2 to 0!U.S. high school men’s basketball match has a strange score, tied the historical record

2 to 0!U.S. high school men’s basketball match has a strange score, tied the historical record
On February 4th, Beijing time, according to Yahoo Sports reports, under the co-direction of the head coaches of the two sides, two American Alabama high school basketball teams played the score of a football match.In the end, Biebershire Middle School defeated Brookwood Middle School 2-0.Dazzling final score    The final score of a men’s basketball game is 2-0?Are you kidding me?Rick Caller, a sports reporter in Birmingham, Alabama, felt incredible about this extremely boring game and lamented on Twitter.  According to statistics, this score tied the historical record of American high school basketball games.The last time a score of 2-0 came back to 1977.  Biebershire Middle School scored 2 points in the first 15 seconds after the opening game by battling for an offensive rebound.Since then, Brookwood Middle School has deliberately slowed down.  After the game, according to Brookwood Middle School coach Ted Fitzpatrick in an interview, their plan for this game is to slow down the offensive end, because this is their team’s fourth game in a weekThe game, and in the previous night’s game, some Brookwood Middle School players have already experienced cramps.  We finally decided: ‘Okay, let’s just hold the ball and see what happens.’Coach Fitzpatrick said, we got a chance to take a break, we thought they (opponents) might come over to chase us, so we took the ball.  It is worth mentioning that in a confrontation earlier this season, Brookwood Middle School won 40-36.(Rosen)

Guoxuan High-Tech’s Tangshan Project Aerospace Guoxuan equity change cooperation central enterprise has withdrawn

