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Chapter 275 This is to help me clean up the inventory?
Although the small workshop is not big,But complete,Liu Hui takes everyone around。He told everyone,They make swords and things,The most important thing is the step of ironing。
now,There are many raw materials for small workshops,Old parents、There are still a lot of steelmaking that my grandparents have made。
Mainly because the business of these two generations is deteriorating,The steel that has been refined will also be accumulated,Pass it to him,Small workshops are more valuable,Except for this land,It’s the raw materials。
But now,Everyone likes to use alloy,The hundred steel made by elders is rarely used。
therefore,Liu Hui rarely strikes iron now,Feel unnecessary,Although the family’s iron method,He is also skilled,Taught by hand since childhood,Can it??
The so-called hundred steel,It’s not as simple as beating a hundred times,Every beat,All very skillful。
After that,There are also processes like quenching,Are very important。the whole process,A total of more than ten processes,so,Swords made by artificial tradition,Too much energy,The price will be higher,Made by someone else’s sword factory,Not competitive at all。
It can be said,Longquan now,100% cast swords with traditional techniques,Already handful。
I know that Populus wants to let the people in the live broadcast room watch traditional crafts,So Liu Hui also introduced more hard,Try to be careful,Even tell some details,Don’t worry about leaks or anything,Whoever loves to learn!
Just now,He glanced at Hu Yang’s live broadcast room。
Obediently!Hundreds of thousands of people watch online。
This is also an opportunity to promote our own craftsmanship,So Liu Hui will not let it go,Even introduce it to a little bit more mysterious。If it can attract some customers,That would be better。
in fact,There used to be workers in their small workshop,But after passing it to him,He became the Bachelor Commander。

At that time,Own body strength,Should be stronger than the advanced warriors of the gods!Lu Menglin thought silently。

Under the spiritual force,A lot of spatial energy floods into the brain,Start tempering the skull。
A sharp pain hit the brain,The pain makes Lu Menglin’s eyes black,The top of the head seems to be pierced by a hundred thousand needles,Tears and nose in the eyes,Turning in the nasal cavity,Almost shed。
Fortunately, Lu Menglin’s self-control is superb,Just barely control the gaffe,The skull tempering this time is much more uncomfortable than last time。
No wonder,The space energy used last time was only one third of this time,Suddenly use such a huge space energy,Caused such a violent impact,The reaction shouldn’t be so strange。
“I go!Teacher, are you going to cry?Nothing,Cry if you want!We all understand!”Wei Xiaoxing saw Lu Menglin’s abnormal shape,Said sympathetically。
Because he wants to cry too!Compared with Shenmin,Humans are too weak,It’s not comparable,There is no hope in life!
“I go!How come these equipment has deteriorated?Must be fake!Those gods are too pitted!teacher,Don’t cry!stand up,We did it again!”Wei Xiaoxing saw that all the equipment on the ground had changed.
color,So shocked that he yelled。
Lu Menglin’s headache had eased slightly,I heard Wei Xiaoxing’s surprise again,There was another boom in my head,As if it was boiling。
He didn’t think too much,He gave Wei Xiaoxing a sharp look。
I don’t know if I stare at him,Wei Xiaoxing actually screamed,Flew straight out,Slap on the wall,The kind that can’t be pulled off。
boom!Strange,Lu Menglin after this look,The whole person is completely unblocked immediately,My mind is empty,Even the eyes, eyes, and nose touch these organs and the perception becomes very clear at this moment,Ten times sharper than before。
Mind moved slightly,An invisible torrent formed by the concentration of spiritual power emerged in Lu Menglin’s body。
“He Bu,Cut me out!”Lu Menglin suddenly shouted。
He Bu suddenly opened his eyes,Even think about it,The Shura Knife in his hand was swung out with lightning,A sword with a thick arm pierced through the air,Instantly hit Lu Menglin’s chest。

“Brother Zhao,We take the elevator here,There is no way to go to the venue。”Linghu Gong watched Zhao Feng walk to the elevator next to him,Hurriedly greeted。

