Wanhua Chemical (600309): It is worth looking forward to gradually expanding the future development of the chemical industry

Wanhua Chemical (600309): It is worth looking forward to gradually expanding the future development of the chemical industry

Investment Highlights: Event: The company released its 2018 annual report, which reported a real revenue of 606.

21 trillion, ten years +14.

11%, net profit attributable to mother 106.

1 billion, at least -4.

71%, net profit after deduction is 100.

3.5 billion, at least -6.

31%, which is no different from the results of the Air Force Performance Express, which is in line with expectations; of which, Q4 achieved 146.

9.8 billion, previously +3.

80%, MoM-7.

38%, net profit attributable to mother 15.

8.9 billion, after deducting non-return to net profit of mother 15.

73 billion.

According to a special compilation of financial statements, after absorbing and merging Wanhua Chemical, the revenue for the reporting period was 728.

37 trillion, ten years +12.

33%, net profit attributable to mother 155.

660,000 yuan, at least -1.

36%; the company’s 2019 sales plan to achieve revenue of 73 billion US dollars, the merger caliber has been flat.

The company announced its profit distribution plan for 2018, with a dividend of 20 yuan (including tax) for every 10 shares, for a total of 62.

79 trillion, corresponding to a dividend rate of 59% (if simulated merger is 40%), the dividend rate is 4.


Polyether polyols, petrochemicals and new materials business continued to grow.

Polyurethane series, revenue 309.

500 million, an annual increase of 3.

8%, revenue accounted for 51%, annual reduction of 5 percentage points, gross profit margin of 50.

3%, a decrease of 5 per year.

1 piece, Ningbo MDI output = 120 * 77.

69% = 93.

23 inches, MDI output in Yantai = 60 * 87.

15% = 52.

29 nominal, totaling 145.

5 earliest, down 9 before 2017.

5 lowest, lowest -6.

1%; the output of polyurethane series plate is 187.

4 nominal, sales 188.

7, its output increased by 8, indicating that the output contribution of polyols, combined polyethers, etc. increased by about 9.

5 + 8 = 17.

5 announcement; revenue of petrochemical products 189.
1 billion, an annual increase of 23.
5%, revenue accounted for 31%, increased by 2 every year.

4pcts, gross profit margin is 10%, and is reduced by 2 every year.

5pcts; Petrochemical series sales volume 387 inserts, exceeding the maximum increase of 55, an increase of 16.

7% is the starting point for the revenue growth of the segment, but the rising prices of raw materials LPG have led to the decline in the gross profit margin of petrochemical products; the revenue of fine chemicals and new materials increased 57%, accounting for 9% of revenue.

4%, an increase of 1 per year.

5pcts, gross margin 31.

3% was basically flat; sales of fine chemicals and new materials were 32.

2 Initially, increase by 8 every year.

3 cathodes, an increase of 34.

7% matching revenue growth.

It is estimated that the consolidated net profit of the fourth quarter is about 2.5 billion, which is probably the bottom of the single quarter performance.

BC’s 2018 net profit attributable to mother 34.

900 million (performance commitment 30.

0 billion), total performance commitment assets (100% of BC, 100% of BC Chenfeng, Wanhua Ningbo 25.

5%, Wanhua Chlor-Alkali Thermoelectricity 8%) achieved 49 in 2018.

600 million, more than promised 6.


Simulated absorption of combined data: The restructuring report revealed that BC Company achieved a net profit of 2.6 billion in the first half of 2018, so it achieved a net profit of 9 billion in the second half of the year. BC’s previous revenue was approximately 728-606 = 12.2 billion.Billion, the revenue in the second half of the year is about 4.1 billion. BC will overhaul in the third quarter of each year. The overhaul in 2018 ends at the end of September, and the income side is almost a quarter less. Therefore, BC’s 2018 third quarter profit contribution is small, thenThe net profit in the fourth quarter alone is assumed to account for 75% of the profit in the second half of the year, which is 6.

800 million; Ningbo Wanhua 2018 preliminary net profit 63.

500 million, profit and loss of minority shareholders is about 63.

5 * 25.

5% = 16.

200 million, so the profits and losses of minority shareholders other than Ningbo Wanhua is about 22.


2 = 60,000 yuan, assuming about 1 in the fourth quarter.

5 trillion, the fourth quarter of Ningbo Wanhua minority shareholders profit and loss of about 3.


5 = 2.

3 trillion, Ningbo Wanhua single-quarter net profit is estimated to be = 2.


5% = 9.

1 ppm, net profit in the third quarter alone is approximately 63.



2 = 16.

2 ppm, which basically matches the quarterly movement of the MDI price spread.

In summary, Wanhua’s single-quarter net profit of the simulated consolidated caliber is about 15.

9 + 6.
9 + 2.

