Panzhihua Iron and Vanadium Titanium (000629): Increase in vanadium price promotes company performance and maintains company “recommended” rating

Panzhihua Iron and Vanadium Titanium (000629): Increase in vanadium price promotes company performance 重庆桑拿 and maintains company “recommended” rating


Incident Pangang Vanadium Titanium announced its 2018 annual report.

Reported operating income of top companies 151.

60,000 yuan, an annual increase of 60.

7%; net profit attributable to shareholders of the listed company is 30.

90,000 yuan, an increase of 258 in ten years.

0%, corresponding to the previous EPS of 0.

36 yuan.

The company’s fourth-quarter operating income was 45.

0 million yuan, an increase of 15 in ten years.

6%; net profit attributable to mother 10.

4 trillion, a growth rate of about 440% in ten years.


Our analysis and judgment (1) The increase in vanadium price has helped the company’s performance to improve significantly. According to wind data, the average price of vanadium pentoxide (98% tablets, Sichuan) in 2018 was about 南京桑拿网 2.

70,000 yuan / ton, a 131% increase from the price in 2017; the company’s equivalent sales of vanadium pentoxide was about 2 in 2018.

3 For the first time, it grows about 20 per year.

2%; vanadium product gross margin 37.

2%, an increase of 14 per year.


The dual advantages of price and sales volume helped the company achieve its profitability expectations.

In addition, the company reported that higher selling expenses increased by approximately 34 due to rising sales of vanadium and titanium products.

6%; total R & D expenditure is 5.

400 million, accounting for about 3.

6%; reduced financial costs by approximately 29 due to reduced bill discounting.


The Yanjia Titanium Project is under construction for impairment.

10,000 yuan, resulting in the company’s assets impairment losses in 20182.

US $ 18 trillion (II) The company’s vanadium business still has potential for future development. The company plans to produce vanadium products (equivalent to vanadium pentoxide) in 20192.

1 cobalt, titanium slag 17.

5 for the first time; chlorinated titanium dioxide 2.

0 initial; sulfate titanium dioxide 22.

0 Preliminary revenue 144.

700 million.

The import ban on vanadium slag in 2018 has led to the supply of vanadium products; the downstream demand for vanadium products has reduced the profit of the steel industry, but rebar maintenance activities may increase demand for vanadium products.

During the implementation of the new national standard for rebar, steel plants in some regions were detected to replace the addition of vanadium products through other production processes.

If the sampling inspection is strengthened, it will directly lead to such companies to modify the process of adding vanadium products, so demand for vanadium products is expected to improve.

In addition, the steel industry downstream of vanadium products is in the peak construction season, and the floor space of newly started housing in the first two months of 2019 increased by 3 compared with the same period last year.

At 1%, demand is released, and destocking of steel products is gradually carried out, so the price of vanadium products will gradually stabilize and maintain a high level. This situation is conducive to the company’s vanadium product business development.In addition, the group’s subsidiary Xichang Steel Vanadium plans to inject its vanadium product processing business into the listed company at a suitable time in the future. If the injection is successful, the company’s control of vanadium product capacity is expected to exceed 4, thereby further strengthening the vanadium product business.


Investment suggestion The company is the leader of the domestic vanadium products industry. If Xichang Steel vanadium is successfully injected and the company’s vanadium product capacity exceeds 4,

The rise in vanadium prices in 2018 led the company to achieve profitability, and the ban on the entry of vanadium slag and the implementation of the new national standard for rebar may promote increased demand for vanadium products.

Taking into account that the relaxation of environmental protection and production restrictions this year may lead to the release of steel supplies, the prices of vanadium products may stabilize and maintain a high level of operation.

Therefore, we expect the company’s EPS for 2019-2020 to be 0.

42 yuan, 0.

40 yuan, corresponding to PE is 8.

76X, 9.

01X, and give “recommended” rating.


Risk prompts 1) The prices of vanadium and titanium have fallen; 2) The output of vanadium and titanium has fallen short of expectations; 3) The downstream demand has fallen short of expectations; 4) Changes in industry policies.

Juhua (600160): Weak demand dragged down the company’s refrigerants

Juhua (600160): Weak demand dragged down the company’s refrigerants

Investment Highlights: The company released the third quarter report of 2019, and its performance was in line with expectations.

In 1-3Q19, the company realized operating income of 113.

110 thousand yuan, (-5 years ago.

80%), net profit attributable to mother is 8.

