Kailuan (600997) 2019 Interim Report Comments: Coke Business Volume and Price Rise, Contribute to Performance Increase

Kailuan (600997) 2019 Interim Report Comments: Coke Business Volume and Price Rise, Contribute to Performance Increase

Investment Highlights The company disclosed its 2019 Interim Report: 108 operating income.

700 million (+8.

5%), net profit attributable to shareholders of listed companies.

2.2 billion (+24.

1%), where Q1 / Q2 are 3 respectively.

68, 北京桑拿洗浴保健3.

5.4 billion, 7 after deduction.

2.1 billion (+ 24%), equivalent to 0 EPS.

46 yuan / share.

  The profit contribution of the coal sector in 2019H1 is stable, and the performance growth mainly comes from the coal chemical business.

  According to the company’s announcement, the profit growth of the coal business before internal offsetting was 6.

2 trillion, a reduction of 737 trillion a year, a decrease of 1.

2%, the maximum profit of coke and deep processing products is 4.

20,000 yuan, an increase of 1 in ten years.

500 million, an increase of 54%, the first half of 2019 performance growth mainly from the coal chemical business.

  In 2019H1, the price of cleaned coal has increased, and the gross profit margin of cleaned coal has increased. The sales revenue and gross profit of cleaned coal accounted for 94% and 100% of the coal sector, respectively, and are the core revenue and profit source of the coal sector.

2019H1 company’s raw coal production is 387 blended (-4.

9%), 148 joints (+1.

3%), and the washing rate exceeds 2 pct to 36%. According to the company’s export data of clean coal, the average sale price of clean coal is estimated to be 1,217 yuan / ton (+ 5%).

The rise in both volume and price has promoted the growth of clean coal revenue, with 2019H1 clean coal sales revenue at 19.

80,000 yuan, an increase of 8 in ten years.

6%, the cost of sales is 11.

0 ppm, a 10-year increase of 2.

8%, gross profit 8.

8 ‰, with a growth rate of 17% in ten years and a gross profit margin of 44.

5%, an increase of 3 per year.

1 unit.

  The price increase rate of coke in 2019H1 is greater than the cost increase rate. The profit of the sector has increased slightly. In the first half of 2019, the company’s coke production / sales volume was 375/379, which were +8 respectively.

1% / + 9.


Ton of pyroformaldehyde is 1863 yuan / ton (+9.

8%), the cost of ton coke is 1632 yuan / ton (+5.

6%), the increase in sales price was significantly greater than the increase in costs, and the gross profit margin of the coke business rose.

4 to 12.

4%, gross profit 8.

74ppm, a significant increase of 66 per year.

In the first half of 2019, the average price of Tangshan secondary metallurgical coke (including tax) increased by more than one.
8%, we judge that the price of the company’s coke has increased significantly, and it is related to the downward adjustment of the expected growth rate (from 13% to 13%), and may be related to the optimization of the company’s coke product structure.

According to the company’s disclosure, the total net profit of the three coking subsidiaries.

24 ppm, a significant increase every year1.

270,000 yuan, the estimated net profit per ton of coke is 86 yuan / ton, an increase of 29 yuan / ton per year.

  In 2019H1, the average price of deep-processed products declined, and the profit of coking deep-processing business decreased significantly. The company’s main deep-processed product, methanol (capacity 20 growth rate / year), produced 10 sales.


2. +27 per year.

1% / + 31.

4%, the average selling price of 1913 yuan / ton, -18 a year.

2%; production / sales of pure benzene (capacity 20 mg / year) 8.


1 initially, at least -4.

4% /-13.

9%, the average sales price of 3633 yuan / ton, -31 for many years.

3%; production / sales of adipic acid (capacity 15 additives / year) 7.


9 initially, at least +8.

5% / + 16.

2%, the average sales price of 7117 yuan / ton, for many years -23.


Polyacetal project (capacity 4 content / year), to achieve production / sales volume 1.


In July, one year ago + 17% / + 15%, the average sales price was 9,720 yuan / ton, a year-on-year decrease of 22%.

In the first half of 2019, the company’s deep processing business income totaled 33.

3 ‰ (-8%), operating cost 34.

200 million (-1.

8%), gross profit margin -2.

7% (-6.

4pct), gross profit contributed -0.

91 ‰ (decreased by 2 per year.

2.6 billion).

