Yili (600887): The stock incentive plan quickly landed and the performance evaluation requirements were looser

Yili (600887): The stock incentive plan quickly landed and the performance evaluation requirements were looser

Commentary event: Yili shares announced the 2019 annual stock incentive plan. It intends to grant 182,920,025 shares in one lump sum to 474 incentive targets (including company directors, executives, core technology (business) backbone and key employees), accounting for 3 of the company’s total share capital.%, Grant price 15.

46 yuan / share.

The supplementary stock to be granted in this plan is based on 2018, and the sales restriction will be lifted in five phases. The performance evaluation goal is to deduct non-attributed net profit and its return on net assets.

First, the stock incentive plan quickly landed, covering a wide range, and improved the incentive and restraint mechanism. The company’s board of directors could pass the repurchase program on April 8, and began to repurchase the company’s shares with its own funds from May 6.Completed the repurchase of 182,920,025 shares, accounting for 3% of the total share capital. On July 25, an extraordinary meeting of the board of directors was held, and the plan on the completion of the repurchase of the company’s stock purchase was changed. Ten days later, a supplementary stock incentive plan was announced yesterday., Share repurchase and stock incentive plans quickly landed.

The plan covers a wide range of incentives, including 474 serving as directors, senior managers, core technical (business) backbones and other employees that the company considers motivating and which have a direct impact on the company’s operating performance and future development.

The purpose of the plan is to further improve the corporate governance structure, improve and improve the incentive and restraint mechanism, mobilize the enthusiasm of the operation management team, and effectively combine the interests of shareholders, the interests of the company and the interests of the core team.

The stock award price is 50% off the closing price of the trading day before the announcement, which provides sufficient incentive.

Second, considering the long period and the recent market situation, the performance evaluation requirements for unlocking sales restrictions are relatively relaxed. The shares proposed to be granted in the plan are based on 2018, and the sales restrictions will be lifted in five phases, each of which will account for 20%.The net profit rate and return on net assets attributable to mothers are required to be based on the deducted non-mother net profit in the consolidated statement caliber in 2018 as the base, and the net profit in 2019-2023 will increase (excluding the costs caused by the corresponding expenses that contribute to the incentive plan)Impact) is not less than 8%, 18%, 28%, 38%, 48% respectively; the return on net assets in each period is not less than 15%.

In 2018, the company’s operating income increased by 16.

92%, net profit attributable to mothers and net profit attributable to non-mothers increased respectively.

31% and 10.

32%, the net interest rate is obvious.

The company’s current revenue volume is huge, but only from the scale of deducting non-returning mother’s net profit, the base in 2018 is not high. With the recovery and improvement of net interest rate, eliminating the incentive for deducting non-returning mother’s net profit growth elastic competitionforce.

In view of the company’s multiple key ratios in the past three years and the first quarter of 2019: the company’s sales gross profit margin has stabilized at a high level. Although the price of raw milk has risen since the second quarter of this year, it has benefited from the continuous upgrade of the product structure.The proportion continues to increase, as well as the development of new categories and new businesses. It is still a high probability that the sales gross profit margin will continue to be high in the next few years. The sales expense ratio in 2018 has reached a stage high and will gradually improve in the future. The management expense ratio has accompanied the past.With economies of scale showing a trend of marginal improvement, improvement will remain the main trend in 2019-2023, excluding the expected incentive costs.

Taken together, after excluding the impact of incentive costs, the net sales margin is expected to continue to improve on the basis of a low base in 2018.

As long as the income continues to maintain a good growth, after deducting the non-incentive expenses, the return to the mother’s net profit will complete the probability conversion of the assessment requirements.

From the perspective of interval composite strength, the target is buffered by 8% in 2019. The assessment requirements in 2020-2023 are difficult before high and low, which is in line with the reasonable law of business development.

Another assessment indicator, the company’s ROE (extension) after deduction is maintained at a level of about 22% for a long period of time, and there is at least a significant improvement in 2019Q1.

Considering the expansion of the company’s capital expenditure in the next two years, the return on net assets will have some pressure, but from the perspective of existing and alternative space, the probability of reaching it is also very high.