3 = 250 thousand yuan.
Although the average product price in the first quarter of this year has not improved significantly compared with the fourth quarter of last year, considering that Ningbo 11?
The overhaul in December caused contingent losses. TDI and PMMA units started to contribute to the increase early this year. In the first quarter of 2019, aggregate MDI prices bottomed out, and oligopoly companies controlled the volume to insure. It is expected that subsequent consolidated caliber single-quarter results will follow the fourth quarter of last year.Very small.

Continuous capital expenditure, petrochemical and new materials businesses support long-term development.

The report totals company capital expenditures of 102.

7.9 billion, up from + 72%; the company’s projects under construction at the end of the reporting period were 99.

03 billion, previously + 54%.

Polyurethane sector: The company’s 30-ton TDI project was put into operation at the end of 2018, and the U.S. 40-ton MDI integration project is expected to start production by the end of 2021. It plans to add 50 tons of new capacity in Yantai Industrial Park and 30 tons of new capacity in Ningbo Industrial Park;PC Phase I 7 plug-in device was put into production in early 2018, and Phase II 13 was under construction. It is expected to start production at the end of 2019. 5 to MMA and 8 to PMMA projects were successfully started in January 2019 and produced qualified products. Comprehensive product indicatorsIt has reached the level of mainstream products in Europe and Japan; petrochemical sector: vigorously develop C2 derivatives, and the million-ton ethylene industry chain project is expected to be completed by the end of 2020.

The oligopoly pattern supports MDI’s long-term economic prosperity.

Since the beginning of the year, the price of polymerized MDI has gradually increased by more than 50% to 17,650 yuan / ton, and pure MDI has gradually increased by more than 10% to 24,000 yuan / ton.

Global demand is expected to remain 5 in the future?
6% demand growth, corresponding to an annual increase of 30?
In 40 seconds, domestic automobile production is expected to change, real estate construction is expected to pick up, and demand for air-conditioning and household appliances is expected after the real estate cycle. On the supply side, 佛山夜网论坛 Covestro will expand its 20-inch building materials in Germany by mid-2020.In the short term, follow-up inspections are supplemented (Basf and Huntsman’s rectification units are expected to start overhauling for 20 days in mid-to-late May, and Lianheng is expected to start overhauls at the end of April and mid-to-late May, respectively.Maintenance will begin in this month, and Tosoh and Kumho also have maintenance plans in May), and the MDI boom is expected to continue.

Earnings forecast and estimation: The company’s net profit attributable to its parent in 2019-2021 is estimated to be 127.12 / 152 / 17.8 billion, with the highest historical dividend ratio in 2018 and the highest dividend ratio since 2014. The first coverage is given a “strong recommendation” rating.

Risk Warning: The price of MDI fluctuates greatly, and the progress of new projects is less than expected.

[Does kidney stones eat fungus have effect]

