Ganfeng Lithium (002460) Third Quarterly Report Comment: Changes in Fair Value Lower Current Income

Ganfeng Lithium (002460) Third Quarterly Report Comment: Changes in Fair Value Lower Current Income
Changes in fair value will reduce current income, and the company foresees net profit attributable to mothers in 20194.28-5.500 million companies released three quarterly reports: the first three quarters of 2019 achieved operating income42.1.1 billion (+17.17%), net profit attributable to mother 3.2.9 billion (-66.15%), 5 after deduction.840,000 yuan (-40.17%), with solid revenue growth.Among them, the single quarter revenue in the third quarter was 13.88 ppm, a ten-year increase of 9.98% (corresponding to 19Q1 / Q2 is 26.67% / 16.46%), net profit attributable to mother 33 million (-87.73%); of which, the fair value change in the third quarter was -1.7.5 billion, excluding the influence of this factor, the net profit in a single quarter was about 1.75 billion.Gross profit margin in the third 成都桑拿网 quarter was 21.47%, 7 units in the earlier quarter, due to the decline in product prices. According to wind data, the average price of lithium carbonate in the second quarter was 7.650,000 yuan / ton, the average price in the third quarter of 6.580,000 yuan / ton, the average price is deducted by 14%.At the same time, the company foresees net profit attributable to mothers in 20194.28-5.5 billion. The industry is in a short-term downturn, but the outlook is still bright. From 2015 to 2017, the price of lithium carbonate products has increased significantly, and supply has started to increase significantly since 2018, causing prices to begin to fall.Demand-side crude oil.According to wind data, battery-level lithium carbonate prices start at 16.8 million / ton, fell to the current 5.950,000 yuan / ton, the price fell by about 65%.The industry is currently in a downturn, but the industry’s prospects remain bright.The trend of automobile electrification can be confirmed. The penetration rate of global electric vehicles in 2018 is about 2%, and the industry has huge room for growth.In addition, the growth of photovoltaic wind power and other installed capacity will inevitably drive the long-term growth of energy storage demand. In the future, the demand for lithium storage by energy storage is expected to drive more than electric vehicles.The demand for 2020 is likely to be better than 2019. One is that the country will try to achieve the policy goal of 2 million electric vehicles; the other is that 2020 will be the year when large-scale overseas car companies launch models.Judging from the expansion of production capacity that we have calculated, the pressure is greatest in 2019. At present, the extension of subsequent production capacity expansion is a high probability event, and the industry is expected to usher in an opportunity for improvement in 2020. We are optimistic about the long-term growth prospects of the industry and the company’s internal competitiveness, and maintain the “recommended” ratingHas established long-term strategic relationships with a number of blue chip customers of leading global automotive OEMs.We estimate the company’s net profit for 2019-2021 will be 5 respectively.44 billion, 8.6.3 billion and 10.880,000 yuan, maintaining “recommended” rating risk reminder: failure of overseas investment

Sino-Singapore (002912): Revenue maintained a high growth rate and gross profit margin steadily increased

Sino-Singapore (002912): Revenue maintained a high growth rate and gross profit margin steadily increased

Event: The company announced that it achieved revenue in the first three quarters of 20196.

100,000 yuan, an increase of 28 in ten years.

51%; net profit attributable to mothers1.

76 ppm, an increase of 12 in ten years.

67%.

The third quarter revenue maintained 成都桑拿网 a high growth rate, and the operating profit growth rate increased quarter by quarter.

The company’s revenue growth rate in the third quarter was 31.

52%, revenue continued to maintain a high growth, while operating profit growth reached 29.

33%, rising quarter by quarter.

The number of returnees who took bribes increased by 124% to 28 million, a growth rate of 16.

52%.

The increase in income tax expenses was mainly due to the partial realization of the unrealized loss from internal transactions at the end of the previous year, and more deferred and delayed expenses were recognized.

Gross profit margin continued to increase, and research and development expenses remained high.

