Twenty-four hours is very short for those cultivators,But it’s enough for Qin Feng as an ordinary person。

Before Qin Feng entered Qingyunzhu,He can
I searched the house once。
When nothing happened,He went straight inside。
Qin Feng did not notice that someone not far away was monitoring his room with something。
Those people can’t see the situation of Qin Feng’s house clearly,But I probably know where he is,Qin Feng’s heat suddenly disappeared,They were also taken aback。
“What happened to Qin Feng?,Why did he suddenly disappear without a trace?”
Many people have been watching Qin Feng’s family,That was the first time I found out that Qin Feng had disappeared。
Less than ten seconds,Qin Feng’s thermal energy appears again,They thought they were hallucinations,How else could this be the case?
“The situation just now,Did you see it?”
“I saw,Did that guy really disappear for a while??”
“do not know,Is this our things broken,This has led to such a situation?”
People outside the five buildings diagonally across from Qin Feng’s house,That’s a little irritable。
They wanted to monitor Qin Feng,So they also used the means to find a relationship to buy this family,Then they eat, drink and sleep in this room,They wanted to monitor Qin Feng for the first time。

“I am a samurai?Ha ha!This excuse is also interesting,If i am,What are you going to do?”Lu Menglin laughed instead of anger,Asked cheerfully。

Ming Shizun heard Lu Menglin personally admit,Smile suddenly,Clapped and laughed:“Great!This is called smashing iron shoes and finding nowhere,It takes no effort!
Do you know,In order to deal with your secret medicine warriors,The country has formed a special force?And the elite soldiers of this army are here right now!You hit the door yourself,I can’t blame others for this!”
The voice has not fallen,The four people who have been standing beside Ming Shizun,Suddenly come forward at the same time,Faintly surrounded Lu Menglin in the middle,Blocked all his possible paths。
“Lu Menglin,We now suspect you are related to the Arcanum Group,Stay with us in the barracks for a few days!”
Among the four,A sturdy man headed sternly shouted。
The voice has not fallen,The four have already shot at the same time,Eight arms grabbed Lu Menglin from all directions。
These four people move neatly and uniformly,Perfect cooperation,Obviously well trained,Types that are good at co-attacking。
Lu Menglin still stood motionless,Just a flash in my mind。
There is nothing wrong with their suspicions!I do have a relationship with the secret medicine group,Not only related,And it’s the kind that matters!
To know,In Myanmar and the Golden Triangle,They think of me as a superior Secret Medicine Venerable!
But now these few,Actually thought I was an ordinary secret medicine warrior,I look down on people too much!
In a flash,The fingertips of those four have touched Lu Menglin’s shoulders and back。
Lu Menglin doesn’t shake his shoulders,Not shaken,Just lift the left foot,Stomping hard towards the ground。

Lu Liang is gone,Yang Liu looked at the Ferrari key in his hand,Feel hot。

Don’t need Lu’s money,Is it really wrong?
and also,Lu Liang said something before getting in the car“Sorry。”
To apologize for the embarrassment the Lu family gave tonight,Still apologize for what his mother did?she does not know。
the first time,Yangliu gave birth to a different taste in my heart,Maybe she is really blind,Lu Liang is not as bad as he thought?
Wandering thoughts don’t know where to drift,The confused eyes can no longer see the car taillights,She still stopped there to watch。
Father Lu has been looking forward to it,See the figure of grandson,Beckoned him over。
Lu Liang knows what Grandpa meant,Not waiting to ask,Speak the answer directly,“Yao’er has arrived home safely,Don’t worry。”
Grandson is safe,He is satisfied,Keep nodding,“Yaoer is a girl,It’s not safe to go back alone,You are brother,I should take care of my sister,Worked hard,Sit down and rest。”
The people sitting on the main table are all immediate family members of the Lu family,How did they treat Yangliu just now?,Lu Liang sees it,Keep it in mind。
Today is grandpa’s birthday,Some words are not suitable for speaking in person,It doesn’t mean that the wind passes without a trace。
Even if Lu Yao is a child raised outside,,But it’s also Lu’s child,The broken bones are still connected to the tendons,Why do you mock a junior so much?
Anyway,Lu Yao is not wrong,Should not bear these insults,If really filled with indignation,I should blame my father,Instead of carrying his father to make things difficult for his children。
Don’t say they are helping mother vent their anger,When mother was away,Didn’t you close that mouth??
Grievance is for perfection,What’s wrong with Lu Yao,To be wronged?Whose face has been preserved by seeking completeness??
She came to celebrate grandpa’s birthday,Not from humiliation,Since face is so important,Why can’t you watch it on such a festive day today,Let her go?
Lu Yao’s pale face,And red eyes,Made him understand why she drew a line with the Lu family,If it was him,I won’t beg for mercy。
Grandpa’s birthday today,He doesn’t want to be troublesome,But Lu Yao’s limp body、A languid look,Makes him want to endure,He wants to warn certain people,Granddaughter of Lu Family,Lu Liang’s sister,Not everyone can bully!

