Shanghai Airport (600009): Non-aviation revenue and investment income increased significantly in line with expectations

Shanghai Airport (600009): Non-aviation revenue and investment income increased significantly in line with expectations

2019H1 results are in line with expectations Shanghai Airport announced the first half of 2019 results: operating income54.

6 ppm, an increase of 21 in ten years.

1%; net profit attributable to the parent company was 27 million, an increase of 33 year-on-year.

5%, corresponding to a profit of 1.

40 yuan; deduct non-recurring profit and loss to the net profit of the mother 26.

500 million US dollars, an annual increase of about 31%.

Operating income for the second quarter 26.

80,000 yuan, an annual increase of 20.

6%, net profit 合肥夜网 attributable to mother 13.

10,000 yuan, an increase of 30 in ten years.

4%, in line with market expectations, basically in line with our expectations.

The profit margin of main business keeps increasing5.

2 units.

In the first half of the year, operating income increased significantly.

1%, mainly from commercial catering revenue (about 27.)

(7 ‰, up 46%), of which tax-free income from T2 is 19.

2.7 billion (19Q1 is 10).

100 million, 19Q2 is 9.

1.7 billion), we estimate that Pudong Airport’s tax exemption in the first half of the year is about 7.5 billion.

Operating costs rose slightly 8.

6%, mainly from operation and maintenance costs (increase 1).

USD 5.7 billion, of which the increase in lease fees (connected transactions with group companies) recognized in the first half of the year1.

3.3 billion, 杭州桑拿网 an increase of about 38%.

Investment income increased by 34% each year, after deducting approximately 51 million new investment income from East China Kaiya during the period, the company’s other investment income increased by 21 in comparable terms.

5%, mainly because: 1) Deco Momentum’s net profit increased by 34%; 2) Free Trade Phase I Fund reduced losses by approximately 28 million yuan.

Development trend The duty-free shops in Shanghai are opening. We believe that the initial diversion impact will be limited.

Duty-free shops in Shanghai opened on August 23, with a business area of 874 square meters1.

Consider 1) At present, the city’s duty-free shops are not open to mainland consumers; 2) Fragrance is a standard product, and direct airport purchase is more convenient; 3) Airport customer acquisition costs are reduced, and we expect the city stores to have a limited impact on the diversion of Shanghai Airport in the beginning.
The progress of the satellite hall project has reached 95%, and it is expected to be put into production in the second half of the year.

As of mid-2019, the progress of the third phase of the project with the satellite hall as the main body has reached 95%, but the relevant capital expenditure commitments that have not yet occurred are still close to $ 8 billion.

The third phase of the project started at the end of 2015 and has a four-year construction period. It is expected to be put into production in the second half of this year.

Earnings forecast and forecast The current company expects to correspond to 2019/2020 29.

1/26.

3 times P / E.

Maintain 2019 and 2020 profit forecast57.

9.5 billion and 64.

1.8 billion, maintain Outperform rating.

Due to the improved level of the sector, the target price is raised by 8% to RMB 90, corresponding to a 30 times price-earnings ratio in 2019 and 2 corresponding to current expectations.9% upside.

Risk Aviation demand was less than expected, and tax-exempt income was less than expected.

Taiji shares (002368): PricewaterhouseCoopers officially supplements Taiji system to help the company’s Encore business accelerate growth

Taiji shares (002368): PricewaterhouseCoopers officially supplements Taiji system to help the company’s Encore business accelerate growth

Last week, the general election of the Board of Directors (Supervisory) of the Board of Directors of Pricewatersoftware. The meeting 厦门夜网 elected a number of leaders of CLP Taiji Group as the chairman, vice chairman and chairman of the Board of Supervisors, marking the official appointment of CLP Taiji.

Pricewater Software is a leading manufacturer of domestic operating systems. We believe that adding Pricewater to the Tai Chi system will assist the company to further improve the distribution of the industrial chain of Encore and achieve accelerated growth of Encore’s business.

Event: Puhua’s 2019 first shareholders’ meeting election passed six expectations including the board of directors and the general election of the supervisory board.

Three of the seven directors of Puhua’s new board of directors are from CLP Taiji. Among them, Zhang Yun (general manager of CLP Taiji Group and director of Taiji shares) serves as chairman of Puhua, and Lu Ye (president of Taiji shares) serves as deputy of Puhua.The chairman and chairman of the board of directors, Li Zhumei (Supervisor of Taiji Shares) serves as director, and Li Xiaoping (China Power Taiji) serves as chairman of the Supervisory Board.

