Category: 桑拿

[How much is suitable for black sesame a day]_Black sesame_How to eat_How to eat

[How much is suitable for black sesame a day]_Black sesame_How to eat_How to eat

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[Can wolfberry eat every day]_ Wolfberry _ How to eat _ How to eat

[Can wolfberry eat every day]_ Wolfberry _ How to eat _ How to eat

[Can wolfberry eat every day]_ Wolfberry _ How to eat _ How to eat

Chinese wolfberry is a proprietary Chinese medicine and a tonic. Chinese wolfberry can be used to make soup or it can be put into sparkling wine. It has a high nutritional value and a good taste, but everyone must pay attention to it.It can be eaten every day. Every day eating will cause the body’s disease to worsen and even cause bad consequences.

Lycium barbarum, Ningxia wolfberry fruit has lower blood sugar, anti-mild liver effect, and can resist atherosclerosis.

When using traditional Chinese medicine, it nourishes liver and kidneys and improves eyesight.

Indications Dizziness, tears, kidney deficiency and backache.

Root bark has antihypertensive, antipyretic, bacteriostatic effects, functions of clearing heat and cooling blood, retreating asthma, treating fever and urinary embolism.

Lycium barbarum fruits are known to contain betaine, zeaxanthin, physalis red pigment and thin oil; root bark contains betaine, sitosterol and vitamin B1.

Ningxia wolfberry fruit also contains betaine, physalis red pigment and so on.

The wonderful function of wolfberry is for people with cold, inflammation and diarrhea. It is better not to eat. Many people like to use wolfberry to soak water, make wine or make soup.

Chinese medicine has a long history of “medlar health”, thinking that eating wolfberry can “strengthen bones, light and not old, and endure cold and heat.”

Therefore, it is often regarded as a nourishing and anti-aging medicine.

The quality of wolfberry is sweet, and Chinese medicine believes that it can nourish liver and kidney, improve eyesight and nourish blood, and enhance people’s immunity.

For modern people, the most practical effects of wolfberry are anti-fatigue and lower blood pressure.

In addition, wolfberry can protect the liver, lower blood sugar, soften blood vessels, reduce plasma and triglyceride levels in the blood, and has a certain effect on pregnant women and patients with diabetes.

According to clinical medical verification, Chinese wolfberry can also treat chronic renal failure.

Eating wolfberry often can be beauty, which many people don’t know.

This is because wolfberry can improve the skin’s ability to absorb oxygen, and in addition, it can whiten the skin.

[How to cook chestnuts is better]_How to cook_How to cook

[How to cook chestnuts is better]_How to cook_How to cook

[How to cook chestnuts is better]_How to cook_How to cook

We usually eat fried chestnuts, but few people eat boiled chestnuts. In fact, boiled chestnuts have higher nutritional value, which can ensure that water is not lost. The vitamin content in chestnuts after cooking will increase. I often eat boiled chestnuts.It is relatively healthy and can effectively treat hypertension and other diseases.

And eating boiled chestnuts often has a certain effect on oral ulcers in children and adults.

How to make chestnuts taste better?

First, the effect of nourishing the stomach and strengthening the spleen, nourishing the kidney and strengthening the muscles, promoting blood circulation and stopping bleeding.

Indications Nausea, diarrhea and dysentery, vomiting blood, dysentery, blood in the stool, tendon injuries, fractures, bruises, pain, carbuncle and other complications.

Second, action 1, nourishing qi and nourishing the spleen, stomachache and thick intestines Chestnuts are dried fruit varieties with high glucose content, which can supply local heat energy of the human body and help slight metabolism.

To ensure the supply of basic nutrients in the body, known as “iron crops” and “woody grains”, it has the effect of nourishing qi and strengthening the spleen and thickening the body.

2.

Cardiovascular diseases Chestnuts are rich in unsaturated fatty acids, multiple vitamins and minerals, which can effectively prevent and treat hypertension, coronary heart disease, arteriosclerosis and other cardiovascular diseases, which is beneficial to human health.

3, strong muscles and strong bones, delay aging chestnuts are rich in vitamin C, can maintain the normal function of teeth, bones, blood vessels and muscles, can prevent and treat osteoporosis, soft waist and legs, pain in muscles, fatigue, etc., delay the human bodyAging is an ideal health fruit for the elderly.

4. Chestnuts are eaten raw, 5 to 8 capsules per day, suitable for those who vomit blood and have blood in the stool.

5. Eat 2 chestnuts in the morning and at night, which is good for kidney deficiency and urination replacement.

Boil porridge with 10 chestnuts, pig kidneys, barley kernels, and rice to treat waist and leg weakness caused by general kidney deficiency.