910,000 yuan (-46.

32%), and management costs increase by 25 per year.

19% to 3.

99 ppm, but R & D costs are reduced by 10 per year due to changes in project structure and schedule.

53% to 3.

4 ppm, performance is in line with expectations (the above data is adjusted data).

The net profit after deduction can be replaced by 54.

74% to 6.

7.6 billion, with non-recurring gains and losses of 2.

03 trillion, mainly 1Q19 received the government’s F23 incineration subsidy1.

5.9 billion.

The main reason for the decline in net profit attributable to mothers is that the prices and gross margins of major products such as refrigerants, fluoropolymers, food packaging materials, and caustic soda have replaced locations.

Among them, 3Q19 single quarter realized operating income of 37.

3.1 billion (-4% year-on-year.

QoQ-2, accounting for 32%.

06%), net profit attributable to mother is 1.

8.5 billion (68.

84%, QoQ-44.


Downstream air conditioning and weak automobile demand dragged down refrigerant prices, and the company’s main product prices and gross profit margins deviated significantly.

Domestic air conditioners in the first three quarters of 19, the output of automobiles increased by one every two years.

2%, 11.

37%, downstream air-conditioning, and weak automobile demand have caused the price of refrigerants to continue to fall.

From January 1st to March 19th, the company’s main products such as refrigerants, fluoropolymers, fluorinated raw materials (mainly nitric acid chloride), and food packaging materials, the tax-free prices fell each time.

87%, 19.

66%, 22.

44%, 3.


In terms of raw material procurement, the 杭州桑拿 supply of fluorite was replaced by the mine disasters in Inner Mongolia and strict environmental protection in various places during the first three quarters of 1919, and the average purchase price of fluorite increased by 20.

97%, although the purchase price of anhydrous hydrofluoric acid decreased by 7.

77%, but the company’s overall sales gross margin will still increase.

In the third quarter of 1919, the sales volume of the company’s refrigerants and fluoropolymers decreased by 4 each.

48%, 1.

34%. In the long run, 2020 will be the time window for the second-generation refrigerant agents to reschedule. Subsequently, companies will increase production of three-generation refrigerants to replace the replacement of the third-generation refrigerants. The company is the largest third-generation refrigerant manufacturer in China.

According to the latest timetable for HCFC phase-out in the amendment to the Montreal Protocol, China ‘s second-generation refrigerants have been reduced from 20% to 45% in 2015, and R22 domestic production replacement in 2015 was 27.

4 Expected to reduce to 20 in 2020.

The lowest price is 55. At that time, the price of R22 is expected to bottom out and at the same time, there will be partial replacement demand for the third-generation refrigerants. However, due to the continuous expansion of the production scale of third-generation refrigerants by domestic manufacturers, it is expected that the prices of the third-generation refrigerants will remain under pressure.
Adjust the product structure, vigorously develop fluoropolymers, extend the industrial chain to the mid-to-high-end value, and smoothen the transformation of refrigerants.

The company’s current construction projects focus on technological transformation and expansion of high value-added fluoropolymer production capacity and types, mainly including 23.

5kt / a fluorine-containing new materials, 270kt / a environmentally friendly fluorine products, 100kt / a polyvinylidene chloride advanced barrier materials, and other projects.

In 2019, the company’s new mixed refrigerant JRX-2, PVDC emulsion for drug packs and other new products were put on the market in batches. The focus was on the implementation of fluoropolymer, PVDC and other projects, fluorinated materials such as AHF, and the third-generation fluorine refrigerants.Its blending projects, technological upgrading and upgrading projects for existing equipment, and 36 additional technical patents will continue to extend to the mid-to-high-end products of the industrial chain. Successive production of fluoropolymers will bring new vitality to performance.

Earnings forecast and investment grade: domestic fluorination industry leader, product structure adjustment, industry chain extended to mid-to-high value, we maintain the company’s 2019-2021 net profit return to its mother at 12.

49, 14.

98, 18.

73 trillion, corresponding to EPS are 0.

45, 0.

55, 0.

68 yuan, the current market value corresponding to PE is 15, 13, 10 times, maintaining the level of overweight.

Risk Warning: 1.

Downstream air-conditioning, automobile production and sales continued to grow significantly; 2.

Refrigerant prices have fallen sharply; 3 Third-generation refrigerant expansion has exceeded expectations; 4.

The price of raw materials has soared.

