Sany Heavy Industry Co., Ltd. (600031): Acquiring Group Financial Assets to Give Full Play to Synergy

Sany Heavy Industry Co., Ltd. (600031): Acquiring Group Financial Assets to Give Full Play to Synergy

The company issued an announcement: It intends to use its own funds to acquire Sany Automobile Finance Co., Ltd. 91 held by the controlling shareholder Sany Group.

43% equity, the corresponding asset valuation is RMB 42.

21 trillion, the proposed transaction amount is RMB 39.

8 billion.

SANY Auto Finance is one of the 25 auto finance companies in the country. It mainly provides financial services to the construction machinery industry and is the first auto finance company in China’s construction machinery industry.

According to the company announcement, since 2016, Sany Auto Finance’s operating income has stabilized at 2.


500 million US dollars, and basically from the top to the net net income; but the change in net profit penetrates, which is essentially a breakthrough in asset impairment losses; the net profit rate has always remained above 30%.

In 2019, Sany Automobile’s financial asset impairment losses are equivalent, due to net profit expectations, to 2017 and 2018.

As of October 2019, the total assets of Sany Auto Finance were approximately 97.

500,000 yuan, asset-liability ratio of 70.


According to the company’s announcement, the incremental debt balances of Sany Heavy Industry in 2017, 2018苏州夜网论坛 and 2019H1 with repurchase obligations were 13 respectively.

1.4 billion, 19.

1.4 billion and 32.

24 ppm, reflecting Sany’s continuous increase in sales through Sany Auto Finance.

  SANY Auto Finance will issue loans and advance funds from 56 in 2019.

2 billion to 91.

39 trillion, an increase of 62.

63%, we judge the first is that under the high prosperity of the construction machinery industry, the business of Sany Group has developed rapidly.

  The Group promises that if the net receivables of Sany Auto Finance suffer losses due to the risk of repayment, the Group will make up for a part of the losses and reduce the financial risks of listed companies acquiring Sany Auto Finance.

The quality of construction machinery products is relatively high, and customers often purchase through financing.

According 深圳SPA会所 to the company’s announcement, the interest expenses paid by Sany Heavy Industry to Sany Auto Finance in 2017, 2018 and 2019H1 were 550 respectively.

40,000 yuan, 16.

70,000 yuan and 90,000 yuan.

Due to the problem of related party transactions between listed companies and the group, compared with the scale of Sany Heavy Industry’s income or Sany’s auto finance interest income, the scale of the transactions is very low.

An IPO will effectively reduce the scale of connected transactions, while SANY Elderly can provide distributors and customers with a package of products, services, and financing, and form complementary advantages, reduce financing costs, enhance product and service competitiveness, and improveProfitability, driving the company to transform to “manufacturing + services”.

SANY Auto Finance started from the domestic market and gradually expanded its business to the United States, Germany, Singapore, India, Brazil, South Africa, Saudi Arabia and other places, and further developed in depth. It established a unified global management and coordinated support for corporate financial development.Plate space layout.

The company’s acquisition of Sany Automotive Finance will promote the company’s internationalization process, help establish and improve financing channels for the overseas sales of individual products, promote the financial support needed for overseas construction machinery sales, and effectively reduce the company’s and customers’ overseas financing costs.

We maintain our profit forecast and expect the company’s net profit for 2019-2021 to be 112.



19 trillion, excluding further conversion of convertible bonds, the corresponding EPS for 2019-2021 is 1.



70 yuan / share, the corresponding PE is 12.


7/9.5x (2019/12/11), maintaining the rating of “Prudent Overweight”.

Risk warning: The sales volume of construction machinery is lower than expected, and the export business is lower than expected.

Ningbo Yunsheng (600366): 2Q19 earnings decline month-on-month is affected by fair value conversion

Ningbo Yunsheng (600366): 2Q19 earnings decline month-on-month is affected by fair value conversion

1H19 results are in line with our expected 1H19 results: revenue 8.

100 million, a year-on-year decrease of 20%, net profit attributable to mother 0.

530,000 yuan, budget profit 0.

05 yuan, reduced by 3 every year.

3%, in line with expectations, after deducting non-profit, 0.

35 trillion, a year-on-year decrease of 44%, non-recurring gains and losses include 0.

