Jidian Co., Ltd. (000875): High coal price swallows thermal power profits, new energy releases help performance turnaround

Jidian Co., Ltd. (000875): High coal price swallows thermal power profits, new energy releases help performance turnaround

Event: The company released its 2018 annual report and achieved operating income of 73.

10,000 yuan, an increase of 43 in ten years.

09%; net profit attributable to mothers1.

15 trillion, compared to the same period last year3.

4 billion, lower than Shenwan Hongyuan’s expectations.

  Key points of investment: Benefit from the start-up of new units and the improvement of regional supply and demand patterns, and the overall growth of thermal power, heating and new energy revenues.

In the first and second quarter of 2018, the company’s Changchun Thermal Power Units 1 and 2 were put into operation, with an additional 700,000 kilowatts of thermal power installed, while benefiting from the increase in power demand in Jilin Province in 20186.

8%, the company expects to complete 11.6 billion kilowatt-hours of thermal power generation, an increase of 34 per year.

At 08%, the supply variable was 29.54 million GJ, an increase of 30 per year.


The company continued to increase the layout of the new energy industry. By the end of 2018, the company’s installed wind power installed capacity had gradually increased by 1.7 million kilowatts, an increase of 48 from the beginning of the year.

50,000 kilowatts, and a total of 1.37 million kilowatts of photovoltaic installed capacity, an increase of 18 earlier.

50 thousand kilowatts.

In 2018, the company achieved 27 wind power generation.

7.9 billion kWh, an increase of 39 every year.

02%, achieving photovoltaic high current 17.

400 million kWh, an increase of 91 per 深圳SPA会所 year.

twenty one%.

The company’s annual total power generation increases by 39 each year.

43%, electricity prices are basically stable, driving revenue growth.

  High coal prices caused thermal power outages to expand in the second half of the year, and the release of new energy performance drove development performance to a deficit.

In 2018, Jilin Province’s coal price index rose, with an annual increase of 10 in the first half of the year.

21%, the company’s 2018H1 thermal power sector net crack is 0.


Thermal coal price index continued to increase in the second half of 2018, an increase of 7 compared with the same period in 2017.

95%, an increase of 8 from the first half of 2018.

83%, leading to the expansion of the company’s thermal power sector to 1.

580,000 yuan, but still reduce losses for ten 都市夜网 consecutive years2.

2.5 billion.

The company’s wind power and photovoltaic installed capacity continue to increase and the abandonment rate drops, and the new energy sector contributed profit in 20187.

170,000 yuan, increasing profits in ten years4.

09 million yuan, helping the company’s overall performance to turn losses.

  Both endogenous and extensions continue to increase the layout of the new energy industry.

The company has established four new energy development bases in Northeast, Northwest, East China, and Jiangxi, and three new energy transportation wiki sites in Changchun, Hefei, and Jiujiang. As of the end of 2018, new energy installations accounted for 47%, and were distributed in 18 nationwideProvinces and national layouts have basically taken shape.

The company announced in August 2018 that 7.

4.3 billion shares acquired 100% equity of 7 wind power companies affiliated to Shanghai Chengrui Investment Co., Ltd., involving a total installed capacity of 32 wind power projects.

70,000 kilowatts, the transfer of equity has been completed, and the road of extension and expansion has begun.

In addition, the Jilin Baicheng Photovoltaic Application Leading Base Project (100,000 kilowatts) invested by the company in April is progressing in an orderly manner, and the company’s new energy conversion rate continues to increase.  Earnings forecast and estimation: Considering Jilin Province’s coal price rises and conversions since the second half of 2018, we have reduced the three alternatives. We have reduced the company’s 2019-2020 net profit attribution to 2, respectively.


4.4 billion (3 before adjustment).

16 and 4.

2.8 billion), plus the net profit forecast for mothers in 2021 is 4.

100,000 yuan, currently corresponding to PE 26, 19, 16 times.

The company’s new energy sector is in a fast-growing period. The release of thermal power and thermal sector performance is still pending for coal prices to fall, maintaining the “overweight” rating.

[Can you eat fungus when pregnant]_Pregnancy_Impact


[Can you eat fungus when pregnant]_Pregnancy_Impact

Fungus is a saprophytic that often grows on rotten wood.

But fungus, a purely natural creature, tastes smooth enough and is very beneficial to the body.

Some people especially like to stir-fry fungus with other dishes.

Fungus can improve the cleansing function of human body.

So eating more fungus is good for detoxification.

Let ‘s find out if you can eat fungus when pregnant.

1. Black fungus has the effects of nourishing and easy stomach, promoting blood circulation and removing stasis. Pregnant women are not conducive to gradual growth and safety after eating, and may cause abortion and premature birth.