  Earnings forecast and estimation: It is estimated that EPS for 2019-2021 will be 0.

84, 0.

87, 0.

89 yuan / share is expected to achieve net profit attributable to shareholders of the parent company for 2019-2021.


8/1天津夜网 4.

2 trillion, equivalent to 0 respectively.

84, 0.
87, 0.
89 yuan / share, currently 5.

7 yuan corresponding to PE is 6 respectively.

  8X / 6.

5X / 6.

Four times, as a leader in coal and coke integration, the advantages of low estimates are obvious, and the rating of “Buy” is maintained.

  Risk reminders: macroeconomic downturn; uncertainty of administrative restructuring; environmental protection and production limitation are less than expected risks.

BYD (002594): Sales continue to grow rapidly in March

BYD (002594): Sales continue to grow rapidly in March

Event: The company announced the sales volume report for March 2019. New energy vehicle sales in March increased 116% to 30,075 units.

The company’s sales of new energy vehicles in the first quarter increased by 147% year-on-year to 73,172 units.

The company’s power battery production in March was 1.

65Gwh, an increase of 85% per year.

Comments: January and March sales are in line with expectations, and follow-up catalysis continues, optimistic about the company’s development.

We believe that the sales of new energy vehicles in 3 months are in line with expectations. It is expected that the sales volume of the transitional transition company will continue to increase in the second quarter, and the company’s market share is expected to continue to increase in the case of inter-segment price increases or inventory upgrades400,000 sales are worry-free.

We believe that the current market is too profitable for the company, and the company can hedge supplementary risks from multiple perspectives to help 19 years of high growth performance: a) New energy passenger cars: the cost side, the battery cost is reduced by 15% + other costsReduced by 5% (approximately 1 for bicycles.

5w), scale effect reduces cost 0.

5w. At the same time, some components reduce the cost of the drive system by 1w. At the same time, some pure electric models can be reduced by 1w + cost, and the reduction of 3% corresponds to a cost reduction of several thousand. The average bicycle subsidy is reduced by about 2.

70,000, the company can gradually eliminate most of the impact through cost reduction (the product is not increased in price), converted to 19 years of sales doubled, the company’s new energy passenger car business gross profit gradually achieved positive growth; b) new energy commercial vehicles: Assumed flat sales of passenger cars, expected net profit margins; In terms of special purpose vehicles, electric dump trucks have begun to increase volume in March, and are expected to achieve sales of several thousand units. The unit price of electric dump trucks is 1.4 million, providing considerable profit increase;Points: If the industry’s growth rate increases in 19-20 years, the unit price of double points settlement is expected to increase (more than 1000-2000 yuan), providing the company with incremental performance; d) Cloud track: It is expected to contribute tens of billions in revenue in 19Performance increase; e) Financial expenses: The budget company will receive 89 trillion compensation liquidation payments in advance, which will improve financial expenses and reduce index expenditures (estimated to be 300-400 million).


In the medium term, the policy-driven termination will provide new incentives for auto companies with double-point assessments. The industry’s bottom line for growth is 35%. The company is expected to use its strong product cycle to consolidate its leading advantages.

Complementary sole industry promotion policy, double-point assessment is imminent. According to our calculations, due to the significant reduction in fuel consumption standards in 19-20 years, the only way for car companies to solve double-point is to produce new energy vehicles, replacing the future of the new energy passenger vehicle industry.Maintaining a growth rate of more than 35% for two years can make the NEV positive integer in 19-20 completely resist the repayment of negative CAFC points, so the policy-driven effect is still there, and we remain optimistic about the industry’s growth rate.

As a leading company in the industry, the company has obvious first-mover advantages. It is 杭州夜网 expected to benefit from the supplementary + double-points policy in 19-20 years. The superimposed new product “explosive car” effect has already caused consumers’ spontaneous demand. In the future, the city’s market share will continue to increase and continue to be consolidated.Leading advantage.

In the long run, the company has core technological advantages in the field of new energy vehicles, and will fully enjoy the dividends brought by the electrification and intelligent trend.

The power battery is the top two in China. Currently, Changan and Dongfeng have been reset for external customers. Foreign customers are expected to land in the first half of the year. At the same time, the company also uses its own core technology, IGBT4, in the field of electrical control.

0 technology provides “Chinese core”, currently has mastered IGBT chip design and manufacturing, module packaging, high-power test applications, breaking foreign monopolies.

