Fuling mustard (002507) annual report comments: immature regions have high growth plans for 2019

Fuling mustard (002507) annual report comments: immature regions have high growth plans for 2019

Event: Fuling mustard released the 2018 annual report: the company achieved revenue 19 in 2018.

140,000 yuan, an increase of 25 in ten years.

92%, net profit attributable to mother 6.

62 ppm, a 59-year increase of 59.

78%, net of non-attributed net profit6.

380,000 yuan, an increase of 62 in ten years.

26%, of which Q4 achieved revenue 3.

69 ppm, an increase of 25 in ten years.

86%, net profit attributable to mother 1.

390,000 yuan, an increase of 59 in ten years.

78%, deducted non-net profit1.

3.7 billion, an annual increase of 37.


Profit distribution plan announced by the company: It is planned to pay dividends for every 10 shares2.

60 yuan, the dividend rate is 31.


The company announced its business plan: it is expected to realize revenue 24 in 2019.

12 ppm, an annual increase of 26%, and operating costs of 10.

16 ppm, an increase of 20% in one year, and an expected gross profit margin of 57.

87%, an increase of 2.

11 points.

Investment Highlights: Income Analysis: Volume and price both rise, and high growth in immature regions.

The company achieved revenue 19 in 2018.

1.4 billion, an annual increase of 25.

92% (where Q1: +47.

72%; second quarter: +23.

71%; third quarter: +11.

01%; Q4: +25.

86%), high growth in Q4 We believe that it mainly benefited from the indirect price increase of the main products in markets outside South China by Q4 companies.

1) Volume and price go up: Sales volume in 2018 increased by 10.

75%, unit sales price increased by 13.

93%, the company’s sales have maintained two-digit growth in the case of price increases for three consecutive years, mainly due to the reasonable distribution of profit in the channel chain; 2) high growth of mustard: in terms of categories, mustard and appetizer growthBoth are above 25%, and the growth rate of kimchi is 19.

31%, the growth rate of main categories is relatively good; 3) the growth rate of immature regions is more than 30%: by region, North China and Central Plains sales increased by 41% and 37%Above 30%, the growth rate of only two mature regions in South China and Southwest China is about 14%.

4) Looking at revenues from financial indicators: Accounts receivable and bills in 2018 were 7.86 million yuan, an annual increase of 367.

23%; advance receipts1.

55 trillion, down 34 a year.

67%, negative growth for the first time in two years in a single quarter; cash repayments increased by 13.

45%, which is lower than the growth rate of revenue. From the financial indicators, there may be some pressure on the company’s revenue in the future, but it is not excluded that it will be affected by the Spring Festival.
Profit analysis: price increase, cost down, gross margin increase.

The company’s gross profit margin in 2018 was 55.

76%, an increase of 7 per year.

54pct (where Q1: 51.

18%; second season: 58.

55%; Q3: 57.

26%; fourth quarter: 55.

90%), the gross profit margin increased significantly initially: 1) price increase: the company increased prices in disguise in the 武汉夜生活网 second half of 2017; 2) cost reduction: Q2 in the new quarter of green cabbage market, high-yield upstream in 2018, purchase unit price compared to last yearOutstanding down.

Expense rate for the period 2018 was 17.

60%, a year to increase 0.

14pct, during which the expense ratio remains stable; the non-net interest rate is deducted from 33.

34%, an increase of 7 per year.

47 points, mainly due to the substantial increase in gross profit margin.

Future Outlook: Cost dividends will continue in 2019, and the company’s revenue and profit outlook will be positive.

The company announced its plan for 2019 and achieved revenue 24 in 2019.

12 ppm, an annual increase of 26%, and operating costs of 10.

16 ppm, an increase of 20% in one year, and an expected gross profit margin of 57.

87%, an increase of 2 from 2018佛山桑拿网.

11pct, active planning.

1) From the perspective of income, we think that the advance account receipts have declined in 2018, and we look forward to the company’s higher revenue growth through channel sinking and new product promotion; 2) From the perspective of profit, 2019 will be a high yield of mustard in Fuling areaWe expect procurement costs to continue to decline, and gross margin improvement is expected to materialize.

Earnings forecast and investment rating: Maintain “Buy” rating.

The EPS for 2019-2021 is expected to be 1.

