Lianfeng:“Installed here13 ,Turn around and run,You kid can!”

Xin Zhao:“This is all the pitiful beauty of me,Make me feel confident,My brother is here again thanks to the beautiful girl!”
Lianfeng:“Get out,You think i will believe you!”
Xin Zhao:“How is this nonsense,Of course the truth,Big truth。You know, I claim to tell the truth,Zhao Xiaoxin who never speaks。”
Lianfeng:“Ha ha,You think i’m just like a normal little girl,I was so coaxed by you!”
Xin Zhao:“Nowhere,This is obviously what I said in my heart,If you are suspicious,Can come to my room at night,Or I can find you,We can talk slowly。”
Lianfeng:“Sorry,Little brother, you are not the type that sister likes!”
Xin Zhao:“I think we can learn more,What do you think of Lianfeng beauty?”
Lianfeng:“Do you bastard think I haven’t learned this knowledge before??Or do you think your body can compete with this knife?!”
Lianfeng:“As shown,This is a sword with the power of killing gods,Hope some place of you,Can withstand its attack,What do you say!”
Xin Zhao:“I will be boarding soon,Goodbye!”
Lianfeng:“mock up,Fight me!”
The dark communication with Lianfeng was lifted,Xin Zhao felt a bit chilly between his legs。
‘Lian Feng this woman,I really can’t provoke it easily,The old aunt like Yuqin,RBQ\RBQ!’
“Instructor,Won’t you come up?”Li Feifei saw Xin Zhao standing at the door of the transport plane.,Can’t help but urge。
Heard this,Xin Zhao certainly cannot say that he was worried about his brother just now,If you say it,These women laugh at themselves。
“Nothing,Just a little emotional,lets go!”Directly onto the Dawn transport plane,Xin Zhao directly sat in the position Rena often sits。
Ok,People sitting in this position looking inside,Still feels pretty good。
No wonder Big Sister always likes to sit here,So this is the privilege of the so-called captain,Happy。

My shit!

Still unreasonable?!
Qiao Tianyu blanched his chubby face with an angry look,Motioned not to let her talk nonsense。
If investment is as simple as she said,Help whoever wants to help,There won’t be countless heroes competing!
To know,Sato Junji was able to pull up corn futures prices so quickly,At least one billion dollars worth of funds,And at least 20 times leverage。
And if you want to knock down the corn futures price,The funds needed are also at least in the order of billions of dollars,And it must be supported by market fundamentals,You think you can just move your mouth?
Qiao Tianyu explained,Completely dispel George’s hope,He suddenly stood up,Walked to the edge of the rooftop like a walking dead。
“not good!”
Qiao Tianyu knew that George was going to be serious this time。
Say it’s too late,Qiao Tianyu kicked the ground with both legs,One stride up to grab George’s arm。
Just pull back slightly,So he dragged the tall George back to life。
George didn’t stand firm,Stagger back two steps,Fell to the ground。
what the hell!
Sure enough, he is born with supernatural power!
Qiao Tianyu looked at his hands even more incredible,He really didn’t exert any strength just now,He dragged the huge George to the ground。

Then at this moment,Another familiar face appeared,“I rub,Old man you too?”When I saw Jiang Min,Qin Feng is even more depressed。

