Coal Industry (600188): Inner Mongolia’s output recovers and high-quality cash flow drives continued improvement in profitability

Coal Industry (600188): Inner Mongolia’s output recovers and high-quality cash flow drives continued improvement in profitability

This report reads: Australian coal prices fall, single-quarter profit declines within expectations in the third quarter, production in the Inner Mongolia mining area continues to recover, and operating cash flow improvement drives continuous optimization of financial expenses, which will lead to price reductions and high dividends will remain long-term concerns.

Investment points: Maintain profit forecast and target price, and maintain “overweight” rating.

The company achieved revenue of 1506 in the first three quarters.

1.1 billion, an annual increase of 26.

36%, net profit attributable to mother 69.

840,000 yuan, an increase of 26 in ten years.

88%, deducting non-net profit 66.

49 ppm, an increase of 12 in ten years.

97%, performance in line with expectations, maintaining 2019?
Profit forecast for 2021 to 1.

85, 1.

93, 2.

02 yuan and 11.

Target price of 38 yuan, maintain “overweight” rating.

The third quarter earnings decline was within expectations, mainly due to lower prices in Australia.

The company’s third quarter net profit attributable to mother 16.

23 trillion, compared with 30 in the second quarter.

520,000 yuan decreased, but increased by 39 compared with the third quarter of 2018.

57%.

The first three quarters of Yancoal’s Australian coal sales price was 553.

6 yuan / ton, down 11 before.

3%, a decrease from the first half.

7% expanded, and gross profit fell by 18 in the first three quarters.

600 million.

The decline in overseas coal prices this year has fallen, and the price of coal in the first three quarters of the Port of Newcastle has fallen by 25.

0%, the company’s coal price performance is still stronger than the market, reflecting a certain price is reasonable.

杭州桑拿 Inner Mongolia mining area resumed production smoothly, there is still room for the future.

The company’s Shilausu and Yingpanyu coal mines have been disposed of and the first half of the year has been completed. Zhuanlong Bay increased from 500 tons / year to 1,000 tons / year. The production capacity of the Inner Mongolia mining area was gradually released. Haosheng Coal Industry and Ordos Nenghua Coal ProductionIncreased by 1.

22%, down 1.

34%, a decrease of 36 from the median report.

45%, 5.

54% narrowed significantly, of which the single-quarter output in the third quarter increased by 108.

02%, 12.

09%, there is still room for recovery in the future.

The improvement of operating cash flow led to continuous optimization of financial expenses.

Financial expenses for the first three quarters of the company19.

5 trillion, compared with 33 in the same period last year.

$ 900 million fell, of which net interest expense was 16.
2 ppm, compared with 26 in the same period last year.
100 million down 38%.

The company’s operating net cash flow for the first three quarters was 148.

300 million is the best in the past five years. The gradual cost reduction and high dividends will still be the long-term focus.

risk warning.

Capacity release was not up to expectations; methanol prices continued to fall.

Vanke A (000002): The average development benchmark appropriately converged in the first half of the year

Vanke A (000002): The average development benchmark appropriately converged in the first half of the year

The company’s core advantage lies in its leading strategy and management level, possessing endogenous and evolutionary capabilities that are not available to ordinary real estate companies. With the increasing concentration of the industry, it will be able to fully release the alpha brought about by itself and industry changes in the future.

In the short-term perspective, the company’s performance continues to grow steadily and robustly, the potential value of new business is gradually becoming apparent, and the estimated premium compared to its peers is not high. We maintain a “strongly recommended-A” rating with a target price of 35.

9 yuan / share (corresponding to PE = 10X in 2019).

Investment highlights: (1) The first half of the year results maintained steady growth.

In the first half of the year, the company’s revenue / operating profit / attributable net profit was 139.3 billion / 27.9 billion / 11.8 billion, respectively 31% / 42% / 30%.

The growth of the company’s performance mainly benefited from the entry of previous price increases into the settlement cycle. The settlement area and average settlement price of the development business increased by + 21% and + 10% respectively, and the settlement gross profit margin was replaced and improved.

1 PCT to 36.

8%, but the equity ratio of budgeted settlement items has declined, driving the growth of net profit attributable to mothers to converge to 30%, which is roughly the same as the growth rate of income.

