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.
.

2%.

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.

200000000.

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.

2-16.

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.

8-1.

5 = 2.

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

32/25.

5% = 9.

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

5-9.

1-38.

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.

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[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.

49%.

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.

56、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.

14%.

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.

25/0.

34/0.

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.