2. Almonds contain toxic hydrocyanic acid. After eating, they enter the body through the placenta, which affects the healthy development of the fetus.

3. Purslane is cold and slippery, which has a significant stimulating effect on the uterus. Pregnant women are prone to miscarriage after eating.

4. Crab turtles Crab crabs are delicious and nutritious, which is a food that many pregnant women like to choose.

However, eating crabs is dangerous for pregnant women in the first trimester.

Because crabs easily contract uterine muscles, cause vaginal bleeding, and even cause miscarriage, especially the effect of crab claws is more obvious.

In addition, the high content of high blood pressure in crabs makes it more unsuitable for pregnant women with pregnancy-induced hypertension syndrome.

Otherwise, it will aggravate the damage to blood vessels and suffer from cardiovascular disease in the future.

And all of them have the effect of activating blood and softening, which can cause bleeding and abortion after consumption in early pregnancy, especially crab claws have an abortion effect.

Soft-shelled turtles have a toxic effect on Tongxueluo Sanyu, and have an abortion effect.

5, longan longan often has the effect of soothing blood, nourishing blood and spleen, but the temperature is too hot, pregnant women not only can not achieve the effect of abortion after eating, but prone to symptoms such as leaky red, abdominal pain and other threatened abortion.

6. Hawthorn Hawthorn is sweet and sour, appetizing and digesting. It has always been a small food favored by many women, especially in the early stages of pregnancy. Pregnant moms prefer to carry some, so they will eat a lot of hawthorn during this period.

Medical experts point out that hawthorn is not good but should not be eaten by pregnant women. Some of them contain muscle stimuli that cause uterine contractions and miscarriages.

In particular, those pregnant women who have had spontaneous abortion, habitual abortion and signs of threatened abortion should eat less hawthorn during this period to prevent accidents.

7, long-standing potato alkaloid content is large, after eating can affect the normal development of the fetus, resulting in slow growth.

8, hot spices cumin, anise, pepper, pepper, allspice, etc. are hot spices, easy to consume intestinal water after eating.

9, MSG MSG is sodium glutamate, eating too much can affect the absorption of zinc, is not conducive to the development of the voltage nervous system.

10. Convenience food Convenience food is convenient and delicious to eat, even if pregnant, many pregnant women still like to eat.

Medical experts point out that pregnant women should not eat more convenience foods.

These foods are often used as staple foods, and the intake of pregnant women is deficient in essential fatty acids, which are important nutrients required for the development of the brain by oxides.

In addition, fatty acids are especially needed to form a good placenta and abundant blood vessels in the first trimester, so as to ensure the nutritional requirements of vitamins.

11. Fritters and churros are delicious to eat, and they are often served as breakfast food.

However, you should eat less once you are pregnant.

Medical research shows that you need to add a certain amount of staff when making the dough sticks.

Generally speaking, eating 2 fritters will allow you to accept about 3 grams of bright staff.

You know, the Ming staff contains aluminum, and high concentrations of aluminum have a great damaging effect on the human brain.

If you eat fritters regularly, alum will accumulate in the body, and high concentrations of aluminum will accumulate in the body over time.

When aluminum enters the hypertensive body through the placenta, it leads to impaired brain development and aggravates the incidence of mentally retarded children.

12, cold food Many pregnant women are hot and hot during pregnancy. They always feel that their skin is very hot and dry, especially in the hot summer, so they eat cold food and drink cold drinks at will, which is not known to be harmful to their own health and fetal development.

Medical experts point out that excessive intake of cold food will hurt the spleen and stomach and affect the absorption of nutrients, which cannot guarantee the nutritional needs of itself and food.

Moreover, too much cold stimulation will reduce the resistance of the mouth, throat, trachea and other parts, causing upper respiratory tract infections.

In addition, cold food stimulation can cause increased restlessness, so be sure to eat cold food during pregnancy.

