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“Electric Power Super Express” has nearly 100 billion yuan in gift industry chain

“Electric Power Super Express” has nearly 100 billion yuan in gift industry chain

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  Original title: “Electric Power Super Express”: Nearly 100 billion yuan gift package industry chain companies have reinstated labor tide Liu Li ○ Editor Quan Zeyuan stabilized the economy and stabilized employment, the State Grid quickly knocked out nearly 100 billion yuan in project investment opportunities, and the UHV industryDoes the chain company smell the wind?

How is the return to work?

The Shanghai Stock Exchange quickly interviewed the latest situation of many listed companies.

  ”We are returning to work in an orderly manner. We are confident of overcoming difficulties and confident of future development prospects.

“Yu Tao, chairman of Changlan Technology, said.

  Nearly 100 billion yuan of investment project construction resumed Recently, the State Grid announced twelve progresses in response to the impact of the epidemic to resume construction and promote the resumption of production and restart production of enterprises. Three of them involved UHV projects known as “electricity super express”.The investment is nearly 100 billion yuan.

Since its introduction, the upstream and downstream equipment manufacturers have set off a wave of resumption of work and production in recent days.

  It is understood that in these twelve steps, the construction of Qinghai-Henan, Yazhong-Jiangxi ± 800 kV UHVDC and other major projects with a total construction scale of 71.3 billion yuan has been completely resumed, and new construction in northern Shaanxi-Wuhan has also startedProjects with a total investment of 26.5 billion, including the KV UHV DC project.

The total investment mentioned above is 97.8 billion yuan.

  Zheng Dandan, chief analyst of Dongxing Securities’ power equipment and new energy industry, believes that UHV projects can also improve power transmission efficiency, and help to promote the consumption of clean energy such as wind and solar power, and optimize the allocation of power resources across the country.

Of the twelve transitions, three are closely related to UHV, reflecting the current core leaders of the State Grid’s understanding of UHV and other key national projects.

  On the night when the twelve measures were announced, State Grid Materials Corporation announced the release of three projects including the first transformer substation equipment in 2020, Qinghai-Henan UHV project online monitoring equipment, and the bidding and procurement of spare parts for UHV converter stations.The procurement scale is about US $ 3.3 billion, and actual actions are taken to help large equipment suppliers resume work and resume production.

  The feast of orders helps enterprises to resume work and resume production of UHV equipment, which can be divided into key equipment and auxiliary equipment.

Among them, converter valves, converter transformers, combined appliances, etc. are key equipment, with a high cost share, and at the same time, the technical door cloud is also high.

Each main equipment is generally provided by 3 to 5 equipment manufacturers, and the market share is relatively stable.

Listed companies such as Guodian Nari, Xu Ji Electric, and China West Power are leading enterprises.

  Relevant person in charge of GD Nanrui said that the company implements an order sales model, and the current order is interrupted, including Qinghai-Henan ± 800 kV UHV DC project, Yazhong-Jiangxi ± 800 kV UHV DC project, Alibaba Network and a large number of projectsRelated equipment supply items for key projects.

Since the beginning of this year, the company’s product market share has been stable, and the company’s production and operation conditions are good.

  ”The latest progress of the State Grid will actively drive the resumption of production and production in the upstream and downstream industries of the power grid, which will benefit the development of the UHV industry.

As a leading company in the electrical equipment industry, we have a complete electrical equipment industry system and will benefit significantly from future UHV and other construction investments.

“The person in charge believes.

  On February 17, all employees of Xu Ji Electric resumed work.

Xu Ji Electric has mastered the core technology of DC transmission converter valves with a voltage level of ± 1100 kV and below, and has formed a complete set of DC transmission equipment that integrates current conversion, control and protection and DC field.

  The Shanghai Securities News learned from relevant channels that at present, Xu Ji Electric has ample orders in hand.

In February 2019, Qinghai-Henan ± 800 kV and Northern Shaanxi-Hubei ± 800 kV two UHV DC lines were tendered, and the company won the bid for the converter valve 7.

3.4 billion, DC control and protection system1.

9.3 billion yuan, winning bid shares of 24% and 49% respectively.

Including Kunliulong, Zhangbei and Lahore, the company has nearly 4 billion UHV orders on hand.

Judging from the pace of construction of the tendered lines, the company’s DC transmission system business is expected to contribute significantly in 2020.

  ”Converter valves and DC control and protection equipment have higher profits, with gross margins of 30% and 60%, respectively. Xu Ji Electric will directly benefit from the full advancement of the UHV project and is expected to be reflected in the company’s annual reports in 2020 and 2021.
“Related sources said.

  Changgao Group in Hunan is also an outstanding leader in the power equipment industry chain.

Relevant person in charge of Changgao Group told Shanghai Securities News that the company had resumed work on February 13th, and the rate of return to work was close to 90%.