“Is there any way in this elevator??”Zhao Feng asked。
“The name Cipher Building is not random,The four elevators on the first eight floors of this building can only go up one floor at a time.,The elevator needs to be replaced every first floor,Only selected eight times accurately,To reach the designated venue,and so,Tickets are not enough,You have to have an eight-digit password。”
“but,Although this method is very safe,But unavoidably cumbersome,After all, every time the elevator starts operating,All four elevators are operating,The people behind have to wait on the first floor,More power consumption,Will rent a space in this building,Companies that are very confidential,Technology companies、Data company,And this time Baixianlai’s venue is on the 29th floor and above,A total of 27 floors。”Bai Ze explained,While explaining the rules of some activities。
E.g,All transactions at the event site are cleared on the spot,No credit is allowed;If you exchange things,Once both parties to the transaction leave the venue,The transaction is irrevocable;Do not ask about the origin of the traded item;No bargaining;Don’t buy or sell;No photography allowed;Do not ask for the name of anyone in the venue、Identity、origin……
In short,Almost all behaviors that may involve privacy disclosure,Are not allowed。
Bai Ze hasn’t finished all the rules,The group has reached the twenty-ninth floor,Just got out of the elevator,Zhao Feng felt like he had entered a normal mall。
“do not doubt,From this level up,All shops are open,But it’s not the most lively time yet,After all, it’s only the first day,And every day the finale auction is held at night,Most casual cultivators are also used to going out at night,Wait till night,It’s the real casual cultivating event!Let’s look for places where people gather,Look around,If I can meet something good,Picking up leaks is also good。”Bai Ze took the lead,But less than half an hour,Four passersby asked Zhao Feng for the price of a crossbow,After learning that Zhao Feng had no intention of selling,Just left in grief。
“what!I almost forgot to tell you!Many people at the venue are unable to rent the store,and so,Take the product with you,If someone fancy the product,You can conduct one-to-one transactions,This has also become a potential rule for Baixianlai Ye,You see, these passers-by have some weird accessories more or less,Most of them are sold out,You look special with such a bow,No wonder some people treat you as a bow seller。”Bai Ze looked at Zhao Feng’s gloomy expression,He explained with a smile。
Zhao Feng nodded,Secretly relieved,Rejoice in my heart:“I originally considered that there will be a large number of casual repairs here,May be seen the clues of the bamboo tube,So leave it at home,Now it seems,Fortunately, I didn’t bring it out。”
As for the reason for carrying a crossbow,Mainly to maintain the feel of the bow,Zhao Feng always touches the bow behind him from time to time,Let your body not forget the feeling of holding a bow,He firmly believes that this is conducive to his archery practice。
at this time,Linghu Bow stopped at a store selling Wenwan antiques,Staring at an old-looking Go board on the glass case,I took another look at the tag price of 100,000 yuan,Moved my mind,After asking Bai Ze,So he took the bodyguard into the store。
Soon,Linghu Gong walked out calmly,Obviously didn’t buy。
“The other party does not sell?”Zhao Feng asked。
“Is not……It’s just that it says 100,000,After i went in,The store is asking for one million,I want to see that I like this board,Deliberately increased the price,Although it’s nothing,But I don’t want to deal with insincere people,This chess board……Never mind!”Linghu bow reluctantly abandoned,I can see that he really likes the chessboard。
“This kind of shop is clearly set out to kill people,There won’t be any good goods,A chessboard,I can always meet better in the future,Gone away!”Bai Ze greeted and left,At this moment,A middle-aged bald man with a greasy face walked out of the shop。

Soochow Securities (601555) first half of 2019 performance review: self-operated elastic release of net profit increased significantly

Soochow Securities (601555) first half of 2019 performance review: self-operated elastic release of net profit increased significantly

The company’s net profit exceeded the growth rate and temporarily ranked first among listed securities companies.

In the first half of 2019, the company’s operating income was 26.

$ 7.5 billion, +74 per year.

17%; net profit attributable to mother is 7.

5 billion yuan, +2758 per year.

33%; net profit after deducting non-attribution is 7.