The company ‘s gross profit margin for the first three quarters has temporarily increased to zero.

84 numbers, up 3 from the previous quarter.

The 78 mergers reflect that the company’s products continue to maintain the expected profitability, and the proportion of high gross margin products continues to increase.

At the same time, the company’s R & D expenses remained at 30 during the first three quarters.

The high growth of 28% has laid a good foundation for maintaining competitiveness in subsequent businesses.

The company has long benefited from increased government network data management needs and traffic expansion.

The government’s efforts to manage network data have continued to increase. In September this year, the Cyberspace Office issued the “Regulations on Network Ecological Governance (Draft for Solicitation of Comments)” on the continued policy.

With the continued landing of 5G in the future, traffic is expected to expand rapidly, driving the company’s products into a restructuring and updating cycle.

Profit forecast and investment advice: We expect the company’s net profit attributable to its parent to be 2 from 2019 to 2021.

80/3.

84/5.

260,000 yuan, maintaining the level of “prudent increase”.

Risk reminders: Risks of poorer-than-expected performance; risks of intensified market competition; risks of policy changes.

Grammy (002340): 1?

3Q19 performance meets expected long-term strategic procurement cobalt agreement to consolidate the level of the industry chain

Grammy (002340无锡桑拿网): 1?
3Q19 performance meets expected long-term strategic procurement cobalt agreement to consolidate the level of the industry chain

1?3Q results are in line with the 1 announced by our expected company?
3Q19 performance: The company’s revenue in the first three quarters was $ 9.8 billion, a decrease of 3.

89%; net profit attributable to mother 6.

40,000 yuan, an increase of 16 in ten years.

6%, corresponding to a relative profit of 0.

15 yuan, in line with expectations.

The company’s profitability is stable, 1?
3Q19 company’s gross profit margin increased by 0.

1ppt to 19.

3%.

During the company, the expense ratio increased slightly, 1?
3Q19 increases by 0.

8ppt to 12.

3%.

As the company’s capacity expanded, long-term borrowings increased by 52% to 9.

20,000 yuan, driving the company’s financial expense ratio to increase by 0.

6ppt to 4.

7%; management expense ratio increased slightly by 0.

3ppt to 0.

8%; management (including R & D) expense rate is stable at 6.
.

9%.

Development Trends Stable supply of upstream materials and stable downstream customers will support the company’s future sales.

The company and its subsidiaries and Glencore purchased strategic agreements from battery suppliers. In 2020-2024, Glencore supplied more than 6 to the company.

12 Cobalt (metal equivalent) Cobalt material guarantees the company’s stable production.

The company entered the supply system of lithium battery leading companies such as ECOPRO, Rongbai, Ningde Times, and Xiamen Tungsten. It has signed the next 3 years and will become a strategic long order to support the company’s future sales growth.

Company 1H19 replenishment 3.

3 It is expected that we expect the company’s expansion in 2019/2020 to reach the 7/10 target.

The fixed increase is being promoted to strengthen the company’s capital strength and ensure the company’s production capacity.

The company is actively promoting a USD 3 billion fixed increase plan, which is mainly used for the company’s ternary precursor project, ternary material project, and the dismantling and recycling of battery pack projects.

If the fixed increase is successfully implemented, we think it will effectively strengthen the company’s capital strength and ensure the company’s production capacity.

Earnings Forecasts and Estimates Due to the declining price of ternary materials, we lowered 2019 and 2020 net profit by 13% and 14% to 8.

5 and 10.

200000000.

The current priority corresponds to 22.
2x 2019 P / E ratio and 18.

5x 2020 price-earnings ratio.

We maintain our “Outperform” rating, but as a result of lowering our profit forecast, we lower our target price by 15% to 6 yuan, corresponding to 30 times the 2019 price-earnings ratio and 24 2020 price-earnings ratio, which has a 32% upside compared to most current ones.

The impact of risk metal price fluctuations, the deterioration of the financing environment, the release of production capacity was less than expected, and the impact of market demand fluctuations.