  It is understood that in 2019, Changgao Group’s new orders for transmission and transformation equipment reached a record high of 17.

400 million U.S. dollars, which 杭州桑拿网 has made up for the 2020 performance growth.

At present, the company’s reserve contract is nearly 2 billion U.S. dollars, and its advantages in the high-voltage isolating switch market have gradually been further consolidated; the combined electrical product orders have achieved explosive growth, becoming another company’s flagship product.

The company participated in the construction of the state-of-the-art smart substation Hengyang Shizishan project, which created favorable conditions for continued participation in the smart substation reconstruction.  Changgao Group said that the company currently participates in the supply of equipment for key national projects such as the UHV Zhangbei flexible HVDC project, Qinghai-Henan, Yazhong-Jiangxi, Yan’an-Wuhan ± 800 kV UHV.

The company will seize the benefits of the start of key projects and the transformation of existing substations, make full use of the company’s technological precipitation in products such as disconnectors, combined electrical appliances, accelerate product research and development, improve service standards, and further expand its market share.

  The comprehensive resumption of UHV construction and the advancement of new projects have also accelerated the pace of resumption of production of UHV auxiliary equipment manufacturers such as cables.

  ”We are returning to work in batches. At present, more than 400 people have returned to work. The return workers are mainly responsible for meeting the demand for orders.

The relevant person in charge of long cable technology said that the cable is a place in the UHV industrial chain. After the UHV project enters the eastern power-using cities, the power transmission lines of different voltage levels will be used to deliver power to the power-using department, which will increaseThe company’s market share.

The company’s new orders in 2019 are saturated, laying a minimum foundation for this year’s performance growth.

  The on-load tap-changer produced by Huaming Equipment is the key equipment in the transformer, with a market share of about 90%.

“As long as we produce transformers, we are basically our customers.

A person in charge of Huaming Equipment told Shanghai Securities News that the triggering of the twelve State Grid Articles will greatly benefit the UHV industry chain.

At present, the company’s orders are in a saturated state, and there are plans to continue to expand production capacity.

  What’s even more gratifying is that the State Grid also stated that the next step will further review the resumption arrangements at the end of February and mid-March, and refine the epidemic prevention and control plans, emergency plans and construction plans one by one to ensure that the key projects are scientifically and comprehensively resumed construction.

Lier Chemical (002258): Release of production capacity to improve performance, second-phase planning to create a high-quality platform

Lier Chemical (002258): Release of production capacity to improve performance, second-phase planning to create a high-quality platform

Incident Lier Chemical released its 2018 annual report and achieved operating income of 40 in 2018.

2.7 billion, an annual increase of 30.

60%; net profit attributable to shareholders of the parent company is 5.

7.8 billion, an annual increase of 43.

75%, net profit attributable to shareholders of the parent company after deduction is 5.

9.7 billion, an annual increase of 50.

93%.

Q4 quarter achieved operating income of 12.

5.4 billion, an annual increase of 9.

96%; Net profit attributable to shareholders of the parent company1.

5.9 billion, a decrease of 8 per year.

06%; net profit attributable to shareholders of the parent company after deduction is 1.

6.3 billion yuan, a decrease of 0 a year.

91%.

The company issued a notice for the first quarter of 2019, which is expected to achieve a net profit of 5780 attributable to shareholders of the parent company from January to March 2019.

35-9248.

550,000, a decrease of 50 a year.

00% -20.

00%.

First of all, the price of glufosinate dropped and the construction progress of the Guang’an base exceeded expectations.

Company reviews Leading companies in pesticide raw materials, glufosinate production capacity The largest domestic company is one of the leading domestic companies in pesticides. The main products are chlorinated nitrates, organic phosphorus, sulfonylureas, and urea replacements. The products cover herbicides., More than 40 kinds of original medicines, fungicides and pesticides, more than 100 kinds of preparations and some intermediates.

The company’s chloroformaldehyde products are leading the country in technology. The production and sales of bixo grass and toxidine are the first in the country and the second in the world. At the same time, the company has comprehensively mastered the key technologies for glufosinate synthesis.maximum.

Jiangsu Kuida, a holding subsidiary, is a domestic company that initially produced and sold urea / sulfonylurea herbicides and allocarbazone fungicides.

The release of production capacity boosted the performance, and the internal and external consolidation of the industry chain company’s 2018 performance showed an increase. Basically, the release of production capacity of primary drugs such as glufosinate and the substantial increase in the preparation business.

In 18 years, the company fully promoted the construction of the Guang’an original pharmaceutical production line, of which the propoxyflumizone production line was put into operation in October 18, and the glufosinate production line entered trial production at the end of 18 years, but was affected by safety accidents and resumed trial production in early 19.
At the same time, the company actively expanded overseas markets and achieved large-scale sales in Australia and the European Union.