Adam Dreyfu won the Desert Palm Actor Achievement Award

Adam Dreyfu won the “Desert Palm” Actor Achievement Award
Sauna Night News On December 22, Adam Dreyfu, who had just died in “Star Wars Episode 9: The Rise of Skywalker”, won the “Desert Palm” actor achievement award at the 31st Palm Springs Film Festival.Winners of this model for the Air Force include Cassie Affleck, Jeff Bridges, Brad Pitt, Gary Oldman, Daniel Day-Lewis, etc.Award Ceremony Ceremony January 2, 2020 Antiques. On November 9, Renee Zweig won the “Desert Palm” Leading Achievement Award at the 31st Palm Springs Film Festival.Stills of “Marriage Story”.The picture comes from the network Adam Dreyfu is a famous American actor, and his representative works include “Marriage Story”, “Bad Sisters”, “Hungry Heart” and “Star Wars” new trilogy.Recently, he won the 77th Golden Globe Award, the 26th American Actors Guild Award and other awards for best actor nominations for his outstanding performance in “Marriage Story”.The Palm Springs International Film Festival was founded in 1989 and is one of the largest film festivals in North America. It has screened too many films nominated for the Oscar for best foreign language film.The main goal of the Palm Springs International Film Festival is to encourage newcomers and newcomers. In recent years, the relationship with the award season works has also become closer.Sauna Night Editor Xu Meilin proofreading Wu Xingfa

Letter brothers are trapped in regional defense, NBA and FIBA rules are very different

Letter brothers are trapped in regional defense, NBA and FIBA rules are very different
On September 10, the 2019 Basketball World Cup officially began the contest of the knockout stage, and the only remaining 8 teams caught the fight.Before the game, it was considered that the Greek team won the championship. Because the “Alphabet Brother” could not fully adapt to the FIBA game rules, it stopped in the top 16.The traditional European strong team Lithuania is also affected by the FIBA rules. Because the referee misinterpreted the ball at a critical moment, he was blocked from the top 8.From the venue, the game time, to the regulations on timeouts, fouls, interference with the ball, the three-second zone, and the referee’s own penalty criteria, the FIBA rules adopted in this World Cup are indeed very different from the NBA rules.In the end, there have been multiple moments that have fans and even players participating in the team.Case 1 Li Nan disputed the suspension of the Chinese men’s basketball group match against Poland in the last minute. In addition to Zhou Qi’s consecutive mistakes, Li Nan’s suspension of the team’s lead was also questioned by fans.First of all, this is related to FIBA’s rules on suspension.After all, in the NBA, only coaches in FIBA can call a timeout when the ball is dead.Looking back at the game video, you will find that Li Nan had already called a timeout before the Polish team took the second free throw.Only after the Chinese team serves, the suspension takes effect immediately, instead of “the Chinese team holds the ball and instead calls the opponent to suspend tactics.”Case 2 Zhao Rui was sent off in the NBA for two fake throws. The fake throw and the opponent’s offensive foul were only separated by a line.For a long time, if the referee decided that someone had defended the player and fell, he would only give a warning.Until recent years, the league has issued anti-fake fall regulations, if repeated violations of the regulations, will be punished at a different price after the game.Below the rankings, FIBA has almost zero tolerance for falling.In the FIBA field, the referee is allowed to award a technical foul to the player who fell.In the contest between the Chinese and Korean men’s basketball teams in this World Cup qualifying match, Zhao Rui was sentenced to two technical fouls for two false falls and was sent off.Therefore, the former “Brazil film emperor” in the NBA, known as “fall”, has converged a lot in the World Cup.Case 3 Lithuania was mistakenly missed the top eight European powerhouse Lithuania team had a chance to break through from Australia, France team, and advanced to the quarterfinals, but because of a misinterpretation of the ball, the World Cup journey was ended in advance.On the evening of September 7, the Lithuanian team and the French team did not win or lose until the last minute.There are 30 left in the last quarter.In 8 seconds, Lithuanian player Valanciunas made two free throws. After the second ball touched the rim, it still fell. French player Gobert set the ball out, which indirectly led to the Lithuanian team’s defeat.According to FIBA regulations, although after the basketball and the rim are over, the player does not interfere with the ball, but this player cannot touch the rim.The slow motion clearly shows that Gobert’s hand hit the basket, which is a clear violation of the ball.After the game, the Lithuanian men’s basketball coach even scolded the referee at the press conference.As for the NBA, basketball can only touch the ball after leaving the rim, otherwise it will interfere with the ball.Although the FIBA issued a statement shortly afterwards, confirming that Gobert had interfered with the ball violation, the duty referee had a serious misjudgment and said that the law enforcement team of that game would not enforce any remaining games of the 2019 World Cup.However, the result of the match could not be changed and the Lithuanian team was unjustly eliminated.Case 4 “Alphabet Brothers” struggled to divide into NBA stadiums, FIBA stadiums do not have the “defense three seconds” regulations, which makes many NBA players who are not familiar with FIBA stadiums feel uncomfortable.Walker, Mitchell and other players of the American men’s basketball team are known for their breakthroughs. However, when they came to the World Cup, facing many defensive players in the penalty area of the opponent, they often returned without success.The Turkish men’s basketball team pushed the “dream team” to overtime, which simplified the use of this rule.There is no “defense for three seconds”, the most affected star must be the Xinke regular season MVP “letter brother”.The Greek team lost to the Brazil team by 1 point. The opponent also used the lack of the “defense for three seconds” rule, which greatly restricted the “letter of the letter” breakthrough space.Sauna, Ye Wang Xu Bangyin editor Wang Xihuang proofreading Li Shihui