The blade of boiled chestnuts is suitable for opening in the cone, because it is easy, and the poaching is very beautiful at this position!

Actually tried two knife-edge transfers, but the effect was much worse.

Third, cook chestnuts delicious practice Ingredients 500g chestnuts1.

Put the chestnuts in the water, wash them, and remove them for later use.

2.Put the chestnuts in clear water and add 5 grams of salt.

3.

Soak for about 30 minutes, remove it, place it on the case panel, and make a small cut in the middle of the chestnut with a knife.

4.

All the knives were scratched, and the chestnuts on the sides were exposed with white meat. That was too much force, and the whole cut.

Note: The cut chestnuts are not good for cooking. Don’t cut them too hard!

5,

Control the moisture of the cut chestnuts and place them on a plate.

6.

Put cold water in the pot, then place the cut chestnuts in the pot and heat on high heat.

7.

After boiling the chestnuts (boiling), heat over low heat and simmer for about 20 minutes.

8.

Remove the cooked chestnuts and peel a cooked chestnut.

Look!

Is it peeling well, and the chestnuts have a little salt in it when soaking, it is very delicious.

Let’s do it according to the recipe and see if the chestnuts are so delicious.

Tips for people with diabetes to avoid eating.

Let the chestnuts boil in a cold water pot.

Be careful not to hurt your hands when slicing chestnuts.

[How to cook mushrooms and potatoes delicious]_Production method_How to make

[How to cook mushrooms and potatoes delicious]_Production method_How to make

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[Efficacy and role of mulberry wine]_Sangmul wine_Benefits_Features

[Efficacy and role of mulberry wine]_Sangmul wine_Benefits_Features

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What’s the difference? What’s the difference? It’s a good idea. It’s the best way to do it.樿兘澶熷府鍔╂垜浠姉琛拌€侊紝鎻愰珮韬綋鐨勫厤鐤兘鍔涳紝鍚屾椂妗戣憵閰掕繕鏈変竴瀹氱殑闄嶈鑴傞檷琛€鍘嬬殑浣滅敤銆?1 銆 佸 吇 琢 璷 咰?妗戞す琚ぇ瀹剁О涓衡€滃ぉ鐒跺瘜纭掓按鏋滅殗鍚庘€濓紝鍦ㄤ汉浣撳唴缁寸敓绱犲拰纭掑崗鍚岋紝鑳藉鏈What are you talking about? Do you want to know how to do it? Do you want to know about it? Do you want to know about it? Do you want to know about it?噺鍏冪礌涓殑鈥滄姉姘у寲涔嬬帇鈥濄€傛钁氶厭鐨勫姛鏁堜笌浣滅敤闈炲父澶氾紝瀹冨叿鏈夋姉琛拌€併€佹姉姘у寲銆佹姂鍒惰“鑰併€佹彁楂樺厤鐤姏銆佷繚鑲濇姢鑴忕瓑鍏昏韩寮鸿韩绛夊绉嶅姛鏁堛€? 2銆侀檷琛€鑴傝鍘?鎬婚粍閰富瑕佹槸鎸囨妞逛骇鍝佷腑鎵€鍚粍閰被鍖栧悎鐗╃殑鎬婚噺銆傛牴鎹ぇ閲忕殑璇曢獙涓庝复搴婇獙璇侊紝榛勯叜绫诲寲鍚堢墿鍦ㄦ垜浠汉浣撳唴鍏锋湁鎶楁劅鏌撱€佹姉鐐庣棁銆佽皟鑺傝鍘嬪拰琛€鑴傘€侀槻娌昏绠℃爴濉炪€侀闃插績鑴戣绠$柧鐥呯瓑鍔熸晥銆傛墍浠ラ€傞噺鐨勫拰妗戣憵閰掑彲浠ユ湁鏁堢殑闄嶈鑴傚拰琛€鍘嬶紝杩樻湁鍙互闄嶄綆蹇冭剳琛€绠$殑绐佸彂鐜囥€? 3 銆?What’s the difference between stubble and stubbornness?妗戣憵涓墍鍚殑鑺辫壊绱犮€佽嫻鏋滈吀銆佽姼棣欒嫹銆佽憽钀勭硸銆佽儭钀濆崪绱犮€佹灉绯栥€侀挋璐ㄣ€佹棤鏈虹洂绛夊绉嶇淮鐢熺礌鍙婄儫閰告垚鍒嗭紝瀹冧滑閮藉叿鏈夐闃茶偪鐦ょ粏鑳炴墿鏁o紝浠庤€屽彲浠ユ湁鏁堢殑閬垮厤鐧岀棁鍙戠敓鐨勫姛鏁堛€傚洜姝ゅ皬缂栧缓璁ぇ瀹讹紝鍠滄鍠濋厭鐨勬湅鍙嬬殑鍙互Do you have a lot of rules and regulations? Are you sick and tired of each other? Do you have a lot of inter-chain links?4 銆 ?  钶 鰶 Tired of the survivors of the sorrows and sorrows and sorrows and sorrows and stolen sorrows and squeezes out 揤 揤  瘮 crack 揤  瘮 璮 璮 Sphere  锽 Cang  锽 駽 雰 駾 雒 駾 駾夋晥鐨勬敼鍠勫コ鎬ф湅鍙嬫墜鑴氬啺鍐风殑姣涚梾锛岃繕鍏锋湁寮鸿韩銆佽ˉ琛€銆佽ˉ鑲俱€佺泭鑲濄€佹槑鐩瓑鍔熸晥锛岃鏄棭鏅氬枬妗戣憵閰掓晥鏋滀細鏇村ソ銆?