what is this?Convene??
Wang Dao never said before that Jiang Min was on the island country side.!And it didn’t say that they retreated together?Why are they all together now?
So he looked at Jiang Min,“Old man,You better give me an explanation!”
But Jiang Min just smiled,“If I don’t explain how you can drop?You can still hit me?Don’t say you have injuries all over you now,Even your heyday is not my enemy for a turn。”
Qin Feng felt very hurt when he heard Jiang Min say this,What the other party said is right!After all, I was training with Jiang Min for so long.,I never felt Jiang Min had all his strength。
Every exercise,The other party is mainly teaching him,That’s why Qin Feng has a little chance of attacking Jiang Min。In fact, when studying with Jiang Min, Qin Feng said he was not confident.,Because he doesn’t feel the joy of victory at all except being always abused by Jiang Min。
After entering the mercenary world,Qin Feng finally understood how abnormal Jiang Min is。
but,Didn’t Jiang Min always behave like desireless??What is his situation now??Why is there such a big movement suddenly?
In Qin Feng’s opinion,Jiang Min went directly to the spider’s European headquarters to rescue people. This incident will definitely shock many people.。
But Jiang Min really did this,Still on the island side“Build”Build a team,What does he want?
“Ha ha,Just kidding!Don’t be too serious!”Jiang Min said this when he realized that Qin Feng was really angry,“You need to know,We old ghosts signed an agreement before,Can’t do it casually。In other words,I broke the rules now,It is very likely that the old ghosts in the Omi area will come to trouble me。The old Miyamoto ghost on the island country just died,So that they do not have this level of master。I stay here to advance and retreat and defend.”
“Here to return?Where can you go?”Qin Feng was depressed,Once the island nation becomes a battlefield,A bunch of god-level masters came here to encircle Jiangmin,What else can he do besides running away?
“Brat,I didn’t do this for you。You look,Is it easy to pull up a team for you now??Also broke the agreement,Let other old ghosts have the possibility to do something to me。”Jiang Min began to spoil。
After all, he is an old man,Qin Feng doesn’t respect him,It makes him feel very shameless。
“Ugh.”Qin Feng sighed,I also know that I am afraid that I can’t occupy any reason in Jiang Min.。After all, most of these people are gathered by Jiang Min,Although at first these apprentice friends had something to do with Qin Feng

Zhengbang Technology (002157) Annual Report Comments: The rapid growth of the number of listings, the cycle reversal is extremely flexible

Zhengbang Technology (002157) Annual Report Comments: The rapid growth of the number of listings, the cycle reversal is extremely flexible

Key Investment Events: Zhengbang Technology announced its 2018 annual report.

The company achieved revenue of 221 in 2018.

1.3 billion (+7.

27%), net profit attributable to mother 1.

9.3 billion (-63.

21%), after deducting non 2.

2.3 billion (-57.


Among them, the fourth quarter: the company’s revenue was 45.

2.8 billion (+28.

64%), net profit attributable to mother 1.

5.8 billion (+34.

60%), after deducting non 1.

5.9 billion (+32.


The company plans to distribute a cash dividend of 0 for every 10 shares.

4 yuan.

In the first quarter of 2019, revenue was 51.

9.4 billion (+4.

74%), net profit attributable to mothers can be reduced.

1.4 billion (-743.

42%), doubt after deduction 3.

5.9 billion (-622.


The number of listings is increasing rapidly, the cost trend is decreasing, and the dispersion of production capacity is relatively less affected by the epidemic.

In 2018, the company sold 5.54 million pigs, an increase of 62% year-on-year.

The company’s production capacity is relatively wide, and it is relatively affected by swine fever. It is estimated that 5.24 million pigs will be slaughtered throughout the year, with an average price of about 12.

47 yuan / kg, the full cost is about 12.

51 yuan / kg, heads can accept 1.

1 yuan, fat pigs are expected to be about 0.

0.6 billion.

It is expected that the number of piglets on the market will be 320,000, with an average profit of 89 yuan, and the piglets will earn 南京桑拿网 about 0.

300 million.

Initial farming is estimated to contribute a profit of 0.

2 trillion, feed, pesticide, veterinary medicine estimated net profit is about 1.

8 billion.

This year, government subsidies have decreased, and non-current asset disposal has resulted in gains and losses. In 2018, non-recurring gains and losses were -0.
300 million.
Steady growth is progressing steadily and is expected to support rapid expansion.

The company plans to increase US $ 10 million for the development of hog breeding business and repayment of bank loans. At present, it has responded to the feedback from the CSRC.