浜轰滑鏈夌殑鏃跺€欏彲鑳藉洜涓哄悆鐨勯鐗╂垨鑰呬綔鎭椂闂存湁闂瀵艰嚧鑲剧粨鐭崇殑浜х敓銆傚緱浜嗚偩缁撶煶浼氳浜虹殑鎺掍究鍑虹幇闂锛屼箙鑰屼箙涔嬭韩浣撳唴灏变細绉疮澶鐨勬瘨绱犮€傛墍浠ヨ偩缁撶煶搴旇灏芥棭杩涜娌荤枟銆傛湁鐨勪汉鍚鑲剧粨鐭冲悆鏈ㄨ€宠兘澶熸湁鏁堝湴灏嗙粨鐭虫墦纰庯紝璁╁畠鎺掑嚭浣撳銆傞偅涔堣偩缁撶煶鍚冩湪鑰崇湡鐨勬湁鏁堟灉鍚楋紵榛戞湪鑰冲鏃犳剰椋熶笅鐨勯毦浠ユ秷鍖栫殑澶村彂銆佽胺澹炽€佹湪娓c€佹矙瀛愩€侀噾灞炲睉绛夊紓鐗╁叿鏈夋憾瑙d笌鐑婂寲浣滅敤銆備负鄒 閒 The face-to-face drama 鋨 紩 鴙 戠 戧 柧 咭 咰 卌 垤 撟 钖 咭 囮 傜 傜 囿 阃 犳 困 困 尰 奉 奨 奨 奨 奨 奨 奨 奉戞湪鑰筹紝灏ゅ叾鏄粠浜嬬悊鍙戙€佸紑鐭裤€佺矇灏樸€侀敮鏈ㄣ€佷慨鐞嗐€佹姢璺瓑浣滀笟鐨勪汉鍛樻洿搴旂粡甯稿悆浜涢粦鏈ㄨ€炽€傚浜庡垵鍙戠粨鐭筹紝蹇呴』淇濇寔姣忓ぉ鍚?-2娆¢粦鏈ㄨ€筹紝鐤肩棝銆佹伓鍛曠瓑鐥囩姸鍙湪2-4澶╁唴缂撹В锛岀粨鐭宠兘鍦?0澶╁乏鍙虫秷澶憋紝瀵逛簬杈冨ぇ杈冨潥鍥虹殑缁撶煶锛屽叾鏁堟灉杈冨樊锛屼絾濡傞暱鏈熼鐢ㄩ粦鏈ㄨ€筹紝鑲剧粨鐭冲紩鍙戠柧鐥呯殑鍙兘鎬т笉涔熶笉瀹瑰拷瑙嗐€備害鍙娇鏈変簺浜虹殑缁撶煶閫愭笎鍙樺皬鍙樼锛屾帓鍑轰綋澶栥€傚父鍚冮粦鏈ㄨ€筹紝杩樿兘棰勯槻琛€鏍撶瓑鐥囩殑鍙戠敓銆傞粦鏈ㄨ€冲鑳嗙粨鐭炽€佽偩缁撶煶銆佽唨鑳辩粨鐭炽€佺勃鐭崇瓑鍐呮簮鎬у紓鐗╀篃鏈夋瘮杈冩樉鐫€鐨勫寲瑙e姛鑳姐€傞粦鏈ㄨ€虫墍鍚殑鍙戦叺鍜屾鐗╃⒈锛屽叿鏈変績杩涙秷鍖栭亾涓庢硨灏块亾鍚勭鑵轰綋鍒嗘硨鐨勭壒鎬э紝骞跺崗鍚岃繖浜涘垎娉岀墿鍌寲缁撶煶锛屾粦娑︾閬擄紝浣跨粨鐭虫帓鍑恒€傚悓鏃讹紝榛戞湪鑰宠繕鍚湁澶氱鐭Cross-Cultures, Reaching, Reaching, Reaching, Reaching, Reaching, Reaching, Reaching, Reaching, Reaching, Reaching, Reaching, Reaching, Receiving, Receiving, Receiving, Receiving佸垎鍖栥€佷镜铓€缁撶煶锛屼娇缁撶煶缂╁皬锛屾帓鍑猴紝浣嗘槸杩樻槸鏈夊緢澶氫汉浼氶棶鍚冧粈涔堝彲浠ュ寲瑙h偩缁撶煶銆備互涓婂鍙互璧峰埌棰勯槻鑲剧粨鐭崇殑椋熺墿杩涜绠€鍗曠殑浠嬬粛锛屽笇鏈涘鑲剧粨鐭崇殑娌荤枟浠ュ強棰勯槻鑳藉伓璧峰埌鏇村ソ鐨勫府鍔╀綔鐢ㄣ€?

[Can you eat watermelon overnight]