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019
2018 results are lower than expected 2018 results announced by Tunnel Shares: Realized revenue of 372.70,000 yuan, an increase of 18 in ten years.2%, net profit attributable to mother 19.8 ‰, an increase of 9 in ten years.3%; 18Q4 achieved revenue of 138.$ 1.9 billion, an increase of 19.4%, net profit attributable to mother 7.0 million yuan, an increase of 7 in ten years.5%; due to reduced investment income, performance exceeded our expectations. In 2018, the company’s gross profit margin after excluding taxes was increased by 0.7ppt to 12.4%, mainly due to the increase in gross profit margin of design, operation, leasing and other businesses (among which, the improvement of leasing and other businesses was mainly driven by a low base);1ppt, mainly because the R & D expense rate is reduced by 0 every year.7ppt; investment income decreased by 39.9% to 8.200 million US dollars, mainly due to the disposal of long-term equity investment in the previous year formed a high base and BOT, BT project investment income decreased; net interest rate decreased by 0.4ppt to 5.3%; net operating cash inflow of 15.400 million US dollars, basically the same each year; net increase in investment cash increased by 23.500 million to 41.US $ 600 million, mainly due to a decrease in cash received from investment and disposal of subsidiaries and an increase in cash paid for investment. Development trend Construction profits are expected to improve.In 2018, the company’s engineering construction revenue grew at a rate of 18.2%, but the margin improvement rate affected by the increase in raw material costs; the number of new construction contract contracts decreased by 12.0%, of which subway and road orders are separated by 37.8%, 49.5%, mainly due to the high base and the release of new projects such as subway construction still take time; and the current construction orders 北京男士spa会所 in hand revenue coverage multiples of 2.8 times, still abundant.We expect that in 2019, urban rail and traditional infrastructure projects such as municipal and roads will accelerate and drive the company’s revenue to maintain a high growth rate. At the same time, the gross profit margin is also expected to improve, driving the margin of construction profits to improve. Investment returns are expected to pick up.In 2018, the company’s investment category business scale improved, and the investment income of BOT and BT projects decreased by 26.9%, mainly due to early repurchase of some projects and the overall transformation of the PPP industry.With the preliminary completion of the domestic PPP project warning, the PPP market is becoming more standardized, and the company has sufficient cash in hand. We expect the company to increase its PPP investment strength. Investment returns in 2019 are expected to stabilize and recover. Earnings forecast We maintain our 2019 / 20e attributable net profit forecast unchanged. Estimated and recommended company’s current price corresponds to October 19.We recommend 4x P / E. We maintain our recommendation. We have raised our target price by 30% to 9 due to the larger-than-expected easing in macro-liquidity and the upward adjustment of the industry’s estimated center.6 yuan, corresponding to 19 times 13 times P / E and 26% space. The construction progress of the risky urban rail was less than expected, and the investment business was less than expected.

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

2018 results are lower than expected Haiyin’s 2018 results: operating income 25.

0.7 billion, downgraded by 2 every year.

1%; net profit attributable to mother 1.

3.8 billion, down 40 a decade ago.

1%, net of non-attributed net profit1.

09 million yuan, down 44 years ago.

3%, corresponding profit 0.