Pricewatersoft officially replaced the Taiji system, and the company’s domestic production industry layout was further improved.

Pricewater Software was founded in 2008, focusing on the development of basic software.

In 2013, Puhua Software undertook the R & D team of Zhongke Hongqi for bankruptcy and liquidation, making full use of the research and development strength and technical foundation of Zhongke Hongqi’s operating system to develop basic software, and “domestic operating system” as its core business development direction. ”

In 2014, when the country proposed security and controllability, Pricewater officially launched a domestic operating system independently developed based on Linux3.

0 version and quickly expand the market.

At present, Puhua Software owns a number of basic software products, including desktop operating systems and cloud operating systems. It will cooperate with Taiji Group companies to exert synergy and scale effects to promote the development of the localization of the information technology market.

As the core industry platform of CLP Taiji, the company has realized the safe layout of domestic databases, middleware, and office software through the investors’ Jincang, Kingdee Tianyan, and Huidian Technology. We believe that Puhua is officially included in the CLP Taiji Group.The company will further improve the ecological construction of the company’s domestic industrial chain and realize the accelerated growth of Encore’s business.

The company’s performance has grown steadily, and research and development has continued to increase, surpassing its long-term growth capabilities.

The company achieved operating income of 45 in the first three quarters of 2019.

84 ‰, an increase of 18% in ten years, net profit attributable to mother 0.

76 ppm, a ten-year increase of 9.

58%, of which 15 achieved operating income in the third quarter of 2019.

710,000 yuan, an increase of 32% in ten years, net profit attributable to mother 0.

55 ppm, an increase of 11% in ten years.

The company’s expanding market and R & D investment, sales and management expense rates are increasing, and the proportion of R & D investment in revenue has increased year by year, providing sufficient momentum for the company’s future growth.

Maintain “Highly Recommended-A” rating: The company’s government cloud business is accelerating and CETC, a major shareholder benefiting from the Encore field, continues to exert its strength and has great development momentum. We expect the company’s net profit to be 4 in 19-21.

22/5.

61/7.

430,000 yuan, maintaining the “strongly recommended -A” level.

Risk warning: The policy support is not as strong as expected; the speed of government affairs cloud advance is lower than expected.

Wantong Real Estate (600246): Sitting on the core asset value highlights steady progress

Wantong Real Estate (600246): Sitting on the core asset value highlights steady progress

Established real estate companies, well-known brands, residential business and commercial diversification go hand in hand. Vantone Real Estate is one of the leading brand companies in China’s real estate industry, and it is a real estate company with equal emphasis on development and operation.

1) In terms of real estate development business, the company focuses on the Beijing-Tianjin area and has a complete product line. With its excellent quality and services, it already has a high brand awareness in the Beijing-Tianjin area.

2) In terms of commercial real estate, the company has successfully created the commercial property brand of “Wantong Center”. At present, commercial properties in Beijing, Tianjin, and Shanghai have matured and become local landmark buildings.

In the future, through a mature and outstanding commercial complex real estate operation management team, the effective scale of assets will be achieved, and the operating performance will be steadily improved.

Development business: Focus on the first-tier and second-tier cities. The company’s project layout with the ability to withstand market risks has now formed a superior land storage pattern with Beijing, Huanjing as the center, and three major second-tier cities as the fulcrum.

Taking into account: 1) Beijing and second-tier cities have gradually entered the recovery phase after two consecutive years of suppression; 2) the marginal effect of the policy of first-tier and second-tier cities has gradually weakened; 3) some first-tier and second-tier cities have restricted purchases since the second half of the year, and sales have been limitedThe improvement of loosening is expected to increase the marginal easing of policies in the future. We believe that the company’s ability to resist market risks has deteriorated by virtue of its excellent project quality and the advantages of its first- and second-line layout.

Commercial sector: Sitting on core assets, the rents are steadily increasing, and the value is significantly underestimated. The company began to increase the holding of commercial properties in 2010. The commercial resources held are located in the core area of the city, and scarce resources show value.

In terms of rent, total rental income in the first 成都桑拿网 three quarters of 20191.

