Haohua Technology (600378) March 2019 Commentary: Some Product Prices Fall, Pressure on Performance, and Long-term Development

Haohua Technology (600378) March 2019 Commentary: Some Product Prices Fall, Pressure on Performance, and Long-term Development

Event: On October 28, Haohua Technology released 3 quarterly results: the company achieved operating income of 33 from January to September.

3 billion, +13 a year.

00%, realizing net profit attributable to mother 3.

3 ‰, at least -1.

86%, net profit after deduction 3

16 trillion, +769 a year.

84%.

Among them, the company achieved operating income of 1051 million US dollars in the third quarter, a year of +3.

96%, achieving net profit attributable to the parent company of 7,269.

97 thousand yuan, at least -22.

12%, net profit after deduction 6685.

3.8 billion, previously +470.

12%, performance was slightly lower than market expectations.

According to the operating data disclosed by the company, from January to September, the company’s main products are: 1) Fluorine materials segment: PTFE resin price4.

92 million / ton, -22 per second.

95%; 2) Electronic special gas plate: nitrogen trifluoride.

39 million / ton, ten years -5.

7%; 3) Special rubber products plate: rubber seal products 14.

69 million / 10,000 pieces, +15 for ten years.

14%; new polyurethane material 1.

85 million / ton, ten years -17.

06%; 4) Fine chemicals plate: palladium catalyst 29.

38 million / ton, ten years -43.

26%, copper-based and nickel-based catalysts 6.

95 million / ton, +5 for ten years.

52%, special coating 3.

85 million / ton, +24 per second.

11%.

In general, the prices of fluorine materials and electronic special gas products fell, affecting the company’s profits, while the prices of specialty rubber products and fine chemicals products rose.

Investment Highlights: The injection of high-tech assets has been completed, and the performance of leading new materials has grown steadily.

On December 26, 2018, the company completed the acquisition of 11 science and technology enterprises of China Haohua, and gradually built the technology-driven new material leader of China Chemical Industry.

Trading consideration 63.

2.7 billion, of which 11.

08 yuan / share issue 5.

400 million shares, cash payment of 5 yuan, after the completion of the acquisition, Haohua Group held 72 shares.

4%, the actual controller is China National Chemical Corporation.

The company has five major sectors of fluorine materials, special gases, special rubber and plastic products, fine chemicals and technical services. The products serve 5G, aerospace, military and other national strategic industries.

In 2018, the company achieved operating income of 41.8.2 billion, ten years +14.

7%, achieving net profit attributable to the parent company 5.

2.5 billion every year 61.

05%; In the first half of 2019, the company realized operating income22.

79 trillion, ten years +17.

73%, achieving net profit attributable to the parent company2.

57 trillion, +5 for ten years.

93%.

Fluorine materials: supporting the production of 5G cables, polytetrafluoroethylene (PTFE) to achieve import substitution.

The company’s fluorine materials business mainly comes from Chenguang Academy. Its products include polytetrafluoroethylene resin (PTFE), new fluorine rubber (raw rubber) and fluorine compound rubber, tetrafluoropropanol, perfluoro nylon, tetrafluoroethylene monomer, etc.A wide range of electronic communications, aerospace, petrochemical, automotive, textile and other fields.

Among them, the self-developed high compression ratio polytetrafluoroethylene dispersion resin products have successfully supported the production of 5G cables, which are exclusive in China and achieve import substitution; developed second-generation low-creep polytetrafluoroethylene suspension resins and other high-end fluoropolymer materials, Local blank.

At present, the production capacity of fluorine rubber of Chenguangyuan and joint ventures has reached 7,000 tons / year, the first in China; the production capacity of fluorine resins has reached 2.

2Every year / domestic, second in China; supporting intermediates such as difluoromonochloromethane, tetrafluoroethylene, hexafluorophenyl, etc., and some products have the highest domestic production capacity.

Special gases: technical barriers to nitrogen trifluoride and sulfur hexafluoride are high.

