Inner Mongolia First Machine (600967) 2019 Third Quarterly Report Review: Third Quarterly Report Exceeds Expectations Armor Products Entered into the Performance Redemption Period After Reform

Inner Mongolia First Machine (600967) 2019 Third Quarterly Report Review: Third Quarterly Report Exceeds Expectations Armor Products Entered into the Performance Redemption Period After Reform

The growth rate of performance exceeded expectations, and the inventory side continued to grow. The company achieved revenue of 75 in the first three quarters.

3.6 billion (+5.

25%), achieving net profit attributable to mothers4.

2.1 billion (+20.

53%), realizing deducted non-attributed net profit3.

820,000 yuan (+20.


In the third quarter alone, the company achieved revenue of 22.

2.2 billion (+6.

90%), realizing net profit attributable to mother 8868.

70,000 yuan (+43.


The gross profit margin for the first three quarters was 9.

78%, a decline of 1 per year.

16%, with a net profit of 5.

63%, rising by 0 every year.


The gross profit margin for the third and third quarters was 9.

44%, a decline of 0 per year.

30%, net interest rate is 3.

97%, rising by 1 every year.


The inventory is 36.

53 ppm, an increase of 11 years.

00%, an increase of 15 from the previous month.


The impact of the reform of the military representative system is coming to an end, and we are concerned about the growth in performance brought about by the realization of inventory. The reform of the military representative system that has begun since the third quarter of 2018 has adversely affected the company’s product delivery, and therefore the main battle equipment products require military representatives.Delivery can only be achieved after acceptance, but during the reform period, due to the adjustment of relevant institutions, the delay in the acceptance progress led to the gradual and timely acceptance of the products into inventory.

So far, it is expected that the reform is coming to an end. In order to complete the equipment plan during the 13th Five-Year Plan period, relevant military departments may speed up equipment acceptance.

The company’s inventory products entered an accelerated realization period.

The demand for ground-based main battle equipment continues to grow at home and abroad, and the long-term performance continues to improve overall. The Chinese Army and Marine Corps are now in the period of military reform, which is more adaptable to digital operations. The new command system of the “military-battalion” accelerates the formation of combat 南京夜网 effectiveness, which is in line withThe demand for anti-thinking 8X8 tanks, new 15-type light tanks, and 99A main battle tanks in line with the idea of “heavy-load heavy-fire high-level digital network combat routines” is in a period of continuous growth.

In terms of foreign trade, the demand for VT-4, VT-5, VN-1 and other foreign trade armored combat vehicles has been increasing rapidly due to the intensified regional conflicts and the severe prospects of military struggle in traditional friendly countries in South Asia, Southeast Asia, and the Middle East.

Risk reminder: The progress of military-related reforms may exceed the expected progress of the realization of inventories. The investment progress is lower than the expected investment advice: Maintain the buy rating to give profit forecasts, and return to the net profit 南京桑拿网 attributable to mothers in 2019-2021.



810,000 yuan, 22 years growth rate.



9%; Diluted EPS is 0.39/0.


58 yuan, the current sustainable corresponding PE is 26.




Using the relative estimation method, the company’s reasonable estimation interval is 14.


8 yuan, corresponding to 30-35 times the dynamic PE in 2020, an increase of 38 compared to current expectations.

2% -55.


Therefore, maintain BUY rating.

Enjie (002812): Gross profit margin increased month-on-month and net profit increased to high growth

Enjie (002812): Gross profit margin increased month-on-month 淡水桑拿网 and net profit increased to high growth

Investment points: Net profit attributable to mothers increased in the third quarter of 1919.

On October 23, Enjie released the 3rd quarter report of 19, and the company’s operating income was 21 in the first three quarters.

0.6 million yuan, an increase of 29 in ten years.

88%, net profit attributable to mother 6.

32 ppm, an increase of 95 in ten years.

80%; deduct non-attributed net profit 5.

530,000 yuan, an increase of 252 in ten years.


Among them Q3 19 operating income7.

28 ppm, an increase of 12 in ten years.

51%; net profit attributable to mother 2.

43 ppm, an increase of 50 in ten years.