Prospects, the completed area is basically the same as the initial plan, which is 30.77 million square meters, corresponding to + 12% growth. It is expected that the growth rate of settlement area is slightly higher than the completion growth rate; the average settlement price in the first half of the year1.

570,000 yuan / flat (previously + 10%), the average price of the outstanding resources sold in each month is about 1.

410,000 yuan / meter (compared to the end of last year + 4%), the average long-term settlement price growth rate is expected to converge from the first half; comprehensively, the income growth rate will gradually be carried forward at about 20%.

(2) Appropriate contraction of land acquisition strategy in the first half of the year when core cities have high premium rates.

The company’s full-caliber sales area / amount from January to July this year was 24.64 million square meters / 388.2 billion US dollars, which increased each year.

2% / 9.

3%.

In January-July, a total of 19.66 million square meters of newly built capacity was built (71% equity ratio, 18 years earlier + 18 PCT), corresponding to a total land purchase price of 139.7 billion yuan, and the “land payment / revenue” decreased earlier than 18.5PCT to 37%, the land acquisition strategy has appropriately converged, and the average floor price of the project has been increased to 0.

71 million / sqm, “land price / content” recorded 46%, slightly higher than the previous two years but still controllable, that is, in the context of the high premium rate of core urban land in the first half of the year, the company’s land acquisition strategy has appropriately converged and the cost remainsControllable.

On the whole, the company has ample unsold volume and focuses on the first and second lines and attractions three and four lines. Until the end of July, the company’s full-caliber under construction and unbuilt land storage area was about 1.

500 million flats, excluding the sale of unsold open construction area of about 1.

100 million cubic meters, which can meet the development of the next 2-3 years and continue the characteristics of high turnover.

(3) The diversified business has developed rapidly and all are in the leading position in the industry, and the potential value has gradually become prominent.

One.

Property management: 52 in the first half of the year.

800 million, previously + 27% (18 years + 33%), accounting for 3 of the company’s total revenue.

8%; the report benchmark, new projects contracted saturated income of nearly $ 2.2 billion, every + 114%, of which residential business accounted for 62%, non-residential business accounted for 38%.

The basic market of Vanke Property is that both residential and commercial enterprises fly together. In recent years, it has actively developed project resources, has grown rapidly, and has a good market reputation. It can refer to the market value of real estate subsidiaries of real estate companies of equivalent mass in Hong Kong stocks, which has great potential value.

b.

Commercial properties: As of the middle of the year, 南宁桑拿 the company has managed a total construction area of more than 13.5 million square meters of commercial projects. Among them, there are more than 110 operating groups of SCPG (reduced by 10 earlier). The management area is nearly 9.15 million square meters.Square meters (90% are shopping malls, and the occupancy rate is about 97%).

The basic business model is to continuously improve the operating performance of existing projects. Its scale is already in the forefront of the industry, and its potential value can also be.

C.

Logistics and real estate: In the first half of the year, Wanwei Logistics acquired 9 new projects, corresponding to 74 general-purpose leasable properties. In the past year, it has entered 44 cities and gradually acquired 127 projects.There are 64 operating projects, including 55 high-standard library projects and 9 cold chain projects, of which the high-standard library stable operation projects lease and transport on average 92%.

In addition, the company holds ProLogis 21.

4% equity, which is the single largest holder.

The company’s logistics real estate has been in a leading position in the industry, with a significant revaluation (billions of billions).

(4) The debt ratio remains low and the financial structure is extremely stable.

As of the middle of the year, the company’s book interest-bearing debt was USD 2253 million, of which bank borrowings / bonds / other borrowings accounted for 59% / 26% / 15% respectively, corresponding to a comprehensive cost of approximately 6.

2% (5 at the end of 18).

4%); The net debt ratio has increased by 4PCT to 35% compared to the end of 18, which is consistently at the industry’s cash level; the company has 1439 ppm of cash in hand, and the protection multiple against spot interest resistance is up to 2.The financial structure is doubled.

Investment suggestion: The company’s core advantage lies in its leading strategy and management level. It possesses endogenous and evolutionary capabilities that ordinary real estate companies do not have. Under the trend of increasing industry concentration, it will be able to fully release the alpha brought about by itself and the evolution of the industry in the future.

