GAC Group (601238) Interim Report Review: Independent Sales Pressure Interim Report Performance Meets Expectations

GAC Group (601238) Interim Report Review: Independent Sales Pressure Interim Report Performance Meets Expectations

The independent sales volume is large, and the interim report performance is lower than expected. The company released the 2019 semi-annual report on August 31, and the company achieved revenue of 281 in 2019H1.

23 ‰, at least -23.

38%; net profit attributable to mother is approximately 49.

19 ppm, ten years -28.

85%; net profit after deducting non-attribution is about 32.

670,000 yuan, at least -50.

77%; 19Q2 revenue was 139.

770,000 yuan, at least -21.

24%; net profit attributable to mother 21.

41 trillion, ten years -29.

42%; we think the company is dragged down by the increase in sales of independent brands, and the company’s performance in the first half of the year is in line with our expectations.

Looking forward to 2020-21, we believe that the company will continue to benefit from the strong sales performance of Japanese joint venture models. It is expected that the company’s net profit attributable to its mothers in 2019-21 will be 99.



55 trillion, EPS is 0.



22 yuan, maintaining the “overweight” level.

  The lack of independent performance has led to a reduction in gross profit margin. We look forward to the remodeling and the launch of new models. The total gross profit margin of the company in 2019H1 is 9.

1% for a year -13.

19pct; of which the gross profit margin of the independent brand is 2.

82% a year -16.

44%, we believe that the promotion of independent brands has increased, and sales have increased.

We believe that the sales volume of the conversion company has changed to GS4, remodeled GS8, new GA6 and new energy model Aion S. The company’s gross profit margin is expected to gradually rise.

In terms of expense ratio, the overall expenses of the company in 19H1 were 13.

53%, ten years +0.

23pct; of which selling expenses are 6.

12% a year -1.

68%, mainly due to factors such as the decrease in after-sale expenses with sales; administrative expense ratio (including R & D) is 7.

2%, ten years +1.

64pct, mainly due to the increase in research and development expenditure; financial expenses 0.

21%, ten years +0.

27pct, mainly due to the increase in borrowings and the decrease in interest income.

  The joint venture Guangfeng Guangben performed strongly. The sales volume of Guangfick and Guang Mitsubishi changed in 2019H1, and the company realized investment income of approximately 49.

600 million, at least -3.


Against the background of the decline in industry sales, the company’s investment income declined slightly, and we believe it is mainly due to the strong sales performance of Guangben Guangfeng.
According to data from the China Automobile Association and the company’s announcement, the domestic passenger car sales growth rate in 2019H1 is -14%, and the joint venture Guangfeng achieved sales of 31.
120,000 vehicles, +21 in the past.

86%; Guangben achieved 39 sales.

450,000 vehicles, +16 per year.

41%; Guangfei Ke achieved sales 3.

580,000 vehicles -48 per year.

99%; Guang Mitsubishi achieved sales of 6.

310,000 vehicles, at least -16.


We believe that through the introduction of Guangfeng and Guangben’s subsequent benchmark RAV4 and C-RV sister models, sales of Guangfeng and Guangben will continue to maintain a good momentum of growth; Guangfick and Guangmitsubishi are affected by air traffic interference.Short-term sales are unlikely to improve significantly.

  Benefiting from the strong performance of Japanese joint venture car companies, maintaining “overweight” rating According to data from the China Automobile Association, Japanese cars accounted for 21% of domestic passenger car sales in the first six months of 2019.

5%, +3 per night.

7pct, the market share of Japanese models has grown significantly. We expect the strong market performance of Japanese models to continue. We maintain the company’s 2019-21 profit forecast and expect to achieve net profit attributable to mothers of 99, respectively.



55 ppm, corresponding EPS is 0.



22 yuan.

The average PE of comparable companies in the industry in 2019 is estimated to be about 12.

5X, considering that the company will continue to benefit from the strong sales performance of Japanese joint venture car companies, giving the company a 14-15X PE estimate for 2019 with a target price of 13.


55 yuan remained unchanged, maintaining the “overweight” rating.

