Changan Automobile (000625): Ford’s September new auto product cycle increased by 42% in September

Changan Automobile (000625): Ford’s September new auto product cycle increased by 42% in September
Event: The company released the September sales report, with a total sales of 15.980,000 vehicles, an increase of 28% month-on-month, and a slight 8% increase each year, of which the total sales of autonomous parts are subtotal7.480,000 units, Changan Ford sold 2.100,000 units, Changan Mazda sales 1.280,000, other sales 5.130,000. Ford is up 42% month-on-month, and new cars are expected to accelerate their launch.Changan Ford achieved sales of 2 in September.10,000 vehicles, an increase of 42% from the previous month, and the improvement is obvious.Although three new product models listed in August did not significantly improve sales volume, they were still under pressure, but recently launched an acceleration plan to launch 18 new models in three years. Lincoln’s first domestically produced new models were mass-produced within the year, and the Ford brand was subsequently re-established.The progress of the launch of the new pound Escape and domestic explorers has accelerated. CS75Plus slightly exceeded expectations, and the independent new product cycle began.Subtotal 7 of sales volume of independent parts (Chongqing + Hebei + Hefei).480,000 vehicles, an increase of 35% from the previous month and a slight decrease of 5% each year.Among them CS75 sells 2.20,000 vehicles, an annual increase of 45.8%, CS35 sales 1.40,000 units, two big models continue to support sales.In addition, we recently estimated through the dealer survey that the market performance of CS75Plus in the first month of listing was slightly better than expected, and that terminal sales were no shortage of mid-to-high configurations.The new product cycle of independent brands has begun. In the future, there will still be CS55 replacements, Ruijie CC remodeling, Yidong remodeling, CS75 replacement and other new products worth looking forward to. Mazda’s performance was stable, and other sectors performed well.Changan Mazda achieved sales of 1.280,000 vehicles, an increase of 25% month-on-month, and an increase of 17% every ten years, the overall performance is stable, and then the 苏州桑拿网 re-launch of the new Mazda Angkor Sera will help improve Mazda brand sales.Other sectors achieved sales of 5.130,000 vehicles, an increase of 11% per year, an increase of 20% from the previous quarter. Investment suggestion: Changan Ford’s sales volume in September has improved month-on-month, and the launch of the follow-up new heavy vehicle Escape and domestic explorers has gradually accelerated. Lincoln’s first domestically produced product will achieve mass production within the year.The independent new product cycle started, and the new CS75Plus market performance slightly exceeded expectations.We expect revenue in 2019/2020 to be 659.4.7 billion / 683.8.7 billion, net profit attributable to mothers was 2.06 ppm / 38.04 ppm, the current PB is less than 1, the configuration value is prominent, and the “buy” level is maintained. Risk warning: industry recovery is not up to expectations, Changan Ford’s new car sales are less than expected

Shanying Paper (600567) Company Review: Leading Advantages Still Awaiting Cycle

Shanying Paper (600567) Company Review: Leading Advantages Still Awaiting Cycle

Event: Shanying Paper announced the 2019 annual performance forecast, and the company expects to realize net profit attributable to mothers in 201914.

4.2 billion to 17.

6.2 billion, a year-on-year decrease of 45% to 55%; net profit after deduction of non-return to motherhood12.

97 ppm to 15.

5.7 billion, a decrease of 41 a year.

85% to 51.


Based on this estimate, the company expects to realize net profit attributable to its mother in the fourth quarter.

1.7 billion to 4.

37 trillion, a reduction of 50 a year.

72% to 86.

81%; net profit after deduction of non-return to mother 2.

18 ppm to 4.

78 trillion, a decrease of 35 a year.

25% to 70.


Among them, the company’s non-recurring profit and loss in 2019 decreased by 3 compared with the previous year.

US $ 800 million, mainly due to the company’s acquisition of Phoenix Paper, the purchase consideration exceeded the fair value of its identifiable net assets, and increased the company’s 2018 net profit attributable to shareholders of listed companies3.

5 trillion, due to no scheduled non-recurring gains and losses in 2019.

Volume increases and prices fall, pressure on profitability.

The company’s paper and packaging sales in 2019 were 476,12.

