Origin (002701) 19Q3 Comment: The revenue growth rate is higher than expected, the change in the expense ratio causes the performance growth rate to be slightly lower than expected

Origin (002701) 19Q3 Comment: The revenue 南宁桑拿 growth rate is higher than expected, the change in the expense ratio causes the performance growth rate to be slightly lower than expected

The company achieved operating income of 64 in the first three quarters of 2019.

55 ppm, a 10-year increase3.

29%, quarterly, the company achieved operating income of 20 respectively.

5.1 billion, 20.

9.3 billion, 23.

11 ‰, increasing by 2 each year.

90%, 2.

25%, 4.


The company achieved a comprehensive gross profit margin of 26 in the first three quarters of 2019.

78%, a decrease of 0 per year.

20 points; net profit attributable to mother 10.

64%, a decrease of 0 every year.

59pct, the decline in net profit margin was greater than the gross profit margin mainly due to the increase in expense ratio during the period.

By quarter, the company’s gross profit margins in Q1, Q2 and Q3 were 26.

71%, 27.

40%, 26.

29%, respectively -0.

16pct, -0.

86pct, +0.

37 points.

Expenses during the first three quarters of the company13.

71%, an increase of 0 compared with the same period last year.

79pct, in addition to the financial cost rate, each rate has been increased.

Company sales expense ratio, financial expense ratio, management expense ratio, research and development expense expense3.

82%, 3.

40%, 5.

55%, 0.

95%, respectively +0.

28pct, -0.

23pct, +0.

46pct, +0.

27 points.

The company’s credit + asset impairment losses accounted for 0 in the first three quarters of 2019.

10%, an increase of 0 compared with the same period last year.


The initial net operating cash flow was zero.
48 yuan, a decrease of 0 compared with the same period last year.
15 yuan / share.

From the balance sheet perspective: as of the end of the reporting period, the balance of other receivables of the company1.

21 trillion, the end of the reporting period decreased by 43 compared with the beginning of the period.

98%, mainly due to the recovery of investment guarantees for some projects.

Company prepayment balance 2.

5.8 billion, down by 1 from the beginning of the period.


The two-piece can business is poised for growth, and Reignwood shares show confidence.

After the company completes the acquisition of Ball, the production capacity of the two-piece cans will reach 12 billion cans, accounting for 23% of the reorganization. It will also accept high-margin customers such as Budweiser and Coca-Cola.

At the same time, the structure of 青岛夜网 the two-piece can industry has continued to be optimized. Currently, domestic CR4 has reached 70%, and leading companies have a common demand for price increases.

At the same time, Reignwood Group’s increase in the company’s holdings also reflects Red Bull’s confidence in the future.

In addition, the company is constantly developing new customers, such as Feihe Dairy, Junlebao, etc. In the future, the company’s major customer risks will gradually decrease, and the customer structure will continue to be optimized.

Earnings forecast and rating: We expect the company’s EPS in 19-21 to be 0.

36 yuan, 0.

44 yuan, 0.

48 yuan, corresponding to PE 12.

2x, 10.

2x, 9.

2x (closing price on October 25).

Risk warning: raw material price fluctuations; customer concentration risk

Jiangsu Shentong (002438): Interim report performance exceeded expectations Expected high-speed growth of costs significantly controlled

Jiangsu Shentong (002438): Interim report performance exceeded expectations Expected high-speed growth of costs significantly 杭州桑拿网 controlled

2019 Interim Report Results Exceed Expectations The company announced its 2019 Interim Report results: Revenue 7.

84 ppm, an increase of 54 in ten years.

33%; net profit attributable to mother 0.

920,000 yuan, corresponding to a profit of 0.

19 yuan, an annual increase of 128.

11%, benefiting from supply-side reforms and the recognition of revenue from nuclear power orders, as well as the strengthening of the company’s expense rate control, the company’s interim report performance exceeded the market and our expectations.

The development trend has benefited from supply-side reforms and revenue from nuclear power order confirmations. The company’s revenue grew faster than expected and profitability remained at a high level.

