Dongjiang Environmental Protection (002672) quarterly report comment: 19Q1 performance is slightly lower than expected, optimistic about potential expansion in other places

Dongjiang Environmental Protection (002672) quarterly report comment: 19Q1 performance is slightly lower than expected, optimistic about potential expansion in other places

19Q1 The company achieved operating income / net profit attributable to mothers / net profit attributable to non-mothers8.

1/1.

1/1.

0 million yuan, +6% /-11% /-12% at the beginning of the year, of which the main business profit grew steadily by 8% to 2.

US $ 800 million. The net profit attributed to the parent is due to the increase in period expenses (including R & D expenses). The total expenses for the period of 19Q1 were 1.

6 trillion, the cost rate during the period reached 20.

4%, one year +2.

1pct.

At present, the industry continues to be booming. After Dongjiang Environmental Dating Huihong Group as a war investment, it tried to fully rely on Huihong Group’s rapid expansion of hazardous waste production capacity in Jiangsu.

We expect the company EPS to be zero in 2019-20.

61/0.

72 yuan (0 before adjustment.

66/0.

79 yuan), giving the company 24-26xP / E in 2019, corresponding to a target price of 14.

64-15.

86 yuan / share, maintain “Buy” rating.

In 19Q1, the company’s performance of operating income / net profit attributable to mothers / net profit attributable to non-mothers 8 was slightly lower than expected. The increase in expenses during the period was the main reason for the decrease in profits.

1/1.

1/1.

0 million yuan, +6% /-11% /-12% at the beginning of the year, of which the main business profit grew steadily by 8% to 2.

US $ 800 million. The net profit attributed to the parent is due to the increase in period expenses (including R & D expenses). The total expenses for the period of 19Q1 were 1.

6 trillion, the cost rate during the period reached 20.

4%, one year +2.

1pct.
Among them, sales expenses / financial expenses increased by 58% / 39% per year. The competition in the hazardous waste market of the main business was intensified. The company’s growth in market expansion led to increased sales expenses and the increase in reported interest expenses after some projects under construction were resolidified.

In addition, the company’s cash flow is good, benefiting from the increase in net loans to customers of small loan companies and the company’s centralized hazardous cash flow business, which has a better hazardous waste business. In 19Q1, its operating net cash flow exceeded + 496% to 3.

200000000.

The prosperity of the industry is expected to continue. Dating Huihong Group will help expand its capabilities to the end of 2018. The company’s processing capacity will end at about 170, which translates to 60%. It is expected to gradually reach about 180 at the end of 2019, and is expected to further climb to 350 inches in 2020.

At present, the hazardous waste disposal industry is still in short supply, and environmental protection supervision is gradually getting serious. It is expected that the non-compliant treatment capacity will be further eliminated, and the industry’s prosperity is expected to continue.

For reporting equity, Huihong Group and its wholly-owned subsidiary Huihong Venture Capital obtained the company through equity transfer and centralized trading10.

With 63% equity, Huihong Group is a state-owned enterprise in Jiangsu Province. It has strategically invested in Dongjiang Environmental Protection and strengthened its environmental protection business 杭州桑拿网 cooperation.

We believe that Jiangsu ‘s hazardous waste production ranks first in the country and the capacity gap is obvious. After Dongjiang Environmental Protection and Huihong Group have invested in the war, it is expected that Jiangsu will rapidly expand hazardous waste production capacity and increase long-term profitability.

Lowered profit forecast and maintained “Buy” rating. Taking into account the lower-than-expected 19Q1 results, we lowered the profit forecast and expect the company to return to its parent’s net profit for 2019-20205.

37/6.

3.7 billion (5 before adjustment).

83/7.

40,000 yuan), the corresponding EPS is 0.

61/0.72 yuan (0 before adjustment.

66/0.

79 yuan), and dating 2021 EPS0.

83 yuan.

With reference to the average P / E 20x of comparable companies in 2019, but considering the development of the Jiangsu Chemical Industry Park 杭州桑拿 after the explosion to improve the prosperity of the hazardous waste disposal industry, leading companies should enjoy an appropriate premium.

Increase the company’s 2019 target P / E to 24-26x, corresponding to a target price of 14.

64-15.

86 yuan / share, maintain “Buy” rating.

Risk reminder: The project’s production progress is less than expected, the large amount of investment causes the deterioration of cash flow conditions, and the loss of core technical talents.