  Risk warning: Passenger car market sales are less than expected; the company’s new product launch progress and sales are less than expected; the company’s new energy business development is less than expected; capacity expansion progress is less than expected.

Angie Yeast (600298) 2018 Annual Report Comments: The performance is lower than the market expectation, and the main business gradually grows steadily

Angie Yeast (600298) 2018 Annual Report Comments: The performance is lower than the market expectation, and the main business gradually grows steadily

This report reads: The performance exceeded market expectations. Among them, the main yeast industry still maintained rapid growth, and the sugar industry was a drag on revenue.

Net interest rate fell 2pct to 13.

5%, still short-term pressure.

The board of directors 重庆耍耍网 is expected to change smoothly, and the chairman will continue to be re-elected.

Investment points: Investment advice: Due to insufficient capacity release and pressure on financial costs, the 2019-20 EPS forecast is lowered to 1.


39 yuan (1 last time).

25, 1.

53 yuan), with reference to comparable companies giving 25 times PE in 2019 with a target price of 28.

7 yuan, downgraded to a cautious overweight rating.

Performance was lower than market expectations.

In 2018, revenue was 6.7 billion, an increase of 16%; net profit attributable to mothers before and after deductions was 8.

6, 8.

1 yuan, an increase of 1%, an increase of 3%; Q4 single-quarter revenue of 18 trillion, an increase of 12%; deducted before and after the return to the mother’s net profit 1.

83, 1.

810,000 yuan, down 22%, down 杭州夜网论坛 19%.

Initial revenue was in line with expectations, net profit exceeded expectations, and net interest rate was downgraded by 2pct to 13.

5%, of which H2 Chifeng, Yili plant operating rate is insufficient, the scale effect declines, resulting in a decline in gross profit margin 1.

3pct to 36.

3%, the expected cost of interest rates and exchange losses will lead to a financial expense ratio of 0.

5 points.

Cash dividends are distributed for every 10 shares3.

5 yuan (including tax), the dividend rate is 1.


The main yeast industry has grown rapidly, and the sugar industry has been a drag.

1) The main business of yeast increased by 24%. It is expected that the use of yeast increased by 20%, and the double-digit increase in YE; health products maintained a rapid growth of 40%;

The gross profit margin of the yeast industry dropped by 2.

6pct, mainly due to reduced economies of scale and high gross profit product categories.

The sugar business dropped by 2%, and the gross profit margin of the sugar industry fell by 11.

8pct, mainly due to the decline in international sugar prices.

2) Chifeng factory was relocated and suspended for one month. Yili’s environmental protection limited production rate was 60%. The net interest rate of Chifeng factory decreased significantly, and the net interest rate of Yili factory decreased.

The chairman continues to be re-elected, and the cost of molasses has fallen.

Chairman Yu will continue to be re-elected as the company’s chairman, and the personnel distribution of the partnership will remain basically stable.

The overall cost of molasses is reduced by 6%, of which sugarcane molasses is reduced by 5%, and sugar beet molasses is reduced by 10%. The cost end is still under pressure due to the decline in scale benefits.

Core risks: exchange rate fluctuation risks, environmental protection and production limit risks

Things to note when exercising Pilates


Things to note when exercising Pilates

Pilates is slow, and every posture must be coordinated with breathing. It is especially suitable for exercise. It requires continuous contact with the computer and 9 to 5 office workers to practice.

There is also a course built to correct a particular type of injury, muscle imbalance, or other physical problem.

Many professional athletes now use Pilates to avoid sports injuries.

Because Pilates exercise pays attention to control, stretching, breathing, and helps to shape the key parts of women such as waist, abdomen, buttocks, it is more suitable for women’s requirements for physical beauty in real life.

  Basic movements ※ Abdominal exercise ★ Lie flat on a pad, stretch slightly over your head, arms around your ears, bend your knees, step on the ground, and inhale.

(Note: close your mouth and inhale with your nose) ★ Exhale with your mouth, sit up slowly with control, tighten your abdomen, and keep your feet off the ground.

  ★ The front is straight, the lower part sinks and inhales.

