Enhua Pharmaceutical (002262): Performance in line with expectations

Enhua Pharmaceutical (002262): Performance in line with expectations

Performance growth was in line with expectations.

The company achieved operating income of 20 in the first half of 2019.

9.7 billion, an annual increase of 12.

41%; Net profit attributable to shareholders of listed companies3.

22 ppm, an increase of 22 in ten years.

87%; net profit attributable to shareholders of the listed company after deduction.

2.2 billion, an annual increase of 23.

25%, corresponding to EPS 0.

32 yuan.

Among them, the second quarter achieved operating income10.

48 ppm, a ten-year increase of 11.

53%; net profit attributable to mothers1.

96 ppm, an increase of 22 in ten years.


The company also announced that in the first three quarters of 2019, net profit attributable to mothers will be in the range of 4.


70 ppm, an increase of 15-35% per year.

The company’s performance growth was good and in line with expectations.

The industrial sector maintained rapid growth.

The report summary, the company’s pharmaceutical industry sector achieved operating income13.

55 ppm, an 18-year increase.

55%, the industrial sector revenue share further increased to 64.


Three pipeline anesthesia, mental and neurological categories achieved revenues6.

7.7 billion (+16.

99%), 5.

08 thousand yuan (+23.

47%) and 0.

7.5 billion (+34.


Among them, the 杭州桑拿网 first-line products are strong, and Forli is expected to maintain a rapid growth of about 15%; the growth of some second-line products is affected by the volume of purchases, and the growth rate of right-US is expected to be about 30%.The growth rate is in the single digits. Other varieties such as remifentanil, duloxetine, and aripiprazole have maintained rapid growth of more than 50%.

According to the number of reports, the commercial sector has remained basically stable, achieving revenue7.

16 ppm, a 10-year increase3.

05%; API revenue is 0.

4.1 billion (-7.

93%), which is expected to be related to the decrease in overseas revenue.

Significant improvement in operating efficiency.

The reported revenue benefited from the company’s cost control and the increase in the proportion of high gross margin products, and the company’s gross sales margin reached 59.12%, an increase of 6 per year.

08pp, of which the gross profit margin of the industrial sector rose by 3.

12pp, the business sector rose 4.


In terms of expense control, the company’s sales expenses subsidized in the first half of the year31.

27% (+2.

74pp), it is expected that the company has further strengthened product promotion efforts; management costs have been reduced4.

56% (+1.

41pp), mainly due to the sharing of incentive expenses this year; financial expenses are available for -0.

38%, unchanged from last year.

The company’s net sales margin is 15.

10% year-on-year increase of 1 year.


The report summary, the company’s operating cash flow rankings increased by 65 in the same period last year.

08%, reaching 2.

8.8 billion yuan, with good returns and abundant cash flow.

Research and development expanded, and research and development projects advanced steadily.

At the core of the report, the company’s R & D occupation reached 0.

77 ppm, an increase of 13 in ten years.

90%, 87 R & D personnel were introduced in the first half of the year, and the company has more than 60 projects under research.

At present, the company takes consistency evaluation as the top priority for research and development. Risperidone tablets have passed the consistency evaluation; clozapine tablets, dexmedetomidine hydrochloride injection, risperidone dispersible tablets and gabapentin capsules have been declared;Clonazepam tablets, midazolam injection, remifentanil hydrochloride for injection are about to be declared.

In addition, in terms of generic drugs, five have been declared for production, and three have been filed for clinical or BE filing. For innovative drugs, three of the companies are in the clinical stage. TRV-130 has completed phase III clinical trials in the United States and declared NDA.

Profit forecast: We predict that the company’s net profit attributable to the parent company in 2019-2021 will be 6 respectively.

5.7 billion, 8.

1 billion, 9.

900,000 yuan, the corresponding EPS is 0.

64 yuan, 0.

79 yuan, 0.

97 yuan, currently the corresponding PE is 18 respectively.