Changan Automobile (000625): The listing of Changfu and independent new cars is expected to increase sales growth

Changan Automobile (000625): The listing of Changfu and independent new cars is expected to increase sales growth
Event: Changan Ford and Changan’s own brands launched a number of new cars. Core Views 都市夜网 Changan Ford launches several new models, aiming to increase sales in the second half of the year.On August 16, Changan Ford officially launched three new models including the new Focus Active, the new Sharp ST / ST-Line and the new Taurus on the Ford Brand Day.The new Fox Active adopts a cross-border style and a new appearance design concept, the model size is expanded; the interior is equipped with 12.The 3-inch central control screen is equipped with the SYNC + entertainment system jointly created by Ford and Baidu; the power side is equipped with Ford 1.5 liters of EcoBoost turbocharged dual-injection engine, matched with 8AT manual automatic transmission; reduced to 13.98-15.380,000.The new Sharp ST / ST-Line has an improved appearance design, equipped with a large-sized center control screen and a new engine, weighing 26.98-38.980,000 yuan.The appearance of the new Taurus changes significantly, the body is enlarged, and the built-in 12.3 inch vertical touch screen, size 22.89-28.89 thousand.The improved performance of the three new models of Changan Ford compared with the old models provides consumers with a wealth of choices, which effectively promotes Changan Ford’s sales growth after listing. Changan CS75PLUS has started pre-sale, and its product strength is strong, which is expected to become an independent sales growth point in the second half of the year.On August 16, Changan Automobile A + -class SUV Changan CS75PLUS officially opened pre-sale, lowered to 12.79-15.79 thousand yuan.The CS75PLUS is younger, avant-garde and conceptual in design; the interior is equipped with a double 12.The 3-inch full high-definition large screen adopts an alternating design of the instrument panel and the central control screen to form a linkage layout; the power is equipped with 2.0T (or 1.5T) A combination of GDI blue whale engine and Aisin 8AT.In terms of intelligent driving assistance, CS75PLUS is equipped with 12 ultrasonic radars, 3 millimeter-wave radars, and 5 cameras, which can achieve L2 level automatic driving.The Changan CS75PLUS product surpasses and is full of bright spots. After its listing, it is expected to 成都桑拿网 become an important growth point of Changan’s own brand sales. Financial forecast and investment advice: The forecast for 2019-2021 is 0.15, 0.92, 1.22 yuan, because the company in the third quarter of 2018, the fourth quarter extended, we use PB to make predictions.Comparable companies have an average PB of 1 in 19 years.About 1 times, the company will be given PB1 in 2019.1x estimate, target price 10.75 yuan, maintain BUY rating. Risk warning: Changan Ford sales volume is lower than expected risk, Changan Mazda sales volume is lower than expected risk, Changan independent brand sales volume is lower than expected risk.

Sleep drooling alert to disease signals

Sleep drooling alert to disease signals

Drooling in adults may be the signal of some diseases.

Poor oral hygiene: The temperature and humidity in the mouth are most suitable for the reproduction of bacteria, the accumulation of food residues or sugars in the teeth and teeth, and prone to dental caries and periodontal disease. These bad factors are irritating and can cause flow during sleep.Drool.

  Neuromodulation disorders: The regulation of salivary secretion is completely neuroreflexive. The so-called “Wangmei quenches thirst” is an example of conditioned reflex salivation in daily life.

Some patients with neurofibrosis or other systemic diseases that may cause vegetative nerve disorders may also experience parasympathetic nerve excitement while sleeping, causing the brain to send the wrong signal and increase saliva secretion.

So neurological disturbances can also cause drooling while sleeping.

  May be improper sleeping posture.

Like lying on the table and sleeping on the side, it is easy to cause drooling.

  Chinese medicine believes that the body is deficient in kidneys and qi, among which the yang deficiency.

The so-called “yang” refers to the functional state of the body.

People with yang deficiency have insufficient muscle elasticity and are easy to relax. Therefore, after falling asleep, they will open their mouths and form drool.

  The causes of drooling in sleeping adults can be roughly divided into the following.

  Oral inflammation.

Oral inflammation can promote salivation, cause pain, and cause drooling.

Symptoms usually go away after treatment.

  Facial neuritis.

After your face is cold, drooling may occur after a hair dryer or a cold.

Such patients are also accompanied by symptoms such as inadequate closed eyes, skewed mouth corners, etc., and should be treated early.

  Overuse your brain.

When people use the brain excessively, become extremely tired and take certain drugs, it will cause the autonomic nervous system disorder of the body. When sleeping, the brain will send the wrong signal and cause drool.

In this case, take more rest to avoid other diseases caused by decreased immunity.

  Stroke aura.

If you drool after falling asleep, and smile in the mirror after waking up in the morning, you will find symptoms such as skewed corners or headaches, which means a stroke interaction.

