Enjie (002812): Shanghai Enjie consolidated performance commitments

Enjie (002812): Shanghai Enjie consolidated performance commitments

Investment Highlights: The company released its 2018 annual report: the report consolidated and the company realized operating income24.

5.7 billion (+16.

2%), net profit attributable to mother 5.

180,000 yuan (+40 compared with the same period last year).

8%), the performance was in line with expectations.

Due to the fact that the listed company completed the actual controller Shanghai Enjie 90, a multiple wet splitting company, on July 21.

For the purchase of 08% equity, the annual data is calculated after adjusting for 17 years.

Shanghai Enjie achieved consolidation and successfully fulfilled its performance promises.

Shanghai Enjie is mainly engaged in wet process scale. Due to the continuous increase in sales of new energy vehicles and the rapid increase in the ternary battery penetration rate, the demand for wet process scale is continuously expanding, and the pressure of product prices facing the replacement industry is falling.Expansion and technological upgrading, the cost side continued to be optimized at the same time, and under the circumstances of other gradual profit growth of other wet alternative companies, the company still maintained high profitability.

Shanghai Enjie Wet Dispersion Revenue in 201813.

28 ppm, an increase of 48 in ten years.

6%, net profit 6.

3.8 billion, net profit after deduction 5.

8.5 billion, more than 5.

5.5 billion performance commitment.

Shanghai Enjie’s net profit attributable to shareholders of listed companies.

76 ppm (of which the net profit from January to July was 2.

72 ppm, based on the proportion of equity purchased from the ultimate controlling party53.

After a gradual adjustment of 86%, the net profit attributable to the mother is 1.

4.7 billion; Net profit from August to December was 3.

66 ppm, based on the company’s actual purchase of Shanghai Enjie’s equity ratio of 90.

08% credited to net profit attributable to mother is 3.

2.9 billion).

The global leader in wet laws and regulations has been further 南京夜网 improved, and overseas customers have promoted accelerated volume.

As of the end of 2018, Shanghai Enjie’s wet-dispersed production capacity was 1.3 billion square meters, with a replacement volume of 4.

6.8 billion square meters, the global budget market accounts for 14% of the market share, and China’s wet segmentation market accounts for 45% market share.

Maximize production capacity and market share. The world’s largest, global leaders merge.

The company’s downstream covers mainstream power battery companies. In addition to domestic high-quality customers such as CATL, Guoxuan Hi-Tech, BYD, Funeng, Lishen, overseas customers such as LG Chem, Samsung, and Panasonic continue to develop supply chains. It is expected that overseas high-end products will accelerate in 2019.Heavy volume.
As overseas customers have higher requirements for product quality and product prices are more than 50% higher than domestic prices, an increase in the proportion of overseas customers is conducive to weakening the negative impact of the continuous downward price decline.

In order to further meet the growing demand of downstream customers, the company plans to complete the construction and commissioning of 20 production lines by the end of 2019, and the capacity scale is expected to reach 2.8 billion flats in 2020, further expanding its leading advantages.

Fundamental progress in the main business, the focus of the future shift to the field of consumer goods.

The main business of listed companies is the leading companies in the packaging industry, mainly supporting tobacco. In the past two years, due to intensified competition in the industry, the prices of major products have fallen, raw material prices have increased, and merger and acquisition costs have increased.

420,000 yuan, an average of 73 in ten years.

1%.

The company’s raised projects will expand the capacity of aseptic packaging and specialty paper, and focus on the fast-growing consumer goods sector. It is expected to return to the growth track in the future.

Investment suggestion: Maintain the “overweight” rating, maintain 2019-20, and add a profit forecast for 2021. It is expected that net profit will be returned to the mother in 2019-21.

40, 11.

33, 15.7.2 billion, EPS 1.

77, 2.

39, 3.

32 yuan, PE 31X, 23X, 16X.

Risk reminder: release of production capacity exceeds expectations, intensified competition in the industry leads to sharp fluctuations in product prices

BYD (002594): 19H2 bottomed profit is still optimistic about the high growth of the industry

BYD (002594): 19H2 bottomed profit is still optimistic about the high growth of the industry

Event: The company announced the third quarter report for 2019. In Q1-3, the company achieved revenues of 93.8 billion (ten years +5).

4%), net profit attributable to mother 15.

700 million (previously +3.

1%).

Of which 19Q3 achieved revenues of 31.6 billion (ten years-9).

2%), net profit attributable to mother 1.

200 million (decade -88.

6%), in line with the announcement range of the Air Force Interim Report.

At the same 武汉夜网论坛 time, the company foresees a net profit of return to the mother for ten years in 19 years.

