Orchid Science and Technology (600123): Volume increase, price decline, performance

Orchid Science and Technology (600123): Volume increase, price decline, performance

This report reads: The decline in sales prices of main products has led to poor overall performance of the company, and the expected increase in performance due to bankruptcy and liquidation of subsidiaries cannot be achieved.

Investment Highlights: Revise down earnings forecasts and maintain a “cautious increase” rating.

Revenue in the first three quarters of 2019 was 四川耍耍网 61.

6.1 billion yuan, net profit attributable to mother 7.

400,000 yuan, achieving a budget income of 0.

65 yuan, down 25 before.

15%, lower than expected results.

We lower the 2019-20EPS to 0.


83 yuan (previous forecast was 0.


04 yuan), plus EPS0 forecast for 2021.

84 yuan, maintaining a target price of 6.

96 yuan, corresponding to 2019 PE8.

6 times, maintain the “cautious increase” rating.

Product sales have risen, prices have fallen, and overall operating performance has declined.

In the first three quarters, the company sold 611 products such as coal, urea, dimethyl ether, and lactam.




93 Initially, it is increased by 13 each year.

9% / 7.

9% / 5.

3% /-1.

5%, the calculated unit of coal / urea / dimethyl ether / lactam replaced 570/1714/2835/11215 深圳桑拿网 yuan, a decrease of 11.

1% / 1.

9% / 20.

5% / 19.


The sharp drop in prices dragged down performance, and Orchid Science and Technology achieved operating profit in the first three quarters9.

$ 1.6 billion, an average of 22 per year.


Subsidiary bankruptcy and liquidation will increase company performance.

The report summarizes that Chongqing Lanhua Solar, a subsidiary of the company, has entered bankruptcy liquidation procedures and will no longer consolidate the scope of consolidated statements. It will write back the offsetting impairment loss of 264.9 million yuan. The previous year’s excess income will be transferred back to confirm the investment income of 190.48 million yuan, a total amount of 4.

5.9 billion, increasing company performance.

Interest-bearing debt has been compressed, financial costs have fallen, and debt ratios have remained low.

Total scale of short-term borrowings in the first three quarters / non-current debt due within one year / long-term borrowings.

29 ppm, a decrease of 2 per year.2%, incurring financial expenses 2.

4.5 billion (down 18 a year.


The gearing ratio increased by 1 compared with the beginning of the period.

03PCT, reaching 55.

45%, still relatively low in three years.

risk warning.

Falling prices of coal and chemical products; the impact of environmental protection and limited production; macroeconomic risks.

Jin Shiyuan (603369): Benefiting from consumption upgrades and channel expansion The sub-high-end country edge maintains rapid growth

Jin Shiyuan (603369): Benefiting from consumption upgrades and channel expansion The sub-high-end country edge maintains rapid growth

Benefiting from the consumption upgrade in the province, the next high-end national border income maintained rapid growth. The company announced 19H1 revenue 30.

570,000 yuan, an increase of 29.

4%, second quarter revenue 11.

20,000 yuan, an increase of 26.


19H1 Special A + Class 北京桑拿洗浴保健 Income 16.

740,000 yuan, an increase of 44.

33%, accounting for 54% of alcohol revenue.

98% in the second quarter of 19Q2, an increase of 43.

51%; 19H1 special A income 9.

730,000 yuan, an increase of 20.

58%, increased by 14 in the second quarter of 19Q2.


In terms of regions, Nanjing’s dominant market, the company’s revenue, increased by 48 in 19H1.

88% in the second quarter of 19Q2, an increase of 41.

38%; Huaian revenue in 19H1 increased by 16.

75% in the second quarter of 19Q2, an increase of 28.


19H1 income outside the province increased by 51.

42% in the second quarter of 19Q2, an increase of 28.

03%, the growth rate has improved. According to Weijiu, the company has been attracting investment outside the province for 18 years, so the base in 18Q1 is low.

  19H1 returns to 重庆耍耍网 mother’s net profit 10.

