Fan Wenliang also asked about their physical condition,Told him to be mentally prepared for his wife’s illness,Wang Jiadong nodded and said yes,At the end,Fan Wenliang did not involve Peng Changyi going to the party school,Wang Jiadong can’t sit still,Then asked:“I’ll ask you something,Peng Changyi is going to the Central Party School to study,Do you know?”

Fan Wenliang laughed,Say:“Jiadong,You are an old organization,How can I forget the nature of the organization??This is the responsibility of the Organization Department of the Provincial Party Committee,You say how can i not know?Is the one I personally finalized,What did he tell you?”
When Wang Jiadong heard it, Fan Wenliang made the decision,His heart relaxed a little,Said:“Don’t hide,The kid hasn’t even talked to me yet,Lu Hua told me just now。”
“Oh,Did he just receive the notice?”Fan Wenliang asked。
Wang Jiadong says:“It is said to be,Lu Hua said he was called by Jin An to talk after get off work,Just called him,Ask him to inform the team members,Standing Committee tomorrow。”
Fan Wenliang said dissatisfiedly:“What happened,The Organization Department of the Provincial Party Committee notified Jin’an on Monday,Why did you just communicate to me?Then he won’t have much time to arrange work。”
Fan Wenliang paused,Speak slowly:“Jiadong,What did you hear?Do you have other discussions?”
Wang Jiadong said helplessly:“Old leader,You don’t know,I don’t even leave the door now,I can’t even hear anything。I judged from Lu Hua’s tone,Some people even include Peng Changyi’s own views on this study。”
Fan Wenliang said:“You don’t tell me every day,Let me find a chance to cultivate him?I did suggest it this time,Changyi has done a good job these years,I also had the idea of sending him out to study so that he could be fully promoted,Just didn’t make up his mind,Then something happened,I decided to let him go to the party school to study。”
According to Fan Wenliang’s temper,Speaking of which,Shouldn’t Wang Jiadong continue to ask?,But he wants to understand the ins and outs of this matter,So bit the bullet and asked:“What happened?”
Fan Wenliang not only did not blame Wang Jiadong for his carelessness,Instead smiled,Speak slowly:“Jiadong,You are all concerned about your disciple!”
Wang Jiadong laughed too,Said:“He is not my disciple now,It’s yours,I can’t reach him long ago,My task was completed a few years ago,He wants to improve,Only by a leader like you,Besides, my current identity。”
Fan Wenliang said:“See you,I didn’t say anything,it is good,Tell you all,But only if you know……”
Wang Jiadong says:“do not worry,I won’t say。”
then,Fan Wenliang told Wang Jiadong about the preliminary appointment and removal decision made by the Jinan Municipal Party Committee to Peng Changyi last week.。Fan Wenliang said:“After receiving this report from the Jin’an Municipal Party Committee, I made a call with Shao Yu,Shao Yu said that it was Comrade Yue Xiao who suggested that Peng Changyi be the head of the Environmental Protection Bureau,Because the EPA has received a yellow card warning from the State Environmental Protection Administration,The pollution problem of Jin’an Pearl Lake has reached a very serious level。Peng Changyi has always been a firefighter in Jin’an politics,Peng Changyi is indeed daring and good at fighting tough battles,That’s why the Standing Committee decided to transfer Peng Changyi to the Environmental Protection Agency。Shao Yu told me about this situation,Said Comrade Yue Xiao said,Comrade Peng Changyi was the cadre mentioned by Minister Fan during his stay in Kangzhou,We want to focus on using。I thought this was very interesting,Talk to Shao Yu now,Don’t move this cadre for now,Provincial Party Committee Organization Department has arrangements,Just listen to the notice。”
Fan Wenliang finally said:“Based on my understanding of Yue Xiao,He probably saw Changyi come to me,Just have‘Focus on using’This said,You have done organization work all your life,Should understand the mystery。”
Wang Jiadong says:“Yes,I know。”
Fan Wenliang said:“That’s it,If you still don’t understand,Just ask。”