Guoxuan High-Tech’s Tangshan Project Aerospace Guoxuan equity change cooperation central enterprise has withdrawn
On April 16, Sauna and Yewang learned that Guoxuan Hi-Tech Tangshan No. 1 Project Aerospace Guoxuan (Tangshan) Lithium Battery Co., Ltd. (hereinafter referred to as “Aerospace Guoxuan”) business information shows that its equity changed on April 10.The cooperating central enterprises have already withdrawn.  Guoxuan Hi-Tech has not yet responded to the interview questions from Sauna and Yewang.  According to the industrial and commercial data of Aerospace Guoxuan, the original shareholder Beijing Wanyuan Industry Co., Ltd. (hereinafter referred to as “Wanyuan Industry”) with 49% shares withdrew.”” Xuan “) is wholly-owned and the shell is a wholly-owned subsidiary of Guoxuan Hi-Tech.  Accompanying Wanyuan Industrial Export, which originally invested 98 million yuan, the registered capital of Aerospace Guoxuan was changed from 200 million yuan to 1.02 billion.In addition, according to Guoxuan Hi-tech’s 2019 semi-annual report, according to the articles of association, Guoxuan Hi-tech subscribed to 51% of the aerospace Guoxuan’s capital contribution, and the current actual contribution rate is 100%.  I hope to show that Wanyuan Industry, which withdrew this time, is a wholly-owned subsidiary of New Image Development Limited.In the third-party recruitment information, Wanyuan Industry is reportedly affiliated with China Aerospace Wanyuan International (Group) Co., Ltd.  The official website shows that China Aerospace Wanyuan International (Group) Co., Ltd. (“China Aerospace Wanyuan”) is a holding subsidiary of China Academy of Launch Vehicle Technology (“Rocket Academy”) and was registered in the Cayman Islands in May 1997Established.  Established in 2016, Aerospace Guoxuan is mainly engaged in the research, development, production and sales of lithium-ion power battery materials, batteries and battery systems.Regarding the background of the establishment of Aerospace Guoxuan, according to the announcement of Guoxuan High-tech in August 2016, Hefei Guoxuan plans to use its own funds and the state-owned holding company China Aerospace Wanyuan International (Group) Co., Ltd. (hereinafter referred to as “Space Wanyuan”) inTangshan City jointly invested in the establishment of a joint venture company Aerospace Guoxuan to accelerate the company’s power battery industry layout, create a broader industrial chain development and innovation platform, build a strategic emerging industrial highland of Beijing, Tianjin and Hebei, and promote the development of the national new energy automobile industry.  Guoxuan High-tech stated in the above announcement that Hefei Guoxuan ‘s foreign investment, forming a strategic alliance with aerospace Wanyuan, and achieving a strong alliance will definitely provide important strategic opportunities for the company ‘s technological progress and sustainable development.Promote the company’s research and development and application in power batteries, graphene materials, wind power energy storage products, etc. At the same time, through strategic cooperation with OEMs in industrial integration, it will help the company’s business to extend upstream and downstream of the industrial chain and expand market space, Expand product categories, enhance the company’s overall competitiveness, and lay a reasonable foundation for achieving leapfrog development.  According to the Guoxuan Hi-Tech’s December issue document, it was reported that Guoxuan Guoxuan had a revenue of 2 in the most recent year.7.7 billion, with a net profit of 8356.970,000 yuan, total assets 9.4.8 billion yuan.  In addition to Aerospace Guoxuan, Guoxuan Hi-Tech and Aerospace Wanyuan also have other cooperation.  According to the official website of the China Launch Vehicle Technology Research Institute in June 2016, China Aerospace Wanyuan International (Group) Co., Ltd., a subsidiary of the China Launch Vehicle Technology Research Institute, and Hefei Guoxuan strategic cooperation framework agreement.The two parties will work together to build the development of graphene, power battery and energy storage emerging industries, including the establishment of a graphene industrial park in Hancheng, Lubei District, Tangshan City, and the construction of a power battery production line with an annual planned capacity of 1 billion ampere hours.Create 10 billion yuan output value.  At the beginning of the year, Guoxuan Hi-tech invested a lot in Tangshan. According to the semi-annual report of 2019, Tangshan has become one of the eight largest manufacturing bases in the country.  In November last year, Guoxuan Hi-Tech and the People ‘s Government of Tangshan City signed a “Cooperation Framework Agreement” with an estimated total investment of 5.5 billion yuan for the construction of Guoxuan Hi-Tech (Tangshan) “5G” new energy industrial base project.According to reports, the project mainly builds a new energy industrial base with a new power lithium battery capacity of 7GWh. After completion, it will form a total capacity of 10GWh with the previous project; the project investment and construction cycle will be about 2 years, and the project will be officially started in the first quarter of 2020.Completed in the third quarter and officially put into production in the fourth quarter.  The Tangshan Municipal Government promised in the above agreement to introduce the project as a key investment attraction project in the city and set up a project service group to provide a good investment environment and services for the project.  Guoxuan Hi-tech is a lithium-ion giant that has emerged as a high-level company. It was listed in May 2015 and has new energy vehicle power batteries, energy storage, power transmission and distribution equipment and other business segments, including Hefei Guoxuan Hi-Tech Power Energy Co., Ltd.The four major sectors of the hospital, the capital center and Dongyuan Electric Appliance.  There is no doubt that Guoxuan Hi-Tech has performed poorly.  In 2018, Guoxuan Hi-Tech achieved an operating income of 51.2.7 billion, an annual increase of 5.97%; Achieved a net profit of 5.800 million, down 30 every year.75%.  In the first three quarters of 2019, Guoxuan Hi-Tech achieved an operating income of 51.5.1 billion, an annual increase of 25.75%; Achieved net profit to mother 5.7.8 billion, down by 12 every year.25%.  Sauna, Ye Wang Zhu Yueyi Zhao Yibo Editor Sun Yong proofreading Li Xiangling

[How to make egg tarts without egg tart skins]_ egg tarts _ making method _ practice Daquan

[How to make egg tarts without egg tart skins]_ egg tarts _ making method _ practice Daquan

Many people in life prefer to eat baked egg tarts, because the nutritional value of baked egg tarts is very high, and when we generally bake egg tarts, we need to buy tin foil for egg tarts, which is more expensive.

So some people will make skinless egg tarts when making egg tarts. Such tarts will taste soft and fluffy.

So what is the practice of skinless egg tarts?

Many people especially like to eat KFC’s Portuguese egg tarts. Although the Portuguese egg tarts may seem complicated, they are not difficult to make once, but they need a lot of patience, so they need to do the action repeatedly. Now we willLet’s challenge the method of egg tart skin and how to make egg tart.