800 million US dollars (ten years + 10%), rent is 92 yuan / square meter / month (annual + 24%), rental income growth is mainly due to the increase in rental rates and rental increases.

At the same time, considering that the commercial properties held by the company are strategically located and have great potential for future appreciation, the current average price of investment real estate is measured using the cost method, assuming revaluation based on the sales prices of similar properties in the surrounding areas, until the end of the third quarter of 19The fair value of real estate reached 103 trillion, an increase of 63 trillion over the cost measurement method.

Financial analysis: The financial structure is excellent, the debt ratio is at the lowest level in the industry, and it has a higher safety margin. 1) The total asset size has been reduced under reduced leverage, and the sales carry-over has promoted the continuous growth of net assets.It has declined for three consecutive years; the scale of net assets has increased for four consecutive years since 2015.

2) The carry-over of high-priced projects promotes continuous improvement in profit margin levels: the company ‘s gross profit margin and net profit margin in the first three quarters of 2019 increased by 20pct and 25pct respectively compared to 2018, and the profit margin has entered a higher level since 2017, mainly due to the company’s project acquisition timeEarlier, land prices may overlap due to the rapid rise in house prices from 2016.

3) The debt structure is excellent, and the debt ratio continues to improve: At the end of the third quarter of 2019, the company’s asset-liability ratio after replacing prepayments was 4pct higher than in 2018, which has continued to decline since the high point in 2015; interest-bearing liabilities accounted for 20% of total asset%, The lowest level in history.

4) Sufficient monetary funds, compensation for debt repayment pressure, and budget financing advantages: At the end of the third quarter of 2019, the company had US $ 2.3 billion in monetary funds in hand, an increase of + 21%; among interest-bearing debt, long-term bank loans accounted for 92%, and short cash debt ratiosAs high as 12 times, there is no pressure on debt service in the short term; the company’s comprehensive financing cost in 2018 was only 6.

21%, the highest level in the industry, adjusting the goals and foundation for the company’s future strategy.

Investment suggestion: Wantong Real Estate is one of the leading brands in China’s real estate industry. In terms of development business, high-quality soil storage in Beijing and second-tier cities is expected to accelerate the release of performance under the expectation of loosening policy margins in the future.

In terms of commercial real estate, the company’s self-owned commercial properties are strategically located, benefiting from increased occupancy rates and rental growth, as well as the saleability of commercial real estate value-added, with huge growth potential.

Estimated net profit for 2019/20/215.

3/6.

5/8.

300 million, an increase of 61.

8% / 22.

9% / 27.

7%, currently expected to correspond to an estimated 17x / 14x / 11x in 2019/20/21, with a “Buy” rating assigned for the first time.

Risk warning: The real estate industry forecast exceeds expectations, and the company’s real estate project settlement exceeds expectations.

From Deepening to Accelerating Xiao Gang Explaining the Connotation and Path of Financial Supply-side Reform

From Deepening to Accelerating Xiao Gang Explaining the Connotation and Path of Financial Supply-side Reform

China Finance Forty Forum on April 19, the Political Bureau of the Central Committee proposed to accelerate the structural reform of the financial supply side.

The structural reform of the financial supply side was first proposed during the collective study of the Political Bureau of the Central Committee on February 22 this year. At that time, the term was “deepened”, and two months later, “deepened” became “accelerated”.

What’s the meaning behind it?

  On April 20th, the 11th Anniversary Celebration of the China Finance 40 Forum (CF40)-2019?

The forty people’s annual meeting and thematic seminar “Changing and Resolving Bureaus: The Next Journey of China’s Economic and Financial Reform” are emerging in Beijing.

At the meeting, CF40 senior expert Xiao Gang pointed out that the connotation of financial supply-side structural reform mainly has four points: First, focus on the supply side, not the demand side of credit expansion.

  Second, focus on both service functions and service quality and efficiency, rather than large-scale extensive operations.

  Third, focus on the effective matching of precise supply and demand, rather than increasing ineffective and inefficient supply.

In general, there is a contradiction between excessive money and structural imbalances, whether it is money supply or credit supply.

  Fourth, focus on institutional reform and mechanism conversion, rather than simply equating policy implementation and alternative means.

  Regarding the current relationship between overall supply-side structural reforms and financial supply-side reforms, Xiao Gang believes that financial reforms should serve economic reforms, but economic reforms will also bring challenges to the financial industry, including structural deleveraging and zombie enterprise processing.Wait.

