Hangmin (600987): Industry production speeds up, leading companies are clear

Hangmin (600987): Industry production speeds up, leading companies are clear
Key points of investment: Recently, safety accidents in the chemical industry have occurred frequently. From the explosion in Xiangshui, the explosion in Kunshan, the explosion in Ma’anshan to the explosion in Taixing, which triggered the price of m-phenylamine and disperse dyes.The raw materials in the printing and dyeing industry are mainly dyes, and raw materials such as dyes + auxiliaries account for about 20%.But for competitive leading companies, they can pass on costs to maintain gross margins.From the company’s historical data, the year when fuel prices increased significantly, the company’s profitability improved.After the incident, as of 4 months, the company has raised the price of its products twice, and the price increase of dyes will benefit the company’s gross profit in the short term. The industry’s supply-side reforms have led to the elimination of low- and medium-end production capacity. At the same time, environmental protection policies have become more stringent. The introduction of environmental protection laws has also driven the cost of the industry to accelerate the clearing of industry capacity.64 printing and dyeing companies in Keqiao printing and dyeing companies were shut down, and more than 100 printing and dyeing companies were rectified rigidly, and their production increased.Hangzhou Xiaoshan District has launched a shutdown and relocation plan in 2017, and plans to reduce more than 40 printing and dyeing companies to 19 in 2021.At the same time, the cost of environmental protection has increased and the scale of printing and dyeing companies has expanded. Some continuous companies have to withdraw from the market.On January 11, 2018, the number of printing and dyeing companies surpassed 322, and the number of companies became 18.78%, an increase of 3.7 units.Accelerated liquidation of industry capacity will benefit leading companies with scale effects, strong comprehensive management capabilities and better profitability. In 2018, the company merged with Hangmin Baitai to realize the dual main business of “fabric printing and dyeing + gold jewelry”.Hangmin Baitai is a leading company in the domestic gold jewellery industry. It has long established gold jewellery processing services for old temple gold, Lao Fengxiang, Ming jewellery, and mancaron. It currently has an annual production capacity of 80 tons of gold jewelry.The volume of gold jewelry processing ranks first in East China and third in the country.Looking at the industry in the future, per capita consumption of gold jewelry in developing countries will 佛山桑拿网 still decrease. In 2016, the per capita consumption of gold and jewellery in the mainland area was only about 54 US dollars, which was far lower than the American average of 306.70 dollars, 180 in Japan.The overall level of the world such as 20 US dollars, there is still room for potential growth in the industry in the future.Hangmin Baitai’s committed net profit in 2018, 2019 and 2020 is not less than 72 million yuan, 85 million yuan and 102 million yuan respectively, which is equivalent to 10 net profit attributable to mothers in 2018.88%, 12.84%, 15.41%. Risks revealed: domestic apparel retail, apparel export growth rate improved, textile and apparel production capacity continued to shift to Southeast Asia; environmental protection and energy saving requirements further increased; raw material price risk; brand building 无锡夜网论坛 was less than expected.

Daqin Railway (601006) Operation data review for March 2019: Daily traffic returns to high levels. Coal ports move south or variables exist

Daqin Railway (601006) Operation data review for March 2019: Daily traffic returns to high levels. Coal ports move south or variables exist

Core point of view The average daily traffic volume of the Daqin Line in March returned to the high of 125 indicators. Considering the impact of spring maintenance and high power plant inventory, 北京桑拿洗浴保健 the daily traffic volume of the Daqin Line in April is expected to be about 105.

The relocation or suspension of Qin Gang will help reduce the impact of diversion if it is true.

Tax and fee reductions are expected to have limited impact, benefiting from the reorganization of the Daqin Line or continuing to maintain full load.

  Daily shipments returned to 125 attachments in March, and shipments in Q1 2019 decreased slightly by 3.

7% remained high.

In March 2019, the company’s core asset Daqin Line completed a freight volume of 3885 to reduce at least 0.


The average daily volume is 125.

In March, it basically met our previous expectations.

Daqing-Qin Line in 2019Q1 has gradually completed freight volume1.

100 million tons, a reduction of 3 per year.

At 7%, the daily growth rate of 122% is still high.

  Affected by spring maintenance and high power plant inventory, the average daily traffic in April is about 105.

As of March 31, the average daily coal consumption of the six major power generation groups was 66.

In the initial period, it increased by 35 compared with February.

1%; The coal inventory of the six major power generation groups was 1571, a decrease of 8 from February.

