Goldwind Technology (002202): Bid rate rebounded due to gross margin expansion

Goldwind Technology (002202): Bid rate rebounded due to gross margin expansion
Investment highlights 18-year performance growth5.30%: The company released its 2018 annual report, reporting that the combined company realized operating income of 287.31 ppm, an increase of 14 in ten years.33%; realized net profit attributable to parent company 32.1.7 billion, a five-year growth of 5.30%.The corresponding EPS is 0.9 yuan.Among them, in 2018Q4, operating income was 109.1.5 billion, an annual increase of 34.38%, an increase of 60 from the previous month.85%; realized net profit attributable to parent company7.9.8 billion, an annual increase of 5.15%, down 10 from the previous month.29%.The 2018Q4 corresponding EPS is 0.22 yuan. Fan sales recovered and operation steadily increased: 1) Fan revenue was 210.16 ppm, an increase of 12 in ten years.33%; Fans are exported 5.86GW, an increase of 15 per year.34%.The gross profit margin of fans reduced due to upward pressure on costs6.35 single to 19.19%, the overall profit of fans and parts8.7 trillion, down 35 a year.twenty four%.2) Wind farm development with zero power generation.76TWh, an increase of 17 per year.4%, realized income 39.15 ppm, an increase of 20 in ten years.30%; wind farm development profit 20.0 billion percent growth of 31.57%.Gross profit margin is 64.17%, down by 1 every year.74 units.3) Revenue from wind power services16.52 ppm, a decrease of 19 per year.82%.Gross profit margin 19.72%, up 4 each year.37 averages, contributing 0 profit.7.4 billion.4) Business income such as water affairs and investment income9.23 ppm, an increase of 150 in ten years.52%. Bidding orders hit record highs, and bidding prices rebounded: In 2018, the number of domestic open tenders was 33.5GW, an increase of 23 per year.15%, 2.0MW, 2.The average bid price of 5MW-class units in December 2018 was 3327 yuan / kilowatt and 3450 yuan / kilowatt, which was a 5% increase compared to the price low in September, 3.6%.At the end of the period, total external orders in hand were 18.5GW, a record high. Expansion of operation scale and continuous improvement of profit: At the end of 18, the net equity installed capacity was 4,720MW, the equity under construction capacity was 1,540MW, and the unopened equity capacity was approved as 2012MW; in 18 years, the new equity installed capacity was 900MW (48MW was disposed), and then 889MW was reapproved. The expense ratio decreased, cash flow improved, and inventory increased: It was reported that the company split the “R & D expense” item from the “management expense” item in the profit statement, and the expense increased by 2 during the same caliber in 2018.55% to 52.97 ppm, with a decrease in the expense ratio by 2 during the period.12 up to 18.44%.Among them, the selling expenses decreased by 12 every year.60%, the sales expense ratio fell by 1.79 units.The impact of the reversal of warranty money.Finance costs increased by 21.76%, mainly due to the large amount of cash spent on purchasing parts and components and constructing wind farms, and increasing long-南宁桑拿term borrowings due to the continued increase in investment in wind power projects.Net cash inflow from operating activities in 201831.25 ppm, an increase of ten years.44%; cash obtained from sales of goods 265.3 percent, an increase of 15 per year.14%.Period-end advance receipt budget + contract debt 40.71 ppm, a decrease of 12 per year.61%.Ending receivables 148.23 ppm, a decrease of 1 per year.19%, accounts receivable turnover days decreased by 24.8 days to 186.85 days.Ending inventory + contract assets 52.66 ppm, an increase of 28 in ten years.98%; inventory turnover days increased by 2.13 days to 76.83 days. Investment suggestion: We expect the net profit attributable to the parent company to be 34 in 2019-2021.83, 42.65, 53.4.9 billion, an increase of 8 each year.3%, 22.4%, 25.4%, EPS is 0.98 yuan, 1.20, 1.50 RMB.Corresponding PE is 14.86, 12.13, 9.67 times, maintain BUY rating. Risk warning: demand is below expectations; wind turbine price competition exceeds expectations; wind farm business is below expectations.

China Sports Science & Technology (603679): Revenue and Orders Maintained Steady Increase of Excess Cash in Hand to Provide Performance Growth Guarantee

China Sports Science & Technology (603679): Revenue and Orders Maintained Steady Increase of Excess Cash in Hand to Provide Performance Growth Guarantee

The company’s latest report for the third quarter of 2019, the third quarter before 2019 achieved revenue5.

