32.7% / 27.0%; net profit attributable to mothers is 14.45/19.25/24.3.6 billion, an increase of 43.4% / 33.2% / 26.5%; corresponding earnings per share is 8.50/11.33/14.33 yuan, the current closing price (292.88 yuan / share) corresponding to PE valuations for 2019-2021 of 35/26/20 times; the company ‘s net profit will grow at an average rate of 35% in the next three years, and PES (2019E) will only double, maintaining a “Buy” rating. Risk reminders: Jinsai’s restructuring progress is less than expected; competition in the growth hormone industry has intensified; industry risks in the 2013 Changsha incident

Category: 洗浴 | Comments Off on Changchun High-tech (000661): Reorganization plan released, development risks eliminated
March 19

Shanghai Airport (600009): Multiple factors affect production volume in October every half year

Shanghai Airport (600009): Multiple factors affect production volume in October every half year

Company dynamics keep outperforming industry companies Shanghai Airport announced production data for October 2019: takeoffs and landings dropped by over 1

1%, the number of passenger explosions dropped by 0.

8%, freight postal grows by 2 every year.


It is 杭州桑拿网 estimated that from January to October 2019, takeoffs and landings increased by two in two years.

6%, the number of passengers is increasing by 3 per year.

2%, long-term decline of goods and mail 5.


  Commenting on the influence of multiple factors, October production volume alternated.

The company deflected twice in October with an interval of 1.

1%, down from 2 in September.

2%; the number of passengers dropped by 0 year-on-year.

8%, down from 2 in September.

4%, the largest decline year to date.

Our estimates are as follows: 1) Due to the expected impact of the Hong Kong and Taiwan regions, the regional line take-off and landing movements are inserted into displacement.

3% (-8 in September.

2%), the number of passengers every 21 intervals.

9% (-18 in September.

7%), the decline was slightly expanded earlier in September; 2) October affected by typhoon “Mina”, Pudong Airport cancelled flights 333 flights on October 1; 3) October last year and the number of passengers increased2%, 4.

8%, forming a high base; 4) Various security activities in October have improved from last year, and official travel may be limited.

  In October, the number of outbound tourists (international and Hong Kong, Macao and Taiwan) is at least once a year, and we expect that it will be difficult to recover in the short term.

Being dragged down by regional routes, the company’s outbound passenger explosion in October (international, Hong Kong, Macao and Taiwan) temporarily inserted 0.

3%, lower than the same period last year 4.

7% growth.

Tungsten ingots for outbound tourists from January to October 2019 increased by 2.

9%, down from 8 in the same period last year.


As regional expectations continue to change, we expect the company’s outbound passenger volume to recover in the short term or difficult, and tax-free income will be affected to some extent.

  Estimates suggest that the current company complies with the corresponding 2019/2020 27.


2x P / E.

Considering that it is difficult to recover regional line production in the short term, we lower our 2019 profit forecast2.

8% to 52.

59 million, maintaining the profit forecast for 2020 unchanged.

Maintain outperform industry rating and target price of 90 yuan, corresponding to 30 times the price-earnings ratio in 2020, corresponding to the current ongoing 19.

4% upside.

  Risk Aviation demand was less than expected, and tax-exempt income was less than expected.

Category: 夜生活 | Comments Off on Shanghai Airport (600009): Multiple factors affect production volume in October every half year
March 18

After the holiday, the first explosion of equity funds sold 7 billion funds rush to build a gold pit