Metallurgy: the company’s metallurgical industry revenue in the first 南京夜网 half of the year 2.

56 ‰, 70% growth in ten years, gross profit margin 34.

50%, ten-year average 1.

At 34ppt, the business’s unexpected growth was mainly due to the country’s implementation of industry supply-side reforms. In order to achieve ultra-low emissions, the valves required for technological transformation projects increased.

Nuclear power: The company’s nuclear power industry revenue in the first half of the year 2.

10 ‰, 54% growth in ten years, gross profit margin 49.

14%, an annual increase of 5.

70 ppt, the rapid growth of its business is mainly due to the prior period of nuclear power valve orders reported and confirmed revenue.

Energy: The company’s energy industry revenue in the first half of the year 2.

71 ‰, 61% growth in ten years, gross profit margin of 15.

53%, an annual increase of 1.

33%, the growth driver also comes from the increase in demand for valve products brought by supply-side reforms.

The company’s expense ratio in the first half of the year was 19.

4%, annual budget 4.

0ppt, gross margin temporarily increased by 1.

0ppt, net profit margin is increased by 3.

8ppt, improving profitability.

The company’s sales expense ratio in the first half of the year was 9.

82%, ten years zero.

21ppt; management expense ratio 4.

52%, R & D expense ratio 3.

90%, management plus R & D expense rate is 3 per quarter.

41ppt; financial expense ratio 1.

13%, zero for ten years.


Driven by nuclear power and energy business, gross profit margin reached 33.

06%, a year up 1.


With the improvement of gross profit margin and the convergence of expense ratio, the company’s net profit reached 11 in the first half of the year.

71%, an increase of 3 a year.

8ppt, significantly improved profitability. Earnings Forecast and Estimates Due to strong company demand, abundant orders on hand, and good expense ratio control, we have raised our net profit for 2019/2020 by 8.

5% / 9.

0% to 1.

One in five billion.

7.3 billion.

The current contradiction corresponds to 23 in 2019/2020.


5 times price-earnings ratio.

We maintain our Outperform rating and 9.

Target price of 10 yuan, corresponding to 29.

0 times 2019 P / E ratio and 25.

6 The price-to-earnings ratio in 2020 will continue to be 24.

8% upside.

Risk Nuclear power projects are progressing less than expected, and downstream demand is less than expected.

The details of life that will help you live longer


The details of life that will help you live longer

The details of life and the length of life are closely related. You can expect to live 85 years if you do the following.

銆€銆€Avoid carcinogens.

Do at least two things: one is to quit smoking, and the other is to apply sunscreen.

Take the sun straight for more than 15 minutes every day, go out and apply sunscreen to prevent skin cancer.

銆€銆€Change the diet mode.

Good eating patterns include: drinking plenty of water; avoiding overeating, drugs or drugs, alcohol, caffeine, etc.; restricting transfer, eating seven full meals; eating deep sea fish with omega-3 fatty acids.

銆€銆€Kneeling defecation.

Kneeling is the most natural defecation posture, and it is easier to exert force on the abdomen than sitting posture, which will reduce the incidence of intestinal cancer and acne.

銆€銆€Absorbs antioxidants.

Supplementary way to add one: 5 cups of green tea a day; 1 piece of dark chocolate per day; 1 cup of red wine per day, eat red grapes have the same effect; ensure 5 kinds of fruits and vegetables daily.

銆€銆€reduce pressure.

Master 8 kinds of decompression tips: have friends or family life partners; feel deep breathing when feeling stressed; take the ground to eliminate fear; keep “I have at least half a glass of water” optimism; participate in volunteers and charity activities;Chang Kai Zengshou 7 years; laughing and embracing life for 7 years; life has goals.

銆€銆€Be prepared for danger.

First, prevent accidents.

Be sure to look around before crossing the road; second, avoid any activities that are at risk of potential casualties; third, participate in annual medical examinations, and get early treatment.

銆€銆€Regular exercise.

It is recommended to exercise for 30 minutes a day. The simplest exercise is walking. Walking 3 kilometers a day, the risk of death is halved.