7.5 billion square meters, an increase of 3 over the previous year.

27%, 4.


In 2019, the price of finished paper in the packaging paper industry has fallen. The average annual price of cardboard / corrugated paper is 4182/3329 yuan / ton, which has become 15% / 18%.

We judge that the decline in paper prices has caused the company’s gross profit margin to decline to a certain extent compared to the previous year, affecting the company’s profitability.

The company also disclosed that Q4 product quality and gross profit margin have improved to a certain extent compared to Q3.

The remaining factors affecting the company’s performance mainly include: 1) Shanying Huanan Paper Co., Ltd. has already expanded the amount to enjoy a preferential policy of 50% tax rebate for intervention immediately,上海夜网论坛 and will deduct the tax rate from 16% instead of 13% by April 2019., The corresponding tax refund income is reduced.

2) The company’s tariffs on imported raw materials and related logistics costs in 2019 increased compared to the same period, resulting in an increase in the company’s main business costs and a decline in profits.

3) The management expenses incurred by the company’s projects under construction in 2019 before the official start of production led to a decline in profits.

Optimistic about the big logic of paper cycle, wrapping paper is expected to benefit significantly.

We believe that the current paper inventory cycle is in a temporary passive state. During the destocking phase, the raw material inventory temporarily increased its growth rate and turned up and the operating rate was slightly restored.杭州桑拿网 Alternately, the inventory of various parts of the industry was low, which provided a certain margin of safety for paper prices.

With the opening of the small peak season for packaging paper in May, the industry has entered the stage of actively adding inventory to try to drive up the price of paper.

In addition, the implementation of the waste-restriction policy in 2020 is expected to lead to a fiber gap in the industrial chain and a certain length to the supply side, which is expected to catalyze the upward cycle of packaging paper.

In itself, the continuous release of production capacity of the company’s bases in Central China, Haiyan, and Guangdong is expected to contribute to increasing market share. Southeast Asia and the US waste pulp production lines are expected to enhance the company’s self-sufficiency in fiber raw materials.

In the medium and long term, it may provide excess returns for the company.

Investment suggestion: We expect the company to realize net profit attributable to mothers in 2019-2021.

7, 21.9, 26.

6 trillion US dollars, an average of 51% a year, an increase of 39.

4%, an increase of 21.

8%, corresponding to EPS0.

34, 0.

48, 0.

58 yuan, maintain “overweight” rating.

Risk reminder: the risk of fluctuations in raw material prices, the project is not up to expectations, and the risk of rising interest rates.

Double Arrow (002381): Three quarterly reports continue to be strong, new capacity is about to be put into production

Double Arrow (002381): Three quarterly reports continue to be strong, new capacity is about to be put into production

Results announcement: The company announced that it is expected to return to net profit for the first three quarters of 20191.


0 billion, 50% growth in ten years?
70%; third quarter profit was 5,796.


60,000, an increase of 21 a year.



The effect of high-end conveyor is remarkable: with reference to the conveyor belt price index, the price of the rubber conveyor belt industry has been relatively stable since 2017.

The rise in the industry’s prosperity is mainly due to the clearing of backward production capacity and the withdrawal of inferior products from the market.

As a leader in rubber conveyor belts, the company fully leverages its advantages in scale, technology and management, adjusts its product structure, increases the proportion of high-end products, and further increases its product gross profit margin.

New conveyor belt products were launched strongly, and new production capacity ushered in production in the fourth quarter: the company launched ceramic conveyor belts, RopeCon cableway conveyor belts, aramid duct conveyor belts, overall steel mesh anti-tearing conveyor belts, and overall fabric impact resistant conveyor belts in the first half of the year.7 new conveyor belt products, impact-resistant conveyor belt and ultra-wear-resistant conveyor belt, further expand and meet customers’ requirements for conveyor belts in various 杭州桑拿 industries, improve the short life and high energy consumption of traditional conveyor belts in the industry, and long-distance transportationThe advantages of taking the alternative to truck transportation have been highlighted, and breakthrough performance growth has been achieved.

The company currently has a capacity of approximately 40 million square meters and full orders.