The patient must not be taken lightly in this case and should seek medical attention immediately.

  arteriosclerosis.

Arteriosclerosis can cause brain and muscle contraction, hypoxia, skin skin muscle relaxation, and weakened swallowing ability in the elderly, which can cause drooling during sleep.

Even if there are no symptoms such as skewed corners and tight eyes, you should go to the hospital for examination as soon as possible.

  If you often drool during sleep, it is best to pay more attention to your body and adjust in time.

On weekdays, you can take more traditional Chinese medicine tonic to strengthen the spleen and kidney, such as lotus seed, Zhishi and Huaishan medicine.

20 easy mistakes everyday beauty

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20 easy mistakes everyday beauty

Sometimes the effect of skin care is not obvious, and many times it is due to improper skin care.

Improper skin care will always give up the past, and severe cases are more likely to cause disfigurement.

Take a look at these 20 common cosmetic mistakes and see which ones you have made?

.

hzh {display: none; }  1.This brand is so expensive that it should not be suitable for my young skin. “I use such an expensive product now, what can I use when I get older?” Many people have such concerns.

In fact, good quality products will only add points to the skin and will not make the skin tolerant.

The price is not directly proportional to age. It can only be said that because some products are more expensive, people who are able to consume are relatively older, and their economic strength may be better.

Most high-end makeup brands have different product lines to suit different age consumer groups.

Some brands of products can be used by even small children, of course, in the case of spending power.

  Sometimes the effect of skin care is not obvious, and many times it is due to improper skin care.
Improper skin care will always give up the past, and severe cases are more likely to cause disfigurement.

Take a look at these 20 common cosmetic mistakes and see which ones you have made?

  2.

Always compare skin with others, the more the result, the less confident I am. This is the biggest beauty misunderstanding.

  Many people often say, “I eat the same hot pot, why do I get acne and she doesn’t?

“Or” She never used expensive cosmetics. Why is the skin better than me? ”

“. In fact, skin care experts tell us that more than 70% of skin conditions are genetic.

Everyone’s innate conditions are very different, so never compare with others, but compare with yourself.

  As long as your skin is better than yesterday or you are younger than yesterday, you are successful.

  3.

All the cosmetics are put in the refrigerator. I heard my colleague ask me, “I stored the night cream in the refrigerator some time ago. I took it out yesterday and saw how the oil and water separated?

“This is a problem that many people don’t understand.

  In fact, many cosmetics cannot be placed in the refrigerator. Some products containing oil may be separated from oil and water due to refrigeration, and many products containing active ingredients may lose their activity due to refrigeration . Generally speaking, oil-free condensation orThe mask and lotion can be used after refrigerated to cool the skin in summer.

  But the specific situation is best to consult clearly when buying the product.

  4.

My skin is prone to oiliness, so I never heard oily products in summer.

  In fact, the skin’s natural hydrolipidic film is formed by the balance of “water” and “fat”. When it loses its balance, it will appear “dry” or “oily” skin problems.

  When the skin gradually matures, the skin’s natural moisture and oil content will decrease. If the oil content is not replenished, it may cause skin nutrition and nutrition to appear wrinkles and dullness.

  So if your skin is already showing signs of aging, it is best to add some oily cosmetics to your skin every day while controlling your oil (of course, it is obviously easy to absorb non-greasy) to ensure that the skin has sufficient nutrition to resist aging.

  5,

Cleansing products are not as important as cream products. In order to save costs and choose lower quality because of budget or other reasons, we usually ignore the quality of cleansing products, which is moderately counterproductive, which not only increases skin care costs but also hurts the skin.

  Generally, poor-quality cleansing products will destroy the skin’s PH value, and the damage caused by it will require about 1/3 of the cream to be recovered.

Cause more than worth it!

  6.

The eye cream absorbs thickly on the wrinkles or fine lines of the eyes.

hzh {display: none; }  相对来说眼霜的滋润度、延展性都比较高,因此用量不用很大,大概在一个绿豆粒大小.

This is why almost all brands of eye cream contain about 15ml.
  In addition, the eyelid skin is not abnormal, and it is difficult to absorb skin care products. If you apply too much eye cream on the eyelids, it will not only easily stimulate the eyes, but also block the pores around the eyes and form oil particles.more obvious.
  7.

That finger is convenient to apply eye cream with that finger. The skin around the eyes is 5 times thinner than the facial skin, so it is more fragile.

