Qilianshan (600720) Annual Report Comments: Performance Exceeds Expectations; Ganqing Market is Cautiously Optimistic

Qilianshan (600720) Annual Report Comments: Performance Exceeds Expectations; Ganqing Market is Cautiously Optimistic
The performance was lower than expected, and the dividend rate was slightly increased. On the evening of March 19, 2019, the company released its 2018 annual report and achieved operating income of 57.800 million, YoY-3.3%, net profit attributable to mother 6.500 million, a year-on-year increase of +14.0%, lower than our expectations, mainly due to the lack of cement demand in Gansu, Qinghai, where the company is located, affecting the company’s sales.The company announced that it would distribute cash dividends2.3 ‰ (including tax), the dividend ratio reaches 35.09%.At the same time, the company guides the sale of cement in 1915 in 2019.In March, YoY + 1.6%, realized sales income of 56.8.6 billion, YoY-1.5%.We are cautiously optimistic about the cement market in the Ganqing region and expect the company’s EPS to be 0 in 2019-2021.91/1.03/1.18 yuan with a target price of 11.83?12.74 yuan, maintain “Buy” rating. In 2018, the volume fell and the price rose, and the profitability improved. Big companies sold cement and clinker in 1926 in 2018.In June, YoY-10.5%, mainly due to the impact of changes in fixed asset investment. According to the company’s announcement, the cement output of the two provinces of Ganqing and 南宁桑拿 Qinghai decreased by 4% and 7%, respectively, which was offset by the company.However, from the perspective of the second half of the year, the company’s sales volume increased by 54% compared to the first half to 1161 measures. We believe that it benefited from the infrastructure supplementary short-board policy.According to our calculations, the company’s average price per ton of cement and clinker was 277 yuan in 2018, after which it increased by 23 yuan; gross profit per ton of 93 yuan, gradually increased by 15 yuan; net profit per ton of 38 yuan, gradually increased by 14 yuan, and the profit level reached a new high since 2011.The cost per ton was 47 yuan, compared with the same period last year.2 yuan.Mainly due to the decrease in the number of employees, the improvement of management level and the reduction of interest-bearing debt, the replacement of high-interest loans and other factors, sales / management / financial expenses should be reduced by 5% / 14% / 32% respectively. In 2019, infrastructure will boost demand, or it can hedge real estate and rural demand. According to the company’s announcement, at the end of 2018, the total annual cement production capacity in Gansu Province was 5,600 tons. In 2019, two production lines of 5,000 tons / day will be put into operation. We expect new regional supply.5.5%.On the demand side, we judge that the real estate investment in Gansu and Qinghai provinces may have fallen steadily, and rural construction such as village-to-village integration has come to an end. However, given the shortcomings of infrastructure construction and the possibility of the Belt and Road Initiative, the increase in infrastructure demand may hedge real estateThe average of rural demand.We expect the cement demand growth in Gansu and Qinghai provinces to be basically flat compared to the previous year, which may create a supply gap.If the invasion of low-cost cement in the surrounding Ningxia and other regions is considered, local cement prices may have some pressure.We are generally cautiously optimistic about the Gan and Qing Cement markets. The company maintaining the “Buy” rating is the cement leader in Gansu, Qinghai and Tibet. According to the company’s announcement, the company’s market shares in Gansu and Qinghai markets in 2018 were 42% and 24%, respectively.In the face of a downward cycle of the national macro economy in 2019, we are cautiously optimistic about the supply and demand layout of the Gansu and Cement markets, and lower the company’s net profit attributable to mothers to 7 in 2019-2021.1/8.0/9.20,000 yuan (previous forecast net profit for 2019-2020 was 11 respectively.2/12.200 million), a year-on-year increase of +7.9% / 13.5% / 14.2%.Based on comparable companies’ 2019 PE estimated average of 13.4x, recognition of reasonable PE interval 13 for the company in 2019?14x, corresponding to the target price of 11.83?12.74 yuan, maintain “Buy” rating. Risk reminders: Macroeconomics exceeds expectations in the short term, and raw materials prices rise more than expected.

Yanjing Beer (000729): The brand needs to be upgraded

Yanjing Beer (000729): The brand needs to be upgraded

1H19 results basically meet expectations. Yanjing Beer announced 1H19 results with revenue of 64.

62 trillion, with an increase of 1.

37%, net profit attributable to mother 5.

12 trillion, the same increase by 1.

13%, performance basically in line with expectations.

In the first half of the year, the company’s overall beer sales ranked 0.

7%, of which Yanjing’s main brand sales fell by 3.

7%, regional brand sales increased by 10.


Development Trend Yanjing’s main brand is currently in the mid-to-high-end market, and the high-end price lacks high growth. It cannot drive the overall sales growth. We expect Yanjing’s main brand sales to continue to decline by 6% / 4% in 2019/20.