From the market’s expected target analysis, the main difference is that the performance evaluation requirements are relatively loose, and the market is worried that the actual incentive effect will exceed expectations.

The root cause of the differences lies in the differences between the market and listed companies’ judgments on the industry and market’s future development trends and competitive landscape.

Whether it is considered that the assessment requirements are too loose due to emotional unacceptability, or based on the relatively difficult background of the industry and market disclosed by listed companies, market replacement time and appropriate adjustments are needed to digest.

Third, consider the impact of incentive fee vendors on the profit of the statement and lower the profit forecast. We maintain our judgment on the company’s fundamentals: revenue continues to grow rapidly, and the top five billion target in 2020 is likely to be achieved.The year may usher in an inflection point.

However, considering the non-linear amortization of incentive expenses, which will affect the profit of the statements in the next three years, we appropriately lower the company’s profit forecast.

Earnings forecast and rating: It is estimated that revenue growth rates for 2019-2021 will be 14%, 11%, and 10% respectively; profit growth rates will be 11%, 9%, and 17% respectively; and the corresponding EPS will be 1.


28, 1.


Considering the company’s fundamentals and combining short-term market sentiment, according to the 北京夜网 performance in 2019, 30 times PE is given, and the target price for the corresponding stage is 35.

00 yuan, “overweight” level.

Risk reminders: fluctuations in raw material prices; deterioration of the sales environment; food safety issues, etc.

Depth-Company-Conch Cement (600585): Performance continues to grow at high speed

Depth * Company * Conch Cement (600585): Performance continues to grow at high speed

The company released the third quarter report for 2019, and the third quarter revenue was 391.

1.3 billion, an increase of 22.

04%; net profit attributable to mother 85.

5.6 billion, an increase of 10.

06%; EPS1.

61 yuan, the same increase of 9.


The company continued to maintain a high level of profitability and cash flow.

  The main points of the support level continued to grow at a high speed, and the standard financial indicators were still good: Q1-Q3 company revenue was 1,107.

5.6 billion yuan, an increase of 42.

37%; net profit attributable to mother 238.

1.6 billion, an increase of 14.


The company’s ability to maintain a high growth rate this year is mainly due to the development of trading business, while the gross profit margin has decreased, but the company’s net profit can only approach 15% growth, reflecting the company’s strong profitability.

The company’s financial indicators are improving, and the expense ratio in the third quarter dropped by 1 year-on-year.

At 24pct, the inventory turnover rate and accounts receivable turnover rate have increased significantly; the cash rate has remained stable, and operating cash flow has grown as business has expanded; the cash ratio has increased and the debt ratio has declined.

  The gross profit per ton of the product continued to improve, and the performance was worry-free: the company’s product price in the first three quarters reached 325 yuan, an increase of 6 yuan; the cost of ton was 173 yuan, an increase of 5 yuan; the gross profit per ton was 152 yuan, an increase of 6 yuan.

Among them, the unit price in the third quarter was 312 yuan, a decrease of 9 yuan; the cost per ton was 169 yuan, a decrease of 4 yuan; and the gross profit per ton was 143 yuan, a decrease of 5 yuan.

With reference to the lowest daily advances in the 80 year of last year, assuming that the price of East China has picked up in the fourth quarter, and the net profit per ton has reached 105 yuan, it is expected that the company’s high probability net profit will gradually rise to a step of 32 billion yuan.Profit expectations sprint 32.5 billion.

  Prosperity of the industry is expected to remain: We believe that the future demand for cement is strong, and the industry can still maintain a high degree of prosperity. The volume and price data of the construction season in the fourth quarter are expected to continue to increase.

Among them, the recent fundamental 四川耍耍网 data in East China has performed better, and the company’s focus on the East China region is expected to fully benefit.

  The company’s performance is expected to exceed market expectations again. Therefore, we slightly increase our expected results and maintain our BUY rating.

Revenue is expected to be 1,490 in 2019-2021.

20, 1,611.

36, 1,693.

3.4 billion; net profit attributable to mothers was 323.

94, 334.

20, 343.

39 trillion; EPS is 6.

11, 6.

31, 6.

48 yuan.