骞虫椂寰堝浜哄湪鏅氫笂鍚冨畬楗悗鍠滄鍚冩按鏋滐紝杩欎釜鏃跺€欏ぇ瀹朵細閫夋嫨鍒囧紑涓€涓ぇ瑗Cross-cutting: the cross-cutting, the cross-cutting, the cross-cutting, the cross-cutting, the thin, the thin, the thin, the thin, the thin, the thin, the thin, the thinner, the thinner, the thinner, the thinner, the thinner, the thinner, the thinner, the thinner, the thinner, the thinner, and the thinner.This is the best way to get a good idea: I am going to do a lot of research: I am going to do a lot of research, and I am going to go crazy, and I am going to do it.What’s new? Quite a lot of quilts, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, new developmentsThe picture is drawn and the picture is drawn, the picture is drawn, the picture is drawn, the picture is drawn, the picture is drawn, the picture is drawn, the picture is drawn, the picture is drawn, the picture is drawn, the picture is drawn, the picture is drawn, the table is drawn, the table is drawn, the table, the table, the table, the table, the table, the table, the table鑿屻€傚疄楠岀殑鍋剁劧鎬уお澶э紝妫€娴嬩腑Honghong?鏁颁互浜胯”鐨勭粏鑿岋紝杩樺彲鑳芥潵鑷┖姘斻€佸垁鍏风敋鑷充繚椴滆啘锛屼笌”闅斿”鐨勫叧绯诲苟涓嶇‘瀹氥€傞殧澶滆タ鐡滄斁鍊掍竴瀹朵笁鍙f渶杩戯紝涓嶅皯浜洪兘鍦ㄥ井淇¢噷鐪嬪埌浜嗕竴绡囧悕涓恒€婇殧澶滆タ鐡滄斁鍊掍竴瀹朵笁鍙c€嬬殑鎶ラ亾锛屾湁涓€瀹朵笁鍙e悆浜嗗啺绠卞喎钘忕殑瑕嗙潃淇濋矞鑶滅殑闅How do you go across the country? Do you want to go? Do you want to go?闅忓悗璇ユ姤閬撶О瀹為獙浜哄憳灏嗗垏寮€鐨勫崐涓タ鐡滃皝涓婁繚椴滆啘锛屾斁鍦ㄥ父娓╀笅12涓皬鏃跺悗閫佹锛屽彂鐜扮粏鑿屾暟閲忛毦浠ユ暟娓咃紝闇€瑕佷互浜夸负鍗曚綅鏉ヨ绠?鏈€鍚庯紝璇ユ姤閬撳緱鍑洪殧澶滆タ鐡滅粏鑿屾暟浠ヤ嚎璁$殑缁撹锛屽苟鍛煎悂澶у鎵旀帀闅斿瑗跨摐銆傝繖涓疄楠屽埌搴曢潬涓嶉潬璋憋紵棣栧厛锛岃繖涓疄楠屼腑淇濆瓨瑗跨摐鐨勬柟娉曟槸甯告俯锛岀劧鑰屽ぇ澶氭暟甯傛皯閮界煡閬擄紝闅斿瑗跨摐鏄渶瑕佸喎钘忕殑;鍏舵锛屽疄楠岀殑鍋剁劧鎬уお澶э紝妫€娴嬩腑鍑虹幇鐨?Recognizing each other, “there’s a lot of troubles”, “there’s a lot of troubles”, “there’s a lot of troubles”, “there’s a lot of troubles”, “what’s the difference?”‘瀹?鏈€鍚庯紝杩欎簺缁嗚弻鏄笉鏄嚧鐥呰弻锛屼篃鏈夊緟杩涗竴姝ラ壌瀹氥€?I’m sorry, I’m sorry, I’m sorry, I’m saying that I’m going to say something, “I don’t know what’s wrong, what’s wrong? What’s wrong? What’s wrong?”璧垫吵璋婅〃绀恒€傞鍝佷笓瀹朵粙缁嶏紝鍖呬笂淇濋矞鑶滃悗锛屾按鏋滃拰淇濋矞鑶滀箣闂村舰鎴愪簡涓€涓 浉 瀵 綑 緑 釂 閂 箑 箌 洪 棿: The umbrella is rugged and the power is very high, and it ‘s so ridiculous that the world is very happy.What are you doing? ╃ 敓 浜 х 殑: 汸 湰 堰 Tao  笉 鍙  兘 鎼 Fufu 咜 哜 劻 銆 Prepared to 椴 氆 啘  曒 困 尗 尗 啰 尗 尗 尲 啰 尗 尗 尗 尗 尗 尗 尗 尗 尗 尗 尗 尗 尗 尗 尗 尗 尗 啰 啰 啰 啰 啰 啰 困 啰 啰 啰 困 啰 啰 困 啰 啰 困 囧What is the difference between  姹 and ℃? 銆 傞 殧 澶 滆 タ 鐡 滀 Negative 鍟 ヤ 笉 鑳 悆 Had?2灏忔椂鍚庯紝涓変釜鏍峰搧鐨勫煿鍏诲熀涓潎鍒嗗竷鐫€瀵嗗瘑楹婚夯鐨勮弻缇わ紝瀹為獙浜哄憳琛ㄧず缁嗚弻鏁伴噺闅句互鏁版竻锛岄渶瑕佷互浜夸负鍗曚綅鏉ヨ绠椼€傞殧澶滆タ鐡滀负鍟ヤ笉鑳藉悆闅斿瑗跨摐缁嗚弻绻佹畺鐨勯€熷害鍙栧喅浜庝袱鐐癸紝涓€鏄鐗╁彈姹℃煋鐨勭▼搴︼紝浜屾槸椋熺墿鐨勪繚瀛樼幆澧冦€傚垏寮€鐨勮タ鐡滆鐩栦繚椴滆啘鍚庤弻钀芥暟鏇撮珮锛岃繖涓嶈兘浠呬粎鐪嬪仛鏄繚椴滆啘鐨勯棶棰橈紝鍒囪タ鐡滅殑鍒€鍏蜂互鍙婅彍鏉挎槸鍚﹁繘琛岃繃娓呮礂銆佺伃鑿屼篃鏄叧閿€傚喎钘忚タ鐡滆繕瑕佷笉瑕佸Set Qi Zuo Zhe?涓撳琛ㄧず锛屽鏋滃啺绠遍噷鏈夊崟鐙偍钘忚タ鐡滅殑绌洪棿锛屼笉浼氶€犳垚涓插懗銆佷笉浼氶€犳垚姘村垎娴佸け锛屽氨涓嶅缓璁鐩栦繚椴滆啘銆傛病鍚冨畬鐨勮タ鐡滅‘瀹炰笉瀹滀箙鏀撅紝鍒囧紑鐨勮タ鐡滃父娓╀笅涓€鑸渶澶氭斁缃?涓皬鏃讹紝鍙婃椂鍐疯棌鎵嶅畨鍏ㄣ€傝タ鐡滈殧澶滆兘鍐疯棌鍐扮鍑犲ぉ瑗跨摐鏀惧叆鍐扮鏈€濂藉埆瓒What’s wrong? 12: What are you saying? What are you talking about?4灏忔椂銆傛澶栵紝杩樿娉ㄦ剰鐨勬槸锛屽湪鍒囪タ鐡滄椂涓€瀹氳浜嬪厛鎶婅タ鐡溿€佸垁鍏峰拰妗堟澘What’s the difference? What’s the difference between the real world and the real world? What are you going to do? Do you want to know what is going on?忋€傛妸鍐扮閲岀殑瑗跨摐鎷垮嚭鏉ュ悆鏃讹紝鍙互鍏堝皢琛ㄩ潰绾?鍘樼背鐨勯儴鍒嗗垏闄ゃ€傜湡姝e埌浜嗙値鐑殑楂樻俯鐜鏃讹紝鏃犺鏄畬鏁寸殑鍗婂潡杩樻槸鍒囨垚灏忓潡鐨勮タ鐡滐紝濡傛灉娌℃湁浠讳綍闃叉姢锛?涓皬鏃跺唴灏变細闀垮嚭”澶氫笉鍙”鐨勭粏鑿屻€傛墍浠ュ垏寮€鍚庣殑瑗跨摐鍌ㄥ瓨鐨勬椂闂村嬁瓒?灏忔椂锛屾病鍚冨畬鐨勫敖閲忎綆娓╁喎钘忥紝骞跺敖閲忎繚璇佸畬鏁淬€?