4. Maintain the “Recommended” level.

Risk reminder: the risk that the progress of drug bidding does not meet expectations; the risk of drug price reduction; the risk that the development of new drugs does not meet expectations

Hualu Hengsheng (600426) 2018 Annual Report Comments: Long-term performance growth and multiple lines show advantages

Hualu Hengsheng (600426) 2018 Annual Report Comments: Long-term performance growth and multiple lines show advantages

The company’s traditional business reduces competitiveness, and the gap between supply and demand in Bulgaria is huge. The company’s projects are expected to increase its performance after reaching production, and enjoy the dividends of substitution in the import market.

We forecast the company’s EPS for 2019-2021.



74 yuan / share, given a target price of 21 yuan, maintain “Buy” rating.

The prosperity of the industry has increased, and long-term performance has increased.

The company released its 2018 annual report and achieved operating income of 143 in 2018.

57 trillion, +37 a year.

94%; net profit attributable to mother 30.

20 trillion, +147 a year.


In Q4 2018, it achieved a single quarter operating income of 35.

08 thousand yuan, ten years +10.

47%; net profit attributable to mothers in a single quarter4.

850,000 yuan, +29 for ten years.


The company’s performance and operating performance have improved, mainly due to policy dividends and changes in international crude oil prices. The chemical industry has ushered in a boom cycle and product profitability has increased.

Q4 product prices have declined, and revenue has been -8.

93%, net profit attributable to mother is -43.


The company expects to realize sales revenue of 14 billion yuan in 2019.

Stock optimization + incremental upgrades, multi-line at one end show advantages.

The company plans overall inventory optimization and incremental upgrades, strengthens platform construction and comprehensive utilization of resources, and creates a “one-end, multi-line” circular economy flexible multi-generation production operation model, achieving interconnection and interoperability of the three atmospheric platforms, and improving resource utilization efficiency.

The company’s urea cost is leading in the industry, and the sales of polyols are stable. The market shares of DMF, acetic acid, and adipic acid have reached 30%, 9%, and 11%, respectively.

The company has a rich product structure, strong market competitiveness, and superior anti-risk capabilities.

Cholesterol production capacity came into being, leading mergers consolidated.

The company fully grasps the production technology of ethylene glycol from synthesis gas, and the industry leader in coal water slurry gasification technology. It is connected with a set of 5 tons / year coal-to-carbon dioxide device, and the quality reaches polyester level.The project has been put into production, and the total production capacity has reached 55 tons, which has been further consolidated above the leader.

Black Chinese have long relied on imports, with import dependence above 60%.

The company has excellent crude oil quality and high recognition in downstream polyester and polyester enterprises, which has been converted into a production capacity of 50 tons. It is expected to preferentially seize the domestic alternative market and significantly increase its performance.

Risk factors: fluctuations in raw material prices; intensified market competition; fluctuations in product prices.

Investment suggestion: The company’s traditional business has improved competition, and the gap between supply and demand in Bulgaria is huge. The company’s projects are expected to increase performance after it reaches production.

In the first three quarters of 2018, the price of the company’s main products was at a high level, and its profitability was good. In the fourth quarter, product prices fell and profitability fell slightly. The company actively responded to market changes.

We lower the company’s EPS forecast for 2019-2020 to 1.


56 yuan (the original forecast was 2).


27 yuan / share), plus the EPS forecast for 2021 is 1.

74 yuan.According to the company’s historical forecast, according to 15 times PE in 2019, the target price is 21 yuan, and the rating of “Buy” is maintained.

Spring Airlines (601021): Passenger-km revenue, load factor doubled, employee shareholding plan strengthens incentive mechanism

Spring Airlines (601021): Passenger-km revenue, load factor doubled, employee shareholding plan strengthens incentive mechanism

2019H1 deduction of non-net profit is in line with expectations Spring Airlines announced the first half of 2019 results: operating income 71.

50,000 yuan, an increase of 12 in ten years.

9%; net profit attributable to parent company 8.

500 million, a year-on-year increase of 17.

5%, corresponding to a relative profit of 0.

93 yuan.

After deducting non-financial net profit increased by 15 in advance.

3%, in line with our expectations.

Operating income for the second quarter was 35.

100 million, an increase of 13 in ten years.

1%; net profit attributable to mother 3.

8 ppm, an increase of 11 in ten years.


In the first half of the year, the company achieved a load factor and doubled the revenue of passenger kilometers.