(When exhaling, the body returns to its original state, the movement should be slow and controlled) ※ Exercise forward, exhale, relax forward, straighten the lower leg, step on the toes, lift the upper leg at the same height as the hip joint,Kick forward once and shake once.

  ★ Inhale, stretch your upper legs, tighten your hips, and straighten forward.

  ※ Side motion ★ Prone position, the upper body and lower limbs are raised at the same time, alternately kicking legs and arms, like a swimming position.

  ★ Fingertips are in the same direction as your toes, and your waist is up, keeping your body straight.

  ★ Inhale, kick with one leg up and keep your hips from shifting.

Exhale and slowly return to the ready position.

  ※ Waist movement ★ Prepare the action, the upper leg is arched, the foot is placed in front of the lower leg, and the arm falls on the body.

  ★ Straight arm support, keep the body in a straight line, arms slender upward 45 degrees, exhale.

  Control movements should be in place, and try to achieve the position required by the coach.

  The center of gravity makes full use of the power brought by its own gravity to achieve the effect of muscle training.

  When doing breathing, pay attention to the depth of exhalation, and use the method of abdominal breathing appropriately.

The speed should not be too fast, which is basically consistent with the speed of the action.

Exhale while exercising and inhale while stationary.

Attraction must be concentrated.

  Relax lying on the floor and meditate quietly, feel your body carefully: the other is higher, which is lighter on the head and feet . Xiaobian tip: When you focus on training, you must concentrate and quietly “listen” to the bodyfeel.

Smooth strives for smooth movements and even speed.

If the exact movement is not accurate, the exercise effect will be “discounted”.

Staying power consciously shrinks the muscles that need to be exercised, maintains the muscle tension that is aligned with the time, and prolongs the energy consumption of various parts of the body. This is more effective than doing a few sit-ups.

Specific method for microwave-fried Chinese medicine

Specific method for microwave-fried Chinese medicine


Put the traditional Chinese medicine in the microwave oven and add water above the medicine surface 2?
3 cm, soak for 30 minutes.


Cover the cooking utensils and cook in the oven for 10 minutes on high heat.

Stop for 5 minutes and cook on high heat for 10 minutes, then pour out the liquid.


Add an appropriate amount of water to level the drug, cook for 10 minutes on high heat, pour out the liquid medicine, mix the two liquid medicines evenly, and take as prescribed.


Add the remaining liquid medicine to the refrigerator.

When taking it again, pour the medicine into the cup and heat it in the microwave for 1?
2 minutes.

Seven-color yoga in the office can refresh your mind


Seven-color yoga in the office can refresh your mind

In the jungle of reinforced concrete, use a fitness method anytime, anywhere to relieve stress, enjoy relaxation, tranquility, harmony, comfort, and rediscover a happy and active state of work.

This time for netizens to demonstrate seven-color yoga in the office.

Seven Color Yoga exercises seven glands in the body according to the seven important acupuncture points (equivalent to the points of traditional Chinese medicine).

  A, preparation for work, refreshing exercise 1.

Coconut-style: Slender, with feet at the same shoulder width, inhale with both hands, try to open your fingers with your heels off the ground, look above your eyes, and hold your breath for 5 breaths to relax.


Alternate breathing method: Also known as meridian or yin-yang breathing method.

In a simple sitting position, put the middle finger of your right index finger on your forehead, press your thumb on the right nostril, and then use the left nostril to suck first and then exhale, then exchange the ring finger to hold the left nostril, then use the right nostril to inhale first and then exhale, and then inhale left and right and inhaleCall left, the above is a round, relax after doing 5 rounds.

  Analysis: There are countless fine nerve veins in the human body, also known as meridians, which are a channel for energy transportation.

There are three most important of these nerves: the middle, left, and right veins.

  Both of these exercises are training for the root wheel, which can help refreshing, refreshing, and increasing concentration.

It can also relax the leg muscles, eliminate edema, make the legs and feet slim again, and have a very good conditioning effect on smooth excretion.

Teachers are especially needed for regular top jobs.