1%; Qingang coal inventory is 640 tons, a month-on-month increase of 17.


As of April 8, before the inventory of the six major power generation groups and Qingang coal was adjusted to 1552, 642, the Daqin line entered April for a spring maintenance period of about 25 days on April 7.
4 hours, or 10 daily shipments?
20 mm), considering the impact of maintenance and high factory inventory, the daily shipment volume of the Daqin line in April or 105 mm.

  The coal port moved south, and Qin Port was relocated or stopped.

According to the Erdos Coal Network report, Deputy Minister of Transport He Jianzhong stated at the port meeting that he explicitly opposed the Hebei Province’s approach to Qin Port relocation and coal transfer. If it is true, coal ports will move south or there will be variables.

According to reports, He Jianzhong pointed out that Qin Port as a coal transportation function is a national strategy, and it is required to continue to play an important role as the main coal hub port.

We predict that if the relocation is implemented, the net profit of the company will decrease by 75 million for each 1000-minute diversion of Qingang to Caofeidian Port.

If the coal port moves south, the suspension will help reduce the company’s diversion impact.

At the same time, the acquisition of Tanggang Railway improves the collection and distribution system itself and independence, and may contribute equity in 20193.

5 billion.

  Reduce fees or affect company income.

About 3%, is expected to benefit from accelerated marketization.

During the two sessions, China Railway always stated that the railway promoted tax reduction and fee reduction, and the extension was changed from 10% to 9%. The freight rate of railway freight subsequently decreased and passed to the downstream of the industrial chain in equal amounts.

In addition, starting from April 1, the railway canceled dump truck operation services and reduced 10 miscellaneous fees such as deferred occupancy fees for trucks. It is expected that the cancellation or reduction of some miscellaneous fees will affect the company’s revenue1.


500 million, accounting for 0 of 2018 forecast revenue.

About 3%.

The government work report pointed out that the reform of monopoly fields such as railways will be deepened, and competitive businesses will be fully introduced to the market.
The marketization of railway transportation enterprises is accelerating. In the future, the operation mechanism of the Daqin Railway will be more flexible, and there is room for penetration in cost optimization.

  Risk factors: The demand for thermal coal is less than expected, the imported coal exceeds expectations, and railway reforms are below expectations.

  Earnings forecasts, estimates and investment ratings.

The average daily traffic volume in March was 125.
3 Preliminary, basically in line with expectations.

Considering the impact of maintenance and high power plant inventory, the daily transportation volume of the Daqin Line in April or 105 inches.

We maintain our net profit forecast for 2018-2020 of 145.

200 million / 146.

700 million / 147.

50,000 yuan, the corresponding EPS is 0.



91 yuan.

If the coal port moves to the south and stops, the first channel of the West Coal to East Transport may have an advantage or strengthen.

The beneficiary structure is improved or maintained at full capacity, and the attractiveness of high yield is enhanced.

Maintain “Buy” rating.

Zhongzhi Shares (600038) 2018 Annual Report Comments: Steady Growth in Revenue, New Models Gradually Deliver

Zhongzhi Shares (600038) 2018 Annual Report Comments: Steady Growth in Revenue, New Models Gradually Deliver

The company achieved EPS 0 in 2018.

87 yuan, steady revenue growth, new models are expected to be delivered in batches.

Considering that the company’s product delivery rhythm is slightly lower than our expectation, we accordingly lower the company’s EPS forecast for 2019/20 to 0.


14 yuan (previous forecast was 1.)


33 yuan), giving the company an EPS forecast for 2021.

31 yuan.

Taking into account the company’s industry category and the performance flexibility brought about by the future batch production of new models, we maintain a “Buy” rating with a target price of 55 yuan.

Revenue has grown steadily, and new models are expected to begin mass production.

The company achieved revenue of 130 in 2018.

660,000 yuan (ten years + 8).

44%), net profit attributable to mother 5.

100,000 yuan (ten years +12.

07%) to achieve EPS 0.

87 yuan.

The report summarizes that the company’s gross profit margin has decreased due to rising costs of raw materials and accessories.

41pcts, but due to factors such as research and development expenses, financial expenses, and a significant reduction in asset impairment losses, the growth rate of net profit attributable to mothers is higher than the growth rate of revenues.

Due to the completion of some R & D projects, the company’s R & D expenses decreased by 25% year-on-year.

14%, or indicates that the new models developed by the follow-up company are expected to start mass production.

The revenue and profit maximization of the Harbin branch may indicate that the new model has begun small-scale delivery.