[Chili Chicken Nuggets]_Chili Fried Chicken_How to Make_How to Make

澶у鍦ㄥ钩鏃剁殑鏃跺€欓兘涓€瀹氭湁鍚冭繃杈f楦″潡锛岄渶瑕佸噯澶囩殑鏄熆瀛愭鍜岄浮鑵胯倝锛岄浮鍧楁湁鐨勬槸楦¤兏娴﹁倝锛屼絾鏄浮鑵胯倝浼氭洿鍔犲ソ鍚冧竴浜涳紝鑰屼笖钀ュ吇浠峰€间篃姣旇緝楂橈紝鎴戜滑闇€瑕佹妸楦¤吙鑲夊垏鎴愬潡锛岀敤鏂欓厭鑵屽埗鐗囧埢锛岀瓑鍒伴浮鑲夊叆鍛充互鍚庡啀涓嬮攨鍒朵綔锛屽厛鐐掗浮鍧楀啀鏀捐荆妞掋€?揉 愭 湡 楦 吙 Set?What’s wrong with you?涓垏鍧楋紝濮滀笣鎴栧绮掗€傞噺锛岃挏鍧楅€傞噺锛屽共杈f娈甸€傞噺锛岄浮绮撅紝鏂欓厭锛岄叡娌癸紝鐩愶紝鐧界硸 鍋氭硶灏嗗墎鎴愬潡鐨勯浮鑵胯倝鐢ㄦ枡閰掋€侀浮绮俱€佺洂鐮佷笂20鍒嗛挓锛涘啀灏嗙爜濂界殑楦″潡鍦ㄩ攨閲屽共鐓革紝鐩磋嚦姘村垎娑堝け锛岀劧鍚庤鐩樺鐢紱閿呴噷鍊掓补鐑х儹锛屾斁鍏ヨ挏鍧椼€佸绮掋€佸共杈f娈点€佹熆瀛愭鍧楋紝鍊掑叆閫傞噺鏂欓厭銆侀浮绮俱€佺洂锛岀倰棣欙紱鍐嶅皢鐓稿ソ鐨勯浮鍧楀€掑叆涓€鍧楀悎鐐掞紝鍊掑叆灏戣閰辨补锛屽皢棰滆壊鐐掑嚭鍚庯紝鍐嶆拻鍏ュ皯璁哥櫧绯栵紱 缈荤倰鏁颁笅锛岃捣閿呰鐩樸€傚皬璇€绐嶅疄楠岃繃鍑犳锛屽彂鐜扮敤鏌垮瓙妞掓瘮杈冨鏄撹蒋锛岃繖鏍峰叆鍛Insects: What are you looking for in the realm?

[Can cabbage lose weight]_Recommended diet

[Can cabbage lose weight]_Recommended diet

Cabbage has a certain weight-loss effect, because cabbage contains very little traces and replaces fiber. In addition, cabbage contains a relatively unique substance. This substance will give people a feeling of fullness after eating, which will reduce the size of the diet.It has a good effect on controlling the introduction of total migration and can promote the effect of weight loss.

The method of weight loss of cabbage that is very popular in Japan uses cabbage to guide some diabetic patients to treat weight loss. By adding cabbage to three meals a day, the appetite is reduced to achieve the effect of treating weight loss.

Scientists have discovered that the reason why cabbage can lose weight is because a certain substance in cabbage can stimulate the nerve center of the brain, give the brain a signal, and feel full after forming a small amount of diet. This can better control people.Diet, to prevent overeating, and from a nutritional point of view, cabbage contains better dietary fiber, contains a variety of minerals and vitamins, is rich in nutrition, reducing the use of cabbage can also avoid malnutrition.

The method of weight loss of cabbage is relatively simple. The best way is to boil the cabbage. At lunch or dinner, eat some boiled cabbage appropriately. This can control the total calorie intake and avoid overeating the cabbage.In the future, you can add some lemonade in moderation to better lose weight, but you must remember that you cannot put salad dressing.

