Depth-Company-Tianshun Wind Energy (002531): Revival of gross profit margin and profit elasticity promote release

Depth * Company * Tianshun Wind Energy (002531): Revealing gross profit margin and profit elasticity promote release

The company released its 2018 annual report, and its profit exceeded flat. The company’s various businesses are steadily advancing, which is expected to benefit from the decline in steel prices and the better domestic wind power demand. Maintain the buy rating.

Key points supporting the rating The profit in 2018 was flat, and Q4 revenue increased significantly: the company released the 2018 annual report and achieved a total turnover of 38.

34 ppm, an 18-year increase.

39%; realized profit 4.

70 ppm, an increase of 0 in ten years.


The company’s total operating income in 2018Q4 was 13.

24 ppm, a 37-year increase.

33%, an increase of 48 from the previous month.

16%; realized profit 1.

12 ppm, a decrease of 0 per year.

21%, a decrease of 3 from the previous quarter.


The company’s annual report performance is faster than the rapid performance4.

90 trillion decreased slightly, basically in line with expectations.

Wind tower production and sales have contracted slightly, and the rebound in gross profit margin is expected to release performance flexibility: the company’s wind tower production and sales in 2018 were 37.

83, 38.

01 Initially, it fell by 5 each year.

77%, 0.


As the steel price as a whole is at a high level, but it fell significantly in the fourth quarter of 2018, the gross profit margin of the wind tower dropped.

71 good 21.

60%, but the ratio has increased in the first half of the year; the current steel price is lower than the average level in 2018 and remains stable. We expect the wind tower gross profit rate to continue to pick up and drive the elastic release of earnings.

The company completed the expansion of production capacity in three places including Taicang in 2018, which further consolidated its leading edge.

Power generation revenue has grown rapidly, and the resources at hand are abundant: In 2018, the company completed a total of 165MW wind farms connected to the grid (converted to 465MW), and obtained 120MW project approval; power generation revenue3.

60 ppm, an increase of 50 in ten years.

69%, gross margin 64.

14%, a year up 2.

51 units.

At the same time, the company has another 215MW wind farm under construction, 199MW is planned to start, and has resources that have been developed for many times2.


The 重庆耍耍网 ramp-up of production capacity at the Changshu Blade Factory was completed, and the blade revenue increased significantly: In 2018, the company’s first-phase factory at the Changshu Blade Base was officially put into operation, and the final final production capacity climb was basically completed. At the same time, the company’s blade business was upgraded from foundry to an independent sales model.Revenues increase by 52% per year with sales falling by 63%.

64% to 2.

51 ppm, gross profit margin increased by 17.

70 average to 20.


It is estimated that the combined company’s annual report and operating status will adjust the company’s 2019-2021 earnings to zero.

54 yuan (the original data for 2019-2020 was 0.


47 yuan), corresponding to 杭州桑拿网 a market surplus of fifteen.



4x; maintain BUY rating.

The main risks faced by the rating are fluctuations in commodity prices; demand from the wind power industry is not up to expectations; wind farm profitability is not up to expectations; and new business layout is not up to expectations.

Huafeng Spandex (002064): Industrial chain integration has obvious advantages Adipic acid has huge cost advantages

Huafeng Spandex (002064): Industrial chain integration has obvious advantages Adipic acid has huge cost advantages

Key investment events: Huafeng New Materials (hereinafter referred to as the “subject company”), which is controlled by the same actual controller, injected Huafeng spandex, and this reorganization will not cause the controller to change; the market’s expectations are poor: excessive substitution of adipic acid, 武汉夜网论坛 although the targetThe company’s adipic acid gross profit margin returned to a reasonable level of 20% from 29% in 2018; however, due to the company’s integrated system, the actual overall gross profit level is more stable than the change in adipic acid (gross adipic acidThe interest rate has dropped, but the gross profit margin of the downstream sole stock solution has risen). The company-wide gross profit rate has only gradually decreased by 1%; future increments: 5 polyurethane polyurethane stock solution and 5 polyester polyols in the acceptance stage;The annual output is 25.

