Category: dcjerusmi

China Merchants Highway (001965) Quarterly Comment: Stable Performance, Smart Transportation Holds Probability of Cancelling Provincial Stations

China Merchants Highway (001965) Quarterly Comment: Stable Performance, Smart Transportation Holds Probability of Cancelling Provincial Stations

The company disclosed the results of the three quarterly reports for 19 years, and its operating income increased by 24.

51% to 56.

20 trillion, an increase of 8 in a single quarter.

20% to 19.

32 trillion; net profit attributable to mother gradually increased by 9.

59% to 33.

21 trillion, a single quarter increase of 0.


The sharp decline in profit growth in Q3 was mainly due to the elimination of the base effect brought about by the merger and acquisition of highways last year, and the same quarter investment income fell by zero.

390,000 yuan, non-operating expenses in the single quarter increased by 0.

3.5 billion.

Single quarter revenue increased by 8.

20%, the performance of the road industry portfolio is stable. In April and July of 2018, the company consolidated the Yuqian, Shanghai-Chongqing and Pufu expressways. 19Q3 was the first quarter in which the consolidation effect was eliminated.

We disaggregated 19H1 to exclude new consolidated road products, and the income from existing road products increased by about 5%, referring to Q3 revenue8.

The 2% growth rate, and the revenue accounted for toll revenue accounted for more than 60%, it is estimated that the growth rate of toll revenue in 19Q3 remained stable.

Prospective layout of emerging businesses, and with the promotion of ETC transition, the capital expenditures of road enterprises toll gate reform, gantry installation and other capital expenditures will bring depreciation costs.

The company’s smart transportation segment seized the opportunity to cancel provincial stations, actively deployed the engineering reform business of highway tolls, and increased incremental income to hedge the depreciation costs of the company’s toll highway segment.

Investment income fell by 4 in the same quarter.

70%, well-controlled expenditures 19Q3 net investment income of the company was 7.

8.3 billion, a decrease of 0 a year.

3.9 billion, a decrease from the previous month.

8.7 billion, considering the new shareholding companies in Q2, it is expected that Q3 investment income is mainly a financial recognition disturbance, so the growth rate will pick up.

At the end of the 19Q3 quarter, the scale of long-term interest-bearing debt increased by 3.

7%, while the interest rate expense in the third quarter fell by 19%.

2%, mainly due to the use of low-interest-rate convertible debt to replace high-interest-rate banks.

Management expenses fell by 8 quarter-on-quarter.

0%, the three fees total decreased by 1 compared with the previous month.


The profit forecast and investment recommendations consider that the company’s road product quality is excellent, and the growth trend of emerging businesses is relatively optimistic. Without considering the extension landing, it is expected that the net profit attributable to mothers will be 43 in 2019-2021.

3, 47.

8, 52.

200 million, corresponding to PE of 11.

8, 10.


8 times.

In the long run, the company’s road product reserves are sufficient, the remaining operating life is extended, and the entire industry chain operation enables road products to make profits. According to the DCF calculation, the reasonable value is about 9.

58 yuan / share, maintain “Buy” rating.

Risk Warning: The growth of highway traffic is lower than expected, the operating performance of reinvested projects is lower than expected, the expansion of transportation technology business is lower than expected, and the photovoltaic power generation business causes the electrical impact to exceed expectations.

Shanshan (600884) in-depth report: Leaders of the entire lithium-ion materials industry chain are continuously expanding production capacity to achieve future growth

Shanshan (600884) in-depth report: Leaders of the entire lithium-ion materials industry chain are continuously expanding production capacity to achieve future growth

Key points for investment: Short-term materials: Shanshan Co., Ltd. is a leader in the first-level materials industry and has a strong capacity expansion in the future.

Shanshan Energy has a total of 4 large bases, 5 indicators of existing capacity, and a planned total capacity of 15.

5 The maximum limit is expected to achieve 12 total capacity by 2020.

A wholly-owned subsidiary invests in Altura Minerals, Australia11.

83% of shares opened up the upstream industry chain and helped the company enhance its cost-side advantages.

Altura currently has proven reserves of 323,539 wmt, grade 1.

twenty one%.

At present, the first phase has basically landed, and the output is about 21 per year.

