Air China (601111) Annual Report Comments: Significantly Improved Revenue Level Better-than-expected Results

Air China (601111) Annual Report Comments: Significantly Improved Revenue Level Better-than-expected Results

Event: The company released its 2018 annual report: achieved 1368 megabytes of revenue, every +12.

7%, net profit attributable to mother 73.

4 trillion, +1 a year.

3%, net of non-attributed net profit of 66.

2 ‰, at least -8.

4%; 18Q4 revenue +19 for two years.

5%, deduct non-attributed net profit of 0.

940,000 yuan, turning a deficit (repeated 9 in 17Q4).

2.3 billion).

The company’s performance was better than market expectations.

Improved air tickets led to high revenue growth.

The company’s overall RPK + 9 in 2018.

7%, ASK + 10.

4%, achieving a load factor of 80.

6%, zero for one year.

54 points, of which 18Q4 RPK / ASK +6 respectively.

2% / + 7.

7%, load factor decreased by 1.

2 points, 18 reached the company’s passenger kilometers income level of 0.

546 yuan, +2 in the past.

9%, fare performance is better than expected, we estimate the company 18H1 / Q3 / Q4 separately flat / + 1.

About 5% / + 10%, 18Q4 quarter performance significantly improved driving the same period of revenue for ten years.

5%.

At the end of 18, the company’s fleet size was 669, and 50 were introduced, 21 were withdrawn, and a net increase of 29. The company expects a net increase of 55, 46, 5 aircraft in 19-21.

Costs were well controlled, and non-jet fuel costs per unit of ASK decreased by 3.

4%.

In 18 years, the company’s fuel cost was 38.5 billion U.S. dollars, an annual increase of + 36%. At the same time, the average domestic aviation oil purchase price was + 27% annually.

5%, which is lower than the growth rate of capacity delivery, and the fuel consumption per unit of ASK decreased by 3.

6%, driving unit ASK fuel cost + 23%, the increase is lower than the increase in oil prices.

Company unit ASK non-oil cost half a year -3.

4%, overall cost control is good.

The cost ratio of the company’s budgeted financial expenses is 8.

3% a year -0.

6 points.

Investment income has improved markedly, and foreign exchange earnings are expected to increase by 36%.

The company realized investment income for 18 years13.

700 million (mainly equity disposal proceeds) 5.

700 million, and Cathay Pacific, which is an associate, turned losses), increasing by 16.
800 million due to the depreciation of the RMB against the USD in 18 years.

4%, bringing exchange loss losses23.

80,000 yuan (17 yuan appreciation brought exchange gains of 29.

RMB 40,000, the RMB fluctuates 1% against the US dollar, correspondingly affecting net profit2.

300 million US dollars, expected to increase exchange sensitivity after the implementation of the new lease budget in 19 years), the company ‘s financial costs increased by 5.2 billion (the impact of replacement exchange is basically the same), if the exchange and non-profit and loss impact, the company 杭州夜网 ‘s 18-year profit reached 1.16 millionYuan, + 36% per year.

Investment suggestion: Against the background of macroeconomic growth forecast, aviation demand performance has improved. Peripheral oil and exchange rates are relatively stable. If the Boeing 737MAX stops flying for a period of time, it will improve the industry supply and demand.Airline fare performance in the peak season, the company comprehensive high-quality routes, supply and demand in the peak season to improve price determination is strong, it is expected that 2019-2021 EPS will be 0.

74 yuan, 0.

96 yuan, 1.

09 元,对应PE 为13x\10x\9x,维持“买入-A”评级。 Risk Warning: Aviation demand exceeds expectations, oil prices have increased significantly, and the yuan has actually depreciated.

Guosheng strategy: long window continues to look at multi-cycle core assets

Guosheng strategy: long window continues to look at multi-cycle core assets

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title:[Guo Sheng Strategy | General Trends]How do you view the recent major changes?

  Source: Yao Wang’s Backward Core Viewpoint Review: The annual strategy on December 14, 19 was the first to propose “2020, Cycle Revaluation” in the entire market.

“Strategically Looking at Multi-Cycle Core Assets” on December 21, and “Cycle Core Assets: Will Meet the Historical Revaluation” on December 29 highlighting the three combined forces that will promote the reassessment of cyclic core assets.

January 5 “Continue to look at multi-cycle core assets”.

January 9 Comparison of Global Assessments: Which Cycles of Core Assets Are Undervalued?

》 Systematic comparison of global cycle core asset estimates.

  Outlook: The long-term window will continue, and we will continue to look at multi-cycle core assets-the recent rapid inflow of multinationals into the A-share market.

Democracy markets generally compete MSCI will suspend the influx of foreign capital in 2020.

However, our Air Force has repeatedly entered the market in the “Foreign Research Manual” and “Top Ten 2020 Forecasts”. The trend of entry will not change, and it will remain unchanged this year.

Since MSCI completed the last expansion of the second phase at the end of November 2019, foreign exchange has continued to inflow substantially.

Net inflows reached 729 in December.

It has a record high of 9.4 billion, and it has flowed into 343 again since January.

02 billion.

  -For the recent sustained growth, we believe that there are three main reasons: First, according to our annual strategy, the global asset allocation pendulum may be re-oriented to emerging markets in 2020. The Chinese economy is more likely to lead emerging markets to stabilize before developed markets.

The performance-price ratio of high-quality assets such as A shares, which are backed by China, is even more prominent.

In the long run, the core variables that determine the direction of global markets and the direction of asset allocation still depend on the strength of the endogenous growth momentum of the economies of various countries.

In the past few years, the fundamentals of emerging market economies have underperformed developed markets as a whole, and this trend is expected to gradually change in the next few years.

As an outstanding leader in emerging markets, China is more likely to lead emerging markets, and boots will drive A-shares to gain relative returns.

  In fact, the pace of currency easing in major countries such as the United States and Europe has improved, and the growth momentum of overseas stock markets has clearly weakened.

In particular, recent geopolitical frictions such as the US-Iraq dispute have escalated again, further deepening changes in overseas markets.

Since then, the A-share market has become a safe haven for overseas funds due to the relative insulation from overseas storms.

  More importantly, foreign countries are still significantly underweighting A-shares, and the trend of “water flows to lower places” is obvious.