84-17.

7.4 billion, corresponding to a single quarter profit of Q4.

14-2.

4.0 billion, performance under pressure.

1, three quarterly analysis:

Revenue and profit: 19Q3 realized revenue of 31.6 billion (ten years -9.

2%), net profit attributable to mother 1.

200 million (decade -88.

6%), in line with the scope of the Air Force Interim Report; b.

Gross profit margin: Q3 overall gross profit margin 13.

9%, a decrease of 1 from Q2.

4 points, mainly due to the decline of subsidies for new energy vehicles; c.

Three rates: sales expense rate 3.

3%, a decrease of 1 per year.

1pct, the chain ratio is reduced by 0.

6pct; management expense ratio 3.

4%, increasing by 0 every year.

8pct, lower than the chain.

2pct, financial expense ratio 1.

6%, reduced by 0 every year.

8pct, which is an increase of 0 from the previous month.

7 points, the overall three rates show a downward trend; d.

R & D expenses: Q3 R & D expenses13.

4 billion, New Year’s Eve 4.

5%, an increase of 11.

8%, corresponding to R & D expense ratio 4.

2%, relatively stable; 2. H2 in 19 was a double bottom of industry sales and profits. Short-term pressure will not change the judgment of the industry’s long-term high growth.

Affected by the substantial and significant contraction in the second half of the year, the new energy passenger vehicles showed a horizontal trend from July to September. Judging from the existing terminal sales and feedback, the industry sales in the fourth quarter are still under pressure, and it is even possibleContinue negative growth.

We believe that the industry is currently in the short-term sales and profit double bottom range. In the future, the high growth of the new energy automobile industry is still optimistic, due to: a.
From the perspective of the supply side, the concentrated assessment of double points in 2020 is only restricted. The industry needs to complete the sales of new energy passenger cars from 1.7 to 1.8 million.At the same time, the double-point review draft for 2021-2024 has also been launched, and the national planning goal has always been to follow the achievement of 5 million new energy vehicles by 2025; b.
Considering the product and demand side, the domestic production of the Tesla Model 3 explosion model started large-scale production. At the same time, luxury brands such as Audi, Mercedes-Benz and BMW successively launched electric vehicles, gradually driving consumer perception and adopting technological progress.With the cost reduction, the defects of electric vehicles are gradually being improved, and the cost advantages will gradually be highlighted. The new models will be gradually launched and driven by explosive cars, and the demand for ToC is expected to rise.

Risk warning: New energy vehicle sales fall short of expectations, commercial vehicles, cloud rail business development fall short of expectations

Zhaoyi Innovation (603986): 2018 financial report meets expectations 2019Q1 performance is dragged down by storage prices and research and development expenses

Zhaoyi Innovation (603986): 2018 financial report meets expectations 2019Q1 performance is dragged down by storage prices and research and development expenses

A brief evaluation of performance in 2018, the company achieved total operating income22.

460,000 yuan, an increase of 10 in ten years.

65%; Net profit attributable to shareholders of listed companies.

50,000 yuan, + 2% at the beginning of the year; single quarter revenue in the fourth quarter of 2018 5.

2.5 billion, an annual increase of 2.

35%; net profit attributable to mother 0.

3.8 billion, previously -35%.

2019Q1, revenue 4.

5.6 billion, ten years -15.

73%; net profit attributable to mother 0.

400 million, ten years -55.

58%.

Operating analysis 2018 performance analysis: The company’s 2018 consolidated revenue is in line with our previous report expectations, and the performance is lower than our expectations7.

5%.

The first is the gross profit margin of MCU products (43.

72%) was lower than our expectation (47%).

It is expected that ASP will be reduced due to the Sino-US trade war and the decrease in downstream terminal demand.

The decline in storage prices and the substantial increase in R & D expenses have dragged down 2019Q1 results.

1) R & D expenses in the single quarter increased from 39.45 million to 64 million, an increase of 64% each year.

It is expected that the company’s R & D expenses in 2019 will continue to grow at a high speed.

2) Due to the gradual fluctuation of storage downstream, the impact of falling prices on the company’s storage product revenue.

3) On the MCU side, it is expected that the gross profit margin of the MCU in the first quarter of 2019 will maintain the Q4 status, which will improve from 2018H1.

The foreign cooperation progressed smoothly: The company announced that it had signed the “Convertible Bond Investment Agreement” with Hefei Changxin Integration, and continued to advance the project with Hefei Changxin on 12-inch wafer crushing.

At the same time, the company’s acquisition of Siliwei’s major asset reorganization case was passed conditionally.