The above is a simple understanding of whether cabbage can lose weight. Cabbage has a certain weight loss effect. Especially in Japan, cabbage is often used to treat obese patients. This proves that the weight loss effect of cabbage is indeed good. The method of boiled cabbage can control the intake.The overall speed, and giving people a feeling of fullness, avoiding obesity caused by excessive diet.

Estun (002747): Domestic robot leader with perfect industrial chain layout is ready to go

Estun (002747): Domestic robot leader with perfect industrial chain layout is ready to go

Key points of the report: Leading companies in the intelligent equipment industry, following the transformation of manufacturing companies, started with the CNC system business and developed into a full industrial chain intelligent equipment manufacturer and solution provider covering core components, robot bodies, and system integration.

The company’s CNC system has the largest market share in the domestic metal forming machine tool field; it promotes the complete solution of TRIO + ESTUN in motion control and servo to move to the mid-to-high-end market; it is the first echelon in the field of industrial robots, and it covers metal processing downstream.Energy and other industries.

In 2018, the company’s industrial robots and complete equipment revenues7.

3.5 billion, accounting for more than 50%, has become the main source of income, with a compound growth rate of over 20% in the past three years.

Since 2014, the company’s R & D investment accounted for about 10% of its operating income, and in 2018 it reached 11.


The localization trend of industrial robots is gradually emerging, and the core component market has huge potential. Global industrial robot sales in 201838.

40,000 units, entering a stable stage; the Chinese market accounts for about 1/3, making it the world’s largest market.

Foreign brands rely on their core component advantages to occupy the global market. Four leading companies, KUKA, ABB, Yaskawa, and Fanuc account for more than half.

In the domestic market, the proportion of sales of independent brands in 2018.

15%, the proportion is still allowed, but in recent years there has been an upward trend.

Favorable policies in the field of intelligent equipment frequently appear, increasing aging and rising labor costs have stimulated industry demand; in areas such as numerical control systems, servo systems, domestic production has huge room for improvement.

Double-wheeled, dual-core, endogenous and extended, develop the competitiveness of the entire industry chain.

The company promotes the “robot +” strategy and forms a “general + subdivision” development direction.

The autonomy rate of the key parts of the robot body reaches 80%, and the servo, controller and some reducers are almost self-produced.

Through deferred mergers and acquisitions in components and downstream integrated applications to accelerate growth, the acquisition targets include machine vision, motion control, micro servo, AC servo, and automation system integration.

We believe that the company is still in the industrial chain layout stage. At this stage, the profit margins, ROE and other financial indicators have approached or exceeded those of KUKA, Yaskawa, ABB and other international leading companies. In the future, the company’s integration through the company’s industrial chain will have a significant effect and profitability is expectedImproving significantly improves and surpasses international leading companies.

Earnings forecast and investment recommendations We expect that the company 2019?
2021 will achieve operating income of 15 respectively.

71, 20.

06, 无锡桑拿网 25.

1.7 billion, realizing net profit attributable to mothers1.

18, 1.


9.5 billion.

Taking into account the broad application scenarios of industrial robots and the company’s entire industrial chain layout, it is covered for the first time and given a “buy” rating.

Risks suggest that market competition is intensifying; downstream demand for industrial robots is less than expected; the synergistic integration effect of company mergers and acquisitions is not obvious.

Hongdu Aviation (600316): The first three quarters of revenue have increased significantly to create a leading defense equipment

Hongdu Aviation (600316): The first three quarters of revenue have increased significantly to create a leading defense equipment

Event: The company announced the third quarter report of 2019, and the first three quarters achieved operating income17.

00 ppm, an increase of 28 per year.

17%, net profit attributable to mother-0.

800 million, a decrease of 6 every year.

03%, budget gain -0.

11 yuan.

Opinions: (1) The company’s operating income in the first three quarters increased significantly28.

17%, the first is the increase in the number of aviation products delivered by the company’s core business.

Q3 achieved operating income of 5.

7.4 billion, down slightly by 1.

53%; (2) The company’s net profit attributable to its mother in the first three quarters of the year decreased by 6.

03%, of which Q3 attributed net profit to -0.

29 ppm, a reduction of 5 per year.


The growth rate of net profit attributable to motherhood is lower than the growth rate of revenue mainly including:

15%, mainly due to the increase in interest paid by the company to obtain bank borrowings in the current period; b) the report caused the company’s management expenses to increase by 20.

18%, mainly due to the adjustment of the performance salary distribution model, which caused increased wage costs and increased repair costs; (3) In terms of assets and liabilities, a) the company and Hongdu Group replaced related assets, resulting inEarly early total assets decreased by 32.

13%, net assets attributable to shareholders of listed companies decreased by 21.

18%, 72% reduction in fixed assets.

69%; b) the end of the accounts receivable decreased by 59 compared with the beginning of the period.

05%, mainly due to the company’s receipt of payment from customers and acceptance of bills of exchange; (4) in terms of cash flow, a) the company’s net cash flow from operating activities decreased by 175.