Everyone just need to pay attention to refrigerating from time to time when making egg tarts. Some people will buy egg tart skins online at some Baomoudong, but the price is not cheap, so if you want to save money, you can buy some ingredients and make them at home.Makes super crispy custard crusts that give off a rich creamy flavor when baked.

Every time you make it, you will understand why a small egg tart is so unaffordable, because the ingredients are expensive. Now we will quickly learn how to make egg tarts and how to make egg tarts.

How to make egg tarts: How to make egg tarts: 1. How to make egg tarts: 1.

First put the flour in the middle of the flour, then knead the ghee in a circular manner, then pour in fresh water and knead hard.

Cover it with plastic wrap and refrigerate for 30 minutes. Put the ghee in the plastic wrap, then soften and roll into a thin sheet 3 with a rolling pin.

Then put it in the refrigerator for refrigerating. After taking it out, roll it into a thicker box in the middle. Then put the ghee in the middle, and fold and seal the 2 sides towards the middle.

Roll out the dough sheet, and then fold it into two folds like a quilt. Then put it in the refrigerator for half an hour and take it out. Then roll it out, roll it into a roll and put it in the refrigerator. Second, the method of making egg tarts: 1.

First prepare the egg tart water cream 1 milk white sugar egg yolk low gluten flour condensed milk, then pour the light cream into the milk, then add condensed milk and sugar 2.

Heat to melt and take out to cool. Then pour in the egg yolk liquid and stir well. Put in the flour and stir well. After sieving, the tart water is ready.

The dough roll is divided into several equal parts, then the bottom is covered with a small amount of starch, put into the mold, the middle part is pushed with the thumbs of both hands to the sides, and then refrigerated for 20 minutes

[Extended stewed pears with rock sugar]_Boiled pears_Production time

[Extended stewed pears with rock sugar]_Boiled pears_Production time

Many people like to stew pears with rock sugar. The sugar water can only make the elderly and children drink more, because they taste better, and rock sugar Sydney water can also reduce heat and cough.

However, although the rock sugar stewed pear looks very simple, the production process also needs to pay attention to many methods, such as the time required for rock sugar stewed pears and the time to put rock sugar. So how long does it take to make rock sugar stewed pears?

The flavor of rock candy is very refreshing. It doesn’t have any greasy taste like other ones, and the pear is also a delicious fruit. Both things are very easy to obtain. Rock candy Sydney has a unique taste and sweet taste. Many friends make rock candy Sydney at home.Rock sugar pears are a common name of the Han nationality. Slow-boiled with Sydney and rock sugar to turn into rock sugar stewed pears. The time depends on the actual needs. Put appropriate water in the pot and cook until they bubble.Stew on low heat for about an hour. The rock sugar melts just fine. How long is the best time to stew the pear with rock sugar?

Put an appropriate amount of rock sugar in the water and continue to heat over low heat. You can hear the rock sugar crackling in the water, and then adjust the time according to the degree of cooking that you eat. 15-30 minutes, pour water in the pot, and probably pour it into the pot.Bring the water to a boil over two-thirds; pour the rock sugar into the boiling water while adding the cut Sydney.

Slowly boil over low heat until the water in the pot is just over Sydney.

Stew for 15-30 minutes, turn off the heat and serve the cooked soup.

After 40-60 minutes, add the corresponding food ingredients and simmer on low heat for about 40-60 minutes.

Dry it until it is slightly hot and serve it. Let it cool down before drinking. If you cook too much, even put the rest in the refrigerator. Take it off on the second day and it will be sweet and refreshing.

While the stew is rotten, peel the pear, pit the cores, and put the sugar in a porcelain cup, then simmer in water until the sugar is melted and the pear is simmered. This is the most suitable food for babies.It’s cool to feed stewed pears for the best of both worlds.

And eat pear juice, the best after dinner.

You can also put steamed pears in a bowl and cut them with a spoon to serve them.

Sydney will produce a lot of water during the steaming process, so just add a little water to the bowl.