4.8 billion yuan, +3613 per year.

28%, the 青岛夜网 company’s net profit quality is excellent.

The growth of the company’s net profit was mainly contributed by credit business, investment income and brokerage business.

The growth rate of the brokerage business exceeded the overall industry.

In the first half of 2019, the company continued to focus on the general principle of “strong headquarters, strong command, strong products, and cost reduction”, optimizing the service system, strengthening the product system, improving the operating system, improving the compensation and assessment incentives, and steadily promoting the transformation of the brokerage business.And development.

In the first half of the year, the company’s net income from trading in securities business was 5.

5.4 billion, +25 per year.

94%, higher than the overall growth rate of the industry22.

06%, during the period, the agency transaction volume (A shares + funds) was 18,027.

9.3 billion, an annual increase of 36.


The growth rate of investment banking business was lower than the industry as a whole.

The establishment of the Science and Technology Innovation Board and the trial registration system brought new development potential to the investment banking business.

The company takes advantage of the clustering of science and technology enterprises in the Yangtze River Delta region, establishes a science and technology enterprise project resource bank, strengthens the science and technology board project reserve, and helps science and technology enterprise development.

In the first half of 2019, the company successfully completed the Hongta Securities IPO project and raised funds12.

The Bank of Suzhou, which was co-sponsored, was listed on the Shenzhen Stock Exchange on August 2 and raised funds of 26.

2 trillion; in the first half of the year, the company took the lead in obtaining business qualifications for performing credit protection instruments and successfully created the country’s first batch of double-creation debt credit protection instruments.

In the first half of the year, the company completed the issuance of 4 single and double creation bonds and the nation’s first single steel company supply chain ABS, completed 34 corporate bonds and raised 369 funds.

7.6 billion yuan.

In the first half of the year, the company’s securities underwriting and sponsorship business net income2.

3.7 billion, +4 per year.

82%, the growth rate is lower than the overall growth rate of the industry26.


Self-employed business has increased significantly every year.

In terms of equity securities investment, the securities market performed well in the first half of 2019. The company’s equity investment business accurately grasped market trends, and in-depth excavation of value-chips with strong anti-risk capabilities in areas such as large finance and large consumption, and achieved relatively stable overallReturn on investment.

For fixed-income securities, the bond market trend in the first half of the year was affected by internal and external factors, and the overall amplitude fluctuated. The corporate bond investment business focused on risk prevention, and traded closely following changes in interest rates and debt to stabilize investment income.

In the first half of the year, the company’s net investment income (net investment income-investment income to associates and joint ventures + fair value changes) was 9.

It reached $ 8.7 billion in 1985.

twenty three%.

The decline in asset management business was lower than the industry as a whole.

With the new regulations on asset management, regulatory policies such as the bank’s wealth management subsidiaries have been implemented, transforming and actively managing the future development of the business.

Since 2019, the company has strengthened its high-net-worth customers and institutions to develop customized products, while maintaining its inventory, and focusing on private placement of FOF and bond fixed income products.At the end of June 2019, the total scale of the company’s entrusted management was 1,253.

7.3 billion, down 30 a year.

06%, of which, the proportion of the company’s asset management business initiative management scale increased to 24 on June 30, 2019.

54%, the active management capacity has been steadily improved.

The company conducts fund management business through its holding subsidiary Soochow Fund. As of the end of June 2019, the total assets managed by Soochow Fund were 688.

2.4 billion yuan, of which the size of public funds is 172.

6.5 billion yuan, the size of the special account assets is 485.

4.2 billion yuan, the subsidiary’s special assets scale 30.

1.7 billion.

In the first half of 2019, the company’s net income from the client’s asset management business was zero.

8.5 billion per year -3.

06%, lower than the industry’s overall -8.


Credit business turned losses into profits.

In the first half of 2019, through the market recovery and the gradual improvement of corporate credit, the credit risk of the securities industry’s stock pledge and margin trading business was effectively alleviated.

In the first half of 2019, the scale of the company’s credit transaction business gradually decreased, and the average performance guarantee ratio of self-owned stock pledges continued to increase.