06 yuan, 1.

29 yuan, 1.

52 yuan, corresponding PE is 29X, 24X, 20X.

In 2019, the company has a positive outlook and sends positive signals to the market. It looks forward to achieving higher growth through channel sinking and new product promotion. At the same time, costs have dropped. The company’s gross profit margin has continued to increase gradually, maintaining the company’s “buy” rating.

Risk reminders: food safety risks; risks of raw material price fluctuations; uncertainty about Huitong’s food industry integration; new products fail to meet expectations; production capacity construction falls short of expectations.

Sunlord Electronics (002138): Domestic Inductor Leaders Benefit from 5G, Automotive Electronics, Product Upgrade Possibility

Sunlord Electronics (002138): Domestic Inductor Leaders Benefit from 5G, Automotive Electronics, Product Upgrade Possibility
Fast-growing domestic inductor leader.Sunlord Electronics Co., Ltd. was established in 2000. It is an emerging company mainly engaged in the research, development, production and sales of various chip electronic components., Varistors, NTC thermistors, LC filters, various antennas, NFC magnetic sheets, wireless charging coil components, capacitors, 无锡桑拿网 electronic transformers and other electronic components.According to data from China Industry Information Network, in 2017, Murata, TDK, and Taiyo Yuden each had a market share of more than 10%, accounting for more than 40% of the global market.The market share of Taiwan ‘s Qili New Market is 7.01%, Sunlord’s market share is 6.69%, second only to the three major Japanese manufacturers.The company’s 2018 revenue was 23.6.2 billion, net profit attributable to mothers4.790,000 yuan in 2014?In 2018, the compounded growth rate of net income attributable to mothers was 19 respectively.38%, 22.46%, in the rapid growth channel.2014?Progressive R & D investment in 20184.400 million, accounting for 4% of total income6%. Multi-product lines benefit from increased electronicization of automobiles.The company has a variety of products that can be perceived in the automotive electronics field, such as electronic transformers, power inductors, wireless charging coils, series current generators, etc. The main strategic plans for this field in the future are new energy vehicles and intelligent driving.The value of bicycles available for products ranges from a few hundred yuan to more than 2,000 yuan.After years of market and customer certification, the company’s products have obtained the qualifications of the world’s top automotive electronics major suppliers. Transformer products have been supplied in batches in the second half of 2018, and orders in 2019 have steadily increased.We expect the automotive electronics market as an important market layout for the company, and the company is expected to continue to benefit from the development of automotive electronics business in the future. Inductors and filters benefit from the 5G trend.5G drives the increase in inductance.The company’s product layout is on communication network equipment and intelligent terminal applications. It can provide RF inductors, power inductors, filters and other products required by the 5G industry. Benefiting from the 5G trend and the domestic production of domestic componentsAccelerate progress. Proximity to 01005 inductor products is the first to follow the trend of miniaturization of inductors.The smaller 01005 inductors have become a substitute for products in the inductor industry.We believe that the 01005 inductor technology barrier is high. As one of the few companies in the world that can mass-produce 01005 inductors, the company occupies a first-mover advantage in the industry, and then benefits from the trend of miniaturization of inductors caused by the complexity of smartphone construction. profit prediction.We predict company 2019?Income in 2021 will be 31.11, 40.07, 50.82 trillion, EPS is 0.71, 0.93, 1.19 yuan / share.Considering that the company is a leader in domestic inductive devices and that multiple products benefit from the 5G trend, we give the company 33?38x PE, corresponding to a reasonable value range of 23.43?26.98 yuan.Covered for the first time, giving a “preliminary market” rating. risk warning.5G construction progress may be slower than expected leading to smartphone replacement peak hours.

Hengyi Petrochemical (000703): PTA-Polyester Leading Enterprise Industrial Chain Layout Significant Development

Hengyi Petrochemical (000703): “PTA-Polyester” Leading Enterprise Industrial Chain Layout Significant Development

Investment Highlights Recommended Logic: The company is the world’s largest PTA 深圳桑拿网 and a leading polyester fiber manufacturer. Its current business is focused on midstream PTA, followed by the downstream polyester industry.