In the future, the company will continue to expand its R & D layout, and its main business is expected to improve sequentially.

1) The company will launch low-power wide-voltage products and deploy automotive storage 2) The company will continue to expand IoT applications in the MCU field and deploy automotive MCUs.

Profit adjustment and investment recommendations Based on the company’s product price and gross margin assessment, we adjusted the company’s net profit to 3 in 2019/2020.

06/3.

7.5 billion, down 45% and 55%.

With reference to the average forecast and growth expectations of the semiconductor industry, the target price for the next 12 months is 95 yuan, corresponding to PE = 72x in 2020.

The above profit forecast does not take into account the impact of the future Siliwei M & A case.

Risks suggest that the price drop of the storage is more than expected; 武汉夜网论坛 the downstream demand of the MCU does not meet expectations; competition leads to a decline in gross profit margin.

[What are the contraindications to stretch water in soda water]-How to drink _ diet taboo

[What are the contraindications to stretch soda?

】 _How to drink_Diet Taboos

Tendon grass is a kind of plant traditional Chinese medicine that is more common in life. Tendon grass has a very high medicinal value and has the effect of treating physical diseases. Frequent drinking of soda water can effectively reduce blood pressure and can also dispel cold.The function of activating blood is very good for the body, and there are some contraindications to drinking stretch stretch grass. Because stretch stretch grass is a kind of blood-activating drugs, pregnant women cannot drink it.

What are the contraindications for drinking stretch water?

The composition of the elegans and modern pharmacological studies The spores mainly contain trace oils, sterols, volatile oils, sugars, and the whole grass mainly contains huperzine, chrysospinine, chrysospermine and nicotine, and also contains a variety of tri-tertiary alcohol compoundsWait.

Modern pharmacological studies have shown that diarrhea is diuretic, enhances uric acid excretion, and inhibits dysenteriae.

Huperzine has obvious antipyretic and analgesic effects.

Tendon is contraindicated in pregnant women and those with excessive bleeding.

The daily use of stretch grass: 3?
10g.

Decoction with water, or external use, smash the affected area.

Tension grass election method 1, cure wind cold and dampness, soft and numb limbs, joint soreness, flexion and extension are unfavorable: extension grass, stinging, solitary living, cinnamon sticks, and white sting.

Decoction, remove residue, and warm.

2. Treatment of limb weakness and skin numbness: stretched grass, pine knots, bone-seeking style, Wei Lingxian.

Decoction, remove residue, and warm.
3. Treatment of arthralgia: stretched grass, 25g each of barnyard grass, roadside vitex, 50g each of rat thorns.

Decoction, remove residue, and warm.
4. Treatment of cervical spondylosis: Dispose the flat fish cleanly, put it in a pot, add an appropriate amount of water and stretch the grass to cook together, drink soup, and eat fish.

5, cure bruises: stretch the grass, hemu, earthworm, safflower, peach kernel each amount; decoction to remove residue, take juice, clean the affected area with medicinal juice.

The part used for stretching muscles is the whole grass of the stone pine family.

The material of the method of the stretched grass wine: 15 grams of geese, 15 grams of Chuan Aconitum, 15 grams of Achyranthes bidentata, 10 grams of Caowu, 15 grams of chicken Yato, 500 grams of white wine.

Practice: 1.

Cut the stretched grass, make Chuanwu, achyranthes bidentata, chicken feces rattan, and weed, and place them in a container.

2.

Add liquor to seal soak 3?
After 5 days, filter to remove residue.

Pregnant women and those with excessive bleeding should avoid it.

[First how to make hot peppers]_ delicious practice _ how to make

[First how to make hot peppers]_ delicious practice _ how to make

Pepper is a very delicious vegetable. People in the south and inland regions use pepper as an indispensable part of cooking. Eating pepper has become an important dietary choice for people.

There are too many types of peppers. Common peppers, such as green peppers, are more green and have a crisp, crisp taste.

There are many ways to cook peppers. Let ‘s take a look at how to make peppers.

Simmer the green peppers 1, wash the green peppers to remove the root pedicles and seeds, and flatten them with the back of the knife.

2. Heat the wok and drain the oil. Turn to low heat and add the green peppers to fry. Cover the tops for about 2 minutes. Turn over and continue to simmer until the bell peppers are wrinkled and soft.The green peppers are well cooked.

Tiger skin green peppers 1. Wash the green peppers, wash them, add 70% hot oil to fry until the crusts are cooked, and drain the oil; 2. Leave a small amount of remaining oil in the wok, add green pepper, salt, MSG, soy sauce, Vinegar, stir-fry, add the flavor, and serve.