Wanneng Power (000543): Improved profitability of the main power business Shenwan Energy completed transfer

Wanneng Power (000543): Improved profitability of the main power business Shenwan Energy completed transfer
This report reads: The increase in power generation 都市夜网 coupled with the decline in coal prices has improved the profitability of the main power industry; Shenwan Energy has completed the transfer and investment income growth is expected to increase. Investment points: Investment advice: Considering the completion of the transfer of 49% of Shenwan Energy, we will increase 2019-2020 and increase the EPS forecast for 2021 to 0.40, 0.57, 0.63 yuan (before adjustment, 0 for 2019 and 2020).21, 0.(31 yuan), considering the company’s breakthrough in performance elasticity, it is expected to benefit significantly from the decline in coal prices, giving the company a slightly higher PE than the industry average of 17 times in 2019, maintaining a target price of 6.74 yuan, maintaining the increase. Event: 2019H1 revenue 73.830,000 yuan, an increase of 25 in ten years.9%, net profit attributable to mother 3.53 ppm, an increase of 150 in ten years.7%; 2019Q2 revenue 32.7 ppm, an increase of 14 in ten years.6%, net profit attributable to mother 2.50,000 yuan, an increase of 273 in ten years.7%.Performance is in line with expectations. Electricity increased, coal prices fell, and the profit of the main power industry improved.2019H1 power generation 174.400 million kWh, an annual increase of 28.08%, mainly benefited from the supplementary shareholders (2019H1 increased capital in Fuyang China Resources, Fuyang China Resources 1.28 million kilowatts were converted from a share-holding power plant to a holding power plant), and at the same time, in 2019H1, the company improved by using hours (power demand in Anhui Province was strong, power consumption increased from January to JuneSuper 8.8%).Cost-side coal prices have declined, so the gross profit margin of the electricity business in 2019H1 has been reduced by 5 alternatives to 8.3%, gross profit increased by 3.600 million. Shenwan Energy completed the transfer, and investment income growth is expected to grow.The acquisition of 49% equity of Shenwan Energy has completed the transfer and contributed 0 investment income in June. The investment income of the remaining companies (China Coal Xinji Lixin, Huaibei Shenwan) with a budget of 2.8 billion US dollars has been increasing, so 2019H1 investment income2.2.5 billion, an annual increase of 62.8%.Looking into the future, the company’s holding plants are expected to benefit from the decline in coal prices. At the same time, Shenwan Energy is expected to significantly increase the company’s performance (expected to contribute about 200 million US dollars in investment income in the second half of the year), and the company’s performance can be expected to increase rapidly. Risk factors: Electricity demand falls short of expectations, coal prices rise more than expected

Top Group (601689): The decline in performance has narrowed, the potential for medium-term growth is still there

Top Group (601689): The decline in performance has narrowed, the potential for medium-term growth is still there

The decline in Q3’s performance has narrowed, and Q4 may stabilize and recover: The company’s Q3 realized revenue of US $ 1.3 billion, a continuous decline of 4%, and attributed to its net profit1.

300 million, a decrease of 30% in the past; cumulative revenue in the first three quarters of $ 3.8 billion, each 16% decrease, attributed to the mother’s net profit3.

400 million, a previous decline of 45%, a gross profit margin of 26%, and a net profit margin of 9%, which have fallen by 1 each time.

8 and 4.

8 units.

Affected by fluctuations in automobile sales, the company’s performance was under pressure, in essence: (1) the core customer Geely + SAIC GM saw a significant decrease in sales; (2) price reduction pressure such as shock-absorbing interior parts penetrated.

In Q3, as downstream demand gradually stabilized, the decline was reduced.

Deepening the potential of new customers is expected to become a new growth engine.

The company supports many domestic OEMs, such as SAIC-GM, Geely, Changan Ford, and SAIC Autonomous, etc., and has strong synchronous research and development capabilities.

At the same time, the company also deepened the supply system of new customers at the same time: (1) GM global orders received will begin mass production from 2019 with a life cycle of 6 years; (2) trying to cut into Tesla’s domestic supply system, and it is worth looking forward to increasing contributions(3) Going out with Geely, it will grow with Geely in the future, without fear of the short-term downturn of the industry.

Product categories continue to develop, and future growth potential is expected.

The company is a high-quality supplier of shock absorption and sound insulation components, with industry-leading advantages and a customer base.

On the supporting basic products, we continue to develop new lightweight and electrified products. We have stocked electronic vacuum pumps and ibooster. We also have more product lines of aluminum alloy products in terms of lightweight, which are in line with the trend of industrial technology upgrade.