Guizhou Moutai (600519): Accelerating direct sales will bring considerable performance flexibility

Guizhou Moutai (600519): Accelerating direct sales will bring considerable performance flexibility
This report reads: The growth rate of 2019Q3 performance is slightly lower than market expectations, and slow direct shipments are the first.The current approval price is firm. It is expected that Moutai will accelerate the direct sales delivery from Q4 and contribute considerable performance flexibility.  Investment points: Investment advice: Gradual performance elasticity is still in progress, and direct sales of joint-stock companies have brought considerable performance growth.  Our wholesale sole stock company direct sales 2019 can gradually bring 6pct revenue growth and 10pct profit growth for the company.Then consider the non-standard price increase and incremental delivery, and gradually achieve the goal to achieve easily.Taking into account the improvement of the efficiency of idle funds management and the increase in the liquor sector in Maotai, the EPS for 2019-2021 is raised to 35.75, 45.25, 55.58 yuan (last time 35.7, 44.55, 54.3 yuan), raise the target price to 1,430 yuan, corresponding to 32X PE in 2020, increase the holding level.  The market expects the single-quarter growth rate of Q3, and the actual performance growth rate is slightly lower than market 南京桑拿网 expectations.  Revenue in Q1 2019 and net profit were 63.5 billion and 30.5 billion, an increase of 15%.5%, 23%.  Among them, Q3 revenues and net profits were 22.3 billion and 105 billion yuan, with an increase of 13% and 17% thereafter.Q3 single quarter sales expense ratio, management expense ratio 2.8%, 6.4%, showing a downward trend.Advance receipt balance 112.500 million, a slight drop of 1 billion from the previous month. Dealers have already completed the payment from January to November.  The growth rate of Moutai in Q3 remained flat compared to Q2, and the growth rate of series of liquors accelerated.Q1-3 Maotai liquor revenue was 53.8 billion yuan, and series liquor revenue was 70 billion yuan, which will increase by 16 in the future.36%, 18.61%.Among them, Q3 Maotai liquor revenue was 19 billion yuan, series liquor revenue was 2.4 billion yuan, and Maotai liquor growth rate was 12.8%, unchanged from the previous month, and the growth rate of series wine was 22.8%, a quarter-on-quarter acceleration.  Direct shipments were lower than expected, and Q4 shipments will accelerate.Q1-3’s direct sales revenue was 3.1 billion, a decrease of 20% in excess, and distribution revenue was 57.8 billion, an increase of 19.5%.According to the feedback from the channel, the group purchase of the enterprise’s customers has not yet been dispatched.The company is expected to expedite shipments in Q4. In view of the current approval price of Moutai liquor at 2200-2300 yuan, there is no pressure on the remaining direct sales volume.  Risk Warning: The rapid decline of the approval price leads to reverse demand.

Tonghua Dongbao (600867) 2018 Annual Report Comments: Second-generation insulin terminal sales are gradually restored and third-generation insulin is approved soon

Tonghua Dongbao (600867) 2018 Annual Report Comments: Second-generation insulin terminal sales are gradually restored and third-generation insulin is approved soon
The company released the 2018 annual report: the company achieved operating income in 201826.93 ppm, a five-year increase of 5.80%; net profit attributable to mother 8.390,000 yuan, an increase of 0 in ten years.25%; realized non-net profit attributable to the mother 8.14 ‰, a decrease of 2 per year.46%. Affected by the destocking in the third and fourth quarters, the second-generation insulin grew at the fastest rate in 2018.41 ppm, an increase of ten years.01%, this is mainly to digest the channel inventory and release the pressure on the sales side. The company has adopted a one-time sales adjustment since the third quarter, and the channel inventory has been adjusted from 2 months to 1 month.As a result, insulin income decreased in the second half of the year.At present, the terminal inventory has been sorted out. We are optimistic that the growth rate of sales in 2019 will pick up.In addition, in the second half of 2018, Yunnan, Jilin, Beijing, Tianjin, Hebei, and other places re-tendered to implement the national minimum price, which affected the income end to a certain extent. The follow-up R & D pipeline is progressing steadily. Immediately after the approval of insulin glargine, the company will continue to optimize its product structure with second-generation insulin as its core, and lay out 1) similar products: insulin glargine, insulin aspart, detemir, and LaiProline four major third-generation insulins; 2) Fourth-generation insulin: BC Lispro and BC Combo; 3) GLP-1 agonists: liraglutide and dularglutide; 4) DPP-4 inhibitor: troglitazoneTing and Sitagliptin.5) SGLT-2 inhibitor: englitazone.At present, the company’s insulin glargine has received a notification letter from the CED on-site inspection. We expect to be approved in the third quarter of 2019; Asparagus income will be declared for production and it is expected to be approved for listing in 2020. Earnings forecast: We expect the company’s net profit attributable to the parent to be 2019-2021, respectively.6.8 billion, 11.2.1 billion, 13.6.2 billion, an increase of 15 each year.45%, 15.77%, 21.55%; the company’s EPS for 2019-2021 is 0.48 yuan, 0.55 yuan, 0.67 yuan, 杭州夜网论坛 maintain “recommended” investment rating. Risk warning: Second-generation insulin sales are not up to expectations; insulin glargine is not on the market; fourth-generation insulin development is not up to expectations; transformation risk.