In recent years, the company is in a period of rapid expansion. In the first quarter of 2019, the asset-liability ratio was 69%, and financial expenses increased. If the increase is expected, it is expected to support rapid expansion in the future.

According to the company’s assets, we expect that the number of listings in 2019 is expected to reach 8 million heads.

The worst quarterly report for the first quarter of 2019 has passed, and the future performance is huge.

Affected by the epidemic, the company increased its expenditure on biosafety prevention and control in the first quarter, and related costs exceeded US $ 100 million. The cost end was penetrated by the impact, resulting in a decrease in quarterly reports.

1.4 billion.

The company produced 1.69 million live pigs in 2019Q1, and 1.63 million fat pigs are expected to be sold at an average sales price of 11.

2 yuan / kg, the full cost of 13.

5 yuan / kg, heads are expected to 253 yuan, fat pigs about 4 in advance.

100 million; piglets are expected to be released 5.

80,000 heads, with an average price of 28.

5 yuan / kg, piglets are marginal.

The quarterly report is the worst time for the industry and the company.

The epidemic situation has caused the industry’s production capacity to exceed historical extremes, and there is a general shortage of pigs in the country. Pig prices are expected to reach a record high.

The de-capacity of the industry is accelerating, and the pig price is expected to increase after 2019Q2.

After the holiday, the price of pigs in the North has recovered, the epidemic situation in the South has intensified, and retail investors are still sluggish.

In March, the number of live pigs on the market was reduced by 19% and 21%, which was a record high in February. In recent months, the sales volume of feed for pigs can be reduced by about 10-15%.The sales volume of piglet feed is about to double by about 15-20%. We expect the inventory to drop or further decline in the next two months. From Q2 2019, pig prices are expected to usher in a second wave of rapid growth.

Investment suggestion: The company’s listing will grow rapidly, the cost trend will decline, and the profit of other sectors will be stable.

At present, the low price of pigs has passed, and the cycle shift has shifted to the right. The company’s performance is very flexible.

We adjusted the company’s EPS for 2019-2021 to 0.

88, 3.

23, 4.

01 yuan, based on the closing price on April 19, 2019, the corresponding PE is: 21.

7, 5.


7x, maintain “Buy” rating.

Risk reminder: epidemic risk, fluctuation in pig prices, less than expected production volume, rising raw material prices.

Yutong Bus (600066) 2019 First Quarterly Report Review: Steady Q1 Results, New Energy Vehicles and Bus Rapid Growth

Yutong Bus (600066) 2019 First Quarterly Report Review: Steady Q1 Results, New Energy Vehicles and Bus Rapid Growth

Brief description of results: The company announced the first quarter report of 2019, and realized revenue of 48 in the first quarter of 2019.

4 ppm, an increase of 3 per year.

9%, achieving net profit attributable to shareholders of listed companies.

1 ppm, an increase of 5 in ten years.



14 yuan.

Revenue and sales were solid, and R & D expenditure increased.

The company’s passenger car sales in the first quarter of 2019 were 10579 units, an increase of 6 per year.

3%, of which the cumulative sales of large and medium-sized passenger cars is 8,771, an annual increase of 7.


The sales of new energy buses are about 3,000 units, increasing by more than 50% each year, accounting for about 28%, and an increase of about 8 percentage 无锡夜网 points compared with the same period last year.

Bikes were worth 45 in the first quarter of 2019.

70,000 yuan, a cumulative reduction of nearly 2% a year, mainly due to the impact of new energy subsidies.

Gross profit margin 24.

3%, an increase of about 1 from the same period in 2018.

Six are single, mainly for cost reduction and increasing the proportion of new energy products.

Period expenses cost 20.

6%, an increase of 3.

3 units, of which the management expense ratio, sales expense ratio and financial expense ratio are 12 respectively.

0%, 6.

8% and 1.

8%, which changes by 3 each year.

1%, 0.

3% and -0.

1%, the first of which is the gradual increase in the management expense ratio is that the R & D expenses have increased significantly compared with the same period last year.