Investment suggestion: We estimate the company’s net profit attributable to the parent in 2019 and 2020 to be 4, respectively.

8, 5.

800 million, corresponding estimates are 24, 20 times.

Although the short-term performance is under pressure, the company’s forward-looking layout in the steady expansion of traditional businesses and lightweighting and electrification is expected to continue to grow, and a BUY rating is given.

Risk warning: the progress of supporting new 成都桑拿网 products is not up to expectations; passenger car sales continue to be sluggish.

Thin people are more dangerous to obesity

Thin people are more dangerous to obesity

Jimmy, Professor of Molecular Imaging, Royal College, London, UK?

Dr. Bell said that looking at the skin is not meant to be fat.

Professor Bell and his team have performed MRI on nearly 800 people in the past four years, in order to draw these people a “aunt map” to let them know where their aunt is.

  The data shows that people who are dieting rather than exercising to maintain weight will accumulate a large number of aunts and even slimmer places, and will accumulate a lot of cockroaches.

The concept of “fat” needs to be redefined.

Professor Bell’s research was funded by British medical research interventions.

  Doctors worry that some people are not overweight and have no clear warning signs, so they have a false sense that they are healthy.

Louis, Director of Cardiology, Hekensack Hospital, New Jersey, USA?

Dr. Teckertz said that some people are thin and immune to diabetes or other factors that cause heart disease.

Dividing your body weight by the square of your height gives you a body mass index (BMI), with 20 to 25 being normal.

Even people with normal index (BMI) will find too many exceptions in the body.

  Forty-five percent of the women examined by Bill and his colleagues were abnormally over-expressed.

This is what Bell calls “the outer thin body” (TOFL).

He said: “The thinner a person is, the problem is.

“The representative pointed out that the researchers even found this kind of “thin and fat insiders” in professional models.

  According to Bell, the fat people in the body are basically on the verge of excessive.

Such people eat more food snacks and sugar, and less exercise makes it difficult to consume excess candy.

In this way, they are not eating enough.

Scientists believe that the accumulation of cockroaches begins with the abdomen and reaches a certain extent before it appears elsewhere.

Most experts believe that maintaining normal weight is a good indicator of good health and a good body mass index.

However, British medical research indicator nutritionist Tony?

Dr. Steele said: “Body quality index, although not accurately reflected in a few cases, is a useful tool for clinical diagnosis.


Doctors can’t confirm the exact dangers of adults in the body, but some doctors suspect that adults in the body may increase the risk of heart disease and diabetes.

They believe that adults in the body will block the body’s implant system.

The aunt around the internal organs will give the body a wrong chemical signal to store the aunt in the liver and spleen.

  Experts have known for a long time that fat and active people are thinner and healthier.

Stephen, an obesity expert at the University of South Carolina, USA?

Dr. Blair said: “People who are normal but often work at the desk, those who are unhealthy are more likely to die than those who are obese but active and healthy.

“Bell said that for Japanese sumo wrestlers, they even muttered a little, but their metabolism may be much healthier than those who are slim and working at the desk.”

This is because the sumo athlete’s aunt is mainly stored under the skin rather than the internal organs and muscles.

  However, people who are so much inside do not have to worry.

By exercising and improving your diet, this lightness can be easily consumed.

Bob, an obesity expert at Queen’s University in Canada?

Dr. Ross said: “You may not be able to find your weight when you take a bath, but it is decisive for limiting the shift and exercising the unhealthy surroundings of the body.”

When it comes to keeping healthy, Bell clearly has no shortcuts.

“If you want to look thinner, dieting may be enough.

If you want real health, exercise is an important part of your life.”

Parents are role models for children

Parents are role models for children

If the child is embarrassed, angry, worried, and nervous parents, their emotional development is definitely bad.

Because parents are role models for their children.

  One mother confided: “My child’s ability to control is too poor.

I have to fire many times a day before he can barely finish some homework.

I broke my heart for him.

But now we are just like each other.

I really don’t know what to do?

I’m really sad to think that my child’s dad is working so hard to make money every day, and I don’t even educate a child.

What’s more worrying to me is, what will the child do in the future?

“The mother, mother and mother were full of worry, disappointment, sorrow and helplessness in her speech.

She couldn’t control her emotions, and her tears couldn’t stop.

Obviously, this is a very emotional mother.