6 Initial lithium crystal ore, the second phase is under planning.

The expansion of high-nickel ternary production capacity continued to advance, and it was deployed to the upstream resource industry of subdivided materials.

The company’s existing ternary material production capacity 2.

92 cobalt, of which 8,200 tons of high nickel ternary material.

In addition, the company’s existing ternary precursor production capacity is about 1.

2 baseline, of which 7,200 tons of high-nickel ternary production line was put into trial production in 2018.

In order to stabilize the supply of cobalt and lithium resources, Shanshan Co., Ltd. merged with Luoyang Molybdenum’s Strategic Cooperation Framework Agreement in July 2017 to conduct strategic cooperation on the procurement 北京夜网 and sales of cobalt products and the development of cobalt, lithium and other metal resource projects.

Permanent materials: Shanshan has short-term materials in six locations, and acquired Huzhou Chuangya to improve its layout and reduce cost pressure.

The company started with 2.

400 million shares acquired 100% equity of Huzhou Chuangya, the current production capacity is 1 benchmark per year.

The existing capacity of the Shanghai Polyamide Headquarters is 1 insert, and the capacity of Ningbo semi-finished products and finished product processing bases is 4 inserts.

In terms of capacity improvement, Ningde has 2 capacity under construction, which have reached the trial production conditions at the end of 2018.

Zhoushan Shan’s annual output of 7,000 tons of graphitization capacity has been put into trial production at the end of April 2018.

The first phase of the 10-pin terminal material integration project in Baotou, Inner Mongolia, started in April 2018 and is expected to be put into trial production in mid-2019.

The combination of final processing and other material capacity will help improve cost control.

Silicate is the development direction under high energy density, and the company has realized industrialization.

Shanshan’s silicon carbon nylon material has been industrialized.

Shanshan’s high-capacity silicon alloy anode material has been industrialized and meets the performance requirements of 300wh / kg for new energy passenger cars, and has been supplied to CATL.

Risk warning: 3C product market continues to decline, sales are less than expected

Lianchuang Electronics (002036): Q3 performance meets expectations and vigorously expands lens production

Lianchuang Electronics (002036): Q3 performance meets expectations and vigorously expands lens production
(1) The company released the third quarter report for 2019: the first three quarters, achieving revenue of 42.68 ppm, an increase of 20 in ten years.59%, of which 15 achieved revenue in the third quarter.98 ppm, an increase of 19 years.15%.In the first three quarters, net profit attributable to mothers2.24 ppm, an increase of 22 in ten years.42%, of which net profit attributable to mothers in the third quarter1.02 ppm, an increase of 17 in ten years.38%; net profit for the first three quarters after deduction is 1.880,000 yuan, an increase of 26 in ten years.53%, of which net profit after deduction to non-returning mothers in the third quarter was 9,801.0.94 million yuan, an increase of 45 years.31% (2) The company plans to set up a project company with two subsidiaries of Nankai Economic Development Zone Jinkai Group to invest in the implementation of annual production2.600 million high-end optical lens industrialization projects with a project construction period of 14 months. In the single quarter, the growth rate of non-homing net profit accelerated, and the optical business achieved rapid growth.The company’s rapid growth in the first three quarters of revenue was mainly due to the rapid growth of the company’s optical lens and touch display business, and the gross profit margins of the two major businesses exceeded the company’s overall gross profit margin, resulting in an increase in the gross profit margin in the first three quarters. Expenses increased faster than revenue during the period, based on rapid growth in research and development expenses and financial expenses.Company management expenses1.30,000 yuan, an increase of 27 in ten 南京桑拿网 years.11%; selling expenses 2573.09 million yuan, an increase of 25 in ten years.46%; R & D expenses1.52 ppm, an increase of 42 in ten years.72%, mainly based on the company’s R & D and promotion of high-end products such as glass-plastic blending;26 ppm, a 122-year increase.45%, mainly due to increased financing costs and changes in exchange losses and gains. In conjunction with local state-owned assets, we will vigorously expand the production capacity of high-end lenses.The company established a project company with Nanchang Jinkai Group, with a registered capital of 600 million company, accounting for 70%.The project company spends 1.2 billion to establish an annual output of 2.Industrialization project of 600 million high-end optical lenses.The commissioning of high-end production capacity projects in the future will increase the company’s market share in the lens field, which will strongly support the company’s mobile phone, security and automotive market demand. Maintain “Buy” rating.The company’s EPS for 2019-2021 is expected to be 0.45, 0.61, 0.84 yuan, corresponding to PE is 33.27, 24.66, 17.91 times, maintain “Buy” rating. Risk warning: The sales volume of smartphones has increased significantly;

Huaxia Happiness (600340): A strategic evaluation that fits the metropolitan area in depth

Huaxia Happiness (600340): A strategic evaluation that fits the metropolitan area in depth

Introduction to this report: With the development bonus of the metropolitan area, the company has huge space for development.