Shredded green pepper 1, shredded chili, cut thin or thin slices of tenderloin, add a little soy sauce, starch, sake / cooking wine, and mix well.

3, the oil is hot, add pepper, stir fry a few times, then add ginger, garlic slices, scallion and white diced, stir-fry until fragrant.

4. Pour in shredded pork and stir-fry until the meat is just cooked or 8-9 minutes cooked.

(My sister always pushes the meat to the side of the pot, leaving the middle part to fry the green peppers.

) 5. Fry the green peppers with the remaining oil until they are broken and add some salt.

6. Finally, add the fried pork and stir fry for half to one minute.

Stir-fried red and green peppers and pineapple 1, cut red and green peppers into filaments and cut into chunks.

2. Add oil to the hot pot (less) and add red and green peppers to fry.

3, add pineapple covered pot stuffy.

4, simmer until soft, add plum powder seasoning, then you can boil.

Stir-fried potato with green peppers 1. Peel and shred the potatoes, wash them, and set aside.

2. Cut the green peppers into cores and cut into strips; slice the dried shallots and set aside.

3. Heat the oil scallion, sauté the dried onion grains, stir-fry the potato shreds, and pick them up for later use.

Let’s fry again.

4. Add green pepper sticks and stir-fry, then add potato shreds, add seasoning and stir well, serve.

[Can Probiotic Yeast Lose Weight?]

[Can Probiotic Yeast Lose Weight?]

The role of probiotics in the present can be said to be very extensive. First of all, probiotics can regulate gastrointestinal function, which is of great help. It can treat many diseases and inflammations, and it can also promote the absorption and health of our body.It is just these uses that can also help our internal digestion and absorption. Some people even use probiotics to lose weight. Can probiotics really lose weight?

1.

Probiotics help weight loss research Probiotics have become a hot topic in modern society, and we hear about new news about these millions of small bacteria gathered within your interactions almost every week, and that is themWhat was found to be good for us.

Recent studies have shown that probiotics help digestion and cure diseases.

A new study published in the British Journal of Nutrition suggests that probiotics can help people lose weight.

But do you believe the statement of this scientific report?

First let’s see how this scientific report came about: each Japanese research team divided 210 subjects who were overweight into three groups.

Then each person ingested 7mm of fermented milk per day, and the fermented milk that the two groups drank respectively added a part of different probiotics Lactobacillus SBT2055. This probiotic was found to be related to weight loss in previous studies.

After 12 weeks, people who consume probiotic-containing fermented milk daily lose about 8% to 9% of their visceral aunts-around your heart and other internal organs and their unhealthy aunt types.

At the same time, studies have also shown that this eliminates probiotic fermented milk from people who have developed 1% to 3% belly fat.

“Your indirect is responsible for the digestion and absorption of the food you eat every day. The probiotics mentioned in the study may reduce the function of intervening metabolism and help digestion after entering the interior, and at the same time prevent slight accumulation in the body.

“Yuukio Kadooka, an expert at Japan’s Snow brand and co-author of this report, explains.

However, this research has the following problems, Kadooka introduced: First, the probiotics mentioned in this research are not for sale in the US market; second, according to Kadooka’s research, most of the research on the benefits of probiotics for weight loss has beenCompanies that use related technologies to produce weight-loss products are controlled or funded.

“This does not mean that research is ineffective,” said Dr. Jeremy Burton, deputy director of the Canadian Probiotic Research and Development Center. “There is nothing wrong with companies investing in scientific research, but it is best to maintain the independence of such research.The results are objective.

“Dr. Burton added.

2.

“Identify” probiotics Ultimately, this independent study is uncertain or contradictory.

A study published in the International Journal of Obesity found that although some probiotics help to lose weight, some probiotics can cause obesity.

“It’s too early for this research to be final, and it needs more analysis!

“Diidier Raoult, co-author of the study, MD, Marseille microbiologist, said.

The health benefits of probiotics are certain, Burton said, and the findings also acknowledge claims of probiotics for digestion and health benefits, such as Danone’s Activia yogurt.

But if probiotics help to lose weight, it really remains to be seen.

“Probiotics certainly have a certain dieting effect,” Burton said, “but the mechanism by which it works is still to be studied.

“So now, don’t expect probiotics to completely replace your exercise or diet plan.

[What is best for iron and blood?]_How to eat_How to eat

[What is the best iron and blood?

】 _How to eat_How to eat

Regardless of people of any age, if the trace elements inside the body are kept in balance, the general body will be healthy, but because everyone’s living habits are different, it is easy to cause the body to lack trace elements. Iron is a must in the human body.One of the essential trace elements, if iron is deficient, it will have a great impact on human health. What is the best way to supplement iron and blood?