And most people are accustomed to using the index or middle finger when applying eye cream. Their strength is a burden on the delicate eye skin, which has caused the fine lines to be more obvious due to pulling, and also stimulated melanin deposition to cause indirect blackness.eye socket.
  The correct method is to apply an appropriate amount of eye cream to the periphery of the upper and lower eyelids with the ring finger, apply it from the inside to the outside or at the point, or gently apply it to the bones of the eyes.

  8.

The sun has never been without sunscreen products. The sun protection process of the most vulnerable skin around the eyes is often ignored. A look at the sun spots around many people can prove this.

  There are also people who apply facial skin cancer products directly to the eyes. It is not known that facial products containing SPF sun protection index are overwhelming to the skin of the eyes. After application, it may cause great discomfort and even sensitivity.

  A pair of sunglasses, good sunscreen eye cream, and concealer that can be used on the eyes can be used as sunscreen for the eyes.

  9.

To avoid oily skin, wash your face continuously throughout the day, often using oil-absorbing paper. Oily mixed skin usually has abnormal oil secretion, and the sebaceous glands are too active, especially in hot, gradual, and sultry summers.。
  Therefore, it should not be stimulated excessively. Changing face washing, oil absorption, etc. will make the sebaceous glands, which are already very strong, secrete more vigorously, and the PH of the skin will be destroyed. The more it squeezes, the more it sucks.

  You should choose the right balance of oil products, preferably a series, from cleansing to masks to daily care products, rather than simply choosing oil control products.

  10.

Frequent acne squeezing with hands or going to a beauty salon or squeezing is indeed a pleasure. Although it works immediately, it is not a cure for the root cause, because you will find that “strawberry nose” is coming back soon.

  This is not wise and will cause more harm.

The irritation caused by improper application of force, the generation of facial blisters, and the harm to more innocent cells are not worth the damage.

  Try to avoid touching the face consciously or unconsciously, the bacteria of the hand will increase the inflammation.

  11.

Use medicinal products as skin care products. Medication-type products such as ointments that can cure acne cannot be used continuously. Although it can alleviate severe acne or acne to a certain extent, long-term use causes skin degeneration, and many ointmentsContaining trace hormones, long-term use will cause damage to skin barrier function.

  In addition, the efficacy of general medicinal products is relatively simple. It can only address certain problems and cannot take care of skin, such as hydration, anti-wrinkle and other aspects. Therefore, it is recommended to use medicinal products in stages. After the symptoms are relieved, other seasonal products should be replaced.use.

  In addition, you should pay more attention to your diet. In addition to the spicy foods often mentioned, drink less coffee, eat less tomatoes, oranges and other fruits and vegetables that irritate the skin earlier.

Relax and enjoy yoga while watching TV

Relax and enjoy yoga while watching TV

Many women do not have time to exercise, but the aunt who eats ca n’t consume it, can only watch her body getting fatter?

Recommend 3 sets of weight loss yoga exercises for you, it doesn’t take much time, just use your hands and feet while watching TV, you can easily lose weight.

  Sit sideways 1, sit sideways, hands naturally on both sides of the body.

  2. Straighten the left leg to the left, keep the right leg bent, the upper body to the left, hold the toe of the left foot with your left hand, and straighten up with your right hand.

  3. Press the upper body down to the left leg. This action can help exercise the side waist muscles and modify the waist line.

  Cow face style 1, sitting in a cross-position, hands are naturally placed at both ends of the body.

  2. Bend your right hand, lift it up, place it above the back of your head, bend your left hand, and grab your right elbow.

  3. Put down your left hand and hold your right hand so that your two hands are behind each other.

Releases pressure on the humerus and arms to help relieve shoulder and neck pain and excess tibia.

  The sitting position is bent forward with 1 leg, in the sitting position, with the legs trying to open at both ends, showing a large font.

  2. Bend your hands toward the front of your body, your forearms against the ground, and your upper body leaning slightly downwards.

  3. Keep your hands straight forward, lean your body down, and keep it a little longer.

This action can effectively exercise the thigh muscles and tighten the thighs.

Rice cake, Chinese style small pastry, steamed to eat healthier

Rice cake, Chinese style small pastry, steamed to eat healthier

Eat the cake made in the oven to try the steamed rice cake. It tastes soft and soft, sweet but not greasy and flexible. The most important thing is that it is steamed and steamed. The cranberry rice cake ingredients:Rice 200g, milk 180g, dry yeast powder 3g, sugar 20g, cooked black sesame 2g, dried cranberries.

 Practice: 1. Prepare the ingredients, pour the rice into the mixing cup and stir the cup until the rice is completely turned into rice noodles and pour out the sieve; 2. Pour the dry yeast powder into the milk and mix well.