And a continuously dynamic business model, gradually improving the financing environment, and increasing land resources can ensure the company’s performance to grow at a high level and steadily.

Investment points: Maintain Overweight rating and maintain target price of 48.

26 yuan, maintaining the EPS of 4 in 2019/2020/2021.

75 yuan, 5.

86 yuan and 7.

The judgment of 30 yuan, the corresponding growth rate is 24%, 23% and 24%.

The company’s continuously dynamic business model, gradually improving the financing environment, and increasing land resources can ensure the company’s performance to grow at a high level and steadily. The transformation of the company model is gradually recognized, and the company double-clicks soon.

The company’s 2019 interim results maintained rapid growth, in line with expectations.

The company achieved revenue of 387 in the first half of 2019.

3 trillion, with an 杭州夜网 increase of 10.

74%; net profit 84.

80,000 yuan, an increase of 22.

44%, in line with expectations.

Gross and net profit margins were 48.

7% and 21.

9%, an increase of 3.

1 and 2.

One single, profitability is high.

The fund received in advance was 1,403 trillion, and the performance was highly locked.

The company fits into the national metropolitan area strategy in depth, and the company welcomes historic development possibilities.

Huaxia’s happy industrial new city model is highly in line with the national metropolitan area strategy, and continues to enjoy the dividends of the development of the metropolitan area, and the company’s metropolitan area layout has entered a period of intensive cultivation and gains soon, allowing the company to continue to enjoy resource advantages in future competition 深圳桑拿网 and ensure high levels of corporate performanceSteady growth.
The business model remains strong and dynamic, and its ability to acquire resources continues to improve.

The company’s industrial new city business model is leading the country, and industrial development service revenue is the embodiment of the company’s core model. In the first half of 2019, the gross profit of industrial development services accounted for 54%, and the business structure was continuously optimized.

In the first half of 2019, the company invested and operated in the park an additional 328 contracted enterprises, with a new contracted investment of 1052 million, continuing to reflect the company’s strong ability to attract investment.

Risk reminder: Agreement soil deposits transfer to on-balance sheet soil deposits at a slower rate than expected

The child is not obedient?

Tips for parents!

The child is not obedient?
Tips for parents!

When children are not obedient, parents often control the children by handling lessons. This seems to be the most habit we are used to when nurturing children, but once this habit is established, such as long-term use will make parents and children in parent-child relationship.Pay a certain price.

  If adults often talk to their children with anger and high-pitched voices for a long time, the children’s “yelling” to their parents will become accustomed to it.

In the future, if parents do not raise their voices and do not shout repeatedly, it will be difficult for children to receive instructions, and once the children are used to high-pitched, rough voices, they will gradually adopt a “defying” attitude towards gentle, civilized education methods.

  Obviously the same, bad or frequent recognition will only make children suffer severely, cannot be overcome or suffer the suppression of destruction, it is difficult to help children recognize their mistakes, and they are unwilling to actively cooperate with parents to correct shortcomings anderror.
  When the child is not obedient, we have explored a number of more gentle methods for the reference of young children’s parents, so as to discuss the good ways to educate the children and make our babies grow up healthily and happily.

  One is to explain the behavioral rules to the child. Sometimes the child is not obedient and does not want to cooperate with the parent because he does not understand or forget the rules of the behavior.

Remind the child once again that the child can understand and understand, but pay attention to expressions and tones, do not use shouting, use persistent, gentle tones to explain or ask the child.

At this time, our parents must remember to speak quietly in a crowded place, so that it will not hinder others, and it will be easy for children to accept.

For example, when shopping on the street, we can say to the child, “We are going to the street today to buy gifts for grandma, and we will not buy anything else.”

Parents should avoid prejudging their children’s disobedience when explaining rules to their children.