1) The company has increased the pace of industrial development in recent years, and the layout of the industrial chain has improved, forming a “dual fiber-driven” advantage of the “crude oil-aromatics-PTA-polyester” and “crude oil-benzene-CPL-nylon” dual industry chains;In the past, the tight supply situation of the upstream PX chain no longer exists. Capacity is about to usher in explosive growth. Prices are expected to decline moderately. Midstream PTA production capacity continues to be tight in the first half of 19th. Demand growth in the downstream apparel industry will drive polyester demand, and industry chain profits are expected.Converged to midstream PTA business.

The company’s share of PTA’s production capacity reached 28.

5%, the midstream profit accumulation will directly benefit the company’s PTA business; 3) The newly added Phase I 800 crude oil processing project of Brunei will be put into production in July 2019, and the phase 1400 investment project will be put into operation in 2022, when the company will completeThe entire industrial chain layout from resources to raw materials in the textile industry, to achieve self-sufficiency of upstream raw materials, and strengthen the company’s cost advantage.

  The company’s entire industrial chain layout has continuously improved profitability.

The company revolves around the petrochemical industry, petrochemical trade, petrochemical finance, and petrochemical logistics strategic thinking of “Petrochemical +” to continuously improve the layout of the industrial chain, improve the operating structure, and enhance cost control capabilities. In the past five years, the compound growth rates of operating income and net profit attributable to mothers have been separately increased.Reached 22.

5%, 35.


With the company’s initial horizontal business expansion, the Brunei project is about to be put into production, etc. We expect the company’s operating income from 2019-2021, the compound net profit compound growth rate will reach 21 respectively.

3%, 27.


  Increase polyester production capacity and improve downstream layout.

The company actively adopts mergers and acquisitions, expansion rather than new construction to expand production capacity. Since the Group acquired Red Sword, Longteng, and Minghui in 2017, the company completed the acquisition of Jiaxing Yipeng Chemical Fiber, Taicang Yifeng, and Shuangtuo New Materials in December 2018.Acquisition, increase polyester fiber production capacity 144.

5 early (Taicang Yifeng 24.

5 benchmark, Jiaxing Yipeng 20 index, Shuangtu 100 interest rate), and plans to use supporting financing to expand 50 FDY in Jiaxing Yipeng, which has been recently completed and officially put into operation, further expanding the company’s polyester polyester scale.

The company currently has a polyester ginseng production capacity of 630, with a market share of 10.

1%, surpassing Tongkun shares leap to the top in the industry.

Recently, the company successfully bid for Yida New Materials. It intends to acquire Hangzhou Yichang in cash and issue convertible bonds to build Haining Hengyi New Materials. The leading position of chemical fiber is stable.

  The Brunei project will be put into production soon, which will help the overall industrial chain layout.

The company and the Brunei government high-level Hengyi Brunei PMB comprehensive refining and chemical project, implemented in two phases.

Phase I investment 34.

5 billion US dollars, 800 tons of crude oil processing capacity, producing 150 inches of para-xylene and 50 phenylbenzene.

At present, the overall progress of the project has been gradually completed and more than 95% completed. The first ship of crude oil has entered the plant smoothly, marking that the project has officially entered the production trial operation phase. It is expected to be officially put into operation in July 2019. It is expected that the full load will be achieved within a short time after the test.

  Driven by “double nylon”, the nylon industry chain continues to be consolidated.

The company has determined the development strategy driven by “shuanglun”, namely “crude oil-PX-PTA-polyester” and “crude oil-benzene-cyclohexanone-caprolactam”.

With the steady development of China’s economy, the demand for PA6 in the textile, automotive, electronics, transportation and other industries continues to increase, and the domestic demand for caprolactam continues to increase.

The company currently has a capacity of 30 tons of caprolactam and plans to further expand the annual production capacity to 40 tons. It is expected to start production in June 2019 and the market share will reach 8.


  Earnings forecasts and investment advice.

We expect the company’s EPS for 2019-2021 to be 1.

07 yuan, 1.

39 yuan, 1.

51 yuan, corresponding PE is 13X, 10X, 9X.

We believe that the value of the company’s entire industrial chain layout will continue in the future, giving the company a 15x PE valuation in 2019, corresponding to a target price of 16 yuan, and an “overweight” rating for the first coverage.