In addition, it increased its capital to acquire Secco Chemicals, and established a joint venture with Jingzhou Sancaitang, a joint venture with upstream raw material supplier shareholders, to implement a controlling acquisition of the participating company, Star Star Chlor-Alkali.

The second phase of the Guang’an plan was announced, and new and dynamic companies providing intermediate and downstream products for growth plan1.

5 Formaldehyde / year methyl phosphorous dichloride, phosphorus-containing flame retardant, L-glyphosate production line and ancillary projects. The planned investment of the project is 100,000 yuan, and the construction investment is 9.

500 million, 50 million liquidity.

Of which 1.

The 5 fluorinated methyl phosphorus dichloride production line is expected to reach production by June 2020, and the 2000-ton phosphorus-containing flame retardant phase I and 3,000-ton L-glyphosate production line are expected to reach production in January 2022.

The company has successfully developed the supply of methyl dichloride intermediates, increased the supply of methyl dichloride intermediates, and used methyl phosphorous dichloride to promote the production and sales of flame retardants and L-glyphosate.Incident Lier Chemical released its 2018 annual report and achieved operating income of 40 in 2018.

2.7 billion, an annual increase of 30.

60%; net profit attributable to shareholders of the parent company is 5.

7.8 billion, an annual increase of 43.

75%, net profit attributable to shareholders of the parent company after deduction is 5.

9.7 billion, an annual increase of 50.93%.

Q4 quarter achieved operating income of 12.

5.4 billion, an annual increase of 9.

96%; Net profit attributable to shareholders of the parent company1.

5.9 billion, a decrease of 8 per year.

06%; net profit attributable to shareholders of the parent company after deduction is 1.

6.佛山桑拿网3 billion yuan, a decrease of 0 a year.

91%.

The company issued a notice for the first quarter of 2019, which is expected to achieve a net profit of 5780 attributable to shareholders of the parent company from January to March 2019.

35-9248.

550,000, a decrease of 50 a year.

00% -20.

00%.

First of all, the price of glufosinate dropped and the construction progress of the Guang’an base exceeded expectations.

Company reviews Leading companies in pesticide raw materials, glufosinate production capacity The largest domestic company is one of the leading domestic companies in pesticides. The main products are chlorinated nitrates, organic phosphorus, sulfonylureas, and urea replacements. The products cover herbicides., More than 40 kinds of original medicines, fungicides and pesticides, more than 100 kinds of preparations and some intermediates.

The company’s chloroformaldehyde products are leading the country in technology. The production and sales of bixo grass and toxidine are the first in the country and the second in the world. At the same time, the company has comprehensively mastered the key technologies for glufosinate synthesis.maximum.
Jiangsu Kuida, a holding subsidiary, is a domestic company that initially produced and sold urea / sulfonylurea herbicides and allocarbazone fungicides.

The release of production capacity boosted the performance, and the internal and external consolidation of the industry chain company’s 2018 performance showed an increase. Basically, the release of production capacity of primary drugs such as glufosinate and the substantial increase in the preparation business.

In 18 years, the company fully promoted the construction of the Guang’an original pharmaceutical production line, of which the propoxyflumizone production line was put into operation in October 18, and the glufosinate production line entered trial production at the end of 18 years, but was affected by safety accidents and resumed trial production in early 19.
At the same time, the company actively expanded overseas markets and achieved large-scale sales in Australia and the European Union.
In addition, it increased its capital to acquire Secco Chemicals, and established a joint venture with Jingzhou Sancaitang, a joint venture with upstream raw material supplier shareholders, to implement a controlling acquisition of the participating company, Star Star Chlor-Alkali.

The second phase of the Guang’an plan was announced, and new and dynamic companies providing intermediate and downstream products for growth plan1.

5 Formaldehyde / year methyl phosphorous dichloride, phosphorus-containing flame retardant, L-glyphosate production line and ancillary projects. The planned investment of the project is 100,000 yuan, and the construction investment is 9.

500 million, 50 million liquidity.

Of which 1.

The 5 fluorinated methyl phosphorus dichloride production line is expected to reach production by June 2020, and the 2000-ton phosphorus-containing flame retardant phase I and 3,000-ton L-glyphosate production line are expected to reach production in January 2022.

The company has successfully developed the supply of methyl dichloride intermediates, increased the supply of methyl dichloride intermediates, and used methyl phosphorus dichloride to promote the production and sales of flame retardants and L-glyphosate,Agrochemical technology platform.

Earnings forecast and estimation We expect the company’s operating income in 2019, 2020 and 2021 to be 48.

04 billion, 57.

3.5 billion and 65.

8.6 billion yuan, with growth rates of 19.

29%, 19.

38% and 14.

84%; net profit attributable to shareholders of the parent company is 6, respectively.

7.8 billion, 8.