As of the end of June 2019, the total size of credit transaction business was 191.

USD 7.9 billion, of which 97 is the balance of margin financing and securities lending business.

7 trillion, the balance of stock pledge business 93.

USD 7.5 billion with a contracted repurchase business balance of 0.

3.4 billion.

In the first half of the year, the company achieved net interest income2.

0.6 billion, net interest income for the same period in 2018 was -3.

4.3 billion yuan, turning losses into profits.

Investment Advice.

The company’s net profit attributable to its mother in the first half of 2019 is +2758 per year.

33%, in addition to the low base in the same period last year, credit business, investment income and brokerage business contributed to the growth rate of net profit attributable to mothers.Increase in the first half of the year.

As of August 16, 2019, the company’s PB was 1.

32 times, the highest level in history; the company’s EPS in 2019/2020 is expected to be 0.

61 yuan / 0.

71 yuan, the corresponding closing price PE on August 16, 2019 were 14 respectively.

90 times / 12.

80 times, we give a recommendation rating.

risk warning.

The economy exceeded expectations, the stock market fell sharply, and the Sino-US trade friction worsened.

NavInfo (002405): Mass production of tire pressure monitoring chip

NavInfo (002405): Mass production of tire pressure monitoring chip

The company’s recent situation The company issued an announcement, and its subsidiary Jiefa Technology released an independent design of a car-specific full-featured tire pressure monitoring sensor chip solution. This chip is a domestically integrated high-precision pressure sensor, dual-axis acceleration sensor, and temperature sensor.Advanced tire pressure monitoring chip (TPMS chip).

  Comments The tire pressure monitoring chip market is expected to usher in rapid growth.

Tire pressure monitoring has a history of more than 20 years. As part of the automotive safety system, it was initially used on high-end models. In 2005, the United States took the lead in enacting mandatory installation regulations, and many followed suit.

In 2013, the National Standards Commission formulated the “Performance Requirements and Test Methods for Tire Pressure Monitoring System for Passenger Cars”, which stipulates that from January 1, 2020, all passenger cars in production will begin to implement TPMS mandatory installation requirements.Important turning point.

  The first domestically produced replacement chip for mass production delivery, achieving a breakthrough from 0 to 1.

Currently, the global manufacturers of TPMS chips are mainly Infineon and Freescale.

Among them, Infineon has maintained the number one market share in the world for many years.

The domestic TPMS chip market is therefore in a state of rich monopoly.

The four-dimensional TPMS chip released this time is the first domestic car-grade TPMS chip to be delivered in mass production. It has achieved a leap from 0 to 1 in the domestic substitution and has once again proved the development strength of Jiefa Technology.

4D’s self-developed TPMS chip is expected to achieve domestic substitution and meet the requirements of TPMS mandatory installation requirements. It will usher in a double penetration of industry penetration and market share. (China Industrial Development Network data shows that the current internal TPMS penetration rate is about 20%.Concentrated on high-end models).

We expect that next year’s TPMS chip orders will further land next year, Jiefa Technology is expected to record a recovery growth.

  Strive to occupy 50% -70% of the market share, service and price are the determining advantages.

According to the leader, the company aims to occupy a 50% -70% market share in the medium term. At present, it has established extensive contacts with OEMs and agents in front-loading and rear-loading to 武汉夜生活 consolidate the layout for achieving the medium-term goals.

In the bidding, the company’s products are not constrained in terms of parameters, and the company’s quality services and the pricing of bidding transactions will become a decisive advantage.

Based on our annual sales of 25 million passenger cars, we are trying to increase the company by 7 in the medium term.

700 million yuan?

700 million in revenue (only considering the front-loaded domestic passenger car market).

  Estimates and recommendations As the volume of specific orders is not yet known, we temporarily maintain the company’s profit forecast.

Maintain outperforming industry and target price of 17 yuan, based on 2019 distribution and total estimation method.

The current company trades at 63x / 61x P / E in 2019/20, and we have 9% upside in our target price.