In the fourth quarter, the company’s 10 million square meters is expected to be put into production, with a capacity increase of about 25%, which will continue to contribute to the 2020 performance growth.

Further promoted the development of integrated medical care and nutrition, and the profit model gradually became clear: the company announced that the subsidiary Heji Company had signed the “Entrusted Operation Contract for the Zhouquan Town Senior Care Service Center” with the People’s Government of Zhouquan Town of Tongxiang, Hosting the Zhouquan Town Senior Care Center.

The headquarters of Heji Company established Tongxiang Heji Nursing Home Co., Ltd. to promote the development of integrated medical care.

The company promotes external expansion with an asset-light pension model, and continues to expand market development efforts on the basis of ensuring high-quality and stable service quality.

Investment advice: The company is expected to have EPS 0 in 2019-2021.



82 yuan, maintain Buy-A rating, 6-month target price of 12.

2 yuan, corresponding to PE 20/16/15 times.

Risk warning: raw material prices fluctuate, market competition intensifies, and production projects are less than expected.

Depth-Company-Yutong Bus (600066): The performance was slightly better than expected

Depth * Company * Yutong Bus (600066): The performance slightly exceeded expectations and gross profit margin improved significantly

The company released its 2019 Interim Report and achieved a total of 125 operating income in the first half of the year.

1 ppm, an increase of 4 in ten years.

1%, net profit attributable to shareholders of the listed company is 6.

800 million, an increase of 10 in ten years.

8%; net profit after deduction 5

20,000 yuan, an increase of 0 in ten years.

7%; budget benefit 0.

31 yuan, the performance is slightly higher than our expectations.

In 2019H1, the company has control over terminal prices to ensure profitability, sales volume, revenue and net profit have increased against the trend, and gross profit margin has improved significantly, highlighting the company’s excellent management capabilities, leading the company to gradually stabilize, and the market share to promote continuous improvement.

The company’s estimated earnings for 2019-2021 are 1.

15 yuan, 1.

32 yuan and 1.

53 yuan, maintain BUY rating.

The main points of the support level are price control and profit protection, and the gross margin and performance have improved significantly.

2019H1 company bus sales of 25,429 units, an increase of 2 every year.

6%, of which 8,834 new energy buses, an annual increase of 0.


The increase in sales volume and the company’s improved control over the price side, 2019H1 revenue increased by +4.

1%, gross profit margin 22.

9%, ten years +1.

5pct; ten years of selling expenses +1.

8% is mainly due to an increase in the financing period and an increase in the mortgage service fee; the management fee is extended by +7.

8% is mainly due to an increase in management labor costs; each additional R & D cost is +27.

6% is mainly due to the company’s concentration in the first half of the low production period to complete new product tests and increase in research and development projects; financial costs +1 each time.

3 billion, mainly due to the impact of foreign currency assessment in the same period last year on exchange gains and losses; the four expense ratios totaled 17.

9%, ten years +2.


2019H1 The company recognizes non-recurring gains and losses1.

600 million (0 government subsidies.

900 million, impairment receivables of funds reversal to 0.

600 million, etc.), net income attributable to mother increased by +10.

8%, a slight increase of 0 after ten years.


Receivables make up 95.

900 million, a decrease of 0 from the end of 2018.

4 billion.

Passenger car sales in Q2 2019 increased slightly by zero.

2%, it is expected to benefit mainly from the company’s price control and profit, with an annual income of +4.2%, gross profit margin 22.

1%, ten years +1.

5 points.

Sales, management, R & D, and financial expenses for the second quarter of 2019 were -0.

9%, +7.

1%, +4.

8%, +116.

7%, the four expense ratios total 16.

4%, ten years +1.


In Q2 2019, the revenue and gross profit margin increased rapidly, and the company’s profits achieved rapid growth.

The market share increased domestically, but declined overseas, with subsequent improvements.

According to the data of China Passenger Network, the market share of large and medium-sized bus companies with a height of 7 meters or more in the first half of 2019 was 39.

2%, ten years +3.

5pct is mainly because the company has grasped the key indicators of the new energy supplementary policy transition, and in the transitional transition with the customer to facilitate the delivery of 无锡夜网 orders, while seizing the opportunity for the growth of tourist buses, and achieved a double increase in sales and share.

