Shenzhen Gas (601139): Results Exceed Expectations, Promising Profit Outlook for Receiving Stations

Shenzhen Gas (601139): Results Exceed Expectations, Promising Profit Outlook 杭州桑拿洗浴会所 for Receiving Stations

The performance is lower than expected, and continues to be optimistic about the company’s future development potential. According to the company’s performance report, the company’s operating income in 2019 / net profit attributable to mothers / net profit attributable to non-mothers will be 140.



200 million, ten years +10.

0% / + 2.

3% / + 4.

2%, lower than expected performance, mainly due to 19Q4 increase in blood sugar and goodwill impairment.

We revise the profit forecast for 2019, taking into account that the company’s receiving station profit prospects are expected, and maintain the 20-21 year performance forecast, it is expected to return to the mother net profit in 19-21.



0 million yuan (previous value was 12.



0 million), corresponding to EPS 0.



59 yuan (previous value was 0.



59 yuan), given a 20-year target P / E 17.

5-18 years old.

5x, corresponding to a target price of 8.


25 yuan / share, maintain “Buy” rating.

The lower-than-expected results were mainly due to the increase in revenue in 19Q4 and impairment of goodwill.



200 million, ten years +10.

0% / + 2.

3% / + 4.

2%, of which the company’s natural gas sales income is 90%.

6 ppm, an increase of 13 in ten years.


According to the company announcement, the company achieved profitability in 19Q4.

3.7 billion, -27% before, the performance exceeded expectations. The main reasons are: 1) the company’s goodwill impairment of the company’s merger and acquisition projects was about 45 million; 2) due to the adjustment of the return rate, the company’s turnover income increased by approximately 80 million in 19Q4; 3) due to the company’s assetsThe scale continued to expand, and depreciation of assets such as pipe networks increased by approximately 20 million.

In the fourth quarter, the factory’s gas sales volume continued to grow at a high rate. The gas sales volume in 2019 increased by 14%. The company’s operating revenue in 2019 increased by 10%.

0%, in terms of business: 1) 90% revenue from gas sales.

60,000 yuan (ten years + 13.6%), mainly for each increase in gas sales by + 14% to 31.

500 million cubic meters, benefiting from the development of new users such as aesthetic plants, the company’s power plant’s gas sales continued to improve, and the 19Q4 power plant’s gas sales reached 2.

6 billion cubic meters, the previous growth rate was as high as 64%, driving the annual gas sales of 19 axial power plants +13.

6%, non-power plant gas sales increase by +14.

1%, taking into account the expansion of the company’s low-cost LNG gas source cost advantage, the future development trend will further increase the gas supply market share of gas power plants in Guangdong; 2) LPG business revenue 19.

9 ‰, at least -22.


The profitability of LNG receiving stations is outstanding, and the company’s performance is expected to significantly increase in the future. The existing company ‘s LNG receiving stations with an annual turnover of 1 billion cubic meters have been officially operated. We believe that LNG receiving stations will fully benefit from this and bring more profitable space in the future.We estimate that the turnover of the terminal in 2020 is expected to reach about 600 million cubic meters (about 50 index), and the profit contributed after full production is expected to reach 4-5 trillion points, which will significantly increase the company’s performance.

Continue to be optimistic about the company ‘s prospects and maintain a “Buy” rating. According to the company ‘s performance report, we revise the 19-year profit forecast, but considering that the company ‘s receiving station profit outlook is expected, maintain the 20-21-year performance forecast and expect to return to the mother in 19-21Net profit 10.



0 billion (previous value was 12.



0 million), corresponding to EPS 0.



59 yuan (previous value was 0.



59 yuan), refer to comparable company’s 20-year P / E average of 12.

3x, benefiting from the operation of the receiving station, the company has excellent growth, and should give a 20-year target P / E 17 for a certain premium of copyright.

5-18 years old.

5x, corresponding to a target price of 8.


25 yuan / share, maintain “Buy” rating.