Rock candy Sydney has a sweet and delicious taste, and has the functions of clearing heat and quenching thirst, resolving phlegm and cough, nourishing yin and lungs, replenishing stomach and nourishing stomach, and beauty and beauty.Treatment of chronic pharyngitis, whooping cough, bronchitis, upper respiratory tract infection.

[How to make dry potatoes?

This is the best way to eat!

】 _Home Practice _ Production Method

[How to make dry potatoes?
This is the best way to eat!
】 _Home Practice _ Production Method

Chinese people use potatoes to be rich in food. Potatoes contain the most complete vitamins, which are higher than carrots. Therefore, eating potatoes is one of the best ways to supplement vitamins, especially the effect of vitamin c is very good. Potatoes areThe Chinese eat a lot of food crops. It is worth mentioning that eating potatoes can also supplement carotene and ascorbic acid. The recommended food today is dry pot potatoes.

1. Ingredients for dry pot potato chips: potato half a catty, pork belly 22

Ingredients: Shexian bean paste, shallot, ginger, soy sauce, dried red pepper, monosodium glutamate, salt, oil.

Method 1: Wash the potatoes, cut them into slices, and soak them in water for a while to soak out the starch in the potatoes; 2. Cut the pork into thin slices, cut the onions, cut the ginger, and chop the dried red peppers for use;For fried potatoes, preheat the pan, add oil, and heat up the oil. Put the potato chips in the deep fry, fry the potatoes on both sides into yellow, and place them on the plate for later use. 4. Put the cut meat in the front into the third step.Stir fry for a while, add dry red pepper, Shexian bean paste, spring onion, ginger and fry until the pork is discolored; 5. Add the fried potato chips previously, stir fry, add soy sauce, salt, MSG, stir fry, Spray a little water; 6, boil over medium heat, when the soup is basically dry, you can boil.

Second, hot dry pot potato chips material pork belly carrot carrot green pepper green garlic ginger onion garlic red pepper raw soy sauce cumin powder oil salt practice 1.

Prepare the raw materials and soak the potatoes in water; 2.

Heat the pan, add more oil than usual, and fry the potato chips; 3.

Fry until golden brown and turn the other side and fry until golden brown; 4.

4. Put in carrot slices and stir-fry for a while;

5. Put pork belly slices into the inside and stir fry until the fat is slightly exuded after discoloration; 6.

Add onion ginger garlic slices and continue to stir fry; 7.

Add the freshly fried potato chips and carrot chips and continue frying; 8.

Add the right amount of raw soy sauce and cooking wine and stir fry; 9.

Add salt to taste, stir fry evenly; 10.

Keep frying until the water is completely dry, then add cumin powder to continue frying; 11.

Add green pepper slices and stir fry together; 12.

Finally, add garlic garlic and stir fry evenly; 13

Serve into a small saucepan.

3. Spicy hot pot potato chips: 3 potatoes, half onion, one pepper, half carrot, daxida spicy barbecue sauce, Lee Kum Kee steamed fish stew sauce

Wash and peel the potatoes, wash the onions, peppers, and carrots separately.

Seasoning is ready 3.

Cut the potatoes into slices of about 2 mm thick, pass through the cold water twice and remove the drained water 4.

Cut green onions, peppers and carrots into 5 pieces.

Wash the pan clean and dry it with a kitchen towel.

Brush a thin layer of oil on the bottom of the pot.

Add potato chips to the pan and cook over low heat 8.

Fry both sides until golden brown and serve 9 out.

Put a little oil in the pan and heat up. Add the green onion slices, pepper slices, carrot slices and stir fry for 10 minutes.

Add fried potato chips and stir well 11.

Pour in spicy barbecue sauce and stir fry evenly.

Then pour in steamed fish stew and stir well.

It ‘s that simple.

[How do loofah burn and not get dark]_how to do_how to do

[How do loofah burn and not get dark]_how to do_how to do

Although the loofah is delicious, one of the problems encountered before cooking the loofah is that the loofah is prone to blackening, which is mainly due to the problem of high temperature oxidation.

To solve this problem, we can soak the loofah with white vinegar and water in advance, or choose not to look at it. The main reason is that the salt is easily oxidized in the high-temperature oil.When you put it again, stir fry a few times to get out of the pan.

