There is no need to pursue these,He looked at the cloud, might as well ask:“What is your current mind,Here is the three of us,There is nothing to hide。”

“My current mind is very simple,I just ask you to give my son a chance,Is the opportunity to work in your company,If he can make money,That’s his skill,If you can’t make money,Give him a few thousand dollars to spare。”
He doesn’t get in the way,He is not lazy,People are a little stupid,According to the prevailing words,That’s the guy who studies hard。you
Just let him be a porter,I have no opinion,I just want someone to trouble him,You shelter one or two。
Yun Wuyu’s words made Qin Feng a little dumbfounded,This is definitely not an irony?
Qin Feng has always tried his best to avoid these things,So that I don’t want some trouble,Because once these people enter,Who will make the final decision for this company,That’s not sure。
“Are you sure this is the result you want?Arrange a position for him according to your position,That should be easier?Furthermore,Who dares to treat you?”
Qin Feng asked with some doubts,He really doesn’t understand what Yun Buru’s mind is like。
“Ugh,You can ask Huang Longwen,I’m not a good person,But for so many years I have done a lot of good things for the folks in the village,I also offended many people。”
If my son goes my way,,Without shelter,He is not dead,That is also to be disabled。
Yun might as well say hissing,The complexity of his heart,Only he knows that。
Qin Feng also knows that some things are cold,If it’s really not as simple as the cloud,He doesn’t care,But he is also ugly in front。
“I can only say a word,See ability to eat,If he has no abilities,And still reluctant to do things,I can only say sorry。”
Qin Feng is also a hard bone,I want to ask him to pay for protection,He can’t do this。

“Go to a place with me first。”After talking about Qiao Tianyu, he directed Michelle,The two left the KGB convoy in a Mercedes off-road vehicle alone。

I thought Qiao Tianyu was going to take her to a mysterious place,But what surprised Michelle was,Qiao Tianyu directs Michelle to turn seven turns,In the end it just came to the nearest beach。
Who knows after coming to the beach,Qiao Tianyu left Michelle in the car,And he got out of the car,Sitting on the rock by the sea, looking at the dark sea in the distance, start to daze。
And Michelle came to understand,So what Qiao Tianyu said“Do business”,Actually find a quiet place to calm down and think about something。
It seems that Qiao Tianyu just got too much information from Prince Mahmoud,He needs to digest it。
But after nearly a month“close”partner,Michelle also knows Qiao Tianyu’s habits,Never disturb him while he is thinking deeply。
So Michelle stayed in the car very interestingly,I dare not get out of the car and disturb Qiao Tianyu。
Who knows that more than an hour passed,Michelle who was waiting had a good night’s sleep。
More than an hour later,When Michelle was awakened by the sound of knocking on the car window,Michelle saw Qiao Tianyu get into the car with ease。
“I want to understand?”Michelle stretched,Rubbed his sleepy eyes and asked。
“There is one more thing I didn’t understand,Michelle,You accompany me to another place,I have a hunch there must be the answer I want!”Qiao Tianyu said seriously。
“Where?”Michelle asked quickly。
“right here!”Qiao Tianyu pointed to an ordinary residential area in Dro City on the map。
And there is exactly the address on the paper that Qiao Tianyu found out from the fake Cui Keying suitcase this afternoon。
Michelle dare not neglect,Immediately start the car and run towards Qiao Tianyu’s finger,After another round of turns,The two finally arrived in front of a small two-story building in the depths of Dro City。
seriously,The two-story building here lies quietly in an ordinary residential area in the city of Dro,No different from other small buildings around,If it wasn’t for the address,,It is estimated that no one can notice this shabby place。
In order not to stun the snake,Qiao Tianyu specifically asked Michelle to drive the car to a long alley before stopping,Then Qiao Tianyu asked Michelle to wait for him in the car,He surreptitiously returned to the small building alone。
After checking the house number repeatedly,Qiao Tianyu confirmed that the second-story building here is the address on the piece of paper found in the fake Cui Keying suitcase.!
At this time, the first floor of this small building is completely dark,Only the window on the second floor near the back balcony was lit。
To find out,Qiao Tianyu uses the moonlight to cover,Climbed gently along the second floor drainage pipe to the second floor balcony,Then he crept to the side of the lighted window。