Since 2016, through the comprehensive establishment of land-port links and the landing of MSCI, the admission of overseas funds has accelerated significantly.

Foreign countries have become the most important incremental funds in the A-share market in the past three years, and their voice in the domestic market has been significantly improved.

At present, foreign countries and domestic funds and insurance have reported a trend of “three-legged standing”.

But even after the accelerated delivery in the past two years, the current foreign share of A shares is only about 3%.

With reference to the level of economies that have entered the mature stage of opening up, from a spatial point of view, A shares are still significantly underweighted in the global market, and the big logic of “flowing to lower places” remains unchanged.

At the same time, looking at the historical progress of replacing MSCI in overseas markets, its significance is more like a certificate of global capital allocation.

From the perspective of the inflow rhythm, A-shares have just surpassed MSCI and will continue to change in a one-way trend in the future.

As long as there are no systemic risks around the world, the rich probability will still maintain an inflow of about 300 billion yuan per year.

  -Foreign inflows are accelerating, the internal environment is generally warmer, and the revaluation of core asset values will continue.

With the combination of internal economic stabilization, monetary easing, and stagflation relief, the overall internal environment is warmer.

Intensified the continuous growth, while overseas risks such as the US-Iraq conflict will not be further fermented for the time being.

Therefore, the long window of A shares continues, and the strategy looks at multi-cycle core assets.

  Investment strategy: strategic allocation of cyclical core assets-cyclical core assets: Three joint forces work together to promote value revaluation.

  -From the perspective of the boom: pay attention to the wind power, cars, electric vehicles and other booms upward or trying to usher in the turning point of the plate.

  Risk warnings: 1. The trade friction is more than expected; 2. The macro economy is changing more than expected.  Review of the main text of the report: The annual strategy on December 14, 19 was the first in the market to propose “2020, Cycle Revaluation.”

“Strategically Looking at Multi-Cycle Core Assets” on December 21, and “Cycle Core Assets: Will Meet the Historical Revaluation” on December 29 highlighting the three combined forces that will promote the reassessment of cyclic core assets.

January 5 “Continue to look at multi-cycle core assets”.
January 9 Comparison of Global Assessments: Which Cycles of Core Assets Are Undervalued?

》 Systematic comparison of global cycle core asset estimates.

  Strategic outlook: continue to do more windows, continue to look at multi-cycle core assets1, and recently foreign investment has accelerated into the A-share market.

Democracy markets generally compete MSCI will suspend the influx of foreign capital in 2020.

However, our Air Force has repeatedly entered the market in the “Foreign Research Manual” and “Top Ten 2020 Forecasts”. The trend of entry will not change, and it will remain unchanged this year.

Since MSCI completed the last expansion of the second phase at the end of November 2019, foreign exchange has continued to inflow substantially.

Net inflows reached 729 in December.

It has a record high of 9.4 billion, and it has flowed into 343 again since January.

02 billion.
  2. For the recent sustained growth, we believe that there are three main reasons: First, according to our annual strategy, the global asset allocation pendulum may be re-oriented 苏州夜网论坛 to emerging markets in 2020, and the Chinese economy is more likely to lead emerging markets ahead of developed markets.Stabilized.
The performance-price ratio of high-quality assets such as A shares, which are backed by China, is even more prominent.
In the long run, the core variables that determine the direction of global markets and the direction of asset allocation still depend on the strength of the endogenous growth momentum of the economies of various countries.
In the past few years, the fundamentals of emerging market economies have underperformed developed markets as a whole, and this trend is expected to gradually change in the next few years.

As an outstanding leader in emerging markets, China is more likely to lead emerging markets, and boots will drive A-shares to gain relative returns.

  In fact, the pace of currency easing in major countries such as the United States and Europe has improved, and the growth momentum of overseas stock markets has clearly weakened.

In particular, recent geopolitical frictions such as the US-Iraq dispute have escalated again, further deepening changes in overseas markets.

Since then, the A-share market has become a safe haven for overseas funds due to the relative insulation from overseas storms.

  More importantly, foreign countries are still significantly underweighting A-shares, and the trend of “water flows to lower places” is obvious.

Since 2016, through the comprehensive establishment of land-port links and the landing of MSCI, the admission of overseas funds has accelerated significantly.

Foreign countries have become the most important incremental funds in the A-share market in the past three years, and their voice in the domestic market has been significantly improved.

At present, foreign countries and domestic funds and insurance have reported a trend of “three-legged standing”.

But even after the accelerated delivery in the past two years, the current foreign share of A shares is only about 3%.

With reference to the level of economies that have entered the mature stage of opening up, from a spatial point of view, A shares are still significantly underweighted in the global market, and the big logic of “flowing to lower places” remains unchanged.

At the same time, looking at the historical progress of replacing MSCI in overseas markets, its significance is more like a certificate of global capital allocation.

From the perspective of the inflow rhythm, A-shares have just surpassed MSCI and will continue to change in a one-way trend in the future.

As long as there are no systemic risks around the world, the rich probability will still maintain an inflow of about 300 billion yuan per year.

  3. Foreign inflows are accelerating, the overall internal environment is warmer, the long window of A shares continues, and the revaluation of core asset values will continue.

With the combination of internal economic stabilization, monetary easing, and stagflation relief, the overall internal environment is warmer.

Intensified the continuous growth, while overseas risks such as the US-Iraq conflict will not be further fermented for the time being.

Therefore, the long window of A shares continues, and the strategy looks at multi-cycle core assets.
  Investment strategy: strategic allocation of cyclical core assets-cyclical core assets: Three joint forces work together to promote value revaluation.

  -From the perspective of the boom: pay attention to the wind power, cars, electric vehicles and other booms upward or trying to usher in the turning point of the plate.

  The core asset cycle estimation system for the strategic allocation cycle has yet to be “disordered anyway”, and leading companies generally discount.

According to the series of reports in our “New Strategy” series of leading companies in mature markets represented by the United States and Japan, leading companies enjoy estimated premiums. The current A-share valuation system is experiencing “disorder anyway.”

Consumer, technology and other industry leaders have gradually moved from discounts to premiums, and many cyclical industry forecasts have not yet begun to “disorder anyway”, and the leaders are generally discounting.