  B. Exercise 1 after stretching.

Lotus fingerprints: a simple sitting posture of yoga (that is, the right heel is held back against the yin, the left foot is placed in front of the instep and straightened), and the hands are formed into lotus fingerprints.The angry hand slowly relaxed down.

This exercise can stimulate the reflex areas of the upper and lower limbs, leading the body to relax after tension.


Eagle: Sit on a chair, bend your knees, pass your left foot around the right leg from the front, hook your left toe behind your right calf, and bend your arms, with your left elbow above your right elbow and your arms around your palms.After 5 breaths, the left and right exchanges were done.


Back-closing style: Sitting position, hands folded behind your back, leaning your fingertips upwards, inhale and raise your head, the tips of your fingers try to approach the back of your head, and hold your breath for 5 breaths to relax.

  Analysis: These movements can improve problems such as fast heartbeat, slowness, premature beats, etc., and relieve the feeling of chest tightness and discomfort; it can make the breathing of the practitioner more smooth and powerful, and keep the energy vigorous.

Girls often practice heart chakras and also improve the lines of their arms and chest.

Exercise 3 is also suitable for removing tension and stiffness behind the shoulder and neck after working at the desk, helping the shoulders relax and relax, and the boots relax the body and calm the mood.

  C. After a long time watching the computer, relax your eyes.

Eyes turn up and down and look left and right, turn in the opposite direction, then widen your eyes, look into the distance, and slowly close to rest.


Close your eyes, rub your hands hard to cover the eyes, and at the same time take a deep breath. The abdomen cooperates with inhalation to relax and exhale.


The tip of one foot can be supported on the chair at the beginning, close your eyes, and you can leave your hands together to close the palm after a long practice.

Hold for 5 breaths and switch left and right.
  Analysis: The training of these three movements is particularly helpful to the health of the eyes. The TV and computer families can do more frontal training.

In addition, it can help restore and maintain the balance of the body and restore physical health; it can also improve depression and depression.

  D, Exercise 1 to promote digestion after lunch.

Lion-style (classic yoga practice, can eliminate the reconstruction of bloating, snoring): knees on your knees, step on the toes, sit on the heels, spread your fingers on the alignment, inhale the nostrils, exhale with your mouth, exhaleWhen you are angry, spit your tongue down as far as possible, look up at your brows with your eyes up, make a “ha” sound in your mouth, and relax after taking five breaths.

  Analysis: This is a yoga larynx system exercise that is related to the thyroid gland. The function of the thyroid gland seriously affects mood and weight. Some obese patients are caused by hypothyroidism. Performing this training can effectively improve this type of obesitydisease.

In addition, this is very helpful for white collars who are uncomfortable with the cervical spine. It can also make the neck and neck thin, and it can also delay the aging of the cheek and chin skin.


Maha mudra: The fingers of both hands are facing each other, the thumbs are facing each other, and the other fingers are bent against each other.  Analysis: Stimulate the stomach reflex area of both hands. Long-term exercises can tighten the mid-abdomen, slim waist, coordinate gastrointestinal function, improve nausea, stomach pain, indigestion and other discomfort.

  E, exercise 1 to relax the waist and legs before work.

Relaxation of the feet (You can do your own foot massage): Simple sitting position, put your left foot on your right thigh, your left hand on the top left, press your left elbow with your right elbow, press the soles of your feet, the soles of your feet, and the heels in sequence.Swap left and right after breathing time.


Toe relaxation (can relax at the same time): Sitting position, alternate the toenails of both feet with both hands in sequence, and slowly relax after maintaining 10 breathing times.

  Analysis: Two individuals can effectively improve the common sense of fatigue in sub-health, regulate anxiety and irritability, help you relax your nerves, and are best suited to help you recover after a busy day of work.

  Reminder: 1. If you feel dizzy during breathing exercises, you need to stop. Reduce the number of times in the next exercise, and increase it gradually in the following exercises.

  2. Don’t hold your breath during yoga movements. Keep breathing deeply.

  3. Except for item d, which can be done after a meal, other exercises should be separated from the dinner by more than 2 hours.