Xiang Piao Piao (603711) In-depth Report: Opening a New Growth Cycle

Xiang Piao Piao (603711) In-depth Report: Opening a New Growth Cycle
The report guide company has entered the stage of product upgrading and marketing channel intensive development, redundant development momentum. Key points of investment will usher in a period of rapid rise in net profit. The company’s revenue has continued to grow by two figures since 2016. We predict that the company’s revenue growth will reach 22%, 27%, and 19% in 2018-2020.The expansion of the scale will usher in a period of rapid rise in net profit.We are optimistic about the company’s achievements in reshaping its brand power, motivating management teams, optimizing marketing strategies, targeting mainstream price bands, and deepening its marketing network. Products with a price band of 5-6 yuan will usher in a period of rapid growth. The company reshaped the brand by repositioning the old products and increasing marketing efforts. The new and old products are in line with the mainstream price bands 成都桑拿网 of the market for key marketing and layout, which effectively drivesThe average price of the company cup, especially sales volume, has increased rapidly.The new fruit juice tea selects school channels that are easy to disseminate, easy to weigh, and low in cost as marketing breakthroughs, and have high market acceptance.At present, the mainstream price band of the beverage market has moved up to 5-6 yuan / cup. The average price of the company’s juice tea and delicious series is in this price range, and our expected sales volume will help maintain rapid growth. There is still a lot of room for market penetration. Through optimizing marketing strategies, the company’s seven major sales regions have recovered positive revenue across the board since 2016, and the three major markets have contributed significantly.The company 武汉夜生活网 improves the performance of dealer doors, and is committed to promoting the “three specialties” and increasing the volume of dealers to expand the company’s revenue scale.We predict that the company’s regional penetration rate at the county level is only around 40%. The company will continue to expand its penetration rate by deepening the main market demand and exploring low-line markets. Profit forecast and estimation According to our analysis and forecast, we forecast that the company will achieve operating income separately in 2018-2020.08 billion, 40.7.6 billion and 48.5.9 billion yuan, corresponding to net profit attributable to mothers3.04 billion, 3.8.1 billion and 4.$ 76 trillion, an annual increase of 14.84%, 25.48%, 25.10%, corresponding to EPS per share of 0.76, 0.95, 1.19 yuan.The current sustainable corresponding PE for 2019-2020 is 22 times and 17 times respectively.The upgrade level is “Buy”. Risk factors: 1. The cost of ingredients continues to increase; 2. The cost of packaging materials increases significantly; 3. The significant increase in advertising and marketing costs has brought corresponding revenue growth.

Chongqing Beer (600132): Structural upgrade accelerates short-term sales pressure