1How to fry loofah without blackening: White vinegar water soaked in advance. The gourd becomes black mainly because of high temperature oxidation. You can soak the loofah with white vinegar water for a few minutes before frying the loofah.Oxidation and darkening, and adding a few drops of lemon juice when frying loofah can also achieve the same effect.

2How to fry loofah: It is very easy to oxidize and turn black after peeling the loofah with oil after contact with air. At this time, the peeled loofah can be blasted with an oil below 140 degrees, so that the loofah after oiling can alsoKeep the color crisp and tender.

If it is too troublesome to explode with oil, you can boil the loofah with boiling water for one minute and remove it.

How to fry loofah without darkening: If you use salted shrimp instead of salt to fry loofah, adding salt is also one of the reasons that leads to darkening of loofah. In this case, you can use salted shrimp instead of salt, because the shrimp itself has a certain salty taste.

The loofah soup made in this way is very green and beautiful.

Specific method: Add cold gourd in the pot to allow the oil to quickly penetrate the gourd during the heating process. The boiled gourd is also very easy to soften. After the gourd becomes soft, put it in the shrimp skin and cover it with water.Just fine.

How to fry loofah not darkened: put salt later and fry loofah if you put salt too early, it will make the loofah black, so be sure to wait until the loofah comes out of the pot before adding salt.Should not be too high, about 50% of the oil temperature can be put in the loofah fried, be careful not to fry with high fire, medium and small fire can be.

Huafeng Spandex (002064): Spandex is expected to rebound with adipic acid, counter-expansion expansion cycle and growth attributes

Huafeng Spandex (002064): Spandex is expected 南宁桑拿 to rebound with adipic acid, counter-expansion expansion cycle and growth attributes

Recent situation of the company We have recently studied Huafeng Spandex. Looking forward to 2020, we believe that the spandex industry boom cycle has led to a bottom-out rebound. The acquired subsidiary Huafeng New Materials has strong growth and the company is worth looking forward to in 2020.

Comments The spandex industry’s current round of production is about to end, and prices and business cycles are expected to rise.

The spandex price has generally entered a downward cycle since 2014. Due to the slight rebound in raw material prices during 2016-2017, the average price of the industry in 2019 was only 3.

110,000 yuan / ton.

At present, the spandex production capacity is released in phases (only 3 increments of Huafeng in 2020), and the industry has initially formed the layout of Huafeng, Hyosung, Xinxiang, Taihe and four oligarchs, with a total market share of about 73%.

On the demand side, Sino-US trade frictions have eased, and the end-use clothing demand has increased marginally in 2020.

We think the spandex price is expected to gradually stabilize in 2H20. For every 1,000 yuan / ton increase in spandex price, the company’s net profit will increase by 1.

3.5 billion.

At the bottom of the price, wait for the demand for adipic acid to erupt.

The company’s existing production capacity is 54 the highest value, the recent 25.

5The initial new production line is about to start production, and we expect the company’s market share to increase to more than 50%.

Due to different processes, the company’s cost is 500-1500 yuan / ton lower than its peers. At the current price level (?
8,000 yuan / ton), a challenge for small businesses.

Although domestic adipic acid is facing the problem of overcapacity at this stage, through the breakthrough of adipic acid technology, we judge that the demand for nylon 66 is expected to increase rapidly.

In 2019, the market share of sole stock solution further increased.

The business with the largest proportion of Huafeng New Material’s revenue is sole shoe liquid. Due to weak terminal demand and other material substitution, we expect domestic demand for sole shoe liquid to decline by about 2% in 2019.

However, the company’s domestic market share has increased from 50% to 63%, and the export market has continued its efforts to maintain rapid growth. We expect about 20%.

We believe that in the future, demand for textile and apparel shoes will improve, and the overseas market has huge space. The company’s sole solution business will maintain a moderate to low growth rate.

It is estimated that as the company completes the acquisition of Huafeng New Materials and calculates the pro forma profit after the consolidation, we increase the company’s net profit for 2019/2020/2021 by 220.

8% / 268.

0% / 251.

6% to 14.