Fair value of 17 trillion and investment income and 0.

07 billion government grants.

The company’s revenue in the second quarter of 194.

500 million, a year-on-year decrease of 22%, a month-on-month increase of + 24%, and net profit attributable to mothers is -0.

53 trillion, a year-on-year decrease of 2.

5x / 1.

5x, partly due to the decline in fair value and net investment income in the second quarter.

Comments: 1) 1H19 comprehensive gross profit margin declined.

5ppt to 16.

6%, the second quarter of 19 comprehensive gross profit margin 17.

2%, down by 1 every year.

8ppt, an increase of 1 from the previous month.


In terms of market, the new average domestic price of hafnium oxide in 1H19 was 30.

50,000 tons / ton, down 9% every year, the average price in the second quarter of 19 was 30.

50,000 / ton, a year-on-year decrease of 8% and a month-on-month decrease of 0.


2) 1H19 fair value and net investment income are 1.

3 ‰, increasing by 1 every year.

5x, mainly from the connection of floating wealth management products in the first quarter.

48 ppm (mainly fair value book value).

3) 1H19 management expenses decreased by 8.

4% or 6.8 million yuan, mainly due to the annual reduction in expenses, sales expenses decreased by 32% or 7.03 million yuan each year, mainly due to the decline in patent fees and social security fees.

4) The effective tax rate for 1H19 increased by 11.

2ppt to 20.


5) Cash flow from operating activities for ten years +1.

6 ppm to 1.

US $ 1.5 billion, mainly due to the increase in the proportion of bank acceptance bills and the reduction in cash paid for product purchases.

Development Trend Rare earth prices are expected to remain 苏州桑拿网 high.

Since May of this year, Myanmar ‘s rare earth imports have been officially reduced, and domestic rare earth supplies are tightening. We expect rare earth prices to remain high in the second half of the year, with heavy rare earth prices supporting more than light rare earths.
The company completed this round of repurchase on June 11, with a cumulative purchase of 17.21 million shares, accounting for 1 of the total share capital.
74%, with a transaction price of 4.


22 yuan / share, pay 1.

10,000 yuan.

Earnings forecasts and estimates We maintain our 2019/2020 earnings forecasts of zero.


13 yuan unchanged.

The current contradiction corresponds to 2019/20201.

7 times / 1.

7 times P / B ratio.

Maintain Neutral rating and 6.

Target price of 50 yuan, corresponding to 1.

4x 2019 P / B ratio and 1.

4 times the 2020 P / B ratio, 15 more recently included.

0% downside.

Risks Lower-than-expected downstream demand; rare earth prices fell more than expected.

[How to make noodles with _ how to make noodles with noodles]

[How to make noodles with _ how to make noodles with noodles]

The most important step in making your own noodles is to make noodles, because you can make delicious noodles with good noodles.

Knife noodles are a type of noodles that people are familiar with often. Knife noodles can also be made by yourself. However, it is necessary to pay attention to the method of noodles.

All the following steps can be performed after the cutting surface has been reconciled.

And the cut noodles often need to pay attention to technology and production methods.

It’s just that everyone’s production method should be different, so how does the noodles and _ knife noodles and noodles method?

The technical requirements for cutting face to face are strict. The ratio of water to face is correct. Generally, one pound of noodles, three or two pieces of water are beaten into noodles, kneaded into dough, covered with a damp cloth, and kneaded for half an hour.Until it is smooth, soft, and smooth.

If the kneading time is not enough, it is easy to stick the knife and break the bar when cutting. Most of the knives made across the country use the noodle making process of King Noodles. The resulting noodles are many, and the second is noodle strength.

In addition, the mystery of the knives is in knives.

Knives, generally do not use kitchen knives, have to be cut from specially made arcs.

Hold the kneaded dough in your left hand, hold the knife in your right hand, be smart with your wrist, level your output, and apply even force, facing the soup pot, 嚓, 嚓, 嚓, one knife at a time, peeling noodles, one leaf at a timeOne leaf, just like a meteor catching the moon, draws a curved white line in the air. The noodle leaves fall into the soup pot, the soup rolls and turns, and it looks like a silverfish playing in the water. It is a good-looking chef who can cut about two hundred knives per minute.The length of each leaf is exactly six inches.