The market share of export passenger cars is 26.

4%, twice -2.

7pct is mainly due to the company’s strategic abandonment of some low-profit orders. It is expected that overseas high-end products will be gradually listed at the end of the year, and the gross profit margin and market share will be promoted.

The company’s market share of new energy buses over 6 meters is 29.

6%, +0 per year.

9 points.

The performance of new energy bus technologies and funds has gradually improved, and the company’s new energy market share has been promoted.

Continue to develop R & D and excellent comprehensive management capabilities.

The company’s outstanding leading technology level, keen market grasp, and excellent management capabilities, the company reversed the trend in the first half to achieve passenger car sales and gross margin improvement.

The company’s high-end, intelligent network-connected products have been launched successively, new energy transportation products have been completely upgraded, and fuel cell transportation has been promoted and applied in batches in Zhengzhou and Zhangjiakou.The superiority of many aspects is obvious.

The company’s leader is stable and its market share is expected to continue to increase.

We estimate that the company’s estimated earnings for 2019-2021 will be 1.

15 yuan, 1.

32 yuan and 1.

53 yuan, taking into account the current assessment level of the company, maintain a BUY rating.

The main risks faced by the rating are 1) the decline in automobile sales; 2) the rise in prices of raw materials; 3) the decline in the value added of new energy.

One avocado per day reduces risk of heart disease

One avocado per day reduces risk of heart disease

Studies have found that eating an avocado (also known as avocado or avocado) a day can help obese people lower their cholesterol.

Although the trace content of avocado is quite high, it is composed of unit unsaturated rare earth, which is the so-called “good” aunt.

This slightly has the effect of lowering necrotic cholesterol, so it can slow down, reduce or even avoid the risk of high blood pressure or stroke.

  According to a study by the Federal State University, 34% of the plasma in the “American diet” comes from aunts and 16% protein, and half of the metabolism comes from this, which causes many people to become obese or overweight.

The research team recruited 45 obese people between the ages of 21 and 70. They were all victims of the “American diet”, and each participant performed three different diets for five weeks each.

They are a medium diet without avocado (set 1), a medium diet without avocado (set 2), and a medium diet with avocado (set 3).

  The results showed that after the first and second diets ended, participants’ LDL decreased by 8 per 100 ml.

3 ml with 7.

4 ml; after the third diet, LDL decreased by 13 per 100 ml.

5 ml.

In addition, researchers have found that Plan III helps reduce overall cholesterol, cardiovascular disease, and triglyceride problems, and can increase the “good” high-density high blood pressure cholesterol.

  Although the results of the study confirm that avocado helps reduce bad debts, differences between the laboratory and real life may lead to different results.

However, it is still recommended to eat more vegetable oils, reduce the consumption of tallow, lard, full-fat cheese products, and snacks. This will help replace the necrotic saturated fat in the blood with healthy fat.

  The nutritional value of avocado: The nutritional value of avocado is extremely high, and various health care and beauty functions are highly favored by consumers.

Avocado is rich in multivitamins (A, C, E and B series vitamins, etc.), various mineral elements (potassium, calcium, iron, magnesium, phosphorus, sodium, zinc, copper, manganese, selenium, etc.), edible plant fiberThe rich aunt is rich in unsaturated fatty acids in up to 80%. It is a high-energy low-sugar fruit, which has important physiological functions such as lowering cholesterol and blood lipids and protecting the cardiovascular and liver systems.

  Avocado is widely used in Western and Japanese cuisine, and can be used for cold cuts, salads, or some western hot dishes.

Black aspects to pay attention to when practicing yoga

Black aspects to pay attention to when practicing yoga

Yoga is an ancient and traditional way of fitness that is now popular among many women.

Yoga looks gentle, but if it is not practiced properly, it may cause injury to the practitioner, such as muscle ligament strain, meniscus injury, arthritis, neuralgia, etc.

In order to avoid these accidents, in addition to choosing a range of yoga training classes, practitioners should also pay attention to the following points when practicing.


Keep a calm mind.

When many people choose to practice yoga, the first consideration is whether they can lose weight quickly or improve their shape, which is contrary to yoga.