Murong Shan turned her face to Chen Hao and Song Min behind her。

“I think it’s OK,Hahahaha……”
Chen Hao immediately agreed with a smile。
Song Min only smiled and said nothing,This girl started again“High-end atmosphere”Continues to be her iceberg goddess。
“What are you doing?The collective wants to rebel, right??Everyone is delicious at night, right?”
Shen Ruoxi started to pretend to be a big tail wolf。
“Just eat less with you just now,cut。”
Murong Shan responded more contemptuously than Shen Ruoxi。
“Strange,Did you just watch me supervise how much I ate while eating??”
Shen Ruoxi asked provocatively。
“Should I watch and supervise you??Hear you eating by the side and groaning,Hahahaha……”
Murong Shan took the opportunity to sarcasm Shen Ruoxi again,Of course it was purely joking,Shen Ruoxi never hums anytime he eats,Even starved to death,She would never be so boring。
“You just groaned,you are a pig!”
Shen Ruoxi started to fight back immediately。
Chen Hao thinks that she and Shen Ruoxi look pretty and lovely,Thought to myself:What happened to this girl today?I really enjoyed myself so much after dinner?
Not only Chen Hao wondering,Song Min was actually wondering,Mainly because it has been a long time since Shen Ruoxi has been so active,Rare。
Girls’ emotions are always unpredictable,They can become depressed without doing anything,Of course, you can also become happy without any reason,Murongshan, Chen Hao and Song Min should have understood this。
But joking with Murongshan and dare to say that Murong is really“pig”of,Shen Ruoxi is definitely the first person in the world!Even Qin Liang who doesn’t care about anything,I never joked with Murong Shan like this!You know that Murong Shan is a real superstar in the entertainment industry,The kind of rank with countless fans。
“Let’s be reasonable?Our family knows:One of Xiaoxue’s many nicknames is Shen Xiaozhu,You are her sister,Then of course you are also a pig。”
Murong Shan was talking nonsense seriously。

Zhang Zidong has already chatted with my relatives,Are all my cousins,Although some are older than me,But still more common language than the elderly!

See me back,Zhang Zidong came to me,Asking if to start。
I nodded,Zhang Zidong will preside over this meeting!
Zhang Zidong turned off the light in the room,Projector turned on,Started to talk about the retail project of Huanglong Ceramics very seriously!
Zhang Zidong is very straightforward,Explain profound theories in simple language,And also very humorous,The atmosphere is joyful。
Half an hour later,Is the question session。
Do you have something you don’t understand?,This can avoid problems in later operations。
This session lasted more than an hour,Even the old men who don’t know how to write a lot understand what it means!
Everyone is very excited,Understand that this is an opportunity to make a fortune。
I returned the phone bag to Zhang Qi,I already know the amount of each house,Everyone actually did their best,No reservations!
In fact, it’s normal to have reservations,Being able to actively help is a kind of heart,Commendable!
This favor,I will return in an affordable way!
Next is all kinds of registration and signing,Zhang Zidong was very patient and led the team to complete this task。
His team is really excellent,Each is a graduate of a key university,Serious and responsible,And the learning ability is particularly strong,The character is also very good!
Not to say,Highly educated people have high quality。
But relatively speaking,Certainly educated person,Quality will be better,There is no doubt about ability。
The most powerful is their learning ability and adaptability,I was able to rush across the single-plank bridge,It is already a proof of excellence!
I am looking forward to Zhang Zidong’s team,Is gradually improving。

however.The local girl said she brought several sunscreens,But can’t find it,Was stolen,Only one bottle left,Ran out of this bottle,It’s useless。Discuss with another rich girl,To spend money on her,Because the rich girl brought four,Just used one。Rich girls think,Local girls are pretty good,Not embarrassed to ask for money,Just say you want to use it,What’s not money。