Depth-Company-Tianci Materials (002709): Layout of Convertible Bonds and Overweight Industry Chain

Depth * Company * Tianci Materials (002709): Layout of Convertible Bonds and Overweight Industry Chain

The company issued a convertible bond plan, and the proposed fundraising will not exceed 11.

US $ 400 million for investment in the construction of a 40 t / a sulfur acid production project and a 20 t / a high cobalt nickel hydroxide project (Phase A, Phase A) to supplement working capital.

The company’s financial volume has increased steadily, and the industrial chain layout has been further improved; the level of holdings has been maintained.

  The key points of the support level have issued a convertible bond plan, and the proposed fundraising does not exceed 11.

400 million yuan: The company issued a convertible bond plan, and the proposed budget for raising funds does not exceed 11.

US $ 400 million for investment in a 40 t / a sulfur acid production project (total investment 2).

3.4 billion, plans to raise funds 1.

US $ 9.4 billion project with an annual output of 20 tons of high cobalt nickel hydroxide (Phase A, Phase A) (total investment 11).

7.3 billion, to raise funds6.

06 ppm), supplementing working capital (planned to raise no more than 3 funds.


  The industrial chain layout has been further improved: the company has built an industrial chain layout of mineral processing-lithium carbonate-lithium hexafluorophosphate-potassium sulfate, mineral processing-lithium carbonate-iron phosphate-lithium iron phosphate, and formed a horizontal strategic layout of a variety of materials.

The implementation of the fund-raising project is expected to further improve the company’s industrial chain layout: sulfate, sulfuric acid is an important raw material for lithium hexafluorophosphate, high cobalt nickel hydroxide and lithium iron phosphate, and it is the basic raw material for the company’s circular economy system.The acid project is expected to ensure self-supplied raw materials, further reduce costs, and establish a circular industry economy; reorganization, the company’s raw materials business intends to achieve the development of lithium iron phosphate-ternary materials, the high-cobalt nickel hydroxide project invested and constructed is a precursor of ternary materialsAfter the project is completed, it will be the same as the planned one.

5 The ternary materials form an up-and-down linkage every year, and exert the synergistic effect of the lithium battery material plate to continuously improve the company’s competitiveness.

  In the first phase of the price war, Stockholm’s profit recovery: fierce price competition in 2018 and the industry’s accelerated reshuffle. In the first half of 2019, the industry reshuffled once, and prices remained stable and rebounded.

  The price of lithium hexafluorophosphate rebounded after falling, which is expected to increase moderately and provide support for crude oil prices.