53%; deducted non-attributed net profit 2.

31 ppm, an increase of 82 in ten years.


  In the third quarter, the company’s gross profit margin increased from a month-on-month combination.

The company’s single quarter gross profit margin was 46 in Q3.

43%, an annual increase of 3.

31 units, an increase of 4 from the previous month.

05 averages.

In the first half of the year, the company and LG Chem broke the total contract value of no more than 6.

The 1.7 billion-dollar “purchase and sale contract” with a five-year cooperation period further increased global market share.

In the first half of 19, Shanghai Enjie’s operating income8.

3.3 billion, net profit4.

08 thousand yuan, corresponding to 3.

The average price of 5 billion wet decompositions is 2.

38 yuan / square, net profit per square meter is 1.

17 yuan; considering that Q3’s gross profit margin has increased sequentially, we think the company’s net profit per square meter in the third quarter also improved.

  Acquired Suzhou Jili to enhance its competitive advantage.

The company announced the “Supplementary Agreement on the Equity Transfer Agreement of Suzhou Jili New Energy Materials Co., Ltd.”, and the two parties agreed to adjust the original transaction consideration to 18.

RMB 80.8 billion.

Suzhou Jili is mainly engaged in base film and cover film, with a total capacity of 4.

200 million square meters, with 8 base film and 12 replacement film production lines.

18 years of company sales1.

3.2 billion square meters, income 4.

2.8 billion; January-August 19 sales 1.

6.4 billion yuan, income 4.

20,000 yuan.At present, Suzhou Jieli is the largest lithium battery manufacturer in the country except Enjie. We believe that the acquisition of Suzhou Jieli by Enjie can consolidate the company’s competitive advantage and benefit the company’s medium and long-term development.

  Wet contraction capacity continues to expand.

The company has set up four large-scale production bases in Shanghai, Zhuhai, Jiangxi and Wuxi in the country. In the first half of 19th, the company launched the second phase of Zhuhai Enjie, invested 4 base film production lines, the project filing has been completed; Jiangxi Tongrui Investment Construction 8 Base film production line project with a capacity of 400 million square meters, 4 production lines have been put into operation in the first half of the year; civil construction of the first phase project of Wuxi Enjie has been completed, 2 production lines have been officially put into operation, and 2 production lines are being installed, It is expected to be put into production in September of 19th. In addition, the company started the second phase of Wuxi Enjie New Material Industrial Base project in July of 19th, and put into operation 8 units with a capacity of 5.

The 200 million square meters of base film production line is expected to have a total investment of 2.8 billion.

  Investment strategies and levels.

Enjie is a global leader in wet battery replacement for power batteries. Benefiting from the rapid development of new energy vehicles, the company’s revenue and profits have achieved steady growth.

We expect the company’s EPS to be 1 in 19-21.

00 yuan, 1.

36 yuan, 1.

61 yuan, according to a comparable company’s assessment, according to 19 times 30-35 times PE, corresponding to a reasonable value range of 30.


00 yuan, given the “preliminary market” rating.

  Risk reminder: New energy vehicle policy changes, market promotion is less than expected.

Huafa (600325): High growth continues to deliver on land expansion

Huafa (600325): High growth continues to deliver on land expansion

Core Views The company released three quarterly reports. 1-3Q achieved revenue of US $ 19.4 billion, every + 48%; realized net profit attributable to mothers of US $ 1.7 billion, an increase of + 7%; performance was in line with expectations.

The company’s performance elasticity is expected to continue to be released, and its abundant goods value will help it usher in new revenue in 2019. The financing channel and cost advantages are obvious. The deep resources of the company and major shareholders in the Greater Bay Area will benefit from regional dividend boost.

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

35, 1.

68, 2.

07 yuan with a target price of 10.


80 yuan, maintain “Buy” rating.

Development business volume increased qualitatively, and performance elasticity was gradually released. The actual business volume of 1-3Q company increased steadily. The completed area increased by + 37% to 2.15 million square meters, driving revenue + 48%, and gross profit margin +6.

7 up to 34.