Before eating, being able to visit the chef’s noodles is tantamount to enjoying an art performance.

Knife-cut noodles practice: 1. Mix noodles with cold water, add water little by little, stir with chopsticks while pouring water, and form snowflake flakes, knead together, and simmer for 30 minutes.

Note: The noodles must be a little bit harder. Knead the dough repeatedly and put it into dough 3. The water in the pot is wider. After boiling, support the dough with your left hand.

Hold the noodle cutter with your right hand and cut it into the boiling water pot 4 one by one along the outside of the dough. After boiling, point the cold water 5 once, and then remove 6 after boiling. Add the pre-made dumplings, and stir to eat.

Add a small amount of salt to the noodles to increase the energy of the noodles.

[How to make steamed rice in a bowl]_ making method _ how to make

[How to make steamed rice in a bowl]_ making method _ how to make

For most people, steamed rice is a staple food in many families, but we should pay attention to the technique of steaming rice in the cooking process. If the rice is not mastered, certain skills will cause the fire to be less than expected or the rice will be too hardThis situation is not conducive to our consumption, so we should have some understanding of steamed rice.

So, how to steam rice in a bowl?

What is practice like?

1. How to steam dry rice? The rice you want to eat is sticky, and you can add more water. If you like the rice to be loose, the water level is just over twice the rice level, otherwise it will be too hard.

Pour the water into the rice cooker, then take a wooden spoon of rice, stir the rice, wash it, and then drain the water.

In general, the amount of water is determined by the number of meters.

The ratio of water to rice is 1: 1, which is one bowl of rice and one bowl of water. If two bowls of rice, then put two bowls of water.

Take the bowl of Indian rice and print the water.

You can also use another method to determine the amount of water, no matter how many meters, as long as the water is slightly higher than rice anyway.

2cm (1.

2 centimeters), that is, about one finger, just squint with your eyes.

This comes entirely from experience, and everyone’s experience is different.

2. How much water do you put in rice? Generally, the ratio of rice to water is 1: 1 to 1: 1.

Between 5, the initial rice and water can be as much or slightly more water, and the maximum should not exceed 1: 1.


Depending on the specific situation, this time it is 1: 1 this time.

2. The rice is slightly dry. You can add more water next time.

Also if the rice is sticky, put less water next time.

If you do n’t have a specific measuring instrument, you can keep the water in the rice cooker less than 1 cm from the rice.

3. Which noodles and rice are fatter? Rice is fatter than noodles.

As far as rice and raw noodles of the same composition are concerned, the volume of noodles is less than that of rice, so eating rice for transformation introduces more and makes it easier to gain weight.

In addition, the protein content of noodles is slightly lower, in addition to that, it is easier to digest for rice.

When eating rice, you usually need to eat a lot of side dishes. Those dishes add a lot of seasonings, and there will be transformation, but eating noodles does not have so much demand for side dishes.

Therefore, eating noodles is not as easy as gaining weight with rice.

[Can crabs eat with durian]_ Diet Conditioning _ Diet Taboo

[Can crabs eat with durian]_ Diet Conditioning _ Diet Taboo

Crabs and durians cannot be eaten together, because crabs are cold foods, and durians are hot foods. Although the two are eaten together, although there is no chemical reaction, eating too much will increase the burden on the kidney.And patients with poor digestion cannot eat, so it is recommended that everyone should not eat durian while eating crabs.

You can learn about the disadvantages of eating crab and durian together.

Can durian and crab be eaten together? Traditional Chinese medicine believes that durian is hot and crab is cold. From the perspective of traditional Chinese medicine, it can be eaten together.

Suggestion: you can eat, but do n’t eat too much, it ‘s not good to eat too cold and hot things together, and durian and crab are high in protein, which will increase the burden on the kidneysDo not eat too much.

Crab is cold and durian is hot.

Do not eat durian too much at one time, or it will easily lead to dryness and heat, and its rich nutrients will cause “getting angry” due to the inability to fully absorb the stomach.

The method to eliminate hotness is to drink durian while eating durian or to eat fruits with more water to balance. Pears and watermelons are good choices.

However, durian’s best partner is the mangosteen known as the “Queen of Fruits”. Only it can easily subdue the anger of the “King of Fruits” and protect the body from damage.