  4. Do your best to move, don’t force yourself by mistake.

  5. If you are required to wear a suit when you go to work, try to wear pants and unbutton the suit, take off your tie, and make it looser.

Prepare a pair of flat shoes in the office and change them when practicing yoga.

Women wear high heels to do yoga, which affects efficacy and is easy to be injured.

Winter nutritious longevity walnut

Winter nutritious longevity walnut

Walnuts are rich in nutrition, not an ideal tonic, and have a variety of dietary functions.

  Governing Kidney Deficiency: From the winter solstice, eat 1 piece of walnuts every morning or evening until the beginning of spring.

Or mash 1 starch walnut kernels and steam with water, take 1 tablespoon each morning and evening, add sugar to brew or stir with rice wine (heating).

Or use 20 grams of walnuts, 50 grams of rice before, porridge with sugar, eat it daily.

Or add 50 grams of walnut kernels to 500 grams of white wine for 15 days, drink 20 grams each morning and evening.

Completely replenishes the effects of kidney yang, and also assists in the treatment of kidney deficiency cough, low back pain, soft feet, impotence and nocturnal emission.

  Nourishing the brain: Walnut kernels are rich in phospholipids and vitamins B1 and B2. Each hundred grams of dried walnut kernels contain 294 mg of phosphorus. Phosphorus is the main substance for nerve stimulation. Vitamin B is really called a “mental vitamin”., Walnuts have good support and protection for human brain nerves.

Take 1000 grams of walnut kernels, add rock sugar to mash them into a “walnut puree”, and conceal them in a porcelain jar. Take 2 spoons every morning and prepare with boiling water. A layer of white liquid floats in the cup when it is washed.”Walnut Milk”.

  Heart Benefit: Walnut free radicals. Among adults of walnut kernels, 71% are linoleic acid and 12% are linolenic acid. These unsaturated molecular weights can purify the blood, remove impurities from the blood vessel walls, reduce cholesterol content in the blood, and consume the body.The accumulation of saturated fat can effectively prevent cardiovascular and cerebrovascular diseases.

Vitamin E of walnut kernels can prevent diseased heart disease.

  Paving stones: There is information: a patient with gallstones took 4 walnut kernels a day for 6 years, and the B-ultrasound showed that the gallstone particles shrank from the original 12 mm to 3 mm.

  Cough and asthma: walnut kernel moistens phlegm, warms the lungs and relieves cough.

It has the effect of reducing the tension of bronchial sharp muscle caused by histamine, and has a significant effect on chronic cough, asthma and dry cough caused by lung deficiency, especially in elderly chronic bronchitis.

In winter, most children suffer from pertussis cough. Walnut kernels can be used.

  Lirongyan: Eating walnut kernels can nourish blood vessels and make hair grow, which can make rough skin moist, delicate, smooth and elastic.

There are prescriptions: In the morning, 3 walnut kernels (without clothes) are slowly chewed and persisted for 2-3 months; then, the effect of nourishing the skin and developing black hair is received.

  Anti-constipation: There are two simple prescriptions: one can use 12 grams of walnut kernels, smashed like mud, add an appropriate amount of honey to make a paste, rinse with warm water, and take 3 times a day.

Served for 10 days.

Second, use 20 grams of walnut kernels and 60 grams of previous rice.

  Anti-aging: 264 mg of vitamin E per 100 grams of walnut kernels, vitamin E content ranks second in nuts and seed foods, second only to sunflower seeds.

Vitamin E has the function of supplying oxygen to the body, enhancing human endurance, delaying the aging of cells due to oxidation, maintaining youthful appearance, and alleviating fatigue.

Therefore, walnut is recognized by the medical community as an anti-aging food and is known as the “longevity fruit”.

  Remind the juniors to note that although walnuts are good tonic, there are also people who are not suitable for consumption.

Those who have phlegm and heat, yin deficiency and fire, and those who have diarrhea or diarrhea should not use it.

Tinnitus is not terrible, massage helps you drive it away

Tinnitus is not terrible, massage helps you drive it away

There is a tinnitus patient in the community where I live. Under the guidance of a doctor, the tinnitus is cured by targeted massage of the relevant acupuncture points of the human body.