He pointed out that the structural reform of financial supply side is in parallel with the prevention and mitigation of financial risks, and there are several points to be grasped in the current process of risk prevention.

  First, on the basis of stable growth, in the expected development, prevent and mitigate risks.

If there is no certain growth and no expected development, this risk cannot be prevented in the end.

  Second, to prevent and control risks, we must grasp the rhythm and intensity, be consistent, controllable, orderly, and appropriate.

  Third, prevention and control of financial risks must be driven by reforms, with special attention to strengthening the foundation.

Speed up the construction of financial infrastructure, do a good job of comprehensive statistics of the financial industry, and improve the information system and credit punishment mechanism.

  Fourth, “managing people, keeping money, and tying up the institutional firewall” is both the content of reform and the guarantee to promote reform and prevent and control risks.

  Fifth, in promoting reform and opening up, we must improve our financial management capabilities and our ability to prevent and control risks.

  The following is the actual record of Xiao Gang’s speech, which has been reviewed by the author.

  General Secretary Xi Jinping first proposed to deepen financial supply-side structural reforms during the collective study of the Political Bureau of the CPC on February 22, 2019.

On April 19, when the Political Bureau of the Central Committee studied the economic expectations for the first quarter, it was required to accelerate the structural reform of the financial supply side.

The nature of structural reform of the financial supply side can be seen.

General Secretary Xi has carried out financial supply-side structural reforms based on a profound summary of the nature and operating laws of finance, especially on the basis of a deep analysis of the development and changes in the financial industry since the 18th National Congress of the CPC.

The speech on financial work at the February meeting was the further enrichment and development of General Secretary Xi’s new ideas and new requirements on financial work.

  The central transition of financial supply-side structural reform is the adjustment and optimization of the financial system structure. At the same time, a two-way goal of strengthening financial service functions and precision financial services is proposed.

The first objective, in addition to strengthening the function of financial services to the real economy, also proposes a function of serving the people’s lives.

In addition, it has explicitly proposed the need for precise financial services, which involves the establishment of a multi-level, wide-coverage, differentiated, customized, and reasonable and efficient financial system.

Focusing on this central interest rate, the issues of financing structure, financial institution system, financial market system, and product system have been further raised.

This important speech set the direction for deepening financial reform and opening up.

  What is the connotation of financial supply-side structural reform?

  First, focus on the supply side, not the demand side of credit expansion.
Flood flooding cannot be implemented as soon as it represents the function of financial services to the real economy. The central government’s requirements have always been very clear, but not flood flooding at the same time.

In the first quarter of 2019, bank loans increased by 6 trillion yuan, and social financing increased by 8 trillion yuan, so the question of flooding flooded again.

I understand that financial reform is focused on the supply side, not on credit expansion.

  Second, focus on both service functions and service quality and efficiency, rather than large-scale extensive operations.
This is very clear.

  Third, focus on the effective matching of precise supply and demand, rather than increasing ineffective and inefficient supply.In general, there is a contradiction between excessive money and structural imbalances, whether it is money supply or credit supply.

  Fourth, focus on institutional reform and mechanism conversion, rather than simply equating policy implementation and alternative means.

Monetary and credit policies and macro-scale measures are constantly adjusted according to the economic and financial situation. The financial sector has gradually worked on merging these policies and restructuring measures. However, these cannot replace reforms, but still focus on the transformation of institutional mechanisms.

  Why deepen 深圳桑拿网 the structural reform of the financial supply side is first and foremost the need for changes in domestic and foreign economies.

  In 2013, the Party Central Committee proposed a period of shifts in economic growth, a period of structural adjustment, and a “three phases” of digestion of stimulus policies.

Since 2014, downward pressure on the economy has increased.

From about 2014 to 2016, it was in a period of relatively loose policy, including lowering of rations and interest rates, relaxation of restrictions on real estate purchases, down payment and loan restrictions, etc.

By the second half of 2016 and 2017, the supply-side structural reforms of the economy were launched.

Fundamentally, the momentum of global economic recovery is also increasing.

Therefore, in the second half of 2016, both domestic and international economic development was relatively fast.

However, in 2018, the expected mutations are also due to various factors, leading to the superposition of multiple internal austerity effects, causing difficulties in 2018.

Therefore, the structural reform of the financial supply side is based on changes in economic indicators at home and abroad.

