[Family Practice of Submerged Eggplant]_Method_Production Method

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Meiya Optoelectronics (002690): Steady growth in performance and advancement of digital dental construction

Meiya Optoelectronics (002690): Steady growth in performance and advancement of digital dental construction
Event: Mayer Optoelectronics released its semi-annual report for 2019 and maintained steady growth in the first half of 2019. Report the core company’s operating income5.880,000 yuan, an increase of 19 in ten years.57%, achieving net profit attributable to shareholders of listed companies.07 million yuan, an increase of 21 in ten years.84%, realized non-net profit attributable to shareholders of listed companies.76 ppm, an increase of 24 in ten years.98%. Comment: The overall performance in the first half of 2019 will continue to maintain steady growth. The performance of the company’s core business segment has stabilized, among which the high-end medical imaging business has witnessed rapid growth.We expect that the excellent performance of the company’s high-end medical imaging business in the first half of 19th will be smoothly related to the launch of group purchase activities in the spring event, which will result in a large number of dental CBCT orders in the first half of the year and conversion. In the current company’s revenue structure, color sorters, dental X-ray CT diagnostic machines, X-ray industrial inspection machines and accessories, and others account for approximately 62%, 33%, 4%, and 1% 武汉夜网论坛 of Meiya Optoelectronics’ annual revenue in the first half of 2019.Among them, the proportion of oral X-ray CT diagnostic machines with high-end medical imaging as the core continued to increase, and it increased by 7 compared with the first half of 2018.6%, business structure continued to optimize. In the first half of 2019, the gross profit margins of the company’s various business segments steadily increased. With the optimization of the coordinated business structure, the overall gross profit margin improved and the profit margin increased slightly. The overall profit quality remained at a high level. The company’s outstanding products in high-end medical imaging business core products, has formed a rich product echelon, the product’s mid-to-high-end trend is obvious, and can effectively meet market demand.As an extension of the digital dental industry chain, in June 2019, the company officially released the “Meiya AI Orthodontic Analysis System”, which is expected to further improve the reproducibility of the dental industry.At present, the company’s high-end medical impact equipment category and marketing model form a joint force, potential future growth foundation. Investment advice and profit forecast: The development of private dental medical services in the downstream of the revenue is rapid, and the overall industry is in the new cycle of equipment and hardware configuration upgrades.We expect the company to achieve a net profit attributable to the parent company of 5 to 2021 respectively.4.1 billion.6.57 billion, 7.9.8 billion, the corresponding EPS is 0.80 yuan, 0.97 yuan, 1.18 yuan, corresponding to the current expectation given an estimated P / E 41.0 times, 33.8 times, 27.8 times, maintaining the “overweight” level. Risk reminder: the risk of falling demand in the color sorter industry; the risk of Sino-US trade frictions bringing uncertainties to the company’s overseas business; the risk of the development risk of private dental medical institutions; the risk of the proliferation of oral CBCT equipment; the review and evaluation of products under studyProgress with market introduction is expected gradually; doctor-patient social problems and risks of medical accidents.

Wanhua Chemical (600309): MDI listing price increased again in March to improve demand and improve profitability

Wanhua Chemical (600309): MDI listing price increased again in March to improve demand and improve profitability

Event: The company issued 杭州夜网论坛 an announcement: starting in March 2019, Wanhua Chemical’s aggregated MDI distribution market in China listed at 15,200 yuan / ton, the direct market price was 15,500 yuan / ton; pure MDI listed price was 24,700 yuan / ton.

Comments: 1. The aggregate MDI distribution and direct sales prices increased by RMB 2,000 / ton last month, and pure MDI increased by RMB 1,000 / ton.

The company released its MDI listing price in March. The prices of aggregate MDI and pure MDI increased by RMB 2,000 / ton and RMB 1,000 / ton respectively, which is the first increase since September 2018.

At the same time, in March 2019, BASF aggregated MDI to implement dealer listing prices of 15,000 yuan / ton, up by 1,400 yuan / ton from the previous month.