720,000 yuan, an increase of 25.

23% in the second quarter of 19Q2, an increase of 24.


The gross profit margin for 19H1 was relatively increased by 0.

03 PCT to 71.


19H1 maximizes the sales expense ratio by 0.

37 PCT to 12.

85%; the management expense ratio decreases by 0 every year due to the scale effect.

38 PCT to 2.


  In 19H1, the company’s business tax and additional revenue increased by 1.

13 PCT to 13.

57%, mainly due to the adjustment of the consumption tax policy in May 2018.

  Accelerate channel expansion and cultivate high-end new products, and promote rapid growth in revenue. According to the company’s annual report, the company’s 19-year goal is to increase revenue by about 30% and net profit by about 25%.

Jiangsu’s sub-high-end market is growing rapidly. We expect CAGR to be about 25% in the next three years. The Guoyuan series is positioned as a sub-high-end, with high cost-effective products and strong channel thrust. It is expected that it will maintain relatively rapid growth in the future.However, considering that the company is still in the growth stage, the sales expense ratio is expected to increase.

  Earnings forecast We expect the company’s revenues to be 48 in 19-21.



470,000 yuan, an increase of 30 in ten years.

57% / 25.

20% / 20.

13%, net profit attributable to mothers is 14 respectively.



80 ppm, an increase of 25 in ten years.

13% / 28.

14% / 23.

58%, EPS is 1.



82 yuan per share, the PE corresponding to the latest closing price is 24/18/15 times, the company’s 19-21 year performance CAGR is expected to be 26%, and it will give about 26 times PE in 19 years, PEG is about 1, and a reasonable value of 30 yuanStocks, maintain BUY rating.

  Risk reminder: intensified market competition in the province, structural upgrade exceeding expectations, food safety issues

Tailor-made fitness methods for travelers

Tailor-made fitness methods for “travelers”

When you are traveling for business or traveling, it may disrupt your regular fitness training.
Try not to let this happen, use the equipment around you to exercise, and minimize losses.
20 minutes can fully mobilize the muscles of the whole body.
All you need is a chair, a cushion, and your own body.
  Exercise in the order of A, B, C, D, and rest for one minute between each group.
After doing this round, just repeat it again.
Squat with legs and do 15-20 times; B.
Do push-ups on the chair with your hands, as many times as possible; C.
Jump from bed to mat on the ground and do 15-20 times; D.
Use your chair to do a front lift, 12 to 15 times.

Pineapple diet side: pineapple grass root honey soup cough and asthma

Pineapple diet side: pineapple grass root honey soup cough and asthma

The weather is warming, and the fruit stands on the streets and alleys exude the aroma of fruits. Among them, the rich pineapple aroma is most attractive!

Pineapple has a strong fruit aroma and has always been a favorite fruit.

Pineapple is always delicious and it has some medicinal value.

  Li Shizhen recorded in “Compendium of Materia Medica” that “Pineapple can nourish the spleen and stomach, solidify vitality, suppress excessive hypertrophy, support stagnation, spirit-like, nourishing qi, relieve phlegm, relieve toxic effects, quench thirst after drinking, sharp leader, happyYizhi.

“Traditional Chinese medicine believes that pineapple is sweet, slightly acidic, and flat.

It has the functions of clearing heat and quenching thirst, eliminating food and stopping diarrhea, reducing swelling and dampness, and can be used for indigestion, diarrhea, hypotension, edema, adverse urination, and diabetes.

Modern research has found that pineapple contains protein, sugars, starches, vitamins B1, B2, C, carotene, niacin, minerals such as calcium, phosphorus, iron, and various organic acids, pineapple enzymes and so on.

  Pineapple contains biological compounds and bromelain, which can both eliminate thrombus and inhibit thrombus formation early.

The thrombus is the leading cause of myocardial infarction and cerebral thrombosis.

Therefore, pineapple is an ideal fruit for patients with hypertension and has a relief effect on heart disease caused by thrombosis of coronary and cerebral arteries.