The report states that the Harbin branch (Straight 9, Straight 19, Y12, EC120, etc.) achieved revenue 44.

900 million (+ 31%), with a total profit of 1.

At 22 ppm (previously + 67%), we expect the new model to have a relatively high standalone value and gross profit margin. The increase in net profit of the Harbin branch may indicate that new models have begun small-scale delivery.

Jingdezhen branch (straight 8, straight 10, straight 11, AC series, etc.) achieved revenue of 84.

690,000 yuan (ten years +0.

6%), total profit 4.

810,000 yuan (ten years +7.


With the upgrade of our army’s weapons and equipment and the expansion of the Army Air Force, it is expected that armed helicopters will remain the focus of development in the next 3-5 years.Maintain steady growth.

We estimate that the demand gap of the Zhi-20 is about 1,000. If the Zhi-20 is to be mass-produced in the future, it will bring breakthrough elasticity to the company.

The potential of the general aviation market is expected to fully benefit the company.

At present, the number of general aircraft is less than 3,000, and helicopters account for about 32 in general aircraft.

5%, if this ratio is maintained, by 2020, the number of Chinese helicopters will exceed 1,630.

According to incomplete statistics, in the long term, nearly 1,000 general aviation airports are being gradually classified and classified, providing a hardware foundation for the development of general aviation.

The company has AC311, AC312, AC352, Yun 12 and other star universal aircraft models, and has the ability to customize, and is expected to benefit from the huge market space brought by the development of navigation.

The reform of the group has been advanced initially, and the injection of helicopter assembly assets is worth looking forward to.

The holding and management rights of Zhongzhi Co., Ltd. are in AVIC Technology and Helicopter Company, and AVIC Group’s compression serial port level, “focus on the main business, slimming down”. The group’s merger helicopter segment is expected to be reformed.As the Aviation Industry Group became a pilot project of a state-owned capital investment company, its subsidiaries were restructured, and capital operations progressed faster. As a listed platform of the subsidiary helicopter group of the group, the company will develop and integrate military helicopter assembly assets under the group in the future, which will increase the company’s performance and enhance core competition.Lili.

Risk factors: The demand for military helicopters does not fully manifest in the short term; the growth rate of military expenditures decreases rapidly and significantly; major problems in the use of the model cause procurement and suspension; the delivery of the model is delayed; the uncertainty of asset operation, etc.

Investment suggestion: Considering that the company’s product delivery rhythm is slightly lower than our expectations, we accordingly lower the company’s 2019/20 EPS forecast to 0.


14 yuan (previous forecast was 1.)


33 yuan), giving the company an EPS forecast for 2021.

31 yuan.

The current price is 45.

75 yuan, corresponding to 46/40/35 times of PE in 20杭州桑拿19/20/21 respectively.

Taking into account the company’s industry level and the performance flexibility brought by the future batch production of new models, we maintain a “Buy” rating with a target price of 55 yuan (corresponding to 2 times the PS valuation in 2019).

Separate the moisture before it is wet and humid

Separate the moisture before it is wet and humid

In the theory of Chinese medicine, moisture is actually a fairly broad concept.

According to the different causes of moisture, the occurrence of different performance, Chinese medicine has distinguished the two categories of wet heat and wetness.

In the process of dampness, if you want to have a significant effect, you must aim for dampness to achieve a good dampness effect.

What is the difference between hot and humid?

The initial internal wetness caused by wet cold is mostly caused by spleen deficiency. The spleen deficiency is mainly caused by improper diet, cold drink, over-eating watermelon and other cool fruits and vegetables, stimulating the spleen and stomach, resulting in impaired spleen transport water wet function, internal wet deposition.The external invasion caused the wet and cold summer to look forward to the air-conditioned room, and did not open the window often, the air did not circulate, the cold air invaded the human body, the rain, the cold shower caused the wet cold is also the same principle.

The main performance of wet cold.

The tongue is white and thick, slippery and scalloped, and the mouth is sticky and sweet, and may be accompanied by bad breath and mouth ulcers;

His face is white, blue, dark or black, cool color;

Fear of cold and cold, cold hands and feet, cold when cold; 4.

The stool is soft and not formed, the urine is short or turbid, and the leucorrhea increases but is thin.

Conditioning method for wet cold 1.

Eat less cold foods, such as watermelons; eat more warm and damp foods, such as sweet-scented osmanthus, lentils, dried tangerine peel, etc.;

Pay attention to avoid the invasion of external cold evil. In winter, people should keep the shoes and socks warm and dry, and often wash the sun. Usually, they should move more to promote blood circulation in the feet.