We believe that the short-term supply of major suppliers is limited, and downstream 淡水桑拿网 supply after the holiday will bring a good situation of supply and demand, and prices are expected to continue to increase.

Wanhua Chemical resumed production in January, and all MDI units are now operating normally.

2. The prices have returned substantially since September 2018.

The fall of China’s MDI prices from the high point of 2017-2018 is a return to the fundamentals of supply and demand, and it is not necessary to be too pessimistic about the industry’s profitability.

The force majeure events in 2017 promoted the irrational growth of China’s MDI prices and will return to the normal level in line with fundamental support in the future. It is expected that the gross profit margin of MDI will increase by more than 30% in the next two years, and the profit margin will be much smaller than the drop in MDI prices.
3. Wanhua’s MDI production capacity continued to expand and perfected its layout.

TDI, MMA, PMMA and other products were successfully put into production.

The production capacity of Wanhua Yantai Industrial Park will be increased to 110 units / year, and the production capacity of Ningbo Industrial Park will be increased to 150 units / year. A total of 40 new MDI units and integrated supporting projects will be built in Louisiana, USA.

At this point, Wanhua will have production bases in three markets in Asia, the United States and Europe, to achieve layout.

The company’s 30-ton TDI, 5-minute / year MMA, and 8-ton / year PMMA will be put into production in 2019. The structure of multi-category products has been gradually improved, and integration and refinement strategies have been integrated. The execution of projects in the petrochemical field is reflected in C3 and C2Smooth progress of the industrial chain; Wanhua Chemical’s future growth path is very clear.

4. Maintain “Highly Recommended-A” investment rating.

Wanhua Chemical absorbed and merged Wanhua Chemical through issuing new shares, and the integration of high-quality assets was completed.

We expect the company’s expected earnings to be 3 in 2018-2020.

83 yuan, 2.

75 yuan (new equity), 3.

18 yuan (new equity).

The company’s subsequent construction of several heavyweight products has been smoothly advanced, maintaining the investment rating unchanged.

5. Risk warning.

The risk of the company’s MDI product prices falling sharply; the price of oil prices falling sharply; the market promotion of special chemical products reduces expected risks;

[Can frozen steak be fried directly]_ making method _ home practice

[Can frozen steak be fried directly]_ making method _ home practice

In order to keep the steaks better, they all keep the steaks fresh after they are vacuumed, and they buy the steaks at home. After they go home, they need to put the steaks in the freezer to keep them fresh.

If you want to make steak, you need to remove the steak from the freezer. However, people who are a bit afraid of trouble will consider taking out the steak directly from the freezer in the refrigerator. Can it be fried directly on the pan?

Do you need to thaw the frozen steak? After the steak is completely thawed, do you have to leave it at room temperature for 20?
Boil again in 30 minutes.

The reason is that too cold steaks will consume the initial heat of the bottom of the pan and increase the dehydration speed of the steak surface. At the same time, the temperature difference will also make the muscle fibers shrink less and spill more juice.The formation of the steak, so fried, the surface of the steak is gray and the main boiled steak is meaty and oily.

Steak rapid thawing method 1: cold air thawing cold air thawing is actually buying frozen steak and packing bags together in the freezer of the refrigerator, and slowly thawing, generally need to be placed for about 12-24 hours, the center temperature of the meatWill reach 0 degrees.

Although sometimes the method takes less time, but the loss of gravy is relatively small, you only need to take it out of the freezer and put it in the cold room 24 hours before eating.

Steak rapid thawing method 2: Streaming and thawing, re-freezing is to put frozen meat on the original packaging bag or a sealed plastic bag, and then soak it in clean water overnight. It is recommended to change the water at intervals and mix the frozen amountThe method is faster than the cold air thawing method.

The application of plastic bags and the slow thawing process can effectively prevent the loss of meat juice, and also prevent the meat from being contaminated by bacteria in clean water.