Appropriately maintain a peaceful state of mind, not one-sided pursuit of complex physical movements, and act according to your own situation.


Do not avoid it for an hour before or after practicing yoga, and try to avoid it for two hours after a meal.


Six months after surgery and women’s physiological period should not practice difficult movements.


Hypertension, hypertension patients and pregnant women can only do simple movements.


Practice in a quiet, well-ventilated room. Do not place too much in the room.


Don’t laugh or talk while practicing. Keep regular, deep breathing, which helps your body relax.


It is better to be barefoot, wear loose, comfortable, and brake the body to move freely.


It is not advisable to practice on a hard floor or a too soft bed. A mat should be laid on the floor when practicing.

Stay away from balding and do three hair care tips

Stay away from balding and do three hair care tips

At the end of the year, there will always be various parties, and men who often need to participate in entertainment must pay attention. In this era of male-dominant consumption, as small as cufflinks, lighters, hairstyles, pen details, etc. are possibleAffect your overall performance!

Especially your hairstyle ca n’t be “bare”.

  How to check for hair problems?

  Experts remind: When more than 100 hairs are lost every day, it is a warning to start hair loss. If this phenomenon persists for more than 2-3 months, you should go to a professional institution for treatment as soon as possible!

  In fact, many people wait at least a year, a year ago before they can correct the severity of hair loss before they take action to correct it.

More than half of them deal with the problem on their own, either based on advertisements or consulting with pharmacy staff before buying medicines for hair loss.

  In fact, in order to fully repair your hair, in addition to adjusting your mentality, using less Internet, and exercising more, trying to relax and improve the quality of sleep and other living habits, you also need to gradually develop professional hair.

  How to get rid of the three small life details of the “male bald” sportsman’s model should pay attention to.


Use professional equipment to check the health of the scalp. Once a scalp health problem is found, immediately follow the professional advice of the doctor to carry out targeted scalp care.


By choosing the right professional hair products, only healthy scalp can ensure healthy and shiny hair.


Keep a relaxed and good mood and don’t let the stress of work become an important cause of your hair loss.

Working longer is more harmful than smoking

Working longer is more harmful than smoking

New research suggests that working too long can be as harmful as smoking and can increase the risk of Alzheimer’s.

The study found that among middle-aged office workers, those who work 41 hours per week and who work more than 55 hours per week have poor thinking skills and short-term and long-term memory.

  Marina of the Finnish Occupational Health Association?

Dr. Wiltanen led the researchers and began a follow-up survey of 2,214 government officials in 1980. The results were published in the recent issue of the American Journal of Epidemiology.

  The survey found that 39% worked less than 40 hours per week, 53% worked between 41 and 55 hours per week, and 8% worked more than 55 hours per week.

  Researchers had subjects in their early 50s undergo multiple brain function tests.

Extra brain function tests on inferential ability and vocabulary memory worked longer and had more overtime.

  Researchers say the findings suggest that working too long may have a distorting effect on middle-aged people’s cognitive ability, and that cognitive impairment increases the risk of Alzheimer’s.

The researchers also said, “People who work too long have a risk of developing Alzheimer’s that is similar to those who smoke for a reasonable amount of time.

“British people work the longest hours in European countries, with one in eight working more than 48 hours a week.

Carrie, an expert on stress at Lancaster University?

Professor Cooper said, “Ultra-long-term work can make you tired, and if you do this all the time, your brain will function and your health will be affected.

If so, it will affect your job performance.

Easy 5 style weight loss exercise 18 days waist

Easy 5 style weight loss exercise 18 days waist

Core Tip: Only with a scientific training method, will not quit halfway, and ultimately achieve the purpose of weight loss.

Below, Xiaobian recommended a set of weight loss exercises for you. She concentrated the essence of body exercise, completed 2 times a week, only 20 minutes each time, 18 days can help you lose weight quickly.

  1, shrug legs shrug, lift dumbbells exercise parts: hips, quadriceps, hamstrings, calves, back.

  Need to avoid: leg stretching, hip and back stretching, quadriceps flexion and calf upset or muscle stiffness.