The company’s supporting lithium hexafluorophosphate production capacity has significantly benefited from rising industry prices and improved profitability.

  We estimate that the company’s 2019-2021 revenue will be 0.



91 yuan, corresponding to a market surplus of 32.



4 times, maintaining the overweight level.

  The main risks faced by the 杭州桑拿洗浴会所 rating are that new energy vehicle demand falls short of expectations; price competition exceeds expectations; and new capacity releases fall short of expectations.

The average return of the fund in 2019 was 22.

67% of 5 active equity funds doubled

The average return of the fund in 2019 was 22.

67% of 5 active equity funds doubled

Source: Shenzhen Commercial Daily Original title: 5 active equity funds doubled in revenue[Reporter Zhan Yuye]2019 is a year of public fund issuance and a year of public fund performance-Flush data show that the overall average fund return in 2019 is 22.

67%; of which, equity, hybrid, and index funds have effectively outperformed the industry average, with returns of 39.

69%, 32.

26% vs. 33.


This performance is far better than 2018.

Excluding abnormal data and newly established funds, the average return of active equity public funds in 2019 is 35.

41%, of which five active equity funds doubled their returns. The top three were the Guangfa Shuangqing upgrade mix, the Guangfa innovation upgrade mix and the Guangfa diversified emerging stocks, and the income recovered.

69%, 110.

37% vs. 106.


The fund manager of the above three funds is Liu Gezhen, that is, one person owns the top three active equity funds, which is rare.

  In addition, among the active equity funds, the top ten gains in 2019 are Hua’an Media Internet Hybrid, Yinhua’s domestic demand selection, Bank of Communications growth of 30 hybrids, Bank of Communications new economic momentum hybrid, Galaxy innovation hybrid, and Nuoan growth hybrid., Boshi returns a mix of 101, respectively.

7%, 100.

37%, 99.深圳桑拿网

88%, 99.

78%, 97.

12%, 95.

44 and 95.

twenty one%.

The bottom of the list in 2019 is Greenbury’s flexible allocation of A / C, with yields of -18.

86% vs. -18.


  In terms of segmentation, the TOP 5 of equity fund returns in 2019 is GF diversified emerging, Cinda Australia New Energy Industry, Tianhong Cultural Emerging Industry, GF Healthcare and Penghua Pension Industry; most of the bond income is convertible bondsFor example, the Southern Greek Yuan convertible bonds, Huabao convertible bonds, Huitianfu Convertible Bonds A / C, Changsheng Convertible Bonds A / C, etc .; the TOP3 income of index funds in 2019 is China Merchants Securities White Wine Index ratingPenghua Liquor Rating and Rich Country CSI Smart Car.

  In addition, the average income of the new science and technology board theme fund in 20杭州夜网论坛19 is 20.


Among them, Southern Technology Innovation Mix A / C was 46.

37% vs. 45.

The 6% yield is at the top of the list; Huaxia Technology Innovation Mix A, E Fund Technology Innovation, and ICBC Technology Innovation closed for 3 years.
5 people with a profit of 32.

61%, 32.

29% vs. 24.


Jinhui Liquor (603919): Dingzeng smoothly releases product upgrades and management progress