  Risk reminder: the price of raw material crude oil rises; the risk of PTA overhaul progress is lower than expected or the price rises; industry competition intensifies; the company’s product operating rate gradually increases; the risk of overseas operations; the performance of the acquisition of the company’s performance is not as good as promised;The risk of reaching the production schedule may be lower than expected.

Does the food have fatal damage?

Does the food have fatal damage?

Experts from the Chinese Nutrition Society recently said that they should not believe that food will cause death, and some statements have no scientific evidence. There is no theoretical explanation and it has not been confirmed in practice.

Therefore, the reporter visited the Beijing Friendship Hospital affiliated to the Capital Medical University and interviewed the chief physician of the Nutrition Department, Hong Zhongxin.

  Director Hong said that people often have dietary taboos on some foods in their daily lives. The so-called “phase grams of food” can never be eaten together, but in fact, the relationship between foods is not as terrible as people think.Factors such as the order of the diet, the method of cooking, and individual differences can lead to some adverse reactions after eating. It is unscientific to define one or two foods as “phase grams of food” one-sidedly.

  “Food is not said to exist” There is no nutrition society expert said that through the study of the so-called “Dike Food”, which is widely spread among the people, it is found that tofu and spinach, crab and persimmon, mung bean and dog meat, squid and licorice, pork and lily, chicken andSesame, beef and potatoes, potatoes and tomatoes, leeks and spinach, and so-called “phase grams of food” are not related to each other.

In addition, pork liver fried green pepper, kohlrabi fried tomatoes, cucumber mixed with tomatoes, kelp stewed tofu, beef stewed pumpkin, kelp squid, spinach mixed with soy beans, pork stewed soy beans, mutton stewed potatoes, sea mixed fruit, tea boiled eggs, etc. through the experimenterTry and record the relevant reactions, and think that these foods do not constitute a phase.

  According to Director Hong, the so-called “food phase” must be replaced by evidence-based medicine.

The saying that food produces grams and even death in life is likely to be accidental coincidence that causes rumors, food poisoning, or some people’s special physique to produce food allergies, rather than foods that are naturally “compatible.”

  Many factors have caused the “phase” illusion. Director Hong said that the order of people eating, individual differences, cooking methods, etc. may cause the illusion of “two grams of food”.

For example, eating persimmons on an empty stomach in winter, eating crabs and crabs after eating, plus vinegar, if it is a person with stomach problems, it will have a bad influence on the body after eating.

Once this happens, people will mistakenly think that crabs and persimmons are in common. In fact, eating persimmons or cold foods on an empty stomach can cause discomfort.

  In addition, any kind of food contains thousands of nutrients, and the interaction of nutrients between foods exists objectively. This effect can be replaced by balanced metabolism, but it cannot be simply classified as “phase grams”.

For example, it is generally believed that spinach and tofu cannot be eaten together, because the oxalic acid contained in the spinach combines with the calcium contained in the tofu to produce calcium oxalate, which can be replaced by the human body.

In fact, the coexistence of these two foods only affects the absorption of calcium, but not the two foods.

It is also very simple to solve this problem, because the oxalic acid contained in the spinach decomposes water, as long as the spinach is simmered in excess water and then stewed with tofu, there is no problem.

  If you are sick, you may want to try “food therapy.” According to Director Hong, many people are used to taking medicine once they get sick. In fact, many infectious diseases can be effectively treated through diet adjustment, and even the best anti-inflammatory drugs can be backed up without proper diet.Not very good.

There are also some chronic non-communicable diseases that are also effectively prevented and treated through a comprehensive diet regimen.

  As people’s quality of life continues to improve, lifestyle changes, nutrition issues can be found in nutrition experts to provide scientific and reasonable alternatives and nutritional supplement programs, Friendship Hospital nutrition clinic will be open every Friday afternoon.

In patients with diabetes mellitus, obesity, gout, and kidney disease, more than 90% of gestational diabetes patients can be cured.

Hyperlipidemia, hypertensive patients usually have a three-month dietary intervention in the early stages of the disease, which can significantly improve the symptoms.

If the dietary treatment is ineffective, then consider taking medication to avoid the substitution of medication.

You are some women polished from drinking

You are some women polished from drinking

There are three classic discourses about women and wine: the average woman does not drink, the woman does not drink ordinary wine, and the woman drinks is not ordinary.

Therefore, women who drink a little wine are more special and have a taste of life.