  The volume of risk orders is uncertain, the risk of pricing fluctuations, and the risk of policy advancement is less than expected.

Fangbang (688020) New Share Coverage Study: High-end Electronic Material Manufacturers

Fangbang (688020) New Share Coverage Study: High-end Electronic Material Manufacturers

Fangbang Co., Ltd .: High-end electronic material electromagnetic shielding film manufacturer: The company’s predecessor Fangbang Co., Ltd. was established in December 2010. The company’s main business is R & D, production and sales of high-end electronic materials, focusing on providing high-end electronic materials and application solutionsThe main products include electromagnetic shielding films, conductive adhesive films, ultra-thin flexible copper clad laminates and ultra-thin copper foils, which are high-performance composite materials. Among them, electromagnetic shielding films are the company’s main source of income, and the company’s electromagnetic shielding films mainly include HSF-6000 series.Products and HSF-USB3 series products.

In 2018, the company realized operating income of 274.71 million yuan, a year-on-year increase of 21.

4%, HSF-6000 series products and HSF-USB3 series products contributed 38% and 61% of total revenue, respectively.

Consumer electronics, automotive electronics, communication equipment and other end-use application areas have grown steadily, and upstream FPC and related high-end electronic materials have benefited from the demand: Through the development of modern electronic products such as smartphones, computers, wearable devices, automotive electronics, the global FPC output value has risen overallIn the trend, China has gradually become the main source of FPC, and the FPC output value in China has continued to increase in the global proportion. In 2016, the output value of China’s FPC industry (including foreign companies) reached 46.

300 million US dollars, accounting for a global share from 200923.

7% has increased to 42 in 2016.


Consumer electronics, automotive electronics, and communication equipment are the three major application areas of FPC. FPC increments will gradually expand: new smartphone functions (including double-sided screens / folding screens, etc.), new 5G applications, steady growth in wearable devices, and automotive electronics, Widely used in communication equipment industry.

Raising funds to enhance research capabilities and enhance industry competitiveness: The company intends to raise funds through the public offering of shares of the Science and Technology Board to a scale of 10.

58 trillion, the number of shares to be issued does not exceed 20 million shares, the proposed expansion is mainly to expand the expansion of existing production capacity and the construction of research and development centers.

As an upstream raw material manufacturer, the company’s product technology research and development is the core factor to ensure its long-term stable development. The company promotes the level of technology development through capital market financing, including investment in basic research and development, and has a long-term sustainable and stable development.

Investment suggestion: According to a listed company with comparable stocks, we choose PEG and 2019 dynamic PE as the main reference data, with CAGR (average 21%) and PEG (average 2) from 2016 to 2018.

0) Estimated as the lower limit.

1 ppm, PE (expected in 2019) (equivalent to 28.

3X) as a lower bound in combination with the expected growth rate.

1 ppm, we initially 北京夜网 believe the company’s overall expected range is 38.

100 million to 49.

1 ppm, calculated based on the total value of the existing total number of shares combined with the number of shares to be issued, the company’s issue interval is a subdivided issue price of 47.

6 yuan to 61.

4 yuan.

Risk reminders: The decline in product prices caused by market competition affects the company’s profitability; macroeconomic fluctuations and international trade disputes affect the downstream smart terminal consumer market demand; the company’s single product structure and the concentration of downstream application areas.

China Railway Construction (601186) 2019 Interim Report Review: Interim Report Performance Enhancement Highlights Low Valuation

China Railway Construction (601186) 2019 Interim Report Review: Interim Report Performance Enhancement Highlights Low Valuation

I. Overview of the event China Railway Construction released the 2019 Interim Report: In the first half of 2019, it realized revenue of 3529.

35 ppm, an increase of 14 in ten years.

23%, net profit attributable to mother 92.

8.4 billion, an increase of 15 in ten years.

93%, deducting 85% of non-attributed net profit.

2.7 billion, an increase of 19 years.


  Second, the analysis and judgment of the interim report performance has steadily increased, the profitability has improved, the cash flow improved in the first half of the company’s revenue growth rate14.