Chongqing Beer (600132): Structural upgrade accelerates short-term sales pressure
Investment Highlights Event: The company achieved revenue of 30 in Q1-3 2019.25 ppm, a 10-year increase3.47%; realized net profit attributable to mother 5.94 ppm, an increase of 54 in ten years.39%; net profit after deduction of non-return to mother4.30,000 yuan, an increase of 13 in ten years.84%.Among them, 2019Q3 achieved income 11.93 ppm, a ten-year increase2.79%; net profit attributable to mothers3.55 ppm, a 103-year increase of 103.20%; net profit after deduction of non-return to mother1.83 ppm, an increase of 14 years.45%.2019Q3 non-recurring profit and loss is 1.730,000 yuan, mainly due to the readjustment of large amounts of medical insurance policy adjustments. Short-term sales were under pressure, and Q3’s structural upgrade accelerated.The company’s sales volume in Q1 2019 was 79.760 thousand liters, an increase of 0 in ten years.50%; of which 31 in 2019Q3 sales.490,000 liters, down 2 previously.11%. The increase in sales in the third and third quarters was mainly due to the low temperature in the peak season of this year, which is not conducive to beer consumption; however, the industry with a smaller margin has mainly contributed to the commissioned contribution rate.The price of the company’s ton of wine in Q3 2019 is 3,736 yuan per kiloliter, an increase of 6 per year.78%, a ton price growth rate of 4 in the first half of the year.03% acceleration.From the 杭州夜网论坛 perspective of structure, the income of premium wine in Q3 2019 increased by 15.07%, compared with 0 in the first half.23% accelerated significantly; mid-range wine revenue increased by 2.56%, up from 9 in the first half.63%; low-grade wine income increased by 4.85%, higher than -2 in the first half.98%.The company’s gross profit margin for Q3 2019 decreased by 0.31 to 43.45%, mainly due to the increase in the proportion of commissioned processing, commissioned processing using the cost-plus method of pricing, the gross profit margin decreased. Sichuan continues its high growth trend, and overall costs are well controlled.Benefiting from the steady advancement of the big city strategy and the increase in entrusted processing, Sichuan market revenues increased by 31 in the third quarter of 2019.50%, compared with 26 in the first half.77% accelerated further; due to the weather in base market Chongqing, Q3 revenue decreased slightly.21%; Hunan market Q3 revenue fell 2.51%, the decline narrowed.The company continued to improve the efficiency of expenses and expenses, and the sales / management / financial expense ratio in the third quarter of 2019 decreased by -1.38 / + 0.72 / -0.49 to 13.30% / 3.23% / 0.03%.Excluding the impact of recurring gains and losses, the company’s operating profit margin increased by 1 in Q3 2019.27. Profit forecast: Chongqing Beer has a basic market with a high market share. It has taken the lead in achieving profit margin improvement by closing inefficient production capacity and optimizing product structure.We believe that the company’s development has entered a virtuous circle. This year, the launch of the 8-yuan positioning of the mellow ambassador made good sales. It is expected that a new round of upgrade of mainstream consumption from 6 to 8 yuan will be launched.The company announced that it plans to build a new 150,000-litre can production line in Sichuan. The adjacent can production line in Sichuan has a gap and will accelerate the upgrade of its product structure.Due to the significant increase in non-recurring gains and losses caused by the adjustment of the retiree’s large-scale medical insurance policy, we adjusted our profit forecast and estimated that the company’s revenue for 2019-2021 will be 36.17, 38.67, 41.5.1 billion, net profit attributable to mothers was 6, respectively.27, 5.70, 6.68 ppm, EPS is 1.30, 1.18, 1.38 yuan, corresponding to PE is 32 times, 35 times, 30 times, maintaining the “buy” level. Risk reminder: sales growth due to force majeure factors; intensified market competition brings unexpected sales

Vantage Shares (002035) Interim Review: Revenue under pressure to maintain gross profit margin and increase net profit + 15%

Vantage Shares (002035) Interim Review: Revenue under pressure to maintain gross profit margin and increase net profit + 15%

With retail as the guide, the overall net profit level will be improved, and the company will maintain the “Buy” rating.

300,000 yuan, at least -7.

68%, net profit attributable to mother 3.

95 trillion, ten years +15.

32%, in line with expectations.

The company is guided by terminal retail, promotes top-to-bottom transformation, transformation of sales channels, more involvement in retail marketing, and a gradual increase in sales expense ratio and gross profit margin.

We believe that the company’s counter-cyclical adjustment of the industry is expected to enhance the competitiveness of the terminal. When the demand for kitchen appliances picks up in the future, it may have a scale of revenue and profit growth elasticity.

We expect the company’s EPS to be zero in 2019-2021.

86, 1.

02, 1.

23 yuan, maintain the company’s “Buy” rating.

Domestic sales look at new products, and channels look at e-commerce to drive growth companies to achieve operating income in 2019H129.

300,000 yuan, at least -7.

68%.

Among them, the operating income of 2019Q2 was 15.

99 ‰, at least -8.

61%.

Among the traditional products, the range hood income is 11.

430,000 yuan, at least -6.

80%, stove income 7.

470,000 yuan, at least -10.

83%, gas water heater income 5.

2.9 billion per year-13.

31%.

Focus on the promotion of new kitchen products, dishwasher, steaming and baking machine to achieve zero income.

39, 0.

54 trillion, each year +84.

91%, +573.

54%.

In terms of channels, offline channel revenue is still expected to be supplemented, and e-commerce revenue8.

3 billion, +4 a year.

08%.

Project channel income is 0.

90 ‰, at least -44.