The company’s passenger load factor increased in advance in the first half of the year2.

39 up to 91.

7%, passenger kilometers income increased 0 ahead of schedule.


By region, the domestic line load factor increased to 1.

1ppt, customer revenue was previously increased by 0.

91%, except for the new Lanzhou base newly established this year, the domestic passenger routes of the other seven major bases have improved comprehensively.

International passenger load factor rose sharply in ten years4.

At 9ppt, we estimate that the sustainable company international line ASK has grown by more than 8 per year.

8%, roughly lower than the 20 in the same period last year.

3%, translated into China-Japan, Sino-ROK relations are picking up, Japan-South Korea line may have a strong performance.

International passenger receipts fell slightly by two in two years.

At 1%, the average of the three main routes has different levels of passenger ticket collection moments. The Thai line is yet to recover. The Japan-South Korea line has increased due to increased capacity and a large number of bases.

In the first half of the year, the non-oil cost per unit kilometer increased in advance2.

8%, mainly due to 1) the airport takeoff and landing fee increased (unit takeoff and landing fee increased to 13%), 2) the increase in A320 NEO real estate lease fees and currency depreciation against the US dollar (14).


The impact of take-off and landing fees is predicted, and the unit non-oil cost will decrease by 0 every year.


Development trends The company’s announcement of employee stock ownership plans will help increase employee motivation and benefit the company’s long-term development.

The company announced a maximum employee shareholding plan of 2,984 million (22% of the upper limit of directors and supervisors), the duration of which does not exceed 60 months, the lock-up period is 12 months, and the lock-up period will be based on the 2020-2023 performance ratingUnlocked in four installments.

The plan will complete the purchase within six months of the shareholders’ meeting.

Earnings forecasts and estimates We maintain net profit for 2019/202018.

63 ppm / 22.

4.3 billion.The current consensus is 21/2019/2020.

1x / 17.

5 times price-earnings ratio.

Maintain Outperform rating and 49.

00 yuan target price, corresponding to 24.

1x 2019 P / E ratio and 20.

0 times 2020 price-earnings ratio, compared with the recent inclusion of 14.

5% upside.

Risk Aviation demand fell short of expectations, compensating for the decline, and oil prices rose sharply.

Preservation recipes for dates

Preservation recipes for dates

1. 10 jujubes with constipation, 200 grams of honey, black tea, boiling water, refreshing spleen, nourishing qi and moisturizing the large intestine.

  2, 10 pieces of high-pressure jujube, 30 grams of onion, 20 grams of celery root, glutinous rice amount, eat porridge.

  3, 20 insomnia jujubes, 7 white onions, decoction, take before bed.

  4, loss of appetite, 10 pieces of indigestive jujube (sautéed charcoal), 10 grams of orange peel (or 4 grams of tangerine peel), put them in a thermos cup, and brew in boiling water for 10 minutes.

  5, 10 diarrhea jujubes, 20 grams of barley, 3 slices of ginger, 30 grams of yam, 30 grams of glutinous rice, 15 grams of brown sugar, a total of porridge to take.

  6, ten neurasthenia jujube, 15 grams of Chinese wolfberry, fry for half an hour, then two eggs into the same fry until cooked, twice a day.

  7, 20 menstrual dates with irregular menstruation, motherwort, 10 grams of brown sugar, decoction, twice a day.

  8, 5 dysmenorrhea jujube, 2 slices of ginger, appropriate amount of longan meat, the same cooking, once a day, even for several days.