The company’s products are mainly fluorinated electronic gases (including nitrogen trifluoride, sulfur hexafluoride, etc.), green dinitrogen tetroxide, high-purity hydrogen selenide, high-purity hydrogen sulfide, etc., a wide range of semiconductors, power equipment manufacturing, LEDs,Fiber optic cables, solar photovoltaic, medical health, environmental monitoring and other fields.

The 2,000-ton / year nitrogen trifluoride project co-constructed by the company and Daesung of South Korea has widely used semiconductor production processes such as etching, cleaning, and ion implantation; the subsidiary Limingyuan is also the only high-purity sulfur hexafluoride production unit in China. Customers include electricityEquipment manufacturing companies and BOE and other panel companies.

In addition, other special gases are also used in the national defense aerospace industry, and some products have been replaced by imports.

Industrial grade sulfur hexafluoride domestic cities account for approximately 30%, electronic grade sulfur hexafluoride domestic cities account for approximately 70%, nitrogen trifluoride city accounts for approximately 30%.

Special rubber products: significant advantages in large aircraft and military markets.

The special rubber and plastic products business includes rubber sealing products, special tires, aerospace plexiglass and new polyurethane materials. The company has undertaken the R & D and production of C919, ARJ21, CR929 and other aircraft sealing profiles, and has important production of Chinese military aviation tires.The base is an aviation tire fixed-point development enterprise of the Air Force, Hainan Airlines and Army Aviation. The research and development of aviation radial tire technology break through foreign occupation. At the same time, the company is an important domestic aviation plexiglass development enterprise, and its products are widely used in military aviation.

Fine chemicals: breakthrough in technological strength, multiple products supporting military use.

Products cover special coatings, catalysts, chemical propellants and raw materials.

The company’s main special coating products include marine coatings, aerospace special functional coatings, industrial heavy-duty anticorrosive coatings, etc. The customers cover military and civilian products.

In the field of catalysts, the company has strong technical strength. Its main products include: nickel-based catalysts (gas conversion), copper-based 西安耍耍网 catalysts (methanol synthesis), and newly developed fuel cell catalysts.

In the field of chemical propellants, the company’s subsidiary Liming Yuan specializes in liquid propellant products and solid propellant raw materials. A variety of liquid propellants widely use missiles, torpedoes, fighters and other weapons and equipment, as well as Shenzhou series spacecraft, Chang’e moon exploration project, TiangongyiSpace Station and other key engineering projects.

At the same time, the company has developed a variety of solid propellant raw materials. Among the various strategic and tactical weapon models for decades, many of them are major domestic manufacturers.

Expansion of investment projects to create new profit growth points.

The company plans to raise no more than 10 specific investors to no more than 10.

苏州桑拿网9 trillion, of which 5.

3 billion M & A deals, while the remaining 5.

6 million US dollars investment project construction, including: 1.

Chenguangyuan 5000t / year high quality polytetrafluoroethylene suspension resin and supporting projects (planned investment 1).

1.9 billion); 2.

2. Guangming Institute R & D industrial base project (special gas, investment 100 million yuan)

Liming Dacheng 1000t / year electronic-grade nitrogen trifluoride expansion project (investment 1).

4.2 billion); 4.

Haihua Institute Advanced Coatings Production Base Project (investment 89.6 million yuan).

After the completion of the project, it is expected to bring new profit growth points.

Earnings forecast and investment rating: Maintain “Buy” rating.

The company has breakthrough technology strength, high quality assets, and broad market space in many fields such as downstream 5G, aerospace, and military industries.We are optimistic about the company’s long-term development. Based on the principle of prudence, we will not consider the impact of targeted issuance on the company’s performance and equity. It is expected that the company’s EPS for 2019-2021 will be 0.

68, 0.

75 and 0.

81 yuan / share, corresponding to PE of 23.

92, 21.

65 and 19.

88 times.

Maintain “Buy” rating.
Risk reminder: Lower-than-expected demand for downstream 5G, semiconductors, military industries, etc., product prices decline, safety and environmental protection production risks, and the uncertainty of the company’s targeted additional issuance.

