Dongfang Yuhong (002271): Revenue growth and gross profit under pressure from cash flow pressure

Dongfang Yuhong (002271): Revenue growth and gross profit under pressure from cash flow pressure

Investment Highlights Event: The company disclosed the first quarter report of 2019 and reported that it has actually achieved operating income26.

USD 8.6 billion, an annual increase of 41.

01%; net profit attributable to mother 1.

27 ppm, an increase of 28 in ten years.

89%; net profit after deducting non-return to the mother1.

07 million yuan, an increase of 40 in ten years.

48%, basic profit income is 0.

09 yuan.

Opinion: Revenue and profit continue to grow rapidly.

In the first quarter of 19, driven by the new real estate construction, the company’s sales volume increased sharply, and its revenue increased further7.

81 trillion, a growth rate of 41.

01%, the highest level of Q1 revenue growth in the same period in the past 50 years; attributable net profit has increased by 28 each year.

89%, the growth rate remained high.

The gross profit margin rebounded sharply, and management expenses were reduced.

In Q1, the company’s gross profit margin rebounded significantly, an increase of 3 from the previous quarter.

7pct, we think that because the company’s Q1 asphalt is mainly purchased in 18Q4, and the price of asphalt has dropped significantly at the higher point of 18Q4, resulting in a reduction in costs.

Benefiting from the adjustment of the company’s 南京夜生活网 organizational structure and the implementation of staff reduction and efficiency improvements since 18 years, the company’s expense ratio during the 19Q1 period dropped significantly, compared with the same period last year.

7 points.

Among them, the management expense ratio (including research and development) fell the most significantly, continuously falling3.

42 points to 9.

67%; we believe that the decline in the company’s management expense rate will be sustainable, and it is expected to increase profits to a certain extent.

Margin and raw materials replenishment, operating cash flow under pressure.

Net operating cash flow of the company in Q1 of -29.

26 trillion, a decrease of 30 from the end of the 18th.

10,000 yuan.

Mainly due to the report, the company paid performance bonds and reserves of raw 都市夜网 materials.

At the same time, the company’s inventory increased by 4 from the end of 18 years.

68 ppm to 26.

50 ppm, mainly due to the increase in raw materials.

We believe that since the fourth quarter of 2018, the price of asphalt has shown a downward trend, while the price of crude oil has recently strengthened. The company grasps the time, purchases in advance, locks costs, reduces the pressure on subsequent raw material costs, and gradually reduces interest rates or will remain stable.

Investment suggestion: The company is a leading waterproof material company in the country, and then the real estate developer’s improvement of the hidden project improvement and the company’s own production capacity expansion have further widened the gap with the second echelon.

At the same time, relying on waterproof materials, the company has entered the market of architectural coatings and insulation materials, and the customer’s synergy is obvious, which is expected to become a new profit growth point.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 19 respectively.

300 million, 23.

600 billion and 27.

At 7 trillion, the closing price on April 25 corresponds to PE of 16.

3 times, 13.

4 times and 11.4 times, maintaining the level of “prudent increase”.

Risk Warning: Demand Exceeds Expectations, Raw Material Prices Exceed Expectations

Xiantan shares (002746) Interim Review: Chicken prices boom performance continued to deliver

Xiantan shares (002746) Interim Review: Chicken prices boom performance continued to deliver

Key investment events: Xiantan shares announced its 2019 half-year report, and the company achieved operating income of 15 in the first half of the year.

5.2 billion (+43.

2%), net profit attributable to mother 4.
.

03 trillion (+353.

2%), deducting non-net profit 3.

8.3 billion (+474.

2%).

Of which single and second quarter: company operating income 8.

1.7 billion (+29.

3%), net profit attributable to mother 2.
.

4.6 billion (+324.

2%), deducting non-net profit 2.
.

34 billion (+382.

5%).

The price of chicken rose to a high level, and the interim report performance increased significantly.

Due to insufficient domestic introduction for several years, the industry supply was still tight in the first half of the year, and the price of poultry chains rose to historical highs.

78 yuan / jin, an increase of 23 in ten years.

5%.

Benefiting from the boom 无锡桑拿网 in the price of poultry chains, the company’s chicken products revenue in the first half of the year14.

700 million, an increase of 41 a year.