Regardless of the combination of the top 20 leading companies in the industry by market value or the largest leader in the industry, cycle leaders are generally discounted relative to the industry. With the remodeling of the cycle leader estimation system, it is expected to usher in a breakthrough in the future.

  We have always been committed to institutionalization and internationalization. What a stock is going through is not a simple reincarnation, but a historical change.In the process, the valuation system of A shares will gradually be in line with international standards and derailed from history.
Therefore, we need to break the shackles of the historical valuation framework. Horizontal (international) valuation comparisons will be more meaningful than vertical (historical) comparisons.
Leaders with stable performance and high ROE industry will continue to enjoy the valuation premium.
The valuation system of the leading A-share consumer leader has taken the lead in completing international standards, but compared with US stocks, the core assets of the A-share cycle still have much room for valuation repair.
  From the perspective of PB-ROE, compare the valuation levels of the leaders of the two countries’ cycles.
A-share leaders have relatively low valuations, and some of them are more profitable, especially in the energy, building materials, construction, and real estate industries.
To facilitate comparison between the two countries, the GICS industry classification is adopted.
  Energy industry: Leading A-shares have low valuations and some are more profitable.
China Shenhua’s PB valuation is lower than that of the U.S. stock market leader and has a significant ROE advantage; Sinopec and PetroChina’s PB valuation is lower than that of the U.S. stock market leader.
  Building materials industry: A-share leaders have reasonable valuations and stronger earnings.
The valuations of Conch Cement, Huaxin Cement and Oriental Yuhong are close to those of US stocks, but the ROE is much higher than that of US stocks, and the valuation is more attractive.
  Construction industry: A-share leaders have reasonable valuations and stronger earnings.
The valuations of China Construction, China Communications Construction, China Railway Construction, and China Railway are much lower than those of the U.S. stock market leader, and ROE has advantages, making the valuation more attractive.
  Real estate industry: A-share leaders have lower valuations and stronger earnings.
The valuation of Huaxia Happiness, Vanke A, China Merchants Shekou, and Poly Real Estate is much lower than the leading US stocks, with higher ROE and more attractive valuation.
  Electrical equipment industry: The matching degree of A-share leaders is similar to that of US stocks.
  Chemical industry: A-share leaders are reasonably valued and match similar to US stocks.
The valuation and profitability of A-share chemical leaders are at a medium level. Machinery industry: A-share leaders have low valuations and low profits, and their matching degree is similar to that of US stocks.
Weichai Power and Sany Heavy Industry have lower valuations but lower ROE.
  Paper industry: A-share leaders have low valuations, medium profits, and better matching.
The valuations of Shanying Paper, Sun Paper, and Chenming Paper are relatively low. The ROE of Shan Ying Paper and Sun Paper are both at a medium level, and the valuation is more attractive than that of US stocks.
  Aviation & Railway Industry: Leading A-shares have low valuations and low profits, and their matching is similar to that of US stocks.
  Logistics industry: A-share leaders have reasonable valuations and moderate profitability, and their matching degree is similar to that of US stocks.
  Metals, non-metals and mining: Most A-share leaders are overvalued.
The valuation of Baosteel is low, and the matching of earnings and valuation is more attractive.
Other leading valuations are on the high side.
  Over the past few years, some cyclical leaders are experiencing “cyclical blue chip”, and we have seen that earnings stability has become the key to improving valuations.
  With Conch Cement as its representative, along with the convergence of economic fluctuations and the optimization of the industry’s competitive landscape, its earnings growth rate has declined and fluctuated, showing a “blue chip” characteristic of solid growth.
Even if the performance growth in 2018 was affected, the ROE level remained high and its valuation was the first to usher in a repair.
  For most of the cycle leaders represented by China Shenhua, the valuation has not yet been repaired.
The company is an industry leader in the fields of coal, power, railways, and ports, and has strong competitiveness.
受益于“煤电化路港航”全产业链的协同效应和纵向一体化优势,即使在煤价下行周期中,业绩底部依然明确,19Q3单季净利润创近 6 年新高,抵御风险能力强劲.
The company has ample cash flow, low valuation and high dividends, but the valuation is still low.
In the future, a cyclical leader similar to China Shenhua may usher in “valuation disorder” anyway.
  As economic fluctuations converge in the future, the stabilization of profitability will promote more cyclical stocks to usher in valuation.
On the one hand, as the economy stabilizes and fluctuations converge, more cyclical stocks with stable performance and stable cash flow will emerge in the future.
On the other hand, under the stock economy, the profit will be further concentrated to the leader, and the cycle leader’s valuation will have more room to repair.
  As earnings stabilize, cyclical stocks’ “low valuation trap” concerns will gradually ease.
Why did the previous cycle continue to have lower valuations and weak revaluations?
Mainly because investors are generally worried that the economic downtrend or the cycle will accelerate its earnings downward, and thus fall into the “low valuation trap.”At the same time, the recent recovery of economic data, the gradual and continuous reduction of policy interest rates, and the restructuring of trade negotiations reached the first phase of the agreement, the market’s expectations for subsequent economic stabilization have risen.

Therefore, the “low-expectancy trap” of the cycle is expected to be gradually relieved, at least in stages, so as to promote the estimated repair of the cycle split.

  Grasp the prosperity to the semiconductor industry: the current global semiconductor supply and demand inflection point is clear, and industrial demand continues to pick up; 5G, automobiles, data centers, etc. will help the semiconductor market continue to expand; especially from the perspective of mobile phonesIt will also be affected by the increase in the penetration and volume of 5G mobile phones, and the water is rising. IDC predicts that the volume of 5G mobile phones in the world will reach 78 million by 2020, and will increase to about 4 billion by 2023.

At the same time, semiconductors are at the top of the entire electronic information industry chain. China will face more intense competition and blockades in the future. Domestic substitution will be an important development direction in all aspects of the semiconductor industry chain.

  Cloud computing: Capital expenditures of the four major North American cloud vendors (Amazon, Microsoft, Google, Facebook) gradually recovered and continued to increase after reaching a two-year low in Q1 of 2019.

At the same time, Intel’s data center business, a leading indicator of server capacity, also has strong demand, and the overall trend of the cloud computing industry is upward.

Driven by both demand and future expectations, cloud vendors will continue to expand their investment in cloud infrastructure.