Risk warning: domestic gas price and sales risk, overseas gas price risk, RMB exchange rate change risk

Sunshine City (000671): Continue to write to grow light and enter the battle

Sunshine City (000671): Continue to write to grow light and enter the battle
The event company released a quick performance report and realized a total operating income of 614 in 2019.91 ppm, a ten-year increase of 8.89%; net profit attributable to mother 40.22 ppm, an increase of 33 in ten years.27%. The brief evaluation results are in line with expectations, and continue to write high-quality growth.The reasons for the company’s profitable period of rapid growth and higher growth than revenue are: 1. The quality of earnings has been improved and advanced, and the overall gross profit margin carried forward in the third quarter has increased compared to the same period last year.9% to 28.4%, the comprehensive net interest rate increased by 1.6% to 7.9%, adjust the company to take the “quality guidance, profit guidance” as the core of the business promotion principles in the second half of the year and carry forward the quality improvement;882.1.2 billion, an increase of 42% over the beginning of the year, which is a good basis for carrying forward long-term performance.Considering that the company currently has sufficient reserves and a saleable value exceeding 540 billion yuan, we are 北京夜网 optimistic that the company will continue to write high-quality growth in 2020. Take the ground actively and lower the leverage into battle.In 2019, the company’s land investment achieved efficient expansion under the requirements of ensuring cash flow security and controllable denial rate, and gradually increased 65 projects with a total construction area of 1230.0 million square meters, an increase of 58 every year.0%, corresponding to the total price of 526.600 million, accounting for 25% of sales in the year, an increase of 4% over the previous year.Internal companies continued to strengthen the level of cash flow management and control at the end of the period, achieving 416 monetary funds.USD 600 million, an increase of 10% over the end of the previous year. At the same time, the company’s debt structure continued to optimize, and the short-term debt scale was 320.3 trillion, 33 lower earlier.6%, net debt ratio of 138.28%, an earlier decrease of 43.94%.In September 2019, Fitch, one of the three major international rating agencies, upgraded the company’s shareholder rating from B to B +, with a stable outlook.We believe that this rating upgrade benefits from the company’s continuous improvement in financial security since 2018, reflecting the company’s progressive development. Maintain BUY rating.Fine-tune company EPS to 1 for 2019-2021.00/1.33/1.74 yuan (previous forecast was 1.01/1.36/1.81 yuan), the current sustainable corresponding company PE is estimated to be 7 in 2019/2020.8x / 5.9x.

Cultivation of the six steps, the perfect woman

Cultivation of the six steps, the perfect woman

1. Discover a lot of humorous points in life and cultivate a sense of humor.

  Life is humorous.

Or, humor is everywhere.

The key is how to discover.

Women like humorous men. In fact, men also like humorous women very much.

It can also be said that the degree to which men like humorous women is more complicated than the degree to which women like humorous men.

A woman with a sense of humor has a deep and lasting appeal to men.

If you cultivate humor, the most effective way is to learn a lot of people around you.

  2. Dress yourself in moderation.

  Be careful, I’m talking about moderation.

Before, I often said that women are as beautiful as they are.

That is from another perspective.

No woman doesn’t like dressing up.

However, how to dress is not something that every woman can grasp.

Only a moderately dressed, the strong is strong, the light is light, the flower is flower, and the pure is pure, can a woman’s charm be truly reflected.

Moderately dressed, men saw it and felt greatly respected.

  3, read more books, so that you have more culture inside.

  Books are the ladder of human progress.

Books are great, especially good books.

However, there are fewer and fewer people who read books seriously.

If women want to increase their seductive power, they will attract more men’s eyeballs and increase their hearts.

Reading more books is a good choice.

In this way, a woman’s inner temperament can be improved.

When looking at a woman’s appearance, what men are most interested in is the inside.

  4. Do more good things from the heart and show kindness.

  Good things, anyone can do it, just do it.

However, people who do good deeds these days are becoming more and more contrived, and there are always these and those attempts behind them.

This is a very sad thing.

Fewer people are really doing good things from the heart.

Men like good women.

Kind women can always impress men in a subtle way.

Therefore, from the heart to do more good things, no matter how big or small, it is good for women and harmless.

  5. Regardless of whether you are beautiful or serious, exercise regularly to keep your body active.

  She is beautiful, has unique conditions, and has strong natural temptation.

However, if you don’t pay attention to physical exercise, your limbs will not be fully moved and your body will deform sooner or later.

You don’t look very good, and you have to make up for it with mental energy.

No man is willing to face a deadly woman who looks like a sick cat every day.