6%, sales income of chickens was 3816.

70,000, an increase of 82 a year.

9%.

We estimate that the company’s chicken market is about 0 in the first half of the year.

6.6 billion birds, with a total cost of about 3.

56 yuan / catty, 6 per bird.

2 yuan, breeding contributes about 4 profits.

0 million yuan, in addition to wealth management investment income and government subsidies of about 0.

200000000.

The demand for chicken substitutes in the peak season will further increase, and the company’s performance is expected to continue to materialize.

The non-plague has led to the expansion of the pig industry’s production capacity, a huge gap in the increase in pork 厦门夜网 supply and demand, and a growing demand for chicken substitutes in the peak season.

On the supply side, 55 were gradually introduced in China in July.

40,000 sets, an annual increase of 260,000 sets, the parent company inventory of the association’s enterprises continues to be in the range of 15-16 million sets.

The rebound in introduction has not been completely replaced to the downstream. In addition, the problem of poor production efficiency has not improved. The supply and demand in the industry is still tight. Chicken prices may continue to run at a high level in the second half of the year, and the company’s performance flexibility will continue to be released.

Investment suggestion: The prosperity of the bird chain continues to be supported by demand. Chicken prices may still run at a high level in the second half of the year, and the company’s performance flexibility will continue to be released. We adjust the company for 2019-2021: 1.
52, 1.

46, 1.

30 yuan, based on the closing price on August 26, 2019, the corresponding PE is: 11 respectively.
4, 11.

9, 13.

3 times, maintaining the level of “prudent increase”.

Risk reminders: Chicken prices fluctuate, epidemic risks, and raw material prices rise rapidly.

4 big signs and types of men derailed

4 big signs and types of men derailed

The good husband’s performance is similar, but betrayal has its advantages. When a man starts to betray, his words and behavior will always show some clues.

  First, Jin Chan’s shelling: He has always said that he has to work overtime or travel on business, and he has less and less time at home.

Although not all “workaholics” represent emotional derailment, some men will gradually disappear from normal family life before they decide to derail.

At this time, the wife is best to talk to her husband about his work, or learn about his real work situation from the side, but it is better to leave him a room and not to be provocative.

  Second, express dissatisfaction: he starts to pick your clothes taste, when you tell him the hard work, he always advises you to see a psychiatrist.

  At this point, he may wish you to do better, but it may also be that he is making excuses for derailment.

The wife had better figure out his true thoughts, and some of the questions he asked were changed, or he was encouraged, to make himself more perfect and sober, to see what he would do next.

  Third, the desire to be recognized: The husband began to be unable to overcome the fight with the child, and felt that the wife spent less time with him than the child, and was often left out.

Many wives focus on their children after pregnancy, which is likely to lead men to seek knowledge from other people and unknowingly derail.

The best way is to try to talk to your husband once and tell him that the child needs more care now, but your love for him has not diminished.

  Fourth, there is nothing to say: Refusing to talk, not even looking at you.

Many men gradually lose their interest in chatting with their wives after marriage, often becoming “I have grown up, but you haven’t”, and for this reason refuse to talk further.

  At this moment, the wife should take the lead to break the silence and talk to him.

You need to stay calm and encourage him to give more advice to help you grow.

  There are usually several types of “out-of-marital affairs”: romantic sexuality, dew love, emotional attraction and long-term relationship.

The first two types basically do not involve emotional expenditures, and the parties often change the out-of-marital relationship.

And this repeated change of attitude itself indicates that it is an attitude that tries to avoid emotional involvement, just to satisfy a passion, which often fades over time with the physical familiarity of each otherIt even disappeared.
Intimacy and mutual commitment are missing in these relationships.

  The two types of derailed people generally do not want to be separated from their spouse and maintain feelings and responsibilities with each other. They belong to the type of “red flags do not fall at home, and colorful flags flutter outside.”

But they usually think blatantly that “something romantic” is not a big deal.

  The latter two are much more complicated, and they will have a higher emotional commitment to the new relationship, which may last for a long time.

Emotionally attractive extramarital affairs endings usually abandon the old people, take on the embrace of new love, and also hold the banner of “love”. Long-term relationship extramarital affairs is an excellent embodiment of the “wife-sad psychology” of Chinese men since ancient times. GenerallyThis is reluctant, and I don’t want to let it go.