From the point of view of Chinese medicine, durian is hot and stagnant. People with hot gas or cough, sore throat, sensitive trachea and diabetic patients are not suitable to eat more durian. Otherwise, it will worsen the condition and not benefit the body.

And durian should not be eaten with wine, so as not to cause the nature of the food to cause harm to the body.

Crabs are cold foods, while durians are hot foods, but they are not compatible, so it’s fine.

Durian’s nutritional value Durian is a treasure all over the body, and its nutshell boiled bone soup is a good tonic. It is said that the nutritive value and medicinal value of its core are even better.

Some senior officials will bring durian as a noble gift when visiting abroad.

There is a saying in Thailand: “Durian comes out and the sand cage is removed.”

This means that the girls would rather take off their skirts and sell them to eat a durian.

Durian is rich in protein and lipids, has a good nourishing effect on the body, and is a good source of nutrition for fruits.

Durian has a special smell. Different people feel differently. Some people think it smells like cat feces, and some people think it has a scent.

This smell of durian has appetizing and appetite-stimulating effects, and the supplementary fiber can also promote bowel movement.

Although durian is good, it should not be eaten at a time. Because of its rich nutrition, your stomach can’t fully absorb it, you will get angry.

If you eat more, you can eat a few mangosteens. Only the fruit queen can surrender the fruit king.

Durian Durian is the most famous in Dalian and is known as the “stewardess killer”.

It has a strong scent, lovers praise its fragrance, and those who hate it resent it, so hotels, trains, planes and public places are not allowed to bring in.

Huaian people especially like durian, and the degree is often attracted by its special fragrance. Huaian is popular with the sayings such as “classic sarong, buy durian, durian red, empty suitcase”, and “wife eat durian”.

[12 kinds of homemade tea, summer summer heat and dampness effect is good!

[12 kinds of homemade tea, summer summer heat and dampness effect is good!

How to get health tea in summer!

In this hot season, drinking tea can both relieve the heat and keep you healthy.

Below, I will introduce to you 12 summer health teas with many effects. Don’t miss it.

Summer health tea I, lotus seed heart tea lotus seed heart refers to the turquoise green germ in the middle of the lotus seed, which is extremely bitter, but has excellent antihypertensive and fat-removing effects.

Blend two grams of lotus seed heart with boiled water and mix it with the offspring tea. Drink it once a day in the morning and evening. In addition to lowering blood pressure, it also has the effects of clearing heat, soothe the nerves and strengthen the heart.

But lotus seeds have a bitter heart, and those with weak spleen and stomach should be careful.

Summer health tea II, mint tea, mint tea has the effect of clearing heat, and mint is also a good medicine for treating wind-heat and cold.

The specific method is to boil 2000 ml of water, add 10 grams of dry mint and some green tea, and soak, filter out the leaf residue to make mint tea, which can be added with sugar.

When you have a cold in summer, you can fry it with 20 grams of fresh mint.


[Can kids eat Cola Chicken Wings]_Children_Impact

[Can kids eat Cola Chicken Wings]_Children_Impact

Cola chicken wings is a kind of food that attracts people, but for younger children should pay attention to the situation of eating.

Because the child is young, Ping still needs calcium supplements.

Because children will certainly lack some trace elements in the process of growing up.

Therefore, in the diet structure, we must pay attention to timely addition of some calcium is the best.

But cola is a very influential carbonated beverage for the human body, which causes the loss of calcium.

So can cola chicken wings children eat?

Can babies eat cola chicken wings?
Babies can eat cola chicken wings, but eat less.

The main materials of Cola Chicken Wings are chicken wings and Cola. Chicken wings are very nutritious and can supplement the nutrients that your baby needs to grow. Cola is a carbonated beverage that is harmful to the human body. Eating it will affect your baby’s healthy growth, but Cola is making it.The process has caused a lot of volatilization, and the amount itself is not much, so the damage is also relatively limited.

Therefore, babies can eat cola chicken wings.

However, cola chicken wings are high in sugar and high in content, and their nutritional value is not high. It is easy to cause too much babies and picky eaters. Therefore, babies should eat cola chicken wings less.

Is cola chicken wings harmful to babies? 1, cola is a high-sugar food, and chicken wings are also potentially high meat. Babies often eat cola chicken wings, which can easily cause excessive spread, resulting in excessive babies, decreased immunity, and affects the baby’s normal development.