For comparison, the sales volume of Tsingtao Brewery / China Resources Beer / Heavy Beer increased by 3 in the first half.

6% / 2.

6% / 2.

3%, mainly driven by mid-range and above price growth.

We believe that under the background of the consumption upgrade and the continuous growth of low-end liquor, the company’s brand needs to upgrade and the demand for consumption upgrades, otherwise there is a risk of continued loss in sales.

The company started to increase the high-end brand 杭州桑拿网 building, but the actual effect remains to be seen.

In the first half of the year, the company’s advertising expenses / R & D expenses increased by 10% / 16% each year, and a number of new high-end products were launched.

However, the company’s high-end started late, and currently lacks a clear brand positioning and core single products at the mid-to-high-end and above prices.

At the same time, considering that domestic beer giants are generally focusing on the high-end, and the competition in segmented prices continues to intensify, the company’s high-end operation effects need to be continuously tracked and observed.

We expect the sales expense ratio to increase continuously in 2019/20.

Mainly because the company increased advertising investment (sponsored by the Winter Olympics, etc.) and the expansion of high-end price 青岛夜网 brand operations, and the scale effect is difficult to achieve in the short term.

Earnings forecast and estimate Due to the increase in selling expenses and management expenses, the net profit attributable to the mother is reduced by 7/20.

8% / 12.

5% to 2.



Taking into account changes in profits and income, the P / S estimation method is used to lower the target price4.

6% to 6.

2 yuan, corresponding to 2019/20 year 1.

52x / 1.

51x P / S, current price corresponds to 2019/20 1.

55x / 1.

54x P / S, with 2% downside target price, remaining neutral.

Risks If the one-time expenses are too large, the profit may not meet expectations.

Medicinal diet prescription for treating anemia by traditional Chinese medicine

Medicinal diet prescription for treating anemia by traditional Chinese medicine

Anemia belongs to the category of “deficiency syndrome” in the medicine of the motherland. Deficiency syndromes often include blood deficiency, qi deficiency, yin deficiency, and yang deficiency.

Patients can choose appropriate dietary treatments according to their own conditions: 1.

15g longan meat, red dates 3?
5 pieces, 100g previously.

Cook together with porridge, warm and serve.

It has the effect of nourishing the heart and nourishing the spleen, nourishing and strengthening.


2 kg (1000g) of fresh lamb bone, 200g of previous rice.

Wash the lamb bones, crush them, add water to boil the soup, remove the dregs, and boil the rice into the porridge.

Moderate rice warm clothing when eating, 10?
15 days is a course of treatment.

Have kidney and bone strengthening effect.


100g of coarse glutinous rice, 50g of coix seed, 15 jujubes.

With the porridge.

Add the right amount of sugar when eating.

It has the effect of nourishing yin and nourishing blood.


Shouwu 60g, red dates 3?
5 pieces, 100g previously.

First, make the thick scallion and fry the thick juice to remove the residue, add the red dates and the previous rice to cook the porridge. When it is cooked, put in an appropriate amount of brown sugar, and then cook for one or two.

Warm clothing.
Shouwu avoids iron utensils. When cooking soup for porridge, use less pot or enamel pot.

It has the effect of nourishing liver and kidney, nourishing blood and treating dysfunction.


2 eggs, take the egg yolks and break up, add a small amount of salt before boiling, add the egg yolks and cook, drink 2 times a day.

Have iron effect, suitable for iron deficiency anemia.


150g of pork liver, moderate amount of spinach.

Wash the pork liver slices with starch, salt, soy sauce, MSG and mix well. Put them in a pan and stir-fry the spinach. Or wash the slices with 50g of pork liver and boil in boiling water until they are almost cooked.Add the rice to the pot, eat the liver and eat the soup.

With iron supplementation, it is suitable for iron deficiency anemia.

Wiping off with toilet paper after toilet?

Wiping off with toilet paper after toilet?

At present, most people have sufficient knowledge of personal hygiene such as frequent hand washing, face washing, and frequent bathing.

But the dirtiest part of the human body has been replaced, and a part that should be cleaned more often is not washed.

  Experts in the medical field reminded that any virus and bacterium has a hotbed suitable for its survival and reproduction, as well as a favorable environment for its rapid spread.

The dirtier the place, the easier it is to breed and spread germs. This is an indisputable fact.

According to the World Health Organization report data, there are 100 types (types) of viruses in stool, and these viruses can survive in the stool for months.

  Tip one: toilet paper doesn’t wipe the residue at all. Medical research found that the anal skin is deep, and the wrinkles on the upper part of it will hide the feces residue every time you defecate. It is difficult to wipe the residue no matter what you rub, andThe more carefully and harder you rub, the easier it will be to push fecal residues deeper.