Jinhui Liquor (603919): Dingzeng smoothly releases product upgrades and management progress
Comment event: On the evening of May 27, Jinhuijiu issued the “Announcement on the Results of Non-public Issuance of Shares and Changes in Shares”, marking the completion of the non-public offering of shares. I. The scale of fundraising was basically in line with expectations. There was a premium on the closing price on the trading day before the registration date in which the issue price was proportionally divided. The current issue of 26.2 million shares and the total issued share capital of 390.2 million shares; the current issue price of 14.00 yuan / share, based on the closing price of the previous trading day on the equity registration date (May 24).Calculated at 82 yuan / share, premium 1.3%.The total subscription amount is 3.670,000 yuan, which is less than 5.After USD 3 billion, the sponsor (the lead underwriter) negotiated with the issuer and decided not to start the additional subscription process.After replacing the issuance-related expenses, the actual net amount of funds raised was 3.6 billion, basically in line with expectations. 2. The funds will be used for technical transformation and production and the construction of comprehensive supporting centers. Product upgrades and management will promote the gradual advancement of the plan. The funds raised will be used for the technical renovation project of Longnan Chun Workshop, the construction project of Jinhui wine and comprehensive supporting centers, and supplementary flows.funds.According to the introduction of the prospectus, priority will be given to the technical transformation of the workshop and the replenishment of working capital.Matching the above investment projects with the company’s development strategy will effectively promote the company’s product quality, product structure and brand culture, which will help optimize the company’s liquor product structure, improve management efficiency and management level, and further enhance the company’s profitability. The annual growth rate of the company’s high-end liquors above 100 yuan was 13 from 2016 to 2018.57%, 23.21%, 31.87%, at the stage of accelerated upgrade.The high-quality finished wine requires high-quality base wine and the maturity period of the aging. The company needs to expand the capacity of the existing wine storage to further enhance the company’s ability to mature the base wine.The technical renovation of the Nanchun workshop is expected to ensure and accelerate the progress of the company’s liquor product structure upgrade. Jinhui wine production and comprehensive supporting center construction project. Through the construction of a full chain, a full production line, a full-cycle intelligent production management system and a wine body detection and design system, the scientific, accurate, and effective management decision of Jinhui wine can be enhanced.Improve the company’s production management level and operational efficiency. In addition, after the completion of the issuance, the company’s total assets and net assets increased by a certain amount, the asset-liability ratio and financial risk were reduced, which strengthened the company’s ability to resist risks, expanded the growth space of the company’s asset scale, and provided a basis for the company’s further development. Third, state-owned capital participation boosted market confidence, and dealers and core employees held shares with a new vitality of “second venture” Among the 5 investors who were finally allocated in this offering, other institutional investors were allocated 13.93 million shares, accounting forThe highest 53.16%.Among them, the Central Enterprise Poor Area Industrial Investment Fund Co., Ltd. and the Poor Area Industrial Development Fund Co., Ltd. respectively subscribed for 714.30,000 shares, 357.10,000 shares, accounting for 27 of the total issue.26%, 13.63%, restricted for one year.Previous state-owned holding of a single institution.The participation of conventional capital indicates that it is optimistic about the development future of the liquor sector and the Jinhui liquor, which has boosted market confidence.In addition, Gansu Great Wall Xinglong Silk Road Fund (Limited Partnership) subscribed for 321.40,000 shares, accounting for 12.27%. Hualong Securities Co., Ltd. (Hualong Securities-Jinhui Jiuzheng Energy No. 1 Collective Asset Management Plan) was allocated 734.20,000 shares, accounting for 28 of the total issued 上海夜网论坛 shares.03%, some outstanding dealers take the shares of the holding company of the plan; the company appointments dealers as shareholders, strengthens cooperation, and actively changes to new-type manufacturer relations, narrows the distance with consumers, and fully mobilizes dealers’ enthusiasm. The first phase of the employee shareholding plan of Jinhui Wine Co., Ltd. was allocated 492.90,000 shares, accounting for 18.81%, leaders and core backbones continue to increase the company’s shares through the plan.Military company executives and main business backbones indirectly hold company shares through Zhonghui Investment, Qianhui Investment, etc., the establishment of a company to expand the scope of incentives, enhance employee cohesion and corporate competitiveness, showing the company’s confidence in future development and also helping to changeDeveloped a new vitality of 西安耍耍网 “second venture”. Fourth, the issue of the top ten shareholders’ reduction of shares was properly resolved, and the company’s governance structure was further improved. On May 24, Yingzhiyu and CITIC Industrial completed the transfer registration procedures for the transfer of the company’s shares through agreement.After the transfer of this agreement was completed, Ying Zhiyi no longer held the company’s shares, and CITIC Industrial held 20099885 shares of the company.CITIC Industrial’s shareholding ratios before and after the share registration date of the shares to be issued this time were 5 respectively.52%, 5.15%, still maintain the status of shareholder holding more than 5% of the shares.Ying Zhiyi began to reduce the company’s shares in the second half of 2018, gradually putting pressure on the short-term.At this point, the issue of reducing the holdings of the top ten shareholders has been properly resolved, eliminating market distortions. CITIC Xingye transferred the shares and merged this issuance. The company’s controlling shareholder and actual controller have not changed. The directors, supervisors, and senior management personnel are stable. This will not affect the stability of the legal person’s governance structure andEffectiveness.The shareholding of distributors and employees further improves the company’s governance structure and effectively strengthens the common interest foundation and long-term mechanism between the company, shareholders, employees and distributors. Profit forecast and grade: Jinhui Liquor is a strong brand in Northwest Liquor, which is highly recognized by consumers in Gansu and surrounding areas. In line with the consumption trend, the company is focusing on improving its product structure and exploring markets outside the province, and its income and profits have continued to grow, and the trend is improving. With the smooth issuance of fixed increase, and the advancement of workshop technical transformation projects, production and comprehensive supporting center construction projects, the company has accelerated the implementation of market development strategies based on Gansu, Northwest Development, Orderly Advancement, and Key Breakthroughs.At the same time as the leading region of liquor in Gansu region, relying on the unique product competitive advantages of Jinhui liquor and the geographical advantage of Gansu penetrating the northwest, it has promoted the development strategy of the “Northwesternization” flooding region in an orderly manner, and steadily achieved the long-term goal of China’s top ten liquor. We are optimistic about the company’s continuous growth space. We predict that the company’s revenue will increase by 10%, 12%, and 14% in 2019-2021, and that profits will increase by 12%, 20%, and 20%, respectively. The diluted EPS will be 0.75, 0.91, 1.08 yuan / share. Consider the company’s operating conditions and continued growth.Correspond to 24 times PE for 2019 results and target 18.00 yuan, “Buy” rating. Risk warning: sharp rise in costs; intensified market competition; less-than-expected development outside the province.