In the short-term perspective, the company’s performance continues to grow steadily, the potential value of new business gradually becomes prominent, and the estimated premium compared to its peers is not too high. It maintains a “strongly recommended-A” rating and a target price (corresponding to PE = 10X in 2019).

Risk reminder: The gradual transformational risk caused by the uncertainty of the equity structure, the long-term mechanism fell below expectations, and the real estate sales fell short of expectations.

Two generations have poor communication channels

Two generations have poor communication channels

63% of high school students think that they can only speak to their classmates, only 21.9% speak to their parents, and even less to say to their teachers, only 3.3%.

The reporter learned from the Chairman’s Forum of the Second Shanghai Municipal Key (Exemplary) Middle School Student Union that there are antiques recently that there are obvious communication obstacles between contemporary youth, parents and teachers.

  The survey showed that the burden of schoolwork caused excessive psychological pressure, the spread of online tools to oppress discourse communication, and the differences in values between the two generations caused the children’s “replacement” of communication channels with parents and teachers.

  Participating in this survey were more than 2,000 students from more than 30 municipal experimental and demonstration high schools in Shanghai.

  Yu Yixu, a special-level teacher and educator of the whole country, was a teacher of his entire life and was very chilled to hear the results of such an investigation.

She asked, why do children feel that there is a generation gap when parents and teachers talk?

  Children also have their own worries. When asked what they hate the most about their parents, 36.41% of the classmates think that it is repeated nagging and endless.

26.45% of classmates hate parents’ peeping range most, some secretly breaking children’s letters, overhearing children’s phone calls with classmates of the opposite sex, etc.

  Parents said that their children’s education was successful if they were able to enter key middle schools and be admitted to key universities.

The survey shows that about 20.45% of the parents of students are only concerned about their children’s learning and test rankings.

But parents are expected to improve a safe, harmonious, democratic, colorful family structure, lack of nurturing their children’s rich emotional world, independent and confident psychology, and good behaviors of conscious self-care.

These issues have become major contradictions and communication barriers between parents and children.

  In addition, the survey also shows that under the current educational environment, students position teachers as “learning authority” for imparting knowledge and integrate harmonious communication.

Students said that they could not directly ask for help from teachers, and some teachers also lacked active concern and guidance for students’ ideological conditions and mental states.

  Yu Yi said that students should be more considerate of teachers and learn to be grateful.

And schools and teachers should also reflect on education methods and methods to help students develop in a healthy environment in a healthy environment.

Vegetables are more nutritious?

These 4 kinds of vegetables should not be eaten raw, otherwise the body will cause damage!

Vegetables are more nutritious?
These 4 kinds of vegetables should not be eaten raw, otherwise the body will cause damage!

We often hear that we want to keep our health. Vegetables must not be used in too complicated cooking methods, such as boiled or steamed to retain more nutrients.

Nowadays, light foodism is very popular. Many people think that raw vegetable salad is no longer nutritious, so many vegetables try to eat raw, and think that this original ecological method is healthier.

But in fact, many vegetables can not be eaten raw, some vegetables may even have ingredients that are harmful to the body.

These vegetables should not be eaten with daylily: daylily has a special aroma, many people like to eat daylily stewed pork ribs, or soup with day lily and so on.

But we usually use dried broccoli, and fresh daylilies are often seen on the market.

Fresh daylily contains a substance that is harmful to the human body – colchicine.

If this substance enters the stomach of the human body, it may form colchicine through a series of oxidation reactions, which may have certain toxic effects on the body, which may cause symptoms such as diarrhea and throat.

Therefore, the day lily should not be eaten raw, and it should be controlled to cook, and control the amount of daylily, try not to eat too much.

Spinach: Spinach is a vegetable with oxalic acid, and oxalic acid is the highest when spinach is fresh.

Oxalic acid may cause calcium oxalate in the body after it is incorporated into the body, which may subsequently cause stones, which in turn affect the body’s absorption of calcium.

Although spinach can not be eaten raw, it is easy to remove most of the oxalic acid before eating it.

Beans: There are many kinds of beans. The most common ones we eat are green beans, kidney beans, which contain saponins, and some that can agglutinate red blood cells. These decays are found in raw beans, which can cause vomiting and abdominal pain.