5 adipic acid, 32 free-radical cyclohexanol, 20 intervening in the production capacity of cyclohexanone; domestic adipic acid production capacity replacing overseas production capacity will become a trend; risk reminder: risk of adipic acid technology diffusion; renewable plan Jiaodong conferenceRisks of failure; profit forecasts and estimates assume total capital 武汉夜网论坛 stock after restructuring and supporting financing46.

1.4 billion shares, with a total market value estimated at 22.8 billion and a net profit of 19 in 2018.

3ppm; the corresponding PB and PE are 3 respectively.

5 times and 11.

8 times; our estimated net profit after restructuring in 2019-2021 is 14 respectively.

99 billion, 19.

4.6 billion and 22.

8.6 billion yuan, corresponding to expected PE of 15.

2, 11.

6 and 10.

0 times; we believe that the company is the world’s nitrocellulose, the lowest cost of adipic acid production, adipic acid-polyester multiple-shoe sole dispersion integration advantages, enough to resist the change of the cycle, and the company’s subsequent spandex and adipateThe significant increase in cyclohexanone acid, and the current spandex and adipic acid are at extremely low historical levels, maintaining the company’s buy rating; 1

What are the taboos for crabs to avoid?

What are the taboos for crabs to avoid?

Persimmons: Crabs and persimmons are two things that can be eaten in the fall, but they cannot be eaten together.

The reason is: crab meat is rich in protein, and persimmon is rich in sulfuric acid. The two kinds of substances will react with each other to form a substance that solidifies into a mass, and it is difficult for our stomach to digest this substance.

Therefore, someone who eats crabs and eats persimmons can cause discomfort such as nausea, vomiting, abdominal pain, and diarrhea.

Strong tea: Chinese people like to drink tea, but when eating crabs, the best drink is warm yellow wine, it is best not to drink tea before and after eating crabs.

There are two reasons for this: 1.

Crab feet, crabs can not help but have a little bacteria, drink vinegar can kill them, our stomach juice also has a certain bactericidal ability, but after drinking tea, insert gastric juice to dilute, the sterilization effect is greatly reduced;

Tea, like persimmon, also contains fermented acid, which can cause stomach upset; pear: pear is a cool food, with the cold crab crab, it will damage the spleen and stomach, causing indigestion.

Spleen and stomach deficient people should pay special attention to; ice water, ice cream: the same reason, crabs are already very cold, and then eat cold iced food, can lead to diarrhea, gastrointestinal disorders; lamb: mutton is sweet, while crab crabs are cold, at the same timeAfter eating, the warming effect of the mutton is greatly reduced, and the spleen and stomach are hindered. For patients with yang deficiency or spleen deficiency, it is easy to cause dysfunction of the spleen and stomach, and the robes affect the vitality of the human body;

Is sweating detoxifying the body?

If these are sweating, pay attention

Is sweating detoxifying the body?
If these are sweating, pay attention

“Exercising, sweating and detoxifying your body.

“I believe everyone has heard this sentence, and many people have been practicing and proving it.

But it is said on the Internet that sweating does not detox, but it will hurt the body!

is this real?

Is it that people have been hurting their bodies by sweating and detoxifying?

  Is sweating really detoxifying the body?

  Is sweating really detoxifying the body?
When people exercise or sweat steam, a lot of sweat will be eliminated, and then the blood circulation will be accelerated and the metabolism will be accelerated, but this does not mean that sweating is a manifestation of detoxification.

  Because 99% of the sweat is water, and less than 1% is composed of lactic acid and urea, so a large amount of sweating is actually a large loss of human body water.

And the body’s metabolic waste is basically transported through the blood to the liver or kidneys and metabolized and discharged, and there is not much connection with the sweat glands.

  Therefore, we cannot blindly pursue sweating, and we should replenish moisture in time after sweating a lot.

  Sweating in these cases indicates that the body has these problems1. It is believed that everyone has more or less experienced sweating to the eyes. This kind of sweat is called salty sweat, which is mainly due to sweat.Caused by excessive salt content.