From the comparison of the previous public cloud development trajectory, it is expected that the domestic public cloud industry chain will only grow by an average of 50% in the next 3-5 years. At the same time, government agencies and industrial enterprises will set off a cloud upsurge, and the industrial Internet is expected to usher in gold in the next decade.Development period.

  Automotive: Passenger car production increased by 1 in November 2019.

9% is the first time since June 2018 to resume positive growth.

The annual growth rate of the finished product inventory of the automobile industry has entered a downward channel since June 17th. From the perspective of duration and decline, it has reached the bottom of history. The industry may usher in the stage of active replenishment.

In the fourth quarter, terminal prices fluctuated slightly. The overall discount rate for passenger cars improved, but it was a normal fluctuation.

Not looking at the recovery cycle of the passenger car industry itself, the industry is expected to resume positive growth in 2020, while optimistic about the growth of high-quality components.

  Papermaking: For the two years since the end of 2017, the papermaking industry has experienced active and passive destocking. The current industry inventory is already at a historical low, and the replenishment stage may be in the future.

At the same time, the introduction of imported waste paper policy continues to be severe, the degree of waste paper approval has expanded, and by 2020 the waste paper gap may increase, and the inventory will be added to the bottom. The shortage of domestic waste paper fiber supply may lead to rising national waste prices., And drive up the price of finished paper.

  Wind power: At present, the overall prosperity of the industry is high, and the production capacity and orders of leading enterprises are long and full.

The revenue recognition subsystem of the wind turbine manufacturer is the arrival confirmation. There is a time lag from hoisting to grid connection after the wind turbine arrives. Currently, it is the peak of the industry’s hoisting and grid connection (Jin Qilin analyst), and the industry’s prosperity will continue to increase.

With the gradual approach of the wind energy price market, Guodian Investment took the lead in launching a 6GW parity base in Wulanchabu, and subsequently the China Guangdong Nuclear Power Xing’an League 3GW parity wind power project was approved. According to statistics from Goldwind Technology, the domestic wind power base reserves are currently abundant.The total scale is expected to be 25GW, and the subsequent start of large-scale base projects will drive domestic wind power installations into the next stage.

  Hong Kong stocks: Price is more important than time. Cheaper is the reason for shrinking due to the contraction in the earlier period. The Hong Kong stock market forecast is in the historical bottom area whether it is horizontal or vertical.

From a basic comparison point of view, the current PE and PB estimates of the Hang Seng Index are both in the historical bottom area since 2005.

From a horizontal comparison point of view, the Hong Kong stock market is also estimated to be behind the major markets.

  The severe decline in Hong Kong stocks has also caused the AH premium to rise again and reach historically high levels.

As of now, the Hang Seng AH Premium Index has risen to around 130, which has been at a high level for more than 10 years.

  The core reason for the increase in the AH premium in this round is that Hong Kong stocks have fallen sharply relative to A shares, which is similar to the situation in 2015 in history.

Looking back on history, the AH premium level has risen in most cases from the over-rising of A shares relative to Hong Kong shares, and most of the decline has been due to the decline of A shares.

This round is different, although the initial increase in the AH premium was also due to the continuous growth of the early A-shares, which eventually pushed the level of the AH premium to continue to widen. Therefore, it is due to the simultaneous over-fall of H-shares relative to A-shares.

In comparison, it is similar to the situation in 2015: First, although the absolute decline of the Shanghai Composite Index during the stock market crash in 2015 was greater than that of the Hang Seng Index, for these stocks listed in both places at the same time, especially the bank stocks and H shares,The decline was significantly higher than that of A shares.

In general, after the “8/11 exchange rate reform,” the RMB exchange rate continued to depreciate significantly, similar to the current market background.

  In the future, once the internal and external uncertainties improve and the Hong Kong stock market is expected to appear to be repaired.

With reference to the 15-year stock market disaster, the AH market has turned into shocks, the RMB exchange rate continues to depreciate, and the performance of Hong Kong stocks relative to A-shares is still relatively strong, driving the AH premium index to decline significantly.

  Hong Kong Stock Connect funds are accelerating southward, and the market’s “smart money” has begun.

Initially, the land-port interconnection mechanism has continued to mature. Domestic investment in the south through the Hong Kong Stock Connect channel has become the norm, and the AH premium level has become an important indicator for investing in Hong Kong stock market investment opportunities.

Since the beginning of the year, the AH premium level has continued to widen, and the scale of Hong Kong Stock Connect funds going south has continued to rise.

  Recent market performance review Market capital situation Global major market performance risk tips 1. The trade friction is more than expected; 2. The macro economy is changing more than expected.

AVIC Aircraft (000768) 2018 Annual Report Commentary: Military and Civil Business with Continuous Performance

AVIC Aircraft (000768) 2018 Annual Report Commentary: Military and Civil Business with Continuous Performance

The company achieved EPS 0 in 2018.

20 yuan, steady revenue growth, sales, financial expenses fell sharply, performance growth in line with expectations.

The improvement of industry fundamentals and the acceleration of Air Force equipment construction have promoted the rapid growth of the company’s performance. Based on this, the company’s 2019/20 EPS forecast is maintained at 0.

23/0.

27 yuan, give the company 2021 EPS forecast 0.

33 yuan.

Taking into account the gradual increase of the company’s new military aircraft model and the advancement of the reform of the military pricing mechanism, we maintain a “Buy” rating with a target price of 20.

5 yuan.

Sales, financial expenses decreased, and performance increased rapidly.

The company achieved revenue of 334 in 2018.

6.8 billion (7 years ago)

69%), net profit attributable to mother 5.

580,000 yuan (+18 a year.

38%), achieving EPS 0.

20 yuan, performance in line with expectations.

The reporting company completed the military aircraft delivery task, and its operating income increased steadily. At the same time, the company strengthened its cost control and reduced its sales expenses.

12%, financial expenses fell 199 per year due to increased exchange gains.

34%.

Or due to the increase in production and stocking, advance receipts increase every year.

81%.

In the future, the gradual ramp-up of Yun-20 and the reform of the pricing mechanism for military products will advance, and the company’s performance will continue to grow rapidly.

The fundamentals of the industry continued to improve, benefiting from the advancement of air force equipment construction and the reform of military pricing mechanisms.