Of course, don’t exercise too much, don’t make a large muscle mass.  6. Learn to be coquettish and naughty.

  Coquetry is a woman’s instinct.

As long as it’s a woman, it won’t be deceiving.

However, just to coquettishly is not understood by every woman.

Some women are not coquettish and do not work at all.

Some women coquettishly overdo it, but instead get the opposite effect.

Therefore, it is important to learn to coquettishly.

At the same time, we also need to know how to be a naughty man.

According to how to operate, there are more books in this area, it is better to look for them.

College Student Network Complex

College Student Network Complex

Facing the virtual world transformed by the Internet, contemporary college students have shown a high degree of recognition and enthusiasm for participation.

The various mentalities that accompany network behavior require us to pay full attention to and take corresponding guidance and adjustment measures.

Psychology also responds to the rapid development of the Internet, strengthening the sense of time and applicability.

  With the emergence and development of the Internet, the affinity of college students for the Internet and related network behavior have aroused the attention and thinking of researchers from different angles-culture, education, sociology, youth studies, etc.

So, from the perspective of psychology, how to interpret the “Internet complex” of college students?

  The development of the dislocation network of technological development and psychological preparation is super-conventional and leapfrogging. It is not too much to describe a thousand miles a day.

In the absence of adequate mental and psychological preparations, or without clear expectations at all, the Internet quickly permeated all aspects of social life.

Now, when our rational thinking has discovered all this, we have to say that the network society is both an orderly society and a disorderly society.

As far as the hard environment is concerned, the network society is orderly; but for the soft environment and many network behaviors, it is extremely disordered.

Modern technology uses sophisticated electronic components and rigorous computer programs to build a powerful “economic foundation” of the network society, but the “superstructure” and “ideology” of the network society cannot be built by technology.

It can be said that from the beginning, the network society has the defects of psychological and spiritual congenital deficiency.

The consequences of this contradiction can only be a gradual adaptation to existing facts, and the psychological shock is conceivable.

Human anxiety and anxiety in the information age have become a universal fact, and college students are naturally inevitable.

They are obsessed with the Internet, but do not know how to use it to their advantage; they are eager to think independently but often believe in false information on the Internet.

Therefore, there is a paradox that the shock caused by the huge changes brought by information technology to human social life coexists with our slow response to information technology.

  ”Double-edged sword” effect From the perspective of the scope, the impact of the Internet is comprehensive and comprehensive; from a natural point of view, its impact is mixed, positive, and possible.

Therefore, the Internet is figuratively described as a “double-edged sword”.

As far as the realm of life is concerned, its positive impact lies in the fact that the value of the existence of an individual’s life is infinitely enhanced and displayed, and it is possible for people to restore the dignity of life.

Chat rooms, BBS, e-mail, as well as a wide range of web pages. The role they play in social life has a role in alleviating the user’s nervousness and releasing the pressure from work and life.positive effect.

When people are affected by all kinds of stimuli to produce bad emotions, the approach advocated by psychology is modest, timely transfer, talk and venting, and the concealment, openness, and convenience of the Internet provide just such an opportunity.

  The main manifestations of relative impact are: First, alienation of interpersonal relationships.

Reliance on the Internet and even obsession have greatly reduced interpersonal contact and replaced it with virtual interpersonal relationships.

In addition, “digital individuals” and “virtual self” also appeared.

In the Internet world, people engage in computers to talk, communicate, and even build relationships with each other, even when they are living in ignorance.

The network has broken through the traditional view of time and space, reduced the distance and time to zero, and realized the form of “world neighbor”.

But at the same time, because all this is done through a computer, out of this particular environment, there may be situations where you don’t know each other, which in turn makes “neighborhood” like “world”.

Second, there is anxiety and impetuousness.

The realization of material desires and the rapid development of technology do not necessarily lead to the simultaneous improvement of mentality and cultivation.

The so-called wealth does not equal happiness, and growth does not equal development.

The explosive growth of information can sometimes lead to disorientation, restlessness, and anxiety or impetuousness.

Wealthy disease, urban disease has become a reality, and Internet disease is by no means alarmist.

  Paying attention to the network means paying attention to ourselves. In the end, all of this is not the credit or fault of the network.

It is just a medium, an instrumental existence.

If you use it well, it will benefit humanity, and if you do n’t use it well, you can endless harm.