Complementing the continued downhill, the new energy bus leader promotes the strong Hengqiang.

In 2019, new energy vehicle subsidy policies have been introduced, and non-transit buses are supplemented and replaced. Although supplementary policies for public transit buses have been announced, we expect that the trend of compensation for declines is irreversible.

In the case of continued decline in sales in the large and medium passenger markets, the company’s market share has steadily increased.

We believe that in the case of continued subsidies, the profitability of enterprises is facing greater challenges. Leading buses in terms of technology and cost reduction are expected to gradually increase market share.

Earnings forecasts and investment advice.

The net profit attributable to mothers is expected to be 26 in 2019-2021.



400 million, the EPS is 1.


01 yuan, corresponding to PE is 13 times, 16 times, 15 times, maintaining the “overweight” level.
Risk reminder: New energy buses may not be promoted as expected; accidents in the operation of new energy buses will have a significant adverse impact on the industry

Supor (002032): Retail maintains growth trend and benefits will decrease slightly in the future

Supor (002032): Retail maintains growth trend and benefits will decrease slightly in the future
Expected 15% net profit in 1Q19?20% growth benefit1?The market for small kitchen appliances in February increased faster than in 4Q18. Is it expected that the company’s revenue will reach 15% in 1Q19?20% growth, net profit 20%?25% growth. Focus on point 1?The small kitchen appliances market maintained a high growth rate in February: 1) AVC retail monitoring data shows thatIn February, the retail sales of the small kitchen appliances market were + 7% and + 23% respectively, which was better than 4Q18 (offline and online retail sales were -7% and + 23%, respectively)上海夜网论坛.2) Supor continues to maintain a leading industry growth rate in the small kitchen appliances market.In February, offline retail sales increased by + 11% and + 34%, of which offline sales improved significantly.4Q18 Supor offline, online retail sales twice -2%, + 26%. In the kitchen appliance market, Supor’s online share continues to increase: 1) 1?In February, the retail sales of large-scale kitchen appliances online market reached -7.9%, poor performance.Mainly due to the real estate cycle and the low season demand during the Spring Festival.2) 1?In the online market in February, the retail sales of Supor exceeded + 11%. Although it grew around 2018, it was significantly better than the industry.Supor’s cost-effective strategy is still effective, with online retail sales accounting for 7%.7%, close to Vantage (8.8%).3) Supor has enriched the series of kitchen appliances. We saw integrated stoves, built-in steamers, ovens, and water purifiers during AWE. We plan to repackage them in the future. The growth prospects of Supor’s large kitchen appliances are still optimistic. The cooker market is growing steadily: 1) 1?In February, Supor Tmall Cookware flagship store retail sales reached 40.71 million, an increase of + 56%.2) Supor acquired WMF business in China and completed channel integration in 2018, which will improve the brand layout of the cookware market. The growth of high-end cookware in the future is worth looking forward to.From January to February 2019, WMF’s flagship store retail sales of 4.5 million yuan in Tmall, of which total retail sales in February + 41%. The promotion will begin to reduce 3pct on April 1st, which is slightly positive.Supor has strong brand pricing power. It is expected to share some of the benefits of the expected reduction, but it will also benefit dealers and consumers. Estimates and recommendations consider lowering the tax rate and raising the company’s EPS forecast for 2019/20 by 3% / 3% to 2.50 yuan / 2.99 yuan, maintain the recommended level, raise the target price by 14% to 77.42 yuan, corresponding to 31x / 26x 2019 / 20e P / E, a 21% increase in space.The company currently corresponds to 26x / 21×2019 / 20e P / E. Risk Market demand fluctuation risk.

Tower Group (002233) Cement Map Series Report: Scale + Cost Advantage Creates Yuedong Oligopoly Assets Entering Harvest Period

Tower Group (002233) Cement Map Series Report: Scale + Cost Advantage Creates Yuedong Oligopoly Assets Entering Harvest Period

Investment points The cement industry has entered the stage of the industry’s life cycle. The reinvestment capacity and expectations of enterprises are weakening, the industry structure is solidifying, and the trend of continuing to focus on the leader remains unchanged.