Hangyang shares (002430) 2019 semi-annual report comment: stable performance growth in the future new gas projects will be gradually put into production

Hangyang shares (002430) 2019 semi-annual report 杭州夜网论坛 comment: stable performance growth in the future new gas projects will be gradually put into production

Dynamic Events The company released its semi-annual report for 2019 and achieved operating income of 40 in the first half of the year.

74 ppm, a 10-year increase of 10.

82%; net profit attributable to mother 3.

99 ppm, an increase of 18 years.

03%.

Matter Comments The company’s performance in the first half of the year grew steadily.

The company’s first half performance showed steady growth, of which Q2 revenue was 22.

1 ppm, a ten-year increase of 8.

38%; net profit attributable to mother 2.

25 ppm, an increase of 24 in ten years.

At 08%, the profit growth rate of Q2 increased compared with earlier Q1.

In the first half of the year, due to the decline in the gross profit margin of gas and equipment, the company’s comprehensive gross profit margin fell, and the company’s gross profit margin fell by 20 in the first half of the year.

69%, down 2 each year.

55 points.

However, due to the decline in corporate expenses, the company’s net interest rate has increased, with a net interest rate of 10.

30%, a year to raise 0.

58 points.

Air separation equipment business grew steadily.

In the first half of the year, the company’s air separation equipment achieved revenue16.

28 ppm, an increase of 17 in ten years.

59%, the excess orders at the end of last year ensure the company’s future equipment business income.

In the first half of the year, the company ordered new high-frequency air separation equipment and petrochemical equipment29.

3.1 billion, including orders for 4 sets of 100,000m3 / h air separation equipment project of Huzhe Petrochemical Phase II, 75,000m3 / h air separation equipment of China Coal Tuke, and 80,000m3 / h air separation equipment of Henan Xinlianxin.
Redundant equipment orders ensure the stable growth of the company’s equipment business.

The increase brought by the new gas projects in the future.

In the first half of the year, the company achieved revenue from gas sales22.

4.7 billion, an annual increase of 8.

twenty three%.

The market price of gas sold in the first half of the year decreased compared with the same period of the previous year, but the company reorganized to ensure a stable supply of pipeline gas, and gradually increased the production and sales of liquid products; thus, gas sales revenue 西安耍耍网 increased.

The company continues to maintain the rhythm of increasing investment in new gas projects every year. In the first half of the year, additional investment was acquired to acquire 2 sets of 40,000m3 / h construction projects in Guangxi Shenglong, supporting the 40,000m3 / h air separation project of Shanshan Iron and Steel and Qingdao Xinen.Gas supply projects and other projects.

The construction of Hangzhou Hangyang Phase 2 65,000m3 / h, Henan Hangyang Phase 3, 30,000m3 / h, Pinggang Hangyang Phase 2, 20,000m3 / h, and Jiangxi Hangyang 2 sets of 80,000m3 / h air separation projects are progressing in an orderly manner.Put into operation this year or next year, the commissioning of new projects will bring a new increase to the company’s gas business.

Investment Advice.

According to the semi-annual report to fine-tune the company’s profit forecast, the company’s sales revenue for 2019/2020/2021 is forecast to be 89.

43, 103.

59, 113.

3.6 billion, net profit attributable to mother 8.

65, 10.

37, 12.2 billion, EPS is 0.

90, 1.

07, 1.

26 yuan, the corresponding PE is 15.

1,12.

6, 10.

7 times.

Maintain the company’s “overweight” rating.

One orange a day helps car drivers detox

One orange a day helps car drivers detox

Oranges have almost no odor and aroma, and can also supplement cellulose and pectin substances, which can help promote resonance peristalsis, which is beneficial to clearing bowel and purging, and eliminating harmful substances in the body.

Normal people eat oranges or drink orange juice after meals, as well as degreasing, eliminate food, quench thirst, and sober up.