The secret to getting along with all kinds of people: a master key

The secret to getting along with all kinds of people: a master key

Being able to get along with people can make you take less detours and succeed early.

In fact, for each individual to be successful, it is not enough to have a strong work ability. You must walk on two legs. You must work hard to do your own work and deal with interpersonal relationships.

  In fact, due to differences in family background, educational level, hobbies, and concepts, the people we meet are diverse and diverse.

If you understand that the other person belongs to a certain type of person, it is easier to communicate if you take the right approach and act accordingly.

Smith, Harvard’s public relations professor?

Tiger summarizes the various types of dealings with various people: selfless good people, because they are indeed the kindest people in the world, they are often easy to be ignored, they will not be bad for you, so youMay also ignore or take them seriously.

If that’s the case, you are wrong. In fact, they are friends you can get along with.

The argument that there is no friendship in the office will only lose its meaning in these people.

  People who are stubborn and stereotyped generally have stale general ideas and deteriorate their thinking, but they also firmly resist external suggestions and opinions. They are self-conscious and self-righteous.

It is difficult to persuade such a person to rely on your three-inch tongue.

You may wish to go straight to the point, expand and subdivide some of the wrong practices in his work and life, and then combine the problems that need to be solved to remind him of the serious consequences.

As a result, he even resisted you in person, and his heart began to shake, doubting the correctness of his decision.

At this time, you take the opportunity to put forward your own point of view, be emotional, and understand reason, then he may only accept one thing.

  Such a person of arrogance and rudeness is generally self-centered, arrogant, and often poses as a domineering man, but I have a solemn posture and lack of self-knowledge.

When dealing with or working with this kind of person, you must not be inferior or arrogant. You only have to make a long story short and simply explain what needs to be done.

If you ask him to do something, then it is another matter.

  Such a person without expression, even if you say hello to him very politely, he will not respond accordingly.

Called expressionless in psychology.

No expression does not mean that he is not happy.

It’s just that such people suppress their passion and don’t show it.

Therefore, for this kind of person, you don’t have to be angry, just continue to say what you want to say, when it comes to the critical moment, he will naturally use words to represent the expression.

  A dumb person is generally introverted, uncommunicative and verbal.

But that doesn’t mean he has nothing to say.

With him, you need to slow down the unique rhythm and explore more topics.

Once he has been good at or researched, he will immediately “thaw” and talk to you endlessly.

  The selfish and self-interested people are generally caring and lonely in their hearts.

He always puts himself and his interests first.

If you want him to do something unfavorable to yourself, then it will be difficult for you to communicate with him.

To get along with this kind of person, you must pay attention to him from the heart, and let him feel the warmth and preciousness of emotions.

  This kind of person with a loose life lacks ideals and a motivated mind, is lazy in life, and lacks passion in work.

To get along with this kind of person, you can only excavate his fighting spirit with the radical method.

  This type of person is very strong in self-defense.

I’m afraid you can peep into his secrets. In fact, this is a very low self-esteem.

If you want to understand his character and psychology, you might as well sit with him and drink a few more times, let him spit out the truth.

  This type of person is generally slow-moving and unresponsive.

You can be friends with him. Working with him is not your ideal partner.

  At first glance, this kind of person seems to have a quick reaction, often when negotiations reach a climax, they suddenly cause decisions, lack of foresight, and easily lead to wrong judgments.

The best way to get along with him is to always pour cold water on him, to keep him sober-headed, and to refrain from making hasty decisions with affection.  People who are overly confused are somewhat schizophrenic, do not pay attention when doing things, have low memory, and lack understanding.

Such people are just like slow-moving people and are not ideal partners.

But making friends, such people are very popular.

Look casual, generous.

  Housewife type refers to women other than some people, and some men are also “women”.

Such people, as soon as they enter the office, talk to the people in the office about what happened at home from last night until this morning.

If there is really nothing to say, I will repeat the TV series from last night with you.

There is nothing in the unit that they do not know. Zhang’s parents, the Li family, are short, trying to do work, and they are not idle.

When they meet a separate benefit or something, they will try their best to move closer to themselves.