For example, “You want me to speak hundreds of times before I will be obedient.”

This will make the child more willful and stubborn.

  Second, the younger children are role models. Although younger children know the instructions and rules, it is difficult to decide what to do.

When he does not act or accept instructions, we think the child is disobedient.

Therefore, while letting the child understand the rules of action, also give him or her guidance on what to do.

For example, how to place a book, how to put a toy, how to sit, how to say something, etc.

  In addition to language expression, parents can demonstrate to their children and let them understand specific practices. We can also use children’s imitations or individuals to correct one thing or guide him or her.

For example, “Baby, look, we can do like that uncle”, “You have to be as quiet as that child”, tell the child specific goals and guide him or her to replace the bad behavior.

The third is to reward and achieve good behavior. When a child is disobedient, it is often for the attention of the parents (the child’s needs are not met).

Therefore, the child often uses other methods such as resistance (deliberate disobedience) or yelling to make the parent satisfy his or her wishes.

  Parents should be calm and calm about their children’s bad behavior. Don’t panic. The best way is to leave the child alone for a while, until the noisy behavior stops or even the attitude improves.

  This is a way of weakening bad behaviors, using a way of not responding to bad behaviors, to let children understand the attitudes of parents.

But what parents should do is praise, reward good behaviors, let children distinguish good from bad, allow and forbid.

xugu12 So when the child is not obedient, he can use a little words to transfer his behavior.

For example, you can say: “I remember you were an enthusiastic child, remember?

Last time you helped me . “.

When rewarding and certain children, it is best to let the children understand their behavior in detail. Don’t just praise the child: “You are such a good baby”, or replace some good sentences, such as “You are polite”,” Very enthusiastic “and so on, to make the child’s behavior more concrete.

  The fourth is to severely personalize bad behaviors. When children are not obedient, adults use “scolding” or “causing” to deal with, and it is often easy to inject subjective anger, excitement, tiredness, and tiredness into the behavior.As a result, the child’s body suffers from discomfort (corporal punishment), psychological fear, and suppression of destruction. Therefore, it is difficult to accept lengthy sermons from the family, to reflect on his own bad behavior, and it is even more difficult to correct the child’s inappropriate behavior.

  At this time, if our parents and children have a “serious personality”, they will let the children understand.

For example, temporarily stopping his or her movements or behaviors, asking him or her to go to a corner, and talking to him or her may be more inspiring to the child’s conscience than thinking about it loudly and derogatoryly.Misconduct.

Xugu16 is the correction and education of carefulness and patience. We often find the reason for children’s disobedience, mainly because parents make some different types of mistakes in the process of educating their children. Over time, they cause children’s bad behavior.

For example, some parents think that their children are small, willful, mischievous, and disobedience is a natural phenomenon. When they grow up, they will become better or obedient. Children’s behavior is cumulative, and in the long run, they will become even more disobedient and even rebellious.First class.

  Children’s behavior is cumulative, and good behavior accumulation becomes good habits, good morals, and vice versa.

The development and education of behaviors are long-term, so disobedient behaviors also need continuous correction and education.

  Children are not polite to others or have other disobedient behaviors. Parents cannot “deaf” and must take responsibility for correction at any time.

If we lack this patience, we are actually appeasing our children to be more impolite and less obedient.Xugu20 Six is the cooperation of the homeland, and jointly educate the children to have a strong social awareness, sense of honor and self-esteem.

He (she) is very concerned about the perception of others, especially the school teacher’s view of himself, so he can use the child’s mentality of caring about other people’s views to correct his or her bad behavior.

For example, children refuse to go to bed on time every day, and they have to make a mess. Sometimes, through the guidance and requirements of teachers, they use talking lessons to talk about their children who were at home last night and praise the children who went to bed on time.Ding Wanling has effect.

  In the kindergarten, the child has good behaviors or corrected behaviors. The teacher writes praise on the contact book. After returning home, the parents praise him (her) again and affirm him (her).

For disobedient children, parents can actively use this method.

For example, some children are unwilling to eat vegetables. You can ask the kindergarten teacher to pay attention to this matter and use methods to require the child. Parents must also implement the same rules. Both parties will implement them until the child is used to correcting.

Of course, both sides of the home and the garden should communicate well in advance, and the rules must be the same.

