Take care of the five strengths person is not old

Take care of the “five strengths” person is not old
Remote experts: Gao Fang, former director of the Institute of Geriatrics, Beijing Hospital, Fang Zhifeng, chief technician of the Center for Disease Control and Prevention of Guangxi Zhuang Autonomous Region, has comprehensive health, so comprehensive health care is required.Gao Fangyu, former director of the Institute of Geriatrics at Beijing Hospital, said that the health of the elderly is indispensable from body metabolism to immune function, to cognition, metabolic function, and skeletal muscle strength.Ensuring that all five abilities are healthy can really improve the overall state of the elderly.The manifestation of good brain power and physical condition Good brain power is a comprehensive reflection of the health of thinking, cognition, psychology, nervous system, and endocrine function.Gao Fangyu said that the evaluation criteria of the mental ability of the elderly in different age groups are slightly different.For example, as long as people under the age of 60 have 深圳SPA会所 no serious cerebrovascular, neurological or other related diseases, most of their brain functions are similar to those of middle-aged people; entering the age of 80, the elderly’s ability to respond, memory, thinking agility, attention, Learning ability, etc. will appear more obvious decline, this is the normal performance caused by physical aging.For the elderly, especially the elderly, as long as they have good social participation and good communication skills, they can basically be called “good brainpower.”Conversely, when memory problems affect daily life, attention must be drawn.Its main signals include: starting to ask the same question over and over again; getting lost in a familiar place; not understanding simple instructions; having confused perceptions of key information such as time, place, and people.If you repeatedly 杭州夜网论坛 lose things, you always forget important things, and even expression problems may mean that you have already suffered from mild cognitive impairment, and you should seek medical treatment as soon as possible.People can’t stop the decline of brain function, but they can delay the aging process.Because brain function is related to various vascular diseases, the elderly should first control blood sugar, blood lipids, blood pressure, quit smoking and limit alcohol, healthy diet, moderate exercise, and adequate sleep.In addition, the elderly need to maintain reasonable stimulation of the brain.A study published in the American Journal of Geriatric Psychiatry believes that learning a new skill is an important way to maintain brainpower; Scientific American recommends that it repeat new information content and try to integrate new information with the past.Linking memories together, or writing a story for the information you need to remember, can help stimulate the brain and improve memory; research from the University of California, Los Angeles reminds you that multitasking is only suitable for young people.Do multiple things at the same time, otherwise it will have more impact on brain function.More importantly, getting involved in social interactions is considered one of the main ways to prevent Alzheimer’s.Good physical strength, the pillars of daily activities into old age, the body’s muscle mass will be 0 per year.5%?Speed decreases by 1% and muscle strength decreases.These changes can directly lead to the daily obstacles of the elderly, reduce the risk of falling, increase the walking distance, and even be unable to stand up from a chair.Gao Fangyi said that the strength of the grip is one of the simple ways to judge muscle strength.In the national fitness test standards, the State General Administration of Sports has an obvious classification of the grip strength of the elderly. Every 5 years old is an age group, and the score is divided into 5 grades.To 65?For example, a 69-year-old man has a grip strength of 32.1?38.For 1 pound, you get 3 points.Scholars at the Baptist Medical Center of Wake Forest University, North Carolina, USA also found that elderly people with less thigh muscles and slight obesity walked slower than other elderly people.At 05 m / s, there is a value at risk of reduced mobility.Therefore, an increase in aunty thighs is also considered to be a sign of reduced mobility in older people.The main ways to combat the above-mentioned adverse effects are a balanced diet and reasonable exercise, especially the remaining effects are significant.Therefore, the World Health Organization has specially issued guidelines to guide the scientific exercise of people over the age of 65, which mainly involves aerobic, strength, balance, and flexibility training.The guideline recommends doing 5 moderate-intensity aerobic exercises for 30 minutes each week; or 3 high-intensity exercises every 20 minutes for each week; strength training is best done every two weeks.There is no fixed frequency requirement for balance and flexibility training.To be outstanding, it’s never too late to start exercising, and it’s never too late.Research confirms that even 10 minutes of exercise every day can provide 30%?50% health conversion.Guarantee of Absorptive Power and Nutritional Intake Due to the aging of the organs, the elderly will suffer from varying degrees of digestion and absorption.Tooth relaxation, difficulty swallowing, etc., further affect the nutritional intake of the elderly.Fang Zhifeng, chief technician of the Centers for Disease Control and Prevention of Guangxi Zhuang Autonomous Region, believes that in addition to the thinning of the body and the obvious loss of muscles in the limbs, another way to simply judge the change in digestive function is fatigue.If you eat according to the normal three meals, no big fish and large meat, no excessive diet, the normal situation should be the next meal you will feel hungry, otherwise, it means that digestion and absorption capacity may be weakened.Measures to delay the decline of digestive absorption involve diet, exercise, oral hygiene and many other aspects.For example, diet should pay attention to nourishing the stomach, nourishing the liver, eating light, not too salty, too hard, too spicy, too oily, too sour, too cold, it is best to quit drinking; eat three meals a day at the same time, at the same timeAdd fruit and vegetable replacements between meals as a supplement, try to eat as few meals as possible; ensure that you drink a sufficient amount of warm plain water to help intestinal run, promote transformation and absorption, and do not drink strong tea.The role of exercise is to improve the basal metabolic rate, while the robe improves digestion and absorption.Oral diseases can affect food intake. It is recommended to ensure that you brush your teeth at least twice a day; insist on drinking milk and calcium to help solidify your teeth; wash your teeth every year and seek medical treatment as soon as you have dental problems.If digestion and absorption capacity has been reduced, diet must be adjusted to ensure adequate nutrition intake.The dietary principles of the elderly are high protein, high reproduction, low feces, and easy digestion.High-quality and high-protein foods are mainly egg-milk and fish, as well as moderate amounts of pork, beef, mutton, etc .; high-mobility staple food should be enough, but not too much. It can be replaced by a moderate amount of potatoes to ensure supplementation of miscellaneous grains.Other vegetable oils; easy to digest means more cooking and stewing, less frying, porridge, coriander, and mud foods can be given priority.Elderly people with severe chewing problems can add some protein powder to milk or porridge. Protein is very important for maintaining muscle strength.Immunity, the barrier that blocks the outside. Immunity also decreases with age, but the good news is that ranking other functions, the immunity declines not so fast.In most cases, our immunity can maintain its basic functions at any age, preventing foreign invasion.Kira Ruposova, an immunology scholar from Denver, believes that the reason why immunity weakens with age is still unclear, but the performance of the elderly’s decline in immunity can be roughly discerned.For example, some vaccines are less effective than in the past; they are more susceptible to external changes than when they were young; they are injured, infected or have a slower recovery after illness.Gao Fangyu explained that immunity is mainly maintained by the nervous and endocrine systems, so maintaining the health of the nerves and endocrine is conducive to the maintenance of immunity.Specifically, the first thing is to sleep well. No matter how little sleep or poor sleep quality, it will penetrate the immune system. If you have problems falling asleep and snoring, it is best to seek medical treatment.A good diet. Although there are no super foods to improve immunity, usually vitamin and mineral foods, such as fruits and vegetables, can improve the overall function of the body, and it is also good for protecting immunity.More exercise, adhere to moderate-intensity exercise can improve immunity to a certain extent.You also need to find ways to relieve stress, because it slows down the immune system’s response.Also, don’t forget to get vaccines such as flu every year.Acting power, reflecting positive attitude. Acting power is an important manifestation of a person’s aggressive attitude. It is a part of mental health and can promote physical health.Gao Fangyu said that for the elderly, good mobility refers to the behavior of actively trying to achieve the goal without looking forward to the future.The goal can be to learn new skills, or to fulfill a dream that you didn’t have time to achieve in the past.Excessive stress is not good for mental health, but proper stress is an effective way to improve mobility.German gurus behavior researcher Ursula Staudinger believes that no pressure will make the elderly more unpleasant; on the contrary, those who have retired and pursued, especially those who work mentally in the army, have friction in their homes, Mental state is better.In a way, good mobility means good mental state.When you think about it, try hard to do it. This is an active life.▲ (Reporter Zhang Fang)