  The economic work in 2019 mainly grasps the three major relationships.

  First, we must coordinate domestic and international relations.

Where is the foothold?

Concentrate on doing your own thing.

Second, we must grasp the relationship between steady growth and risk prevention. Where should we settle?

The economy must not be allowed to slip out of a reasonable range, which is a GDP growth rate of 6% to 6.

5%.

Third, handle the relationship between the government and the market, and gradually reform and open up to stimulate the vitality of the market itself.

  First of all, it is the stability of the word, the need for progress in stability.

Stable finance, stable foreign trade, stable foreign countries, stable investment, stable expectations, stable employment.

There are also “six stability” in stable finance, stable liquidity, stable social integration, stable stock market, stable debt market, stable exchange market and stable housing market. These are the six aspects of maintaining financial stability.

To achieve the requirements of the central government’s six stability and financial stability, there is an urgent need to accelerate the structural reform of the financial supply side.

  Thirdly, it is the need of economic level and industrial development stage.

The proportion of direct financing in high-income and middle-income economies increased.

The uncertainty and rapid changes of the innovative and creative economy make risk sharing and benefit sharing a direct financing advantage.

The rule of law, culture, and credit systems promote direct financing.

Interest rate, exchange rate, capital exchange, and comprehensive management reforms are driving changes in financial structure.

Based on the current stage of economic development, the level of economic development and the stage of industrial development, there is an urgent need to promote structural reforms on the financial supply side.

  What is the relationship between economic supply-side structural reform and financial supply-side structural reform?

  Financial supply-side structural reform is part of the economic supply-side reform. Financial reform must be subordinated to serve economic reform.

At the same time, the two promote each other.

If economic supply-side reforms are not effectively implemented, it will also be difficult for financial supply-side reforms.

The supply-side structural reform of the economy provides both possibilities and challenges for the financial industry.

An important goal of the structural reform of the supply side of the economy is to have the vitality of the micro-subjects and the level of the industrial chain to be improved.

This has created a good environment for the development of the financial industry and is worthy of an alternative foundation.

  But at the same time, we should see that the supply-side structural reform of the economy will bring challenges to the financial industry.

This challenge includes structural deleveraging and disposing of zombie businesses.

Practically speaking, the speed of zombie companies is still relatively slow. If we speed up the processing speed, it will have a great impact on our financial industry and our asset quality.In addition, the potential risks of local hidden debt are still very large, and the disintermediation of funds has brought great pressure on the transformation of the financial industry and the prevention of financial risks.

  Financial supply-side structural reform is in parallel with preventing and mitigating financial risks, with the same goals, mutual penetration and coordination.

The goals of both sides are to promote economic growth and to overcome the middle income trap.

There are several points to be grasped in the current process of risk prevention.
  First, on the basis of stable growth, in the expected development, prevent and mitigate risks.

If there is no certain growth and no expected development, this risk cannot be prevented in the end.

  Second, to prevent and control risks, we must grasp the rhythm and intensity, be consistent, controllable, orderly, and appropriate.

This puts higher demands on the financial industry to deleverage and prevent risks, and it also sums up the lessons learned in 2018.

We have some problems in order and appropriateness. In the future, we must pay attention to grasping the rhythm and strength.

  Third, prevention and control of financial risks must be driven by reforms, with special attention to strengthening the foundation.
Speed up the construction of financial infrastructure, do a good job of comprehensive statistics of the financial industry, and improve the information system and credit punishment mechanism.
  Fourth, “managing people, keeping money, and tying up the institutional firewall” is both the content of reform and the guarantee to promote reform and prevent and control risks.

  Fifth, in promoting reform and opening up, we must improve our financial management capabilities and our ability to prevent and control risks.
  Finally, how to implement financial supply-side structural reforms?

  We must implement the eight-character policy.

The Eight Character Guide is “Consolidate, Enhance, Enhance and Unblock”.

Consolidation is to consolidate the results of deleveraging and managing chaos in the financial industry.

There is indeed a lot of work to be done in this regard.

In terms of enhancing service capabilities, innovation capabilities, and management capabilities, the financial industry also needs to increase its efforts.

In terms of improvement, it is very important to improve our consciousness of incorporating new development concepts, focusing on matching financial supply with effective demand, thereby improving asset quality and service levels.