Oranges are also rich in vitamins C and P, which can increase the body’s resistance, increase the elasticity of capillaries, and reduce blood cholesterol. Therefore, it is also very suitable for people with hyperlipidemia, hypertension, and arteriosclerosis.

.

hzh {display: none; }  每天开车,不仅要饱受长期吸入尾气产生的毒素之苦,还要忍受车内混浊空气产生的难闻异味。Experts reminded that driving a family to eat an orange every day can not only purify the air in the compartment, but also help to expel toxins from the human body.

  Oranges have almost no odor and aroma, and can also supplement cellulose and pectin substances, which can help promote resonance peristalsis, which is beneficial to clearing bowel and purging, and eliminating harmful substances in the body.

  Normal people eat oranges or drink orange juice after meals, as well as degreasing, eliminate food, quench thirst, and sober up.

Oranges are also rich in vitamins C and P, which can increase the body’s resistance, increase the elasticity of capillaries, and reduce blood cholesterol. Therefore, it is also very suitable for people with hyperlipidemia, hypertension, and arteriosclerosis.

  Drivers must have dietary knowledge1. Friends who drive must concentrate their eyes, keep their eyes wide open, and observe the situation in front of them. Therefore, it takes more eyes, especially when driving at night.In the eyes, the eyes can see the blood, and the long-term consumption of liver blood, so the driver should eat animal liver or blood, such as pig liver, sheep liver, chicken liver, duck liver, pig blood, etc.The method nourishes the liver and blood to achieve the purpose of nourishing the liver.

  2. Driving consumes less physical energy, and many people lack fitness. Most of their bodies are overweight. Therefore, drivers should reduce fat intake and avoid overeating, which can prevent dizziness, drowsiness, and more blood is distributed to the digestive system after a full meal.Affects the blood supply to the heart and brain. Mild contraction and hypoxia of the heart and brain often occur, and motorists are prone to unconsciousness and cause accidents.

  3, some people like to drink strong tea or coffee refreshing, however, often renew strong tea or coffee, the accumulation of conversion time, the human body transforms strong tea or coffee to produce tolerance, and the production of tolerance will inevitably cause strongIncreasing the amount of tea or coffee, the increase in the amount of strong tea or coffee will damage Yin and Tianjin due to excessive diuresis.

  Therefore, motorists should try to drink boiled water, accompanied by cool or boiled water according to the cold and warm weather and the state of the body at that time.

And the best way to refresh yourself is to force yourself to rest, even if it is a short rest, you will naturally have God after the rest.

  4. Car owners should try to reduce night activities and supper as much as possible. Sunrise and the biological rhythm of sunset are naturally formed in human history. If you randomly disturb this rhythm, the human body will have a lot of discomfort and the normal biological rhythm will be disrupted., Lack of sleep will also affect the safety of driving the next day.

Duck meat can make up deficiency of heat and heat

Duck meat can make up deficiency of heat and heat

The last emperor Pu Yi recorded in the book “My First Half of Life” that the breakfast content includes “three fresh ducks” and “duck strips and seafood”. The Queen Mother Longyu uses 30 ducks every month. What makes the emperor’s house treat ducks?Is the meat so good?

.

.

hzh {display: none; }  Meat and poultry foods are mostly warm, and the biggest feature of duck meat is that it is not warm, and it is hot to remove heat, so in spring and summer when it is easy to get angry, eat more duck meat.

“Compendium of Materia Medica” records that duck meat “fills up, grows muscles, regenerates blood, and tonics the five internal organs”, and can be used to replenish deficiency and promote diuresis, diuretic and swelling.

  The last emperor Pu Yi recorded in the book “My First Half of Life” that the breakfast content includes “three fresh ducks” and “duck strips and seafood”. The Queen Mother Longyu uses 30 ducks every month. What makes the emperor’s house treat ducks?Is the meat so good?

  肉禽类食品多是温热性,而鸭肉最大的特点就是不温不热,清热去火,所以春夏容易上火的季节,可多吃鸭肉。”Compendium of Materia Medica” records that duck meat “fills up, grows muscles, regenerates blood, and tonics the five internal organs”, and can be used to replenish deficiency and promote diuresis, diuretic and swelling.