This kind of person makes you upset. When you are in a bad mood, hearing them buzzing in your ears may make you hate and yell at you for a while.

However, you must not get angry. Such people, you should take less of them, you should not hear what he said.

Such people are less likely to say bad things about you when they are critical, and may say good things about you because they are more sympathetic.

  Men of right and wrong are listed qualitatively different from the former.

They may not want to sit idle.

But it is everywhere to listen to the wealth of the people around, and is willing to create, spread some rumors, trying to get something out of it.

Moreover, in their hearts, no one is talking about them (except the boss), and they have nothing special in themselves.

Such people make you hate, but they are not terrible.

Therefore, you don’t need to care about them like you are the enemy.

As long as the ideas they say are not slanderous, what can hurt you.

  Bullying the human mind of a newcomer type actually has something in each of us.

They treat new arrivals, regardless of gender and age, and have a long time to cause you to take it seriously, and instruct you to do this and that, it is all “live”.

Such people are not really bad people. At most they are “little citizens” of low quality. As long as they don’t do too much, I advise you to put up with it. After the strike, they will naturally accept you.

However, if you are unwilling to tolerate, or do not have such continuous patience, you will not prevent the opportunity to rise up and fight back against them once or twice.

This kind of person is generally a bully who is afraid of toughness. As long as you fight back, chances are they will not dare to treat you again, and their spearhead will soon point to the next newcomer.

  Such people with weird personality are mostly born with a lot of genetic factors in them, but they are not snobbish, and they do not want to mingle with others.

You may somehow “encounter” conflict with them, but don’t remember to hate them.

They usually just pass by, and they will still treat you as before, so do n’t try to change anything, of course, they do n’t want to change anything.

For such people, be careful not to engage in deep interactions, or to have excessive behaviors and language towards them.

  No one looks down on this kind of arrogant and arrogant, including their own boss.

Everywhere they want to be different and superior to others, they know the astronomy, the geography, and the knowledge or anecdotes that they just read in the newspaper, they will show off their knowledge in public.

In fact, such people have deep inferiority. Most of them are short-sighted people and have never seen anything big.

For such a person, you don’t need to care about it, he likes to brag about himself, then let him go.

Even if he degrades you, you should not compete with them. Why bother with others who are not on the same level?

  Insidious and wicked people are the ones you should get the most attention from.

There are not many of them, but they are found in almost every group.

Moreover, it is impossible for such a person to discover their wickedness without working with him for a certain period of time.

They appear in the opposite direction.

When you first came into contact with them, they were very enthusiastic and proactive, and they would actively solve some small difficulties for you, and thoughtfully for you, and also showed that they really look to help you, and objectively can also make you goodEffect.

But here’s a reason, you can’t violate their interests.

You violated a little, they can tolerate it, and even they will sacrifice some small benefits by themselves, a certain amount of money, a certain amount of time, but when it matters, you must not take advantage of them.Must not walk in front of them, some promotion, salary increase, etc.Otherwise, they will immediately pull down their faces and fight with you for your life.

  Such people are difficult to deal with, because they generally have already obtained the trust of their superiors in their false appearance. If you do not have strong strength, you can never fight with them.

If you find such people, it is better to provoke them less, but stay away from them, because they are the real “little people”, “close is not inferior, far away is resentful.”

The best way is to be more confused when working with them so that they look down on you and feel that you pose no threat to them.

If you really want to fight with them, you must reflect their evil deeds to higher level leaders (because the direct leaders have been caught in their hands, the boss trusts them more than you, and the less-qualified boss stillMay pass your words into their ears), and at the same time be prepared to leave them as soon as they fail.

However, your loss may be greater in this way, but this is always stronger than you spend with them, because you absolutely can not consume them.

The earliest types of people were right at the right time, and when they saw things, they could communicate more easily.

Where is the nutrition of eggs?

Where is the nutrition of eggs?

First, it is the best product for preventing cancer in the diet.

.

hzh {display: none; }  鸡蛋中含有较多的维生素B2,维生素B2可以分解和氧化人体内的致癌物质。Trace elements in eggs, such as selenium and zinc, also have anti-cancer effects.

According to an analysis of human cancer mortality worldwide, it has been found that cancer mortality is inversely proportional to selenium intake.

