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.

Must-see care points to restore youthful beauty

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Must-see care points to restore youthful beauty

Beautiful and flawless skin is what every woman wants to have. With the change of age, the standards and pursuit of perfect skin will also change.

We can’t stop time from leaving traces on our bodies, but we can work hard to do daily skin care so as to delay aging.

Regarding age reduction, we must start from the key points, and do a good job of these key points, your road of age reduction will be smoother and smoother.

  One of the important points of age reduction: Eye bags work facing the computer every day, the meeting is renewed, the emails are like a lot of hair, the stress is causing bad sleep, and you have to get up early every morning. Every day is so nervous and busy.For the face, you must know that the bags under the eyes are the most obvious feature of aging. You must take it as the first priority to reduce your age!

  The second important point of age reduction: When did the first fine lines grow?

No one seems to remember.

But one day when I looked in the mirror, I suddenly realized that I didn’t know when the fine lines had started. When I laughed, I was always clear and countable.

Someone once said that when the first crow’s feet appeared on a woman’s bladder, it meant that the woman started to age faster.

How time crawls over your skin, maybe wrinkles are the clearest, it is slowly crawling up your skin through time. When you stay up late, when you work overtime, when you are in a bad mood, you unknowingly erodeAnd, as if there is vitality, it will continue to increase.

Become the number one killer selling your age secrets.

  The third important point of age reduction: how are stains formed?

There are genetic reasons, ultraviolet radiation reasons, endocrine reasons, some are lifestyle issues, and some are improper use of cosmetics, or aging, mental stress, pregnancy and other reasons.

  But as you grow older, you will find that you do n’t know when it will start. The full length will be plaques. The original white face is suddenly white, and suddenly a group of uninvited guys are added to make the entire face “”Wonderful flowers”, and it seems that the number continues to increase.

  The fourth point of age reduction: Slimming Now the elderly are slightly piled up like a hill, which has already made you a swollen aunt.

Over time, even the women who love to shop and buy clothes have become an annoyance. The words clavicle and curvy sexy have not been heard for a long time.

Is it envious to look at the young girls who are as light as swallows?

When most people pay attention to age reduction, they often neglect the control of weight. Now that you know that a light body is also an important guarantee for youth, then act quickly, eat less and move more, and maintain a regular life.Perseverance will find yourself getting younger and younger.

  Ou Min Fu Pure Whitening Essence Lotion Ou Min Skin Soothing Full Effect Eye Cream Oushu Water Lily Youth Moisturizing Cream

How to drink water every day is good for health

How to drink water every day is good for health

First of all, we set the daily normal activity time in the interval from 6 am to 10 pm. If you want to stay up late, then it is another matter, haha.

Then we set the amount of water each time to 250cc, which is the same amount of water we usually drink.

Finally, how do we drink, and drink some kind of water, let’s take a look at it.

Initially between 6 am and 7 am, or the time to get up in the morning.

This time because we have been sleeping all night, the body loses water during sleep, and needs to replenish water, so we have to prepare a cup of warm water and drink it to help detoxify the kidneys and liver.

The second step is between 8 am and 9 am, after the business person is at the office.

Due to the rush in the morning and the rush to feel the company, there will be some dehydration, so it is best to pick up a glass of water and drink it slowly to ensure a full day of energy.

The third step is 11:00 am. After a morning of work or study, the human body feels a little tired at this time, so taking a break and drinking a glass of water can eliminate fatigue and relax the tight mood.
The fourth step is half an hour after lunch at noon, around 1 pm.

After eating lunch, drinking a glass of water can help digestion, but also help the body reduce the burden.

The fifth step is around 3 pm.

In the afternoon, it usually feels a little sleepy at this time. It is easy to have no spirit, so you can drink a glass of water in time instead of afternoon tea, which can both relieve trouble and refresh your mind.

The sixth step is between 5 and 6 pm.

It is best to drink a glass of water after work, before dinner, for some day’s work pressure, but also to help not overeating at night.

If you like to exercise in the afternoon, drink 15 minutes after the end of the exercise.

The seventh step is an hour before going to bed at night, between 9 and 10 in the evening.

After a whole day of activities, I will soon go to sleep time. Slowly drink a small cup of warm water and taste it carefully. It can help sleep, but also ensure the body’s moisture at night. Of course, it is very troublesome to drink too much.of.

No holes can be entered at zero cost_1

No holes can be entered at zero cost

At the age of 25, you can still drip tender, but as time goes by, the skin begins to age, new cell generation slows down, the surface cell arrangement becomes irregular, and the pores become larger and larger.
Therefore, the pores are enlarged and the skin is rough.
In fact, it is not difficult to think about the skin that is 25 years old and shiny and elastic, without pores.
Below, and look at 6 tricks to shrink pores without spending a penny to achieve zero pores.
  1.
Applying ice cream to a wet cotton pad and applying it to the face or large pores can achieve a good convergence effect.
  2.
Cold towel Put a clean small towel in the refrigerator. After washing your face, gently put an ice towel on your face for a few seconds.
  3.
Fruits can be applied to the face, watermelon peel, lemon peel, etc. can be used to apply the face, they have a good effect of astringent soft pores, inhibit oil secretion and whitening.
  4.
Lemon juice washing face For people with oily skin, when washing their face, put a few drops of lemon juice in clean water. In addition to condensing pores, it can also reduce the occurrence of acne and facial pimples.
Note that the concentration should not be too strong, and the lemon juice should not be directly applied on the face.
  5.
Cotton pad + lotion: Prepare a small bottle of oil-free lotion before putting on cotton pad. After one hour, spray the cotton pad on the cotton pad and gently wipe the oily part. It is refreshing and effective for you with large pores.
  6.
Egg olive skin firming Break up one egg, add half a lemon juice and a little bit of coarse salt, stir well, then add olive oil to the egg juice to mix the two evenly.
This mask can be stored in the refrigerator on weekdays. Doing it 1-2 times a week can make the skin firm, improve the pores, and promote the smoothness and smoothness of the skin.

Men’s intuition is more spiritual than women’s

Men’s intuition is more spiritual than women’s

The traditional view is that women are more intuitive than men, but a recent study in the UK denies this.

According to the British “Daily Telegraph”, psychologists have made people distinguish between the authenticity of a smile and the right one.

The intuitive ability of more than 50,000 participants was tested.

  The psychologist showed 10 pairs of photos to the subjects.

One of each pair of photos is a real smile and the other is a disguised smile.

First, the subjects were asked to distinguish the true and false smiles in all photos.

As a result, 72% of male subjects were correctly reset and 71% of females. Males performed slightly better than females.

Then, let them tell whether the smile of the opposite sex in the photo is true or false.

Correct corrections were 76% for men and 67% for women, and men fared better than women.

Interestingly, before the test, the participants were asked to estimate their intuitive ability.

77% of women are confident in their instincts, compared with 58% of men who hold this attitude.

  Richard, Professor of Psychology at the University of Hartford?

“The test results question the traditional statement that women are more intuitive than men,” Wiseman said.

Some previous studies have shown that women’s intuition is stronger, but in contrast to the development of society, men’s instincts are constantly increasing.

Gladina, the psychologist?

McMahon said: “People think that women’s intuition is stronger than men’s, because women prefer to face their feelings and emotions, so it creates an illusion. It seems that women’s intuition is particularly good.

“With this experiment, men should be more confident in their instincts.