05 yuan / share, lower than expected.

Among them, Q1-Q4 revenue increased by +28 each year.

6% / + 31.

0% / + 11.

5% /-38.

9%, net profit increased by +0 each year.

5% / + 22.

9% / + 15.

0% /-93.

9%, the financial business development was less than expected, the increase in expenses during the period and the accrual of long-term equity investment dragged down net profit.

Development trend 1. Business is growing steadily. Financial business has dragged down revenue for 18 years. Real estate business is expected to usher in the settlement period in 19 years.

Short-term downgrade of company revenue in 20182.

1%, of which the business sector / real estate / department store industry / financial sector / hotel revenue accounted for 40%.

0% / 30.

1% / 21.

5% / 6.

5% / 2.

0%, 2018 revenue growth in ten years2.

0% / 6.

3% /-1.

7% /-25.

4% / 6.

8%.

Specifically: 1) Commercial business: The company’s Haiyin Another City project has been steadily expanding in different locations. In 2019, Zhuhai, Shanghai and other projects will attract investment and operations, and it is expected to increase the operating area by 170,000 square meters. At the same time, in November 2018, it reached a cooperation with Shanghai SongjunThe agreement will be responsible for Huijin City in the form of brand and management output2.

The operation of 40,000 square meters of commercial investment is expected to continue a steady growth in business revenue in 2019; 2) Property business: Commercial and residential quarters in Sihui City and Shanghai Commercial City Commercial Housing have been approved for pre-sale in the second half of 20184.

10,000 pings, which brought an increase in revenue in 19 years; 3) Financial sector: The acquisition business was affected by the strengthening of financial supervision, and the maintenance fee income decreased significantly, but 成都桑拿网 the scale of small and micro loan business increased.

2. The expense ratio increased significantly, dragging down net profit.

The company’s gross profit margin increased by 0 in 2018.

01ppt as of 38.

55%, maintaining stability, but the net interest rate has been decreasing year by year due to the increase in expense ratios and the accrual of long-term equity investment losses3.

5ppt to 5.5%, of which sales / management / R & D / financial expense ratio doubled -1.

1ppt / + 1.

7ppt / + 0.

0ppt / + 3.

0ppt to 3.

7% / 11.

1% / 0.

4% / 9.

The 5% increase in financial expenses was due to the repayment of 17-year financing projects and the increase in interest rates on new loans.

3. Pay attention to the progress of the company’s real estate settlement in 2019 and reduce costs and increase efficiency.

1) Real estate development and settlement: As of the end of 18 years, the company’s main development projects have 126 construction areas to be developed.

80,000 square meters, of which 87 are residential.

7%, the progress of real estate project settlement affects the company’s performance; 2) Cost reduction and efficiency improvement: In 18 years, the company has strived to create an online platform for “Hainyin Life” to improve the accuracy of operations and at the same time promote staff optimization.

220,000 yuan in manpower and operating expenses, the expense rate is expected to usher in improvement.

The profit forecast is based on the intensified competition in the retail industry, and the 19 / 20E profit forecast is lowered by 18% / 16% to 0.

10/0.

11 yuan / share.

Estimates and recommendations are currently expected to correspond to 27 / 24X P / E in 19/20, maintaining the recommended level.

Adjust target price by 5% to 3 according to profit forecast adjustment.

4 yuan, corresponding to 19/20 34 / 31X P / E, up 23%.

Risks Intensified competition in the retail department store industry; the downturn in the real estate market.

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

The Guangdong-Hong Kong-Macao Greater Bay Area plan specifies Shenzhen Airport.

On February 18, 2019, the Central Committee of the Communist Party of China and the State Council issued the “Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area”, proposing to consolidate and enhance the Hong Kong international aviation hub system, strengthen the function of aviation management training centers, and enhance the competitiveness of Guangzhou and Shenzhen Airport international hubs.Enhance the functions of airports in Macau and Zhuhai, promote dislocation development and positive interaction in the Greater Bay Area, and build a world-class airport cluster.

In 2018, the five major airports in the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou Baiyun Airport, Shenzhen Bao’an Airport, Zhuhai Jinwan Airport, Hong Kong Airport, Macau Airport) had a total of more than 200 million passenger explosions, cargo and mail explosions exceeding 830 tons, and the transportation scale ranked the global bay.District Airport Group.

Long-term planning will increase the future capacity of Shenzhen Airport.