For the investment of leading enterprises in which the cement competition pattern has been solidified in some regions, we recommend lowering the rate of return expectations, lengthening the investment dimension, and focusing on strengths.

As a leading company in the eastern Guangdong region, through the expansion of production capacity in recent years, the Tower Group has continued to strengthen its internal competitiveness, and there is still room for potential substitution in the region’s internal demand; it is expected to become a stable income with high dividends and high returns in the future.

Here we will conduct multiple detailed analyses of the competitive advantages and value attributes of the Tower Group; provide a relatively new idea for cement investment.

The Taipai Group is a leading cement company in the eastern Guangdong region. It has a reasonable production capacity layout and strong resource endowment, and is highly competitive in a relatively closed market in the region.

The company has three production bases in Meizhou, Huizhou, Guangdong, and Longyan, Fujian (only 20 km away from the Meizhou base). It is an absolute leader in the eastern Guangdong region. Due to the complex terrain, it has a strong right to speak in the relatively closed eastern market.

The company’s own limestone mines will continue to benefit from the general trend 杭州桑拿 of “clinker resource utilization” in the industry.

In recent years, the company has added two new straight lines. The cost is the lowest in eastern Guangdong. The cost per ton is about 20 yuan lower than the cost of a 5000t / d production line in the region.

The cost and scale are as absolute as possible. The company’s speaking power in the region is strengthened. From the strategic choice, whether it is relative strategic intimidation or genuine price war expansion, it is sufficient.

The strength of the milling station along the coast of eastern Guangdong will not have an effective impact on the sales channels of the tower. In the future, the company will be invincible in eastern Guangdong.

The company has long recognized that the cement process has been improved and its operating efficiency is excellent.

The company’s cement clinker production line is advanced and the scale of the single unit is large; the sales model combines the characteristics of the region with infrastructure and rural-oriented characteristics, through distribution-oriented, direct sales as a supplement, and its leading advantages in key regional projects, ensuring the companySales channels, tons of selling expenses are extremely low.

The cement demand potential in eastern Guangdong is relatively high, and the construction of the Greater Bay Area is also expected to further boost regional cement demand.

In the case of severely weak regional infrastructure facilities, we expect that the regional cement demand will have great room for future development.

In the fourth quarter of 2019, it is expected that the company’s market share in the region will gradually increase to 60% after the company’s second plug-in line is put into production, and continue to improve the company’s competitiveness.

The balance sheet is well repaired, high cash flow returns, potential dividend returns, and the company ‘s asset value can be revalued.

According to the company’s total market value deducted cash in hand, the overall discounted cash flow requirement is only less than 9 billion, according to the company’s assumption of 1 billion to 2 billion net cash inflow per year, the overall asset side safety margin is high.

With the reduction of capital expenditures, the company’s future dividend ratio will remain high (almost 59% in 2018).

We estimate the company’s net profit attributable to mothers to be 17 in 2019.

2.6 billion, after deducting 4.5 billion in net cash, corresponding to only 5X of internal PE; the current index rate level is close to 8%, and the safety margin is high, giving an “overweight” rating.

Risk Warning: 1.

Macroeconomic risks.


Supply-side reforms fall short of expectations

Huaxia Happiness (600340): Steady growth in performance and deepening cooperation with Ping An

Huaxia Happiness (600340): Steady growth in performance and deepening cooperation with Ping An

Steady growth in performance and high profit levels in the industry.

In the first half of 2019, the company achieved revenue of 387.

3% ten percent, an annual increase of 10.

7%, net profit attributable to mother 84.

80,000 yuan, an annual increase of 22.

4%, of which, the gross profit of the industrial new city business accounted for 54%.

The company’s initial gross margin and net profit attributable to its parent are 48, respectively.