  Pineapple can be eaten after meals, can be appetizing and smooth, degrease and help digestion.

Mexicans often use pineapple as a medicinal liquor for appetizing and digestive purposes.

  Pineapple is tempting, but it can’t be eaten by people with eczema and scabies.

Pineapple contains a biological protein and bromelain.

Biological additives can irritate the oral mucosa and make people feel itchy after eating. Some people are allergic to bromelain. Therefore, when eating fresh pineapple, it is best to peel and cut into pieces and soak in salt water to destroy the pineapple activity.Avoid allergies.

  Few pineapple diet recipes: 250 grams of fresh pineapple juice, pineapple meat, washed, twisted juice, add 1 cup of cold water, appropriate amount of salt, mix well and take in two portions.

  It is suitable for patients with asthma and thirst and indigestion.

  Pineapple fried chicken slices Wash 250 grams of pineapple meat and 100 grams of chicken breasts, and cut into thin slices.

Put chicken breast slices and salt first, stir fry until half cooked, then fry the pineapple with the right amount of water, cover for a while, simmer until cooked, add MSG, pepper, and stir well.

Take it alone or with your meal.

  Suitable for patients with low blood pressure and dizziness, weak hands and feet.

  Pineapple grass root honey soup 100 grams of pineapple meat, soak slightly in brine, wash and slice.

50g of grass root, washed and cut off.

Add 600 ml of water, put both in water, fry to 300 ml, remove residue, add honey, and continue to heat to boil.

  Suitable for patients with bronchitis.

What are the nutritional values of cabbage

What are the nutritional values of cabbage

Cabbage, also known as cabbage, is a vegetable with a lot of nutritional value. If you eat properly, it is very good for our health. At the same time, it has a high medicinal value, so it is so popular.

So, the nutritional value of cabbage is so much, which one do you know?

  First, cabbage is rich in vitamin C, vitamin E, β-carotene and other elements needed by the human body. The vitamin content of a cabbage is much higher than that of a tomato by 3 times, soNormally moderate consumption is beneficial to the human body’s antioxidant effect, anti-aging, and youth protection.

  Second, the packaging material is rich in propyl isothiocyanate derivatives, which can effectively kill abnormal cells that cause human leukemia.

If you eat fresh cabbage, it can be effective and can also help treat human wound inflammation and disinfection.

 If you eat fresh cabbage, it can be effective and can also help treat human wound inflammation and disinfection.

  Third, cabbage contains a large amount of sulforaphane. This element helps to produce enzymes that are beneficial to the body, thereby forming a protective film that can effectively resist the erosion of carcinogens.

Eating cabbage can also help digestion and strengthen the function of the spleen and stomach.

  Although cabbage tastes crispy and tastes sweet, it is a relatively cold food. If a person with a weak constitution eats it often, it will easily cause physical discomfort.

Psychology-the psychology of husband and wife affair

Psychology: the psychology of husband and wife affair

Loneliness Due to work or separation between the two places, some husbands are often away from their wives.

If such a husband lacks a sense of family responsibility, does not care about his wife, and does not often express his feelings of love in various ways, over time, it will inevitably make the relationship between husband and wife tend to be indifferent, the wife will have a lonely psychology, and feel no spiritual support.

At this time, if a suitable opposite sex is encountered, the wife will lose the ability to resist temptation, leading to extramarital affairs.

  Resentment of psychological sexual life is a very important content in the life of husband and wife.

If a partner, because of sexual dysfunction, or is busy pursuing a career, neglects to give each other warmth, or the husband is greedy for wine, and cannot meet his wife’s normal physiological needs, over time, it will cause his wife to have resentment, which is extremely likely. “Red apricots come out of the wall. ”

  Lost psychology is more common in the lack of understanding before marriage, “love at first sight”, hastily married; or just “love to cook mature rice” and “involuntary.”

After living together for a long time after marriage, they gradually found that each other had many bad problems or some physical defects.

In this case, it is easy to produce a sense of psychological loss and germination.