The key is to see who uses it and how to use it.

Therefore, accompanied by saying that we are concerned about the network, rather we are concerned about ourselves; meanwhile, we should pay attention to the network, rather we should pay more attention to ourselves.

The ancient topic of human survival and development does not and cannot simply be made clear by the alien arrangement of the Internet.

  The relationship between the Internet and psychology and mental health education is a two-way interaction.If the psychological method provides us with a unique perspective on understanding the network and network behavior, it can also be said that the network has injected vitality into psychology and mental health education, and also raised new and higher requirements.


The Impact of the Internet on Psychological Research Methods.

The Internet has created conditions for innovation in the form of psychometrics, and has made it impossible to process a large amount of information in the past.

The method we use to conduct psychological tests with a fixed displacement and a fixed sequence, the biggest drawback is that it is too old-fashioned, mechanical, lacking obstacles and innovation.

When the same person takes the same test at different times, due to the effects of memory and experience, the later the test, the lower the authenticity and credibility of the results.

A good method is to randomly present the translation, generate a unique questionnaire, and calculate the norm of the questionnaire itself.

Of course, all of this cannot be done by manpower and manual work alone-too much work.

But now it is different. In front of computers and the Internet, the heavy statistics, calculations, etc. that people realize are simplified to the translation of the mouse and the sound of the keyboard.

  Even so, the network has broken the traditional space-time limitations and reduced distance and time to zero.

In psychological investigations, investigators can simultaneously obtain answers from Internet users who are far away from any corner of the world, thereby making large-scale investigations possible.

  Of course, through further development of the network, the traditional sampling method must be changed.

In previous psychological research, this method is often used: randomly remove several schools in a city, and then randomly remove some students, and replace them with a scale or variable to obtain an overall grasp of the psychological status of students in that city.
Without sharpness, the accuracy of this method must at least reach the quality and quantity of the sample.

If the schools being removed are homogeneous and the students removed are of comparable size and representativeness, then the so-called palatability is broad.

Otherwise, it’s another matter.

On the Internet, the researchers are highly dispersed, and the “homogeneity” is poor. Obviously, they cannot be copied. The old tricks divided by age, gender, city and other methods are applied, because the situation of each website is different, and the age and gender of Internet users are different., Interests, hobbies, personalities and so on are very different, plus “loss of identity”, “hiddenness” and other factors may bring about the impact (“he” can be ignored or ignored; may or may not be serious), soPsychological research on one or more websites cannot represent the psychology of any other website member.

After that, we are required to innovate and optimize the sampling method, and work hard on the quality of the scale or questionnaire and the selection of samples.


Reconstruction of Cyber Psychology.

The emergence of the Internet has greatly promoted the development of psychology and mental health education, which is mainly manifested in the following aspects: First, practitioners can conduct convenient and efficient online communication.

A large amount of professional knowledge and dynamic information can be obtained through relevant sites at home and abroad.

You can also express different opinions on the Internet and even publish professional articles, and make your thoughts public in a short time.

Second, online psychology services are gradually heating up and will be gradually improved.

  Regarding the predictions of reconstructing network psychology proposed by some people today, I think it should be corrected, because the so-called network psychology here refers not only to the psychology related to the network, but also to the psychology with the core of information exchange.

  The Internet has brought a new paradigm that is different from computer science.

The focus of computer science is on the input, output, and information processing of a machine, while the focus of the network is information exchange between different computers (systems).

In the network perspective, the focus is not on the internal processes of a computer, but on the information flow of the network as a whole.

The network as a whole has new qualities that no computer has (this reminds us of Gestalt’s famous saying: “The whole is greater than the sum of its parts”).

Therefore, this new paradigm will lead to the birth of network psychology, which compares human groups with computer networks and uses the concept of network information exchange to study the psychology of people and people.