How much food is iron and blood? 1, friends can often eat some red meat, some say that the liver of animals also has high-quality lean meat, because these foods are rich in heme, which can give the bodyAdd enough iron.

2. Friends who like to eat seafood. Deep-sea fish is definitely your gospel. Deep-sea fish has high-quality fatty acids and its iron content is even higher than some meat and eggs, so friends can eat more.

3, we usually eat a variety of grains, such as wheat, barley, millet, soybeans, etc. These foods are rich in iron, which can improve the body’s hemoglobin, so most of the body’s severe iron deficiency friends can come every dayedible.

4. Vegetables with high iron content are spinach. Spinach is rich in iron. You can make some spinach soup or cold spinach, which is delicious and economical.

Symptoms of iron deficiency contraction in the body First, there are some replacements of excessive iron deficiency scales. Some friends will have cracks in the corners of their mouths. The skin will be very dry and inelastic, and the nails will not be smooth. Female friends will oftenPeople are referred to as “Huanglian Po,” which is a symptom caused by long-term iron deficiency.

As a result, dizziness, palpitations, and breathlessness with a little activity are common symptoms of iron deficiency.

Severe patients may even experience shortness of breath, angina, and even heart failure.

Finally, if friends have difficulty swallowing in their normal diet, even bloating, diarrhea, and insomnia, then they need to pay attention. It may be caused by the lack of iron filings in most of the body.

Some friends will be unwilling to eat and become weak. Female friends will even have amenorrhea and irregular menstruation. Then these symptoms are symptoms of iron deficiency in the body. Friends must pay attention.

What causes iron deficiency is preliminary. If the babies in the growth and development have iron deficiency levels in their bodies, it may be caused by too fast growth and nutrition, because the child’s body needs iron in this time.More, so once the iron content in the food you eat does not meet the body’s needs, then the scale of the body’s iron deficiency symptoms.

In addition, some special conditions and some diseases can also cause signs of iron deficiency in the body. For example, female menstrual periods and pregnancy and lactation can cause iron deficiency anemia in the body.

Another friend is because the body is suffering from a certain disease, such as gastrointestinal bleeding, hemorrhoid bleeding, bleeding from chronic diseases, will cause the loss of hemoglobin in the body and cause anemia.

[Baking pizza is on fire or under fire]_Baking the heat_How to bake

[Baking pizza is on fire or under fire]_Baking the heat_How to bake

The taste of pizza is relatively large and there are many types. Many people like to eat it, whether it is a child or an elderly person, especially a young person, it is more popular, but after all, the pizza sold outside is not assured and unsafe.After eating delicious pizza, I also like to make it at home, so everyone hopes that they can make some favorite pizzas at home. When baking pizza, use the fire or the fire, which has become a concern for many people.

Use up and down fire.

The specific methods are as follows: Materials: Pizza skin: 250g high-gluten flour (you can use ordinary flour), 4g yeast, 15g butter, 1 teaspoon of milk powder, seasoning with salt, 12
5ML warm water (about 40 degrees) salt, sugar, black pepperAdd water to other main ingredients: Tricholoma, pineapple (now happens to be fresh), ham sausage, fresh shrimp, cheese method: 1.

Leave the yeast to degrade in warm water for 5 minutes and fully melt.

2.

Slowly pour the melted yeast water into the flour and stir well to form a smooth dough.

3.

Add the salt of fat and salt and continue kneading until the fat and salt are completely absorbed, and the dough is smooth and elastic.

4.

Put the dough in a container, cover with plastic wrap, and put it in the oven to start the first fermentation for 40 minutes (place a bowl of hot water in the oven to help the dough ferment better).

Fermentation time to make pizza sauce.

5,

Pour a small amount of fat into the pan and heat it up. Add the chopped onion and stir well.

6.

Pour in the mixed sauce (tomato sauce, slightly salt, add sugar, black pepper, and water), and cook the pizza sauce.

7.

At this point, the dough is also fermented. Take it out, squeeze the dough gently for a while, roll it into a pastry, spread it on a baking sheet, and use a toothpick to fork holes (for better ventilation).

8.

Place in the oven for a second fermentation for 30 minutes (place a bowl of hot water in the oven).

9.

Prepare the ingredients.

10.

After the crust is fermented, apply the pizza sauce and spread the main ingredients evenly on the crust.

11.

Preheat the oven. Put the pizza in the baking tray and place them in the oven. Bake at 250 ° C for 11 minutes.

12
After baking, sprinkle with 100g shredded cheese and bake in the oven for 5 minutes.

13

Allow to dry after baking.