On the same day, Bao Bao heard the girl next to her and she was very disdainful.,The local girl came up and stared at the rich girl with the most expensive sunscreen in the bedroom,That the local girl is a bitch,Fake and generous,Deliberately befriend that rich girl,Then use people to mediate things。
“.”Oubabao thought about his own sunscreen,She this,Not the most expensive?She specifically contracted a production line,According to her skin type and requirements,Raw materials from mother and brother,Made for her。From six digits,The cost is difficult to calculate,This is not the most expensive?
She asked the girl next to her,Sunscreen for the rich girl,how much?
“Over five hundred!!”Tucao girl said in a very admiring and amazed tone,“I grind my mother for a long time,Don’t buy it for me,I am only more than 200。”
Ou Baobao’s understanding of prices,Only limited to own products。But the products in her house are all high-end luxury goods,So she doesn’t know about this sunscreen of more than 500,What level is it。But five hundred is more expensive than two hundred,Yes yes。It seems that rich girls are indeed rich。
Nod in agreement,“rich,Really rich。”but,“How do you know that Renjie went with expensive sunscreen and rich money??How much does her own sunscreen cost??”
Ou Baobao this question,Pure curiosity。
But to be honest,She also had a disapproval in her heart。Regardless of what Renjie is running,Even if others see it,Don’t tell me?Nor can I say it in a superior tone。You can disagree with this behavior,But you can’t be noble just because you don’t agree,This mentality,Many people have,Baby Ou really feels,Some not so good。
Too much self-existence。
Baby Ou didn’t directly say,I think she said so bluntly,not too good。New university environment,Let’s narrow down the self first and then get familiar with the environment,It’s better to start college life,A smooth transition from adulthood to adulthood,Even into society,All necessary。Be cautious。But everyone is not friends after all,Not even familiar,She said it,Not very polite。But in her tone,unnoticed,Or disagree and worry,Bring a trace out。
Chapter Three Hundred and Seventy Mediocre
then,This spit girl is also sensitive,Just explode。She heard it disagree,And directly exaggerated it to become absolutely negative,The worry is not heard,or,It became something more negative.She just thinks Ou Baobao is ridiculing her behind saying bad people,Ridicule her for being a talkative。Because she always thinks Oubabao is so good-looking,tender,Is a super beautiful girl,Can be a super good friend,Did not expect,Baby Ou is such a bitter and mean person.

[Italy Baked Rice with Cheese]_ Tasty Practices _ How to Cook

[Italy Baked Rice with Cheese]_ Tasty Practices _ How to Cook

Italian food is still very much loved by Chinese diners in the country. Some of the pasta we often eat are particularly delicious. Today I will introduce a new kind of Italian food, risotto with cheese, risotto with cheese is classicFood, fragrant and soft, rich in ingredients, every bite has a new feeling.

So what is the method of risotto with cheese?

How can we make the most delicious risotto at home?

Let’s learn together.

Raw materials MSG, salt and other seasonings are available: bacon slice, beef slice curry sauce, black pepper, green pepper, carrot, purple cabbage, onion, crispy sausage, tomato sauce, sliced cheese, mashed potatoes or cooked potato piecesOne: production method one, one green pepper and one carrot, cut into small cubes and add them to hot water for about half a minute to remove, put them in cold water for a while and then set aside, take onion half and cut into pieces, purple cabbage three toFour slices of shreds are prepared for use. One slice of crispy sausages is used for spare 3. Add an appropriate amount of oil to the pan and heat it. After the oil is heated to 70%, put it in the onion shabu-shabu, then add green pepper grains, carrot grains, purple cabbage,Stir-fry the sausage slices, add salt, monosodium glutamate, tomato sauce, black pepper and stir-fry.

Tip: You can also change the tomato sauce to curry sauce or beef sauce according to your own taste. These sauces are always sold in the supermarket4. Pour in rice and stir-fry.