2.5 billion, an increase of 40.

05%; net profit attributable to mother 0.

800,000 yuan, an increase of 70.


The opinions are as follows: The smart street light project has helped to steadily increase revenue, and the gross profit margin has increased significantly. The company completed its operating income in the first three quarters of 20195.

2.5 billion, an increase of 40.

05%, a significant increase of 30% over the ten years of 2018.

For the 43 averages, the growth rate in the first three quarters was 3 respectively.

6% / 24.

0% / 108.


Since last year, the company has successively won orders in the field of smart street lights, including Lijiang, Chengdu Shuangliu District, and Chengdu Ecological Park restoration project, and reached a strategic cooperation agreement on smart street lights with Renshou County of Meishan City. Ample orders may help the company’s product end andRevenue at the project end steadily increased.

Previous company gross margin was 37.

61%, an increase of 4 from the previous value.

The 27 grades may increase the proportion of revenue contributed by smart street light-related projects with high gross profit margins.

The company has an early layout of smart street light projects, a full range of products, and strong design and research and development capabilities. Against the background of rapid growth in demand for smart street light construction, the company’s performance continues to steadily improve.

The period expense ratio was significantly reduced, and R & D investment was increased to ensure that the period expense replacement of competitive advantage companies13.

57%, a decrease of 3 per year.

34 units.

Including sales expenses 4.

66%, down 2 each year.

36 units; administrative 无锡桑拿网 expenses 5.

72%, down 1.

1 total, budget growth is mainly due to the rapid growth in revenue this year, the scale effect and significant growth; financial expenses 0.

27%, with an increase of 0.

22 units; R & D expenses 2.

91%, which remained basically unchanged. With the rapid increase in revenue, the company’s R & D expenses also increased.

The company accrues 0 for asset impairment and credit impairment.

21 trillion, an increase of 0 from the previous value.

1.3 billion.

Taken together, the company’s net interest rate is 15.

29%, an increase of 2.

7 single, and achieved 0 net profit at the same time.

8 trillion, the same increase of 70.


The amount of cash flow from operating activities increased slightly, and the issuance of convertible bonds in the future will enhance the company’s 杭州夜网 capital advantage.

6082, a decline of 12 every year.4 units; the company’s payout ratio was 0 during the same period.

8375, down 8 every year.

01 averages.

Net cash flow from previous operating activities decreased by zero.

8.2 billion, an increase of 0 from the previous value.

12 billion.

At the end of September 2019, the company’s assets and liabilities were restructured44.

87%, an increase of 13 earlier.

51 units, mainly because the company’s short-term operating liabilities and bank debt have improved due to the advancement of the project.

The company announced in the middle of the year that it plans to issue no more than two.

The convertible corporate bonds of USD 300 million will be supplemented by the liquidity of the issuance and restructuring of the company, improving the company’s overall cash flow structure, effectively reducing the company’s funding pressure, and ensuring the smooth implementation of the project.

At present, the only smart street lamp project listed on the market has a first-mover advantage in the field of 5G site resource operation. In June, the Ministry of Industry and Information Technology issued 5G commercial licenses to China Telecom, China Mobile, China Unicom, and China Broadcasting and TV. This is an important step in 5G commercial promotion.

In addition, according to the latest news released by the Ministry of Industry and Information Technology, more than 80,000 5G base stations have been previously opened. At the end of September, 21,473 5G base stations were completed in Guangdong, ranking first in the country.

With the advent of the 5G era, high-frequency ultra-dense networking will inevitably generate demand for small base stations, which will promote the construction of small base stations. The installation of small base stations on smart street lights will be one of the most feasible ways. Therefore, the arrival of 5G will soonGenerated a large demand for smart street lights.

Against the background of the rapid increase in industry demand, the company, as a leader in the smart streetlight engineering industry, has significant advantages in terms of research and development, delivery capabilities, and capital, and is expected to fully grasp the industry’s development potential.

Investment recommendations The company’s first three quarters of performance have maintained rapid growth, with gross margins significantly improved, and smart street light projects gradually increasing the company’s profitability.

The new 5G infrastructure will open up hundreds of billions of new markets for smart street lights. The company has an early layout of smart street lights, a comprehensive category, and strong design and research and development capabilities. At the same time, it will actively cooperate with equipment vendors, operators, and Internet giants such as Huawei, towers, and strive to develop smart street light products.And project operations to achieve higher returns and open up vast growth space.

In summary, we maintain our “Buy” rating on the company.