4.7 billion and 10.

13 trillion, the growth rate was 17.

38%, 24.

95% and 19.

50%; Fully diluted earnings per share are 1.29, 1.

62 and 1.

93 yuan, corresponding to PE is 11.

9,9.

5 and 8.

0 times, covering for the first time, giving a “cautious increase” rating within the next six months.

Risks suggest that the price of pesticides fluctuates sharply; safety accidents occur in enterprises; new product sales promotion is less than expected;

Maanshan Iron & Steel (600808): Multiple factors lead to a substantial increase in the fourth quarter profit

Maanshan Iron & Steel (600808): Multiple factors lead to a substantial increase in the fourth quarter profit
Performance summary: The company issued the 2018 results announcement, reporting that the combined company realized operating income of 819.$ 5.2 billion, an annual increase of 11.91%; realized net profit attributable to shareholders of listed companies 59.43 ppm, an increase of 43 in ten years.94%; corresponding EPS is 0.77 yuan, EPS for the four quarters are 苏州夜网论坛 0.18 yuan, 0.26 yuan, 0.28 yuan and 0.05 yuan; net profit attributable to shareholders of listed companies was 41 in the same period last year.29 trillion, equivalent to EPS.54 yuan.In addition, the company has a minimum interim cash dividend of zero.05 yuan (including tax), it is planned to distribute cash dividends of cash at the end of 2018.31 yuan (including tax), gradually expanded to 0 cash dividends. 36 yuan (including tax); operating data: the company’s 2018 pig iron 1800 lead, crude steel 1964 lead, steel 1870 replaced, the service is basically the same.In 2018, the steel output was used to calculate 4,075 yuan per ton of steel, the cost per ton of steel was 3504 yuan, and the gross profit per ton of steel was 570 yuan, which increased by 346 yuan, 334 yuan, and 11 yuan respectively.In terms of specific varieties, 南京夜网 the gross profit per ton of long steel products was 638 yuan, an increase of 14 per year.96%, consistent with the industry’s growth rate, the gross profit per ton of steel sheet is 464 yuan, which is replaced by 14 each time.41%, mainly due to the company’s first-level blast furnace overhaul in the fourth quarter, with a small amount of hot metal and priority to supply long products. In the fourth quarter, the output of slabs was only 178 tons, which was offset by 26% from the previous quarter.The company’s electrical steel products’ profit performance was generally affected by the decrease in exports from downstream customers. Financial analysis: In 2018, the company’s total operating income increased by 11.91%, the main business income increased for ten years.04%, of which the income of the iron and steel industry increases by 68 each year.3.5 billion, an increase of 9.85%, non-steel revenues increase by 18 per year.6.2 billion, a substantial increase of 65.23%, the increase is mainly due to the scrap steel sales in 2018, and the non-steel portion contributed 12 gross profit.8.8 billion; the company’s consolidated gross profit margin for 2018 was 14.83%, a decrease of 0 every year.47%, of which long gross margin rose more than 0.54%, the gross profit margin of plates and axles increased at least 2 respectively.89% and 10.32%; 5% during the period, 0 in ten years.52%, of which R & D expenses have increased significantly by 214 temporarily.18%, mainly due to the company’s further expansion of product development categories and accelerated product upgrades in 2018. The three expenses per ton of steel rose by more than 43 yuan; the net profit margin reached 8.61%, up 1 every year.69%; Asset-liability ratio 58 at the end of 2018.38%, a decline of 3 per year.89 average; budget, investment income continued to increase 61 over the previous year.13%, profit and loss from changes in fair value decreased by 200 compared with the previous year.67%, plasma cost increased by 60 compared with the previous year.29%, mainly due to the increase in the profitability of some subsidiaries and the company’s return of some deferred and delayed assets; Q4 QoQ change: Q3 2018 is attributable to the parent net profit to replace 83 QoQ.29%, exceeding the industry average, mainly due to the following reasons: First, the continuous decline in steel prices in November prevented the industry’s profits from generally starting to fall. According to our calculations, the gross profit of hot-rolled steel, cold-rolled steel and rebar ton steel decreased by 52.54%, 82.87% and 19.53%, the company’s product structure in half of the long plate is affected by the price drop; Second, the company has a blast furnace began overhaul on October 10, 2018, until February 24 this year, affected by the company’s fourth quarterThe output of steel was 429, which was the highest and the lowest value, and was the lowest 12 in the third quarter.98%, a decrease of 10.75%, the company shut down two blast furnaces and two converters throughout the year, the total withdrawal of ironmaking capacity of 100 tons, steelmaking capacity of 128 tons, the volume reduction is basically the same as last year; the third is based on the careful judgment of the market outlook, the company in the fourth quarterAccrued asset impairment losses 6.9.7 billion, all of which are losses from falling inventory prices; profit return will be the norm: After three years of bull market in the steel industry, the demand side is still committed to maintaining stability in 2019.Although the real estate sales end faces a high base in 2018, the interest rate is lowUnder the circumstances, the decline in real estate sales in 2019 is expected to be controlled within a number. Due to low inventory, real estate investment will still maintain a growth of more than 5%.At the same time, the direction of infrastructure development is determined, and the overall domestic demand stability will exceed market expectations.However, steel gradually withdraws in accordance with the general direction of supply-side environmental protection and production restriction. The overall profitability of the industry may be earlier. It has moved down in 2018. However, the current cycle is uncertain. It seems that it will provide expansion in 2010. The expansion of the balance sheet of the ferrous metal industryLimited, and most of them focus on capacity replacement, environmental protection and technological transformation.Therefore, the probability of the decline of the profit center to 2015 is not high, and it is more a process of returning from ultra-high profit to normal profit. Investment suggestion: As a large iron and steel manufacturer in East China, the company has formed three core products: sheet, long products, and axles.The profitability of the company follows the fundamental changes in the industry and is completed through the overhaul of the blast furnace. The subsequent output will be released normally.We estimate that the company EPS for 2019-2021 will be 0.52 yuan, 0.64 yuan and 0. 70 yuan, maintaining the “overweight” rating; risk warning: high macroeconomic growth leads to pressure on demand; supply-side pressure continues to increase.