There are not many wines suitable for women to drink. Red wine is a woman’s favorite, maybe because of its taste, maybe because of its color, or even because it has great possibility to women’s body.

The harm of red wine to the human body is fatal, it can prevent strokes, prevent cancer, and is good for vision. Of course, most women drink red wine more for its beauty effect.

  Drinking women is special, drinking reveals the woman’s temperament.

As the saying goes: After drinking, reveal the true feelings.

So some people say: Women are often more accurate and clearer than usual when viewed from a wine table.

Women who do n’t want to drink when they get a glass of wine: Unrestrained girls!

He has a hot personality and is an excellent confidante, but it is difficult to be a good wife.

Others often persuade, that is, a woman who does not touch wine: a standard lady, a rare animal.

Although not very understanding of the style, once it is used, it is absolutely specific.

A woman who does n’t drink too much, but loves to be drunk: clever girl!

Self-control is excellent, and pay attention to the means of doing things, the purpose is very strong.

Women who always want to intoxicate others, but do not drink themselves: If such a woman looks like a fairy, then it is definitely a lethal weapon for men. There is no way to resist it. You can only stretch your neck to be slaughtered!

Ha ha!

Women who should not be drunk when they are drunk: Too easy to get emotional (emotional blog, let’s talk about emotions), is the kind of troublesome woman who loves to turn upside down and make the chicken jump.

The woman who should not be drunk when drunk: calm woman.

Strong personality, solitary reward.

And the observation is sharp, and can penetrate the mind of a man.


A woman who drinks drunkly when she is proud: cold outside, heat inside, personality and emotion (emotion blog, emotional talk) is as silent as a volcano.

Women who drink only when frustrated: vulnerable women are easily injured.

I ca n’t afford it, and it ‘s hard to put it down. I like to ask for trouble.

Summer must learn to clean and whiten under the arm_1

Summer must learn to clean and whiten under the arm

How cozy things are nudity and carbon dioxide in the hot summer!

But how many MMs are bothered by the slack and hairy arms?

Make a thorough whitening and maintenance under your arm!

  The hair is soft and can be replaced by a hair removal cream. The hair under the arm is easy to remove. If the time is limited, it is also possible to use the hair removal cream at home.

Just apply the depilatory cream evenly on the area to be depilated. 5?
After 10 minutes, the hair becomes soft, just scrape it with a scraper.

This method does not cause any damage to the hair follicles, so the duration is not long, and it will grow again in about 3 days.

  You can replace it diligently-electric shaving. The principle of hair-shaving razor is the same as that of men’s shaving, except that the hair on the skin surface is removed.

There is no pain at all, but the presence of a small layer of black coriander on the surface of the skin under the arm is very unsightly.

  The hair removal knife is just that its head has the effect of plucking hair. It can remove the hair that was growing at the time. Although it will grow again every few days, the hair will grow much softer and the hair removal cycle will be prolonged.

However, the electric hair removal process will cause pain. Brides who are afraid of pain and sensitive skin should use it carefully.

  Note: Regardless of whether hair removal is used, after home hair removal, some moisturizing, astringent and disinfection care should be performed to prevent infection.

  The dullness of the bones and underarms makes you feel more awkward when raising your hands, not only from the armpit hair, but also from the skin of the armpits.

Even if the underarm hair is removed, the underarm skin is still dark and dark, and it is very inconsistent with fair body skin-this is a headache for many MMs, what can you do?

  Preliminary: Soft horny deep cleansing.

You can use a gentle facial scrub product to gently massage the skin under your arm after hair removal. The scrub particles try to select the soft beads of the ball.

Of course, you can also take a little sea salt or coarse salt, soak it with some water, grab a little to the dark place under the arm, gently rub it for about 3 minutes and wash it off, which can also achieve exfoliating effect.

  Step 2: Simple whitening.

After the paper-based whitening mask is applied on weekdays, there are still a lot of beauty liquids. It’s a pity to throw them away, but I don’t know what other effects.

Try applying the whitening mask under your arm for 3 minutes.

Moisturizes and whitens the skin under the armpits.

Be careful not to apply it continuously, it may cause skin sensitivity under the arm.

  Step 3: Antiperspirants reduce dullness.

Prepare a bottle of antiperspirant spray or antiperspirants in the summer!