Shanying Paper (600567): Performance continues to be under pressure due to paper prices and domestic and overseas layouts continue to advance

Shanying Paper (600567): Performance continues to be under pressure due to paper prices and domestic and overseas layouts continue to advance

Event: The company released the third quarter report of 2019, and achieved revenue of 171 in the first three quarters.

300 million, down 4 each year.

5%; net profit attributable to mother is about 13.

200 million, down 42 a year.

8%; net profit after deducting non-return to mother is about 10.

800 million, down 44 every year.


The overall performance was affected by the decline in paper prices, but the decline in Q3 paper prices changed, and the company’s performance fluctuations narrowed accordingly. The company’s revenue changes in the third and third quarters.

33%, narrower than in the first half of the year2.

1pp; net profit attributable to mother for each extension of 34.

6%, narrower than the first half of the second quarter.


The gross profit margin is still low, and the expansion rate has begun to narrow.

The price of corrugated board of corrugated cardboard decreased quarter by quarter from the third quarter of 2018. Although the current decline has been narrowed, the price of paper is still low, and the company’s gross profit margin has been significantly affected.

3%, a decline of 2 per year.

9pp, Q3 single quarter gross margin was 17.

4%, a decline of 2 per year.


In terms of expense ratio, the sales expense ratio is 4.

2%, an increase of 0 every year.

6pp; The financial expense ratio has dropped by nearly one year due to the decrease in exchange losses.

3pp to 2.

2%; due to the increase of two new entities, WPT and Phoenix Paper, and management staff costs, the company’s management fee rate rose by 1.

1pp to 4.


To sum up, the company’s net profit attributable to the parent decreases by 5.

3pp to 7.


In terms of production and sales data, the output of base paper in the first three quarters was 352.

2 Nominal, sales were 348.

4 millimeters; the output of corrugated cardboard boxes is 9.

200 million square meters, sales volume 9.

400 million square meters.

At present, the price of waste paper series has been stable, and it is expected that the pressure on the company’s performance may gradually change.

The production capacity is maximized, and the domestic and overseas layout continues to advance.

After the company acquired Northern Europe and Liansheng, the packaging paper industry has a production capacity of nearly 500 tons and a carton production capacity of more than 1.2 billion square meters.

Domestically, after the completion of Phase I and Phase II of the Huazhong Shanying 220 entry-level high-end packaging paper project, the annual production capacity is expected to reach 127, and the company’s annual planned production capacity will be close to 600 tons.

The company continued to strengthen the overseas production capacity layout. The American Phoenix Paper started construction in May and increased its capital again in September. The company’s overseas renewable fiber and wood pulp resources layout continued to advance, and the company completed its strategy in Southeast Asia in September.With the cooperation and deployment, the company’s cost advantage is expected to be further consolidated.In addition, the company started the layout of the South China region, setting up a wholly-owned subsidiary in Zhaoqing in June, and acquiring 上海夜网论坛 70% of Zhongshan Zhongjian in July.

Earnings forecasts and investment advice.

The company’s EPS for 2019-2021 is expected to be 0.

54 yuan, 0.

63 yuan, 0.

71 yuan, corresponding to PE, 6 times, 5 times and 4 times respectively, maintaining the “overweight” level.