Temporarily maintain the company’s net profit for 2019-2021.



27 trillion, corresponding to 32, 21, 16 times.

Risk reminder: The growth of long-term fixed asset investment is accelerating and the company’s business repayment is not up to expectations

What to pay attention to when blowing air conditioners in summer

What to pay attention to when blowing air conditioners in summer

In the summer, the temperature is high, and the sun is very hot. When you go out for a while, it looks like you are in an oven. In the face of such temperatures, many people choose to be in an air-conditioned room.

If you stay in an air-conditioned room for a long time, you will have air-conditioning disease, so what should you pay attention to when you blow air-conditioning in summer?

Let ‘s follow Xiaobian together!

  What to pay attention to when blowing air conditioners in summer1, make the skin dry and dry, and do a good job of moisturizing. The air conditioner will bring us comfort and dry the indoor air. Do you feel that your skin will become a little bit cold after blowing cold air?Tight?

That’s because cold wind accelerates the evaporation of moisture on the skin surface, which makes the skin feel drier.

Prepare a bottle of moisturizing spray at any time to keep your skin hydrated.

  2. Drink at least 8 glasses of water a day, familiar slogans, but did you do it?

Some people think that in the air-conditioned room, it is not hot and does not sweat, and the water has not reduced much, so you do n’t need to drink water, but I must tell you cruelly, even if you do n’t feel thirsty, the water in your body is still unknowingPerceived decrease.

So, if the girls want to keep the water moist, in the air-conditioned room, it is necessary to drink water, preferably warm water, so as not to cool the stomach.

Drink a glass of water before work, considerate and healthy, full of energy to start the work day.

  3. Warm summer Most people like how much to wear, but it is best not to wear too little in an air-conditioned room for a long time. Always have a thin shirt or blanket to block the blockage, avoid cold wind, and do warm work, otherwiseIt’s easy to be “thumped up” by a cold king!

Especially when you come to your aunt, pay attention to your feet and keep warm.

  Precautions for blowing air-conditioned water for babies 1. Children’s skin is tender and sweaty, and the clothing materials should be soft, absorbent, breathable, and easy to wash. Light-colored cotton or pure knitwear is suitable.

In the air-conditioned room, the baby has one more dress than the adult.

2. Every 6?
Ventilation should be performed for 8 hours, and the longest should not exceed 12 hours. 20 for each ventilation?
30 minutes.

  3. Cover the baby with a quilt at night. Don’t make it too thick. Cover the belly, chest, shoulders, joints and other sensitive parts.

  4. About every half a month, parents should wash the air filter post (filter membrane) of the air conditioner with a lot of water, so that the indoor air quality can be guaranteed.

  5. Measure your baby’s temperature at least once a day.

  The above is the summer air-conditioning knowledge prepared by Xiaobian for everyone. With these, everyone can spend this summer coolly, I hope the above content can help everyone.

How to eat passion fruit

How to eat passion fruit

Passion fruit juice has excellent color, aroma, taste and nutrition. It requires more than 160 beneficial ingredients such as 17 amino acids, multivitamins, and trace elements essential for human body. It is suitable for the production of fruit juice, jelly, jelly, jam and other products.How to eat fruit?

  1, eat directly: cut it with a knife, scrape the meat and seeds, add sugar or honey and mix well, then eat directly, bite the seed, it is very crisp.

  2. Open the fruit, scrape off the flesh and seeds, put the ice cubes, the right amount of honey, and the right amount of water into the juicer, squeeze the juice, and pour out the intake.

  3, scrape off the flesh and seeds, put it into the juicer with the ice cubes, and a certain amount of honey. After squeezing it out, pour it on the ice cream and replace it with the ice cream.

  4. Make tea: Divide the fruit into two, put it in a cup, add rock sugar, and soak in boiling water for 6 minutes.

  5. Taste enhancement of the broth: Wash the whole fruit and add it to the broth, which can bring out the umami of the soup and make the broth taste better.

  6, direct fresh food: take the ripe passion fruit, wash and cut open, eat the fruit juice directly; you can also put some sugar, stir with a spoon and eat.

The seeds are crispy and edible, and rich in nutrients like sunflower seeds.

  7. Make fruit juice: take a passion fruit, cut and dig out the middle fruit juice (including seeds), put it into the cup, add 200ml water, add an appropriate amount of white syrup to adjust the sweetness, and stir to get a cup of color, aroma, taste, nutritionGreat juice.