7% and 21.

9%, an 北京夜生活网 increase of 2.

9 and 2.

1 unit.

As of the end of the reporting period, the company has gradually deployed nearly 80 industrial new cities in 15 core metropolitan areas across the country.

The proportion of foreign capital around Beijing has gradually increased, and there is no worries to complete the performance growth target.

In terms of revenue, the proportion outside Beijing was 21 from the same period last year.

7% increased to 38.

5% to 14.8 billion US dollars, a ten-year growth rate of 96.


In terms of sales, the area outside Beijing is expected to increase from 40% to 58% from the same period last year to 375.

600 million, a 10-year growth rate of 16.


According to the number of reports, the company ‘s land investment increased by 69% over the same period of the previous year, and the land acquisition area increased by more than 66%. The existing land resources will help the company’s sales in the second half of the year improve.

The company’s advance payment of US $ 1403 million guarantees future performance growth and helps the company achieve its performance commitments.

The repayment rate has increased significantly, and the financing advantage is fully reflected.

The report summarizes that the company realized operating cash inflows of approximately 40.8 billion yuan, and the recovery rate increased from 46% to 62% in the same period last year.

The company’s net cash flow from financing reached 317.

4 trillion, -97 compared with the same period last year.

$ 200 million improvement.

With the tightening of industry financing in the second half of the year, the company’s financing advantage is expected to become more prominent.

Cooperation with Ping An has been further deepened, and new modes of coordinated development have been continuously explored.

The company transferred the equity and debts of the project company to Ping An Life, and at the same time, it still provided the project with development and construction and post-completion operation management in the mode of export asset management.

In the first half of the year, the company was about 64 billion U.S. dollars, a year-on-year decline of about 20%.

3%, real estate sales fell 26.

7%), less than expected, we lowered the company’s profit forecast and expected EPS for 2019, 20 and 21 to be 4 respectively.

95, 6.

08 and 7.

78 yuan, the corresponding PE is 5 respectively.

3, 4.
3, 3.
4 times, the corresponding index rate is 5.

7%, 7% and 8.


Maintain company buy rating.

The company is currently less than 6 times PE and is at the bottom of history. Due to the tightening of industry policies, the industry estimates that the hub is down, giving the company 8 times PE in 2019 and lowering the company’s target price to 39.

6 yuan.

Risk warning: slow progress in investment promotion in production cities and weak real estate sales.

Liuyao Co., Ltd. (603368): Performance continues to deliver high growth, firm optimistic about the company’s valuation costs

Liuyao Co., Ltd. (603368): Performance continues to deliver high growth, firm optimistic about the company’s valuation costs

The company 北京桑拿洗浴保健 released the 2019 third quarter report.

The company Q1-Q3 achieved revenue of 111.

08 million yuan, an increase of 27 in ten years.

53%, achieving net profit attributable to mother 5.

48 ppm, an increase of 40 in ten years.

10%, net profit after deducting non-return to mother 5.

410,000 yuan, an increase of 38 in ten years.


Q3 single-quarter revenue of 39.

110,000 yuan, an increase of 22 in ten years.

46%, net profit attributable to mothers1.

910,000 yuan, an increase of 41 in ten years.

52%, net profit after deducting non-return to mother 1.

910,000 yuan, an increase of 41 in ten years.


The third quarter results continued to deliver high growth, exceeding market expectations.

The growth rate of the company’s revenue decreased slightly compared to the interim report, mainly due 苏州夜网论坛 to the relatively high revenue base of Q3 last year. In addition, Gucheng Youhe consolidated in September 18, which has a slight impact on the leapfrogging growth rate.

In terms of absolute revenue, Q3 was 39 in a single quarter.

11 ‰, still higher than 38 in Q2 single quarter.

100,000 yuan.