85%.

In addition, the company’s two Black & Decker brands achieved revenue.

4.2 billion a year -7.

63%. The proportion of e-commerce has increased, retail-oriented transformation and cost decline have driven the gross profit margin of the company up. The overall gross profit margin of the company in 2019H1 is 49.

92%, ten years +3.

37PCT.

Among them, the gross profit margin for 2019Q2 was 51.

471, +3 in the past.

90PCT.

We believe that the company’s gross profit margin optimization mainly comes from: interconnection, e-commerce revenue accounted for 28%.

68% (earlier increase of 1.

87PCT), to share a higher level of gross profit margin; reorganize, actively transform to retail-oriented, re-divide channel benefits; at the same time, the decline in raw material prices also contributed to the transformation.

Facing the downward pressure of the industry, the company actively adjusted, sales, management, and R & D expense ratios have been increasing since 2018.The company has faced downward pressure on the demand for kitchen appliances, accelerated through terminal transformation, and continued to promote sales.Expansion 无锡桑拿网 and enhancement of retail capabilities have resulted in an increase in amortization expenses in support of 2019H1 stores, and a total of 27H1 sales expenses.

43%, ten years +1.

44PCT.

Company management expenses 3.

52%, ten years +0.

42%.

At the same time, the company accelerated new product, new technology reserves, solidified product competitiveness, and replaced R & D expenses.

70%, ten years +0.

78%.

Finance costs are -0.

27 trillion, basically stable.

In summary, in 2019H1, the company achieved net profit attributable to mothers3.

95 trillion, ten years +15.

32%, net profit increased by 13.

48%, ten years +2.

69PCT.

The domestic market is accelerating retail transformation, land recovery is expected to increase, and we are optimistic about the elasticity of revenue and net profit. We maintain EPS of 2019-2021 to be zero.

86, 1.

02, 1.

23 yuan forecast, as of August 28, 2019, the average PE of comparable companies in 2019 is 18.

85x. Compared with industry benchmarks, the company accelerated the retail transformation against the trend and consolidated terminal competition. The gross profit margin and net profit margin have shown signs of improvement.

According to the National Bureau of Statistics, the floor area of residential sales in July was +3.

4%, the growth rate is +5.

2PCT, the land recovery is expected to increase, and the company may be able to share revenue and elasticity of net profit growth.

The recognition is given to the company’s 18-20x PE in 2019, corresponding to a target price of 15.

48?
17.

20 yuan, maintaining the “buy” rating risk warning: competition in the kitchen appliance market is intensifying.

Unfavorable fluctuations in raw material prices.

The impact of the land cycle is greater than expected.

BTG Hotel (600258): Stock hotels continue to upgrade and follow up new brands and new momentum