Add the right amount of rice according to the needs, stir-fry the rice loosely, stir-fry for about 5 minutes to make the rice taste 5 and put it in a microwave-dedicated bowl. First, evenly coat a layer of mashed potatoes. If there are bacon slices, spread it evenlyFinally, cover the cheese slices on the outside so that the cheese slices can completely cover the various materials underneath. 6 Put on a microwave oven and heat on high heat for 15 minutes.

This is a delicious cheese risotto.


Cheese baked rice method two methods: 1, steamed rice into a baking bowl.

2. Cut the spring bamboo shoots and carrots into small pieces. Other raw materials such as: shiitake mushrooms, bell peppers, garlic seedlings are cut into small pieces and put together with spring bamboo shoots and carrots. Use edible cooking oil, salt, cooking wine, pepper oil, southern milk, beef flour andKorean hot sauce (I love this recently) and mix well on rice.

3. Cut the diced cheese into small cubes, shred the mozzarella cheese on the dish, preheat it in the oven, and bake at 200 degrees for 20 minutes.

Three: Chicken and Cheese Baked Rice Three ways: 1. Cook the rice and let it cool.

Shred chicken, add black pepper, and soy sauce to taste.

2. Cut green pepper strips, cut tomatoes into cubes, and slice onions into spares.

Bright Original Milk Chips tear small pieces, mozzarella cheese is shredded and set aside.

3, the pot is hot and floury, add green beans, onion and stir-fry slightly, add rice and stir-fry, adjust the salt, and then add chicken and mix well.

Transfer to baking sheet and spread well.

4. Spread green peppers and tomatoes evenly and sprinkle light cheese and mozzarella cheese.

180 degrees, grill until the cheese turns yellow, and the chicken is cooked through.

4: American Bacon and Cheese Baked Rice Method 4[Raw materials / seasoning]2 bowls of white rice, 1/4 onion, 100g of bacon, garlic filling, 20g of green bean kernels, 150CC of fresh cream, 20g of Mazda cheese, olive oil 2 tablespoons, seasoned with salt, pepper, 30 grams of Parmesan cheese powder[production process](1) cut the onion and bacon into small cubes for later use.

(2) Heat the olive oil in a pan, stir-fry the garlic and diced onion, then add the bacon diced, fry for about 2 minutes and add the fresh cream and green beans.

(3) Season with salt, pepper and Parmesan cheese powder. Add the rice after stir-fry and mix well.

(4) Put the mixed rice in a baking dish, cover it with a zipper, place it in an oven preheated to 180 ° C, and bake for about 10 minutes.

Yixintang (002727): The impact of the practising pharmacist drags the current performance of H2 and gradually recovers

Yixintang (002727): The impact of the practising pharmacist drags the 南京夜网 current performance of H2 and gradually recovers

The event company released the semi-annual report for 2019. In the first half of 2019, the company realized operating income, and the net profit attributable to the parent and the net profit after deduction were 50.

6 billion, 3.

3.7 billion and 3.

3.5 billion, an increase of 17 each year.

90%, 15.

31% and 15.

09%, achieving a profit of 0.

59 yuan, 0 for any operating cash flow.

53 yuan, lower than our democratic expectations.

  A brief comment on Q2 was affected by the additional influence of licensed pharmacists, which dragged down the current performance. Q2 achieved a single quarter of operating income.

72 ppm, an increase of 17 in ten years.

00%, net profit attributable to mother 1.

62 ppm, an increase of 0 in ten years.

48%, deducting non-net 杭州桑拿 profit1.

6.2 billion, an annual increase of 2.


The growth rate of net profit attributable to mothers in 19H1 was 15.

31%, a compound growth rate of the company’s attributable net profit from 2014 to 2018 of 15.

09% match.

Q2 single-year return to mother net profit for ten years.

The 48% increase was mainly due to: 1) Q2’s strict inspection of licensed pharmacists brought about an increase in the labor cost of licensed pharmacists and sales of some prescription drugs; 2) Increased promotional efforts resulted in lower gross profit margins, higher sales expenses, and lower net interest rates.