Therefore, the beans must be fully heated and cooked before they can be eaten to prevent symptoms of poisoning.

Horseshoe: Horseshoe is a food we often use to make desserts, whether it is raw or cooked.

Although many people eat horseshoes, they actually have certain risks.

The surface of the raw horseshoe is prone to grow a parasite that may cause initial symptoms, so it is best to try to eat it when buying a horseshoe.

If you must eat raw, be sure to clean it and remove the skin completely.

Lady desires six spring dreams most

Lady desires six “spring dreams” most

Scene 1: Being tied up beside him, in the eyes of a serious woman, being tied up and having sex is like a crime.
In fact, it is precisely this complex that makes the ladies have a feeling of fear and love for binding, although they will never say it on their lips.
  Lady’s dream: Binding is still a restricted sex for me, but it can’t be called fetish yet.
I was always curious about it, but I never asked him for it.
However, one night, he said if he could tie my hands with his collar, I agreed without thinking, and then he simply tied me up as a whole.
A feeling of humiliation came to my heart, but I really liked the feeling of being bound. The humiliation at this time was nothing.
I think I finally waited for that excitement.
  One piece of advice: If you really want to try it, start with soft clothing, such as his tie is a good choice.
If you are using handcuffs, be careful not to hurt your wrist.
The binding does not have to be in the bedroom, there is a lot of space in the room where you can play.
  Scenario 2: The water in the pool is tender and tender. The pool is used for swimming, but why ca n’t I have sex in it?
But don’t think about it, the ladies start to blush at the thought of this, even though they want to welcome it back.
  Lady’s dream: When we travel to Hainan, there is everything in the resort, especially the swimming pool with the color of seawater is even more fascinating to us.
One night he invited me to swim, saying that there were few people at that time.
Sure enough, it was so few that I and him.
We kissed and even entered the state, the water was sparkling, and the underwater one was already “lawless”.
Because of the buoyancy of the water, I enjoyed the dreamlike feeling. I saw that his face had the afterglow of moonlight and was very beautiful.
  One suggestion: If there is really such an opportunity, it is better to bring a few pieces of clothing, so that others do not break into you without any cover.
Do more preparations like foreplay, don’t let the sex fail when the conditions are not enough; also use the buoyancy of water, you can try many new poses.
  场景三:试衣间的短暂之欢  让性在玻璃镜之前发生,淑女不光能看到她自己,她还能目及他的所做所为,多重的角度、多重的感受将激起无数的ripple.
Of course, he too.
  Lady’s dream: I like to go to elegant shopping malls to choose clothes. The fitting room over there will never feel cramped, especially when I want me to be my general staff.
Once he walked with me for a day, I could see his tiredness on his face, so I specially asked him to come in and sit for a while when I was trying on a dress, but he did not expect to see me wearing a sexy skirtThe costume immediately “fired”, and we went “mad” in the fitting room, but fortunately there were no people waiting outside.
  One piece of advice: take more clothes into the fitting room and give you more time, even if you just caress.
When the passion comes, please pay more attention to your voice, and would rather make a little comment on the clothes rather than leak out Fengyue.
  Scenario 4: The passion in the elevator: The elevator was selected as the object of the scene because it has the dual nature of privacy and openness, and this duality is also an excitement that excites ladies.
  Lady’s dream: One Sunday last summer, it was a bit hot. I went to a new decoration store with him to buy something. The store was remodeled from a granary, so it was very high and very big. It was also new, so the merchantAnd customers are two by two.
After a full circle, we went down from the highest level. We were sitting on a spare freight elevator. It was unexpected that it only opened the basement to the 10th floor. As soon as we entered it, it felt like a car for us.He was so entangled with me before that he kissed me, and then the elevator was under his control to run between up and down, although we were inside as hot as outdoors.
  One suggestion: It is best to pick the old elevators that are rarely asked, from top to bottom, it is good for you to be slow, and it is also good to have no probe.
Women wear long skirts better, because the elevator stops suddenly on a certain floor, and you can restore the calmness before the appearance in a short time.
  Scenario 5: Adult games in the park. That is the spring light and diarrhea covered by the trees. The stimulus that is almost to be discovered and the calmness that is taken by the sky can’t be called “discolored”.
  Lady’s dream: The forest park on the outskirts is the place where I and he often date, first because it is clean, and second because we want to breathe fresh air after work.
Unexpectedly, on a picnic, he played an adult game with me without anyone seeing me. I really don’t know if anyone found out, that feeling of strangeness made me uncontrollably excited anyway.Then a little scared.
  One suggestion: going to the forest park is a good idea, of course, other parks with high privacy are also available.
Get more clothes, or do it in the form of a picnic, otherwise you will not even have something to hide if someone approaches.
  Scenario 6: The crazy space in the car. The car is related to life, but it has not been connected to the point of taking sex into consideration. Imagine if the thunder pool in the car would be a world.
  Lady’s dream: He drove me home after a date one night, and we were silent in the car, brewing feelings for the upcoming passionate night.
Unexpectedly, it was found far away from the window of my house. As soon as the phone contacted, my mother came to inspect my house.I was as disappointed as he was. We kissed goodbye in the car. We never thought of a kiss without stopping. We even moved to the back of the car and it rained.