His massage method is: 1.

First use the index finger and thumb to gently massage the hearing point (on the front and bottom of the tragus and the small gap, flush the mouth when the mouth) about 5 minutes, about 350?
400 times.


Hit the drums 50 times.

That is, the two palms are hot, the ears are covered with two palms, and the ten fingers are pressed in the back of the head.

Then fold the index finger on the middle finger and tap under the occipital bone so that the sound of the drum can be heard in the ear.


Hold the ears with the hot palms of both hands, the palms and ears are completely closed, then the two palms are suddenly released, so that the ears are repeated 30 times.


Then use the index finger and thumb, first press the pinch from top to bottom, then press from bottom to top, so press repeatedly until the ears have a fever, press the pinch 100 times.


Massage Hegu (stretching arm, tilting palm, thumb, index finger two fingers together, taking a hole at the highest point of the muscle) 80 times.

  The above actions are done once a day, morning and evening, on average, in the time of tinnitus episodes, massage in time, so stick to it and see results, tinnitus patients may wish to try.

Diabetic patients with feet and vinegar can prevent autumn dry feet

Diabetic patients with feet and vinegar can prevent autumn dry feet

Autumn is high, but the climate is relatively dry. Too many middle-aged and old sugar friends will have cracks on their heels. If you don’t pay attention to maintenance, it will lead to diabetic foot.


hzh {display: none; }  泡脚水中可以加少许醋  糖友的皮肤较正常人更干燥,尤其是双脚常常出现脱皮、龟裂,主要因为角质层相对较厚,含水量少导致的。Coupled with the dry weather in the fall, it is more prone to problems.

It is recommended to “wet” the foot twice a day – warm water to soak feet.

Wang Wuxi, director of the Department of Endocrinology at the Fifth People’s Hospital of Chongqing, said that skin cream or any vinegar can be added to the water to prevent decomposition.

“Before you wash your feet, try the water temperature with your hand or a thermometer. Most people with diabetes have nervous nerves in their feet and their ability to feel temperature is reduced.

General requirements 38?
For 40 seconds of warm water, you can add warm water while soaking your feet. The time for soaking your feet should not be too long. Do not exceed 13 minutes.

Neutral soap should be used for foot washing.

“When you wash your feet, it is best to wipe them with a white soft dry towel. If you find any blood or pus on the armor, be sure to dry the water between the toes. If necessary, blow it off with a small air blower.

  The feet are moisturized every day. After the feet are soaked, the doctor recommends applying a moisturizing cream or a little bit of olive oil to keep it moist.

You can apply more to the heel and sides, and do not apply too much between the toenails and toes to avoid creating an ideal living environment for the powder.

If cracking has begun, apply a high-salt skin care product such as Vaseline after each wash, and then wrap a layer of plastic wrap to moisturize and relieve dryness.

The sugar friend who needs to repair the toenail must also insert it after the toenail is soft. The toenail should be cut flat and can not be cut into a round shape to avoid injury to the nail groove.

“To prevent the occurrence of diabetic foot, in addition to the care of the foot in the weekdays, it is recommended to perform Doppler vascular ultrasonography once a year. No matter how old you are, you will have a lower extremity vascular ultrasound examination every half year after 5 years of illness.

“Wang Wuxi reminded.

  Female sugar friends should wear less high heels. For female sugar friends, special attention should be paid to wearing high heels.

When the foot is small and small, resulting in insufficient blood supply, it will cause physical discomfort. If the toes are worn out, the wound will not heal normally like ordinary people, which may cause further infection and cause diabetic foot lesions.

Therefore, it is recommended not to wear high heels more than 3 times a week, the pace should not be too fast, it is best to pad a forefoot pad to relieve pain in the soles of the feet.

A sugar friend wearing a flat-bottomed shoe can pad a heel pad to force the foot to move forward, reducing the tension of the heel ligament.

  Once there is discomfort in the calf when walking, intermittent claudication should be timely to the vascular surgery to exclude lower extremity arteriosclerosis obliterans.