At present, the Yunnan Province long-distance review party policy has been officially implemented on August 5. The problem of reducing the number of licensed pharmacists in memory stores in the province has basically been alleviated, and Q3 is expected to usher in recovery.

  Licensed pharmacists limit Q2 store expansion, and the scale outside the province continues to expand. Due to the decrease in the number of licensed pharmacists, which limits the company’s self-built store expansion speed, Q2 saw a net increase of 124 stores in a single quarter.

In the first half of 2019, the company built 457 stores by itself, closed 27 stores considering profitability, and relocated 59 stores to optimize its layout. The total number of stores was reduced by 86, and the total number of stores increased by 371, of which 188 in Yunnan increased by 188, and Sichuan and Chongqing increased.There was a net increase of 83, a net increase of 40 in Guangxi, a net increase of 17 in Hainan, a net increase of 24 in Shanxi, a net increase of 16 in Guizhou, a net increase of 3 in Henan, and a total of 6,129 stores.

The proportion of stores outside the province further increased to 38.

86%, the pattern outside the province continued to expand.

  Three-dimensional expansion layout. When the county and township stores have the best operating efficiency, the company adopts a relatively three-dimensional development approach when setting up its stores. It has opened stores in the provincial capital, cities, counties, and townships.

As of the end of June 2019, the company has more than 1,000 market stores in the four types of provincial capital, prefecture-level, county-level, and township levels, forming a unique city-county-country integrated development pattern.

Provincial capital and prefecture-level stores form a central radiation from the dimensions of brand, goods, services, logistics, etc., and play a guiding role in the consumption of the county market population, which is more conducive to the establishment of competitive barriers and cost advantages at all levels of the market.

In the future, through the sink of the pharmaceutical retail industry channel and the wave of urbanization of the rural population, the market will be concentrated in third- and fourth-tier cities and county markets. The company’s three-dimensional layout has huge market potential.

  Promotions led to a decline in gross profit margin, Q2 single-quarter sales expense ratio increased, cash flow improved, and the remaining financial indicators were basically normal. In the first half of 2019, the company’s gross profit margin reached 38.

79%, a decrease of 3 per year.

03 single, mainly due to the increase in price reduction promotions; Q2 single season sales expenses reset 27.

76%, a quarter-on-quarter increase of 2 from the first quarter.

With 21 averages, H1’s overall selling expense ratio is basically stable at 26.


Management expenses 3.

69%, an increase of 0 every year.21 units, the management costs are basically stable.

The financial expense ratio reaches zero.

16%, a decline of 0 every year.

4 units.

  Accounts receivable decreased by 11 each year.

05%, bills receivable fall by 64 every year.

48%, mainly due to strengthened communication with the Medical Insurance Bureau, medical insurance returns are better; the net cash flow from operating activities increased by 570 per year.

70%, mainly due to the increase in the amount of medical insurance payments each year.

The remaining financial indicators are basically normal.

  Earnings forecast and investment rating We have lowered our earnings forecast. It is estimated that the company’s operating income for 2019-2021 will be 107.

3.6 billion, 128.

8.7 billion and 155.

6.6 billion, net profit attributable to mothers was 6.

0.9 million yuan, 7.

4 billion and 9.

00 ppm, an increase of 17 each year.

0%, 21.

5% and 21.

6% (Originally expected to return to the mother’s net profit was 6 respectively.

44 billion, 7.

92 billion, 9.

5.9 billion, corresponding to a growth rate of 24%, 23%, 21%), equivalent to EPS of 1.

07 yuan / share, 1.

30 yuan / share and 1.

59 yuan / share, corresponding to an estimated 24.

8X, 20.

5X and 16.

8x, maintain BUY rating.

  Risk analysis Medical insurance policies are becoming stricter; store expansion progress is expected to exceed expectations; store profitability is declining; prescription outflow progress is gradually expected;

[How to make small mushroom heads]_Homely practices for small mushroom heads_How to make small mushroom heads_How to make small mushroom heads

[How to make small mushroom heads]_Homely practices for small mushroom heads_How to make small mushroom heads_How to make small mushroom heads

The little mushroom head is a homemade dish suitable for all ages. The method of this dish is very simple and the nutritional value of the ingredients is extremely high.