  The main risks faced by ratings are lower than expected, investment in real estate reduced, real estate investment reduced, supply-side production restrictions relaxed, and cost pressures increased.

New tips for autumn skincare to awaken tired skin

New tips for autumn skincare to awaken tired skin

Introduction: Due to double stress, MM skin is usually in an imbalanced state of oil and water secretion, and the skin’s metabolism is affected. Keratin is easy to eliminate pores, and it is also prone to acne and dehydration. The most obvious is that pores are also caused by collagen.Slack.

The skin around the eyes is often dull and has poor blood circulation.

New skin care tips for fall to help you wake up your weak skin.

  In the choice of skin care products, avoid not to cause excessive burden on the skin, use excessively moisturizing products, and reorganize it to address multiple skin problems such as pores, eye contours, lines, spots, and dehydration. Choose effective skin care ingredients to improveeffect.

  1. For dark circles, choose to add some eye care products that promote blood circulation, such as vitamin E, arnica, citrus polyphenols, di- or tetra-peptides, etc. to improve dark circles, usually do more eye pressure.Or use warm compress method to improve.

  2. For fine lines, dry lines will start to feel the texture of the face gradually increase, especially the facial expression lines produced by squeezing the face is not easy to recover, you should start using some anti-wrinkle that can help collagen proliferation or soothe expression linesCare products.

For example, ingredients containing pentapeptide, vitamin A, fruit acid, and hexapeptide are all maintenance items that should be invested at this time.

  3. In response to the large pores in the thirties of the large pores, the problem is that the pores become larger horizontally due to skin sagging. This is a phenomenon of skin relaxation and relaxation. The skin must be moisturized and firm to improve the pores.Big situation.

For example, products containing vitamin A and L-C are most effective in improving pore problems caused by aging.

  4. For women with pigmentation in their thirties, they often have spots and dryness and dehydration. However, when the skin is dehydrated and dry, the stratum corneum appears rough and scaly and exfoliated, and there is excessive keratinization, and the sensitivity is increased and whitened.The ingredients cannot penetrate the stratum corneum and are effectively absorbed and utilized by the skin, so no matter how whitening is, there is no way to achieve the effect. Therefore, you must choose a whitening essence with a good moisturizing and soothing effect, while increasing the meaning of the stratum corneum and whitening.

Ingredients are rich in vitamin C derivatives, chamomile extract, tranexamic acid, etc.

In addition, it can also buckle its own spot lightening products. Usually, products that add keratinous metabolites such as fruit acid have a faster and obvious spot lightening effect.

  5. Regarding which age stage of skin oxidation abnormality is the most important maintenance item, you can choose a sunscreen lotion that contains anti-oxidant and strengthen skin defense capabilities, such as containing vitamin E, green tea, grape seeds, lycopene,Q10, etc., to prevent damage to the skin caused by ultraviolet rays.

  Message from the editor: Delaying aging is the most important maintenance point in this period. In addition to the routine maintenance such as moisturizing, anti-oxidation, sun protection, etc., you must also select the aging problems that begin to occur, such as wrinkles, loose pores, and spots.Functional care product with obvious effect.

Problems with contact lens care solution

Problems with contact lens care solution

Almighty Hydrating Fluid was recalled.

  The internationally renowned contact lens care solution brand Eyecare Co., Ltd. has recently announced that due to the risk of Acanthamoeba keratitis infection, the company will recall the all-around hydrating contact lens multifunctional care solution worldwide.

This is the second time the company has recalled this product globally since November 2006.

  The all-around care solution is suspected of causing blindness. It was initially the American Centers for Disease Control and Prevention that pointed out safety issues with Eyesight.

The center suspects that the use of this phase of care solution can cause Acanthamoeba keratitis.

Acanthamoeba keratitis is a rare corneal infection that occurs frequently in people who have not properly stored, disinfected and treated contact lenses.

It can be seen that people who have contact lenses swimming, bathing or showering, who are in contact with contaminated water and damaged corneal epithelium are susceptible to Acanthamoeba Keratitis.

Because there are no effective treatments at present, the infection is extremely harmful.

  Relevant person in charge of Eyelid China said that there is no evidence that Acanthamoeba keratitis is caused by contamination of the product, but the company has decided to stop supply worldwide and recall related products from the market.