Steak fast defrosting method 3: The advantage of defrosting the microwave oven is that the time is short. This method is commonly used in Western restaurants. It only takes a few minutes. Advanced microwave ovens also have a defrosting function, which is convenient and fast.

The principle is that the microwave penetrates the frozen meat to cause the water molecules in the meat to vibrate and rub, thereby causing transformation to increase the temperature of the frozen meat, thereby achieving the purpose of thawing the surface and the surface.

The disadvantage of defrosting in a microwave oven is that the heating time must be carefully controlled, otherwise overheating and partially frozen meat will be cooked.

[Does eating sweet potatoes cause constipation]_Recommended diet

[Does eating sweet potatoes cause constipation]_Recommended diet

Once you have constipation, it will have a great impact on your normal quality of life.

There are two main causes of constipation.

One is due to a problem with one’s own gastrointestinal digestive system, which may also be caused by prolonged sitting.

It is recommended that you develop a good alternative habit in your daily life. Do not overeating. It is very important to develop a good habit of balanced diet.

You must also be more active in your daily life. More participation in aerobic exercise can also reduce your chance of constipation.

Many people like eating sweet potatoes in their daily lives.

Eating sweet potatoes does not cause constipation.

On the contrary, if you have constipation problems, eating some sweet potatoes properly can also achieve a good conditioning effect.

Sweet potatoes are warm and sweet, which can help them achieve a good spleen and stomach effect, and sweet potatoes are very rich in cellulose, which can effectively absorb the moisture in the stomach and increase the volume of their stools, thereby achieving a bowel moisturizer.The laxative effect helps individuals to better improve the damage caused by constipation.

If you have problems with constipation, you can also eat some fruits. It is recommended that you eat some apples. Apples are known to have a lot of pectin substances, which can help them to achieve a good protection of the intestinal wall and activate intestinal bacteria.The effect is very helpful for adjusting the normal operation of gastrointestinal function.

At the same time, it can effectively remove toxins and oily substances inside, and better help itself to improve constipation.

There is a problem of constipation, and everyone must not over-allocate it. This kind of problem will not bring about a particularly large toxic side effect. As long as everyone takes effective methods for treatment in time, the cure is very obvious.

It is not recommended that you blindly treat with drugs. It is a drug that is tritoxic. A certain drug will have a certain effect on the human body while exerting its main effect. The diet method can help itself to improve and better treat diseases.