BTG Hotel (600258): Stock hotels continue to upgrade and follow up new brands and new momentum
[Event]The BTG Hotel released the semi-annual report for 2019, and the company realized operating income of 39.90 trillion, a year of zero reduction.30%; net profit attributable to mother 3.68 ppm, an increase of 8 per year.14%; net profit deducted from non-return to mother 3.3.6 billion, an increase of 6 every year.22%; EPS is 0.37 yuan / share.Non-recurring profit and loss items totaled 3,196.280,000 yuan, mainly for government subsidies of 1,754.570,000 yuan and investment income of 1,328.190,000 yuan, of which the investment income is 52% of the equity in the comma Cayman company.23% dropped to 49.43%, changing it from a subsidiary to a joint-stock enterprise.  [Comment]1) Revenue decreased slightly, net profit rose, RevPAR was less than expected. ① Revenue: Hotel business and attraction operation business respectively achieved 37 revenue.4 billion, 2.50 ppm, each change of -0 over ten years.48%, +2.55%.  Hotel business: According to the business model, hotel operation and hotel management achieve revenue of 30 respectively.1.4 billion, 7.26 trillion, a year change -2.72%, +9.98%.The hotel operation center mainly closed stores and upgraded and directly operated stores. The average operating room volume decreased by 4%.91%, while RevPAR replaced slightly in the first half of the year.The growth of hotel management is mainly due to the continuous growth of franchise business. The number of franchised hotels increased from 2,849 in the first half of 2018 to 3,206 in the first half of 2019.Home Inns Group achieved revenue of 33.12 ppm, a decrease of 0 per year.57%.  Attractions business: The increase in revenue is mainly due to the increase in the ticket retention ratio of Nanshan Park from 40% to 50%, which increased ticket revenue by 19.48 million yuan.In addition, changes in the business model of merchandise sales and market factors led to termination of 13.24 million yuan.  ② Cost: The company’s comprehensive gross profit margin decreased by 0.72 points to 94.14%.Operating costs increase by 13 each year.65%, mainly due to the increase in food delivery in the hotel operation business and the increase in the cost of a single breakfast caused by the increase in catering costs and the increase in the cost of goods in the hotel operation business.  The cost control is effective, and the cost rate decreases by 1 during the period.07pct to 80.66%, of which the sales / management / R & D / financial expense ratios were changed by a factor of -2.85pct / +0.17 points / +0.07pct / -0.46pct to 66.40% / 12.22% / 0.31% / 1.72%.Among them, the decrease in sales expenses was mainly due to factors such as the decrease in the number of directly operated hotels; the increase in management expenses was mainly due to the sporadic increase in office expenses and other factors that caused the company to increase its core competitiveness and increase information investment.  ③ Profit side: Net interest rate rose by 0.72 points to 9.twenty one%.  Hotel business: maximized profits of 438.32 million yuan, an annual increase of 5.67%; of which, Home Inns Group realized a profit maximization of 497.86 million yuan, a year-on-year increase of 5.54%, mainly due to the decrease in the number of directly-operated hotels resulting in cost reductions.  Scenic area business: maximized profits of 118.75 million yuan, an annual increase of 6.66%.  2) Hotel operation data ① Number of hotels and rooms: The proportion of mid- to high-end and chain franchisees increased in the second quarter of 2019. There were 4,117 hotels (including 1 overseas) and 398,006 rooms.There are 755 mid- to high-end hotels, accounting for 18.3%, 91,784 rooms, accounting for 23 of the total number of rooms.1%.The number of newly opened stores is 159, including 2 directly operated stores and 157 franchise stores (98%).74%).The number of newly opened economy hotels was 28; the number of newly opened mid- to high-end hotels was 43; the number of cloud hotels was 36; the others were 52, of which 51 were managed and exported hotels.As of June 30, 2019, there were 689 stores that had not been opened and were contracting.  ② Operating data: The overall RevPAR decreased, and the ADR increased slightly. Occ continued to decline in the second quarter of 2019. The overall RevPAR was 162 yuan / room · night, alternating -1.5%; ADR 202 yuan / room · night, multiple +1.3%; October 80.2%, twice -2.3 points.Among them, 3,149 hotels have been opened for more than 18 months, RevPAR 160 yuan / room · night, -3 per year.6%; ADR 197 yuan / room · night, many times -1.1%; occ 81.3%, twice -2.1pct.  ③ Product breakdown data: Affected by the upgrade, the economy-type continuous mid-end high-end 2019Q2, and the overall hotel economy RevPAR passed -3.9%, compared to -6 in the mid-to-high end.7% is higher than 2.8pct, compared to -9 of the cloud series hotels.6% is higher than 5.7pct; From the perspective of hotels opened for more than 18 months, the economical RevPAR is up and down -3.9%, compared with -3 in the middle and high end.2% is slightly lower than 0.7pct, compared to -5 of the cloud series.1% is higher than 1.2pct.The overall economy hotel performance reached mid- to high-end, mainly because the company continued to strengthen the expansion of mid-to-high-end hotels. In the first half of 2019, it has invested in the construction and upgrading of 34 mid-to-high-end hotels.  ④ Data by model: The franchise model expanded rapidly in the second quarter of 2019, and the overall hotel direct-operated RevPAR was +0.5%, -2 of the earlier chartered management type.4% is higher than 2.9pct, better location and operation of directly operated stores.As of the end of June 2019, the company’s franchised stores accounted for 77.87%, the number of rooms accounted for 73.42%, the franchise chain trend remains unchanged.At the same time, as home 3.0NEO’s direct-operated store reconstruction plan is to iteratively upgrade the product. At the end of June, 236 direct-operated stores have been gradually upgraded and transformed into Home Inn 3.0NEO, accounting for 33 of the total number of direct stores in the economy.6%.  Gradually complete the upgrade of 50 franchised hotels to Home Inn 3.0NEO transformation.  3) Jointly build new brands and explore new momentum. Home Inns and Excelle Hotel Group established a joint venture, Yusu Hotel Management Co., Ltd., to launch a new brand “Yicheng Hotel UrCove by HYATT” positioned in the mid-to-high end travel market.Opening business, the company invested 91.8 million yuan, holding a 51% stake.  The 佛山桑拿网 company and Chunqiu Group jointly created an airport chain hotel brand “Jiahong” hotel to meet the needs of business travel users and aviation crew. The first flagship store was officially opened at Hongqiao Airport at the end of June.  The company cooperated with the famous IP Dragon Ball to promote the hotel ‘s theme space product “Manji”. In the first half of the year, four 20 rooms of double rooms have been opened, which are mainly transformed from the company ‘s 2 YUNIK HOTELs and 4 home-selected hotels.In Shanghai, Beijing, Chengdu and other places.  BTG-Jianguo won the bid for the China Southern Airlines Unit Support Project of Beijing Daxing Airport. The project has a building area of 170,000 square meters and more than 2,200 operating rooms. It is the largest high-end hotel operation management project in Beijing in the next 5 years, and welcomes the development of the company’s high-end hotel brand.  4) Profit forecast: The company’s EPS for 2019-2021 is expected to be 1.01/1.17/1.39 yuan, corresponding to 15 for PE.6/13.4/11.3 times.As a domestic hotel chain giant, BTG Hotel has a steady growth in hotel business, a long-term competitive advantage, and has core driving factors. It is expected to repair and develop in the future, giving it a “strong recommendation” rating.  Risk reminder: macroeconomic downside risks; hotel franchise management risks; hotel renovations are less than expected risks.