  Some women meet the standard for some purpose, committed to men who do not like it.

Due to their lack of emotional basis with their husbands, once their goals are achieved, they will feel that the husband is old or ugly, either ending with divorce or “holding another lute”.

  Some revenge husbands are unfaithful to their wives and cheat on the outside. Once things are revealed, they often lead to unpleasant endings.

If the consideration of being a wife is not appropriate, you may have revenge when you are angry: Since you can slap flowers outside, then why can’t I look for sustenance?

  Some wives have higher education or higher education than their husbands, or some husbands, if they are not willing to be aggressive, they can easily make their wives “hate iron and steel” and feel that their husbands are not worthy of themselves.

Therefore, wives who are better than their husbands in all aspects have a broken chance of extramarital affairs, because there are likely to be men around them who are better than their husbands.

  In view of the above, in order to improve the quality of marriage, both husband and wife should understand the psychological trajectories of extramarital affairs, strengthen communication, start with themselves, and adjust the relationship between husband and wife in a timely manner so that they can continue to be sublimated.

In this way, the stability of the family and the happiness of marriage can be guaranteed.

Seven Yoga Practices

Seven Yoga Practices

It is a well-recognized fact that the waist is easy to grow meat. In addition to controlling the diet, proper exercise is essential.

Today I will teach you a few thin waist yoga exercises to achieve your dream of a bee waist woman.

  1. Plow type ① Lie on your back with your feet close together, legs straight, slowly lift your feet off the ground, and reach the top of your head, with your toes touching the ground, your upper arms supporting the ground, and your hands supporting your head.

  ② Slowly loosen your hands, keep your hips up, and insert them straight on the floor, with your palms facing the ground and straight forward.

  2. The dog-down variant puts your feet together, your legs straight, your toes point to the ground, your heels are off the ground, your body is bent down, and you stand on the floor with your hands around your head, your elbows on the ground, and your toes are raised forwardPush forward.

  3. Stand in a wheeled position, with your feet separated from each other, and lean forward and backward until you straighten forward and your hands are on the ground.

This action is difficult to break, and beginners are advised not to try it.

  4, L-shaped sitting position, feet close together, legs straight into the floor, feet tight, toes pointed and straight forward, hands fists and placed in front of the chest, straight and straight, eyes look forward.

  5, supine supine, lying next to the ground, feet apart, the toes point forward, straight into the floor, away from the body, take a deep breath.

  6, kneeling posture, knees forward, feet close to each other, hips sitting on the heels, hands and fingers holding each other, the body is bent, the forearms are placed on the floor, support the body, the tibia is lowered, the abdomen is close to the thigh surface, firmly straight.

  7, sitting twisted sitting position, right leg on the floor and bend, heel close to step in front, left foot across the right leg to insert forward, straight forward, twist forward to tilt, right arm close to the outside of the left calf, And holding the left foot to reset, the left arm is stretched to the left rear, and the head is twisted back.

Counting the cold days to the two nine days to raise the kidney key

Counting the cold days to the “two nine” days to raise the kidney key

Many people have heard the old man at home saying “Nine”, which is a kind of folk festival left by our ancestors.

Every year, from the winter solstice, from the 19th, 29th, and 9th, the experience of ’99, 1981 days’ is cold.

On December 30, it officially entered the “two nine” days.

In the temperate 2/9 season, our kidneys must prepare enough energy to maintain the discrete expenditures in winter, and store a certain amount of energy for the coming year. At this time, the sweat is reduced, and the absorbed nutrients are easy to store and appetite.It is also very strong, so it is the best season for kidney.

As the traditional Chinese medicine “Nei Jing” said: “There are people who are hidden in the essence, the spring is not sick,” and the kidneys in the winter will make the “essence” stored in the body, and will not be sick in the spring, so “two nine”Nursing the kidney is crucial.

Kidney-reinforcing food: black sesame seeds and sesame seeds, flat, have liver and kidney, and run the five internal organs.