Wanhua Chemical (600309): MDI prices in line with expectations gradually stabilized petrochemical business surge

Wanhua Chemical (600309): MDI prices in line with expectations gradually stabilized petrochemical business surge

The company released three quarterly reports for 2019: 1-3Q2019 to achieve operating income of 485.

390 thousand yuan (YoY-12.

48%), achieving net profit of 78%.

99 million yuan (YoY-41.

75%), net profit after deduction is 72.

470,000 yuan (YoY-43.

52%), of which 170 in the third quarter of 2019 achieved revenue.

10 billion (YoY-6.

62%, quarterly +9.

07%), Q3 returns to net profit of the mother 22.

7.8 billion (YoY-25.

45%, QoQ-19.

36%), Q3 net profit after deducting non-return to mother 22.

0.6 million yuan (YoY-24.

96%, QoQ-16.

00%).

Performance is in line with market expectations.

The highest level of the company’s performance is definitely the high point of the MDI industry. The company’s main product MDI prices have been declining.

In the third quarter, the decline in the MDI price of the company’s main products affected the penetration, and some petrochemical products rose brightly.

Polyurethane section: The production and sales volume of Q3’s polyurethane section products decreased by 9 from the previous month.

64%, 2.

52% to 63.

6, 64.

In the fifth quarter, according to our calculations, the Q3 single quarter MDI sales volume was about 35-40 seconds, the MDI sales volume was basically stable, the TDI sales volume was about 10 seconds, the polyether sales volume was 11-12 seconds, and the total sales of ADI and modified MDI was about3-5 highest price; product price: the average market price of pure / polymerized MDI 2019Q3 is 18146, 12983 yuan / ton, respectively, Q2 accounts for 13% and 15%, of which 18Q3 decreased 35%, 31%, the companyQ3’s main product MDI prices expanded month-on-month, which had a breakthrough impact on performance. The overall polyurethane sector’s Q3 revenue was 75.

700 million, down 8 from the previous month.

14%.

Petrochemical section: Q3 output 53.

In 1997, it increased by 16 from Q2.

6%, of which the MTBE price Q3 increased by nearly 15% month-on-month, Q3 sales volume increased by approximately 15%, 南京桑拿网 contributing significant performance increase, the petrochemical sector Q3 volume and price rose together, the performance increased by about 2 ‰, therefore, due to the increase in trade volume, the number of petrochemical productsGrowth in the third quarter was 78.

4% to 119 benchmark, the entire petrochemical sector Q3 revenue 51.

300 million, an increase of 46.

87%; Fine Chemicals and New Materials section: 19Q3 production and sales increased by 12 respectively.

55%, 13.

24% to 10.

7, 10.

8 Initially, the main reason was that PMMA’s operating rate in the third quarter gradually stabilized and contributed to the increase. The entire fine chemical and new materials segment Q3 revenue was 1.8 billion, an increase of 5 from the previous quarter.

56%.

In addition, due to the decline in the MDI price of the company’s main source of profit, the company’s sales gross profit margin for the 1-3Q2019 fell by 7pct to 29.82%.

Q4 Wanhua Ningbo MDI device overhaul, MDI prices are expected to remain stable; 19-20 Global MDI capacity increase is limited, Wanhua controlled the pace of expansion to control the industry’s absolute right to speak.