The growth rate of China’s military budget in 2019 is 7.

It is expected that the growth rate of weapons and equipment purchases will increase by more than 10%, and the military tenders will resume after the gradual end of the combined military reform, and the industry fundamentals have improved significantly.

We expect that in the next 20 years, China will form about four generations of about 2,000, five generations of air combat power and about 500 air support and special forces. The company’s products such as -20, -6K, and -8C will benefit fromThe construction of the national strategic air force, and through the company’s digital final assembly, enhanced integration capabilities, the company’s revenue growth promotes speed.

In the medium to long term, the company’s profitability has been continuously improved through the advancement of the reform of the military pricing mechanism.

Military aircraft business continues to improve, and Yun-20 will drive growth in the next decade.

Yun-20 is expected to become the main modification platform of our army’s large-scale early warning aircraft and tanker.

It is estimated that in the next 10 years, the number of Yun-20 used for strategic investment and conversion platforms will exceed 200, and the corresponding market space is expected to be more than 200 billion yuan.

As the first domestic aviation military enterprise equipped with a pulsating production line, the company will fully benefit from the acceleration of mass 佛山桑拿网 production in the future.

The company’s existing H-6, “Flying Leopard” series models and modification plans in response to national defense needs are still trying to maintain steady growth.

As the only domestic bomber production platform, the company also hopes to benefit from the development and production of long-range bombers in the future.

Regional aircraft business is advancing smoothly, and potential orders for large aircraft are expected to increase.

The company is the main component supplier of Xinzhou series aircraft and C919, AG600, ARJ21. It has outstanding advantages in manufacturing large-size components.

Number of reports The company delivered 3 new boat series aircraft, and increased research and development efforts on the MA700, which will gradually accelerate the first flight in the future.

At present, C919 orders are expected to exceed 1,000, and the potential order volume is expected to increase due to the Boeing 737MAX event. The first flight of the AG600 on the water has been successful, and the installation process has gradually accelerated. ARJ21 orders have exceeded 500 (Civil Aviation Resources Network reported on November 9, 2018), After the steady increase in passenger traffic of domestic regional jets and the acceleration of the construction of regional airports in the Midwest, the company’s regional passenger jet business demand is improving.

Risk factors: Yun 20’s mass production progress is slower than expected; Xinzhou series aircraft are delivered slowly; Xinzhou 700 and other new product development progress is gradually expected; C919 mass production progress is slow.

Investment suggestion: The improvement of industry fundamentals and the acceleration of Air Force equipment construction are expected to promote the rapid growth of the company’s performance and maintain the company’s EPS forecast for 2019/20.23/0.

27 yuan, give the company 2021 EPS forecast 0.

33 yuan.
The current price is 16.

97 yuan, corresponding to 73/62/52 times PE for 2019/20/21 respectively.

Taking into account the gradual increase of the company’s new military aircraft model and the advancement of the reform of the military pricing mechanism, we maintain a “Buy” rating with a target price of 20.

5 yuan (corresponding to 1 in 2019).

5x PS estimate).

Mask DIY feels very different

Mask DIY feels very different

Homemade watermelon mask.

hzh {display: none; }  原料:西瓜皮一片、蜂蜜适量。  Method: Make a mask with watermelon peel juice and honey.

  To use: Apply directly on the face for about 25 minutes.

  Note: The skin often feels beating after sun exposure. At this time, the skin needs to be calmed down before further treatment can be given.

Watermelon peel mask can cool down the face and calm the skin.

  Ingredients for self-made after-sun repair liquid: aloe vera leaves, camomile flowers, vitamin E oil, peppermint oil each amount.

  Method: Use aloe vera juice and dried chamomile flowers to add water at a ratio of 3: 1 to heat with a small fire. The water cannot be boiled. After the chamomile flowers are scattered, turn off the heat and cool, then filter out the solid matter in the soup.Take a spoonful of vitamin E oil and 3 drops of peppermint oil and mix well. Pour into a closed container and cover with cold. This will make a homemade sunscreen lotion.

  To use: Apply directly to uniform.

  Note: This method has a good effect on repairing the skin after sun exposure.

  Apricot peach mask raw material: Apricot or peach method: Wash the raw material, then peel and remove the core, then mash it into mud.

  Usage: Apply on the face, leave it on for 30 minutes, and wash off.

  Note: This mask can detoxify and cool, make the skin ruddy, and eliminate skin wrinkles. It is suitable for sensitive skin and sun-burned skin.

  Strawberry mask material: Strawberry amount method: Wash the prepared strawberries, mash them into a paste or cut in half.

  To use: Apply to exposed areas such as face and skin.

Or use the cut strawberry directly to repeat the application on both ends for 25 minutes and wash it off.

  Note: This mask can nourish the skin and improve skin pigmentation.

  Cheese plus lavender mask ingredients: appropriate amount of cheese, two drops of lavender essential oil.

  Method: Add two drops of lavender essential oil to the cheese and mix thoroughly.

  To use: Apply the mask directly to the face and wash off after 30 minutes.

  Note: This mask can effectively treat the roughness of sunburned skin.

Lavender essential oil itself has the effect of soothing, stabilizing and anti-inflammatory skin, and with cheese can promote smooth and delicate skin.

  Potato carrot mask raw materials: Potato carrot carrots are prepared in an appropriate amount: the raw materials are washed and mashed into juice.

  To use: Apply directly to skin for 20 minutes and wash off.

  Note: Both types of vegetables contain a large amount of vitamin A and vitamin B, which have a great repairing effect on the dryness of the skin, the roughness after sun exposure and the sensitivity to keratinization.

  Protein lemon mask ingredients: one spoon of lemon juice, one fresh egg, one spoon of flour.

  Method: Take the eggs to separate the protein, add lemon juice, stir well, add flour to make a paste.

  Usage: Apply evenly on the face, wash off after drying, 2 weeks a week?
3 times.

  Note: This mask can make the skin soft, fresh, whitening, discoloring and dissipating facial pigmentation.

Tips for using new beauty liquid

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Tips for using new beauty liquid

A new term is created every other interval in the beauty market.

Recently, a new product of beauty liquid has been promoted on the Taiwan beauty website.