銆€銆€Live and learn.

There is a close relationship between good education and longevity.

To live longer, in addition to regular exercise, healthy eating and no smoking, you should continue to read books and learn new knowledge.

銆€銆€Develop a sleep schedule.

Going to bed and getting up time is not as important as keeping a certain amount of sleep.

Fixed sleep habits help the body to relax and repair itself.

銆€銆€Common brain.

Always use your brain to help make better choices and longevity.

Regular use of the brain also helps prevent Alzheimer’s disease.

Cold dew: health food supplement, acupoint health care, solar health


Cold dew: health food supplement, acupoint health care, solar health

“Cold dew health” to add clothing to protect the feet, to prevent colds 鈻?”eat cold rice, single clothes are rare” cold dew season, rain reduced, the weather is dry, hot and cold night.

Dryness and evil are ordered, it is easy to hurt the lungs and hurt the stomach, and the internal fire is strong.

At this time, people’s sweat evaporates quickly, and the skin appears dry and wrinkles increase.

Dry mouth and throat, and even hair replacement.

Therefore, the health of the cold season should be nourishing yin and anti-dry, moistening the lungs and stomach.

At the same time, avoid excessive outdoor exercise to prevent colds, properly add clothes, and keep warm.

路 Protecting the foot, adding clothing, Xiao Xiaoqiu, frozen people, after the cold dew, you can no longer “autumn”, the temperature at night is much lower, so pay special attention to the shoulder and neck, back, foot warmth.

Don’t let the taupe let the air blow into the body. When you go out, wear an autumn coat to cover your body and back, and don’t let the cold wind invade.

In addition, more important is: the soles of the feet to keep warm.

Put away the summer sandals, put on the shoes with better warmth, and develop the habit of soaking feet with hot water before going to bed.

After a day of fatigue, you can easily fall asleep?
路 Eat more, drink water, and after the cold dew, the dry climate is easy to be sleepy.

At this time, try to sleep as much as possible, and sleep for an hour more than usual, which can alleviate the dryness brought by the cold in autumn, and can also make people feel energetic and better cope with the troubles in work and life.

Dry in autumn, easy to dry mouth, should drink plenty of water to supplement the water needed by the body.

Drinking at least 5 glasses of water a day helps to transfer the body’s toxins and moisturize the lungs.

But be careful not to drink water before going to bed, so as not to increase the frequency of nocturia.

Especially when the weather is cold, the urine is frequently attacked, getting up is too troublesome, and often subconsciously urinating.

In fact, this is not a good habit. If the toxins in the urine are not discharged in time, it is easy to cause cystitis.

So, don’t you urinate at night?
“Hot dew food supplement” food Ma Run dry, eat less spicy ancient people cloud: “Autumn dry, should eat Ma Yi to dry.

“The dry and evil spirits of the cold season are easy to invade the human body and consume the lungs. The human body will have symptoms such as dry throat, dry nose, dry skin and so on.

Therefore, the diet of the autumn season should be the most suitable for nourishing yin and moistening.

At this time, you should eat more sesame, glutinous rice, previously rice, honey, dairy products and other moist foods, while increasing chicken, duck, beef, pig liver, fish, shrimp, jujube, yam, etc. to enhance physical fitness; eat less spicyThe products, such as pepper, ginger, onions, garlic, because of the spicy food should hurt the human lungs.

路 cold dew food list 路 red bean glutinous rice porridge ingredients: red beans, glutinous rice, previously rice 1 red beans, glutinous rice washed and put into water for one hour; 2 then with the accompanying rice into the pot, add enough water; 3 fireAfter turning on, turn to a small fire and cook slowly until the red beans, the glutinous rice can be boiled.

Ingredients for sesame brown sugar cake: flour, sesame sauce, brown sugar, oil 1 warm water and noodles, and into a soft dough, and simmer for half an hour; 2 dough into a large thin cake, sprinkle with brown sugar and sesame sauce;Fold up, fold it a little and then simmer it to make the cake thinner; 4 pour the oil in the hot pan and fry the noodles on both sides.