Infrastructure sector dominates the market, technology managers have reasons

Infrastructure sector dominates the market, technology managers have reasons

Review of Jun Fupan’s Diary (February 26, 2020) A shares ushered in once, the GEM Index fell by 4%.

66%, the turnover exceeded 6 trillion for 6 consecutive days.

The large infrastructure sector led the uptrend against the market.

  Looking back on the market, US stocks have plummeted for 2 consecutive days. Today, the three major A-share indexes opened lower.

After the opening of the market, the concept of the radio and television system was hot, and the construction and real estate sectors led the A-shares. At the same time, the upstream building materials and steel sectors rose.

Bank stocks rose during the session, surpassing the index and recovering.

However, all sectors fell in the afternoon, and the decline in technology stocks expanded, dragging down the GEM.

  At the close, the two cities traded a total of 13,126 throughout the day.

900 million, the turnover exceeded 6 trillion for 6 consecutive days.

Northbound funds allow 67.

2.7 深圳桑拿网 billion.

  Fund performance A-shares “changed their faces” today. In the past, the red-hot technology stocks rose sharply, while the big infrastructure sector shined.

  In the construction sector, China Metallurgical (601618).

SH), Shandong Road and Bridge (000498.

SZ) and other multiple stock daily limit, in the real estate sector, Xiangjiang Holdings (600162.

SH), SIDS (600748).

(SH) The same daily limit.

On-site real estate fund (512200.

SH) Advancing against the market, real estate B (150118).

SZ), real estate B rose over 5%, and real estate funds also had 2.

36% increase.

  In addition, the steel sector also performed today, Shagang (002075).

SZ) daily limit, Fund Steel B (502025).

SH; 150288.

SZ), steel grade (502023.

(SH) Waiting for a certain increase.

  Funds related to the above sectors are:杭州桑拿 GF China Securities Construction Materials A (004856).

OF), GF China Securities Construction Materials C (004857.

OF), Thailand Real Estate (160218).

OF), Southern China Securities Real Estate ETF joined A (004642).

OF), Penghua Guozheng Iron and Steel (502023.

OF), Zhongrong Guozheng Iron and Steel (168203.

OF) etc.

  The outlook for the market outlook A shares are trending strongly in the near future, and today we have a period of change in market style.

  Tao Yifei of the Haifutong Fund said that through the rapid increase of patients diagnosed with new coronary pneumonia in Italy, South Korea and Japan, the global risk aversion mood has once again increased, and the average prices of major European and American stock markets have fallen.

Affected by external influences, the recent strong A-shares also appeared to a certain extent, mainly due to the profit-taking after the previous growth and the impact on the global economic outlook.

  If the epidemic spreads globally, it may cause a global economic recession, which will have an impact on China’s exports, and prevention and control of the epidemic in China will become more difficult.

Therefore, in the future, in addition to paying attention to changes in the epidemic domestically, it is also important to pay attention to the global spread.  In terms of allocation, Nanhua Fund believes that in the short term, risk expectations are still the core of entering the market, and technology stocks are still the main stage of the future.

First of all, incremental market capital is expected to continue to flow.

Second, the monetary environment may continue to be loose.

In the end, refinancing relaxation technology growth stocks may benefit a lot.

  Continue to be optimistic about investment opportunities brought by new energy (electric vehicles, photovoltaics, hydrogen fuel), semiconductor industry chain, Huawei industry chain, Apple industry chain and 5G.

[Sweet potato inside]_ silky in the meat _ reasons

[Sweet potato inside]_ silky in the meat _ reasons

When many people are eating sweet potatoes, careful people will find that some sweet potatoes are silky, and some sweet potatoes are not silky. Often, silky sweet potatoes taste slightly worse. At this time, some people think that sweet potatoes appear.This situation indicates that the sweet potato is broken. In fact, this statement is wrong. It is normal that there is silk in the sweet potato. You don’t have to worry too much, you can eat it with confidence.