[How to eat yam sauce fish oil wheat dishes]_Recommended diet

銆愯眴璞夐伯楸兼补楹﹁彍鎬庝箞鍋氬ソ鍚冦€慱鎺ㄨ崘楗
Unusual Brunch Competitiveness  笂 Ningge  勪 嫴 年 Rugged 綨 擶 綶 礋 綷 綷 鍙 鈾 壾 飦 鍙 Early 处 キ 椋 熺 氃 氃 氱 Add to the listThis is the best way to get back to the top of the list: I want to get back to the top of the list, I ‘ll tell you how to do it, I ‘ll tell you how to do it.滅倰鍒讹紝缇庡懗鍙彛鐨勮眴璞夐伯楸兼补楹﹁彍涔熸槸涓€绉嶅甯稿皬鑿滐紝鎺ヤ笅鏉ュ氨缁欏ぇ瀹惰缁嗕粙缁嶈眴璞夐伯楸兼补楹﹁彍鐨勫ソ鍚冨仛娉曪紝浠ヤ究浣犱滑鑳藉鍦ㄥ灏濊瘯鍒朵綔銆?.I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry.嬫挄鎴愬皬鍧楃姸锛屾垨鑰呯敤鍒€鍒囧皬鍧楀潎鍙€傛敞鎰忔牴鎹疄闄呮儏鍐靛喅瀹氳眴璞夐伯楸肩殑閲忥紝浠ュ厤鍔犲叆杩囧閫犳垚鑿滃搧杩囧捀鐨勬儏鍐点€?.鎶婅懕娲楀噣鍚庡垏鏈紝钂滃垏鎴愭湯銆傚彲浠ラ€傚綋鍑嗗杈f娈点€?.鎶婃柊椴滄补楹﹁彍鎷╁共鍑€锛屽彲鏀惧湪鐩愭按涓竻娲楋紝鏈夋晥鍘婚櫎娈嬩綑鍐滆嵂锛屽啀鐢ㄦ竻姘存竻娲楀悗鍒囨垚娈电姸鍗冲彲銆?.鍦ㄩ攨涓姞鍏ユ补锛屾补鐑悗锛屾斁鍏ヨ荆妞掓鍜岃懕鏈€佸鏈繘琛岀炕鐐掋€?.鎺ョ潃锛屽姞鍏ヨ眴璞夐伯楸笺€?.缈荤倰2鍒嗛挓鍚庯紝鏀炬补楹﹁彍锛屽皬鐏倰鍒跺嵆鍙紝娌归害鑿滄槗鐔燂紝鑰屼笖鍙互鏍规嵁闇€瑕侀€傚綋鍔犲叆璋冨懗鍝侊紝涓嶈繃璞嗚眽椴奔宸茬粡娣诲姞杩囪皟鍛冲搧锛屼篃鍙湪娌归害鑿滃彉杞悗锛屽It ‘s hard to do it. It ‘s very difficult to solve it. It ‘s very difficult to make up for it. It ‘s very difficult to make up for it. Do you know how to do it?涓嶉渶瑕佸姞姘淬€傝眴璞夐伯楸兼补楹﹁彍鍚冭捣鏉ョ埥鑴嗗彲鍙o紝杩樿兘澶熷皾鍒版贰娣$殑椴奔棣欙紝鑰屼笖娌归害鑿滅殑钀ュ吇浠峰€间篃姣旇緝楂橈紝涓嶄細瀵逛汉浣撳甫鏉ョ浉鍏崇殑鍗卞浣滅敤锛屽湪涓€瀹氱▼搴︿笂杩樿兘澶熼檷浣庝汉浣撹绯栧惈閲忋€傛牴鎹笂闈㈡墍浠嬬粛鐨勮眴璞夐伯楸兼补楹﹁彍鐨勫叿浣撳仛娉曪紝鍙互鎸夌収鑷繁鐨勫彛鍛冲喅瀹氬埗浣溿€?

[Can syrup Sydney babies drink it]_Children_Danger

[Can syrup Sydney babies drink it]_Children_Danger

Infant colds are common, but what bothers parents more and more is that they have a cold and have a cough, so parents try their best to help their children stop coughing.

Rock Sugar Sydney is a better cough-proof food, but can Rock Sugar Sydney babies drink it?

If it is only a baby who is a month old, it is recommended not to drink it. It is more suitable for a baby radio after half a year old.

If the baby is a little coughing, you can eat Chuanbei rock sugar steamed pear water, the coughing effect is very good, usually you should avoid it, and you ca n’t eat cold ones, which will be better.

And pay attention to maintaining the humidity and temperature of the indoor air is appropriate, often open windows for ventilation, to increase the flow of fresh air, while maintaining warm water.

Cough is not suitable for irritating fruit juices and poorly digested foods. You can also give your baby fresh fruit juices. Apple juice and pear juice should be used for fruit juices.Juice, this time pay attention to diet mainly digestible and nutritious.

In addition, when it is cold, pay attention to keep your baby warm and drink plenty of water to help your baby resist the invasion of respiratory tract bacteria.

The benefits of drinking syrup and pear water from babies1. The pear juice tastes sour and flat, and has the effects of moistening the lungs, clearing cough, reducing phlegm, and nourishing blood and muscles.effect.

2. Pear juice is rich in glucose fiber and is the best gastrointestinal “cleaner”.

Drinking a cup of pear juice after meals can promote peristalsis in the body, and cause a large amount of harmful substances accumulated in the body to be discharged to avoid constipation.