In terms of the company’s wholesale business, retail business and industrial business, the three major segments have achieved rapid growth: 1) Wholesale business: As the company’s Q3 single quarter and Q2 single quarter sales revenue amount is similar, we estimate from the interim report, the companyThe overall wholesale business revenue of Q1-Q3 was about US $ 9.3-9.5 billion, a year-on-year increase of about 22%. The 10-year growth rate of hospital net sales revenue is estimated to be 24% -25%, mainly due to the accelerated increase in industry concentration during the last two ticket systemsAnd the company’s active expansion of supply chain service projects, and medical device revenue4.


800 million, with a growth rate of about 60% before; 2) Retail business: Due to Gucheng Youhe’s consolidation in September 18, the current overall retail revenue growth has slightly decreased compared to the interim report. We estimate the company’s retail revenue from Q1-Q3.At 13.


700 million, an annual increase of 45% -50%.

3) Industrial business: The estimated revenue of the overall industrial sector is about 300 million, of which, according to the company’s step-by-step plan, we estimate that the Chinese medicine decoction piece business will achieve revenue1.

4 million trillion, sustained high growth, 200 million plans for the whole year is expected; and from the same period last year and the first half of this year’s operating conditions to calculate, Q1-Q3 we estimate that Vantone achieved revenue1.


4 megabytes. Due to Metrohm’s consolidation at the end of September 18, most of it was incremental revenue.

The three fees remained basically stable and cash flow improved.

The company’s sales expense ratio, management expense ratio and financial expense ratio in the first three quarters were 2 respectively.

45%, 2.

07%, 0.

93%, +0 compared with the same period last year.

30pp, +0.

35pp, +0.

50pp, mainly due to the rapid growth of the company’s retail business and industrial business.

The company’s operating cash flow in the first three quarters was -5.92 trillion, compared with -7 in the same period last year.

5.7 billion US dollars improved, due to the nature of advancement of circulation companies, Q4 is the time for collection of repayments, due to the gradual weakening of the impact of zero markup, we expect the company to improve cash flow will be more obvious.

The application for the issuance of convertible bonds was approved, helping to boost future performance.

The company’s asset-liability ratio itself is relatively healthy among the circulating companies, and the third quarterly data is 65.

00% of this release 8.

The 2.0 billion convertible bonds will make the company’s capital more abundant and help future development.

The company’s valuation is cost-effective and firmly optimistic.

We believe that the company, as a leader in Guangxi Province, is still far from reaching its ceiling, and achieved about 35% in 19 years and 25% in 20-21 years of profit growth. The current 19 years is estimated to be only 13x.

At the same time, the impact of zero markup has gradually come to an end, and this year is expected to become the turning point of the company’s cash flow; the first batch of 25 types of procurement with a revenue of approximately less than 2% of the company’s revenue, the impact of the inventory is relatively controllable,The faster the procurement promotion speed will further accelerate the company’s market share.

Earnings forecast: We expect the company’s net profit attributable to its mother to be 7 in 2019-2021.

11, 8.

92, 11.

08 million yuan, an increase of 34 in ten years.

7%, 25.

3%, 24.

2%, the current sustainable corresponding PE is 13x, 11, 9x, maintain “Buy” rating.

Risk reminder: The integration of the distribution industry in Guangxi Province is lower than the expected risk; the pressure on medical insurance control fees continues to increase the risk; the company’s pharmacy business expansion is less than the expected risk

Revolutionary chocolates in France

Revolutionary chocolates in France

French doctors have developed a new way to eat chocolate for chocolate-lovers, which will definitely not add weight.

  Laboshop’s new Le Whif chocolate is first filled with lipstick-sized chocolate particles. This chocolate is not a substitute for eating. It has a variety of “flavors”: mint chocolate, raspberry chocolate, mango chocolate and dark chocolate.

  Laboshop’s is said to have said, “In the past few centuries, the gap between us eating has become shorter and shorter, and the amount we eat has been getting smaller.

It’s as if our tendency to eat is like breathing.

So mixing cooking and spraying science and technology, we help people change from eating habits to their logical ideas.

We call it smell.