4. Earnings forecast and risk warning are accompanied by supplementary bearish digestion. We believe that the company’s turning point has arrived.

In the short term, the company’s sales volume of 400,000 in 1919 is worry-free, and its market share is expected to continue to increase. At the same time, the performance-side company can compensate for most of the impact of the decline by reducing its own costs. At the same time, new energy special vehicles, Yunba Cloud Rail, financialExpenses and sales of double points provide increased performance and gradually increase profits to achieve high growth.

At the same time, the follow-up catalyst for the most external supply of power batteries is expected. The company’s net profit attributable to its parent in 19-21 is 41/51 / 6.1 billion, and it maintains a “strong recommendation-A” rating.

Risk warning: the cost reduction is not up to expectations, and the sales of new energy models are lower than expected.

Tiantan Biological (600161) -2019H1 Review: Net profit grows 23% annually. Leading blood products perform well

Tiantan Biological (600161) -2019H1 Review: Net profit grows 23% annually. Leading blood products perform well

Investment Highlights Event: On August 22, 2019, the company released its semi-annual report for 2019.

In the first half of 2019, the company achieved operating income of 15.

60 ppm, an increase of 27 in ten years.

9%; net profit attributable to mother 2.

94 ppm, an increase of 22 in ten years.

2%; net profit of non-attributed mothers 2.

93 ppm, an increase of 23 in ten years.


Net operating cash flow 4.

5.7 billion, an increase of 36 in ten years.


The blood products business developed steadily, achieving a 23% increase in net profit.

In terms of quarters, the sales of blood products in the second quarter of 2019 continued to increase, with single-quarter revenue of 8%.

5.5 billion (28% +), net profit attributable to mothers1.

6.2 billion (25% +).

Gross profit margin, net profit margin and first quarter ratios remained stable at 49% and 19%, respectively.

In the first half of 2019, the company realized the collection of plasma 802.

55 tons, a net increase of 64 per year.

22 tons, an annual increase of 8.


In the first half of 2019, the company’s number of plasma collection stations (including substations) in 13 provinces / autonomous regions nationwide reached 57, of which 51 were in operation.

Renbai and Jingbing continued to maintain steady growth, of which the wholesale sales of human albumin (equivalent to 10g) increased by 30.

73%; Jing Cing (equivalent to 2.

5g) Annual sales increase by 20.


The proportion of all blood products issued in batches in 2019Q1 has increased. In the first half of 2019, human blood albumin (accounting for 23% of domestic albumin batches issued), Jingbing (26% of batches issued) and other major products were issued in batches.The quantity is at the forefront of the industry. The remaining products are exempted from accounting for 24% of the approved issuance, B exemptions account for 34% of the approved issuances, and mad exemptions account for 9% of the approved issuance.

The three expenses continued to grow with the business development, and the inventory and accounts receivable were basically normal.

Selling expenses for the first half of 20191.

08 million yuan, an increase of 57 in ten years.

9%, the first is to continue to strengthen market expansion efforts.

In the first half of 2019, the number of pharmacies in the company’s tertiary hospitals and other medical institutions increased, reaching a total of 9,938, an increase of 46% annually; pharmacies covered 3,436, an increase of 64%, and entered 25 benchmark hospitals and 36 keyDevelopment hospital.

Administrative expenses are 99.65 million yuan, an annual increase of 31.

89%, mainly because the company further improved the performance evaluation and salary incentives of the senior management and staff of the pulp station to stimulate work enthusiasm.

R & D expenses are 38.22 million yuan, an increase of 36 every year.


The company’s blood products business has promoted research and development projects such as recombinant coagulation 北京桑拿体验网 factors and chromatographic static propane, and made some progress in the first half of 2019.

The semi-annual report of the company’s inventory at the end of 201917.

8.8 billion, accounting for 31 of the assets.25%, a decline from the end of 2018, and basically the same as 2019Q1.

Accounts receivable and notes 5.

4.5 billion, accounting for 34% of revenue.

91%, an increase of about 5 percentage points from 2018H1, is expected to be mainly due to the increase in sales revenue volume, mismatched repayment time in the medium term, etc.

Profit forecast and investment advice: We expect the company’s operating income to be 34 in 2019-2021.

45, 40.

04, 46.

88 ppm, a ten-year increase of 17.

54%, 16.

22%, 17.