With white dry rice, the taste can reach the ultimate delicious.

When cooking this dish, just pay attention to the size of the heat. After the pan is out, the replacement color and aroma will be more complete.

1. Prepare the ingredients 2. Wash the mushrooms to remove the roots. The roots that have not been cleaned can be dug with a small spoon.

3, I choose a small sausage, two paragraphs can be everything.

4. Sausage cuts cross flowers.

Cut a few more cross flowers.

5. Cut the cross-shaped sausage on the mushroom.

6, put the steamer, steam for eight minutes, the sausage blooms 7, you can steam it out.

8. Put oil in the pan. Add some salt, chicken essence and starch to the soup. Add a few drops of sesame oil before leaving the pan.

Sprinkle with green onions.

Gourmet will have a certain impact on people’s taste buds. Little mushroom head is a successful dish that can stimulate people’s taste buds. It is better to drink soup after eating.

Institutions admire exhaustive research and follow development progress

Institutions admire exhaustive research and follow development progress

Original title: Institutional promotion of drastic research on the progress of R & D landing of listed companies on the science and technology board. The trainee reporter Guo Jichuan of the newspaper replaced the end of the semi-annual report of listed companies.Broadcom’s performance has maintained a momentum of growth, and institutions have also begun research on the company.

  So, for listed companies on the science and technology board, in which areas does the institution change its focus during the research process?

Have you made different research arrangements for the nature of listed companies on the science and technology board?

  Northeast Securities Research Director Fu Lichun said in an interview with the Securities Daily that, because the listed companies on the science and technology board are unique in various industries or have relevant technical advantages, in the discovery process, in addition to the basic operating conditionsThe main direction of the collection of information such as main income must be the core of research and development.

Because from the company’s prospectus and other materials, understanding the company’s core technical strength is relatively one-sided, the research of listed companies on the science and technology board must be exhausted in order to obtain good research results feedback.

  ”In addition to communicating with the company’s executives, and with the company’s middle level, ordinary employees will also conduct multi-angle communication, especially the changes before and after the company goes public, etc., you can see the company’s overall mental outlook.

Fu Lichun said that if he participates in the research activities of listed companies on the science and technology board, he will definitely visit the company’s scientific research center to understand what projects the company is researching and the progress of the project’s research and development.

“In this way, we can make a correct judgment on the strength of R & D and the sustainability of R & D.

And to go to the factory to inspect the application of scientific research technology, and understand whether the company’s core R & D technology is the key technical advantage of the main product. These can only have an intuitive feeling if they really go deep into the enterprise.

Regarding the evaluation of scientific and technological innovation capabilities of science and technology board enterprises, the Shanghai Stock Exchange recommends the listing of science and technology board enterprises, which are also referred to as six key issues, including “whether master the core technology of independent intellectual property rights,Whether the core technology has clear ownership, whether it is domestically or internationally leading, whether it is mature or there is a risk of rapid iteration. ”

  Some investment bankers told the Securities Daily reporter that the research directions for listed companies on the science and technology board are mainly scientific and technological innovation capabilities and R & D landings. These contents often require field inspections of companies before they can make a certain judgment.

  ”Many companies have hundreds of patents, but how many of them are core technology patents?

This requires us to understand the hard-core capabilities of enterprise technology in field investigations.

“The above investment bankers said,” Most of the listed companies on the science and technology board are in the stage of high-speed development and product technology conversion. We also need to focus on the company’s follow-up product echelon construction in the research, evaluate the company’s existing products and future listed products.Whether it can support the enterprise’s estimation and future growth scale.