Nutrition analysis shows that the cholesterol content of duck meat is not relatively high, so fat people can eat some wood ducks, and the lean ducks are full of food.

  Duck meat is eaten in various ways. Southerners eat duck better.

Nanjing has plate duck, salted duck, yellow duck duck and so on, as well as fried duck liver, grilled duck paw, etc., eat differently.

Duck meat is cold, spleen and stomach are cold, abdominal pain is cold, and those with cold dysmenorrhea should not use it more.

  Ziyin Qingre Recipe: One thin duck, remove head and offal, cut into pieces, simmer until half cooked, add 荸荠 500g, chrysanthemum, lotus leaf 50g each, wrap in gauze, simmer over low heat, skim oil slick, discardAdd ingredients and eat meat and soup.

The symptoms include dizziness, headache, and constipation caused by deficiency of yin and heat.

  Recipe for clearing heat and strengthening the spleen: wash one old duck, cut into pieces, and keep the gold in the duck.

Add 100 grams of fresh ravioli and 50 grams of black fungus when half-cooked. Stew over low heat and eat meat and soup.

In seasoning, use less hot things like pepper, aniseed, cinnamon, dried ginger, etc.

Nausea and nausea caused by heat in the spleen and stomach, sores in the tongue, loss of appetite, dry throat, etc.

Recommended 6 medicinal recipes for treating periarthritis of the shoulder

Recommended 6 medicinal recipes for treating periarthritis of the shoulder

Periarthritis and high blood pressure are periarthritis of shoulders, commonly known as frozen shoulder, shoulder condensation, often occur around 50 years old.

Periarthritis is chronic aseptic arthritis of the soft tissues such as muscles, tendons, bursa and joint capsules around the shoulder joint.

Traditional Chinese medicine believes that the disease is mostly caused by wind and cold in the shoulder, so it is also called “leaking shoulder wind”.

It is usually caused by flashing or feeling cold, damp and hot, and the metabolism is blocked.

Traditional Chinese medicine is mainly treated with drugs that promote blood circulation, remove blood stasis, disperse cold and dehumidify, and promote the function of patients with metabolism.

The following editors will introduce 6 medicinal recipes for treating periarthritis of the shoulder.

  1. Pork trotter soup with cinnamon: Attached slices, 10 grams each of cinnamon sticks, 30 grams of mulberry branches, 15 grams of simmering live, 1 pair of trotters, appropriate amount of seasoning.

Wash and chop the trotters, remove the hair, and simmer in the medicated cloth. Add the water and simmer until the trotters are cooked. Then remove the sachets, add salt, MSG, pepper, etc.

  2. Snake broth: Black snake meat, pepper, ginger, salt, each amount, stew soup, broth with food, 2 times a day.

It has the effects of tonic, expelling wind and dispersing cold.

Applicable to those with frail shoulder and rheumatism in the late stage of periarthritis.

  3. Dangshen mutton soup: Angelica, Codonopsis, Chuanxiong, Baiji 10 grams each, Mulberry branch, 15 grams each of licorice, 5 grams of licorice, 50 grams of lamb, seasoning.

Wash and cut the mutton into various medicated cloth bags, add water and simmer until the mutton is cooked, remove the medicine bag, and add salt, monosodium glutamate, onion, ginger, pepper and other seasoning.

  4. Mulberry Chicken Soup: 60g of old mulberry branch, 1 old hen, salt content.

Cut the mulberry branch into small pieces, cook with chicken until the undercooked soup is thick, season with salt, and drink soup and eat meat.

It has the effects of removing rheumatism, channeling meridians, and nourishing qi and blood.

Suitable for those with chronic periarthritis and physically weak rheumatism.

  5. Chuanwu porridge: about 5g of raw Sichuan aconite, 50g of previous rice, about 10 drops of ginger juice, moderate amount of honey.