Q4 demand side: Under the unfavorable external market environment, domestic MDI downstream manufacturers are under-started, and multiple MDI downstream demand is light, and purchase on demand; supply side: the company announced on October 15 that two sets of MDI devices in Ningbo will be held for 55 days eachOverhaul, the MDI supply in the market will shrink to a certain extent. It is expected that the price of Q4 will remain relatively stable under the weak supply and demand pattern, and the profitability of enterprises with cost advantages will be stronger.

  From 2019 to 2020, the global MDI will increase its production capacity, mainly based on the expansion of Wanhua’s own production by 80, and other companies’ expansion only by Covestro and Kumho Mitsui 25.

MDI adds nearly 30 indicators of global demand each year, and prices remain a constant hub1.

Around 50,000 yuan / ton.

Wanhua Chemical’s acquisition of Swedish Chemical can successfully integrate the integration and development of the company’s technology, and more importantly, firmly control the core technology of MDI mass production to prevent technological proliferation, and the oligopoly layout of the MDI industry can be maintained.

In addition, Wanhua will hold an 80% stake in Cornell, Fujian. It will further control the pace of future expansion of the MDI industry, further increase its city share, become an absolute leader in the global industry, and further strengthen its control over MDI prices.

The ethylene project is progressing smoothly, and the fine chemical sector has obvious advantages in relying on the integration of raw materials. It has long been optimistic that Wanhua will develop comprehensively and become a leader in the global chemical industry.

The total investment of the ethylene project in the petrochemical business segment is approximately 17.8 billion U.S. dollars. The main units include a 100-ton / year ethylene cracker, a 40-ton / year polyvinyl chloride, a 15-ton / year epoxy resin, a 45-ton / year LLDPE, and a 30/65 budget /Annual PO / SM device, 5 budget / year butadiene device, trial production is expected in the fourth quarter of 2020; new materials business PC Phase I 7 has been put into operation, 13 is expected to start production by 2020, PMMA (8 targets), MMA (5 targets) has been put into production in January 2019, and HDI and adduct projects will be put into production at the end of the year or early next year.

Petrochemical and new material addition projects will be put into production one after another to support future development, and the cost advantage under the synergy of large sectors is obvious.

Construction in progress has increased by 77% annually to US $ 20 billion. Capital expenditures in Yantai Industrial Park have continued, and Wanhua has long been optimistic about its overall development and growth as a leader in the global chemical industry.

Investment suggestion: Maintain the “overweight” rating. Due to the adjustment of the company’s main product MDI price, the company’s profit forecast is lowered. It is expected that the net profit will be 106 to 2019.

2, 126.

4,147.

0 (original 111.

9,139.

2,173.

2) 100 million yuan, EPS3.

38, 4.

03, 4.

68 (Original 3.

56,4.

43,5.

52) yuan, the current market value corresponding to PE is 13X, 11X, 9X.

Risk warning: New projects are put into production less than expected; downstream demand is less than expected.

Walking is beneficial to human health

Walking is beneficial to human health

Many people like walking. We walk after eating, which is good for digestion. When we are unhappy, we take a walk to get a good mood. Taking a walk is a good way to adjust our mindset.At the same time, it is also a very good fitness method. By walking, we can exercise our bodies, strengthen our bones, and achieve our healthy existence.

  Walking has its own effect on the elderly. A certain degree of walking has a good effect on the health of the elderly. In addition, walking can speed up the blood circulation of people’s bodies, make people feel more relaxed, and achieve a happy state of mind.They are all loved and trusted by people. Walking takes a good mood and good body.

  Walking is the best choice for the elderly to keep fit.

Elderly people who walk more than 30 minutes outdoors in the morning and evening are really good for their own health.

In Beijing, no matter whether it is the intellectuals or the cadre stream, they will do this movement.

Even the villagers in the suburbs of Beijing also have the conscious action to take a walk out of the house. When they meet each other, they say that they have gone to the corner.

Beijingers are becoming more and more healthy themselves and improving their quality of life.

  Walking is a fine habit of our Chinese nation.

Therefore, there is a song: “Hundred steps after meals; life is ninety-nine”.

According to legend, there are great men abroad who live healthy and long lives because of walking. Some Einsteins and Madame Curie are healthier because of walking. They have also extended their lives and made great contributions to humanity.

  Walking is beneficial to human health.

Keep walking and people will win health.

Scholars and doctors who maintain health all recommend that walking is the best choice for human movement.

Of course it is important to keep walking.

  Can I take a walk?

Naturally, being sick and getting out of bed is an exception.

As long as you can get up and walk around the house, it will also be beneficial to your own health.

In China since ancient times, there have been “sedentary sick” statements.

Life is movement.

  Take a walk, don’t go to the air, and the environment is not good; take a walk properly, take your own strength, not too much, too big; be elegant, relax, and walk in the mood of leisure.