State Laojiao (000568): Channel expansion and sinking gradually increase revenue is expected to grow steadily

State Laojiao (000568): Channel expansion and sinking gradually increase revenue is expected to grow steadily

Channel expansion and sinking promoted the rapid growth of middle- and high-end product revenue, and structural upgrades improved profitability. The company’s 18-year revenue was 130.

55 ppm, an increase of 25 天津夜网 in ten years.

6%, 18Q4 income 37.

93 ppm, an increase of 21 in ten years.


1Q1 revenue 41.

69 ppm, an increase of 23 in ten years.


18 years of premium wine (national cellar) income 63.

78 ppm, an increase of 37 in ten years.

21%; mid-range wine (cellar age, special song) income 36.

$ 75 trillion, an annual increase of 27.

83%, the rapid growth of middle and high-end income was mainly due to channel expansion and sinking to drive sales growth; low-grade wine (head, second song) income28.

07%, an annual increase of 8.

3%, we think it is mainly due to the structural upgrade that has increased the ton price.

We think that the high-end products in 19Q1 continued to maintain higher growth. According to Weijiu, the company raised the state reserve price by RMB 40 / bottle in 19Q1, contributing more than 5% to the increase in premium wine revenue.

The company’s net profit attributable to its mother was 34 in 18 years.

86 ppm, an increase of 36 in ten years.

27%, 18Q4 net profit of the mother 7.

35 ppm, an increase of 31 in ten years.


1Q1 returns to net profit of the mother 15.

150,000 yuan, an increase of 43 in ten years.


The company’s gross profit margin increased significantly in 19Q14.

48 PCT to 79.

15%, we think it is the product structure upgrade, and the price increase has also led to an increase in the gross profit margin of high-end wine.