Great Wall Motor’s (601633) December sales review: Mo wins for the cloud system

Great Wall Motor’s (601633) December sales review: Mo wins for the cloud system
The short-term wholesale is weaker than the retail, and the inventory level is reasonably controlled. The company’s December wholesale sales totaled 10.600,000 units, at least -20.8% (ten years at retail +7.5%), overall lower than expected.At the beginning of 2019, the company gradually sold 1.06 million units, +0 throughout the year.7% (ten years at retail +5.3%), basically in line with expectations.As the Spring Festival was earlier this year, the company continued the idea of controlling the inventory level of the main shaft. The wholesale incidental period was low throughout November-December, but the terminal retail performance was excellent (+47 compared with the previous quarter).7%), which is also to create a better inventory environment for sprint sales in 2020. The previous disturbances were relatively controllable, and the other highlights of the chain structure were only a fraction. The poor short-term wholesale data was mainly caused by the disturbance of low-price range products. The H2, H4, and F5 models were less than 11 times.Weakened forces, with a total sales of less than 4,000 units, a decrease of more than 80% compared with the same period last year. In 2020, with the new platform architecture driving the restructuring of the product matrix, the problem of stalls between M6 and H6 will be completely 天津夜网 resolved.Momentum coefficient, the company’s wholesale sales in December compared with the previous November average of 7.9%, but the growth momentum of key models is still continuing, of which M6 sales1.90,000 units (+19 from the chain.7%), with more than 7,000 shells sold (+12 from the previous month).2%), V6 and H9 are maintained at a higher central level. The Q4 performance risk is relatively small, and the medium and long-term volume and price elasticity can be expected to take into account Q4 sales in 2019 of 33.60,000 units, but the subdivision structure continues to be optimized. We expect that the net profit attributable to mothers will remain around 14 million in a single quarter (Q3 QoQ), corresponding to a nominal profit of 6,000 yuan for bicycles. At the same time, taking into account year-end expenses, financial 无锡桑拿网 contributions andIncremental point erosion.Looking forward to 2020-2022, we are optimistic about the company’s ability to bear the combined system of cost, quality, marketing, and technology, which will smoothly drive global sales to 1.7 million units and return profits to the order of 10 billion yuan. Earnings forecast and investment rating: Q4 sales are expected to exceed expectations. We lower our 2019 earnings forecast to US $ 4.3 billion and maintain a profit of US $ 6.5 / 8.5 billion in 2020/2021, corresponding to 19/13/10 times the current total PE.We believe that at least the emission standard switching stall in May-August 2019. The current sales slump in November-December is the starting point of a new cycle. It is impossible to look at the clouds, the system is winning, and the “buy” level is maintained. Risk warning: the macroeconomic growth rate exceeds expectations; the growth of the passenger car market is weak; the sales of new models climb less than expected; the profitability of bicycles rebounds more than expected.