3. Pear juice helps the kidneys excrete uric acid and prevent gout, rheumatism and arthritis.

4, pear juice can promote appetite, help digestion, and diuretic and laxative and antipyretic effects, can be used to supplement water and nutrition during high fever.

Hudian Shares (002463) 2018 Annual Report Comments: 18 Years Outstanding Performance Will Fully Benefit 5G Construction in the Future

Hudian Shares (002463) 2018 Annual Report Comments: 18 Years Outstanding Performance Will Fully Benefit 5G Construction in the Future

The main point of investment is that the mother’s net profit has increased by 180% in ten years, and profitability 杭州桑拿网 has returned to normal.

The company released its 2018 annual report, which gradually realized revenue and net profit attributable to mothers of 54 respectively.

96, 5.

70 trillion, ten years +18.

81%, +180.

29%; gross and net profit margins are 23 respectively.

41%, 10.

38%, ten years +5.

47 points, +5.

98 points.

The premise of the improvement of the company’s profitability is the improvement of the operating capabilities of the three production bases: 1. The profitability of the Qingying Plant has been restored and it has broken through the highest level in history; 2. Huli Microelectronics has maintained steady growth; 3. Huangshi Plant has turned losses intoProfit.

Among them, the Yellowstone Plant may occur in 20171.

410,000 yuan, a profit of 1.67 million yuan in 2018, the loss of Huangshi factory is the company’s top performance.

From a single quarter point of view, in Q1-Q4 2018, the company’s revenue and net profit attributable to mothers increased quarter by quarter, of which the fourth quarter revenue and net profit attributable to mothers reached 16 respectively.

48, 1.

8.7 billion, a record high.

  The communication PCB business is expected to benefit from 5G development.

Although the 5G construction has not officially started in 2018 and the 4G dividend has subsided, thanks to the smooth implementation of new applications in artificial intelligence, virtual currency and high-speed computing centers, the company’s communications PCB still gained 20.

02% revenue growth.

The company’s communication PCB production capacity is concentrated in the Qingye Plant and the Huangshi No. 1 Plant. The production and management resources of the two plants have been deeply integrated, and they are fully preparing for 5G network construction.

In 2018, the environmental protection construction of the Qingye Factory achieved excellent results. It is expected that the Qingye Factory will maintain healthy and steady growth in 2019, and its share in the high-end market will also increase.Stimulation will also continue to grow.

  Automotive PCB business developed steadily.

In 2018, the company’s 24GHz automotive ranging radar PCB products and new energy vehicle battery management system (BMS) PCB products both achieved rapid growth, and 77Ghz automotive ranging radar PCB products also began to achieve stable supply.

Huangshi No. 2 Plant, which mainly produces automotive PCBs, will be put into production in the second half of 2019, which is expected to bring performance increase to the company.

Although the current automotive market is declining, automotive electronics is a general trend. The stock market is already vast and the automotive industry is very sensitive to quality. The probability of changing suppliers is low. The company’s automotive PCB business is expected to continue to develop steadily.

  19Q1 performance continued to soar, and the company has great room for future growth.

The company expects to realize a net profit attributable to its mother of RMB 140 million to 170 million in the first quarter of 2019, +99 per year.

48% -142.

twenty two%.

The high growth of 19Q1 fully shows that the company’s profit improvement is sustainable. The company currently has too many orders on hand and the factories are basically in full production. The company has converted to 5G construction and the development of automotive electronics, which has tremendous 南京桑拿网 growth.space.
  The investment suggestion company is the leader of communication PCB, and it will definitely benefit from the implementation of 5G construction in the future.

The company’s revenue is expected to be 64 in 2019/2020/2021.

96/79.

10/94.

3.3 billion; net profit attributable to mother is 7.

39/9.

57/11.

93 ppm; EPS is 0.43/0.

55/0.

69 yuan, corresponding to PE is 25/19/15 times, given “overweight” rating.

  Risks suggest that the construction speed of 5G base stations is slower than expected; changes in upstream original prices; and the construction speed of new factories is lower than expected.