  Seven is for different ages and personalities, using different methods. Each child has their own psychological characteristics of different ages, as well as their own temperament.

For example, for a slow-moving child, take advantage of the opportunity to give him easy-to-achieve achievements. For younger children, demonstration and guidance are needed, and for older children, motivation is needed.

  To guide disobedient children to obey is not to impose a fixed formula on children, but to find strength in them according to the needs of different ages and different personalities, so as to create prerequisites for children to consciously obey.

Medicinal treatments for colds in the elderly

Medicinal treatments for colds in the elderly

Medical treatment of colds in the elderly Elderly people are very susceptible to colds because of their visceral dysfunction, lack of righteousness, and weak constitution.

Once a cold, there are often no typical symptoms, the onset is relatively slow, and it is easy to be ignored.

If not treated in time, dysentery may be caused by a new cold.

Therefore, it is necessary to be vigilant at the beginning of a cold for the elderly who are frail and sick.

Among various therapies for colds in the elderly, dietary supplementation is easy to implement and is a better adjuvant therapy.

Here are some dietary methods.

  Pulmonary Qi Deficiency Syndrome: In addition to the common symptoms of colds, clinical features of gout (or cold), fever, cough, and shortness of breath are the main characteristics, pale tongue, thin white fur, and floating pulse.

Medicinal diet: a large Sydney, 50 Sichuan peppercorns, 50 grams of flour, 30 grams of rock sugar.

Peel the skin of the pear, poke about 50 small holes evenly on the surface, and press the Sichuan peppercorns into the holes one by one.

Add the right amount of water to the dough, knead it into a dough, roll it into a thin crust, wrap it on the surface of the pear, and cook it with hot firewood charcoal, or bake it in an oven.

Take the pear, peel off the outer skin, and cut off the Sichuan peppercorns.

Put the rock sugar in the pot, add a little water to make the sugar juice, and pour it on the pears.

This “Chuanhua Pepper Pear” is mild in medicine and can be cured for those with weak lungs, cold feeling, and cold and hot cough.

  Spleen Qi Deficiency Syndrome: In addition to the common symptoms of colds, the clinical features of chills and fever, nasal congestion, runny nose, fatigue, and abdominal distension are characterized by pale tongue, tooth marks, thin white fur, and weak pulse.

Medicinal diet: 1 catfish (about 150 grams to 200 grams), 15 grams to 20 grams of astragalus, 9 grams of fried scallion shells.

Wash the catfish and remove the gills, scales, and internal organs.

First fry astragalus and scallion shells. After 30 minutes, stir-fry the anchovies. After the fish is cooked, add a small amount of ginger and salt to taste. Take the soup and drink.

Fish, astragalus and spleen, spleen shell to reconcile mid-air, three flavors combined, has the effect of nourishing qi.

It is completely suitable for cold drinks of the elderly with spleen qi deficiency and can also be used for other chronic diseases caused by spleen and qi deficiency.

  Spleen and Lung Qi Deficiency Syndrome: In addition to common symptoms, it is clinically characterized by chills, fever, cough, and abdominal distension, pale tongue and white fur, and weak pulses.

Medicinal diet: 30 grams of fresh yam, 20 grams of lily, 10 grams of almonds (peeled), 60 grams of previous rice, 15 grams of ginger, 2 scallion stems.

The first 4 flavors of porridge, the last 2 flavors of decoction, eat with rice porridge.

It has the effects of strengthening the spleen and spleen, moistening the lungs, relieving cough, and asthma, etc. It is suitable for the elderly with spleen and lung qi deficiency.

Elderly people with small appetite can reduce it in proportion.

  Spleen-yang deficiency: In addition to the common symptoms, clinical features are chills, fever, nasal congestion, runny nose, and abdominal distension. The moss is thin, white and greasy, and the pulse is slow.

Medicinal diet: one quail, 30 grams of yam, 15 grams of Codonopsis, 10 grams of ginger, and 3 grams of cinnamon.

First quail hair and viscera, wash, cut into pieces, cook with the last 4 flavors, season with a small amount of salt.

After 30 minutes, eat meat and drink soup.

  Spleen and Kidney Yang Deficiency: In addition to the common symptoms, the clinical features are chills and fever, nasal cold, runny nose, warm limbs, backache, cold knees, and fatigue.