According to the Shenzhen Airport’s “Thirteenth Five-Year Plan”, it is clearly stated that the construction of the airport’s third runway, satellite hall and other projects will be accelerated. The target for passenger explosion in 2020 is 55.88 million, and the cargo and mail explosion will reach 120.

4 seconds, the aircraft took off and landed 40 times.

80,000 sorties.

At present, the Shenzhen Airport budget T3 adaptive reconstruction project and the expansion of the new satellite hall are planned to be completed by the end of 2021. The total investment is expected to be about 7.6 billion yuan.

Before the launch of the Satellite Hall in 2021重庆耍耍网, the company will not have other huge capital expansions, the depreciation and amortization will be basically stable, the company’s operating costs will be stable, and the growth of transferred passengers will increase.

International business is developing rapidly.

At present, Shenzhen Airport has 164 passenger traffic navigable cities, of which 45 are international (excluding regions) regular passenger navigable cities.

In 2018, Shenzhen Airport Expressway opened 15 new international passenger traffic cities, including London and Paris, 9 of which are intercontinental cities, and 12 international passenger routes have been encrypted.

International (including regional) passenger explosions reached 458.

40,000 person-times, an annual increase of 27.

4%, the proportion increased to 9.

3%.

The number of international passengers increased, and the number of newly opened intercontinental routes replaced the country’s number one. The number of international routes developed and the quality improved.

In 2018, Shenzhen Airport’s passenger and freight business performed well, with an original passenger flow of 4934.

90,000 person-times, an increase of 8 in ten years.

The growth rate is 2%, ranking first among the top ten airports in China; the advantage of freight development is obvious, and the annual cargo is bombed 121.

9 digits, ranking fourth in the country.

Earnings forecasts and investment advice.

We expect the company’s operating income to be 39 in 2019-2021.

5.3 billion, 43.

4.9 billion, 48.

68 ppm, an increase of 9 in ten years.

8%, 10.

0%, 11.

9%; net profit attributable to parent company is 7.

8 billion, 8.

6.9 billion, 7.

56 ppm, an increase of 16 in ten years.

7%, 11.

5%, -13.

0%; EPS are expected to be 0 respectively.

38 yuan, 0.

42 yuan, 0.

37 yuan, corresponding to 22 of the current sustainable PE.1x, 19.

8 times and 22.

8 times.

We propose to give the company an estimate of 25 times PE and the corresponding target price for 2019 is 9.

5 yuan.

The reasonable range expected by the company is expected.

0-10.

0 yuan, the first coverage given an overweight rating.

risk warning.

The macro economy was less than expected, the development of international routes was less than expected, and regional competition pressure exceeded expectations.

Lianhua Science and Technology (002250): More than 30 years extension of the accumulated CMO leader set sail again

Lianhua Science and Technology (002250): More than 30 years extension of the accumulated CMO leader set sail again

Lianhua Science and Technology (002250): More than 30 years extension of the accumulated CMO leader set sail again
China’s leading manufacturer of fine chemicals, with advanced technology and core customer resources.  The company has been focusing on the fine chemical industry for more than 30 years. It is one of the few domestic pesticide and pharmaceutical CMO companies with obvious first-mover advantages and market competitiveness.Perfect, the company has a breakthrough in research and development capabilities, a comprehensive multi-level research and development platform, a complete response unit, and core technology to provide quality assurance and conversion flexibility for enterprise products.At the same time, the company adheres to the “big customer strategy”, and its customer base basically covers the international giants of agrochemicals and medicine.Against the background of the rebound of the industry, technological innovation has surpassed the strategic prospects of major customers and brought continuous benefits to Lianhua.  Pesticide sector: Xiangshui plant is expected to resume production, optimistic about the future potential of Yancheng United Chemical.According to Su Huazhi’s “Opinions on Regulating the Production Resumption of Chemical Enterprises to Suspend Production and Reform”, we adhere to the “one enterprise, one policy” and put an end to the “one-size-fits-all” policy. We expect that even the Xiangshui Park will cancel the positioning of the chemical park.Of 北京夜生活网 high-quality companies also have reservations after meeting the government’s high standards for resumption of production.Terrorism, Yancheng Lianhua declared a total of six projects, covering pesticide products and functional chemicals, with a total investment of more than 1.1 billion, with continuous release of production capacity in the later stage, and great development potential.According to the EIA and feasibility report calculations, the first five phases of the Yancheng Base project (including built projects, excluding bifenthrin projects) are fully operational and attempt to bring the company3.900 million net profit.  Pharmaceutical sector: Projects and land reserves are abundant, opening a new chapter in business development.Taizhou Lianhua reported a total of six phases of projects, and the profits mainly come from the 佛山桑拿网 three products of the first phase of the project and some of the products of the second and third phases.At present, the actual construction of Taizhou Lianhua only accounts for 50% of the total land area, and the reserve space is sufficient. The capacity of the project is gradually released in the future, and the performance can be expected to increase.In addition, the subsidiary Linhai Lianhua started the Linhai Industrial Park project. At present, the total investment is 9.The 800 million first-stage environmental assessment of nine intermediate product projects has been announced. The construction of the Linhai Industrial Park project will promote a new chapter in the company’s development.  It is expected that the company’s net profit attributable to the parent in 2019/20/21 will be 3 respectively.9/6.0/7.100 million, EPS is 0.42/0.65/0.77 yuan, corresponding PE is 33/21/18 times.The company is a leading domestic CMO company with strong R & D strength, customers are global industry giants, and gradually expand the scale of development space, covering the first time with a “buy” rating.  Risk Warning: The global agrochemical market is weaker than expected, new projects are progressing less than expected, environmental protection and production safety risks, and the resumption of production at the Xiangshui base is less than expected.