Poly Real Estate (600048): November sales growth or gradual change related to launch

Poly Real Estate (600048): November sales growth or gradual change related to launch

The sales growth rate in November may be related to the rhythm of the launch. Long-term or steady growth will be achieved. 南京夜网论坛 The speed of land acquisition is strategically converged and the cost is still under control.

As a leading real estate company in the state-owned enterprise, the advantages of financing are relatively important, and the internal incentive system is relatively complete (following investment + equity incentives). The outside can rely on the central enterprise to integrate the group’s resources, the overall operating efficiency is relatively upstream, and the continuous and stable endogenous cash flow creation ability;The delisting work is also progressing steadily, and in September has received the approval of the China Securities Regulatory Commission for overseas listing approval; the company’s current market value is 1872 trillion, a discount of about 20% over NAV, maintaining the “strongly recommended-A” investment rating, target price 19.

8 yuan / share (corresponding to 2020 PE = 8X).

(1) The increase in sales in November may be related to the rhythm of the launch, and it is expected to continue to maintain steady growth.

The sales area / amount of the whole caliber from January to November was 2818 respectively.

80,000 flats / 4197.

200 million, +14 each year.

2% / + 14.

0%; corresponding average selling price 1.

490,000 yuan / m3, an average of +1 over 18 years.

7%.

Among them, the company’s full-caliber sales area / amount in a single month was 242 trillion / 32.5 billion US dollars, each time +3.

7% /-3.

0%, the single-month sales growth rate is weaker than the average of the top 10 leading real estate companies, sales growth through-out or related to the rhythm of the push disk; always looking to maintain steady growth.

(2) Strategically consolidating land acquisition and controlling costs.

According to the monthly land acquisition announcement, from January to November, the company gradually increased its full-scale capacity building area / total land price to 1980.

20 thousand flats / 1172.

9 trillion, corresponding to an average floor price of about 0.

590,000 yuan / level; from the “land acquisition amount / revenue” view of land acquisition efforts, January to November recorded a total of 28%, significantly lower than the level of 45% in the same period last year, and even consider the land acquisition equity ratio to 9 PCT toAfter 72% of the impact, the corresponding equity acquisition has a certain degree of strength, that is, the company appropriately converged strategically after several years of active land expansion; from the rhythm point of view, the land market in the first half of the year overheated appropriately and converged.The land market actively replenished after the cooling down, and it has converged into the fourth quarter. In November, there was relatively little land acquisition, corresponding to about 28% of the land acquisition amount / type of land; see the land-price ratio (average floor price / sales averagePrice), from January to November accumulated about 41%, compared with the level of 18 years, the cost is still controllable.

On the whole, as of November, the full-caliber unsold capacity was nearly zero.

800 million square meters, corresponding to an unsold value of nearly 1.

On the order of 2 trillion yuan, according to the rolling sales of the last 12 months, it is estimated that about 2 can be sold.

7 years.

(3) The cash on hand is relatively abundant and the financial structure is relatively large and stable.

As of the end of the third quarter, the company’s interest-bearing debt was approximately 2760 trillion, a slight increase from the end of the previous year; the company’s cash on hand was US $ 112.6 billion, which was roughly the same as the end of last year, which also caused the net debt ratio to be roughly flat at the end of 18, causing 88%(Perpetual debt is deducted); at the end of the third quarter, the protection multiple of cash against spot interest resistance is as high as 2.

3 times, the financial structure is exceptionally robust.

Investment suggestion: The increase in sales in November may be related to the rhythm of the launch, and long-term or steady growth, strategically consolidating land acquisition and controlling costs.

As a leading real estate company in the state-owned enterprise, the advantages of financing are relatively important, and the internal incentive system is relatively complete (following investment + equity incentives). The outside can rely on the central enterprise to integrate the group’s resources, the overall operating efficiency is relatively upstream, and the continuous and stable endogenous cash flow creation ability;The delisting work is also progressing steadily, and in September has received approval from the China Securities Regulatory Commission for overseas listing approval; the company’s current market value is 1872 trillion, which is about 20% discount to the net asset value, maintaining the “strongly recommended-A” investment rating, target price19.