08%, net profit attributable to mothers was 6, respectively.

23, 7.

82 and 9.

71 ppm, an increase of 22 in ten years.

43%, 25.

45%, 24.

03%, corresponding EPS is 0.

60, 0.

75, 0.

93 yuan.

After the company has completed the integration, it has become a leading company in the blood products industry. Both the volume of pulp extraction and the number of pulp stations are in the industry leading level, unless the fourth-generation static propionate and recombinant coagulation factor Ⅷ provide space for future development in the research and maintain the “overweight” rating.
Risk reminder: the risk of less than expected integration, the risk of fluctuations in the price of blood products, and the risk of a decline in the gross profit margin of the blood product business.

Most of the products that claim to burn are deceiving


Most of the products that claim to burn are deceiving

Many white-collar workers often take the 鈥済arbage add-on + no exercise鈥? lifestyle mode in the face of intense high-pressure work. People are busy making money but neglecting psychological and physical health.

Many people can’t push the entertainment every day, and the banquets that they can’t finish are all over the standard.

銆€銆€Fu Qiu-ming, a nutrition expert at the current 鈥渕odern disease鈥? pointed out that uncontrolled eating of certain foods would undermine the estimated structural balance.

If the diet is too greasy for a long time, excessive intake is too high to be eaten in time, which may cause excessive or excessive body fat, and insulin resistance is resistant to abnormal blood lipids.

This type of obesity caused by a bad diet is a “source of multiple diseases”, which can cause type 2 diabetes, hypertension, cardiovascular and cerebrovascular diseases, tumors and many other modern diseases.

Although many adults have normal weight, they do not exercise for a long time, and their diet is unhealthy. Therefore, there are few muscles in the body, and there are many modern diseases.

銆€銆€More than 20% of male adults are obese. Fu Qiu Ming reminds people that the fat and thin body is not completely weight, but the proportion of internal muscles and obesity.

“Fitness male and female adults should be 12%?
18% and 16%?
Between 25%.

Male adult content exceeds 20%, and females over 30% are obese.

He said that the unfortunate content inside the body can be calculated by the skinfold measurement method.

銆€銆€Combustion enthusiasts only have aerobic exercise. At present, some businesses aim at people who want to shape themselves and are too lazy to exercise. They often promote some so-called “burnable” products on TV.

In fact, those products can only cause local body heat and sweat, and can not burn slightly.

“A constant speed and long-lasting aerobic exercise at a certain intensity is the only sport that can burn cockroaches.

Experts remind people that there is no shortcut to fitness and only rely on aerobic exercise.

銆€銆€”It’s very big, it doesn’t burn when the muscles don’t do aerobic exercise.
鈥?Fu Qiu Ming revealed that the large muscles of the whole body are moving when the long-distance jogging is running. At this time, the muscles can burn 濮? while the speed is faster, the intensity is increased more when the sugar is burned; the intensity of the exercise is too high, the muscles are doingAnoxic exercise can not achieve the purpose of burning adults; for fat people, it will not achieve health protection.

Eat more summer food, more salty and less sweet, not tonic


Eat more summer food, more salty and less sweet, not tonic

Eat more summer food, more salty and less sweet than tonic. Because the summer weather is hot, the diet should be light and nutritious, suitable for eating mixed with assorted, clear eggplant, bitter gourd chrysanthemum porridge, mung bean pumpkin soup.

You can also drink green bean soup, chrysanthemum tea, watermelon juice, sour plum soup, etc.; fruit is better with watermelon, heat and heat, diuretic swelling effect.

Eat less spicy and greasy peppers, beef, lamb, dog meat and other foods.

After the summer heat, the summer heat will be steamed. The diet should be salty and sweet. When cooking, put some ginger, onions, garlic and vinegar.

Try to eat warm, soft foods, avoid excessive excessive cold, frozen fruits or sweet food.

In the absence of appetite, do not force yourself to eat.

In addition, the heat season is easy to consume gas and yin, people are often “disease three points of deficiency”, should be based on qi and nourishing yin, should not be too much tonic, especially sexual warm, hot, dry tonic, such asGinseng, antler, angelica, etc.

In addition, there is a saying in the folks that the children in the growing season should feed the children in the growing season.

Old Chinese medicine reminds that tonic needs to vary from person to person, otherwise it will be counterproductive.