For example, in “Materia Medica”, it has been recorded: “Sesame, smells peaceful, not cold or hot, and the liver and kidney are also good.”

“especially those who have the following symptoms of kidney deficiency, the most suitable food: backache, soft legs, dizziness, tinnitus, hair loss and early white hair, dry stool.

In daily life, we can also choose sesame powder, sesame paste, sesame cake, sesame sauce, etc. according to personal eating habits and preferences.

In addition, in the daily diet, you can also eat more goat meat, dog meat, beef, leeks, peppers, onions, ginger, longan and other warming kidney and kidney food.

Chinese medicine for tonifying the kidney: Polygonum multiflorum is slightly warm, taste bitter, sweet, and sputum.

“Compendium of Materia Medica” says that Shouwu “so can nourish blood and benefit the liver, solidify the kidney, strengthen the bones, and grow the turtle, which is a nourishing medicine.

It is not cold or dry, and it is based on the various medicines of Rehmannia and Asparagus.”

Its roots are used as medicine, it can soothe the nerves, detoxify and eliminate phlegm, but also replenish the essence of blood, black hair, strong bones and bones, liver and kidney, is a common Chinese herbal medicine.

Kidney remedies: salt applied to the navel of the navel, also known as Zhongdantian, is a part of the essence of the gas: “Development, can strengthen the qi, add more vitality.”

Applying salt to the navel can adjust the function of the viscera, promote the body’s metabolism, and enhance the body’s immunity.

The method is very simple: after using 500 grams of coarse salt to heat up, wrap it with cloth or towel, and apply it on the navel, which can treat kidney yang deficiency and kidney deficiency.

In addition, there is a simpler method, which is to directly place the salt on the navel, and then apply it on a hot towel or a warm water bag, or a certain heating effect.

Kidney-reinforcing action: The foot and heart are the place where the body’s turbidity drops. Frequent rubbing can help the kidney to prevent premature aging, leading to insomnia caused by kidney deficiency and back pain.

Method: After the palms are hot, put them on the waist, until there is a sense of heat, several times in the morning and evening, you can fill the kidney.

The kidney is the driving force of human life and the “innate birth” of the human body.

In the twenty-ninth season, I hope that everyone will lay the foundation for the health of 2018, starting from the kidney!

Related recommendations: 2018 correct lifestyle everyone follows the practice of the winter top ten fruit list Do you understand their eating and magical use?

Winter is the five magic weapon to prevent hyperlipidemia during the high incidence of hyperlipidemia

Can rice not be eaten with any food?

Can rice not be eaten with any food?

Rice is the most common staple food for Chinese people, but not everything is eaten with rice.

So don’t show these things on your dinner table.

  Rice: Rice should not be eaten with horse meat, honey, and cocklebur.

  Eggs: Eggs should not be cooked with sugar; with saccharin, brown sugar with food poisoning; with goose meat with food damage spleen and stomach; with rabbit meat, persimmon with food to cause diarrhea; at the same time should not be with turtle, squid, soy milk, tea with food.

  Pork (skinny): Pork should not be mixed with ebony, licorice, squid, shrimp, pigeon meat, snail, almond, clam meat, goat liver, parsley, soft-shelled turtle, water chestnut, buckwheat, clam meat, beef.

It is not advisable to drink a lot of tea after eating pork.

  Milk: Milk and lean meat are the same food, because milk contains a lot of calcium, while lean meat contains phosphorus, these two nutrients can not be absorbed at the same time, foreign medical circles called phosphorus and calcium.

The optimal ratio of calcium to phosphorus is 1:1 to 1:1.

Between 5, at this time promote mutual absorption.

  Carrots: Wine and carrots should not be eaten together. It will cause a lot of carotene to enter the body together with alcohol, and produce toxins in the liver, leading to liver disease. In addition, radish is mainly diarrhea and carrots are used as supplements, so it is best not to eat the same.

  Seaweed (dry): Seaweed should not be eaten with persimmon; it should not be eaten together with sour fruit, which is easy to cause degradation.