Jingwang Electronics (603228) Company Review: Performance Meets Expectations Breakthrough in 5G Business

Jingwang Electronics (603228) Company Review: Performance Meets Expectations Breakthrough in 5G Business

I. Event Overview On August 19th, Jingwang Electronics released its 2019 Interim Report: Revenue 28.

52 ppm, an increase of 25 in ten years.

37%; Net profit attributable to shareholders of listed companies.

26 ppm, an increase of 9 in ten years.

04%; net profit after return to mother 3.

7.4 billion US dollars, an annual increase of 2.

16%; net cash flow from operating activities 5.

31 ppm, an increase of 78 in ten years.

30%; basic EPS is 0.

73 yuan, at least -23.

96%.

Second, the analysis and judgment of performance are in line with expectations, the period expense ratio, and the net interest rate have improved by 1. The actual interim reported results are in line with our judgment.

19Q2 income 15.

36 ppm, an increase of 19 years.

10%, an increase of 16 from the previous month.

67%; net profit attributable to mother is 2.

43 ppm, a 10-year increase3.

29%, an increase of 31.

94%; gross margin is 27.

34%, six years -6.

26 pct, -2 from the ring.

52%; net margin is 14.

85% a year -1.

01 pct, an increase of 1 from the previous month.

38%; sales expense ratio, management expense ratio, and financial expense ratio were -0 respectively.

02 / -1.

64 / -2.

80 pct, R & D expenses4.

86%, +0.

31.

19H1 ROE (diluted) is 8.

55%, twice -2.

74 pct; asset turnover injected 0.

37, -0 per year.

09.

2. The profit growth rate is lower than the expected initial growth rate of revenue: Affected by the expansion of Zhuhaiwangwang ‘s flexibility to the cumulative climbing and 杭州桑拿 management improvement stage, the gross profit margin has continued to decrease sequentially, and Zhuhaiwangwang ‘s flexibility decreased by 43.38 millionyuan.

We believe that relying on the company’s many years of management experience in the field of FPC, the transfer of productivity and management efficiency improvement, Zhuhaijingwang Flexible will achieve a return to profit.

5G products have achieved important technological breakthroughs and generated volume, which will benefit from the 5G trend. 5G infrastructure, the company has made significant progress in the research and development of 5G high-frequency antenna boards, 5G high-speed boards, 5G power amplifier high-frequency boards, and 5G-related buried areas, forming a scaleProduction capacity, supply related products in batches to strategic customers; In terms of 5G terminals, the company deploys FPC R & D for 5G terminals, and accelerates the technological transformation and construction of new factories and layout of new production capacity.R & D expenses in the first half of the year1.

35 ppm, a 24 year increase.

49%, accounting for 4% of revenue.

72%.

The production capacity is under high load. Fair incentives and expansion will open up long-term growth space. The company produced a total of 211 rigid boards.

680,000 square meters, +16 per year.

56%, the production and sales rate is 101.

52%; a total of 60 flexible boards are produced.

110,000 square meters, +45 throughout the year.

29%, production and sales rate 101.

99%.

In 18 years, the company rewarded 26 employees with a total of 3 million shares at a price of 28.

56 yuan / share, unlocked in 5 phases, the unlocking ratio is 20% / 20% / 30% / 30%. The conditions for full unlocking are based on the 2017 net profit. The maximum net profit in 2018-2021 is not low.At 20%, 44%, 73%, 107%, and personal assessment meets the requirements.

