Grammy (002340) 2018 Annual Report Comments: Performance Meets Expectations, Industrial Chain Levels Continue to Improve

Grammy (002340) 2018 Annual Report Comments: Performance Meets Expectations, Industrial Chain Levels Continue to Improve

The company is a high-quality enterprise in the field of circular economy. It locks in nickel and cobalt resources and stabilizes the market segmentation. It lays out the recovery of power batteries and improves the large-cycle power battery industry chain.

The company’s customer resources have been continuously optimized. Both NCM + NCA precursor products have entered the supply chain of world-class high-quality battery companies, and the industrial chain area has continued to improve.

The company is expected to have a net profit of 11 in 2019-2021.



1 trillion, corresponding to 0 EPS.



44 yuan, given the company’s 2019 target price of 7.

50 yuan (corresponding to 21 times PE), maintain “Buy” rating.

The annual report performance is in line with expectations, and the battery material is spear cobalt nickel tungsten as a shield to ensure performance growth.

The company released its 2018 annual report and achieved revenue of 138 in 2018.

7.8 billion (percent + 29%, the same below), net profit attributable to mother 7.

3 billion yuan (+ 20%), the corresponding EPS is 0.

19 yuan, slightly higher than the value of the 杭州夜网 performance bulletin.

The company’s battery materials and cobalt-nickel-tungsten business have concentrated revenues of 57% and 21%, respectively. The battery materials segment is + 44% per year, which is a strong growth pole in the future. The cobalt-nickel-tungsten segment continues to increase by + 45%, setting a new company high.It will continue to improve quality and efficiency, and effectively guarantee the stable growth of the company’s performance.

Firmly lock up the upstream nickel-cobalt and arrange for the recovery of power batteries first.

The company actively arranges upstream nickel and cobalt resources: cooperates with Qingshan Iron and Steel to invest in Indonesia, and aims to build 5 nickel metal and 4000 tons of cobalt metal wet smelting capacity.

Purchasing agreement with Glencore Cobalt Sulphate for the purchase of crude cobalt hydroxide1 in 2018/2019/2020 respectively.



1 ounce.

The company deployed power battery recycling business earlier in domestic enterprises. It is expected that the power battery recycling volume will be close to 40 Gwh in 2020 and the power battery recycling volume will be close to 70 Gwh in 2022 (in terms of metal content, the market size will exceed 10 billion yuan).

The company firmly grasps the upstream nickel and cobalt resources through three major directions: cooperative investment, short-term purchase agreements, and the layout of the recovery side.

The customer resources of battery materials are constantly optimized, and the industrial chain area continues to improve.

The company’s battery materials segment adheres to the strategy of quality first, and constantly develops high-quality customer resources based on high-quality products.

In November 2017, the company and Bangpu Cycle, a subsidiary of Ningde Times Holdings, established a joint venture company Greenpump to supply NCM ternary precursors and cut into the Ningde Times supply chain.

In December 2018, the company and Samsung SDI insert material core supplier ECOPRO shortened the 5 year 17 day insertion of high nickel NCA precursor orders and cut into the Samsung SDI supply chain.

The company signed a three-year agreement with Rongbai Technology in March 20192.

93 represents the NCM precursor supply agreement. At the same time, the company’s ternary precursors have also passed BYD and LG chemical certifications and are expected to be matched in the future.

The company’s NCM + NCA precursor products have both entered the supply chain of world-class high-quality battery companies, and the industrial chain area has continued to improve.

Risk factors: The production capacity is less than expected, the risk of further decline in cobalt prices, and the advancement of cooperation is less than expected.

Investment suggestion: Consider the company’s high-quality orders in hand to drive the release of production capacity, adjust the company’s 2019-2021 net profit forecast to 11.



10,000 yuan (the original forecast for 2019/20 is 10.

6 ppm; 2021 is forecasted to increase), corresponding EPS is 0.


44 yuan, corresponding PE is 18/14/12 times, giving the company a target price for 2019 of 7.

50 yuan (corresponding to 21 times PE), maintain “Buy” rating.

Eating less cold foods and raising body temperature makes your face more rosy_1

Eat less cold foods to increase body temperature and make your face more ruddy

At 7:50 am, eat cold food less. The temperature must be quoted again by Lin Yichen’s teachings: body temperature is the key to everything; she fasted off cold food and successfully removed baby fat, making her face brighter and brighter.