  8. In addition to extracting pectin, medicinal ingredients and processed feed, nutshell can also be used for making wine or tea, and cooking methods.

  Passion Fruit’s Efficacy and Function It is often eaten with passion fruit and its processed products. It can help digestion, relieve phlegm, cure kidney deficiency, refreshing, refreshing blood, strengthening body, sedative pain, decompression and lipid reduction.

Let’s take a look at the efficacy and role of passion fruit.

  1. Baixiangxiang is rich in vitamins, super fibers and proteins, which are very beneficial to the human body. The taste and aroma are extremely beautiful, which can enhance the human body’s resistance and improve immunity, especially for children and pregnant women.It is very beneficial for physical development and growth.

  2. The superfibers contained in Baiguoxiang can enter the very smiling part of the human stomach and intestines for deep removal and detoxification, but will not cause any damage to the intestinal wall, improve the absorption function of the human body, and improve the intestines and stomach.Effect.

  3, because Baixiangxiang into the body can enhance digestion and absorption, because the human body has normal bowel movements and will not be connected in series, so it is also very good for alleviating the symptoms of constipation.

  4, beauty and beauty, that is necessary, it not only contains rich nutrients, but also can give people a feeling of fullness, thereby reducing the absorption of other highly metabolized foods, and help improve the body’s nutritional absorption structure, especially theVc, etc. have beauty and beauty, anti-aging effects.

TCM visit: seeing the condition from the eyebrows

TCM visit: seeing the condition from the eyebrows

Eyebrows are not only one of the symbols of beauty for women, but also the life aspirations of women.

The so-called flirting is telling us the key role that beauty plays.

In the eyes of traditional Chinese medicine, eyebrows can convey the health of your body.

  In fact, the “Inner Canon of the Yellow Emperor” once pointed out: “The eyebrows have more blood in the veins of the sun, and the eyebrows have less blood.

The so-called evil eyebrows were explained by the ancients as “brilliant and withered eyebrows.”

From this point of view, the eyebrows are thick, thick, and moist, reflecting strong blood; on the other hand, the eyebrows are thin, thin, and withered, reflecting insufficient blood.

  1. Dry eyebrows: Those with straight and dry eyebrows may have abnormal menstruation if they are females, and they are more likely to suffer from neurological diseases if they are males.

Some children or malnourished people have yellow and scorched eyebrows, which is also a sign of lung deficiency.

  2. Eyebrows falling down: It means that the patient is seriously ill, especially the biliary palpitations.

  3, eyebrows rushing up: eyebrows rushing upright is a sign of critical illness, so patients should hurry up for treatment.

  4, eyebrows drooping: mostly facial nerve paralysis.

If some of the sides of the eyebrows hang down, it means that there is facial nerve paralysis on that side, so that the eyebrows cannot be lifted upwards.

Some are drooping unilateral upper eyelids (such as myasthenia gravis), resulting in higher raised eyebrows.

  5. People with thick eyebrows: The human body with thick eyebrows is improved and has plenty of energy.

However, if women’s eyebrows are particularly dark, it may be related to hyperadrenal function.

Those with short eyebrows are anxious and irritable. Beware of emergencies.

  6. Eyebrows fall off: Those who have thin eyebrows and fall easily are more common in those with weak blood and weak body, who are sick and sick. Such patients are prone to cold hands and feet and weak kidney qi.

In patients with hypothyroidism and anterior pituitary hypofunction, eyebrows often fall off, especially in the outer third of the eyebrows.

In patients with leprosy, the outer skin is hypertrophic and the eyebrows are displaced in the early and early stages.

Patients with alopecia areata may also have eyebrow replacement symptoms.

Cancer, syphilis, and severe anemia can also cause eyebrow replacement. Some anticancer or antimetabolite drugs also have this alternative.

Type 2 ancient yoga shapes the lower tummy

Type 2 ancient yoga shapes the lower tummy

Core Tip: Thin Yoga Yoga Course inserts the ancient yoga style 2 to tighten the excess and shrink the waist.

Moreover, persistent practice can also prevent rebound, and completely create a perfect and sexy belly, you can not miss it.

  Yoga is an ancient but fashionable sport that has a magical effect on eliminating misfortune.

The following abdomen yoga tutorial uses the ancient yoga style 2 to tighten up the abdomen and shrink the waist.

  Snake fracture type 1.

Lie on your back on the mat, put your palms up and down, and your entire body will be completely relaxed.