  Beauty liquid was born in Japan, many famous makeup brands have produced a series of products, including fresh fruit beauty liquid, vitamin A beauty liquid, oil control beauty liquid and other types.

In Europe and the United States, many brands are gradually expanding products in this field, but various manufacturers do not yet have a unified product name, some are called beauty stock solution, some are called soothing gel, and others are called light essence.

  Although there are many types, it is not difficult to identify this new skin care product.

In terms of texture, the beauty liquid is thicker than the lotion and thinner than the essence. It is like a refreshing version of the essence and has a comfortable texture.

  However, the beauty of the beauty liquid is closer to its design positioning than the traditional lotion: the effectiveness of the lotion is relatively specific, the size is thin, the main purpose is to clean the skin and replenish moisture; the beauty liquid is slightly viscous, and conditioning and repairingBetween care, there is a little more skin care effect, it can also be said to be an important replacement for subsequent maintenance, the purpose is to make the maintenance effect more obvious.

  The special design principle determines the special way of using beauty liquid.

Except for a few brands that require beauty lotion as a lotion and apply it directly to the skin, some beauty lotions must be used after the lotion and patted on the face with both hands.

Because its thick consistency of water can lock water and promote the absorption of nutrients by the skin.

  If you consult a beauty expert before using them, most of them will suggest choosing different beauty fluids according to different regions, climates and living conditions.

For example, in high-temperature cities, you can use aloe vera cosmetic liquid with detoxification effect; in the humid climate of the south, a bottle of good nutritional cosmetic liquid is enough; in the dry north, especially in the winter is still open for heating, it must beUse a moisturizing lotion and a repairing lotion.

Two reasons to tell you why hair loss is easy

Two reasons to tell you why hair loss is easy

Guide: Most people have problems with temporary hair loss, but if you have an unusually large amount of hair loss, you need to understand this problem.

Is it due to stress, or is there a health condition?

A series of damages and doubts about hair loss will be answered immediately!

  Hair loss is a health problem?

  The only source of nutrition for hair is the microvessels below the hair follicles, so it is very important to have healthy hair roots, because the hair follicles in the hair roots are the place where hair performs metabolic activities and is where hair grows and develops.At the source, most of the water in the hair is provided by the hair follicle. The hair follicle is like a faucet. “As long as the faucet is turned on, water will flow out continuously and hair can continue to grow.” In fact, this view is wrong!

  There are about 100,000 to 50,000 hair follicles on each person’s scalp. The number and density of hair follicles are determined at birth and will gradually decrease with age. Each hair follicle can only grow 20-25 hairs in its lifetime.After that, it will “die” as if reducing its vitality, and no longer grow any hair.

Hair is to people, just like many natural resources are “non-renewable” to the earth. Once consumed, it is difficult to reverse.

  Just like skin aging, hair loss is caused by a variety of reasons. If it is only a result of sub-health, hair loss will quickly regenerate. As long as you understand that your hair problem is a symptom, you can use dailyHair conditioner is reversed!

But if it is permanent hair loss caused by the disease, there is no possibility of hair growth.

  Reasons for hair loss: Sub-health leads to reduction of hair loss Most women’s hair loss is due to weak hair quality and excessive mental stress, which has caused sub-health problems to replace hair loss, not hair loss.

The erosion of the natural environment and improper hairdressing in daily life will cause fragile hair quality. In addition, factors such as work pressure, emotional anxiety, and irregular life of OLs may break the normal “natural nature” of hair loss, resulting in thoroughHair loss.

This type of hair loss problem can be significantly improved by using a special anti-hair loss shampoo product.

  I want to know if I am distorting my hair. Once I have judged whether the following characteristics appear in my hair: 1. The mental pressure is relatively large, the hands and feet are always cold, and the forehead is shifted or completely dropped.Lead to local blood circulation disorders, which can cause hair ecological changes and malnutrition.

  2. The hair is not as dark and shiny as before, and the hair is also thin and brittle, and it is very easy to knot. This may be caused by the sun or wind, or the hair is often fragile, so it is easy for you to comb your hair.Comb a lot of hair.

  3. Occasionally, although there is a lot of hair loss at one time, there is no obvious “fragile” change in the hair. Don’t worry, this is due to sudden changes in hormone levels in the body.

  Say goodbye to shortening your hair loss. Preventing spring is a high season for hair loss. Because the day and night in spring are high, the capillaries of the scalp shrink, and the nutrition supplied to the hair is relatively reduced. The nutrition supply is insufficient, and the hair begins to “lay off”.Shortening hair loss arises initially.

Therefore, how to prevent hair loss is the most important thing.

  1.

Tips for preventing hair loss: Anti-hair loss scalp SPA comes from life. The stress of work makes people emotionally unstable, worried and uneasy, and it will cause hair loss over time.

In addition to adjusting your mood, you can enjoy a hair loss prevention scalp SPA once a week at a professional hair salon to relieve the pressure on the scalp, thereby consolidating the hair and enhancing the elasticity of the hair.

  2.

Tips for preventing hair loss: The key to choosing a nutritious shampoo for strong hair is to protect the internal and external health of the hair.

Most of the hair loss of women comes from physiological hair loss, fragile hair loss and postpartum hair loss, and any kind of hair loss inducement will lead to insufficient nutrition supply inside and outside the hair, lose benefits, and become easily broken.

Therefore, it is also essential to choose a care product that can effectively moisturize the hair core and significantly improve the health of the hair.

  3.

Tips for preventing hair loss: Do hair masks once a week prevent hair loss?

Of course it’s not that simple!

In addition to choosing a hair mask with strong hair, it is more important to change some massage techniques to promote blood circulation in the scalp. In conjunction with massage exercises for healthy hair, remember to use it as a hair mask!

  Tips: Steps to prevent hair loss in head massage: Before using shampoo, wet the hair with 40 degrees of warm water, choose a shampoo specifically for hair loss and hair loss, insert your hands into the hair, and rub the roots with your fingersAnd the scalp, and the ends of the hair are divided into bundles and gently rubbed with fingers. After all the rubbing is completed, rinse with warm water; Step 2: Gently squeeze the excess water from the hair and massage the cleaned scalp gently, so thatPrepare to receive dense and nourished hair to relax; Step 3: Take an appropriate amount of hair mask and press open with the palms of both hands to warm the temperature of the palm to activate the active ingredients, then massage the scalp with your fingers for 5 minutesFocus on massaging the least part of the hair and the thinnest part of the hair, then comb through with a wide-tooth comb to make the hair easier to absorb nutrients; Step 4: After 10-15 minutes, apply 40 degrees of warm water to the hairRinse the hair mask until there are no foam.