To take a warm diet, in addition to avoiding cold foods and avoid cold or cold ingredients, you can gradually adjust your body temperature to warm up from your body. Skin condition, body shape and physical fitness will improve.

  ● BEAUTY reminds those who are cold, should reduce the supplementary milk, and can drink soy milk to supplement protein.

  Cold ingredients: Any ice drink, watermelon, pear, grapefruit, orange, kiwi, aloe, bitter gourd.

  Cool ingredients: * If you want to eat, you can add some warm ginger or sliced ginger or onion garlic.

  Cucumber, white radish, Chinese cabbage, lotus root, mung bean sprouts, lettuce, water spinach, tomato, milk.

  Nourishing and moisturizing ingredients: Most dark-colored foods can nourish and moisturize and fight against autumn and winter, such as black sea cucumber and black fungus; red berries, carrots, longan, cinnamon, pumpkin, pumpkin, cherry,Lamb; purple grapes, mulberries.

  9:00 pm Anti-fatigue alkaline essence, re-plugging muscle vitality and no effect. This kind of helplessness is not because your skin has a structural problem, or even it is tired, showing nothingness.Maintenance standards.

At this time, it is recommended to start directly from the “total power source”. More and more items are appealing to restore the function of the cell generator-granular gland. When the skin restores power, the maintenance efficiency will naturally leap forward.

  Lift the facial muscles, drive away the tired body and slow down the blood circulation in autumn and winter. Moderate massage can shrink the blood vessels to return unblocked, allowing skin nutrient exchange efficiency.

  Side Lifting Step1: Use the palm heel to pull up from the chin to the temples 3 times.

  Step2 Forehead Lifting: Put your hands flat on your eyebrows and lift up 3 times.

  Back Lift Step3: Lift the back with your hands flat on the back, and lift 3 times from the bottom up.

  9:05 pm Healing cream enriches the skin inside the skin 9:05 pm Healing cream enriches the skin inside the skin and can not be hit by cold weather, after all, the inner skin is not thick enough; collagen and elastin structure in the dermis, Because of ultraviolet rays, pressure, aging and loose, so compactness and reflective power can not withstand the test, as soon as the imagination becomes old.

Healing cream can play magic at night, activate the collagen structure repairing power, strengthen the inner and inner scent, and let you relax from the inside out. It is more practical than your boyfriend!

  Do n’t forget to put on your socks, keep your tips warm at 11:35 pm Do n’t forget to put on your socks, keep your tips warm. When the soles of your feet are also warming up, you should be warming all over your body, not too cold to sleep.

You may wish to wear socks to keep warm before falling asleep, and reduce the temperature lowered during a deep sleep, without affecting a good night’s sleep!

  Old Chinese medicine recommended: Qu Han Xing Xue, beauty Yan http: // www.


com / products / detail / 5

60 seconds of fitness moves easily with a glamorous figure

60 seconds of fitness moves easily with a glamorous figure

When it comes to fitness, we always have a lot of reasons to shirk. The most common reason is that we don’t have time.

Now you have no reason to shirk, because this fitness method takes only 60 seconds!

It does not require complex fitness equipment or a spacious sports field.

It only takes 60 seconds to complete each session, so let’s try it out together.

  Squat lift with one leg and both feet naturally contract. Hold dumbbells in both hands. Lift your dumbbells at the shoulders with your elbows bent, with your elbows close to your body and palms inward.

At this time, bend your knees to lift your right leg with your toes down; your left leg bends to your knees while squatting, while lifting your dumbbells with your arms over your head.

Then straighten the right leg and insert dumbbells to restore the original position.

Repeat the exercise for 30 seconds and repeat on the other leg.

Weight of dumbbell 5?
8 pounds is better.

Main exercise areas: tibia, quadriceps, calf muscles, shoulder muscles and biceps.

  Lie on your back with one leg bent, put your hands behind your head, bend your left knee at 90 degrees, lift your calf parallel to the ground, bend your right leg, and place your right foot flat on the ground.

Tighten the abs, lift your head and shoulders off the ground.

At the same time, lift the shin from the ground, insert the left knee and move closer to the chest.