Layout of the blank market with the model of direct-controlled terminal + direct-operated subsidiariesOperation, in another part of the market, the manufacturer 1 + 1 model is adopted, and manufacturers directly participate in the control of the terminal.

Under this model, the company’s control over channels has been significantly enhanced, and currently stands out.

The state cellar has raised the settlement price of 40 yuan / bottle in January 19, and it is expected that the State Reserve will use the channel expansion and sinking to advance the volume and price in 19 years.

Earnings forecast We have raised our earnings forecast. We expect the company’s revenue to be 157 in 19-21.



30,000 yuan, an increase of 20 in ten years.

86% / 17.

73% / 15.

21%; net profit attributable to mothers is 45.


0.6 million yuan, an increase of 30 in ten years.

19% / 22.

38% / 18.

94%; EPS are 3.



51 yuan / share, corresponding to PE of 23/19/16 times, with reference to the valuation of comparable companies, giving the company 25 times PE in 19 years, a reasonable value of 77.

5 yuan / share, maintain BUY rating.

Risk warning: channel expansion, marketing reform progress is less than expected, food safety risks

Aerospace Appliances (002025) 2018 Annual Report Comments: Steady Revenue Growth and Improved Profitability

Aerospace Appliances (002025) 2018 Annual Report Comments: Steady Revenue Growth and Improved Profitability
Investment Highlights The company released its 2018 annual report: revenue 28.34 ppm, a ten-year increase of 8.50%, the growth rate is higher than the rapid performance report 1.02pct; net profit attributable to mother 3.59 ppm, an increase of 15 in ten years.27%, the growth rate is 0 lower than the performance report.81 points; net profit after deduction is 3.26 ppm, an increase of 11 years.32%. Revenue has grown steadily, gross profit margins have increased, operating efficiency has improved, and profit growth has accelerated revenues.The company’s Q1 was affected by market changes in some business areas, capacity reserves and other factors, and only realized revenue4.US $ 8.2 billion, up from 21% previously, slowing down the highest growth rate; but Q2-Q4 revenue quickly rebounded to 6.87, 7.92, 8.7.3 billion, an annual increase of 4%, 50%, 8%, an increase of 43%, 15%, 10%.The company’s overall gross profit margin in 2018 was 36.79%, increasing by 0 every year.56 points.The continued acceleration of equipment procurement demand in the two years after the “Thirteenth Five-Year Plan” is the basis for the company’s growing military products. The company’s growth is expected to accelerate in 2019-2020. The company continues to promote intelligent manufacturing, expand production capacity, reduce costs and increase efficiency.In 2018, the company’s precision electronic 杭州桑拿网 component intelligent manufacturing new model application demonstration project passed the inspection of the Ministry of Industry and Information Technology. The controlling shareholder of the Tenth Academy of Aerospace still has a large number of high-quality assets. Although the company temporarily suspended the acquisition of the subordinates and external assets of the Tenth Academy in the first half of 2017, the pace of asset securitization gradually stopped. When the time comes, the acquisition of assets will promote restart. Earnings forecasts and investment advice.We adjusted our profit forecast for the company based on the 2018 annual report and expect the company’s net profit for 2019-2021.32, 5.41, 6.29 ppm, corresponding to the PE of the closing price on April 15 is 27/22/19 times, maintaining the “prudent increase” rating. Risk warning: market competition intensifies, gross profit margin declines, military product orders grow more than expected, and civilian products business develops more than expected.

Shengda Bio (603079): Biotin price is expected to bottom up gradually and performance is expected to grow high

Shengda Bio (603079): Biotin price is expected to bottom up gradually and performance is expected to grow high

Investment Highlights Event: The company announced 19H1 results and achieved operating income of 250.

93 million yuan, an increase of 17 in ten years.

04%, net profit attributable to mother 33.

98 million yuan, before -9.


2Q19 single quarter achieved net profit 1987.

  10,000 yuan, an increase of 49 in ten years.

33%, an increase of 40 from the previous month.


  The company’s main military food and feed additives research and development, production and sales.

The products mainly include vitamin products such as biotin, folic acid, and bio-preservatives such as nisin, natamycin, and ε-polylysine.

  The company is one of the earliest domestic companies engaged in the production of biotin and bio-preservatives. Through years of business accumulation and continuous technological innovation, process optimization and application field development, the company has developed into a leading company in the product segment market.Shanghai Chemical has a global leading position in terms of production capacity, technology level, product market share and brand awareness.

In Q4 2018, through the acquisition of Tongliao Shengda, holding 75% of its equity, it will add new capacity of vitamin B2, xanthan gum and bio-preservative products.

  Vitamin field: The parent company’s main products, biotin and folic acid, have increased sales and sales revenue to varying degrees.

Under the circumstances of market demand and price decline, operating income of biotin is increasing by 8%.

44%; Folic acid has achieved both contraction and sales growth, and its operating income has increased by 45 per year.


  Bio-preservatives (Xinyinxiang Subsidiary): The sales of Xinyinxiang, a subsidiary of the company, increase every year.

00%, net profit increases by 84 each year.

44%, further consolidating the company’s top in the field of bio-preservatives.