Lier Chemical (002258): The new glufosinate process will be put into operation soon, the company will reduce costs and consolidate its advantages

Lier Chemical (002258): The new glufosinate process will be put into operation soon, the company will reduce costs and consolidate its advantages

Lier Chemical (002258): The new glufosinate process will be put into operation soon, the company will reduce costs and consolidate its advantages

The company announced that the Guangan subsidiary’s glufosinate production line will be discontinued and merged to upgrade the process and merge with the intermediate methyl phosphorous dichloride (MDP) project.

The company expects that the shutdown will be 3 months.

  Comment on supply contraction, glufosinate price upward momentum strengthened.

The price of glufosinate has recently rebounded from 9 at the bottom.

5 million tons / ton increased to the current 11 million 南京桑拿网 tons / ton, mainly due to the industry’s second-largest company (capacity) and the important intermediate supplier Yitai Technology’s phased production suspension due to environmental reasons. We believe that the relevant issues remain to be resolvedDuring this period, the company can only run at low load.

Lier is the industry leader. The current production capacity of the Guang’an base is about 3,000 tons. We believe that this shutdown may exacerbate the problem of periodic supply substitution.

At the current price level, internal production companies in the industry are generally facing surpassing, and leading companies’ price expectations are slightly obvious.

  In addition, considering the current industry supply status and the demand for terminal light storage in 1Q20, we judge the price of glufosinate to bottom out and recover gradually.

  Process upgrade, Lier regained the cost advantage of glufosinate.

The company was once the industry leader in format law processes, costing more than its peers.

After the transformation of Qizhou’s oxidation process, the company was surpassed in stages.

The company’s new MDP project, using Bayer-like technology, is a more competitive production route in the industry.

The company now applies this technology to the Guang’an base, and plans to upgrade the Mianyangji real estate line in the future.

We expect the new 无锡桑拿网 process to increase the cost per ton by about 2 million compared to the existing process. Through this technology upgrade, the company will regain the cost advantage of glufosinate.

  MDP is initially released, and Mianyang will also reduce technological costs in the future.

The company plans MDP capacity1.

5In the early days, production capacity will gradually be released.

We expect that the company will reform the Guang’an technology and merge the line first and upgrade the Mianyang production line in the future to reduce the overall cost of the company.

  It is recommended to be optimistic about Lier Chemical’s high-quality growth attributes. The company’s performance will bottom out in 2020 and maintain the “Outperform Industry” rating.

From the perspective of product prices, glufosinate has limited downside and has growth momentum in the short term.

From the perspective of the company’s development, MDP will be put into production soon, and Hebisai Technology will be expanded and expanded. The company’s 2020 is worth looking forward to.

Due to the intensified competition of propoxyfluramine, the volume exceeded expectations, and the construction rate of fluconazole exceeded expectations. We lowered our net profit for 2019 and 2020 by 8% and 35% to 3.

1 and 3.

700 million.

The current cumulative corresponding 22 times 2019 P / E ratio and 18 2020 P / E ratio.

Maintain Outperform rating, considering the company’s growth expectations until 2021, maintain target price of 14.

2 yuan, corresponding to 24 times the 2019 price-earnings ratio and 20 2020 price-earnings ratio, 12% growth space.

  Risks: The production of Guang’an is lower than expected, the price of glufosinate is lower, and other environmental and safety risks.

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