“Xu Yang, Chairman of Shanghai Maiko Rongrong Information Consulting Co., Ltd. believes that the Science and Technology Innovation Board has become a cradle for the rapid growth of high-tech companies, promote the rapid development of emerging high-tech technologies, and provide financial support for outstanding growing companies, but companies must not blindly impulsively investHow to make good use of these funds and how to plan his own capital expenditures and long-term arrangements are the main points of his concern.

  He said that in the process of researching listed companies on the science and technology board, the company’s research and development costs and subsequent operating costs will be discussed with the executives of listed companies. The focus of the research will be on the status of the products, the mastery of the core technology, andFollow-up development of quality.

  The science and technology innovation board and other sectors are a differentiated development state, which mainly targets high-tech innovative companies included in the target strategic emerging industry planning, as well as new types of industries that have emerged as economic transformation and industry changes continue to emerge.New industries 厦门夜网 often have the characteristics of rapid development, complicated property rights structure and uncertain profitability.

  As the Science and Technology Innovation Board is expected to fill the shortcomings of capital market services and technological innovation, it is an incremental reform of the capital market, resulting in a relatively sound differentiation arrangement in terms of profitability and equity structure.

Fu Lichun said that during the investigation, the company’s shareholder structure and financial status were restructured to carry out targeted investigation planning.

“Because the specific situation of different companies may be quite different, the findings of some companies cannot be modeled as in the past, especially since many companies have not yet carried out research, so the previous discovery task will be heavier and the research publishedReports must be accountable to investors.

Dongfang Yuhong (002271): Growing at the Right Time

Dongfang Yuhong (002271): Growing at the Right Time

Description of the event Dongfang Yuhong issued an announcement that some directors and senior management of the company plan to reduce their holdings of the company’s shares by no more 北京夜生活网 than 10.16 million shares in a manner permitted by the China Securities Regulatory Commission and Shenzhen Stock Exchange (including block transactions, centralized bidding and agreement transfers) (0% of the company’s total share capital.


Comment on the event The reduction of shares is due to some directors and senior executives’ personal funding requirements. Most directors and executives have announced plans to reduce the company’s shareholding again.

Some of the directors, senior executives, etc. of this reduction are due to personal funding requirements, especially the need to pay for the taxes and fees required to distribute incentives.

Other executives such as chairman Li Weiguo, directors Xiang Jinming, Yang Haocheng, Zhang Ying, Zhang Zhiping, and chief engineer Wang Xin did not announce plans to reduce 杭州桑拿 the company’s shares.

The cutting-edge concentration trend of the waterproof material industry is obvious, and Oriental Yuhong is still growing.

After 2016, the national standard products of the waterproof material industry have ushered in a period of rapid growth, the industry concentration has accelerated, and the leading revenue has grown significantly faster than the industry.

Dongfang Yuhong has the advantages of cost, brand, and multi-regional layout. It will fully benefit from the increasing concentration of the industry, leading to growth. Considering only 10% of the current market share, revenue still has room to double.

Real estate sales exceeded expectations and the overall credit environment improved significantly.

As the real estate transaction data in first- and second-tier cities in March surpassed expectations, pessimistic expectations for real estate sales this year were gradually repaired, and infrastructure may contribute new demand increases.

In addition, the overall credit environment this year has improved significantly compared with last year. Oriental Rain Iris benefits from a cyclical upward trend due to its strong β attribute, and its market share has increased rapidly due to the risk of rising raw material prices. It is expected that the company’s revenue and profits will increase this year.Both are over 25% and have alpha properties.

Investment suggestion: The current downstream demand has reached a certain level, and the infrastructure business has contributed new marginal increases. Considering the large optimization space of the waterproof material industry (national standard instead of non-standard, waterproof standard improvement, etc.), the share of leading cities in the future is expected to continue to increase.
It is expected to achieve EPS1 in 2019-2021.

31, 1.

71, 2.

25 yuan, corresponding to PE is 13, 13, 10 times, maintain BUY rating.

Risk Warning: 1.

Downstream demand has increased significantly, and raw material prices have risen sharply; 2.

Accounts receivable risk.