2. Cola contains a large amount of caffeine. Although it is volatile during the process of making cola chicken wings, if it is eaten for a long time, it will still cause harm to the human body, especially the baby’s immunity is reduced, which will easily affect the baby’s development.

3. Cola contains a lot of carbonic acid and some phosphoric acid, and it is easy to form carbonic acid, which will have a certain corrosive effect on the enamel, which will seriously damage the health of the teeth and affect the normal development of the baby’s teeth.

4. Phosphoric acid in cola will affect the baby’s bone development, make the baby’s bones fragile and easy to fracture, and the large amount of phosphorus in it will also affect the baby’s absorption of nutrients.

[Ginger and what phase grams]_ginger_diet conditioning_diet taboo

[Ginger and what phase grams]_ginger_diet conditioning_diet taboo

Ginger is indeed a strong irritant. It is very good for driving cold and dampness. In summer, it is best to drink a glass of ginger water to prevent cold symptoms.

However, when we eat ginger, we ca n’t eat it with hot ingredients such as leek and celery. First of all, ginger and leek or celery will affect the taste, and ginger and alcohol will also cause the symptoms of anger.

Ginger cannot eat with anything Ginger cannot eat with chives, celery, raw fish, wine, rabbit meat, seafood, horse meat, dog meat, etc.

Step 1 Ginger + Leek: Leek and ginger are easy to be sour together, so be careful not to add ginger when eating chives, otherwise it will affect the taste.

Step 2 Ginger + Celery: Boiled celery and ginger will have a salty milk taste, which will affect the taste, so ginger and celery should not be eaten together.

Step 3 Ginger + Raw Fish: Adding ginger prematurely when cooking fish will affect the ginger’s deodorizing effect. Therefore, it is necessary to master the proper time for cooking and putting ginger.

Step 4 Ginger + Wine: Both ginger and wine are warm, spicy and irritating foods, which are eaten together, which is easy to get angry, dry and hot, which can lead to severe constipation.

Step 5 Ginger + Rabbit Meat: Rabbit meat is cold and sour, while ginger is hot and spicy, and the other taste is the opposite. Eating cold and heat together can easily cause diarrhea, so ginger and rabbit meat should not be eaten together.

Step 6 Ginger + Horse Meat: Ginger is warm and spicy, while horse meat is cold. The two flavors are opposite. Consuming together will cause symptoms such as cough and sore throat, so ginger and horse meat cannot be eaten together.

Step 7 Ginger + Dog Meat: Both ginger and dog meat are relative grams of food. Eating together can cause abdominal pain, and for people who are hot in the body, the same food can easily lead to body anger.

What should I eat with Jiang Yi? Jiang Yi should be eaten with sea crab, mushrooms, mustard, burdock, beef, white radish, turtle, mutton, etc.

Step 1 Ginger + Sea Crab: Ginger and sea crab are eaten together, which is beneficial to enhance gastrointestinal function, and also warms the stomach and strengthens the spleen.

Step 2 Ginger + Mushroom: Ginger and Mushroom are eaten together, which has the effect of eliminating coldness.

Step 3 Ginger + Mustard: Ginger and mustard are eaten together, which can effectively eliminate cough and sputum.

Step 4 Ginger + Beef: Ginger and beef can be used together to effectively dispel cold and warm the body, and can also reduce the symptoms of cold hands and feet. It also has a certain effect on the treatment of abdominal pain.

Step 5 Ginger + white radish: Ginger and white radish cook soup at the same time, which has the functions of clearing heat and detoxifying, swelling and diuresis, relieving cough and reducing phlegm, and has certain auxiliary treatment effects on symptoms such as acute respiratory inflammation, swelling and pain.

Step 6 Ginger + soft-shelled turtle: Ginger and soft-shelled turtle are eaten together, which can alleviate symptoms such as dizziness, backache, dreams, and dreams.

The combination of the two can achieve the effects of nourishing yin and nourishing kidney and filling essence and marrow.

Step 7 Ginger + mutton: Ginger and mutton can be eaten together. Ginger can remove the stinky smell of mutton. At the same time, the mutton warms blood, and ginger expels cold. At the same time, it can enhance the functions of tonifying, dispersing cold, and analgesic.