Yoga ball exercise for weight loss

Yoga ball exercise for weight loss

Yoga ball is an emerging fitness sport that combines the elasticity and rolling properties of the ball according to the traditional yoga posture method.
The colorful yoga ball rolls freely, accompanied by melodious music, dancing with the ball, can indeed dispel the fatigue of the day.
  Compared to traditional yoga, “ball yoga” is more interesting. It can be used to help exercise the body’s sense of balance, enhance the ability to control muscles, and improve the flexibility and coordination of the body.
With the yoga ball, you can also do a lot of stretching exercises, which can not only avoid muscle soreness, but also massage. When a person makes full contact with the ball, it will massage the body well.
However, using a yoga ball is more difficult for beginners. It takes a certain amount of time to practice and play with that huge ball. This requires more practice.
  Yoga ball little common sense 球 can fill the ball to eight full, the ball body is flexible, convenient for us to do grip and grasp movements.
  Beginners can practice small balls with the principle of easy control.
Skilled people can practice large balls.
  Standing Pay attention to keep your thighs straight.
Exercise your legs to eliminate excess fat on your legs and make your body lines more beautiful.
  Raise your hand to grab the big bamboo-style cymbals to maintain the balance, and pay attention to the ground firmly.
The effect is to stretch the legs and make the legs more slender.
  More exciting content
<保健宝典>Column 座 角 With legs shaped like a horse, press the ball with both hands, relax your legs as much as possible, put your back in a straight line, and your toes up.
Can tighten the inner thigh muscles, massage the uterus, and improve irregular menstruation.
  On the ball, the triangle-shaped legs are separated, sitting on the top of the fitness ball, the body is bent to the right, and the right hand is placed on the lower leg or instep.
The effect is to eliminate excess fat on the waist and arms.
  The single-legged wheelbill is mainly placed on both hands and legs.
This position can stimulate the balance area of the brain and enhance the body’s balance. It is good for the nervous system, digestive system, heart, blood vessels, respiratory system and glandular system.

Risk of death in multi-care breast cancer patients

Risk of death in multi-care breast cancer patients

The care of relatives and friends has a great impact on the life and health of diabetics.

The reporter learned from a recent antique “Friendly Journey” diabetes patient support project escalation meeting that the survey showed that there are few relatives and friends, and the probability of death for patients who do not participate in religious or community group activities is the mortality rate of patients who maintain adequate social contact, whileDiabetes patients without relatives and friends are three to four times more likely to die than patients with more than ten relatives and friends.

  Relatives and friends care to make patients more compatible with treatment In young patients with diabetes, choosing breast conservation or total resection is a difficult problem to correct.

If the husband asks for breast-feeding, the woman’s family will pressure him on the grounds of “prone to relapse”; if the husband or the woman’s family asks for full correction, the patient is also worried that the husband will be rejected by the husband for losing the most important feature of the woman.

In this case, the medical staff can give the necessary knowledge and psychological support to the patient and family.

  ”The support of family members, especially the patient’s husband, is very important to the patient.

“Mr. Yang Yunying, the First Affiliated Hospital of Sun Yat-sen University, said that some patients’ husbands took good care of their wives. In addition to caring about the progress of the disease, they consulted various information for her in order to carefully choose daily dishes.

His wife quickly emerged from the contraction at the beginning of the illness, talking and laughing with patients and nurses, and had confidence in the treatment.

The head nurse of the hospital, Mo Xiongfei, said that the hospital’s diabetes patient support project team also communicated with tube bed professors, doctors and nurses according to the needs of the patients, and gave individualized guidance in psychological, nutrition and nursing aspects, “to allow patients to fully understandThe progress of treatment makes psychologically better.

Eliminate facial ditch Kan_1

Eliminate facial “ditch”

If you don’t want to make your facial skin slack, and don’t want to rely on cosmetic surgery and medicine, you may wish to do a set of morning exercises every day.
  Wear a loose piece of clothing that does not cover your neck. Use skin care products to gently apply dry skin to your face. Sit on a chair, lean against the back of your chair, start breathing in with your nose, and exhale with your mouth.
Take a deep breath, and then blow the exhaled breath to the wings of your nose.
Exhale like this: exhale through the right corner of the mouth, and the left mouth is tightly closed; then exhale through the left mouth, and the right mouth is tightly closed.
Inhale slowly and deeply to delay breathing for 3 to 4 seconds.
With your cheeks raised, the inhaled air is forced out from the closed lips.
When inhaling hard, try to keep your tongue pressed against the bottom of your mouth.
Exhale like this: Let the facial muscles relax completely.
When inhaling and exhaling, simultaneously extend the lips outward into a cylindrical shape, keeping the corners of the mouth in place by hand.
Put your fingers on your forehead, and your fingers should be placed along the frontal direction.
Lift your eyes and eyebrows upwards to overcome the resistance of your fingers.
Place the ring fingers of both hands on the inner corner of the eye, the middle finger on the center of the eyebrow edge, and the index finger on the outer corner of the eye.
Then push your eyes into a slit with a little pressure while using your fingers.
Turn your head from the left to the right, and lower it down to your chest (this allows blood to flow to your face).
Then turn the head from the right to the left and lower it to the chest.
  Each step of the above-mentioned facial morning exercise is repeated 2 to 3 times at the beginning of the exercise, and gradually increased to 10 times after proficiency.