Risk reminder: the risk of large fluctuations in raw material prices; the risk of increasing production capacity to advance less than expected.

Hesheng Silicon (603260): 2018 results meet expected cost advantages

Hesheng Silicon (603260): 2018 results meet expected cost advantages

Attributable net profit 28.

500,000 yuan, an annual increase of 84.

92% of the companies achieved operating income of 110 in 2018.

76 ppm, an increase of 59 in ten years.

37%; net profit attributable to mother 28.

0.5 billion, an increase of 84 in ten years.

92%, earnings per share is 4.

19 yuan.

Single-quarter revenue in the fourth quarter of 2018 was 26.

36 trillion US dollars, an annual increase of 29.

92%; realized net profit attributable to mother 5.

59 ppm, an increase of ten years.


The report pointed out that the 40-inch industrial silicon project has been put into production one after another, the production and sales of industrial silicon have increased, and the market price of organic silicon has continued to increase significantly in the first three quarters of 18 years.

We expect the company’s net profit attributable to mothers to reach 28 in 19-21.

66, 33.

75, 36.

64 ppm with an EPS of 4.

28, 5.

04, 5.

47 yuan to maintain the “overweight” level.

Industrial silicon and graphite electrode projects have been put into operation smoothly, and the prices of major products have further increased. It has been reported that the eastern eastern region has an annual output of 40 to industrial silicon projects and has been successfully put into operation.

5 The introduction of the graphite carbon electrode project for silicon has been completed and put into production. Shanshan Silicon has an annual output of 10 serial transformers and downstream deep processing projects entering the equipment installation and commissioning stage.

According to the company’s announcement, the average molecular weight added value of industrial silicon increased in 18 years.

81%, 110 raw rubber increased by 21 in ten years.

97%, 107 rubber age increased by 26.

35%, the short-term growth of compound rubber 22.

34%, ring body cobalt oxide rose by 40%.

32%, the gas phase method of carbon black increased by 25 years in advance.


Organic silicon is expected to increase production capacity in the third quarter of 19, which is conducive to continued growth. According to the 18 annual report, the annual output of 10-inch transistors and downstream deep processing projects is expected to be 50% by the end of 18 years.The commissioning time disclosed in the annual report was all commissioned in March 20th.

Organic silicon production capacity was put in advance in advance, or the performance was significantly improved in 19 years in advance.

According to Baichuan Information, the price of the organic silicon market declined in the fourth quarter of 2018. At the end of 18, the market price of organic silicon has fallen to 18,500 yuan / ton, but at present we think that the price may have reached the price of stopping and stabilizing. By the end of 4 monthsThe DMC price on the 22nd was 21,300 yuan / ton, an increase of 4 over the same period of the previous three months.


The company has expanded its research and development and promotion efforts. The cost advantage of industrial silicon per ton is significant. It is said that the annual report for 18 years and the company’s 18-year 杭州桑拿 sales expenses4.

8.9 billion, up 39 previously.

16%, mainly due to the increase in product sales and transportation costs; financial costs1.

93 ppm, an increase of 4 per year.38%; administrative expenses 3.

1.9 billion, up 31 every year.

94%, mainly due to the increase in employee compensation; R & D expenses2.

5.0 billion, up 144.

97%, the company increased investment in research and development.

It is said to be windy, and the company’s sales rate during the 18-year period was 9%.

85%, an increase of 0 from 17 years.

58 points.

In addition, according to the company’s 18-year report, the cost per ton of industrial silicon is about 5908 yuan / ton, and the average cost of China’s industrial silicon industry (except Hesheng Silicon), which we measured for drilling, is 10376 yuan / ton.Industry average.上海夜网论坛

In the fourth quarter of 2018, there was a gap in the decline in the price of organic silicon. The current price is still low. The company’s operating income is expected to be 127 in 19-21.

98, 135.

60, 140.

380,000 yuan, net profit attributable to the parent company 28.

66, 33.

75, 36.

At 64 ppm, the net profit of 19-20 is lower than expected, with ranges of -1% and -11%, corresponding to PE, which are 13, 11, and 11 times.

With reference to the assessment level of companies in the same industry (average 14 times PE in 19 years), companies are given 14-15 times PE in 19 years, corresponding to the interval 59.


16 yuan (was 47).


80 yuan).

Maintain the “overweight” rating.

Risk warning: Industrial silicon and organic silicon prices fall short of expectations, slower increase in production capacity, etc.