Zhuhai Base’s “industrialization project with an annual output of 3 million square meters of high-density printed circuit boards and 2 million square meters of flexible circuit boards” will be constructed in three phases, with an initial investment of 13.

600 million, has obtained approval for environmental impact assessment.

Third, the investment proposal is expected to be 1 in 19/20/21.

68/2.

04/2.

47 yuan, the corresponding PE is 29.

3X / 24.

1X / 19.

9X.

With reference to the SW printed circuit board industry PE (TTM, holistic approach) is estimated to be 37 times, taking into account the company’s industry leadership and 5G product growth potential, maintain the “recommended” rating.

4. Risk warnings: 1. The customer and order expansion are less than expected; 2. The overall expansion of the PCB industry leads to excess capacity; 3. The fierce competition in consumer electronics leads to a decline in gross profit margin; 4. The price of raw materials fluctuates.

See more hands-on baby brain is smarter

See more hands-on baby brain is smarter

The eyes are the window of the soul. It is through the eyes that the baby can truly understand the surroundings.

The hand is an important organ for understanding objects. The activity of the hand can promote the development of the brain; the hand is the source of wisdom. See more and do more hands to make your baby’s brain smarter.

  Hand-eye coordination development process for 3-4 months: Babies begin to learn to look at their hands and identify immediate goals.

  5-7 months: Use your hand to capture what you want.

Babies before half a year old do not sit. When lying down and playing with toys or other items, in many cases, the baby’s eyes cannot see the items on the hand, and the range of motion of the hand does not cross the field of vision.

After half a year old, the baby already has the ability to sit, so his eyes can monitor his hands to play with items. At this time, the range of motion of the hand and the field of vision cross, but the hand-eye coordination ability is still poor.

  9 months: Baby can use his eyes to find things falling from his hands. He likes to hold small sticks to hit items. He especially likes to hit various toys and items that can make sounds.

  10-12 months: Baby has been able to understand the causal relationship between the toy grasped in his hand and the toy dropped on the ground, so he likes to throw away the toy grasped intentionally, and watch with his eyes and throw with his fingersDropped toys.

  1-1 and a half years old: Baby began to try to paint on paper with a pen and look at books with pictures.

  1 and a half to 2 years old: Baby develops more advanced hand-eye coordination actions, such as being able to raise the building blocks alone, drawing long lines on paper with a pen, pouring water from one cup to another, and so on.

  3 years and older: Baby’s small hand is very flexible, and hand-eye coordination has been greatly developed.

Condiments are more delicious when used in moderation

Condiments are more delicious when used in moderation

When eating horseradish sauce, mint gum, raisin gum, mustard, applesauce, and cranberry sauce, first scoop them into a plate with a spoon.

  Then use a fork to fork the meat with oil.

Liquid sauces such as mint, cherry or apricot duck sauce are poured directly onto the meat.

It’s better to pour less, this won’t affect the overall taste of the meat.

Pomegranates, jams and compotes for egg rolls and biscuits are scooped to the side of a flour plate with a spoon, and then spread flat on a small piece of bread or egg roll with a knife.

If there is no spoon, wipe the edge of the plate with a knife before removing the pectin.

When eating curry dishes, you can mix peanuts, coconut, chutney and other spices on a plate and mix with curry.

Chutney can also be eaten as a side dish without mixing.

  Salt and pepper taste the food first, then add salt and pepper.

Putting salt or pepper first is impolite to the chef.

If there is a salt shaker on the table, use the salt spoon inside. If not, use a clean knife tip.

Place salt-dipped food in one’s own pan or side of the plate.

If you are provided with a special salt shaker, you can squeeze it.

  Salads follow the tradition. Salads are eaten with a fork, but if the salad is too large, it should be cut to prevent it from falling off the fork.

The steel knife used to eat salads and fruits was rusty and black.

The use of stainless steel knives has changed this situation.

Eat iceberg lettuce with a knife and fork.

When eating as a staple food, don’t put it on a dinner plate.

Put it in your own butter dish and lean against the main dish.

A piece of bread or egg roll is usually used to push a salad on a fork onto a plate.

  Use a knife to spread the butter up, egg rolls, biscuits, or toast, and only a small amount of batter.

Do not plaster vegetables.

Because it is considered an insult to the chef.