Because sweat is also the cause of the blackness of the tibia under the arm, spray some antiperspirant products every day to reduce the rate of dullness under the arm, while avoiding the embarrassment of smelling under the arm.

What tips can make you more optimistic?

What tips can make you more optimistic?

Introduction: Compared to pessimistic people, optimistic people have a 20% increase in longevity.

Instead, they are always negative and pessimistic about the world, which leads to decreased immunity and increased risk of diseases such as heart disease and cancer.

  What do you think when the water in the glass is accidentally poured in half?

Some people say “Oops, only half a glass of water left”, and others can say “It’s good, there’s still half a glass of water!”

“This may be the difference between pessimistic and optimistic people.

A 30-year follow-up study in the United States also tells us that attitudes affect perceptions.

Optimistic people even live happier lives, rarely suffer from depression and other diseases, and can prolong their lives.

Compared with pessimistic people, optimistic people have a 20% chance of longevity.

Instead, they are always negative and pessimistic about the world, which leads to decreased immunity and increased risk of diseases such as heart disease and cancer.

  How can you be positive?

Let me tell you some simple tips that can add more “optimistic elements” to life.

  First, get up and express gratitude.

In the morning, everything around is fresh and beautiful.

After getting up, try to appreciate the good things you see.

It will bring a good start to the day, let hope and happiness last all day.

  Second, there are no “problems”, only “challenge”.

Don’t look at obstacles in your life as problems, just as a challenge.

You will find that the solution is not so difficult to find, and any difficulties will be solved.

  Third, interact more with positive people.

People will be affected by the environment. “People who are close to Zhu and those who are close to Mexico are black.” Most of them are with smiling people, and optimism will infect you.

  Fourth, think of something happy before going to bed.

There are always small surprises and happy moments throughout the day.

Trying to go to sleep while remembering these happy little things must be a very pleasant experience.

Young people with cervical spondylosis are mostly mobile neck

Young people with cervical spondylosis are mostly “mobile neck”

Recently, there was a message on the Internet that Dr. Kenneth Hanceraj, director of the Department of Spinal Surgery, New York City’s Center for Spinal Surgery and Rehabilitation Medicine, investigated that regular humpbacks and lowered mobile phones could easily cause spinal injuries.
  The study found that, due to the gravity of the earth, when the neck is bent at 60 degrees, the cervical spine can bear 45 pounds of pressure.
  The effect of lowering your head on your neck is really great.
The muscles of the neck are mainly concentrated in the back. If the head is tilted forward, the tension on the muscles of the neck will increase. If this is maintained for a period of time, the muscles of the neck are easily strained, inflammation and soreness occur.
In the long run, it will also affect the growth of bones and cause the cervical spine to bend. This time is irreversible.
  Cervical spondylosis mostly occurs in middle-aged and elderly people, but in recent years, more and more young people in their 20s and 30s have suffered from cervical spondylosis.
Most patients today have one thing in common: cellphone dependence.
  On average, five or six young people who come to see the cervical spine often lower their heads to play with mobile phones.
This situation can be described vividly as the “phone neck”.
  How to treat and alleviate the “phone neck”?
  Many people choose external force devices such as cervical traction.
When you put it on at work, not only will the pain in the cervical spine be reduced, but you will also be greatly relieved psychologically.
However, some patients said that they spent hundreds of dollars and spent two or three months with no signs of improvement.
  Improving the condition of the cervical spine by a retractor does not completely cure cervical spondylosis and is not suitable for everyone.
It is understood that external items such as tractors, ointments, etc., are used to promote blood circulation and stasis, improve and relieve local muscle tension, but it does not help the cure of cervical spondylosis.
  If it does not reach the level of cervical spondylosis, it is just a general muscle strain. Blind use of the treatment device without the doctor’s advice, once the operation is improper, it is likely to aggravate the injury.
  To prevent cervical spondylosis, you should change your bad living habits and sitting posture, avoid long-term desk work and stare down at mobile phones and computer screens. Every 45 minutes to an hour, you should get up for 3 to 5 minutes.
Swimming, running, and badminton can also relieve joint wear and muscle fatigue.
  Young people, especially adolescents, should go to the hospital for treatment if they begin to experience neck soreness that does not resolve for more than two weeks.
If you wait until your bones are affected, it will be difficult to recover.