8.6 billion yuan.

It currently corresponds to 17 of 2019/2020/2021.



2 times price-earnings ratio.

Taking into account the elasticity of the spandex price increase in 2020 and the company’s future growth, we maintain our outperform rating and raise our target price by 36% to 8.

46 yuan, corresponding to 25 times the 2019 price-earnings ratio and 18 2020 price-earnings ratio, there is 38% upside compared to the current mainstream.

Increased risk: The production capacity input was earlier than expected, and the production capacity was gradually phased out beyond expectations, and downstream textile and apparel demand gradually increased.

Poly Real Estate (600048): Achievements in sales performance, outstanding financing advantages of central enterprises continue to highlight

Poly Real Estate (600048): Achievements in sales performance, outstanding financing advantages of central enterprises continue to highlight

Event: The company recently released its 2019 Interim Report and achieved an operating income of 711.

400 million, an increase of 19 a year.

5%, net profit attributable to mother 99.

600 million, an increase of 53 in ten years.

3%, EPS is 0.

84 yuan.

The gross profit margin increased, and the equity ratio of the project increased.

In the first half of the year, the company’s operating income was 711.

200 million, +19 a year.

5%; Net profit attributable to shareholders of listed companies was 99.

600 million, previously +53.

3%; basic profit income is 0.

84 yuan, +52 per year.

8%; gross margin is 39.

8%, an increase of 4.

4%; the growth rate of the company’s net profit attributable to the parent is significantly higher than the growth rate of operating income.

It mainly comes from the following three points: 1) the high gross profit margin projects are concentrated into the carry-over period; 2) the equity of the carry-over projects during the reporting period is relatively high; 3) the company’s cost control capabilities and management capabilities have improved.

Sales grew steadily, and the value of the launch was abundant.

The company achieved a contracted area of 1636 in the first half of 19 years.

47 Magnum; sales of 2,526 contracts.

The company’s sales volume ranks fourth in the industry; the sales contribution of the first-tier and second-tier cities and the six core city clusters exceeds 75%; the company achieved a start-up scale of 28.94 million square meters in the first half of the year, and has 杭州桑拿洗浴会所 completed 64% of the scale-up plan.The launch in the second half of the year has ample reserve value.

Land enforcement and diversified land expansion models.

In the first half of the year, the company added 8.26 million square meters of floor area ratio, a year-on-year decrease of 45.

3%, the total cost of land acquisition is 5.33 million yuan, a year-on-year decrease of 50.

3%, taking land proportion 21 of this kind.

1%, overall tends to be cautious; the average floor price is 6,453 yuan / square meter, accounting for 41 in the same period.

8%, land acquisition costs are relatively stable.

From the perspective of urban energy levels, the first, second, and third- and fourth-tier cities accounted for 78% and 22% of the land acquisition in the first half of the year.

The company has planned a variety of land 北京夜网 development models such as bidding, auctioning, mergers and acquisitions, and adopted a state-owned enterprise platform to integrate high-quality resources.

The financing advantage is obvious and the financial position is stable.

In H1 2019, the company has interest to deny 2709.

900 million US dollars, the comprehensive cost of debt is only 4.

99%, the financing advantage is obvious.

Net aldehyde rate is 76.

6%, -16 from the same period last year.

6 points, asset-liability ratio (excluding advance receipts) 66.

1%, compared with -1 in the same period last year.
7pct, debt ratio has improved significantly.
The debt structure is reasonable, the book cash balance / interest bearing debt within one year is 2.

63 times, short-term debt repayment pressure.

As of H1 2019, the company has received a total of 51 million yuan in bank credit.

With the tightening of the fund policy in the second half of the year, the financing advantages of the company’s merger of central SOE credit will be further highlighted.

Investment suggestion: The company has sufficient land reserves, and its expansion is expected to be positive. The senior management has set the goal of returning to the top three within three years.

In the context of the ever-tightening policy environment, the company as a central enterprise plus a leader, the advantages of financing and land acquisition will become more obvious. Against the background of central enterprise integration, Poly Real Estate as the core real estate development platform of the group, does not rule out continuing to undertake other central enterprises in the futurePossibility of quality resources.