Why the sweet potatoes are silky This is a normal phenomenon and is the result of a developed root system.

The sweet potatoes we eat are actually his roots, not fruits.

The silk in sweet potatoes is cellulose, which is not only harmless to the human body, but also beneficial.

Cellulose in human food is mainly contained in vegetables and coarsely processed cereals. Although it cannot be digested and absorbed, it has the functions of promoting degradation and peristalsis and facilitating excretion of feces.

When is the best time to eat sweet potato protein and protein, so eat it with vegetables, fruits, and protein foods to avoid nutritional imbalances.

Most importantly, sweet potatoes are best eaten at a gold price for lunch.

This is because after we eat sweet potatoes, the calcium contained in it needs to be absorbed in the human body for 4-5 hours, and the sunlight in the afternoon can just promote the absorption of calcium.

In this case, if you eat sweet potatoes at lunch, calcium can be completely absorbed before dinner, and it will not affect the absorption of calcium in other foods at dinner.

Sweet potatoes and persimmons should not be eaten at the same time in a short period of time. If they are eaten in large quantities, they should be separated by at least five hours. In addition, sweet potatoes should not be eaten too much.

More importantly, sweet potatoes have high sugar content, and eating too much can produce a lot of stomach acid, which makes people feel “heartburning.”

The difference between sweet potatoes and sweet potatoes1. Let’s first recognize sweet potatoes from the appearance. The shape of sweet potatoes is similar to the top of a stalk, and the top and bottom are seedling stems and main roots.

The skin is pale yellow in color and has a clear fragrance of Chinese medicine.

Sweet potato genus vine.

Let’s get to know the sweet potatoes from the appearance. Most people are familiar with sweet potatoes, so there is no need to talk about it. It is worth mentioning that sweet potatoes are Convolvulaceae, which is not the same as the family of sweet potatoes, so sweet potatoes are not the same as sweet potatoes.Plants.

2, the appearance is clear, let’s take a look at the differences in them.

Sweet potatoes are peeled directly by hand, and the skin of the whole sweet potatoes is easy to peel, and with the fragrance of a traditional Chinese medicine, it is white when peeled.

There is no need to talk about sweet potatoes, after all, students are still very familiar with sweet potatoes.

Sweet potatoes need to be peeled. If you peel and cut, you will find that the inside is orange-red, white or yellow.

3. The sweet potato is eaten raw and mixed with cold. It is also mixed with other ingredients to make vegetables. It is fresh and cold, crisp and refreshing, sweet and moderate; sweet potatoes are cooked, fried, roasted, etc. There are many baked sweet potatoes in winter.People’s most delicious memories.

4, the difference between sweet potatoes and sweet potatoes, then the specific method of eating a original dish, or better understand the difference between sweet potatoes and sweet potatoes.

First, sweet potatoes are cut into pieces and then cooked in boiling water. Note that sweet potatoes can be used without being cooked and kept crispy. Sweet potatoes need to be cooked and then served.

A spoonful of white sugar and a small amount of white vinegar, quickly stir-fry the sweet and sour sauce with an appropriate amount of cooking oil, and pour on the “papaya” pieces. For a better look, you can drizzle some tomato sauce on top, sweet and crispy sweet potatoes, soft and sweetSweet potatoes with a little sour taste and interesting appetizers.

The practice of sweet potato porridge Cut the sweet potatoes into pieces and put them in a container, then wash the rice and put them into a porridge pot, put in an appropriate amount of water, and cook them in a porridge way.

After the rice is cooked into porridge, add the pre-cut sweet potatoes to the cooked porridge and continue cooking. Wait until the sweet potatoes are fully cooked.

Let it sit for a while and eat!

[Ancient couples have to use sex tools]

[Ancient couples have to use sex tools]

In the history of ten years, a formal record of sex education began in the Han Dynasty.