Wash your feet with hot water before going to sleep, and massage your feet with Yongquan for 5 minutes.

In the summer, you should get rid of the bad habit of chilling and cold water, and avoid eating cold drinks, ice cream or melons.

Do not adjust the temperature of the air conditioner too low, about 26 degrees, you can always keep a thin coat to keep warm, and open the window to ventilate.

3, perfect use of ginger: ginger is always a condiment, there is irreplaceable medical value.

Frequently drinking some hot ginger tea can force the body’s moisture out, and after the body sweats, the symptoms will be alleviated.

Internal internal causes of damp heat Cause improper diarrhea caused by improper diet. In summer, people like to eat barbecue, drink some beer, it is hot, easy to promote damp heat problems, greasy food does not digest, spleen and stomach digestive function stagnates, swell.

The external environmental factors are high in summer, the heat is hot, especially in the south, and people are prone to irritability, causing liver qi stagnation and eventually hot and humid deposition.

There are also staying up late, stress and so on can also lead to damp heat.

The main symptoms of damp heat are 1.

Yellow greasy tongue coating, rough and scalloped, bitter in the mouth, dry, with bad breath;

The face is dark yellow, greasy, easy to grow acne, acne, etc.;

The whole body is sticky, the hands and feet are prone to sweating, fear of heat, and body odor;

The stool is soft and sticky, or constipation, yellow urine, a feeling of fever, leucorrhea, yellow color, and large odor.

Wet heat conditioning method 1.

Eat less sweets, drinks, greasy, spicy, alcohol and other foods, so as not to increase the burden on the spleen and stomach, leading to hot and humid deposition.


Eat more damp, hot food, such as: red beans, mung beans, melon, loofah and so on.


Drink glutinous rice soup, glutinous rice, can cure dampness, diuretic swelling, phlegm and spleen effect.

  In fact, we can usually judge whether we are hot or humid by some symptoms of our own symptoms. It is recommended that we should go to the Chinese medicine hospital for treatment.

Newcomers in the workplace can be frivolous and frivolous

Newcomers in the workplace can be frivolous and frivolous

The company has arranged a number of interviews in the near future, recruiting the personnel required for the relevant positions, and I am responsible for receiving and arranging the interviews for the candidates.

A few things have been tried, and there have been many people, all kinds of people, sometimes wearing a little doorway, the quality, temperament, connotation of a person, sometimes only from the small movements of the applicants and the attitude of the interview can be seen today,The applicant has come to such a person who once opened my eyes. This man is a graduate of the Chinese Department of Wuhan University in 2009. The information is written in a bachelor’s degree in literature with a bachelor’s degree.

It stands to reason that people born in 1986 have entered the society for a year. The mentality should be relatively calm and mature, but the performance of this candidate is very different from what I imagined.

  The interview plan started at 9:00, but he was late at around 9:40. After he came back, he filled out the application form and saw four or five people waiting for the interview. He said impatiently, “There are so many more.People,” To be honest, on such occasions, I was the first to hear someone say such a simple question.

In any case, the general company interviews will be relatively concentrated, so it is inevitable that many people will wait for the queue. This is common sense. Even if there is repetition, it can be put in the heart, but it is impolite to say it in public.statement.

  Even more people are still behind the glasses. After seeing the interviewer, the candidates asked for a test. The questions are actually very simple. They are talking about their personal career plans, talking about the industry, and some aboutThe question of professional knowledge is not very difficult to answer. It is such a simple test question. What I see is a full-fledged answer sheet. I only see a string of Arabic numerals written on the answer sheet that I don’t know.A few clear words: those flowers, flying.

  Answer the answer and interview the interviewer. After reading it, hand over the answer sheet to me and say, “When it is environmentally friendly paper,” then hand me the resume, “Do it as a green paper”, and take the resume and see it in the comments column.The baseball word “The heart is taller than the sky, and the life is like a thin paper.”

  It seems that during the interview process, the applicant’s attitude or practice is as skeptical and arrogant as his answer sheet.

In fact, the workplace also needs innovation and breakthrough, but the breakthrough we want is not such a meaningless approach. What you want is that your display of the self-expression of your work is an understanding of life. This frivolous attitude is in progress.The depreciation of the self is also a great disrespect for the company.

If you think that the temple is big and you can’t tolerate your true Buddha, you don’t have to take the time to answer. You can continue to use effective time to seek other opportunities. Otherwise, it is not only the time of both parties but also the intangible increase.The cost of the recruitment process.