Experts suggest that washing after washing stools is an effective way to completely remove fecal residues.

  Tip two: The wastebasket is a breeding ground for viruses. It is understood that most people wipe the toilet paper afterwards and put it in the wastebasket.

Each piece of toilet paper is stained with a little feces, and the addition of a pile of toilet paper is a pile of feces.

If there is a diarrhea patient in the home, the number of defecations will increase sharply, and the virus in the feces will be more, and the waste basket will become a virus breeding ground.

Toilet paper in the toilet basket, if not disposed of in time.

Not only will it pollute the environment at home, but it will also become a source of virus infection.

  Tip three: Women should keep their lower body clean. Due to the abnormal physiological characteristics of women, the three important openings of the anus, vagina, and urethra are concentrated and replaced with different substances. If they do not pay attention to cleaning, they will be infected by bacteria, viruses, mycoplasma, and protozoa, Trichomonas and other infections cause disease.

The World Health Organization report proves that common vaginitis in women is caused by unclean body about 50% -60%, the most effective prevention method of these diseases is to clean the genitals frequently.

Check out 10 herbal tea recipes for colds

Check out 10 herbal tea recipes for colds

In the Tang Dynasty, there was the saying that “medicine tea cures all diseases”. Nowadays, colds are popular, and there are many herbal medicines for contagious colds. For the current symptoms of influenza and colds, let’s take a lookSee the 10 herbal tea recipes recommended by Chinese medicine experts for treating colds.

  1. Walnut, onion and ginger medicinal tea: 5 grams of walnut kernels, 25 grams of onion white, 25 grams of ginger, 15 grams of black tea leaves, treating colds, fever, chills, headaches, etc.

It is suitable to smash the above medicines, add them to the casserole with black tea leaves, add water to cook, remove the residue and take the juice, daily preparation, warm the soup, cover with bed, wait for sweat, and avoid the wind.

The principle is published in light white, Tongyang, ginger Xinxing table, are all Xinwen products, containing a large amount of volatile oil.

Modern research has confirmed that the volatile oil contained in scallion white is mainly allicin, which has an inhibitory effect on staphylococci, dysenteriae and streptococci. Walnut kernels nourish the lungs and kidneys, and with ginger to strengthen its effect, together treat colds and colds.

  2, Cangzhu Guanzhong herbal tea: Cangzhu, Guanzhong equal parts, to prevent influenza.

The usage method is to grind the fine powder of the two flavors together and wrap them with cloth, each package is 30 grams, brew with boiling water, and drink frequently instead of tea.

The principle is that Cangzhu has a preventive effect on colds, and Guanzhong decoction has an inhibitory effect on various influenza viruses.

  3, Banlangen green leaf medicinal tea: take Banlangen root, large green leaves each 50 grams, wild chrysanthemum, honeysuckle 30 grams each.

Add the same to the cup and use boiling water to brew tea and replace it.

It has better curative effect on preventing colds, epidemic encephalitis and epidemic respiratory infections.

  4. Herbal tea of perilla leaf: 16 grams of perilla leaf, add brown sugar in moderation, treat early cold.

Usage is to knead dried perilla leaves into coarse powder, brew in boiling water, add sugar to dissolve, and drink tea frequently.

The principle is that perilla leaves have a bitter taste, warm nature, return to the spleen, and lung meridians, and have the functions of publishing cold and spreading qi, so it is suitable for the early stage of cold and cold.

  5, ginger sugar medicinal tea: take 3 slices of ginger, brown sugar amount.

Use boiling water, 1?
2 times, warm service at any time.

For colds, fever, headache, cough or nausea, vomiting, bloating, stomach pain and other symptoms.

  6, dandelion medicinal tea: dandelion 20 grams, attending viral, influenza.

The usage method is to dry and chop dandelion before flowering, fry the water, substitute for tea, daily preparation, use 3?
5 days.

The principle is that dandelion water decoction has an inhibitory effect on Staphylococcus aureus and a certain therapeutic effect on influenza virus.

  7, mulberry syrup and almond medicinal tea: mulberry leaves, yellow chrysanthemum, almonds 10 grams each, the amount of white sugar, attending cold cough.

The usage method is to decoction the above three medicines, mix with white sugar, substitute tea.

The principle is mulberry leaf bitter, sweet, enters the lung, liver meridian, can relieve wind and heat, clear liver and eyesight.

Yellow chrysanthemum is slightly cold, sweet, bitter, enters the liver, lung meridian, and functions like mulberry leaves, can detoxify.

Amygdala is mild and enters the lungs and the large intestine.

White granulated sugar is sweet and cold, and plays a role in clearing wind and clearing heat, and declaring lungs and relieving cough.