After the holiday, the first explosion of equity funds sold 7 billion funds rush to build a gold pit
With the strong rebound of A-shares, the mainstream public offering of newly issued funds has been enthusiastic about the purchase.  In the afternoon of February 6, Penghua Value Growth Hybrid Fund (008681) ended its fundraising in advance. On the same day, China Merchants Bank issued over 5 billion yuan, becoming the first fund in the year of the rat.  The chief public fund manager told the China Securities Journal reporter that the current market sentiment has been continuously restored. Behind the explosive funds, the “golden pit of contrarian layout” has become mainstream recognition.The three major sectors of medical, consumer, and technological growth are still the focus of public offerings.  Explosive funds frequently appear on the evening of February 6th. A reporter from China Securities News learned from related channels that the Penghua Value Growth Hybrid Fund, which began to be issued on February 3, has ended its fundraising earlier on February 6.The Penghua Value Growth Hybrid Fund is a customized fund of China Merchants Bank and Penghua Fund. The fund has gradually raised nearly 7 billion US dollars in all channels, and on February 6 alone, it has gained more than 5 billion yuan in China Merchants Bank.  The market was severely distorted at the beginning of the year, but the subscription of Xinfa Fund was not disturbed.  Wind Statistics data shows that from February 3 to February 7, there were about 20 new funds raised in the market.  Since 2020, explosive public offering funds have been frequent.In the week of January 13-17, Yinhua Technology Innovation, Penghua Technology Innovation, and Hongde Fengrun’s three-year holding period were mixed. The three funds were sold in one day, and the total amount of money attracted was more than 17 billion yuan.Subsequently, BOCOM Career Technology Innovation sold out in one day.In the end, Guangfa Technology Pioneer sold more than once a day.  Sources of recent recent explosive funds data: Fund announcement wind data show that from February 10 to February 14, 13 new A-share funds in the market have entered the issuance period, including ICBC Credit Suisse Consumer Industry Fund and Winwin Technology DriveValue funds, etc.  Source: Wind “Golden Pit” provides a good opportunity to build a warehouse. Public fundraiser pointed out that in view of the recent market rebound, investors’ intensified sentiment about the epidemic can be restored.Judging from the recent situation of explosive funds, both institutions and investors are full of confidence in the market outlook.  For example, Chen Xuanmiao, the proposed fund manager of Penghua Value Growth Hybrid Fund, pointed out that after short-term market shocks, A shares are currently in a rare “golden pit.”At present, the Shanghai Composite Index is located at 2800 points, both in terms of points and estimates are located in the historical bottom area. Even looking at the world is also a very “estimated depression”, which provides a very good time window for the new fund to open positions.  ”Recently, market volatility has intensified. Against this background, replacing public equity fund products to seize opportunities for rebound is a good choice.”Said a fund manager in a Shanghai-based fund company.  Puyin Ansheng Fund believes that market sentiment has turned from panic to stability and is optimistic.However, because the previous market was affected by epidemic factors, the subsequent development of the epidemic is difficult to predict. Before the epidemic control does not improve significantly, investors still need to be alert to the short-term market fluctuations caused by repeated epidemics and the impact on the macro economy.  ”Everyone said that buying new is worse than buying old, but old funds have accumulated more profitable funds based on last year’s performance, and there is pressure to fall into a bag.”Choose a new product from a recognized fund company and fund manager, you can enjoy the advantage of being light.From the channel channels, I also like to sell 1 yuan of funds, and many investors also recognize such buying habits.”Said a sales staff of a fund company.  Focusing on the three core sectors Puyin Ansheng Fund said that in the current market, it is still focusing on the medium and long-term, focusing on the prosperity industry, and focusing on industry leaders.Among them, medical, consumer and technology are the industry sectors worthy of attention in the current market environment.  Qiu Jie, chairman, managing director and co-investment director of Qianhai Open Source Fund, said that the current operation should focus on optimizing individual stocks, mainly focusing on four major directions: underestimated consumer goods, emerging industries with long-term growth space, and traditional industries.Owners and state-owned enterprise reform areas can be selected from the performance growth determination, 北京夜生活网 strong conversion attractiveness, and can expand the competitive advantage of subdivided leading stocks.  In the new fund building position guide, Chen Xuanmiao said that the next step will be to find prosperity in multiple industries such as food, home appliances, medical communications, electronics, computers, light industry, building materials, and power equipment, with relatively definite performance growth.Fundamentals tie the company to better gold flow.  ”The market is similar to seesaw, and it is mainly a transition between partial cycles, partial consumption and TMT industries.Although the market has been short-lived due to the epidemic situation, it is still in a high-boom stage. Some high-quality white horse companies are still growing in the long run.Currently, these companies may have very good buying points after experiencing the forecast compression.”Chen Xuanmiao said.  Editor: Ren Xiao, Cao Shuai

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March 17

China Chemical (601117): Signing of large overseas orders is expected to accelerate the release

China Chemical (601117): Signing of large overseas orders is expected to accelerate the 杭州夜网论坛 release

New large overseas orders signed, performance expected to accelerate release 1) The company announced on October 13 that it has signed a new Baltic Chemical Complex project in Russia. The project type is FEED + EPC general contract, and the total contract amount does not exceed 12 billion euros) 94.3 billion).