The tongue is tender or tooth-marked, the tongue is pale, the fur is white and smooth, and the pulses are heavy and weak.

Medicinal diet: yellow dog meat 500 grams to 2000 grams, cinnamon, cumin, star anise, apple, ginger, salt each amount.

Wash the dog meat and cut into pieces, add the seasoning and cook.

Dog meat is to warm the spleen and stomach, star anise and other seasonings are warmed in advance. The combination of various flavors has the effect of nourishing kidney yang, warming the spleen and stomach, and is most feasible for elderly people with spleen-yang deficiency.

If you feel the cold again, you can add green onions in the seasoning and simmer.

What exactly is SPF?


What exactly is SPF?

SPF sun protection factor refers to the level of sun protection effect that sun protection products can play.

The skin becomes red after sun exposure, which is medically called “erythema”, which is the skin’s slightest reaction to sun exposure.

The minimum erythema dose is the minimum sun exposure time for erythema to appear on the skin, and the SPF sun protection factor is determined based on the minimum skin erythema dose.

At least, the minimum erythema dose of the skin will increase when using sunscreen products, then the SPF sun protection factor of the sunscreen product is: SPF = minimum erythema dose (after using sunscreen products) / minimum erythema dose (before using sunscreen products).

  In terms of oriental skin, daily whitening maintenance can replace products with SPF sun protection factor of 8 to 15; only for outdoor sports such as swimming, playing golf, or in hot summer, it is necessary to use SPF sun protection factor of more than 15product.

If you blindly pursue a high sun protection factor, it will cause a burden on the skin.

  The sun is shining in summer, how to protect the sun best?

  For female friends who love beauty, sun protection in summer is a compulsory course.

What is the science of sunscreen in summer?

For different people, are there some differences in sun protection?

In fact, sunscreen products are not better than SPF (sun protection factor). The following sunscreen products can be used as daily reference.

  In the morning and evening in summer, rain and precipitation, sun protection products with SPF coefficient lower than 8 can meet the sun protection needs; under moderate sunlight, SP products with a SPF coefficient of 8 to 15 are ideal for sun protection; outdoor workers, or in summerIn direct sunlight, the SPF factor of sunscreen products should be greater than 15; when swimming and sweating in summer, it does not prevent the selection of sunscreen products with good water resistance; absorb sunscreen products 10 minutes before going out, apply 2 mg per square centimeter, sun protectionBest; if your child has been applying sunscreen products from six months of age, by the age of 18, her chance of developing skin cancer in the future may be 78% lower than that of those who have not applied sunscreen products since childhood.

Therefore, to prevent skin aging and disease, sun protection should start from a young age.

Recommend several kidney foods

Recommend several kidney foods

Chinese yam: Pingweigan is a traditional Chinese medicine “top grade” medicine. It has the effects of nourishing the lungs and strengthening the spleen, and can nourish the kidney and replenish essence.

Those with kidney deficiency should eat it often.

  Scallop: Also known as Jiang Yanzhu.

Pingwei is sweet and salty, can nourish the kidney and nourish yin, so those with kidney yin deficiency should eat it often.

  Perch: Also known as flower bass, perch.

The sex is flat and sweet, which can not only supplement the spleen and stomach, but also liver and kidney, and strengthen bones.

  Chestnuts: warm in nature and sweet in taste, in addition to the role of nourishing the spleen and stomach, to overcome the kidney to strengthen the waist, for those with low back pain due to kidney deficiency, the most suitable for consumption.

  Lycium barbarum: sexually flat and sweet, with kidney and liver nourishing, good eyesight, strong muscles and bones, in addition to back pain, Jiufu can benefit life and prolong life.

Especially middle-aged women who have kidney deficiency are the most suitable.

  Polygonum multiflorum: It has the effect of nourishing liver and kidney, nourishing essence and blood, and it has been used by the medical doctors of all ages for those with kidney deficiency.

Those with kidney deficiency have early white hair, weak waists and knees, sore bones and bones, or men’s spermatorrhea, and women who take it with them are suitable for eating.

  Avoid or eat less: coriander, persimmon, raw radish, raw cucumber, raw sweet potato, watermelon, melon, onion, pepper, mustard, clove, fennel, pepper, mint, amaranth, chrysanthemum, salt, sauce, white wine and cigarettes.