After the integration of Poly Hong Kong was completed to solve the problem of competition in the same industry, the business area and market share were promoted to accelerate.

We expect the company’s EPS to be 2 in 19-21.

01, 2.

44 and 2.

94 yuan, the corresponding PE is 6.

9X, 5.

7X and above 4.

7X with a target price of 16.

62 yuan, maintain “Buy” rating.

AVIC Aircraft (000768): Three quarterly reports show rapid growth and are optimistic about the long-term development of the company’s aviation products business

AVIC Aircraft (000768): Three quarterly reports show rapid growth and are optimistic about the long-term development of the company’s aviation products business

Event: The company announced the third quarter report of 2019 and achieved operating income of 196 in the first three quarters.

78 ppm, a decrease of 3 per year.

57%, net profit attributable to mothers3.

430,000 yuan, an increase of 47 in ten years.

61%, corresponding gain (decrease) 0.

12 yuan.

Comments: 1.

The company’s performance has grown rapidly, and it is optimistic about the long-term development of the company’s aviation product business.

(1) The reporting authority, the company achieved total operating income of 196.

78 ppm, a slight decrease from the same period last year3.

57%, or this is due to the Shen Fei civil aircraft no longer consolidated.

(2) Reporting strength, the company realized net profit attributable to mother.

430,000 yuan, an increase of 47 in ten years.

The growth rate is 61%, which is much higher than the revenue. It is mainly driven by the following factors: ① It is reported that the company’s overall gross profit margin increased compared with the same period of the previous year.

35pct to 6.

29%, mainly due to the optimization of the structure of the aviation products delivered in the current period, and the company’s profitability increased; ② During the reporting period, the company’s period expense ratio (including research and development) decreased by 0 compared with the same period last year.

32pct to 4.

33%, of which the sales expense ratio and management expense ratio decreased by 0 compared with the same period last year.

13pct, 0.

34 points; ③ The total amount reported, the company realized about 0 in asset disposal income.

24 ppm, an increase of 582 in ten years.

57%, mainly due to the increase in the income from disposal of non-current assets in the current period compared with the same period of the previous year; ④ Reports in series, the company’s taxes and surcharges decreased by 50 compared with the same period of the previous year.

23%, mainly due to the fact that Shenfei Civil Aviation Co., Ltd. will no longer consolidate the scope of consolidated statements, and the corresponding tax expenses will decrease.

(3) The strength of the report. The net cash flow from the company’s operating activities was -37.

1.8 billion, down 27 a year.

51%, mainly due to the company’s purchase of goods in this period, the cash paid for labor services increased compared with the same period last year.


Military aircraft business: The demand for transport aircraft and bombers is strong, and the company is expected to fully benefit.

According to the company’s announcement, the company, as a junior major large and medium-sized transport aircraft, bomber, and special aircraft manufacturer, provides domestic strategic transport aircraft and bombers for the Chinese military.

The development of the Air Force has changed from a “tactical type” to a “strategic type”, and has expanded to the gap between the United States and the earlier Air Force equipment. The delivery capability of the core part of the strategic Air Force and the precision strike capability will become the focus of development, which will promote the birth of military transport aircraft.Huge market demand for large aircraft such as bombers.


Civil aircraft business: The new boat series and ARJ21 are full of orders. Together with C919, they will go to the vast market of civil aircraft.

At present, the company’s business involves the Xinzhou 60 aircraft, Xinzhou 600 aircraft and ARJ21 orders are relatively full. The mainline aircraft C919 has made its first flight in May 2017, and the order situation is also good.

According to the Civil Aircraft Market Forecast Annual Report 深圳桑拿网 2018-2037, it is estimated that there will be more than 29,691 single-aisle air passenger aircraft operators worldwide in 2018-2037. C919, as an important player in the domestic mainline passenger aircraft market, can expect future growth and company performancePromote sustained benefits in the future and maintain rapid growth.


Estimation methodology: We believe that the market-to-sales ratio is more reasonable for military industrial companies.

In the context of the reform of the military pricing mechanism, combined with the US experience, the net profit margin of the entire company is expected to increase from the current 2% -3% to 5% -8%, currently AVIC Aircraft1.