  Hair loss cause two: permanent hair loss caused by physiological diseases Hair loss caused by physiological diseases is permanent hair loss, which is a serious health problem, such as seborrheic dermatitis, endocrine disorders, malnutrition, etc. These are pathologicalHair loss, pathological hair loss leads to reorganized hair loss caused by sub-health!

General hair care is difficult to work with pathological hair loss, you need to seek the help of a professional doctor!

  If you want to know whether you have permanent hair loss, just judge whether the following characteristics appear in the hair: the number of hair loss: for several days, almost every day, more than 100 hairs are lost.

  Scalp condition: only slender short hair is present at the part of the hair loss, which is round or irregular, as small as nails, as large as coins or size, and many different;Inflammation such as small acne, the hairline is clear, and the hair follicle mouth can be seen.

  Sudden time: often occurs after overwork, lack of sleep or mental stimulation.

Unexpectedly, she suddenly found that hair loss was very serious.

  Hair morphology: The hairline is shifted backwards, and the hair at the edge of the hair loss area is often loose and easy to pull, and the pulled out hair is thick and thin.

The new hair grows thin and soft at the beginning, showing a pale yellow or off-white color; after a long time, it gradually becomes thicker, harder, and blacker, and finally the same as healthy hair.

  Judgment result: If most of your answers are “yes”, then it belongs to hair loss and you should go to the hospital for treatment.

Medicated diet for rain

Medicated diet for rain

The climate warms in spring, but it is windy and dry, often with skin, dry tongue, and cracked lips. Therefore, you should eat more fresh vegetables and juicy fruits to supplement the body’s moisture.

Eat hot porridge to nourish the spleen and stomach.

Since spring is the beginning of the growth of all things, you should eat less greasy things to prevent the Yang from leaking out, otherwise the liver will grow too much, which will damage the spleen.

In the Qianqianfang, the health expert Sun Tang of the Tang Dynasty said: “On the 72nd day of spring, the acid is increased in the province to increase temper.

In the five elements, the liver is wood, the taste is sour, the spleen is soil, and the taste is sweet. Wood is better than soil.

Therefore, the spring diet should eat less sour, eat more sweet, to nourish the spleen.

Replace chives, toon, lily, pea seedlings, wormwood, amaranth, spring bamboo shoots, yam, yam, taro, radish, coriander, sugar cane, etc.

However, those who have a cold should choose according to their own height.

  In addition, Chinese medicine believes that the spleen and stomach are the “source of the day after tomorrow”, “the source of qi and blood biochemistry,” and the strength of the spleen and stomach is an important factor that determines a person’s health.

  Therefore, in addition to paying attention to evacuating the liver and regulating qi and helping yang, regulating the spleen and stomach is also a major point.

  Taking “Yu Shui Yang Sheng Tang” three days before, during, and after the rain and solar terms, has symptoms of nourishing and spleen and stomach, can adjust the small imbalance of viscera, qi and blood, and prevent and reduce the incidence of diseases.

  Specific method: Take 15 grams of Tremella, 15 grams of walnut kernels, millet amount, 30 grams of wolfberry, and take 200 ml daily at 10 am.

  In the rainy season, surprise is coming.

Therefore Yan Yanchuan specially recommends several nutritious and healthy recipes for this period.

  桂圆阿胶红枣粥  [配料]粳米100克、桂圆肉20克、阿胶10克、枣(干)10克。  [Method]First, wash the rice, soak it with cold water and swell, drain the water; take a large cup, pour boiling water, put gelatin and white wine in small cups; sit the small cups in boiling water until the gelatin is dissolved;Remove longan meat, wash, and red dates to remove the kernels; add about 2000 ml of cold water and longan and red dates to the pot, cook over medium heat to add excess water; add rice, boil over high heat, and cook slowly with low heatPorridge; add melted gelatin and stir well.

  [Efficacy]Yiqi nourishing yin, nourishing kidney and strengthening body, activating blood and nourishing blood, moisturizing beauty.

  红枣首乌粥  [配料]何首乌50克、粳米100克、红枣5枚,红糖适量。  [Practice]Put Polygonum multiflorum into a casserole, add 1000 ml of water, fry for another 15 minutes with simmering heat, remove the residue and take 500 ml of thick juice. Put the rice and red dates into the casserole to cook porridge.

After the porridge is finished, add brown sugar to taste.

  [Efficacy]Yiqi and blood, nourishing liver and kidney.

  凉拌双耳  [配料]水发银耳、黑木耳各100克,盐、味精、白糖、胡椒粉、麻油适量。  [Methods]The fungus is water-fed, the black fungus is used to remove impurities, washed with water, boiled in boiling water for 5 minutes, and then cooled in cold water for 5 minutes.

Put the above condiments into a bowl and mix thoroughly with cold water according to personal taste.

  [功效] 益气补血、养肝益肾。

Woman wearing dirty panties brings bad results

Woman wearing dirty panties brings bad results

Underpants, this precious little personal item mentioned is inextricably linked to health.

You can be embarrassed to say it, but don’t be embarrassed to understand its hidden dangers. If you ignore it accidentally, you may unknowingly come into close contact with the disease!

.

hzh{display:none;}  一条脏内裤平均带有0.One gram of fecal microbiologists has done a lot of research on washing machines, and a pair of dirty underwear has an average of zero.

1 gram of feces, excretion of toxins include hepatitis A virus, rotavirus, Salmonella and Escherichia coli.

If you wash multiple dirty underwear at the same time, it may bring 10 million E. coli to the drum of the washing machine and contaminate other clothes with water quality. Long boots may cause eye congestion, itchy skin, and difficulty breathing.

  One gram of feces contains 10 million viruses. One gram of feces contains 10 million viruses, one million bacteria, 1,000 parasite cysts and 100 eggs.

Although some bacteria and viruses are good for the human body, most bacteria and viruses are harmful to people.

Especially when feces contaminate water, food, tableware and clothing, most harmful microorganisms can enter the body and cause harm to people.