09%, mainly due to the increase in cash paid for the company’s purchase of goods in the current period; b) the company’s net cash flow from investment activities decreased by 36.

04%, mainly due to the decrease in cash paid for the company’s purchase and construction of long-term assets in the current period; c) The company’s net cash flow from financing activities increased by 91 each year.

35%, mainly due to the company’s annual increase in bank borrowings.

Air and sea equipment has created new requirements for L15, and multifunctional integration has adapted to new requirements.

L15 trainer is the company’s core product. According to basic training and entry combat scenarios, it is divided into various models such as L15 AJT and L15 LIFT.

In the future, the types of fighters of our army in the air and sea category (J-10 / 20/11/16, etc.) will be gradually installed. The gradual demand for flight training tasks will drive the growth of the company’s trainer business.

In addition, some L15 models have broken through the traditional flight training positioning, only supersonic speed, weapon plug-in and precision guided weapon capabilities, replacing air combat missions, and it is expected to become a supplementary model of naval aircraft carrier aircraft in the future.

Add missile assets to increase revenue from main businesses.

On May 31, 2019, the company and Hongdu Group merged the “Asset Replacement Agreement”, and the company put out the parts manufacturing business and the missile business.

Issuing new assets instead of enhancing the company’s main business profitability, while improving the asset structure, also in line with the development requirements of the future development of trainer models, and enhance the long-term competitiveness of the company.

Investment suggestion: Considering the continuous development of the company’s trainer business, the future trend will continue to grow, 深圳桑拿网 and the company’s missile business will increase the overall profitability. We predict that the company’s EPS in 2019/20/21 will be 0.



47 yuan, corresponding to PE is 56/41/30 times, the first coverage, giving the company an “overweight” rating.

Risk warning: L15 production capacity is lower than expected, and the integration of missile business is slow.

Britain officially Brexit: Farewell, EU!Farewell, Britain!

Britain officially Brexit: Farewell, EU!Farewell, Britain!
Xinhua News Agency, London, January 31st. On the night of January 31st, the electronic clock was projected on the black brick wall of the Prime Minister’s House at 10 Downing Street in London.At 23:00 local time, Britain officially withdrew from the European Union.  At this moment, Brussels on the other side of the English Channel is midnight.Outside the European Parliament building, the British rice flag, which has been flying for 47 years, will no longer be raised.For the first time, the EU, which has been enlarged several times since its establishment, has reduced its workforce.  Tonight, Britain bids farewell to an era.In his address to the country, British Prime Minister Boris Johnson said: This is the moment of dawn and the time of the curtain.In his speech, he called the EU a friend.And EU leaders said: This is a day worth reflecting and feeling.  In 1973, the British celebrated with beer and fireworks when they applied to join the European Economic Community three times before.Former Prime Minister Churchill’s European dream of regional warfare to prevent war has finally come true.  At this moment, there are no gorgeous fireworks in London.The Brexit fireworks application was not approved, and the big ben under repair failed to ring for Brexit.  Ten giant rice flags were specially raised on Parliament Square in London.Under the Churchill statue, the crowd waved flags and shouted slogans to say goodbye to the EU.  Tonight, the biggest political crisis in Britain after World War II comes to an end.After a referendum in 2016, Britain decided to withdraw from the European Union with a slight advantage.However, Brexit is difficult to resolve, and Johnson’s two predecessors have resigned sadly due to Brexit.  Tonight, some people rejoice and some worry-this will be the beginning of another journey full of expectations, contradictions and uncertainty.  At the moment, the transitional period for Brexit begins and Britain loses EU membership, but it still needs to abide by EU rules and pay EU budget fees.The two sides will negotiate on future relations.  Rogers, the former British ambassador to the EU, predicts that the negotiations will continue for several years, Britain will face huge uncertainty, and London’s status as a world financial center will be 苏州桑拿网 affected.Today is just the beginning of Brexit, not the end.  At the border between the United Kingdom and the Republic of Ireland, Brexit will cut Rinagan ‘s farm into two parts, the EU and non-EU. The British part of the farm will lose EU agricultural subsidies.Rinagan told Xinhua News Agency: After all, it happened and no one can stop it. We can only try to adapt to the new life in the post-Brexit era.  Albrao, a member of the British Academy of Social Sciences, one of the pioneers of the concept of globalization, believes that Brexit will not hinder the process of European integration.  This change in European geopolitics is just a striking scene in a world that has not changed for a century.As the world gets smaller and smaller, farewell, perhaps the beginning of the next encounter.(Reporter Gui Tao Gu Zhenqiu) (Participants: Zhang Dailei, Li Zhizhi) Original title: Farewell, 杭州夜网论坛 EU!Farewell, Britain!