Chinese consumers can return products through product sales channels.

It is understood that the recall does not include ice blue, high-moisture eye drops and other contact lens care, eye lotion products.

  International brands collectively fell to the quality gate in 2006, which can be described as the problem year of contact lens care solution.

Well-known international brands such as Bausch & Lomb, Haichang, Alcon and Eyelid have been revealed as “possible quality problems”.

  Chu Renyuan, director of the Key Laboratory of Myopia of the Ministry of Health, director of the Shanghai Ophthalmology Quality Control Center, and professor of ophthalmology at Fudan University, analyzed that the cause of keratitis infection is not only the product itself, but also common health issues.

In the past, contact lens care liquids were divided into three types, including disinfectant, cleaning liquid and comfort liquid. Now they are all-round care liquids. With more ingredients, the interference between them will naturally increase.

At the same time, some manufacturers of care solutions expect “lens-free rubbing” and “don’t take it off for a week”, which caters to consumers ‘desire for comfort and trouble-free, but also brings hidden dangers.

If the contact lens is not rubbed for a long time, the surface of the lens will be dirty.

“Atmospheric pollution, severe water pollution, and poor health knowledge of many Chinese people will affect the health of contact lenses.

“Experts say that correct use is safe. Chu Renyuan believes that as long as it is used correctly, contact lenses are safe.

“Long-term, the safety factor for long-term use of contact lenses has improved a lot.

I have been working on contact lens health care in the army since 1962.

In the early 1990s, we saw dozens of people blinded by using contact lenses, and today that number is about to drop to zero.

“He is also outstanding. Wearing contact lenses can solve some problems that frame glasses cannot solve.

For example, when the eyes differ by more than 300 degrees, the use of spectacles will cause the two eyes to overlap on the retina, causing eye discomfort. At the same time, the spectacles cannot be attached to the eyeball, and the optical center of the lens cannot always be used.

But contact lenses can solve these two problems.

  Renyuan believes that two things should be done to wear contact lenses safely: one is to develop proper hygiene habits, remove contact lenses every day before going to bed, rub the front and back of the lens 10 times each time when washing, and take care solution with you when you go outAnd eyeglasses case; Second, we need to change the glasses and care liquids regularly.

In addition, wearing contact lenses is a strict medical practice. The fitter needs to pass professional qualification certification, and consumers cannot choose at random in small street stores.

High temperature in summer is easy to heat stroke. These acupressure massages can provide first aid!

High temperature in summer is easy to heat stroke. These acupressure massages can provide first aid!

Working in a high-temperature environment for a long time can easily induce heat stroke. Heat stroke is a disease caused by a disorder in the function of temperature regulation of heat stroke. Patients will experience headaches, dizziness, continuous sweating, softening of the extremities, and loss of concentration.The patient’s body temperature can reach as high as 40 ° C or more, and even the internal organs fail, which can endanger life.

  How to massage during summer heat stroke?

  1. For Dazhui, Fengchi, massage Dazhui at the depression under the spinous process of the seventh cervical vertebra. Place the right middle finger on this acupoint, ring finger, index finger and little finger on the nearby acupoint. Use the middle finger to forceMassage about 1 minute.

The Fengchi acupoint is under the occipital bone of the neck, and the outer side of the large tendon is sunken. Put the thumbs of both hands directly on the Fengchi acupoint on the same side, and place the other four index fingers aside, and massage vigorously for about a minute.

  2. Massage Baihui Acupoint, Baihui Acupoint at the intersection of the midline of the head and the line connecting the two ear tips.

Put your right hand in a half-grip state, put your thumb straight and place it directly on Baihui Point, and pinch hard for about a minute.

The temples are recessed about an inch horizontally between the fur on the sides and the outer corners of the eyes. Use the thumbs of both hands to place the temples on the same side of the temple, and massage the other four fingers on the head for one minute.

  3. Quchi acupoint, Hegu acupoint The elbow and the ground are in a vertical state. The elbow socket is the Quchi acupoint. Place the thumb and abdomen of a hand on the opposite acupoint and massage slowly from light to heavy.For one minute, the two hands alternate.