  Anhui Shengda Subsidiary: The upgrade and reconstruction were basically completed, and the company turned losses into profits in the second quarter.

  Tongliao Shengda Subsidiary: The upgrade project is progressing steadily, and the amount is reduced.

  Biotin and folic acid prices are expected to grow at the bottom.

The current price of biotin is at the bottom of history, and the price of folic acid has begun to increase.

Analyze the market prices of biotin and folic acid from 2007 to 2018. The current price of biotin (reduced pure) is near the historical lowest price of 2,500 yuan. It is unlikely that the price will continue to be reduced. After the price of folic acid experienced a low price of 18Q4, the price of 19H1 hasDone ascending.

We are optimistic about the subsequent price increases of biotin and folic acid: the driving factors for the price increases of biotin and folic acid. The first is the lack of environmental protection and the increase in supply-side capacity and the replacement of raw material supply. The company uses the leading advantages to obtain successful orders and raw materials.Stable supply; the second is the rise in product prices on the industrial chain brought by the increase in raw material cost of biotin and folic acid.

Boya and Hexun, on May 9th, Higanotti Biotin (2%) was quoted at 90 yuan / kg; On August 26, some folic acid manufacturers received the impact of insufficient raw material supply, and the production is currently suspended., Anhui Tiger raised the price of folic acid 1000 yuan / kg, the export price of 125 US dollars / kg.

  Acquired Tongliao Sunda’s consolidated accounts, integrated business resources, and exerted synergies.

  (1) Tongliao 无锡桑拿网 Shengda’s main products, xanthan gum, and vitamin B2 and Shengda’s products have a certain overlap in the sales market and the customer groups they face.

After the completion of the acquisition, Suntec Bio’s rich industry experience, management capabilities and high-quality customer resources will expand the sales channels for the development and contact of Huanghelong products.

  (2) The company’s current production of nisin has seriously exceeded the scale of the product and the market share.

In addition to the project with an annual output of 1,000 tons of nisin and an annual output of 2,000 tons of sugar and sugar fermentation, the company plans to use vitamins B12, polylysine, β-thymidine, etc.Projects, enrich product categories, and add profit contribution points.

  (3) Conducive to reducing production costs and improving the company’s profitability.

Tongliao Shengda is located in the west of the Northeast Golden Corn Belt. It is rich in raw materials, adjacent to national roads and highways, and has convenient transportation. The local coal resources are also abundant. Compared with Zhejiang Tiantai County, Zhejiang Province has obvious cost advantages.

  Profit forecast: We expect the company’s realizable operating income from 2019 to 2021 to be: 589.



22 million yuan, corresponding to the net profit of 85 yuan.71/94.


58 million yuan, corresponding to 46 for PE.



30 times, give “Buy” rating.

  Risk warning: The price of vitamins is lower than expected; the sales volume of vitamins is shrinking due to the price increase; Tongliao Shengda products cannot be put into production on schedule.

Shuanghuan Transmission (002472): The company’s performance exceeded expectations and heavy volume of new energy and reducer business

Shuanghuan Transmission (002472): The company’s performance exceeded expectations and heavy volume of new energy and reducer business

Event: The company released its 2018 annual report and achieved revenue 31.

5 ‰, +19 a year.

4%; net profit attributable to mother 2.

0 ‰, at least -19.

5%; deduct non-attributed net profit 1.

2 ‰, one year -42.


The company plans to distribute a cash dividend of 0 to all shareholders for every 10 shares.

6 yuan (including tax).

Investment points Actively explore new business areas such as new energy, with stable performance growth in products. During the reporting period, passenger vehicle gear, construction machinery gear, commercial vehicle gear, power tool gear, motorcycle gear, and steel sales revenue were: 10






400 million, ten years +10.

98% / + 36.

27% / + 11.

13% / + 0.

75% /-4.

10% / + 29.

37%; It is worth noting that the reducer business began to contribute revenue, which was 0.

6.3 billion.

The reported internal market environment has undergone major changes, and the automotive market has shifted to some extent, but the company’s revenue has generally maintained a 厦门夜网 steady growth rate, mainly due to the company’s first layout under the conditions of automatic conversion and upgrade and the rapid development of new energy vehicles.The company allocates resources in an inclined manner in operation, and realizes the rapid increase of new energy projects of BYD, BorgWarner and other customers, ensuring the overall stability of operating performance.

The profit slightly declined, and the financial expenses increased significantly. The company’s comprehensive gross profit margin in 2018 was 20.

31% per year -2.

41 points.

By business, passenger car gear, construction machinery gear, commercial vehicle gear, and steel sales gross margins were 20 respectively.

58%, 27.

35%, 24.

17%, 4.

11%, three years -3.

63pct, -5.

18 points, -3.

21pct, -1.

24pct, gross margin of reducer business 35.

02%, which is new in 2018.

The gross profit margin of the products declined to varying degrees in general, mainly due to the increase in operating costs caused by the increase in overall material costs reported.Period expense ratio totals 14.

93% (sales, management, R & D, and financial expense ratios are 3 respectively.