Big body problems try small points

Big body problems try small points

In daily life, when people experience unexpected physical pain, they are often helpless. At this time, try to massage some points on the body, which can temporarily help.

  When syncope encounters a sudden fainting due to fatigue, hunger, staying up late, etc., unconscious, pale, sweaty, weak pulse and other crisis, immediately squeeze the patient’s Hegu acupoint (on the tiger’s mouth) with the thumb for 2-3 minutes, can also inhibit people’s middle point (the groove between the nose and the upper lip), generally can wake up.

  Stomach pain When stomach contraction fracture pain appears suddenly, rub the patient’s legs with Zusanli acupoint with the thumb, that is, three inches below the outer knee, and one horizontal finger on the lateral side of the humerus.Can improve gastrointestinal function, so that stomach pain is reduced or disappeared quickly.

  In the case of acute sudden onset of compression, immediately insert the fingertips of the palm of your hand with the thumb of your thumb and tilt it downwards. Press and rub in the left-right direction for 3-5 minutes.

  Angina pectoris has sudden onset of pain in the anterior region of the heart. There were symptoms of angina pectoris such as compression, tightness, and suffocation during the previous period. However, when nitroglycerin and anginatine were not found, other people can use the thumb to pinch the patient’s middle fingernails to the root.It is advisable to have obvious pain, lasting 3-5 minutes, can effectively relieve symptoms, and wake up 120 for help.

  Leg cramps Calf cramps usually occur at night due to increased excitability of neuromuscular muscles at night.

You can immediately squeeze the middle point of the upper lip with your thumb and forefinger, and continue to pinch for 20-30 seconds, the pain can generally be relieved.

  Nosebleeds generally occur in children and the elderly, especially in school students. If this happens, you can quickly pinch the depression between the heel joint and the calcaneus.

Left nostril bleeding pinch right heel; right nostril bleeding pinch left heel for 3-5 minutes.

Where does baby’s selfishness come from

Where does baby’s selfishness come from

Why are children now so selfish?

Is selfishness inherent?

I believe many young parents have been so frustrated.

Where does the child’s selfishness and rudeness come from?

  Example lens from life 1: Mingming’s mother noticed that she did not know how to become selfish.

The child asked him to borrow a toy. He waved his hand and said, “If you don’t lend it, lend it to you, and I will not play.

“He grabbed the delicious food with his hands, his parents asked him, and he hid tightly:” If you don’t give it, give it to me.

“I met such a situation, and obviously Mom was angry:” Obviously, how can you be so selfish?

“I heard my mother’s words and wept with tears.” Did you not lend the soy sauce at home to your neighbor’s aunt last time? ”

You say, ‘Lend your things to others, and you ‘ll be gone’.

“It’s clear that Mommy is here now.

It turned out to be a little act of his own that made Mingming selfish.

  Every child is a piece of white paper, and the parents are the paintbrushes that apply this piece of white paper. It is very important for every parent to set a good example of the child’s life.

  When parents try to lead by example and take the initiative to make way when they go out by bus, their neighbors are eager to help when they have difficulties.

After launching, you will surely find that children are also thinking about everyone.

  Doting lens from parents 2: Everyone who knows Xiaolu couples says that Xiaolu couples are very bold.

Although the conditions in the home are average, but others have difficulties, they will still help.

Because of this, they feel they owe too many children.

Every time I buy delicious food at home, I never want to eat it myself, leaving it to the children.

Once, the child made the sweet and sour pork ribs that the child likes most. Since there are many taboos, there is no contraindication. When they were about to stretch out the chopsticks, the bowl of ribs was taken by the baby son to himself:You cannot eat.

“Seeing that his son is so selfish, Xiaolu and his wife are sad.