With a net profit margin of around 5%, the profitability potential has been subdivided.Compared with companies such as Lockheed Martin and Boeing, we believe that the reasonable market sales rate P / S of AVIC aircraft is expected to reach about 2 times in the long term. At present, the dynamic PS of AVIC aircraft in 2019 is about 1.

1X, estimated relative budget.


Profit forecast and investment recommendations: Considering the strong future demand of large transport aircraft and bombers, and the large market space for domestically produced large aircraft, we give the company a “strong recommendation” rating, corresponding to the 2019/20/21 EPS forecast of 0.



34 yuan / share, corresponding to 2019/20/21 PE of 64/53 / 44X.

Risk reminder: The mass production of military products is not up to expectations; the progress of civilian models is not up to expectations.

Maanshan Iron and Steel Co., Ltd. (600808): Higher than expected cost drags down performance and downgrades to neutral

Maanshan Iron and Steel Co., Ltd. (600808): Higher than expected cost drags down performance and downgrades to neutral
Investment recommendations Maanshan Iron & Steel announced 1Q19 results: revenue 177.17 ‰, at least -3.2%; net profit attributable to mother 0.8.4 billion, a sharp drop of 94 previously.1%, corresponding to EPS 0.The price of RMB 01 was lower than our expectation, mainly because the price exceeded the decline slightly more than expected, and the company’s ton cost growth significantly exceeded expectations.We downgrade to “Neutral”.The reasons are as follows: the cost growth in the first quarter of 19 significantly exceeded expectations and dragged down performance.In the first quarter of 19, the company’s average tonnage of steel was -9.From 4% to 3,551 yuan, the cost per ton has increased by more than 18%, so the gross profit margin decreased by 7 / mom.9ppt / 7.8ppt to only 5.5%.The significantly higher than expected cost increase was mainly due to: 1) the company’s iron ore purchase price increased significantly due to the impact of Brazil’s Valais dam break; 2) 1?A blast furnace overhaul in February incurred costs, which reduced the company’s 1Q sales by 10.7% to 419 budget. 2Q19 results have been under pressure.1) The price side continues to decline, and the company’s product pricing is higher with the market. The gross profit of cold rolled / hot rolled / rebar tonnage in the industry for the past 4 months is still about 380/400/100 yuan lower than 2Q18.2) The pressure on the cost of iron ore has been alleviated. The Mysteel 62% Australian ore price index has maintained a high level of $ 90 / dry ton since April, which is nearly $ 27 / dry ton higher than the average price in 2Q18. It is difficult to completely repair the iron ore supply gap within the year and it is difficult to completely replace the cost pressure. Mysteel predicts that under the impact of the Valais dam collapse in Brazil, even considering the increase in mine recovery under the stimulation of high prices, the supply gap will still be difficult to fully repair within the year.Looking ahead to 2H19, the CICC Real Estate Group is expected to 无锡桑拿网 start new construction. The growth rate of real estate investment for decades will bottom out in the second half of this year, and the environmentally-friendly marginal easing and steel price repair will stimulate the blast furnace.Full-cost cost-end pressure on downstream. What makes us different from the market?Based on the analysis of the cost side, we are more cautious than the market judgment on the company’s consolidated ton gross profit. Potential catalyst: 2Q steel weight is weaker than ex-factory price, real estate, infrastructure demand is less than expected. Earnings forecasts and estimates Due to the upward revision of the ton cost assumptions, we have lowered the 2019 / 20e EPS by 17% / 10% to 0 respectively.46 yuan / 0.46 yuan.The current advantages correspond to A shares 19 / 20e 1.0x / 1.0x P / B, H shares 19 / 20e 0.9x / 0.9x P / B.Downgrade A and H shares to Neutral and revise A-share target price by 18% to 4.1 yuan (corresponding to 19 / 20e 1).1x / 1.0x P / B and 7% upside), revise H-share target price by 12% to 4.4 Hong Kong dollars (corresponding to 19 / 20e 1).0x / 0.9x P / B and 12% upside). Risk demand growth was slower than expected.