  As early as 1964, Dr. Cameron of the United Kingdom inspected the underwear of 940 men in Oxfordshire, England, and found that the underwear of these people had different levels of fecal contamination from “wasp-colored” to “massive feces”.Dr. Melun lamented: “So many people in our country have complained about such trivial things as a trace of tomato sauce on the tablecloths in the restaurant, but at the same time they are sitting in dung-laden underwearEat beautifully on luxurious chairs.

“Disease caused by underwear: 1. This is the third time that young Ms. Chen has visited a gynecological clinic this year. Why?

It’s not because of the vaginal vaginitis.

Strange to say, Ms. Chen usually likes cleanliness, hygiene, and life very well, but vaginitis is her special love to patronize her, making her suffer.

After talking with the doctor in detail, Ms. Chen learned that it was the fault of wearing tight polyester briefs.

  Tight-fitting polyester briefs with tight crotch and hip wrap are a kind of fabric with very poor breathability, which will not allow perineal sweat to evaporate, but mix with vaginal and urethral secretions. If you can clean it in time, it will easily cause perineal erosion.And infection.

  2. Zhang Shaofen, a woman living in rural areas in the suburbs, has been suffering from mycotic vaginitis for many years.

The doctor suspected that her vaginitis was related to the underwear she was wearing.

She shook her head and said, how can you cause underwear if you wash your underwear once every three days and two days?

The doctor asked again, do you usually iron your underwear with boiling water or bask in the sun?

Dr. Zhang heard the doctor say something, and some nicknamed it: “I didn’t burn it, and I didn’t get it.

How can a woman’s panties hang in the sun?

“Who knows, she said the cause.

  At present, some women are still conservative, so I’m sorry to put the underwear in front of the door and in the sun, so I had to dry it in a shade.

It is inevitable to breed some bacteria and molds because it cannot be disinfected by sunlight.

Wearing such underwear, it is inevitable to develop fungal vaginitis.

  3. Wang Fuli is a woman who is very housekeeper.

In order to save water, she divided the family’s clothes into three categories: men’s underwear as a category, family’s outer clothing as a second category, women’s underwear, and a family’s socks as three categories.

When washing clothes, she still washed according to three categories.

So the last thing I washed was always women’s underwear and socks.

Later, she suffered from vaginitis and suffered repeatedly.

The doctor told her that the cause of the illness was wearing unclean underwear.

  It is reasonable for Wang Fuli to wash clothes, clothes, socks, bacteria and mold on her underwear and cause repeated infections of vaginitis.

  4. Li Nan, 40 years old, was originally a woman who did not value appearance and dress.

Later, after she and her husband divorced and divorced, she became even less particular about dressing, and often wore underwear. She thought, “Who knows if underwear is worn inside?

“However, her vagina is very sensitive, often making her” unclear “to taste the pain of inflammation.

  The panties close to the anus are often infected with some bacteria and viruses. If they are not separated, it will definitely increase the chance of female reproductive tract infection.

  Why can’t I wash my underwear?Where is the misunderstanding?

  1. Some people use a plastic cover to cover the clothes immediately after using the washing machine. This can easily breed bacteria or mold.

  2. The clothes should not be soaked in the washing machine for a long time or the dry clothes should be piled up in the washing machine drum. This will also easily breed mold, which is even more inappropriate in summer.

  Experts recommend the correct method of washing underwear: the secondary pollution of the washing machine is serious, disinfection, and antibacterial are very necessary.

The drum, the inner wall of the washing machine, the small bag containing the hair balls, and the joints between the internal parts are all places where dirt and dirt are hidden.

Therefore, it is best to check the washing machine for odors and moldy molds before washing. If there is, you should use water or an appropriate amount of 84 disinfection water to “wash” the washing machine before you start washing.

In addition, the small bag containing the hair balls should be cleaned regularly.

  When washing, it is best to separate bedding and other clothes from other clothes, and underwear and socks are best to be washed by hand.

If there is an infectious disease at home, you must wash your clothes separately, soak or wipe the inner tube with disinfectant water after washing.

After using the washing machine, do not cover it immediately, it is better to ventilate it, and then dry it.

The washing machine cannot be used (at least a month or two), it should be cleaned with detergent or disinfectant before using.

  Special reminder: In order to prevent the breeding of bacteria, the clothes should be removed within 30 minutes after the laundry is finished. Once more than 1 hour, the clothes need to be washed again.

Generally, a new washing machine should be cleaned and disinfected every two or three months after using it for half a year.

What is the way to prevent myocardial infarction?

What is the way to prevent myocardial infarction?

What is the way to prevent myocardial infarction?

Myocardial infarction is a common and very harmful disease, so early prevention, only early prevention can eliminate the risk of myocardial infarction, and then specifically prevent myocardial infarction in the end?

Methods for preventing myocardial infarction 1. Control blood pressure and hypertension. Patients with coronary heart disease have some risk of stroke and myocardial infarction. Aspirin can be used under the guidance of a doctor to prevent complications.

2, pay attention to warm winter indoor and outdoor temperature difference, therefore, patients with cardiovascular disease must pay special attention to keep warm.

Especially for the elderly with reduced physiology and reduced disease resistance, the disease is more likely to attack or relapse.

3, it is not appropriate for morning and morning cardiovascular disease patients to exercise in the higher temperature period, such as noon or afternoon.

Try to avoid morning exercises. Patients should arrange their exercise time reasonably, control the amount of exercise, and avoid strong physical activity.

4, a light diet Many people like to eat hot pot in winter, do not know that hot pot is a high-fat and high-salt diet, old fire soup is also a high-fat diet.

Patients with cardiovascular disease should avoid high-fat, high-salt, high-cholesterol foods and excessive tonic. Choose light, salt-free foods, eat more fruits, and avoid over-satisfaction.

5, take special care when taking a bath, do not take a bath in the case of a full meal or age.

The water temperature is better than the body temperature, and the bath time should not be too long. When the patient with severe coronary heart disease is bathing, it should be carried out with the help of others.

6, to avoid overwork, especially to avoid lifting too heavy items.

Myocardial infarction may be induced in elderly patients with coronary heart disease.

7, relax and enjoy a happy life, be able to take care of anything.