The lower back muscles are forced to lift the upper body, so that the lower jaw, shoulders and hips slowly leave the cushion.

Support the cushion with both hands, and look up at the ceiling, making the entire spine a graceful anti-bow.


Hold this position for 10-20 seconds, you can use the nasal and abdominal cavity to complete breathing.

Every time you inhale, you can feel the jaw, complications, throat, upper and lower, abdomen and even both legs.

  Door latch type 1.

Starting from the kneeling position, stretch your right leg to the right so that your right foot and left knee are on the same line.

Point your right foot to the right and do not bend your right knee.

The two countries are fully tilted to the sides so that they are parallel to the ground.


Exhale, bend your torso and right arm to your right leg, and extend your right hand to your right knee and right toe.

The left arm is fully tilted upwards, and the eyes look at the direction of the tip of the left finger, maintaining a uniform abdominal breathing.

  Latching can help eliminate aunts on the waistline, nourish and strengthen abdominal muscles and organs.

Hold this position for 45 seconds, the trunk and bones return to their original positions, swapping their legs.

The left and right sides should be held for approximately the same amount of time.

The tooth yellow is really a monk to teach you how to solve it fundamentally

The tooth yellow is really a monk to teach you how to solve it fundamentally

Some people pay attention to the Department of Oral Health. They do not brush their teeth or brush their teeth improperly. As a result, the teeth are scattered in the gaps of the teeth, which is called tartar. When it takes a long time, it slowly yellows.

This can be solved by washing the teeth, not a big problem.

Some people are suffering from long-term use of certain drugs such as tetracycline staining, or long-term drinking of unclean water, causing disease, leading to local tooth damage, yellowing, this treatment is more troublesome, the general dentist recommends a set of teeth or bleaching treatment.

If some people have yellow teeth, it is enough from birth, most of them are caused by genetic factors, this can only be tried bleaching or dental treatment.

General treatment has no effect.

Tooth bleaching.

It mainly uses a bleaching agent containing carbamide peroxide and hydrogen peroxide (oxidative bleaching method) to act on enamel and dentin to achieve bleaching effect.

This method is suitable for patients with mild or moderate tetracycline and dental fluorosis with no defect or defect in enamel.

However, if the tooth color is more serious, the bleaching effect is not good, and different degrees of tooth color recovery will occur after bleaching.

Some teeth can not be whitened when they are yellowed. It may be considered to be analyzed and treated from a large hospital. According to the degree of damage of the teeth, the whitening and whitening effect will be effective.

These people must pay attention to oral hygiene, do not smoke, drink coffee, must brush your teeth before the night break, usually you can buy mouthwash to disinfect the mouth.

Scrub teeth with papaya daily, it is said that you can whiten a little, this can vary from person to person.

A good way to massage beauty and quickly freckle

A good way to massage beauty and quickly freckle

As a girl, I hope that my skull can be clean and free of any spots, but because of the living environment, work habits and other reasons, there are spots on the surface of MM.

Chinese medicine pointed out that facial pigmentation is generally caused by poor blood flow in the human body. It can be achieved by different massage techniques, non-fixed acupuncture points, and only massage on the plaque surface.Silt, so that the melanin accumulated between the epidermis and the dermis is loosened and spreads.

Here we will look at it together: 1, the spotted finger licking method: the thumb belly is in front of the point position, draw a circle to rotate, gently soften, 50-60 times per minute, the movement is coordinated and rhythm, the action part is the epidermisBetween the dermis and the dermis, it takes about half a minute to press each point in front of the point to make the pigment behind the tractor loose in a small range.

  2, the face refers to the method: the thumb is straight, the other four fingers are gripped, the center of the spot is pressed with the end of the thumb, the pressing direction is vertical, the force is from light to heavy, steady and continuous, so that the stimulation fully penetrates the epidermis and the dermisBetween, bogey and sudden shaking after exerting force.

The penetration point is extended from the center to the periphery to reach the edge of the spot.

  3, plaque palm rub: use two palms to rub, create displacement, put the palm on the entire surface, do a loop and have a rhythmic movement, smooth, counterclockwise, frequency about 50-60 times per minuteThe pigment that has been locally diffused is diffused to a wider range, which is favorable for rapid absorption.

  4, spotted finger smearing method: the side of the thumb and the end of the index finger, in a certain part of the point, the inner extension is linearly moved, the pressure should be balanced, the smearing speed should be slow, and the force should be light and not floating during operation.Heavy and not stagnate, spreading the loose melanin around.