Tighten the abdominal muscles to maintain this position.

Later, restore the original position.

Change direction in 30 seconds.

Main exercise areas: abdominal muscles.

  Bend a rowing boat with two dumbbells in each hand and it is naturally slender.

Starting from the hips, slowly bend the upper body forward until the front is parallel to the ground, with the arms perpendicular to the ground and the palms facing inward.

At this point, bend your elbows and pull the inside of the dumbbell towards the waist.

Then, straighten the breakthrough.

Practice a total of 1 minute.

Weight of dumbbell 5?
10 pounds is better.

Main exercise areas: hips, back of shoulders, abdominal biceps and calf muscles.

  Lie on your back with your knees bent, knees bent, with your hands behind your head.

Place your feet flat on the ground.

Tighten the abdominal muscles, lift the left knee and move it closer together, while raising the right shoulder to move closer to the left knee, with both elbows out.

After that, repeat the above operation for the opposite side and repeat the exercise for 1 minute.

Main exercise areas: abdominal muscles, especially the oblique abdominal muscles located on both sides of the waist.

  Squat your knees with your feet up to your hips and hold a dumbbell in each hand.

Lift your dumbbells to your shoulders with your elbows bent, palms inward, your weights on your heels, and bend your knees to squat.

When standing on a straight leg, raise one leg to your knees, as high as your hips.

Repeat these exercises for 1 minute.

Weight of dumbbell 5?
8 pounds is better.

Main exercise areas: quadriceps, glutes and biceps.
  With your back lunge, your feet are as wide as your hips, and you should hold a dumbbell in each hand and hang on your side.

Take a step back with your right foot, with your toes on the ground and your knees down; your left thigh and lower leg are at 90 degrees.

Take a step forward with your right foot to restore the original position, and then repeat the above action with another leg.
The weight of dumbbells is preferably 5-8 pounds.

Main exercise areas: quadriceps, gastrocnemius, biceps femoris, gluteal muscles.

  Lift your shoulders sideways with your feet up to the same width as your buttocks, hold a dumbbell in each hand, your arms hang down to your side, and palms inward.

Slowly raise both arms to shoulder height.

Relax and restore afterwards.

For the next exercise, you should lift the dumbbells to your waist, then imitate your arms forward, and then expand them in both directions.

Repeat this exercise for about 1 minute.

Weight of dumbbell 3?
5 pounds is better.

Main exercise area: Shoulder muscles.

  Squat bells slightly wider than hips, holding dumbbells in each hand.

The toes and contractions are slightly out of the way, to the degree of comfort.

Arms hang from the side of the body, palms inward.
Bend your knees, squat, and keep your pelvic posture.

While squatting, lift your arms outwards with your dumbbells facing your shoulders.

Practice for 1 minute.
The weight of the dumbbell is 5?
8 pounds is better.

Main exercise areas: fracture quadriceps, calf muscles, gluteal muscles, adductors and biceps.

Combining inside and outside to raise your baby’s bright big eyes

Combining inside and outside to raise your baby’s bright big eyes

Although children in early childhood rarely use eyes, it is an important period of eye care.

The children in this grade have more “stronger” eyes than in infancy, but they are still vulnerable: the growth of the transformation grade, the children’s writing and drawing have increased significantly, and they spend more time watching TV, computers, etc. At this time, the mother wantsCareful and thorough care from the inside out can keep children’s eyes bright and crystal clear.

  Let your child’s eyes brighten, and the thoughtful “Eye-catching” action starts today.

  External: According to survey data, environmental eyesight methods show that the abnormal rate of vision in children in the city center is higher than that in children in the location, because children in the city have poor visual environment.

Therefore, mothers living in the city should pay more attention to actively creating some favorable visual environment for the baby.

  The child is in a critical period of vision development and needs to be exposed to appropriate external light, color, and graphic stimulation in order to promote better development.

So try to provide your child’s eyes with a variety of shapes and colorful environments.

To buy books for children, it is best to choose books with font alignment and many color patterns. However, care should be taken to prevent ultraviolet rays from directly shining into the baby’s eyes, so this can cause electro-optic ophthalmia and affect the child’s vision.

Especially when going out in summer, you’d better wear a small hat or a parasol, or let him play in the shade.