Hengli Petrochemical (600346) Semi-annual Report Review: Interim Report Exceeds Expectation of Refining & Chemical Production and PTA’s High Profit in the Second Quarter

Hengli Petrochemical (600346) Semi-annual Report Review: 成都桑拿网 Interim Report Exceeds Expectation of Refining & Chemical Production and PTA’s High Profit in the Second Quarter

The company announced its 2019 interim results and reported that the combined company realized operating income of 423.

33 ppm, an increase of 60 per year.

0%; net profit 40.

21 trillion, a sharp increase of 113 in ten years.

6%, 4 of them in the first quarter.

8 billion, 35 in the second quarter.

5.1 billion.

The company’s profit in the second quarter was very bright for two reasons: 1) The increase in the 2000 / year integration of the refining and chemical integration project put into operation, and the report can generate Hengli Refining (refining and chemical business) to achieve net profit.

61 ppm; 2) In the second quarter, PX price profit fell, PTA connectivity was high, and Hengli Petrochemical (PTA business) achieved net profit18.

2.9 billion.

The refining and chemical production, large performance increase report predicts that the company has successfully completed the full operation of the refining and chemical integration project in 2000 / year, and achieved 227 chemical product output.

98 cobalt, 45 refined oil.

24 For the first time, and completed the sales work equally well, the production and sales ratio of chemical products and oil products all reached more than 99%, contributing a net profit of 13.

6.1 billion.

In terms of product structure, the reported output of chemical products far exceeds that of oil products. At the beginning of the project, due to factors such as commissioning of various units and ramp-up of production capacity, there are certain differences from the project design product plan. It is expected that the operation of the refinery will gradually stabilize.The Oil Products / Chemicals Ratio Association is gradually moving towards design solutions.

PTA had high production and sales in the first quarter and 19H1 in the second quarter. Hengli Petrochemical (PTA) achieved a net profit of 18.

29 trillion, far higher than the level of 18H1 / H2, the report actually realized 292 tons of PTA sales (Q1 / Q2 achieved PTA sales of 165/127 tons, respectively), the net profit of production of PTA tons was 626 yuan; in terms of spread (PTA-0.

65PX) Q1 / Q2 are 840/1273 yuan / ton respectively. The company achieved more PTA production and sales in the first quarter, but the profit in the second quarter was much higher than the first quarter.

The benefits of polyester and film business were affected by the upstream extrusion company’s full-caliber sales volume of 128.

8 Initially, Hengli Chemical Fiber achieved 114 sales of civilian filament + industrial filament + polyester chips.

4 samples, net profit 6.

5.4 billion yuan, with an estimated net profit of about 572 yuan / ton; Yingkou Kanghui Petrochemical achieved sales of engineering plastics + polyester films for a total of 14.

36 cobalt, net profit 0.

3 billion, the report predicts that PTA will generate more strength, which will inevitably form a certain squeeze on the downstream.

Ethylene, PTA, polyester new materials and other new production capacity started. The subsequent growth was terminated. On June 30, the 150 euro / year ethylene project has accumulated 18 investments.

900 million, accounting for 8% of the total investment.

57%, is expected to be completed and put into operation in the fourth quarter of 19; Hengli PTA-4 project and PTA-5 project are progressing in sync, and entered the peak period of equipment installation, until June 30 respectively invested 8.


2 billion, accounting for 29% of the total investment.

28% / 11.

21%; gradual investment in new polyester material projects15.

400 million, accounting for 12 of the total investment.

53%, opening up subsequent growth space.

Company profit forecast, estimation and investment rating report The company has achieved a net profit of 40%.

21 trillion, surpassed the outstanding performance answer sheet, we will forecast 19/20/21 net profit from 68.



8 million up to 82.6/109.


90,000 yuan, currently corresponding to 19/20/21 year PE10.



5x, maintain “Buy” rating.

Risk Warning: Refining and Chemicals, Polyester Profits Decline, Ethylene / PTA Project Progress Is Less Than Expected, etc.