The aconite is mashed and ground into an extremely fine powder.

Cook the initial rice first, add Chuanwu end when the porridge is ready, and use a low fire to slowly fry. When it is cooked, add ginger and honey, stir well and cook a little.

With the effect of dispersing cold and dampness, Tongli joints, warming and analgesic.

Applicable to those caused by inflammation of rheumatism and cold around the shoulder.

  6, angelica blood rattan egg soup: whole angelica, chicken blood rattan each 15 grams, wood incense, tangerine peel, red peony 10 grams each, mulberry 20 grams, 1 egg.

Boil the eggs with the medicines (bags). After the eggs are cooked, remove the shells and cook for another 10 minutes. Discard the medicines and eat the eggs and soup 3 times a day, 1 at a time.

Health and well-being soothing chrysanthemum pillow

Health and well-being soothing chrysanthemum pillow

Chrysanthemum pillows have been recorded in medical books for a long time, and “Compendium of Materia Medica” has chrysanthemums as “pillow eyesight”.

As far as chrysanthemum pillows are concerned, there are yellow chrysanthemum and white chrysanthemum.

Yellow chrysanthemum pillow can prevent wind and heat, and white chrysanthemum pillow can nourish the liver and eyesight.

Chrysanthemum is associated with mung bean skin and black bean skin. The former has the function of clearing heat. In addition, it is known for its clear liver and eyesight. It is a recipe for dizziness and various diseases caused by liver-yang excitement.

I would like to introduce the preparation of several chrysanthemum pillows: 1000 grams of dried chrysanthemum pillows, 400 grams of Chuanxiong, 200 grams each of paeonia glutinosa and Paeonia lactiflora.

Medical research confirms that chrysanthemum has antihypertensive effect, can prevent staphylococcus, streptococcus, bacillus bacillus, influenza virus and skin cancer prevention measures, can inhibit capillary permeability, thereby achieving anti-inflammatory, expanding coronary arteries, improving myocardiumPlasma, reducing blood pressure.

Chuanxiong, Danpi and Baiji have the effects of promoting blood circulation, refreshing heat and cooling blood, expelling wind and relieving the skin, and relieving muscle pain.

The chrysanthemum is compatible with these three medicines, and has a complementary effect to strengthen the medicinal power.

People who often use chrysanthemum pillows will feel refreshed and full of energy.

  Chrysanthemum Cassia Pillow Frost before drying, pick dried white chrysanthemum, dry 500 grams, 500 grams of Cassia seed, mixed with pillow core.

Chrysanthemums clear the wind and clear the heat, clear eyes, and detoxify; In the Qing Dynasty Liu Xie’s “Guang Qunfang Spectrum” contained: “Cassia seed as pillow, rule head wind, bright eyes, win black beans.

“This pillow is good for dizziness, dizziness, and faintness, and it is especially suitable for patients with hypertension.

  Chrysanthemum Tongqiao pillow 300 grams of yellow chrysanthemum, 150 grams of white lotus, Xinyi each, built-in pillow.

Yellow chrysanthemums clear the heat and wind.

Wang Anshi’s “character” said: “Aquila incense can nourish and support the body”; “Compendium of Materia Medica” said: “White curcuma is universal in its treatment of wind, and its qi and fragrance can pass through the Jiuqiao.

“Xin Yi also solved the phlegm and relieved the wind.

Therefore, the pillow can cure nasal congestion, do not smell the odor, runny nose, and the nasal abyss syndrome of head, eyebrow bone pain, dizziness against head wind, toothache caused by wind and fire, and also have good effects.

  Chrysanthemum eyesight pillows: 150 grams of yellow and white chrysanthemums, 200 grams of buckwheat husks, 100 grams of black soybean husks, and 300 grams of cassia seeds, all buried in the pillow core.

This pillow nourishes the yin and clears the heat, and it can cure the symptoms of liver yin deficiency, inflammation of the liver caused by inflammation of the eyes, dryness, shame, and blurred vision.