  In areas where residents have high levels of selenium or eat foods rich in selenium, the overall cancer mortality rate is lower than in those places where residents have less selenium.

  Second, it is to protect the liver.

  Protein in eggs has a repairing effect on liver tissue damage.

Lecithin in egg yolk can promote regeneration of liver cells.

It can also increase the amount of human plasma protein, enhance the body’s metabolic function and rabbit epidemic function.

  Third, it is to delay aging.

  Eggs contain almost all the nutrients that the human body needs, so they are called “ideal nutrition stores”.

The so-called “complete protein model” of nutritionists, one of the longevity experiences of many longevity elderly people, is to eat an egg every day.

Many health medicinal diets spread in Chinese folk are also inseparable from eggs.

  For example, Ho Shou Wu boiled eggs, eggs boiled pig brain, egg porridge and so on.

  Fourth, it is brain-building puzzle.

  Lecithin, triglycerides, cholesterol and yolk in egg yolk.

It has a great effect on the nervous system and physical development.

After being digested by the body, lecithin can release choline, which can reach the brain through the blood.

This can avoid the mental decline of the elderly and improve the memory of multiple age groups.

  Therefore, whether you are a teenager or middle-aged, to maintain good memory, just eat one or two eggs every day.

  Fifth, it is cardiovascular sclerosis.

  American nutritionists and medical workers use eggs to inject atherosclerosis. They get eggs, walnuts, and lecithin from pig liver, and they eat 4 to 6 tablespoons of cardiovascular patients every day.

  After three months, the patient’s serum and plasma decreased from 1,000 to 180 mg.

This research result has attracted the attention of the world medical community.

Successive methods have been used in clinical practice in various countries, and all have achieved satisfactory results.

Six anti-freckle medicated recipes also whiten your skin

Six anti-freckle medicated recipes also whiten your skin

Cosmetics can only cover skin abrasion and cannot completely eliminate them.

So, how to get rid of spots?

Medicated freckle is a more reliable method. Here we will introduce six models: 1. White duck and spotted poplar and white duck, 100 g of habitat, 200 g of yam, 30 g of wolfberry, and appropriate seasoning.

Remove the white duck hair and bones, wash it, use salt, pepper, and rice wine to coat the inside and outside of the duck, sprinkle with onion and ginger for 1 hour and cut into diced; yam slices.

Raw cloth bag, set the bottom of the bowl, and then separate wolfberry, yam, wolfberry, duck diced, steamed and eaten in baskets, 2-3 doses per week.

Can nourish liver and kidney, nourish yin and eliminate spots.

  2, pig kidney Xiaoban porridge 1 pair of pig kidney, 50 grams of barley kernels, 100 grams of yam, 200 grams of rice, salt.

The pig kidney is removed from the fascia, washed, diced, and herbs are added. Rice is porridge with water, seasoned with salt, and divided into 2 doses, 1 dose per day.

Can nourish the kidney and spleen, remove stasis spots.

  3, 100 grams of Chinese wolfberry raw ground, 30 grams of raw ground.

Roast the wolfberries, grind them in the ground, mix thoroughly, take 10 grams each time, 3 times a day, warm water or use a suitable amount of white wine for 1 month.

It can nourish liver and kidney and remove dark spots.

  4, angelica hawthorn tea requires angelica, 10 grams each of hawthorn, 5 grams each of white birch bark and white tribulus terrestris.

Put the medicines in the same cup, pour them into boiling water, seal and soak them for 10-20 minutes, and mix them with tea. Take 1 dose daily for 1 month.

Can relieve liver and spleen, eliminate plaque and stasis.

  5, black and white anti-speckle scattered need 10 grams of black fungus, white fungus 5 grams.

The two ears were ground together, 5 grams each time, 3 times a day, and honey water was poured for 1 month.

Can eliminate stasis spots, moisturize skin.

  6, Jianpi Xiaoban porridge, raw yam 30 grams, lotus rice, red beans 15 grams each, raw barley kernel, raw barley fruit, 10 grams each of white lentils, 10 jujubes, 100 grams of rice.

After boiling the medicine for 40 minutes, divide it into rice porridge, divide it into 2 portions, and take it in the morning and evening for 1 month.

It can invigorate the spleen and liver, remove fat and eliminate spots.