  8. Ginger and perilla leaf tea: take ginger and perilla leaves 3 grams each.

Put it into the cup and brew with boiling water for 10 minutes, mix it with tea, and take it twice in the morning and evening.

Suitable for colds such as cold and cold, headache and fever.

  9, Guanzhong Banlangen medicinal tea: take Guanzhong, Banlangen 30 grams each, licorice 15 grams.

After the above 3 flavors of Chinese medicine boiled water are brewed, the tea is blended.

Poisonous anti-influenza virus has good curative effect.

  10, onion ginger tea: 10 grams of onion, 3 grams of ginger, brown sugar amount.

Wash and slice the shallots and ginger, add them to the casserole with brown sugar, add an appropriate amount of water, and boil for 10 minutes.

Take the juice while it is hot and drink it.

It can relieve sweat, relieve symptoms such as exogenous wind chills, head, chills, nasal congestion and runny nose.

Learn to be tepid in the workplace

Learn to be tepid in the workplace

In fact, encountering setbacks at work, not paying attention to abilities, colluding with colleagues, vicious competition, or inadequate corporate systems and environment, openness, and high unemployment rates are all causes of workplace anger.

In addition to external factors, their own problems are also critical, such as mental illness, such as bipolar disorder, schizophrenia; In addition, they are too inflexible and think that they are sacrificing for others, or like to control and instruct others, alsoEasy to cause workplace anger.

  Anger is an emotion. The conflict between external stimuli and self-awareness does not disappear in a vacuum.

If the anger is not handled well, it will have many consequences. In addition to being unhappy, it is easy to offend others, make interpersonal relationships worse, lead to unsuccessful work, and even lose jobs.

In addition, anger can also cause physical distortions, such as insomnia and stomach pain.

  As for anger, we should usually cultivate a positive management style.

Learn to treat others with compassion, and think more of each other.

Knowing how to face others, learn to be humble, and not stubbornly regret can avoid disrupting relationships.

  In addition, it is important to choose the emotional management method that suits you.

It is recommended to adjust through muscle relaxation and deep breathing. It can also help soothe emotions through meditation.

Humor also has the function of eliminating anger, which can help you get new ideas from the following ideas, and it is also a servo of interpersonal relationships.

Do not want to be angry office workers, remind yourself from time to time: ‘Smile is better than anger.

“Absolutely, going out and walking more is a good way to adjust to bad moods. Let the anger transform the sweat away from the body and start again.

A philosopher once said: “Anger is the real enemy of human beings.” Learning to manage the anger of the workplace is as important as improving work efficiency.

  However, venting anger is not entirely possible.

Anger is sometimes used to defend one’s rights, thereby regaining control and improving psychological symptoms, while also warning the other party not to violate their own bottom line.

Cheating is a selfish desire

Cheating is a selfish desire

Cheating is more than sex.

  Performance is entertaining, giving people fantasy and happiness.

  Sex inherits life.

  Sex itself is sinless, and sex itself is holy.

  What makes sex ashamed with dirty concepts and definitions?

  Cheating speaks of an unknown emotion, is it the end of the relationship or betrayal?

Is it pure emotion or unspeakable shame.

  One love word is giving and returning.

  Give emotions to gain emotions.

Is the stolen emotion too selfish?

  How authentic and reliable is the stolen emotion?

  We all know that the results of cheating are not very good, and neither will be complete.

  If you say that you are not stealing sex, you can’t believe it, it’s just a joke.

  Cheating must have sex.

Sometimes cheating starts with stealing sex.

  It is impossible to cheat without sex.

  Who stole his heart while cheating?

  Cheating is entirely an anticipation and loss of emotions, and an expense other than emotions.

  Cheating is optional.

Then since there is no need, there is no possibility.

  Secretly stealing sex is actually a game of emotions, a game of sex, sooner or later, when you get bored.

  It is too difficult to steal people’s hearts.

There is only one true destination for the human heart, and stealing the human heart is completely unimportant, only what you know is important.

  The psychology of cheating is completely a sexual impulse, it is a momentary pleasure, and there is no long-term idea at all.

  Most married women can’t stand the temptation and seduce of men, but the inferiority of men is that they want to possess all the women they want.

  Women are more emotionally fragile and are more likely to be moved by the seductive language of men.

  Sometimes women think of it once, anyway, and once they say yes, they don’t expect that there will be once or again after one time, until they get tired.

  Sex is the most difficult thing for everyone to test, because everyone needs that kind of comfort, and sex itself is nature.

So an experiment or adventure has an emotional no return.

  Secretly stealing sex is not something that everyone knows. Sometimes stealing sex is also accompanied by the danger of life and many costs. Why do some people still go straight?