In the first four years of the Eastern Han Dynasty, that is, in 79 AD, the court organized a nationwide seminar on economics, which was presided over by the emperor. The record of this meeting was later compiled by Ban Gu into “White Tiger Tongde”, referred to as “White Tiger Tong”.It was the official standard answer to Confucian classics at that time, which had a great influence on later generations.

Such an official, very “orthodox” book, pays much attention to sexual issues.

“Baihutong” also has a section devoted to “Baiyong”.

“Baiyong” is an ancient school of learning in which the children of male nobles learned various skills needed as a nobleman, and there was actually sex education in the curriculum.

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[Can indica rice and eggs be eaten together]_Eggs_Same food taboo

[Can indica rice and eggs be eaten together]_Eggs_Same food taboo

Rice and eggs are common foods in life, and the chance of eating them together is very high.

For health reasons, we usually pay attention to whether there is a reaction between foods when eating.

There is no conflict between the two kinds of food, indica rice and eggs, so they can be eaten together.

There are many benefits to eating eggs and indica rice, but you should also pay attention to the right amount of food to prevent indigestion.

Can egg rice and eggs be eaten together?
The main starch, protein, cellulose, vitamins, and minerals of indica rice, while the main ingredients of eggs, protein, starch, vitamins, etc., have a gentle taste at the same time, do not react with each other, and do not conflict with the taste, so they can be consumed together.

Ingredients with grams of eggs 1, eggs + anti-inflammatory tablets: eating together will poison.

2, eggs + snowdrops: not conducive to protein absorption.

3, eggs + sweet potatoes: eating together will cause abdominal pain.

4, eggs + saccharin: saccharin and raw eggs can cause poisoning.

5, eggs + turtle: sex Xianping, pregnant women and postpartum constipation should not eat.

6, eggs + persimmons: diarrhea, stones.

7. Egg + MSG: The egg itself contains a lot of glutamic acid with the same ingredients as MSG, so MSG when scrambled eggs will not increase the umami taste, but will destroy and mask the natural umami of the egg.

8, eggs + rabbit meat: easy to produce substances that stimulate the gastrointestinal tract and cause diarrhea.

Ingredients with barley phase grams 1.

Indica rice cannot be eaten with soybeans. Indica rice contains a large amount of protein solutes, but soybeans contain a main component of trypsin, which can effectively inhibit protein solute absorption and reduce the nutritional value of indica rice.

But barley must not be eaten with soy beans; 2.

Rice cannot be eaten with spinach. Spinach will be rich in vitamin C, and the ions in pineapple will cause vitamin C to oxidize.

This severely reduced the nutritional value of spinach.

Therefore, indica rice must not be eaten with spinach; 3.

The dehumidification function of indica rice can’t be eaten with kelp. Indica rice has a very strong dehumidification function. If you eat more kelp, it will produce a certain amount of moisture. Among them, if you eat it together, it will seriously reduce the nutritional content. In addition, indica rice and kelp will eat together.Cause varicose veins or congestion; 4.

Indica rice cannot be eaten with cold foods. Indica rice is a kind of cold food, which has a certain cold effect, and is also a kind of indigestible food.

If barley is eaten together with other cold ingredients, it is likely to increase the coldness in the body.

It can easily cause symptoms such as indigestion, abdominal pain, and diarrhea.

[How to make loquat fried dumplings]_Recommended diet

[How to make loquat fried dumplings]_Recommended diet

Loofah is light and delicious with vegetables, balanced with other meats, and delicious. In fact, eating loofah with seafood is also a unique flavor.

Among them, the gardenia is tender and smooth, and the fleshy leaves are relatively firm. It is a seafood often eaten by many people. When paired with loofah, it is delicious and nutritious.

Next, I will give you a detailed introduction to the delicious practice of loofah fried dumplings.

First, deal with the bitch.

Buying dumplings is a must to buy fresh dumplings. You can decide whether you need to remove the shells when cooking according to your preference.

If you do not remove the shell, you need to brush the surface of the ladle gently with a brush and rinse it in water.

Can be placed in brine or oily water to effectively remove impurities and dirt.

Then, choose to buy fresh and delicate loofah, the surface should be flexible, such loofah tastes delicious.