23%, an increase of 7 compared with the same period last year.

The growth rate of net profit attributable to mothers increased by 2 percentage points, but the growth rate of net profit attributable to non-mother mothers increased by 1.

32 units, the overall performance rose steadily.

In terms of sections, the project contracting revenue was 3109.

69 ppm, a 16-year growth rate of 16.

39%, an increase of about 10 compared with the same period last year.

With 61 digits, the increase is even more significant. The real estate sector income was 98.

3.5 billion, a slight decline before.

  Gross profit margin for the first half of the year 9.

8%, an increase of 0 compared with the same period last year.

1 average, net interest rate 2.

92%, an increase of 0.

04 single, the expense rate is relatively stable, compared with the same period last year, the expense rate fell slightly to 0.

11 units, of which financial expenses are properly controlled and reduced by 0 for one year.

09 averages.

  Cash flow has improved, with net cash flow from operating activities of -324.

7.2 billion, a positive change from the same period last year 134.

1.6 billion, net increase in cash and cash equivalents -213.

9.2 billion, a positive change of 72.

09 billion.

  Based on the main business of infrastructure construction, the growth rate of signing orders has increased, and future performance is more secure. In the first half of 1911, the company’s new vertical order was 7,186.

9.7 billion, exceeding the growth rate of 18%, compared with the same period last year, an increase of nearly 8 values, of which the engineering contracting category surpassed the single 6118.

9.2 billion, an increase of 23 in ten years.

14%, at least nearly 14 units increased, the growth rate rebounded significantly.

From the perspective of the molecular industry, the new wavelengths for railways, highways, and other categories (including municipalities) were 981.1165 / 3973 billion, respectively, and the growth rates were 18 respectively.

58% / 0.

79% / 33.

06%, of which the road growth rate turned positive and significantly improved compared to the end of last year, and infrastructure projects such as municipal and urban rail rapid growth.

Company 18-19H1 new mid-term single 2.

3 trillion, with a revenue ratio of about 3 to 18.15. In the future, the performance guarantee is relatively high. With the expectation that infrastructure investment will continue to stabilize, the performance of the transportation infrastructure in the 13th Five-Year Plan period may accelerate its release in the last two years.

  Third, the investment recommendation company is a leading enterprise in infrastructure construction, and the value of Hengqiang, the strong one, has become prominent under the recovery of infrastructure construction.

It is estimated that the net profit attributable to mothers in 19-21 will be 204/226/25 billion and the EPS will be 1.



84 yuan, corresponding to PE is 6.



95 times, the company’s estimated maximum value / expectation / minimum value within one year is 9 respectively.



63 times, an increase of 8 times compared to the company’s current 南宁桑拿 estimate. The company relatively estimated replacement, maintaining the “recommended” level.

  4. Risk Warning: Infrastructure Investment Transition

Dongmu (600114): Business performance in line with expectations in the second half of the business is expected to pick up and keep buying!

Dongmu (600114): Business performance in line with expectations in the second half of the business is expected to pick up and keep buying!

Key points of investment: The first half of 2019 deducts non-attributed net profit for ten consecutive years.

47%, in line with expectations!

In the first half of 2019, the company realized operating income8.

65 ppm, a decrease of 16 per year.

27%, net profit attributable to mother is 57.08 million yuan, which is extended by 71 every year.

52%, corresponding to a basic income of 0.

09 yuan; including net profit of 52.93 million yuan deducted from non-attribution, every 64 bits.

47%; including the 北京夜网 second quarter of the single quarter, the company achieved sales revenue4.

33 ppm, a decrease of 13 per year.

68%, unchanged from the previous month, and achieved a net profit of RMB 34 million, at 72 intervals.

35%, an increase of 50 from the previous month.

58%, overall performance is in line with expectations!

  Four consecutive quarterly reports show that the bottom of the results fluctuated, waiting for the turning point of the industry to come!

Since the third quarter of 2018, the company’s single quarter sales revenue has always been at 4.