Do you have a personal mental profile

Do you have a “personal mental profile”

Each of us has different personality and psychological characteristics, and will also show different characteristics in the process of recognizing objective objects.
Ability, temperament, and personality characteristics constitute a psychological difference in people, that is, individual psychological characteristics.
  Take the temperament type as an example. According to the traditional classification, it can be divided into the following four typical types: multi-blood (active type): quick and easy to move, easy to adapt to the environment.
It is characterized by enthusiasm and significant work efficiency, quick response, strong adaptability, good attention transfer, and obvious extraversion.
  Bile quality (excitatory type): has high excitability and weak inhibition process.
Therefore, they show imbalance in behavior. They are straightforward, enthusiastic, and energetic, but they are irritable, emotional, impulsive, provocative, and have strong mood changes and extraversion.
  Mucus (quiet type): They have poor flexibility and slow response; their outstanding characteristics are quiet, stable, balanced, and strong. They can restrain themselves better, follow order, be patient, and have difficulty in exposing their emotions.
  Depressive (weak): Can’t tolerate too much or too little nervousness.
The emotional experience is rich, they are sensitive, delicate, and introverted.
  Temperament does not play a decisive role in people’s activities, but it affects a person’s suitability for a certain profession.
Therefore, when selecting and training staff, temperament should be measured, which is conducive to improving work efficiency and avoiding wasting talent.
For example, when selecting firefighters and flight personnel, pay attention to testing their tolerance; when selecting public security and reconnaissance personnel, pay attention to testing their emotional stability and sensitivity.
  Modern managers have two important tasks, one is decision-making, and the other is employment.
To correctly select, assign and promote personnel, it is necessary to have a comprehensive understanding of personnel personality and psychology.
How can we comprehensively understand a person’s personality and psychological characteristics?
 At present, professional psychological counseling service agencies, or full-time psychological research institutions in various schools, can provide psychological counseling and psychological assessment services to individuals in society, provide psychological guidance to students at school, and establish “personal psychological files.”
In this way, with a personality psychological file and personalized psychological guidance, everyone can have a scientific understanding of their personality psychological characteristics, personality psychological growth and development process, and trends.
  The “personal psychological file” has important guiding significance for students’ career choice.
The “personal psychological files” established by the school for students can, on the one hand, match the family’s and subject’s personality psychological characteristics to develop personalized education; on the other hand, when students go to society, the “personal psychological files” can realize theScientific understanding of your own personality and psychological characteristics, according to your personality and psychological characteristics, choose a career that suits you and meets your personality and psychological characteristics, and establish your correct development direction.
  ”Individual psychological files” is also of great significance to human resource management of enterprises.
Human resource management is the management of human qualities and abilities as a resource, so that people can make the best of their talents, so that their qualities and abilities can be fully exerted in their job positions.
However, at present, our human resource management is more a kind of personnel management. In the selection and training of talents, it is mainly based on the position and specialty of the employee, and rarely considers the individual psychological characteristics of the employee and the occupation and work that he is engaged inWhether the position is commensurate.
If we introduce “personal psychological files” into the category of corporate human resources management, we can easily grasp the personal characteristics of corporate employees, more effectively arrange jobs based on their professional and personal psychological characteristics, and optimize employee training planning.
This has a positive significance not only for the employer, but also for the development of the employees themselves.
  The modern enterprise advocates people-oriented, in fact, it is more based on “psychological characteristics”.

Children with colds are prone to five types of inflammation

Children with colds are prone to five types of inflammation

[Introduction]Children with colds are prone to the following five types of diseases: bronchial pneumonia, sinusitis, lymphadenitis, acute glomerulonephritis, and acute otitis media.

  Bronchial pneumonia If the child’s cough symptoms worsen after a cold, wet rales can be heard above or on both sides of the retina; infants do not cough, often hear sputum in their throat, and in severe cases can have a fever of 38 ° C?
At 40 ° C, symptoms such as loss of appetite and restless sleep may be combined with bronchial pneumonia.

  Sinusitis in children with sinusitis can have symptoms such as severe nasal congestion and a large amount of purulent nasal discharge, headaches, decreased sense of smell, and memory loss. It can also spread to adjacent tissues and cause major changes.

Sinusitis affects the orbit and can cause intra-embryonic infection.

Nerve involvement often causes eye movement disorders or vision loss.

Sinusitis can cause encephalitis and brain abscess if it invades the skull, which can be life-threatening in severe cases.

  From the onset of lymphadenitis to inflammation of the lymph nodes, the first visible lymphadenopathy is swelling, redness, fever, and pain. Generally, the body temperature rises to 38 ° C.
40 ° C, if not treated in time, can cause purulent and severe systemic symptoms.

  Acute glomerulonephritis is usually manifested after the symptoms of the acute infection are alleviated or subsided, such as hematuria, edema, hypertension, and recurrence of headaches, nausea, vomiting, fatigue, and loss of appetite and other systemic symptoms.

  Acute suppurative otitis media in children with colds should promptly treat upper respiratory infections and prevent chest tube infections. This is the key to preventing otitis media. Parents should also pay attention to children with or without earache, external ear canal discharge, and postauricular lymphadenopathy.