32% / 4.

87% / 3.

57% / 3.

17% every year -0.

42pct / + 0.

51pct / + 0.

46pct / + 1.

36pct), at least +1.

9pct is mainly due to the increase in the company’s equity incentive expenses and the increase in borrowing cutting-edge and accrual of convertible bonds.

Seizing the opportunity of industrial upgrading, optimizing the production capacity layout and the rapid growth of the new energy vehicle industry, and foreign manufacturers accelerating the external release of fuel-grade high-grade gearbox components business, gear component companies ushered in new development potential. For product accuracy, quality, additionalAs the company puts forward higher requirements, the company as a domestic gear leader will fully benefit.

The company ‘s actively deployed “localization” business strategy has achieved initial results. It has completed the production capacity transformation and upgrading of its five major manufacturing bases in Yuhuan, Huai’an, Jiaxing, Chongqing, and Dalian.Promote to other domestic automakers.

At the same time, facing the expansion of multinational foreign giants represented by ZF to domestic territories, the company is trying to graft the territorialization model to this cooperation scenario, adhere to the outward-oriented development model and connect with high-end customers.

The RV reducer has entered the mass production stage and is expected to become the next growth point of performance. Through years of independent research and development, the company’s RV reducer business has significantly improved and the market share has increased significantly with the support of the national “863 Plan” and the special manufacturing of the Ministry of Industry and Information TechnologyThe products have been recognized by leaders and try to break through the monopoly situation of Japan and Europe. In 2018, the additional investment projects will achieve a profit of 5.74 million yuan.

The research institute has completed the development of new models of robot precision reducers with a maximum of 26 models, and applied for 24 patents, which has prepared technology and project reserves for the company’s new business breakthrough development.

At present, the RV reducer is mainly monopolized by Japan’s Nabotsk, and its cost accounts for about 35% of the entire industrial robot. The higher import price has become one of the main developments of domestic industrial robot body manufacturers.

The demand for domestic industrial robots is on the rise. It is estimated that the RV reducer market size will reach 4-5 billion in 2020. The pace of domestic replacement of imports will accelerate. As the leader of the RV reducer industry, the company’s reducer business is expected to stand out and become a leader.Performance growth points.

Profit forecast and investment grade: The company seized the opportunity in the process of automatic change instead of manual change and localization of RV reducer, and has a good development trend, and actively explored new energy business, and business growth is expected.

Net profit is expected to be 2 in 2019, 2020 and 2021.



80,000 yuan, corresponding to PE of 23/21 / 18X, maintaining the “buy” level.

Risk reminder: Automatically changing prosperity is less than expected; the industrialization speed of the company’s RV reducer is less than expected

China Southern Airlines (600029): Provides slower growth in advance and deducts profits to maintain stability

China Southern Airlines (600029): Provides slower growth in advance and deducts profits to maintain stability

Event / News: China Southern Airlines released its 2018 annual report on March 29. China Southern Airlines achieved operating income of 1436 in 2018.

23 ppm, an increase of 12 in ten years.

66%, net profit of return to mother 29.

8.3 billion, down 49 a year.

56%, slightly higher than the performance forecast announced in January, which is in line with what we call the February performance forecast.

The domestic supply growth is stable, and the improvement of supply and demand urgently needs to be verified.

China Southern Airlines’ available seat kilometer (ASK) growth rate was 12 in 2018.

03%, of which the domestic demand growth rate is 11.

22%, the supply growth rate is basically the same as in the first half.

However, in terms of the number of flights, China Southern’s flight growth rate was 5 in 2018.

84%, with a growth rate of 6 in the first half.

24%, the binding policy stipulated in the “Circular 115” has not seen significant relaxation.

After the marginal effects of measures such as extending the average distance and changing the seat layout are diminishing, China Southern ‘s supply growth rate will soon return to a level compatible with the time growth rate. The logic of supply and demand improvement will help to verify.

Cost control continued to advance, and the performance of straight-up and down-generation was significant.

The increase in aviation kerosene prices in 2018 was astonishing. Based on available ton-kilometer (ATK) conversion, China Southern Airlines ‘average oil price in 2018 was about 5,370 yuan / ton, an increase of 28.

65%, but the fuel cost of China Southern Airlines increased only by 34 when fuel consumption increased.

57%, obvious fuel-saving effect.

The sales expense ratio and management expense ratio in 2018 were 4 respectively.

93% vs. 2.

60%, significantly lower than the 5 in 2017.

46% and 2.

69%, the decline in sales expense ratio was significantly larger than that of other airlines, and the operating leverage ratio fell rapidly.

Oil exchanges do not change the trend upwards.

Performance elasticity is about to be released.

China Southern Airlines’ performance gains in 2018 reached 49.

56%, but after reducing the impact of exchange rate in 2018, the profit before tax was 62.

29 ppm, compared with a profit before tax of 62 in 2017.

At 91 ppm, the deduction of foreign exchange profits remained stable despite the sharp rise in oil prices, and it was basically confirmed to face the upward inflection point.