  The above freckle medicated diet method is simple, if you are still physiological for the spot, you may try to do it!

Warm reminder, spot patients should not eat light food during the day!

Winter disease and summer disease

Winter disease and summer disease

On July 7, Xiaoshu.

  Continuous high temperatures are painful for many people.

However, for Chinese medicine, now is the best time to treat winter diseases and summer diseases.

  Winter tonic Sanjiu tonic is prosperous, and Xia Zhi Sanfuxing is busy.

  Due to the hot summer, the human body has loosened meridians, hemodynamics, easy absorption of phlegm, and dampness drugs. Therefore, many diseases caused by coldness and phlegm will be treated with less effort at this time.

  What kind of diseases can “the winter disease and the summer cure” cure?

What kind of person is suitable?

How is the effect?

Although the unique remedy of this ancestor has been passed down for thousands of years, many people still know little about it.

  Therefore, we specially interviewed a number of famous Chinese medicine practitioners who have been working in the clinical front-line in the provincial capital, drawing on their solid theoretical knowledge and rich clinical experience, and collating such a “Practical Manual for the Treatment of Winter and Summer Diseases”, I hope it can helpBusy you add more purpose when choosing medical medicine, relieve pain, and restore your health.

  Although the hottest three-volt days of the year have not yet entered, the treatment of winter and summer diseases has already begun in full swing.

On the 8th, the reporter learned from some large hospitals in Jinan that the number of patients who came to use the traditional Chinese medicine method for “winter disease and summer treatment” is increasing.

  On the morning of the 8th, the reporter saw at the Traditional Chinese Medicine Hospital of Shandong Province that many patients were reading around in front of the signs indicating winter and summer treatment.

“I have an old problem with high blood pressure. I heard that summer treatment works well, so I will make an appointment today.

Said citizen Aunt Li.

Later, the reporter came to Jinan Traditional Chinese Medicine Hospital, and many citizens also consulted about winter diseases and summer treatment.

“After the weather is getting hotter and hotter, there have been too many consultations in winter and summer to deal with it.

“A doctor at Jinan Chinese Medicine Hospital said.

According to reports, in order to meet the needs of citizens, Jinan Traditional Chinese Medicine Hospital is about to launch a special service activity on acupoint application of “Winter Disease and Summer Treatment” from July 19th to August 8th.

  ”The treatment of winter disease and summer disease is one of the characteristic therapies of Chinese medicine and has a long history.

Professor Tao Kai, director of the Department of Respiratory Medicine of Shandong Province Hospital of Traditional Chinese Medicine and an expert in treating winter diseases and summer diseases, told reporters that according to traditional Chinese medicine, the three lunar days of the lunar calendar have the most vigorous yang, and the human body’s meridian system has the most smooth state in the yearWith open skin pores, smooth meridian qi and blood, and sensitive points, it is the best time to treat chronic diseases.

  According to Tao Kai, the so-called treatment of winter disease in summer is the treatment of diseases that are easy to recur in winter during the recovery period of summer diseases, resulting in less or no disease in winter.

The “winter diseases” suitable for “summer treatment” mainly include three categories, namely: chronic respiratory diseases such as bronchial rupture, chronic bronchitis, chronic complication emphysema; chronic gastritis, gastric and duodenal ulcers, chronic colonChronic chronic diseases such as inflammation and stubborn joint diseases such as rheumatoid arthritis.

  Experts remind that the common characteristics of “winter disease” are “cold syndrome” and “deficiency syndrome”.

In other words, as long as it is a disease that is easy to occur or worsen when the weather is cold or the temperature difference changes greatly, it can be treated in winter and summer.

During the treatment, it is best to pay attention to diet and exercise, so as to fundamentally strengthen the resistance, and only activate the body’s ability to resist disease, so that the disease has no chance.

  However, the treatment of winter and summer diseases does not cover all diseases. Some people and diseases are not suitable for winter and summer treatments, such as pregnant women, people who are allergic to drugs, patients with severe skin diseases and disease onset, such as acuteFever, hemoptysis, and acute exacerbations of chronic cough and asthma should not be treated with winter disease or summer disease.

In addition, although gastritis is also a chronic gastrointestinal disease, it is not suitable for “summer treatment” because it does not only occur in the cold season.