Three massage methods to help you maintain health and sex

Three massage methods to help you maintain health and “sex”

In traditional Chinese medicine, there are many massage methods that help tonify the kidneys and tonify the sun.
So how to massage in order to achieve health and “sex”?
The following editors of Ping An Health Network will recommend three massage methods for everyone, you may wish to try it.
  1. Massage the lumbosacral region.
  There are lumbosacral areas in the traditional Chinese medicine massage.
You can sit on a chair with your hands and five fingers close together, with both palms properly pressed and rubbing your waist and hips at the same time for about 5 minutes.
Then rub the Shenshu and Mingmen points with two thumbs, each for 1-2 minutes.
Then rub the right part of Shenshu, Mingmen, Batu acupoints horizontally with diathermy as appropriate.
  Second, massage the lower abdomen.
  It mainly targets the small abdomen from the navel to the external genitalia, with the sides bounded by the left and right anterior superior spines.
When massaging, lie on your back with your hands folded in the middle of the lower abdomen, squeeze the abdomen, and massage slowly, at a frequency of about 10 times per minute, until it feels hot in the lower abdomen.
Massage can last for 5 minutes.
  Third, massage the testicles.
  Before falling asleep and getting up, the man lay on the bed with his legs straight and slightly apart.
Rub your hands, press the lower abdomen with one hand, and wrap the testicles with your thumb and index finger on the other hand, and place them in the tiger’s mouth.
Gently pinch the testicles with the remaining three fingers and count 81 times.
Then change hands left and right and repeat on the other testicle.
When you massage, you must be focused. If your penis is erected, exercise restraint.
After massaging the testicles, rub the circle along the navel with one hand, 81 times each.
It should be noted that the method of massaging the testicles should not be light or heavy, and grasp the principles of light, soft, gentle and even.
In addition, some patients with organic lesions of the reproductive system should not use this method, such as epididymitis and testicular tuberculosis.

Memory loss, tea, nursed back to health

Memory loss, tea, nursed back to health

Core Tip: Ways to alleviate memory loss and enhance memory, first of all, can’t lose confidence in one’s memory, and generate negative emotions such as anxiety, sorrow, uneasiness, etc., because the role of psychological function in enhancing memory is very important.

At the same time, the elderly must supplement the protein in a timely and appropriate amount.

  Memory makes the aging of various organs of the body decrease at a slow rate. This is a natural law and a normal phenomenon.

  Longan Zaoren tea longan meat, 10 grams of fried jujube, turmeric 12 grams, wash the medicine and add appropriate amount of water, cook 2 times, every 30 minutes, take juice for tea.

It can replenish the spleen and soothe the nerves, and strengthen the brain and puzzle. It is suitable for forgetfulness, heart palpitations, fatigue, insomnia, etc.

At the same time, add three grams of yam to sleep before going to bed.

  Walnut apple tea 60 grams of walnuts, 2 apples, brown sugar right amount.

Wash the apples, peeled and chopped, put them in a container with walnuts, add some water, first boil with high heat, then cook for 30 minutes with low heat, add brown sugar and cook a little, daily second generation teaThis.

It can nourish and nourish the mind, and it can be used for mental spleen and spleen, forgetfulness, forgetfulness, nightmares and other dreams. It is especially suitable for young and middle-aged and elderly intellectuals to think about the brains and brains.

  Banana Gynostemma Tea Banana 2, Gynostemma 30 grams.

Wash the Gynostemma, dry it, chop it, add it to the cup, brew it twice with boiling water, cover it for 20 minutes each time, and combine the Gynostemma solution.

Pour the banana into the infusion solution and mix well immediately, twice a day.

 It can be refreshing and healthy. It is suitable for middle-aged and old-age mental workers who are tired, dizzy, memory loss, and dreamless insomnia.

  Ganoderma lucidum tea, 20 grams of Ganoderma lucidum, washed, dried, cut into pieces, put into a cup, brewed with boiling water, covered with boring for 20 minutes to drink frequently.

You can benefit from qi and heart, and soothe your nerves. It is suitable for dizziness and forgetfulness, sorrow and fatigue, complexion and sallowness.

Demystifying women’s common mistakes in weight loss

Demystifying women’s common mistakes in weight loss

If you want to lose weight healthily, you should avoid the slimming mistakes!

Below, let the experts tell you that some slimming mistakes are the most common mistakes women make when they lose weight. Then how can you avoid these misunderstandings and help you to get healthy and fast?

  Misunderstanding 1: Eating laxatives, single food most injured According to the latest survey of 100 pharmacies, 60% of the pharmacists have encountered people’s mistakes in weight loss, 90% of them are women aged 25 to 44, often taking intense weight loss such as laxatives.Under 25 years old, often buy weight loss health food, 44 years old or older often eat meal replacement, men often eat a single food such as apples, and many people have purchased diuretics and other drugs to reduce weight, wrong weight loss method is easy to regain weightOr start from diet, exercise.