Why is there salty sweat?

  This situation usually occurs in people who usually drink too much water and eat a high salt diet.

Once these people drink enough water, they are prone to salty sweat.

  2. Sweating while sleeping. Sweating while sleeping. This does not include factors such as high temperature or too thick quilt. It mainly refers to secretly sweating without notice.

Sleeping sweating is related to many factors, such as menopausal women, because of changes in body hormone levels, sleep sweating may occur.

  It can be said that sweating during sleep may indicate some problems in the body, so at this time you should be aware of them so as not to affect your illness.

Even if you are in good health, you still have to go to the hospital to confirm, so as not to miss the opportunity for treatment.

  3. In the case of high sweating and high temperature, if you sweat a lot and feel dizzy, even accompanied by nausea, rejection and vomiting, it is likely to be heat stroke.

If sweating is abnormal, it’s more important to be careful, which may indicate a physical problem.

  4. Sweating hands Generally speaking, hands will not sweat unless it is hot.

But if the hands are always wet, it is likely to be hand sweat.

When hand sweat has affected normal life, patients must seek medical treatment in a timely manner.

Ten ways to crack the flower man

Ten ways to crack the flower man

If he is a fancy man, he must be reluctant to take you to his house, and even if you ask him to do so, he will refuse to support him.

  Crack: I went downstairs to his house, called him, explained that he happened to pass by shopping, and then asked to visit his parents.

If he panicks and refuses, it must be a ghost in his heart, even if it is not fancy, it is difficult to trust, and he should be careful when dealing with him.

  2.Huaxin man will only be affectionate when you are alone, and even ask for an offside. In public, he will pretend to be a modest gentleman and keep a distance from you, not to introduce you as a girlfriend to his friends.

  Crack: If you happen to meet his friend when you are together, ask him to introduce you, pay attention to the title and expression that he used when introducing you.

If this trick doesn’t work, find an opportunity to do some intimate moves with his friends in front of him, and watch his reaction. If his friends know that he has an affair with other women, he will be embarrassed.

In order to have time to date with other women, carefree men often lie that they are busy with work, need to work overtime, or have other entertainment in the business.

  Crack: Call his unit and see if he is really busy at work.

This matter can also let your good friends do it, which is more secure.

If you think he lied, then you need to know this man again.

It should be pointed out that this article is absolutely prudent, and it cannot be finalized based on this article alone.

  4.Huaxin men often fight multilaterally, so he will try to fix the date with you, so that no conflict will occur, and errors and misunderstandings can be avoided.

  Crack: Choose a time that you don’t date often, don’t say hello, and suddenly appear in front of him.

If he is surprised, it means that he loves you deeply and looks forward to your presence at any time.

Once he appears embarrassed or panicked, even if you are a stupid woman, you must know what is going on.

When you have just finished fooling around with another woman and come to your side, the flowery man will also feel guilty. From this, he will give you a lot of diligence for no other reason, help you do the laundry, or give you a small gift.

  Cracking: Thank him and linger with him. When he thought he was brilliant and excited, he screamed softly in his ear: “Yesterday, a friend of mine saw you .” If he had a ghost in his heart, He will surely get excited, and hurriedly asked, “What happened to see me?

“This trick has been tried and tested.

  6.Caring for a man is not easy, it is a very expensive thing, so even if his income is not a small amount, he will still be shy from time to time, and almost occasionally shows a mismatch that does not match his income.

  Crack: Do not ask questions, observe silently, pay attention to where his money goes.

If there is no large-scale shopping recently, but his wallet is empty quickly, it is necessary to check it.

Maybe he has a receipt in his pocket. The truth is self-evident if it is a place that is especially suitable for dating between men and women.

  7.Men are easily affected by the women around them, so they choose clothes with different tastes and interests, different brands of cigarettes, alcohol, etc. Once he suddenly changes his habits, it is likely that there are other women around him.

  Crack: Buy him a string of necklaces and subscribe to order every minute and every second.