  One suggestion: Use the night and remote locations to cover. The side window glass of the car should be opaque. Otherwise, you are acting as a spring scene.

Make more use of the back seat, because it will be more comfortable and undetected.

  Editor’s note: Nowadays, society is becoming more and more tolerant, and the guts of ladies are increasing.

All these things that I didn’t even dare to think of have happened before, this summer, we all have to go crazy occasionally!

Transition of seven common fruits

Transition of seven common fruits

1. Apple 100g / 50 calories Apple is the most weight-reducing fruit because it has rich pectin, which can help gastrointestinal peristalsis and eliminate toxins from the body. The best thing is that it can reduce the absorption rate.A lot of potassium can prevent leg edema.

Of course, apples are not high in calories, so only apple diet meals dedicated to apples are produced.

  2. Bananas 100g / 125 calories Bananas are indispensable for many fruit weight loss meals, because bananas are rich in fiber, vitamin A, potassium and pectin, so they can effectively regulate the intestines, which can help defecation.

Bananas also have the effect of removing moisture. Not only is it the best weight-reducing fruit, but it is also a beauty sacred product that will cause skin to be dull when eaten. However, if you eat more bananas, you will become fatter.

  3. Grapefruit 100g / 28 calories Europeans and Americans like to eat acidic fruits such as grapefruit to shape their body, because sour fruits can promote the conversion of digestive function, grapefruit is rich in vitamin C, which can eliminate fatigue and bring skin.It’s beautiful!

Coupled with grapefruit’s degeneration and low sugar content, it is the best star weight loss fruit.

  4, pineapple 100 grams / 32 calories pineapple is also an acidic fruit, which can intestine and digestion, plus pineapple intake of enzymes can help toxins break down and promote drainage, so it is also a fruit that people who want to lose weight can eat in moderation, but eat pineappleIt is best not to eat it before meals, because it will hurt the stomach, so you must eat something to pad the stomach before you can eat it. So, although it is delicious, you ca n’t eat too much.

  5, Kiwi 100 grams / 50 calories Kiwi is sweet and juicy, but also rich in vitamin C characteristics, becoming a beauty and body sculpting fruit.

The kiwi with sweet and sour taste can prevent constipation, help digestion and beautify the skin. Even if it is used as a weight loss meal, it will make people eat deliciously, and it is also a high-quality fruit with low content and high nutrition content.

  6, lemon 100g / 24 calories whitening skin to eat lemon, don’t forget to lose weight and shape your body.

Lemon is mainly based on citric acid, which can promote metabolism. In addition, its content of vitamin C is the first in fruits, and the conversion is the lowest. All people who want to lose weight must fall in love with the sour taste of lemonRemember, eat less, or it will hurt your stomach, and you ca n’t eat it on an empty stomach. 7, 100g of tomato / 35 calories thanks to the weight-loss trend, the price of tomatoes soared overnight and became a star product.
In addition to being rich in vitamins C, E, and K, tomatoes also contain lycopene, folic acid, carotenoids, phenolic acids, and fiber. It is the most popular health fruit recently and is also used as a good food ingredient for fruit diet.
  In addition to the fruits above, large, water-rich watermelons, low-instant guava, star fruit, can also be used to lose weight.