  Walking is a very ecological method of exercise. We generally do n’t feel tired, and we do n’t feel the harm caused by other sports because of walking. Therefore, walking is loved by people from all walks of life.Age, both men and women, is a great way to exercise.

Five Breast Recipes for Healthy Breasts

Five Breast Recipes for Healthy Breasts

Ladies should eat more foods that are good for breast health. Xiaobian recommends five beautiful breast recipes to teach you to create the most beautiful healthy breasts.

  Effect of papaya milk juice: The high protein of milk is a necessity for breast enhancement, and the effect of papaya is needless to say.

  Ingredients: papaya, high-calcium fresh milk, water Practice: 1. Wash the papaya, peel and cut into small pieces after seeding.

  2. Make papaya pieces, fresh milk and some water together into juice, if necessary, put some sugar.

  3. In order to keep fresh, it is recommended to deliver immediately.

  The effect of Jianjian tea: The taste of deer gum and turtle gum in traditional Chinese medicine is not good, but it is a good helper for breast enhancement.

  Ingredients: deer gum, turtle gum, brown sugar, water Practice: 1, boil deer gum, turtle gum and a cup of water together for about 20 minutes.

  2. Finally, add brown sugar and stir evenly.

  Effect of longan red jujube soup: red jujube is very helpful for promoting blood circulation and smoothing the breast, and it has excellent blood and nourishing effect with longan!

  Ingredients: red dates, longan, water method: 1, after the water is boiled, it becomes a small fire.

  2. Put the longan in boiling water and cook for 20 minutes, add red dates, and simmer for 20 minutes.

  Effects of walnut tofu: walnuts, cashews, sesame, etc. all have the effect of breast enhancement, and walnuts can also supplement the brain, try it.

  Ingredients: walnut kernel, tofu, broth. Practice: 1. Fry walnuts and sesame seeds with low heat and crush.

  2. Diced tofu and add broth for 15 minutes.

  3, finally, tofu, sprinkle with walnuts, sesame seeds.

  Peanut braised trotter effect: Peanut has the effect of keeping breasts unobstructed, and trotters contain a lot of gum ingredients, which can make it stronger and more flexible.

  Ingredients: trotters, peanuts, ginseng, salt, monosodium glutamate. Method: 1. Cut the cleaned trotters into pieces, cook them with boiling water for a while, and remove them after they are born.

  2. After the peanuts are washed, put them in a pot with 2 slices of ginseng and trotters, add water or broth, and simmer for 90 minutes.

  3, add a small amount of salt, MSG can be eaten after seasoning.

Ten tips to get you right

Ten tips to get you right

1.

Step by step, within your means.

This is the basic principle to be observed in fitness exercises.

The weight of the test should not exceed its own capacity.

Especially after interrupted training, when you restart training, you cannot rush to increase the exercise load (including weight, intensity, density, time), nor should you use the previous training weight. There must be a recovery phase to gradually adapt your body.

  2.

Action specification.

Irregular movements can cause unexpected injuries to joints, muscles, and ligaments.

For example, when doing a supine bird, the volume drops too low, beyond the joint’s tolerance range, and the active muscles control the weight loss, which will cause shoulder or elbow injuries or ligament strains.

For another example, when practicing barbell squats, if the chest and waist are included, it will not only affect the training quality, but also cause lumbar spine injury.

Therefore, exercise norms are an important factor in preventing sports injuries.

  3.

Decrease exercise or stop exercising when in poor condition.

There are peak periods and trough periods of the human body’s motor function. When the physical condition is not good, the amount of exercise should be reduced, or rest for a day or two for adjustment.

Do not force it, as injuries are often caused by discomfort when in poor condition.

  4.

Change your fitness style or place when you are down.

Changing the fitness mode or the fitness place when the mood is low can have a positive effect on mood regulation.

Taboo training with “whatever you want to do” and thoughtfulness in your heart.

  5,

Ask your partner or coach to protect you when you have a heavy load.

When carrying heavy loads or completing difficult and difficult movements, ask your fitness partner or coach to protect and help you to be prepared.

  6.

Focus on concentration and strengthen self-protection.

Attention can improve training quality and prevent accidental injuries.

When symptoms of physical discomfort (such as pain) occur during exercise, you should appropriately reduce the amount of exercise or stop exercising to strengthen self-protection.

  7.

Guaranteed rest.

After a workout, the body is overdrawn, and muscle cells are injured a lot. You need to rest to promote muscle recovery and muscle growth.

Rest includes adequate sleep and other recreational activities that are beneficial to your physical health.

Rest is not good, but it affects the recovery of the body, and it is easy to cause over training and sports injuries.

  8.

The scientific mix of training content is important.

Perhaps, for example, it is best to practice shoulder and back in the same lesson.

The initial benefit is that the shoulder muscles get a positive rest during the back training (the shoulder muscle group can better reduce relaxation).