Summer heatstroke health recipe 1, mixed with assorted materials: 1 tofu, 50 grams of tender beans, 50 grams of tomatoes, 15 grams of fungus, sesame oil, vegetable oil, salt, MSG, diced green onions.

Practice: cut tofu, beans, tomatoes, fungus are cut into diced.

Add boiling water to the pot and boil the tofu, beans, tomatoes, and fungus respectively (the tomatoes are slightly hot), remove the dried water, and serve.

Heat the wok, add the vegetable oil, put the pepper into the pot, saut茅 the scent, then add the diced green onion, salt, tomato, MSG into the pot, stir evenly, pour over the perfumed bean curd, beans, fungus, topped with sesame oil.Stir well.

2, mung bean pumpkin soup material: 50 grams of green beans, 500 grams of old pumpkin, similar to salt.

Practice: Wash the mung bean water, add salt to the water when it is not dry (about 3 grams), mix well, marinate for a few minutes, rinse with water.

Peel the pumpkin, wash it with water, cut into 2 cm square pieces for use.

Add 500 ml of water to the pot. After boiling, first boil the green beans for 2 minutes, pour in cold water, boil, add the pumpkin to the pan, cover the lid, and boil for about 30 minutes with simmer until the mung bean blooms and add some salt.Season it.

3, bitter gourd chrysanthemum porridge material: bitter gourd 100 grams, 50 grams of chrysanthemum, 60 grams of previous rice, 100 grams of rock sugar.

Practice: Wash the bitter gourd and cut it into small pieces for use.

The previous rice is washed, the chrysanthemum is rinsed, and the two are placed in the pot. Pour the appropriate amount of water and put it on the fire. After the water is boiled, put the bitter gourd and rock sugar into the pot and switch to the rice with the simmer.It’s ok.

7 kinds of foods help you make a big change

Often women want a colorful face and a sturdy body to gather on themselves.

Is there a simple measure?

If you want to be simple, just eat something!


hzh {display: none; }  番茄   美容因由:番茄能进步人体的防止暴晒功能,延缓朽迈并美白。   Reasons for slimming: glutathione, lycopene and other ingredients in tomatoes can promote a small amount of body damage and supplement the body’s resistance.

  Edible measures: Juice with tomatoes is a natural slimming soup.

  Grapefruit (Grapefruit) Beauty Cause: Grapefruit is rich in natural vitamin P, which can strengthen the pores of the skin and accelerate the recovery of the damaged skin structure.

  Reasons for slimming: Grapefruit can suppress appetite, and its natural pectin can lower cholesterol and rival fat.

  Edible measures: When the fruit is eaten daily.

  Water chestnut (water chestnut) beauty cause: water chestnut taste sweet and cool, with clearing toxic and antipyretic, diuretic through milk, hangover poison function, can help beauty to lose weight.

  Reasons for slimming: Predecessors thought that eating more angles can make up the five internal organs, but also light.

The so-called light body is the use of weight loss bodybuilding.

  Edible measures: can be eaten as a staple food, or as a fruit.

  Reasons for the beauty of Huaishan (Yam): Huaishan can nourish and moisturize the skin, and has the function of nourishing the skin and hair. It can be eaten in winter.

  Reasons for slimming: Huaishan contains enough fiber, which is prone to fullness and helps to control appetite.

  Edible measures: 500 grams of Huaishan boiled into porridge, drink often in the morning and evening.

  Mysterious rice tea beauty reasons: black rice contains rich fiber and vitamin A, B1, E, etc., can eliminate stress, but also spleen, cellulite and moisturize the skin.

  Reasons for slimming: Black rice tea can activate human enzymes and promote metabolism.

Among them, caffeine promotes fecal metabolism, differentiates proteins and feces.

  Edible measures: hot water brewing or freezing.

  Causes of lemon beauty: Vitamin C in lemon can delay aging, and fruit acid can soften the cuticle and make skin white and shiny.

  Reasons for slimming: Lemon can also promote metabolism.

  Edible measures: even skin juice mixed with, can also put 1-2 slices of lemon slices to drink water.

  Soymilk Beauty Cause: Vitamin B2 in soy helps maintain skin and hair health.

  Reasons for slimming: Soymilk can improve constipation, and it can show slimming results every 1-2 months to half a year.

  Edible measures: 1-2 cups per day, better to mix in; soy milk mixed into the dish.

With the above kinds of foods, it’s a shame that you can’t be alone!