At the beginning of 2019, the exchange rate between the US dollar and the Chinese yuan was 6.

88 yuan / dollar, gradually increasing the probability of substantial impairment overlaps, and the underlying fundamentals gradually 天津夜网 improve. If the exchange rate appreciation returns to the mother’s net profit, there will be a rapid rebound, and performance is expected to return to a steady development trajectory.

Investment suggestion: From 2018, China Southern Airlines ‘results announcement and operating data show that the occasional short-term oil price and exchange rate have a certain impact on its performance, but China Southern Airlines still stabilizes its profit before tax deduction through supply and demand improvement and cost control.

Supply and demand will continue to improve after further supply decline in the future, long-term fundamentals continue to improve, and the profit margins for oil price exchanges are better, so we adjust the net profit attributable to mothers in 2019-2020 and increase the net profit attributable to mothers in 202182.

1.6 billion, 100.

01 billion, 127.

660,000 yuan (previously 87 in 2019).

05 ppm and 110 in 2020.

5.1 billion yuan), corresponding to 13 times, 10 times, 8 times the existing sustainable PE, maintaining the “overweight” rating.

Risk reminders: macroeconomic fluctuations, rising oil prices, rapid depreciation of currency exchange rates, and accidents such as air crashes

Experts teach you three-step rehabilitation running knee

Experts teach you three-step rehabilitation “running knee”
Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Guangzhou Daily News (whole media reporter Weng Shuxian correspondent Huang Cuizhen and Xue Xiaohui) In the past weekend, Guangma successfully concluded, and many “runners” broke through their best again.Achievements, and the same year, “Guangma” will “camp” again.After a short break, the runners returned to their daily training.Wang Runmei, deputy chief technician of the Department of Rehabilitation Medicine of the Third Affiliated Hospital of Guangzhou Medical University, reminded that during the year-round training, you must run and treasure the “knee”. If you experience local knee pain symptoms and reduce the amount of exercise, it is called “running knee”.  Too many temporary runners ran because of structural abnormalities in the femur, incorrect or inappropriate training techniques, over-training before the game, wearing appropriate or outdated shoes, and weakness in the abductor muscles of the hip joint.After stopping, there will be local knee pain. Wang Runmei suggested that you should immediately reduce the amount of exercise, apply ice on the painful area, and control the torsional response.If the pain does not improve significantly, you should seek medical treatment in time and seek professional rehabilitation physiotherapists for treatment, so as not to leave the future.If the pain is relieved, daily rehabilitation exercises can be performed to strengthen functional exercise to prevent recurrence.There are three steps to help assist the “running knee”: 1.Foam shaft rolling and relaxation uses the relaxation effect of the foam shaft to reduce the muscle’s overactive state, thereby reducing friction.  Method: Insert the side of the thigh with pain on the foam shaft sideways, hold the same side holding the ground, use the foam shaft to roll the side of the thigh, 20?30 times per group.(Figure 1) 2.Stretching-static stretching (1) Stretching method of the broad fascia tensor: kneeling on one knee with the painful thighs behind, holding the pelvis on the healthy side, slowly raising the other hand over the head, and keeping the body sidewaysSide, until the side of the thigh has a stretch feeling, and hold it for 15 seconds, and repeat 5?10 times.(Figure 2) (2) Pulling the quadriceps method: prone position, using elastic bands, wrapped around the cross joints, using both hands to pull the foot forward, until the front of the thigh has a sense of tension, maintaining 10?15 seconds, repeat 5 after relaxing10 times.(Figure 3) 3.Activation-partial strength training bridge exercise 杭州桑拿网 method: lying flat, with your feet or one foot on the ground, slowly lifting upwards, staying 3?Slow down for 5 seconds, repeat 15?20 times.(Figure 4, Figure 5) (Weng Shuxian)

Sany Heavy Industry (600031): Undervalued core assets

Sany Heavy Industry (600031): Undervalued core assets

Sany Heavy Industry issued a semi-annual performance pre-announcement announcement. It is estimated that the net profit attributable to shareholders of listed companies will be 6.5 billion to 7 billion yuan in the first half of the year, an increase of 92% to 107% annually.The second increase was 90-104%, and performance again exceeded market expectations.

At present, the difference in the market is mainly worried about the peak of the economy and the industry, but the current industry structure, product structure, and cash flow are far better than the previous high, which has weakened and can have a margin of safety. Continue to strongly recommend and raise the target.The market value is 150 billion.

Driven by downstream infrastructure construction, real estate investment recovery, accelerated environmental protection equipment elimination, manual replacement and other factors, the growth of construction machinery in 2019 surpassed expectations, and it will grow steadily in the second half of the year, gradually achieving steady and unexpected expectations.

The cumulative sales volume of the excavator industry in the first half of the year was 13.

720,000 units, an increase of 14 in ten years.

2%, domestic market sales of 12.

480,000 units, an increase of 12 in ten years.

2%, export sales 1.

230,000 units, an increase of 38 in ten years.

7%; sales of truck crane industry from January to May 20192.

200,000 units, an increase of 63 in ten years.