  The choice of “unnatural” light at night should also pay attention.

The light in the baby room is both bright and warm. Strobe-free lighting is the best, which is good for protecting your baby’s vision.

  Internal: Food eye-catching methods different eye tissues need different nutritional ingredients. Only by ensuring the abundance of protein, sufficient vitamin a, sufficient vitamin c, sufficient amount of vitamin b, and sufficient absorption of calcium, can it satisfy its needs.Nutrition needs.

Therefore, usually pay attention to the baby’s nutritional balance, achieve thick and thin mix, vegetarian mix, to ensure the supplement of trace elements and vitamins, eat more fresh vegetables and fruits and seafood, eat less candy and sweets.

  Nutritional introduction: fish meat, rich in animal protein, high content of calcium, iron and phosphorus, can eliminate the tension of eye muscles.

  Eggs, protein, vitamin b2, vitamin a, lecithin, and brain phosphate can enhance children’s intelligence and vision.

  Chinese yam not only strengthens the spleen and appetizers, but also often eats it with clear eyesight.

  Sword beans, fresh beans often found in the four seasons, are rich in calcium, iron, and vitamin c, which are conducive to the development of eye lens crystalline.

  Chinese wolfberry nourishes liver and kidneys and keeps fit.

  Lily, clears heat, refreshes the brain, moisturizes the lungs, strengthens the skin, and matches the fish to better protect the eyes.

  Chicken heart, chicken liver, rich in protein, containing a small amount of glucose and vitamin a, vitamin b1, b2, especially the vitamin a in chicken liver is 6 times that of pig liver, it has liver and kidney benefits for young children, eyesight and heart,Reinforcing blood and promoting fitness can promote the growth and development of young children.

  Special reminder: Animal viscera is rich in nutrition, but children should not consume too much.

Once a week, 50 grams each time is more appropriate.

Love Tips: 1. “Five Treasures” of Vegetables: Carrots, Dutch beans, coriander, potatoes, shiitake mushrooms, heat and eyesight, is a special effect vegetable for eyesight and eyesight.

  2, can be formulated in the winter eyesight blood sugar medlar Tremella jujube soup for babies to take.

  3. In the spring, you can make your own eyesight small vegetarian bag (with fillings of Malan vegetables, Flammulina velutipes, dried tofu, carrot shreds).

  4. In summer, you can let your baby eat hot and bright cold melon braised shredded chicken (bitter gourd, pumpkin, cucumber and chicken breast).

9 reasons are the most likely to lead to sub-health


9 reasons are the most likely to lead to sub-health

I always feel tired and tired, and I can’t lift my spirits about anything. I will be inexplicably irritated and worried.

Go to the hospital for examination, and what is sick.

This “disease-free and uncomfortable” state is often referred to as sub-health.

The following nine reasons are the most likely to lead to sub-health, and must not be ignored in life.

銆€銆€1, zinc deficiency: the body’s zinc content is too low to easily fatigue, but also prone to colds, loss of appetite, slow wound healing and other symptoms.

銆€銆€2, lack of sleep: usually sleep time reduced by 7 hours or long-term late sleep, will often feel tired.

銆€銆€3, most sports: usually people will have an illusion, think more rest, not exercise can avoid fatigue.

But the truth is the opposite.

In the whole body exercise, the human central nervous system is enough to excite, the muscles become weak, the metabolic process slows down, and it is easy to feel tired.

銆€銆€4, the accumulation of toxins in the body: When the body’s immune system and detoxification organs are busy removing toxins accumulated in the body, the physical strength is reduced.

These toxins come from the infiltration of some mercury in foods containing pesticides or metal fillings.

銆€銆€5, high blood pressure: too high weight will increase the load on the human heart, resulting in fatigue.

銆€銆€6, endocrine disorders: will cause metabolic delay, people feel tired.

銆€銆€7, acidic constitution: Some people are acidic, these people are prone to fatigue.

Eat more alkaline foods such as vegetables, will achieve a certain degree of neutralization.

銆€銆€8, mental factors: depression or other similar mental illness is the most common cause of fatigue.

銆€銆€9, drug factors: some thiazide diuretics and antidepressants will damage the body’s balance, resulting in fatigue.