  Specific steps: A: Straight straight, legs apart and shoulder width, put the dumbbells parallel to the feet; kneel, hands grasp the dumbbells inward, step on the micro-bow, and then stand upright, complete 2 times.

  B: After the legs are upright, pad the heels, touch the ground with the toes, and lift the shoulders, then return to the original shape and repeat four times.

  2, the dumbbells are pressed down, the hips are quite exercised: chest, shoulders, triceps, chest, abdomen.

  Need to avoid: shoulder upturn, chest compression and triceps stretching.

  Specific steps: A: Grab the dumbbells with both hands, and lay the upper part of the back on the steady ball. The legs are wide and shoulder-width apart, and the alignment is bent at 90 degrees to make the trunk parallel to the ground; the center of gravity is placed on the shoulders.The palm is facing inward and the elbow is facing the ground; from the bottom, the top is raised and the palm is facing the leg.

  B: Lift the description of the panoramic follow-up diagram, lower it forward, and move it forward 4 times.

  3, Soviet-style stepping exercise parts: quadriceps, hamstrings, buttocks, abdomen.

  Need to avoid: the lower jaw and forehead of the body, press the leg in the opposite direction.

  Specific steps: A: Place the left leg on a sturdy bench. The height of the chair should not exceed the height of the alignment. The left and right palms each grab a dumbbell and the palms are inward.

  B: The left leg is stepping on the bench, the right leg should not lean forward, the right leg should be pushed forward as far as possible, and then the right leg will be put back to the ground after completion, repeat 10?
12 times, then exchange legs.

  4, one-arm rotary exercise parts: hips, shoulders, biceps, abdomen.

  Need to avoid: stiff arms, reverse swing arms, biceps flexion and leg tilt.

  Specific steps A: Hold the dumbbell in the left hand, cross the legs, the right leg is in front, the knee is bent; the bow body, put the right hand on the steady ball, the brake is close to the ground; the left arm is inclined to the ground, the palm of the handInside.
  B: Lift the left hand to the chest rib, drive the body to turn forward, repeat 5 times, then switch to the other side, the left and right sides are 1 group, do 8?
10 groups.

  5, single leg folding exercise parts: legs, buttocks, quadriceps, buttocks.

  Need to avoid: stepping, heel up, leg stretching and push forward.

  Specific Step A: Support the body through the forearms and toes (the elbows are below the shoulders), so that the body forms a straight line from head to toe and lifts the hind legs off the ground.

  B: Lift up and slant upwards, do 2 times; then try to lift the left leg up, the head sag, make the torso and right leg form a V shape, repeat 2 times back to the beginning; then exchange legs, repeat practice 12?
16 groups.

Clear fat to lose 3 delicious slimming tea

Clear fat to lose 3 delicious slimming tea

Green tea can really slim down, do you believe it?

The reason is that aromatic compounds in green tea can dissolve a small amount, turbidity and greasy, prevent micro-stagnation in the body, vitamin B1, C and caffeine can promote gastric secretion, help digestion and cellulite.

Green tea also increases the metabolism of body fluids, nutrients and transformations, strengthens microvascular circulation, and reduces unfortunate deposits.

Spend a few minutes, mix a pot of green tea, while moisturizing the tongue, but also beauty and slimming!

  1, lotus leaf tea slimming tea side: green tea powder 2 grams, lotus leaf 3 money.

  Practice: brew with boiling water, can be used as a drink.

  Efficacy: dry mouth, easy to grow acne, blood is not good, the skin of the face is not soft, the effect of obesity is good.

  2, cellulite green tea slimming tea side: green tea 1 gram, rhubarb half money.

  Practice: use boiling water to brew can be replaced.

  Efficacy: can cure bad breath, broken mouth, lowering fire, laxative, excess meat, often drink this tea can also resist aging.

However, people who usually have soft stools are prone to diarrhea and must pay attention when taking them.

  3, 窈窕 green tea slimming tea side: green tea powder 6 grams, hawthorn 5 money.

  Practice: add three bowls of water to boil for 6 minutes, mix after three meals, add boiling water to brew or even continue to drink, a daily post.

  Efficacy: It can eliminate excess meat and fat, and it is also effective for the blood stasis.