Expand reading acupoint health care, throttle health and health Quchi point location: elbow transverse line side end, elbow flexion, when the ruler point and some of the extra-bone upper eyelid line midpoint function: clear lung fire, pass the meridian fish point location: human bodyThe thumb is in the posterior part of the first metacarpophalangeal joint. It is about the midpoint of the first metacarpal. The function of the red and white flesh is: coughing, and the throat is too rushing. The big toe and the second on the instep.Function in the gap between the toes: soothes the liver and relieves stagnation, regulates qi and blood (some pictures originated from the network)

Eating potatoes and pork belly can quickly gain weight


Eating potatoes and pork belly can quickly gain weight

I, a 45 kg, I decided to gain weight!

From small to large, I dreamed of growing to a hundred pounds. However, I have been using it for more than 20 years. I have not found a way to improve my fattening. I have not realized my dream. I feel very sorry.

銆€銆€So I decided to gain weight. Don’t everyone see me. I said that I am very thin. I walked like a wind and fluttered.

The reaction at the time was: Oh, mygod, am I really so thin?

銆€銆€Now think about how you really want to gain weight. A college student is not as heavy as a junior high school student, and he is still a man!

Haha. I hope God can bless me to get fat, increase fat and increase fat, and don’t leave a little room.

Really want to get fat!

Fat, fat, fat. fat, I want to get fat. Come on!

I believe that I can definitely get fat.

銆€銆€I heard that eating potatoes and pork belly can quickly increase fat.

It seems that I have to eat it ten kilograms a day, eight pounds, even if I can’t eat, I have to eat, I don’t believe that fat can’t get up, haha. You want to fat, want to gain weight?

Just think about it and let me gain weight!

Let’s realize our dream of fattening together!

Come on, Li Yuzong, you must be fat.

Chinese medicine prescription treatment of premature ejaculation

Statistics show that its incidence accounts for 35% of adult males?

Ninety percent of patients with ejaculation disorders.

Mutual influence on the fun of couples’ sexual life and affect the relationship between husband and wife.

Most are extremely serious with the spirit, emotions, and psychology.

Excessive excitement, nervousness, anxiety, depression, fear, etc. can cause premature ejaculation.

Therefore, confidence should be established and it is believed that premature ejaculation can be cured.

Now introduce the external treatment method to treat the disease to be effective, for replacement.

  Fumigation and washing method take 20 grams of gallnut, fry for about 30 minutes with simmer, then add appropriate amount of warm water, heat and smoke the penis glans for a few minutes.

Wait for the water temperature to drop to 30?
At about 40 °C, soak the glans in the liquid solution about 5?
10 minutes.

1 time per night, 15?
20 days is a course of treatment.

General 1?
After 2 courses of treatment, the glans skin mucosa becomes thicker, which is the purpose of treatment.

The party has the effect of converging and stopping leakage.

  External application of Asarum 50 grams, 50 grams of cloves, 50 grams of hippocampus, 30 grams of Cnidium, 30 grams of Epimedium, 75% alcohol 500 ml.

Soak the above traditional Chinese medicine into alcohol for 30 days, filter it into a bottle with a nozzle, and wipe or spray 1 to the glans before each accident.
2 times, after 2?
3 minutes to get into the house.

Asarum, the volatile oil contained in the cloves has a surface anesthetic effect; the extracts of hippocampus, Cnidium, and Epimedium have an androgenic-like effect.

The whole side has the effect of replenishing the kidney and strengthening the yang, and solidifying the essence.

This side is generally effective once, and can be cured with 5 times.

  Apply umbilical dew hive, 10 grams of white peony, a total of research fine, vinegar into a thin paste, before going to sleep on the navel (Shenzhen acupoint), covered with gauze, fixed with tape, daily or next day application 1Times, 3 consecutive times?
5 times, general medication 5?
7 days can be more.

The side has the effect of tonifying the kidney and solidifying, and condensing and stopping the effusion.