2%, gradually repairing the base effect of high investment income in the first quarter of 2018, and the ten-year growth rate of net profit rebounded to 38%.

However, due to the announcement of the settlement scale of cooperation projects, the profit and loss ratio of minority shareholders in 1-3Q exceeded +23 to 21%, and the growth rate of net profit attributable to mothers rose to 7%.

Benefiting from the high sales growth, the advance receipts at the end of the third quarter were US $ 58.6 billion, which is + 50% compared to the beginning of the year, and the revenue coverage rate in 2018 was 247%, and the resources to be carried forward were sufficient.

The highest completion last year will also create space for this year’s Q4. We expect that the net profit growth rate of the mother will gradually continue to climb to 25%, releasing the performance flexibility.

Sales maintained a high growth, benefiting from the improvement of Zhuhai market. The turnover efficiency of 1-3Q company has been greatly improved, and the new construction started + 98% to 5.03 million flats.

East China ‘s Zhuhai, which is supported by abundant goods, has achieved outstanding sales performance, realizing a sales area of 2.65 million square meters, + 68% per year; a sales value of 61 billion US dollars, + 51% each time, and its growth rate ranks at the forefront of mainstream housing enterprises.

We estimate that the annual sales are expected to exceed 80 billion, impacting 90 billion, corresponding to a growth rate of 55%, showing growth.

Since October 2018, Zhuhai Doumen, Jinwan and other regional talent purchase policies have improved. In May this year, the social security requirements in the Western District, High-tech Zone and Xiangzhou District were further relaxed, and support for outstanding talents was strengthened, which helped the Zhuhai market gradually improve.

As a local leader in Zhuhai, the company is expected to continue to benefit from regional dividends.

In the third quarter, the development force was strong, and the financing channel and cost advantages were obvious. The company seized the opportunity of the land market to drop. Q3’s single-quarter development scale exceeded the first half of the year.

The total land price of 1-3Q was 12.6 billion yuan, and the construction area was 2.43 million square meters. In ten years, it was + 10% and + 72%, of which the total equity price was 7.9 billion yuan, and the equity construction area was 1.49 million square meters.

The financial indicators can be improved at the same time as the expansion of efforts, Q3 net debt ratio was repeated to 256% compared with 13 at the beginning of the year.

This year, through short-term financing, Chinese votes, private placement bonds, corporate bonds, 杭州桑拿网 ABS financing 81 ppm, interest rate range 2.

98% -5.

78%, the newly approved company debt limit of 40 trillion on October 25.

The financing channels remained unblocked, and the financing cost advantage was significant. In June, United Credit Ratings upgraded the company’s main credit rating from AA + to AAA, and the market recognition was further improved.

High growth continued to materialize, maintaining the “Buy” rating with reference to the company’s carry-over situation, we raised the gross profit margin, minority shareholders’ profit and loss, lowered investment income, and adjusted EPS to 1 in 2019-2021.

35, 1.

68, 2.

07 yuan (previous value was 1.

46, 1.

89, 2.

35 yuan).

Refer to comparable companies August 2019.

3 times PE estimate. Considering that the company’s net debt ratio is high, we believe that the company’s reasonable PE estimate for 2019 is 7.

5-8 times, with a target price of 10.


80 yuan (previous value was 10.22-10.

95 yuan), maintain “Buy” rating.

Risk reminders: risks in the capital chain; regional market risks caused by the expansion and concentration of the layout; potential risks in the sales of the real estate industry, and the company’s sales may be dragged by the industry.

Aerobics at the table

Aerobics at the table

Hand movement a: The ten fingers are interlocked, calm and restful, exhaling deeply.

  b: Straighten your arms and exhale. Excessive force.

Repeat 3?
4 times.

  c: The palm of the left hand is facing down, the thumb of the right hand is extended to the left wrist, and the other four fingers are used to press down the thumb of the left hand and exhale.

Do it again and then change hands.

  d: The palm of your left hand is facing up, your fingers are straight, press your little finger down, and exhale.

Turn your wrist, clockwise and counterclockwise each 5?
10 times.

Swing your hands and relax.

  Outstanding with Shoulder Movements 1.