2) The content of the project is to build a natural gas processing chemical plant. The plant equipment mainly includes: 2 sets of 140 ethylene cracking devices with an annual output, 6 sets of 48 polyethylene polyethylene devices with an annual output, and 2 sets of 13 with an annual output.

July LAO (annual output 6.

2 free radicals 1-butene and an annual output of 7.

5 free radical 1-hexene) devices and off-site facilities.

This project is the world’s largest ethylene integration project, and it is also the project with the largest single contract value in the global petrochemical field.

The term is 5 years, with an average of about RMB 188 per year.

600 million yuan, accounting for 23 of the company’s 2018 revenue.


3) The project is implemented in three phases. The first phase is the extended basic design phase; the second phase is the early engineering (long-cycle equipment scheduling and site preparation) phase; the third phase is the project implementation phase.

The three phases are implemented crosswise, with a total construction period of 60 months.

The advance payment for the first phase of the contract is 25% of the contract value in this phase. If the contract is successfully completed, it is expected to have a positive impact on the company’s operating performance in the future.

Orders and revenue accelerated in August. According to the expected growth of overseas orders, according to the company’s operating data announcement, the company accumulatively signed 1069 new contracts in January-August 2019.

4 ‰, an increase of 8 in ten years.

3%, of which the domestic contract amount is 707.

10,000 yuan, an increase of 37 in ten years.

0%, the overseas contract amount is 362.

3 ‰, a decrease of 23 per year.

1%; gradually achieve operating income of 533.

40,000 yuan, an increase of 17 in ten years.


Looking at the single-month order, the company’s new contract value in August 2019 was 118.

90,000 yuan, an increase of 45 in ten years.

4%, of which the domestic contract value is 76.

30,000 yuan, an increase of 101 in ten years.

4%, overseas contract value 42.

600 million, a decrease of 2 every year.

9%; operating income for the month was 78.

50,000 yuan, an increase of 26 in ten years.

2%, the company’s August new millennium orders and revenue significantly increased.

The growth rate of orders in January-August 2019 is relatively improved as compared to 2018, especially overseas orders have shifted. Considering this order, it is expected that the order growth rate will gradually exceed 60%.

Highlighting the strength of overseas order acceptance, strengthening the breakthrough of overseas order strength of construction companies along the “Belt and Road” region, and continuously undertaking a series of large overseas orders.

7%, the highest for construction central enterprises.

According to CCTV, the company currently has more than 320 overseas projects under construction, with a cumulative contract value of more than 58 billion U.S. dollars. The projects are located in more than 60 countries and regions including Russia, India, Malaysia, UAE, Saudi Arabia, Pakistan, Kazakhstan, Turkey, Egypt.
Among them, there are more than 220 projects under construction in the countries along the “Belt and Road”, and the contract value is converted into nearly 45 billion US dollars.

After the completion of the Russian Baltic Chemical Complex project, it has demonstrated the company’s ability to accept overseas orders, and has also increasingly strengthened the company’s construction of areas along the “Belt and Road”.

Profit forecast and investment rating company As a leading chemical engineering company, 18 years of high gross profit new breakthrough single high growth, we previously expected that the company’s high growth orders will gradually be converted into revenue and release profits, the effect has gradually improved, 19H1 gross profit margin has increased.
Recently, the newly signed domestic hexadiyne project has enhanced the company’s technical strength, coupled with the transformation of the Russian Baltic Chemical Complex project, the company’s asset impairment losses have significantly decreased this year, and the average growth has increased the company’s profits.The company is expected to realize net profit attributable to mothers in 19-21.



9 trillion, maintaining the company’s reasonable value 8.

2 yuan / share and “Buy” rating remain unchanged, corresponding to the company’s 19-year PE estimate of about 16.

7 times.

Risk warning: exchange rate risk, asset impairment loss risk, downward pressure on oil prices, project execution is less than expected, overseas political risk, and new business development fails to meet expected risks.

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