The 700 million fluctuations are mainly affected by multiple factors such as the switching of the National V and National V standards, and the impact of changes in the external environment of China and the United States on customer purchases and other factors!

According 苏州桑拿网 to the current trend, the improvement of industry orders still has to wait for some time!

Due to fluctuations in orders at the automotive end and increased revenue at the end of the magnetic materials, the company’s automotive powder metallurgy business accounted for 60% of the total revenue at the peak and was changed to 53% in the first half of 2019; the operating rate was not full production (income 50Over 100 million) when the operating rate can exceed 85%) and the increase in the proportion of low-margin business structure suppresses the company’s comprehensive business gross profit margin. In the second quarter, the company’s comprehensive business gross profit margin was 25.

72%, down 1 from the first quarter.

14 averages, enough to continue the trend of improving gross margin!

In the first half of 2019, the company’s R & D expenditure was 5,241.

440,000 yuan, an annual increase of 3.

09%, R & D expenses as a percentage of sales revenue continued to increase, which is the basis for the company’s future revenue growth.

Reported volume, net operating cash flow of the company1.

5.9 billion, higher than net profit, showing that the company still has good bargaining power in the upstream and downstream of the industry!

In the magnetic materials business, the revenue in the first half of 2019 was stable, and the gross profit margin decreased year by year8.

75 up to 26.

29%, mainly due to the new plant put into production but the revenue has not kept up and the implementation of the industry card strategy sacrificed part of the profit compression strategy!

  Subsequent extension of endogenous two-wheel drive, the repurchase of shares has progressed in an orderly manner.

In the announcement of the resolution of the 30th meeting of the 6th Board of Directors of the company, it was disclosed that the board of directors agreed that the company would use its own funds or self-raised funds to jointly invest in Ningbo Dongmu Guangtai Enterprise Management Partnership (limitedPartnership), the registered capital is 2.

$ 5 billion, of which the company is a limited partner and contributes in cash2.

00 trillion, accounting for 80% of the registered capital.

00%, agrees that Ningbo New Jinguang Investment Management Co., Ltd. is the general partner of the target partnership enterprise and performs partnership affairs on behalf of the target partnership enterprise.

In addition, the company disclosed in the 2019 Interim Report that the company has used 1.

9 trillion repurchased 27.8 million shares, and actively safeguard the company’s value!

  Investment suggestion: The bottom feature of performance is obvious. The upward inflection point will drive the gross profit margin to increase in the same direction, the net profit will be more flexible, and the buy rating will be maintained!

From the perspective of operating cash flow and the proportion of R & D expenses, the company’s industry competition is particularly strong, and from the perspective of revenue, the gradual trend has stopped, waiting for subsequent improvements to occur!

We believe that starting from the second half of 2019, the company’s single quarter profit will continue to improve month-on-month, and considering that the company may receive 2 from the demolition in 2019.63 trillion of land compensation, therefore raised the profit forecast for 2019 to 4.

3.6 billion (previous forecast was 3.

30,000 yuan) and maintain the net profit forecast for 2020-2021.


94 trillion is unchanged, corresponding to a current dynamic PE of 9 for 19 years.

0X, considering that the company’s potential future cash acquisition will strengthen the company’s industrial competitiveness, we maintain the buy rating!

Hengshun Vinegar Industry (600305): Company management improves revenue and promotes growth in the next 5 years

Hengshun Vinegar Industry (600305): Company management improves revenue and promotes growth in the next 5 years

The vinegar industry’s revenue is expected to grow at a compound annual growth rate of 6% + in the next five years. The share of leading cities will continue to increase.

According to the Condiment Association, the vinegar industry in developing countries has earned 168 years in 18 years.

3 ppm, 10-18 years compound growth5.

7%, volume, price compound growth 2.

5% / 3.


Benefiting from the transformation of household cooking to catering, the aging of the population and the upgrading of the product structure, it is expected that the industry volume in the next 5 years will increase by 3% and 3% +.

The industry CR3 was 13 in 18 years.

5%, Hengshun vinegar income 11.

600 million, with a market share of 6.

9%; market share of the second brand Haitian 3.