In terms of unblocking, it is mainly to unblock monetary policy mechanisms and strive to achieve three virtuous cycles: a virtuous cycle of finance and the real economy, a virtuous cycle of finance and real estate, and a virtuous cycle within the financial system.

  To implement the structural reform of the financial supply side, one of the keys is to enhance the sense of urgency and mission of financial reform and opening up.

Why ask this question?

At present, China’s financial strength continues to increase, and China’s four major banks are ranked first in the world’s top ten banks in 2018.

Looking back on the history of the past 100 years, in 1913, the top 20 banks in the world were mainly British, and in addition to banks in other European countries, there were not many banks in the United States.

By the 1950s and 1960s, US banks overlapped with major parts of the 20 largest banks in the world.

By the 1980s, Japanese banks had come to the forefront.

To this day, China’s banking industry has also moved ahead.

This achievement is shared by all.

  Judging from the development of small and medium-sized financial institutions, the overall situation is also stable.

Reforms in many past situations have been forced. Looking back at the history of financial reforms, it is only when there are many problems and even crises that there is a motive force for reform.

So, when China ‘s current financial crisis is relatively stable and the strength of the financial industry continues to increase, how can it enhance the sense of urgency and mission of reform?

This is a big problem we face.

  The requirements for the new round of financial reform and opening up are very high.

The most important thing is to have a sense of urgency, a sense of mission, and the pursuit of self-confidence and self-improvement, to improve the level of financial reform and opening up, enhance international competitiveness, take the road of financial development with Chinese characteristics, and formulate international financial governance and rules.Contribute Chinese wisdom and solutions.

UFIDA (600588): Cloud business exceeds growth by 95% Cloud R & D continues to invest heavily

UFIDA (600588): Cloud business exceeds growth by 95% Cloud R & D continues to invest heavily

Announcement: The company announced the first quarter report of 2019 to achieve revenue of 杭州夜网论坛 12.

52 ppm, an increase of 16 in ten years.

The net profit attributable to mothers was 82.2 million yuan, which was turned into a profit a year ago; the net profit after deducting non-profit was -54.7 million yuan, a decrease of 51.

2%.

Performance is in line with expectations.

Q1 revenue was 12.

52 ppm, an increase of 16 in ten years.

6%.

Profits turned from losses to profits, deducting non-net profits reduced by 51% each year, and software + cloud business contributed mainly to growth.

The non-recurring profit and loss mainly came from the disposal of long-term equity investment income of about 87 million yuan, which was due to the company’s sale of some equity in subsidiaries.

The cloud business continued to grow at a rapid rate, growing by 95 per year.

0%.

Cloud service revenue reached 1.

25 ppm, an annual growth rate of 95%, has become the largest and fastest growing enterprise SaaS supplier in the domestic market.

From the perspective of revenue structure, the overall revenue of cloud services accounted for 31.

6%, cloud services (excluding finance) accounted for 10% of total revenue, and about 6% of 18Q1 is still growing rapidly.

Q1 R & D investment further increased, of which cloud R & D ratio increased to 52.

3%.

The company has gradually reduced its traditional software R & D, and its cloud R & D investment has gradually increased.

Q1 R & D funding 3.

31 ppm, an increase of 15 in ten years.

4%, accounting for 26 of revenue.

5%.

The cloud business R & D promotion accounted for 52 of the total R & D investment.

3%, the first quarter still maintained relatively high R & D investment.

NCC and U8C plan to promote the new version to further consolidate the business of large and medium-sized enterprises.

1Q1 sales + management expenses fell by 4 every year.

2%, personnel control measures have achieved initial results.

1) The compression of expense ratio will be the key to the 19 performance exceeding expectations. The key lies in the increase in the proportion of standardized products. In 19Q1, UFIDA platform partners have more than 3,500 products and services in more than 5,500 models, and undertake more customized tasks.The quantity is 1.

580,000 people, a decrease of 300 people compared to 18 years, and the proportion of people serving as cloud business was 14.

7%, an increase of 123 people against the trend.

The overall internal control personnel increased slightly in the year, and the cloud business personnel plan to maintain double-digit growth.

Grasp the advantages of enterprise digitalization and self-controllability. The goal of software + cloud service revenue growth over the past ten years is 30%.

Software revenue in the first quarter increased by 20%, and the growth was dazzling, mainly due to grasping the two major benefits of enterprise digitalization and autonomous controllability. Software + cloud service revenue in the first quarter increased by 27% in total.