  ”Parents don’t like to eat”, many parents have told their children.

In fact, it is the parents’ love for their children that has caused their selfishness.

Parents should not spoil their children. They should revoke the child’s privileges and let him know that good things are to be shared, not exclusive. When the child comes to share with you, do not refuse his request.

  From Unconditional Satisfaction Shot 3: Once shopping, I saw a child crying and forcing parents to buy toys.

The child was crying, and the two adults were arguing. The child’s father said, “Can’t buy anymore, there are many toys at home.

“The mother of the child said,” It’s not that you can’t afford it. It’s pathetic to see the child cry.

“The baby already has a lot of toys, but he is still clamoring to buy new ones. When he sees other children’s toys, he can’t help but reach out to grab them.

When parents encounter such a situation, they mainly choose to compromise with their children. First, the children cry outside and do n’t buy and feel lost; second, the parents feel that their living conditions are better, and they are unwilling to let their children suffer.

Don’t you know that it is this kind of thinking that turns the child’s desire into a bottomless pit, which will never fill up.

  In the face of unreasonable demands from children, we must learn to refuse, not to meet endlessly.

So when your child asks for something, don’t meet him immediately, or delay time appropriately, set up some small obstacles for him.

Gradually, he will understand that not all requirements will be satisfied by adults, and learn to restrain his desires.

When he can restrain his desire, the selfish behavior of reaching out to grab the toy will decrease.

  In this way, guide the baby to share toys with his friends. The 2- and 3-year-olds are reluctant to give their toys to others and want other people’s toys.

  This is the 2-year-old Hirsch.

One day, she had a teddy bear and her mother playing in the community park, and suddenly a ragdoll in the hands of a child caught her attention.

So she grabbed without saying anything, and where would the little girl follow her, she pushed hard.Xixi was pushed to the ground, crying like a teardrop, her mother wiped tears for Xixi and said, “Hixi, if that kid also came to grab your teddy bear, would you give it silently?

Hearing, he shook his head and said, “This is mine. I won’t give it to her.”

“Mother touched Hoshi’s head and said softly:” Yeah, that kid must be the same as you. ”

However, if you really want to play, there is still a way.

She asked curiously, “What is it?

Mother cleared her throat and said, “Look, can you use your teddy bear to exchange with your child’s doll?

“Mother took Hirsch and asked Hirsch to say to the child,” Children, I trade my teddy bear for your ragdoll for a while.


“The kid thought and nodded in agreement.

After exchanging toys, everyone was having fun.

  Proper guidance is important for children.

When you see your child “selfish”, don’t force corrections, parents should set an example for themselves!

Ordinary calcium supplements have a high risk of heart disease


Ordinary calcium supplements have a high risk of heart disease

Calcium supplementation seems to have become a health care fashion in modern society, but a recent report by international researchers shows that taking calcium supplements increases the risk of middle-aged and elderly people, and there is no need to worry about calcium supplementation through diet.

銆€銆€A new issue of the British Medical Journal published a report that New Zealand and British and American researchers reviewed and analyzed a series of more than a dozen studies on calcium supplementation around the world, involving more than 10,000 middle-aged and old-aged subjects, who received supplements.Calcium drugs were either a placebo with no effect and were followed up for years.

The researchers pooled the results and found that those taking calcium supplements had a 30% higher risk of developing hypertension than those who did not.

銆€銆€The largest source of data in this study was the calcium-supplemented survey conducted by the University of Aberdeen in the United Kingdom since 1999.

Dr. Alison Avenel, who participated in the study, said that she and her colleagues found that many middle-aged and elderly people are supplemented with calcium due to osteoporosis, and taking calcium supplements does prevent fractures.Therefore, the two effects of calcium supplementation need to be balanced. It is best to discuss the situation with the doctor before deciding whether to take calcium supplements.

銆€銆€She also said that although calcium supplementation may increase the risk of disease in the elderly, if you are taking calcium supplements to supplement calcium, you do not have to worry about this risk.

Therefore, calcium supplementation causes the risk of hypertension in middle-aged and elderly people. Research director Ian Reid believes that calcium tablets may change blood chemistry and threaten heart health.