In the face of such a mother, the first thing we must solve is not the child’s problem, but her own emotional problem.

  In the face of parents’ bad emotions, children are likely to have inner conflicts.

In themselves, they have to rely on the care of their parents, and there must be a need; must, they do not like these bad emotions of the parents and some of their behaviors.

The internal contradictions cause them to be irritable, depressed, and distracted, and serious, nervous, worried, or coerced.

Others have physical discomforts such as headache, dizziness, chest pain, belching, etc. that can not be detected in order to relieve the internal discomfort.

In the long run, they oppress this contraction into the unconscious, and intentionally or unintentionally take some supplementary resistance behaviors, such as forced action, lying, truancy, loss of self-esteem and self-confidence, and often love to be with troubled children.Likes around, may even develop into anti-social personality.

  Children’s psychological problems and parents’ bad behaviors and emotions are often the cause and effect of each other. Both parties need to adjust, but adults should be more self-control.

8 tips to achieve perfect makeup


8 tips to achieve perfect makeup

Look, her foundation is so evenly applied!

How beautiful her eyebrows are!

. Do you often marvel that others can make such exquisite makeup, secretly no matter how hard you try to achieve the same effect?

Don’t be discouraged, in fact it is not difficult to get a good makeup, let us share some beauty tips now!

  1. The foundation that sticks to the skin: The excellent makeup is improved and the method is very simple. You only need to put the slightly wet makeup sponge in the refrigerator first. After a few minutes, pat the cold sponge on the skin with the foundation.You will feel the skin is exceptionally fresh and the makeup is suddenly especially fresh.

  2. Cool eye drops: Drinking alcohol or lack of sleep Your eyes look very tired and bloodshot.

You can drop one or two drops of eye drops with relief and fatigue effects to congest the eye capillaries and relieve the ruptured condition, but the more eye drops that are better, the more adverse effects may occur.

  3, effective eyebrow powder: If you always feel that the hand holding the eyebrow pencil is not obedient, you can’t draw a satisfying eyebrow.

May wish to try a new one: apply color on the arm with eyebrow pencil, dip it with eyebrow brush, and evenly brush on the eyebrows, you will unexpectedly get a more natural and soft makeup effect.

  4, cold towels: red and swollen eyes, bulging bags under the eyes make you suddenly listless, don’t panic, alternately apply cold towels and hot towels to your eyes for more than 10 minutes, and then apply ice towels for a while, tired eyes will recoverlook.

  5, put a small mirror on the table: drawing detailed eyeliner may be a big problem for you, but it is not difficult, what you have to do is to put your elbows on a fixed place first, just like your dressing table on the tableLay a small mirror flat, and let your eyes look down at the mirror, you can draw the eyeliner with ease.

  6, white eyeliner: eyes are the window of the soul, large and bright eyes often leave a deep impression, you can try to draw a lower eyeliner with a white eyeliner, so that a pair of eyes show greater glory.

  7, spray moisturizing water: After makeup, spray moisturizing water from both sides of the arm away from the face, the makeup can be more durable.

  Note: 1. Makeup tools must be kept clean. Mild shampoos can be replaced with cleaning brushes. A small amount of conditioner can also make the bristles soft. Use warm water instead of detergents to clean the old eyebrow brushes.The best way to quickly restore the original look.

  2. Wearing glasses will affect your makeup effect. If you are wearing hyperopia glasses, the lenses will magnify your eyes and makeup. At this time, you should choose darker eye colors. Wearing myopia glasses can make your eyes appear small and suitable.Bright colors are selected. In addition, layered eye shadows and neat eyebrow shapes can effectively modify the face.

Can’t neglect to deal with eye fatigue

Can’t neglect to deal with eye fatigue

Watching TV, watching newspapers, and looking at the scenery, you will feel tired for a long time and your eyes will be dry.

  Men in the workplace are no exception to computers for a long time!

In fact, you can deal with eye fatigue simply in the office.

  Make a cup of tea with rolled water, use your hands to surround the cup while you are still hot, and keep your eyes wide on your hands to let the smell of hot tea smoke your eyes. Rotate the left and right eyes. In a few minutes, you will see the lightnessRefreshing.

If you replace it with an 8?
The large 12-inch bowl sinks the face all over the water surface. Cover your face with a hot towel. While smelling the tea fragrance and inhaling your heart and lungs, your facial features will be hot and smoked by the tea.Wiping the face with a hot towel can achieve beauty and health benefits.