Hegu acupoint is at the tiger’s mouth of the hand. Hegu acupuncture points the horizontal line of the interphalangeal joint of one hand to the edge between the index finger and thumb of the other hand.

Put the thumb of one hand on the Hegu acupoint of the other hand, and put the other test strips on the palm of your hand, hold it for a minute, and keep the soreness in the area. The two hands should be alternated.

  How to prevent heat stroke in summer?

  Make sure you have at least 2500 milliliters of water a day, which can lead to blood and electrolyte loss when your body is dehydrated.

For people who are often outdoors, they should insist on drinking salt water and adopt the principle of small amounts and multiple times.

People who work outdoors should do a good job of sun protection. Try to wear sun protection clothing, sun hats, etc., choose light loose and light sun protection clothing.

In summer, doors and windows cannot be closed tightly, windows are opened every three hours during the day, and ventilation is not allowed. You cannot stay in an air-conditioned room for a long time. The indoor temperature difference cannot exceed 7 ° C.

  Kind reminder For people who are weak, they should carry wind oil essence and other drugs with them when going out in hot weather. This can alleviate the heat stroke problem. If the condition is very serious, they should go to the hospital for treatment in time.

Three Yoga Tips To Improve Your Complexion

Three Yoga Tips To Improve Your Complexion

Some people have been troubled by the dull complexion and lack of gloss. In fact, these can be improved by doing yoga.

  The first step, known as the “King of Yoga”, head upright headstand steps: 1. Sit on your knees with your hips on your heels and your hands on your thighs.

  2. Bend forward from the waist and place the intersecting hands and forearms on the front floor.

  3. Gently support your toes on the ground, slowly straighten your legs, and raise your hips to the highest point.

Place your toes on the ground and move to the right like a small walk to push the front more towards the head. The spine straightens approximately perpendicular to the ground.

When you feel that your body is stable and balanced, slowly bend your knees and raise your feet from the floor. Your knees are still bent.

  4. Put the bent knees as close to the top as possible, and present the knees bent upside down.

Slowly and gradually straighten your legs on a stable basis until your body is in a fully upright posture.

  5. The essence of the step of recovering from a headstand to a ready posture is to never fall down or suddenly close your legs to the ground.

It should fall slowly from time to time.

Then rest in a kneeling position for about 30 seconds.

  Editor: The inverted version, known as the “King of Yoga”, brings more than just beauty benefits. It has a stronger effect on improving constipation, weight loss, and visceral drooping.

However, because it requires access to the back muscles, abs and skills, for beginners, it is best not to do it to avoid injury or to resist doing it.

  The second move, the simplest forward bend forward bend steps: 1, first do the basic alignment.

  2. Keep your knees upright, exhale, bend forward, hold your toes with both hands and try to raise your head.

Hold this position and do two deep breaths for a long time.

  3. Exhale and lower your body until your head rests on your knees. During this process, keep your back straight and try to press your stomach against your thighs.

Hold this position for 30-60 seconds while taking a deep breath.

  4. Inhale and slowly return to the basic consistency.

  Editor: When many people make forward bends, they think that the closer their head is to the ground, the lower the better.

Actually, this is not the case.

The point is that to straighten the back and bend slightly forward when we bend forward, we put the upper body on both thighs.

Then, try to press your stomach on your thighs, but keep your spine straight and your eyes looking forward about 45 degrees.

As long as the head is lower than the ankle, the blood will flow to both ends through the siphon principle, stay in this position for more than four deep breaths, and then slowly lift the upper body from the shoulders (too careful to be dizzy) alsoCan achieve the purpose of improving skin texture.

  The third step is to lower the dog and lower the dog. Steps: 1. Place your knees on the same width as your buttocks, your hands forward, your palms against the ground, your fingers extended, and your hands as wide as your shoulders.

  2. Lift your feet up.

  3. Exhale and pressurize to leave the floor. Keep your legs parallel and push your hands to the ground.

  4. Keep your knees bent, push your hands to extend the back, and push your left back to the highest point.

  5. Keep your knees straight and keep breathing for 30 seconds.

Exhale and slowly return to the starting position.

  In addition to beauty, unless the magic effect of the lower abdomen.