If he is dating another woman, he will definitely take off this necklace, which is called a jewelry sent by a woman to be intimate with another woman. After all, it is a taboo, and even he will exchange it for another woman.Necklace, it is difficult to avoid oversight, you just need to observe quietly.

When dating a woman, if another woman calls, it is a headache, so the veteran of the fancy men will turn off the sound of the pager and mobile phone, and change the vibration.

  Crack: When dating you, if his cell phone doesn’t ring, but he slips on the balcony to answer the phone alone, he will probably have something to tell.

Find an opportunity to pay attention to the messages and calls on his mobile phone or pager, you may find something.

  9.Women generally have their favorite perfume brands, so if one day you have unfamiliar fragrances left on him, then he is likely to be infected with other women.

This is an old authentication method, but it works.

  Crack: Huaxin man pays great attention to hiding the fragrance of other women on his body. If you find that he violates the usual lazy habits, replace the clean clothes that he has just worn, or simply put them in the washing machine to wash, it must beThere is a problem.

It is easy to find. The key is countermeasure. You can call him when he is drunk or fall asleep, and let him guess who you are.

Flowery men are extremely error-prone.
  10.Flowery men are cunning, sometimes disguised as disguise, so you can’t find them.

But if another woman he meets is familiar with you, then a flaw will appear.

  Crack: The attack appears on the woman you know.

Women have an exclusive desire to share the same man with others is a very painful thing, so you will find in some details and small things, she is careful and gentle to Huaxin men, but dodges against you, and even resists, leaving behindA few not so beautiful white eyes.

There is nothing better than this.

Chuanbei Sydney Stewed Pig Lungs

Chuanbei Sydney Stewed Pig Lungs

Formula pig lung 50 grams, chicken breast 20 grams, Chuanbei 5 grams, 2 Sydney, spring onion, ginger slices.

  Production method 1.

Wash the pig’s lungs first, and then add warm water to the pot to gradually warm it up. After the endocrine secretions from the pig’s lungs are exhausted, wash them with warm water.


Cut pork lungs and chicken breasts into pieces, add them to the pan with chuanbei and onion ginger, and simmer with water until cooked.


Wash the Sydney and cut into pieces, add it before the pot, and simmer for a while.

  Gong beneficial lung moistening, cough and phlegm.

  TCM health pharmacists commented that the pig’s lungs are flat, sweet, and have the effect of nourishing the lungs and moisturizing. According to the theory of “analog phase” of Chinese medicine, lungs are used to supplement the lungs, which has a good therapeutic effect on cough caused by lung deficiency; supplemented byChicken breasts are warm and nourishing Qi, nourishing and adding pith.

According to measurements, chicken contains protein, trace amounts, ash, calcium, phosphorus, iron, and multivitamins, and is very nutritious.

“Hikako Materia Medica” contains: “Yellow hens: stop labor and inferiority, add marrow and nourish sperm, help yang, warm the small intestine, stop bleeding, and replenish hydration.

Black hen: set your mind at ease, cure the blood evil, break the blood in the heart and pus to drain the pus, make up the heart and blood, and gain vigor after giving birth.

“Fritillaria chuanchuanensis is cool in nature, bitter and sweet, and enters the lung meridian. It has the effects of nourishing the lungs and removing dryness, relieving cough and reducing phlegm.

“Ben Cao Hui Yan” contains: “Fritillaria, Kaiyu, qi, phlegm medicine.

Nourishing the lungs and reducing phlegm, relieving cough, and asthma, the evidence of exhaustion and stagnation is the first dose of Fritillaria.

“Pharmaceutical Drugs” also contains: “Fritillaria, taste and bitterness can be reduced, Weixin can disperse depression, and the smell is clear. Therefore, it is used in the heart and lungs, and it is mainly used to treat depression, phlegm, hot sputum, and blood in the sputum.Coughing, chest belching, qi and irritability.

“Feeding with Sydney Shengjin, moisturizing, clearing the lungs, resolving phlegm, and strengthening the effect of cough and expectorant.

This medicated diet is especially suitable for the elderly and children who have persistent cough.