  Young is really good, can be frivolous, can be publicized, can play their own ideas, can express their different side, this is what the employer needs, but if such frivolity does not converge and pay attention to the way, then only onePeople’s attitude towards life is random and correct.

  People can be frivolous and frivolous in the workplace. They used to be free to do whatever they want, but they entered the society and stepped into the workplace. Every moment, every place is worth learning and summing up experience. Facing every company that has been to,Everyone who comes into contact, they are your best teachers, even if you can’t look at your eyes, even if you feel that the company you are interviewing is very small and can’t hold you, then you will walk away silently.

If you deliberately express your own injustice, then you can only show that your heart is too high, or that your mentality is not good enough, then you will only make yourself passive and repeated, and then the society will be despised.

Be wary of post-holiday syndrome relaxation lazy 1 week aggravation procrastination

Be wary of post-holiday syndrome relaxation lazy 1 week aggravation procrastination


Enough entertainment, long-distance travel, overeating, irregular life rules, during the holiday period, this indulgence but irregular life may be the normal state of life for many people.

From today, the long holiday officially ended, and life switched from vacation mode to work mode.

Doctors suggest that office workers want to reduce the “post-holiday syndrome” and quickly enter the work, through self-regulation, about two or three days to complete this transformation.

During this time, you can do more exercise and listen to music.

In terms of diet, it is mainly based on lightness.

Case 1: The house is suffering from a “mouse hand” at home. “The golden week is full of people, and it is still not going to follow everyone’s fun.”

“After considering the long vacation travel crowd, 85 after a technology company IT men’s small week decided that these 7 days home.

According to Xiao Zhou’s plan, 7 days to eat with friends, about a few friends playing basketball every day, and then watching a few good movies, it should be very comfortable.

In fact, on the first day of the holiday, the planned plan was completely vetoed by myself.

Get up the first thing every day, turn on your computer, play games.

Hungry, called takeaway.

Thirsty, buy bottled water. This day lasted until the fifth day, Xiao Zhou found that his bag of garbage went downstairs, and his hands were not strong.

Opinion: Xiao Zhou came to the hospital, the doctor told Xiao Zhou that he had the legendary “mouse hand”.

The “mouse hand” is medically called “repetitive stress damage” due to repeated operation of the computer keyboard and mouse, and the wrist is in a state in which it cannot be naturally pressed.

The doctor said that it is easy to get a holiday sick without going out. These two days, there are many college students and urban white-collar workers. Because of the long-term ‘home’ at home, they can go online and play games, causing dizziness and headache.

Case 2: Slacking for 1 week, “procrastination” aggravated “completed, PPT will be handed over tomorrow, and has not done yet.”

“This is the latest WeChat status of Xiao Huang who is an executive in a company.”

“I gave it to me before the boss’s day. He wants to use it today. What should I do?”

Huang Xiaoyuan sat in front of the computer and was overwhelmed.

In fact, Xiao Huang is called “PPT Little Day”, and this work is completely difficult to beat her.

When there is still one day left, Xiao Huang is still lying in bed to comfort himself. He can get up at 8 o’clock tomorrow morning.

Opinion: “This is a typical procrastination.

The doctor said that procrastination is actually a sign of fatigue.

There are mainly two manifestations, one is habitual procrastination, the other is to start with a lot of passion, slowly deflated.

The doctor said that the holiday is the most relaxing time for everyone, and the work is delayed, which is normal.

No need to make a fuss.

This kind of absent-mindedness will delay the situation for a day or two.

But don’t worry, you can’t have a burden of thought.

It is only necessary to see a doctor when delaying the delay has seriously affected the mood and work.

After the holiday, the chronic disease is concentrated, and the diet should be transferred to the disease caused by the light holiday syndrome, mainly alcoholism, starch inflammation, indigestion, cholecystitis, coronary heart disease, high blood pressure and so on.

Doctors said that these are closely related to nutrition and metabolism.

Based on past experience, it is very common to have such patients in the clinic after the holidays.

Experts say that according to reasonable standards, adults must be replaced with at least 2,400 kcal per day. During the vacation period, they eat well and are mostly oily. The nutritional intake is easily exceeded.

Therefore, experts suggest that office workers should rebuild their regular life as soon as possible and eat more light diets to better return to work.

At the same time, take more rest, adjust the state, increase the resistance, when the season changes, eat more foods with high vitamins.

Guarantee sleep and increase resistance.