8 yuan / share (corresponding to 2020 PE = 8X).

Risk warning: Sales growth is lower than expected, settlement is lower than expected, and profitability declines more than expected.

Hongcheng Water Industry (600461): Endogenous space companies look forward to revaluation

Hongcheng Water Industry (600461): Endogenous space companies look forward to revaluation

The endogenous driving space is large, and the performance is high.

The company is a public platform for environmental protection in Jiangxi. It is mainly engaged in the water supply, sewage, and natural gas businesses in the province. The compound growth rate of revenue over the past five years is 29.

8%, the compound growth rate of net profit attributable to mothers was 27.

7%, 2019 performance forecast growth of about 40% -60%, continued high growth performance is expected, endogenous driving space is large: 1. Sewage standards increase capacity: Jiangxi’s GDP growth rate in recent years led the country, infrastructure investmentNear the space, the company recently announced that it had pre-bid a large order of 40 drinking water / day sewage, and the throughput increased significantly. It is expected that the company is expected to continue to obtain a large number of sewage plant projects.

In addition, according to regulations, the company’s existing sewage plants will need to be upgraded to Grade A standard in 2020 (the existing wastewater sewage treatment plant still implements Grade B B discharge standards), and the space will be upgraded and upgraded.Project income is highly flexible.

2. The gasification rate of gas has increased: Currently, the gasification rate of Nanchang is only 70%, and the gasification rate of urban areas in the long-term planning has reached 90% or more.

Joint forge ahead, flexible thinking.

Beginning in 2014, the Group and listed companies have successively completed the replacement of leaders.

The new colonial management team is strong, flexible, and aggressive: 1. Group size, major shareholder Water Group proposed “32111” (total assets 30 billion, securitization assets 20 billion, net assets 10 billion, total revenue 10 billion,, Total profit of 1 billion) development goals, to transform “environmental integrated operators”, the company as the group’s only listing platform, is the breakthrough in the realization of the group’s environmental protection public assets securitization; 2, the company size, Hongcheng Water to achieve high performance growthThe net profit attributable to mothers in the past five years was 1.

0 billion to 3.

400 million, and at the end of 2017, many executives increased their holdings of 30 million yuan in stock (cost 6).

318 yuan / share), and 5.89 million shares of distribution incentives will be implemented again in 2019 (accounting for 0 of total share capital).

6%), showing the management team’s confidence in the company’s future development, future company’s industrial integration, and project development are all worth looking forward to.

The expected value of water assets has been re-evaluated, and the primary and secondary markets are seriously upside down.

1. PE companies such as natural gas, hydropower, waste incineration and other leading assets are estimated to be 15 times in 2020, while water services are basically 10 times. 2. The average price of PE in the primary market for the acquisition of sewage treatment assets in the past two years is PE.For 15-20x, the PE estimates of the primary and secondary markets are obviously upside down, and the secondary market is expected to be revalued.

We expect the company’s net profit growth rate to exceed 20% in 2020-2021, corresponding to a 20-year PE of 9x, and the company promises 都市夜网 a dividend ratio of not less than 40% in 2020-2022. Hongcheng Water is expected to revalue its value.

Investment suggestion: Against the background of capacity expansion and gasification rate improvement in sewage treatment, the company’s endogenous business has a breakthrough space, internal forge ahead, flexible thinking, outstanding performance in the past 5 years, and distribution incentives to show company confidence, future new projects and industriesThe integration is worth looking forward to, and the net profit attributable to mothers is expected to be 5 in 2019-2021.

1/6.

4/7.

70,000 yuan, EPS is 0.

54/0.

67/0.

81 yuan, corresponding to PE is 11.

5X / 9.

3 times / 7.

7x, maintain “Buy” rating.

Risk Warning: The progress of sewage bidding and price increase is less than expected.