  Why are these formulas good for beauty?

Head down: The blood flows all over the head and face, leaving the skin without blood, poor elasticity, and fine lines. After the blood and nutrients enter, it slowly picks up the young luster.

  A small massage, no matter if you are using other methods, let the blood slowly flow to the head and face. After repeated several times in a row, a small movement before the rest can enhance the effect.

That’s facial massage.

The body is gently and gently massaged from the bottom to the top, so that the blood that has hardly flowed in can be left in the bladder for a longer time, and the nutrients can be stopped for a longer time.

  In addition, as long as the beauty-loving female friends insist on practicing the above three techniques of yoga every day, I believe that your complexion will soon improve.

These six misunderstandings of allergic purpura, how many of you have recruited?

These six misunderstandings of allergic purpura, how many of you have recruited?

Purple sputum will have skin purple spots, which will cause kidney damage. Many people have deep misunderstandings about allergic purpura. Let’s take a look at the six misunderstandings of allergic purpura. See if you have recruited?

Misunderstanding of six major misunderstandings of allergic purpura 1: Is hemorrhagic rash a coagulopathy?

In patients with allergic purpura (HSP), the platelet count is normal or elevated, and the coagulation function is basically normal or even hyperthyroidism.

This is because the abnormal reaction of the body’s immune system leads to increased fragility and permeability of the capillaries, extravasation of the blood, skin purpura, bleeding of the mucous membranes and certain organs.

Therefore, although it is a hemorrhagic rash, it is necessary to use anticoagulant drugs properly during treatment.

Myth 2: Is the cause of allergic purpura “allergic”?

HSP is not an allergic disease such as hypertension, acute measles, etc., and its essence is systemic IgA-associated small vasculitis.

The cause is still unclear, allergies can be used as an incentive, such as: fish, shrimp and other food allergies, prevention and prevention, insect bites and drug allergies.

Common causes are: bacteria, viruses, parasitic infections, genetic susceptibility, certain malignant diseases, anti-tumor drugs such as cytarabine, and even weather changes.

Myth #3: Is the more rash the more serious?

The bleeding on the surface is not terrible. It is easy to be found and can be paid enough attention. It is characterized by a symmetrical hemorrhagic rash, which does not fade, and the rash is clearly defined or fused into a piece. The skin biopsy shows IgA immune complex deposition, which is easy to diagnose.

The bleeding of internal organs is more insidious, often manifested as abdominal pain, vomiting, bloody stools, microscopic hematuria, if not accompanied by a rash, it is easy to be misdiagnosed.

Myth 4: The more difficult it is to cure the pathological grade of purpuric nephritis?

The pathological grade was grade I to VI, further subdivided into focal/segmental, b diffuse interference (I, class VI is not grouped), general IIa to IIIa, IVa, Va, IIb to IIIb, IVb, Vb.

First, the focal/segment variable group is better than the diffuse variable group.

However, it is necessary to combine the clinical manifestations and tubulointerstitial changes to more accurately diagnose purpuric nephritis, assess the degree of involvement and efficacy, and determine the prognosis.

Myth 5: Is there normal “arrow, +” in urine?

HSP has a certain self-limiting nature, and the general prognosis is good.

About 40% of patients progress to purpuric nephritis (HSPN) 4-6 weeks after the onset of symptoms, of which 1%-3% can progress to chronic renal insufficiency to end-stage renal failure.

HSPN has different clinical manifestations, which may be temporary hematuria and/or proteinuria, or it may be manifested as obvious kidney damage such as nephritis or nephrotic syndrome.

Therefore, the diagnosis and even suspected HSP should be routinely checked for urine at the onset of illness.

The urine routine test list should first check whether the specimen is qualified. The urine specimen with low urine specific gravity is a substitute specimen. It is impossible to judge whether it is normal or not. It is necessary to check the urine protein/creatinine at the same time, or leave the morning urine for judgment.

Myth 6: Does HSP not follow the rash without a rash?

Patients with a negative urine test during the course of HSP should be monitored for at least 6 months, once a week, and the time to start is the last time a new rash occurs.

If there is an abnormal urine test during the course of the disease, the extension time should be extended, at least 3?
5 years.