  Obesity increases the chances of suffering from chronic diseases and cardiovascular diseases. However, if the way to lose weight is wrong, or if you lose too much weight, it will hurt your health. It is recommended to lose 0 per week.

1 kg is healthier.

The Pharmacist Association survey found that 25% of the public would go online to check the weight loss information, but the concept was wrong. It is recommended that the public consult the doctor first, and adjust the diet and exercise habits to reduce weight.

  Misunderstanding 2: I often take laxatives and induce vomiting. According to the investigation of the Pharmacist Association, many people use a laxative to eat a single food such as apples and induce vomiting to reduce weight.

Eating laxatives, vomiting may damage the health of the gastrointestinal tract, eating a single food is easy to nutrition, and these wrong ways can not last, as soon as you stop, you will immediately become fat.

  Misunderstanding 3: The drug abuse survey also found that many people even buy diuretics, hypoglycemic drugs, antidepressants to reduce weight, thereby replacing water, inhibiting sugar absorption and promoting metabolism, but the improper use of these drugs will be seriousThe consequences are not caused by insomnia, dehydration, or even death.

  Misunderstanding 4, eat too oil to take medicine if the regular diet is greasy, consult a physician to consider using legal diet pills.

Use diet pills for up to 2 weeks, so as to avoid nutritional imbalances, pregnant women should avoid using diet pills to avoid harming vitamins.

  Should do this: 1, record the contents of the three meals for the average person, calculate the daily inconvenience, it is recommended to start from the record of three meals, while getting up every day, each time before going to bed, each weight, and then the weight and daily dietIn contrast, you can get a clearer understanding of the weight gain of some foods and avoid duplication.

  2, the inverted triangle diet should eat low-oil, high-fiber food, and it is recommended to use an inverted triangle diet, that is, the most abundant breakfast, moderate amount of noon, light taste, dinner as much as possible to eat green vegetables, 4 hours before going to bed do notEat.

  3. The evacuation segmentation exercise is exercised for at least 3 days per week for 30 minutes each time.

If you can’t get the time, you can exercise 10 times each time?
20 minutes, 2 or 3 times a day, you can walk more if you really have time.

  4, try to sleep enough Foreign studies have found that the less sleep time, the more likely to gain weight, which may be related to endocrine disorders, it may be that when you do not sleep, you will find something to eat, it is recommended to develop regular sleep habits, sleep every day7?
8 hours.

  Physicians say that the purpose of weight loss in re-education is to be healthy and to avoid suffering from various chronic diseases in the future. However, many people are only pursuing a good body weight loss, so they use various methods of weight loss and must re-educate.

  Experts say that you should not listen to the rumors that there are many secret recipes for weight loss, but basically there is no evidence, and there is no scientific basis. It is recommended that people do not listen to rumors, or start from diet and exercise.

How do you add food to the elderly?

How do you add food to the elderly?

Because the activity of the elderly is greatly reduced when younger, the absorption and peristalsis are slower, and the digestion and absorption function is also healthy. Therefore, it is not appropriate to absorb too much food at one time, otherwise it must continue to bear the sudden increase of load, which may cause discomfort such as food accumulation.

  If three meals a day, Dunton eats less, it will inevitably lead to insufficient types and quantities of food intake, thus affecting the nutritional balance of the elderly.

Therefore, nutritionists generally believe that the elderly should be appropriate meals.

  There are two points to pay attention to when adding meals. One is the choice of time, and the other is the choice of food and the control of quantity.

Old people usually get up early, breakfast and lunch are very long, and you can add a meal between the two meals.

In addition, after a nap, it is more appropriate to add a meal before dinner.

  The amount of food for the elderly must not be too large, otherwise it will affect the intake of the meal.

  About, if you drink yogurt when you add a meal, it is better to use 125-250 ml at a time. If you eat snacks, do not exceed 50 grams at a time.

In addition, the spleen and stomach function of the elderly has been improved, to avoid eating too much extra food; pay attention when adding food, do not take out the yogurt or fruit from the refrigerator and eat it immediately, put it back in the room, at room temperatureEat again.