3, pour into the rice noodles, add white sugar, stir evenly; 4, pour into the silicone mold, the surface is sprinkled with appropriate amount of black sesame seeds, put a cranberry in the middle to carry out fermentation; 5, ferment to 2 times largePut it in the steamer for 20 minutes, then turn off the heat for 3-5 minutes; 6, the finished product, a scent of rice scented, fragrant and delicious!

1.

The silicone mold is easy to demould. If it is other molds, first apply a layer of oil to the inner wall and bottom, then pour the rice paste, otherwise it will not release the mold after steaming;

If it is for younger babies to eat, you can not put sugar, milk into formula milk, sesame and cranberry dry view of the child’s acceptance level, 3.

After the rice is whipped, the extra granules continue to be added to the broken machine to make powder, and the operation is repeated once.

Millet cake ingredients: 2 eggs, 30g of millet powder, 10g of milk powder, 25g of white sugar, 20g of water, 15g of corn oil.

Practice: 1, egg protein and egg yolk separation, into a clean and oil-free container.

2, add oil and water to the egg yolk, stir evenly, and sieve into millet powder and milk powder.

3, the protein is sent to the coarse bubble with a whisk, add a few drops of lemon juice, and then add white sugar to continue to send.

Send it to a small pointed corner after lifting the eggbeater.

4, how much protein is taken into the egg yolk paste and gently mixed with a spatula.

Mix and mix until it is blended.

Pour the egg yolk paste back into the protein.

5, apply a proper amount of oil to the mold, carefully pour the egg paste into the mold, and then shake it.

6. Add steam to the steamer for about 25 minutes, turn off the heat and turn it on for 3 minutes.

Millet powder saves the process of mixing rice and stirring.

Sometimes the stirred millet paste is not delicate enough to affect the taste.

So you can choose to make rice cake directly with millet flour.

Balanced nutrition for healthy and strong body

Balanced nutrition for healthy and strong body

Parents want their babies to grow taller and better. When they hear that a certain food is good for their children, they just eat it with all their brains.

In fact, undernutrition and excess nutrition are too much for the child, which is not good for the healthy growth of the baby.

The balance of nutrition is the most important, because what the baby needs most during the growth and development stage is not a single nutrient, but a variety of and various types of food absorption, and the child must develop a regular and quantitative diet to meet the body’s growth needs.

  With the improvement of living standards and parents’ emphasis on baby nutrition, malnutrition due to baby obesity is rare, and most baby malnutrition is caused by the following three reasons: 1.

Improper reach and improper food matching result in insufficient energy and nutrient injection, followed by indigestion and absorption, accompanied by decreased immune function and causing various infections.

  2.

After acute or chronic diseases, improper care and malnutrition can lead to malnutrition and multivitamin deficiency.

  3.

Low birth weight babies (premature babies, low birth weight babies), because of their rapid growth, require relatively high nutrients, often resulting in malnutrition or the severity of malnutrition due to improper and unmet needs.

The above reasons are often mixed or have occurred one after another, and cause each other.

  In general, the nutrients needed for infant growth and development can be divided into six categories: protein, trace amounts, carbohydrates, vitamins, inorganic salts and water.

Plasma fibers can be classified in the formaldehyde group or separately in the seventh group.

These 7 nutrients are necessary for your baby’s growth and development.

If the long-term intake is not balanced, it will lead to nutritional diseases.

For example, some babies do not have a small amount of food, but the iron content in the diet structure is prone to develop iron-deficiency anemia; some babies do not lack protein and slight intake, but they have nutritional megaloemia.

It seems that the baby has a good appetite, eats more, and sleeps well, does not mean that the baby has a healthy body, this is the problem of nutritional balance.

  Scientific feeding small prevention, you can start to make your baby nutritionally balanced from the following aspects: 1.

No partial eclipse, take an average of 7 categories of food, and establish good eating habits.

  2.

The diet of babies before the age of one year must be comprehensive, starting with the addition of complementary foods.

Some parents often worry about their children’s allergies and screen for their children.

In fact, as long as the child’s allergy is not serious, you can give a small amount and observe it, and then gradually increase it. It is not necessary to completely prohibit it, otherwise you may miss the opportunity for your child to get nutrition.

  3.

In addition to avoiding giving their children a single type of food that changes too little, parents must choose fresh, clean, and economical food.

And learn to make good use of the color of the ingredients to match, and promote the appetite of children through bright colors.

Changes in the shape of the ingredients are also a way to increase children’s interest in eating.

If you find that your baby has unfavorable foods and cooking methods, you can start by reducing the number of servings, servings, and changing the cooking method, and let your children slowly accept.