Put your fingers on the back of your head, put your weight in your hands and arms, press your head down, straighten your neck, and breathe deeply 5 times.


Insert your right hand into your left ear and gently hook your head so that your head is seriously to the right. Breathe deeply for 5 times. Repeat the exercise with your left hand several times.


Slowly rotate the coaxial, clockwise and counterclockwise five times each.


Raise the baseline, exhale and lower, repeat 4?
5 times.


Shake the front end 5 times forward and 5 times forward.


Look to the right and back, repeat 3?
5 times, then proceed in the opposite direction.


Sit back and relax with your arms flat on your knees, then raise your head and chest, and exercise 3?
5 times.

  The movements of the feet and feet will bend the legs and lift them parallel to the chest. Lift and lower them 5 times each to make you feel more comfortable.

Turn your feet clockwise and counterclockwise 10 times each.

Put your toes together, bend upwards, straighten downwards alternately 5 times.

Keep your feet flat on the ground and change your feet. Repeat the exercise 20?
30 times.

  Hand and Face Movements 1.

Use your fingertips to hold the top of your head and move it up and down (tap).


Use your fingertips to gently massage from your temples to your chin.


Hold your upper eyelid with your forefinger and thumb, and pull repeatedly.

Initial cheek bone massage to the eyes.

  Massage from the side of the nostril to the jaw, and then return to the original point.

Massage your jaw downwards.

Rotate the lower jaw 5 times each.

Stretch your nose and palm for whole body exercise 5 times in each direction.
Squeeze the ear bones up and down, and pull 3 times longer, then turn forward 3 times.

Where is the dead end in friendship

Where is the dead end in friendship

Today is the third anniversary of you and your lover. The other party will give you a ring of great value. Which finger will you choose to wear?

  A: Forefinger B: Middle finger C: Ring finger D: Little finger analysis: A: Although your index finger is cold and arrogant, you ignore everything, but in fact, you know friendship very deeply.

You think friendship is more reliable than love, so you hate people who value friendship more than others.

If you meet someone who only enjoys love, you would rather give up this friendship.

  B: The middle finger means that your life is rigorous, you have a methodical way of doing things, and you hate the most inefficient people.

If the friends around you are so sloppy and disrupt your life, you will be very angry.

Because you will be suffocated to death by these indifferent attitudes, and you will not be friends.

  C: The ring finger means that you hate the most untrustworthy people. They hate them for saying things and not doing them.

If such friends appear in front of you, you will never show mercy, and refuse to take charge of them in person to let go of your anger.

  D: The little finger is just how good your friends and you are. As long as you find the other person betrayed you, you can’t stand it.

Because you can’t afford to be hurt by your friends, you will make a decisive method of making two cuts without owing each other.

9 benefits of children eating coarse grains

9 benefits of children eating coarse grains

The so-called coarse grains refer to cereal foods such as millet, corn, sorghum rice, etc., in addition to polished white rice, strong flour or standard flour.

After children add supplementary food from 4-6 months, they can consider eating coarse grains.


Clean the internal environment Various coarse grains and fresh vegetables and fruits contain a lot of supplementary fiber. These plant fibers have important physiological functions such as balance, improve digestion, absorption and excretion, and play a special role as “body cleanser”.


Controlling your baby’s obesity Plasma fiber can absorb water that is several times or even dozens of times heavier than its own in the gastrointestinal tract, increase the volume and weight of the accumulation by dozens of times, and form a gel-like substance in the internal tract to produce satietyReduced eating is good for weight control.


Preventing pediatric diabetic plasma fiber can slow the absorption of sugar in the body, avoid hyperglycemia after meals, increase the body’s tolerance to sugar, and help stabilize blood sugar.

Plasma fiber inhibition inhibits the secretion of thickin and enhances the full function of the body.


Relieve the constipation suffering In the daily diet, babies who eat only fine but not thick can easily cause constipation due to plant fiber implantation.

Therefore, letting your baby eat a moderate amount of fiber-implanted food every day can stimulate tandem peristalsis, accelerate defecation, and relieve the pain caused by constipation.