First prepare the zongzi meat, use cooking wine, cut the shredded ginger and spring onion, and add the appropriate amount of salt to marinate the zongzi meat.

Place the ladle meat in a frying pan with minced spring onion and ginger.

Then add loofah, season with salt, stir and serve.

In fact, when cooking, you should pay attention to the processing of dumpling meat and the timing of cooking.

The flesh often contains some parasites or impurities such as sand. If it is not handled properly, it will affect the taste.

However, I made it more clean and reliable than the restaurant.

At the same time, the cooking time of the loofah should not be too long, so as not to have a soft taste.

The above is the specific method of stir-fried dumplings of loofah. Among them, you can also buy the dumpling meat directly, soak it in water, drain it and drain it.

The loofah fried dumplings are rich in vitamins and trace elements, but also rich in protein. With nutrition, they are delicious and can be tried at home.

[Whether it is better to take off or cover when turning clouds and rain]

[Whether it is better to take off or cover when turning clouds and rain]

A large American sex dating site surveyed 3,890 people. Women who participated in the survey believed that they were almost uneasy, and wearing sexy pajamas and underwear could greatly enhance their confidence.

At the same time, a European study found that when showing men photos of women, men generally think that women who are properly covered are more mysterious and sexy.

The following are tips from multinational sexologists to teach you how to looming, highlight the curves and sexy of women, and ignite the passion and desire of men.

Don’t doubt about wearing at least one piece of clothing. Put on at least one piece of clothing before you have sex. It would be better if you could put sexy and delicate underwear inside.

Pink silk pajamas, loose and bulky white shirts or T-shirts, he gave you short skirts . No matter what clothes, look soft and comfortable, half exposed, let him have the desire to look more for exploration.

A man participating in the survey described it this way: “I like to have my wife wear one of my white cotton T-shirts, with the front side exposed from the neckline, the shoulders half covered, and very sexy.

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[Eating Hairy Crab and Drinking Liquor]_ Crab _ Eat Together

[Eating Hairy Crab and Drinking Liquor]_ Crab _ Eat Together

Hairy crabs are a type of seafood. Seafood is generally rich in protein and calcium, so many people prefer to eat seafood, but some people who are allergic to seafood cannot eat seafood, and there are many foods that cannot be eaten with seafood.After eating, it will cause food poisoning. The alcohol content of liquor is relatively high, so you ca n’t eat anything when you drink liquor, can you eat hair crab?

Crab can be eaten with white wine, but rice is best served with crab.

“Book of Jin · Huazhuo Biography”: “I have had wine for several months, and at two o’clock, I put two heads of sweetness, holding a wine glass on the right, crab crab on the left, and taking a photo in the floating wine pond, which is enough for a lifetime.

“At least the verse:” September regiment umbilical October tip, hold fast to drinking chrysanthemum days. ”

It can be seen that drinking liquor in ancient China could eat crabs.

In particular, people with intestinal colds often have abdominal pain and diarrhea after eating crabs. If they are accompanied by liquors that promote blood circulation and dispel cold, they can alleviate or eliminate the discomfort after eating crabs.

Crab protein has high cholesterol and high purity. Gout patients should self-control when eating. People who cause colds, hepatitis, and cardiovascular diseases should not eat crabs.

China has a tradition of eating river crabs before and after the Mid-Autumn Festival. Because traditional Chinese medicine believes that crabs are cold, ginger, perilla and other spices are often used to configure crabs.

Extended information Don’t exceed three crabs per meal: People with high blood lipids, especially those with coronary heart disease, should eat less.

From the perspective of Chinese medicine, crabs are cold foods. It is best not to eat too much at a time. As for the specific amount of food to eat, you should judge according to your physical fitness and tolerance.the amount.

In addition, crabs are high-purity urinary foods, those with weak body functions and abdominal pain and diarrhea. Patients with high blood uric acid or gout will aggravate the disease.

People who are allergic to seafood and skin diseases should not eat it.