1%, exceeding expectations; concrete machinery such as pump trucks is still for reference to the current low season.

Under the pressure of the economic downturn, the demand for infrastructure real estate will continue to increase in the second half of the year, coupled with environmental upgrades, manual replacement and other factors, which will jointly drive the rapid growth of construction machinery sales and other industry divisions. The construction machinery industry will still be the most prosperous industry in the second half of the year.one.

The market share of Sany’s leading products continued to increase, and its competitiveness was fully reflected.

We estimate that Sany Heavy Industry ‘s excavator sales will be about 3 in the first six months.

490,000 units, with a market share of about 25.

4%, an increase of more than 3pcs from the 22% market share of the same period last year. Sany truck cranes sold 4,380 truck cranes from January to April, with a market share of 24.

9%, compared with 19 in the same period last year.

2% market share increased by 5.

7pct, especially the market share of big mining has increased significantly.

In terms of concrete pump trucks, Sany continues to be a leader in the industry, with a market share of about 50%.

Production efficiency and operating efficiency have been significantly improved.

The company vigorously promotes digitalization and intelligent manufacturing, operating quality, operating efficiency, and per capita output value continue to increase. It is expected that the per capita output value will exceed 4 million yuan during the year. At the same time, the company effectively controlled costs and significantly improved profitability.

Compared with historical indicators for the same period, the company’s inventory turnover rate and accounts receivable turnover rate are also close to the levels of the same period in 2010 and 2011, reflecting the production and operation status of supply and demand disputes. The industry chain found that the current pump trucks are basically out of stock.This off-season phenomenon is also rare in history.

In the first quarter, the operation quality and marketing strategy are a win-win situation. It is expected that the cash flow in the second quarter will continue to hit a new high!

In the first quarter, the sales expenses of Sany Heavy Industry increased by 78%, keeping pace with the increase in revenue, indicating that the company also increased its sales efforts during the peak season, but the sales expense rate decreased by 2pct, cash flow, and the net profit margin reflected the company’s profitability and cash flow improvement., Indicating that the competition strategy in the first quarter was successful, that is, to increase the share.

It also reflects the effect of scale and increased net profit margin.

According to our analysis, according to the current status of the industry’s development, the intensified competition can only accelerate the concentration on the leading players. Although there is a phenomenon of corporate promotions in the small mining industry, Sany’s competition never depends on price reduction.This is another proof.

As the company and several leading companies in the industry have not relaxed their payment terms, and the down payment accounted for about 40%, we expect that the operating cash flow of Sany Heavy Industry in the second quarter will continue to reach record highs.

The issue of history 厦门夜网 is completely clear.

In the first quarter, the asset impairment loss was zero, reflecting that the company has resolved the historical bad debt problem in the past few years, and has made sufficient provisions. The asset quality is excellent and the ability to resist risks is improved.

Maintain a highly recommended-A grade.

We consider that the industry will return to normal growth in the second half of the year. It is predicted that the net profit attributable to mothers in 2019-2021 will be 11.31 billion, 14.3 billion, and the EPS will be 1.

35, 1.


72 yuan, only 10 times the dynamic PE in 2019, the performance of Sany Heavy Industry, core assets with good competition and operating quality, but the value has been seriously underestimated, according to 12-15 times PE estimates, continue to strongly recommend, 失败:重查 the target market value is 150 billion.
Risk factors: exchange rate fluctuation risk, fixed asset investment risk.

Industrial Securities (601377): Reforms Effective, Investment Business Elasticity Drives Rapid Growth

Industrial Securities (601377): Reforms Effective, Investment Business Elasticity Drives Rapid Growth

This report reads: The reform progress is gradually realized and the growth of brokerage and financial integration is achieved; the outstanding performance of investment business is the largest contribution of performance, and subsequently the performance elasticity of the contribution is achieved;

  Investment Highlights: Maintain “Overweight” rating and give the company 1 in 2019 due to strong performance growth.

7X PB, raise target price to 8.

70 yuan.

In 2018, the company achieved revenue / net profit of 64.


3.5 billion, -26.

31% /-94.

08%, 2019Q1 achieved revenue / net profit 38.


99 ‰, +133 a year.

46% / + 172.

94%, ROE 3.

01%, attributable to the mother’s net assets of 338.

290,000 yuan before the end of 2018 +4.

07%, in line with expectations.

Considering the strong growth in the quarterly report, the company’s EPS for 2019-2021 is raised to 0.



44 yuan (before the increase of EPS 0 for 2019-2020).


25 yuan).

The current driving force of the brokerage sector comes from market liquidity expectations and the progress of subsequent industry policy dividends. The company has exhausted its profits and resumed high-speed growth. The elasticity of investment business is the main driving factor, 武汉夜网论坛 and gradually release more beta elasticity and increase holdings.

  The reform has achieved results. The growth of both financial and brokerage businesses has increased, and the investment business has performed well. It will then contribute to the flexibility of performance.

① In 2018, the growth rate of the company’s brokerage business was higher than expected, and the stock market share increased by 17.