Conducive to reducing the rise in the incidence of cancer among children with cancer is closely related to poor eating habits.

Bingham, a nutritionist at the University of Cambridge, UK, has analyzed and studied that the more starchy foods are consumed, the lower the incidence of colorectal cancer.


Cardiovascular protection If your baby often eats some coarse grains, plant fiber can combine with the bile acids in it, reduce the concentration of cholesterol in the blood, prevent atherosclerosis, and protect the cardiovascular function.


Prevent osteoporosis babies from eating too much meat and sweets, which will change body fluids from weakly alkaline to weakly acidic.

In order to maintain the acid-base balance of the human body environment, a large amount of calcium will be consumed, resulting in osteoporosis of the bones due to decalcification.

Therefore, eat some coarse grains, fruits, vegetables, and reconstituted bones.


It is good for skin and bodybuilding. If you eat too much meat and sweets, it will produce a lot of toxins in the process of digestion and decomposition of the gastrointestinal tract and erode the skin.

If you eat some coarse grains and vegetables often, it can cause toxin replacement, which is good for skin health.


Eating coarse grains to maintain dental health often promotes the development of the baby’s chewing muscles and gums, and can remove the dirt inside the teeth, thereby cleaning the mouth, preventing dental caries, and maintaining the effects of periodontal health.

Tips to help you moisturize your lips naturally

Tips to help you moisturize your lips naturally

Fresh yam with cinnamon powder can activate cells and promote blood circulation. Hawthorn can add vitamins to the lips.

  Lip balm film material Ⅰ: 10 grams of fresh hawthorn, 30 grams of yam, 5 grams of cinnamon powder.

  Practice: 1.

Fresh hawthorn and yam are washed, peeled and ground into mud.


Add cinnamon powder to make a paste.


After washing the face, apply the mixed dressing on the lips and leave it on for about 15 minutes.

  Small reminder: Fresh yam and cinnamon powder can activate cells and promote blood circulation. Hawthorn can add vitamins to the lips, and the taste is fragrant.

It is recommended that you lie down and keep your lips still while you are applying them.

  Lip balm film Ⅱ material: appropriate amount of lotus root powder.

  Practice: 1.

Add lotus root powder to a paste with water.


After washing the face, apply the mixed dressing on the lips and leave it on for about 15 minutes.
  A small reminder: The relationship between lips and the stomach is very close. If the stomach is not good for a long time, the lips are usually not too healthy.

This formula for lip balm can help to reduce the fire and restore the lips’ beautiful appearance.

Uses of various yoga supplies

Uses of various yoga supplies

Yoga mats: Yoga mats are aids for yoga exercises.

Tile the yoga mat on the ground to prevent injuries to the spine, foot fractures, hip bones, knee joints and other parts.

Yoga mats should be non-toxic, tasteless and flexible.

Gently push the surface of the mat with your palm to have a dry feeling. If there is too much foaming agent on the surface of the mat and there is a slippery feeling, it will easily slip and fall when you practice on it.

Those who are new to yoga can choose a thicker mat, such as 6mm thick; if you have a certain foundation, you can choose a thickness of 3.

5mm-5mm yoga mat.

  Yoga clothing: A type of clothing worn when practicing yoga in a yoga suit.

When choosing yoga clothes, you must focus on comfort, looseness is the best, and at least there is better breathability.

  Yoga brick: It is an auxiliary product when doing yoga exercises.

When doing some basic yoga movements, you can use bricks to transition when some of the forward movements are out of reach; when you do half-moon, you can use bricks to transition when the balance is not stable enough.

  Yoga ball: is a modern and popular fitness product.

Through exercise, you can improve people’s flexibility, balance ability, improve their posture, and enhance their cardiopulmonary function.

Generally, you should choose yoga balls of different sizes according to your height and needs.

  Inclined belt: It is an auxiliary product when doing yoga exercises.

For example, in the half-face style, when the two hands cannot reach each other, you can use the segmented belt to transition; when you are in the king dance style, you can use the staggered belt to transition if you can’t reach your hands and feet.

  Towels: Towels should be used in conjunction with yoga mats. The tops of the mats are soft and sweat-absorbing.