  If you train your back first and then your shoulders, it will easily lead to contusion of the upper back muscles.

Another example, the thighs are best practiced the day before.

Because the lower back muscles participate in exerting force (supporting) during leg training (such as barbell squats), if the lower back has been trained the day before the leg is trained, the lower back muscles have limited ability to endure fatigue without fully recovering.When practicing legs, not only can not exert the potential of leg muscles, but also easily cause back injury.
If you practice your legs first, you can not only ensure the quality of your thighs, but also not affect your foot training.
  As another example, if aerobic training and anaerobic training are in the same class at the same time, it is best to perform anaerobic training and then aerobic training.

After aerobic training, muscle contraction and contraction ability decrease, and exercise ability declines. At this time, anaerobic strength training will feel inadequate, muscle control ability is poor, and sports injuries are prone to occur.

The priority training principle in fitness exercise is to focus on the advantages of good, first complete the training of difficult and large and thin parts, which can ensure the quality of training and prevent sports injuries.

  9.

Reasonable diet.

It is one of the important factors to promote rapid recovery of the body and eliminate muscle soreness.

Food mix should be balanced and diversified. Avoid partial food.

When sweating for a long time in summer, you should replenish a small amount of saline or sports drinks.

Attention should be paid to maintaining the acid-base balance of food, excessively high concentrations of protein and acidic substances increase, reducing alkali reserves, which is not conducive to the recovery of the body.

A reasonable ratio of plasma to protein is 7: 3.

  10.

Check sports equipment and wear different protective gear.

Checking the safety of the equipment is an important measure to prevent accidental injuries due to sports.

Then it is necessary to pay attention to sports clothing, wear protective gear such as waist, wrists, gloves, etc. in a timely manner.

In addition, it is also important to choose safe and effective items based on your physical condition, age, and gender.

Overcoming extreme stress

Overcoming extreme stress

Guan Yu, a hero of the Three Kingdoms era, passed five levels, cut six generals, went to the meeting with one shot, and flooded the Seven Army.

But his Achilles heel is his stubbornness and stubbornness.

When he was entrusted by Liu Beizhong to stay in Jingzhou, Sun Quan sent someone to propose to Guan Yu’s daughter for his son. Guan Yu was furious and hurt. He treated his relationship with his personal likes and dislikes. Regardless of the consequences, the Wushu alliance broke down.

Finally, he lost Maicheng and was captured.

If Guan Yu is a little bit more extreme and unconscious, then Wushu Alliance will probably not be damaged, and Jingzhou’s ownership may not be another situation.

  Extremism refers to people’s opinions, subordinates and so on.

Mostly in young people.

Personality and emotional extremes are an insignificant defect in life.

Personality and emotional extremes are a mental illness.

It arises from the extreme lack of knowledge, the ignorance of knowledge, the self-closing consciousness of society, the subjective idealism of thinking, and so on.

  Extremism is manifested in the following three areas:

Cognitive one-sided extreme people see issues with absolute, one-sided vision.

He always wears colored glasses, with partiality, stubbornness, and stubbornness. He ignores people’s good faith counsel and equal discussion.

The extreme person resents the sky, complains too much, and is always frustrated all day long, and he is not met, only asks what others have provided him, and does not ask what he has contributed to others.

Extreme people crowd friends, people make friends like “corresponding to the same voice, agree with each other”, they all like to make full-bodied and humble people, but the old one is better than the other, the opening will prevent the neck and others from raising bars, even if it is unreasonableStir three points, think, who would like to deal with him?

For example, some students think that they are all good when they take the exam once, and they are proud of themselves, and they are prone to pride.

And sometimes when the test is not ideal, he will be depressed to the bottom, and he thinks that he can do nothing.

  2.The emotional performance of emotional impulsive radicals is based on personal likes and dislikes and a whim, which is based on the discussion of people, lacks a rational attitude and objective standards, and is susceptible to suggestions and temptations.

If you feel good about someone, you think he is all right, knowing that it is wrong, it is a fault, and he is unwilling to admit it.

  3.Behavioral reckless extremes are manifested in reckless military action, regardless of consequences.

Middle school students often think that friendship is about morale.

When their friends are “deceived” by others, they often say nothing, and immediately stand up to help their friends fight, and act recklessly and recklessly as heroes.

There are two reasons for extreme psychology: 1.

Insufficient knowledge and experience, the development of dialectical thinking is not yet mature, and it is not good at seeing the problem in two places. It often catches one point and exaggerates or shrinks infinitely. It thinks that when you see the whole thing, it is easy to appear the distortion of partialityJudgment that leads to false evidence.

  2.

Middle school students are in adolescence, the endocrine function develops rapidly, and the excitability of the cerebral cortex and the subcortical center often increases or weakens rapidly, which leads to emotional fluctuations, and extreme cognition and impulsive behavior.