6%; the third brand Shanxi water tower market share 3.


Japanese vinegar leader in the brewery market share of 51.

9%, there is much room for improvement in the concentration of the Asian vinegar industry.

The company’s channel capacity is poor, and the administration of the New Democratic Party has brought about improved management.

The company has an average ROE of 14 in the past three years.

6% (Haitian 32.

3%) and high expense ratio (24.

9%) and low total asset turnover (0.

6) Leading to its low ROE, the core problem is poor channel capabilities.


Channel: Weak incentive mechanism, annual salary of senior executives is 250-360,000 yuan without holding shares, annual salary of sales staff is 100,000 yuan; the intensity of resource investment is small, despise foreign markets.

In the past two years, the strength of the company’s channels has gradually improved. In the process of new appointments, channel incentives and resource layout have been strengthened, sales capabilities have been enhanced, and national expansion has been accelerated.


Brand: No. 1 in vinegar brand value.


Product: Master the best craftsmanship, zero product addition and the best taste.

Benefiting from improved management, it is expected that the company’s condiment revenue will increase by 15% in the next 5 years.

From 13 to 18, the company’s condiment revenue increased by 10%.

1%, deducting non-attributed net profit compound growth of 39.


The company’s new leader takes office and looks forward to improving internal mechanisms and accelerating national expansion. We expect the company’s revenue to accelerate in the next five years.

Among them, the vinegar business will benefit from channel expansion and product structure upgrade. It is expected that the volume will increase by 10% + and 3% + in the next five years. The expansion of the wine channel will benefit revenue by approximately 25% in the next five years.

Investment suggestion: We expect the company’s revenue from 19-21 to 18 years.


18 ppm, an increase of 10 in ten years.
2% / 16.

7% / 15.

6%; net profit attributable to mother 3.



11 ppm, a five-year increase of 5.

6% / 8.

6% / 17.

5%, corresponding to PE is estimated to be 45/41/35 times.

We give the company a PE estimate of 45 times in 2020, corresponding to a reasonable value of 20.

25 yuan / share, maintain BUY rating.

深圳桑拿网 Risk warning: the company’s channel expansion is not up to expectations; food safety issues.

The easiest way to twist

The easiest way to twist

To complete a “twist”, it often requires the participation of multiple parts such as the waist, head, head, and thighs.

By twisting, we can make our muscle tissue stronger and less vulnerable, and exercise our bones and ligaments, which are rarely exercised during normal exercise.

  Therefore, twisting is also a good fitness method, for those who have no time to exercise, it is even easier.

Here are some simple and easy torso fitness methods.

  (L) Lower body rotation.

Lie flat on the ground.

Place your body on the sides of your body, close to the ground, with your palms facing up.

Bend your knees and raise your hips to 900, insert your calf into the exercise ball.

Swing your legs towards you while keeping your calves and rouge in contact with the sphere at all times.

Restore the position of the legs and use only the strength of the abdominal muscles to avoid movement.

Then repeat the action to the right.

Pay attention to keep the right side, right side, and right side close to the ground when exercising.

  (2) Rotation of elastic band body: Choose a fitness band with less elasticity and fix it on the opening and on the tree.

Adjust the distance between yourself and the fixed object so that the fitness belt just tightens.

Keep your legs and chest perpendicular to the ground.

Align and draw an arc in front of you. At the same time, rotate your upper body to the left by 900. After returning to the initial position, rotate it to the right by 900.

Pay attention to using the abdominal muscles to control, keep the front position unchanged during exercise.

  (3) The front lunge presses the legs and turns: both feet are shoulder width.

Take a big step forward with your right foot and leave your heel off the ground.

Keep your upper body upright.

Hold the exercise ball in both hands and reach forward.

The left knee should not exceed 10 cm from the ground.

The right knee does not cross the right toe, and the center of gravity falls between the feet.

The main shaft sinks, and the upper body first rotates 450 toward the front, and then rotates to the right, repeating the previous action.

Absorb the strength of the abdominal muscles during exercise and keep it vertical.