56% to 1.

73%, Liangrong’s share increased by 14.

50% to 1.

59%, net income slightly higher than the actual good industry, continued reform and market recovery will contribute more performance elasticity; the first quarter of 2019, net brokerage income was slightly higher than or due to the increased competition brought about by the market, the net commission rateDecrease; ② The low base effect of investment business income in 2018 will magnify the company’s investment performance elasticity this year: The investment business income in 2019Q1 will increase by 700% each year, and the revenue ratio will reach 54.

8%, the company’s investment business is a traditional strength, and it is expected to release more beta flexibility later.

  The company has run out of bearish profits and achieved a high-speed recovery. The changes in accounting preparations and the market recovery will return to 1 in 2019Q1.

7.7 billion credit impairment losses are expected to continue to improve in the future.

  Catalysts: The launch of relevant innovative businesses; increased market activity; loosening of regulatory policies.

  Risk reminders: Innovation fails to meet expectations; stock market drops sharply; industry supervision strengthens.

Inner Mongolia First Machine (600967) 2019 Third Quarterly Report Review: Inventory Reachs a New High Business Climate Needs to Be Realized

Inner Mongolia First Machine (600967) 2019 Third Quarterly Report Review: Inventory Reachs a New High Business Climate Needs to Be Realized

The company achieved revenue in the third quarter of 201922.

2.2 billion, a year-on-year growth rate of 6.

90%, faster than the semi-annual report of 4.

57%, and due to at least the increase in asset impairment losses, the net profit attributable to mothers was 86.87 million yuan, a substantial increase of 43.


As the company’s unfinished products expanded in size, the company’s inventory was 36 at the end of the reporting period.

5.3 billion, an increase of 15 from the previous month.

97%, the highest value since the reorganization, and the business climate in the balance sheet urgently needs to be realized through the income statement.

Taking into account the deterministic advancement of the mechanization process and the performance increase provided by the future foreign trade, the company’s 2019/20 EPS forecast is maintained at 0.


48 yuan, and raised the EPS forecast for 2021 to 0.

59 yuan.

Maintain “Buy” rating and target price of 14 yuan.

Q3 revenue grew steadily, and the impairment loss on assets affected the substantial increase in net profit.

The company achieved revenue of 75 in the first three quarters of 2019.

3.6 billion, a five-year growth of 5.

25%, net profit attributable to mother 4.

21 ppm, an increase of 20 in ten years.


Among them, the third quarter achieved revenue of 22.

2.2 billion, a year-on-year growth rate of 6.

90%, faster than the semi-annual report of 4.

57%, net profit attributable to mothers was 86.87 million yuan, an increase of 43 year-on-year.


The company’s revenue increased steadily in Q3 2019, with a gross profit margin of 9.

44%, a decline of 0 per year.

3pcts; period expense rate 5.

36%, rising by 0 every year.


In 18Q3, due to the provision for bad debts in the Ethiopian project, the company’s asset impairment loss was 24.37 million yuan; compared with 19Q3, the company’s asset impairment loss was reduced by 97.

From 25% to 670,000 yuan, the slenderness has a significant increase in net profit in a single quarter.

Inventory reached the highest value after the reorganization, and business prosperity is urgently to be realized through the income statement.

Due to the expansion of unfinished products, the company’s inventory reached 36 at the end of the reporting period.

5.3 billion, an increase of 15 from the previous month.

97%, an increase of 11 per year.

03%, the highest value since reorganization.

If the fourth quarter production goes smoothly and the products are delivered as scheduled, the company’s revenue is expected to grow steadily.

The company’s accounts received in advance at the end of the period 64.3.9 billion, up 19 from the previous month.

73%, an increase of 24 per year.

89%; advance payment 11.

5.6 billion, an increase of 55.

83%, an annual increase of 69.

83%, the above indicators indicate that the company has sufficient orders and the business climate remains positive.

The assessment routine of the mechanization process is approaching, and foreign trade is expected to provide new kinetic energy.

The report of the 19th National Congress of the Communist Party of China clearly stated that to ensure the mechanization by 2020, the company’s main military products, Type 15 light tanks, and 8 × 8 wheeled armored vehicles are expected to accelerate delivery under the requirements of assessment routines.

In addition, as one of the few companies in the OEM that sells a large number of foreign trade machines, through the continuous advancement of the “Belt and Road”, foreign trade orders are expected to provide new development momentum for enterprises in the future.

Risk factors: The military products business orders are less than expected, the mixed reform is not advanced as expected, and the demand for railway vehicles is falling.

Investment suggestion: Considering the deterministic advancement of mechanization progress and the performance increase provided by foreign trade in the future, maintain the company’s EPS forecast for 2019/20 to 0.


48 yuan, raised EPS forecast for 2021 to 0.

59 yuan (previous forecast was 0.

58 yuan).

The current price is 10.

37 yuan, corresponding 武汉夜网论坛 to 2019/20/21 PE is 27/21/18 times.

Maintain “Buy” rating and target price of 14 yuan (corresponding to January 2019.

7 times PS).