The cloud business has grown well and maintained its profit forecast.

The company has a leading edge in the ERP field. Benefiting from the digital transformation of the enterprise, the cloud business has a huge space to the B-end. It is expected that the revenue will continue to grow rapidly and maintain the profit forecast. It is estimated that the revenue for 2019-2022 will be 9.6 billion, 11.7 billion, 14.2 billion, 17.2 billion, Net profit attributable to mother is 7.

810,000 yuan, 10.

6.7 billion, 14.8.4 billion, 19.

9.8 billion yuan.

Maintain the “overweight” rating.

Overseas Chinese Town A (000069) Quarterly Report Review: Profits Continue to Improve

Overseas Chinese Town A (000069) Quarterly Report Review: Profits Continue to Improve

OCT released the third quarter report of 2019: the company achieved operating income of 298 in the first three quarters of 2019.

6.1 billion, an annual increase of 21.

6%; net profit attributable to mother 59.

97 ppm, an increase of 17 in ten years.

8%, basic income is 0.

73 yuan.

The profitability of reviews continued to improve, and the sales gross profit margin hit a new high.

The company’s revenue and performance growth in the first three quarters of 2019 were 21 respectively.

6%, 17.

8%.

Thanks to the company’s unique resource acquisition method, the company’s sales gross margin reached a new high of 62.

6%, increase by 1 every year.

7 units; net sales margin 22.
.

8%, 0 per year.

9 averages, significantly expected industry average.

As of the first three quarters of 2019, the company’s advance accounts and contract debts reached US $ 72.7 billion, a continuous increase of 80%, and future performance growth is expected.

Cultural tourism takes land, and more first-tier and second-tier core cities are deployed.

In the first three quarters of 2019, the company supplemented 29 land projects and added 799 capacity plans.

530,000 square meters, with an equity building area of 520.

890,000 square meters, 65% equity.

The company’s new land reserves are still mainly focused on first- and second-tier key cities, and the strategic layout in Guangzhou, Shenzhen, Nanjing, Jinan, Wuxi, Zhengzhou and other cities has been further deepened. Cultural tourism and land acquisition are beneficial to the company’s cost advantage in land acquisition.
Leverage levels have risen, and short-term debt repayment pressure is low.

As of the first three quarters of 2019, the company’s asset-liability ratio was 76.

89%, an increase of 2 per year.

5 units; net debt ratio 102.

64%, an increase of 13.

3 units.

The company has abundant cash flow. As of the first three quarters of 2019, the company received 599 in cash from selling goods and providing services.

29 ppm, an increase of 65 in ten years.

77%; short-term loans and non-current debt due within one year totaled 267.

30,000 yuan, 410 currency funds in hand.

8 trillion, short-term debt repayment pressure.

Investment suggestion: Relying on the background of the group, OCT is a tourism practitioner in the whole region, and continues to cultivate on the development path of 佛山桑拿网 “culture + tourism + urbanization”.

The company’s “tourism + real estate” land acquisition model is difficult to replicate, with strong business entry barriers and easy to replicate in different places.

The soil reserves are large and high quality, and the release of future performance is expected.

We expect the company EPS to be 1 in 2019-2021.

57、1.
90, 2.
RMB 26, corresponding to 4 for PE.

52, 3.

73, 3.

13 times, maintain “Buy” rating.

Risk warning: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operational risks.

What to do for men with kidney deficiency

What to do for men with kidney deficiency

Speaking of kidney deficiency, this involves a term in traditional Chinese medicine. The “kidney” in the concept of “kidney deficiency” referred to in traditional medicine refers to both the anatomical kidney and a wide range of physiological functions. It is related to human reproduction and growth.Digestion, endocrine metabolism and other important organs have a direct or indirect relationship.

“Kidney deficiency” is a broad concept. It includes diseases related to the urinary system, reproductive system, endocrine and metabolic system, neuropsychological system, and digestive, blood, and respiratory systems.

  People who are prone to kidney deficiency: 1. People who smoke and drink again; 2. People who have irregular lives and diets; 3. People who work and are nervous; 4. People who drink strong tea; 5. People who use computers for a long time; 6, patients in rehabilitation; 7, people who have been sedentary for a long time; 8, people who have changed their sexual life; 9, men who often take fast-acting aphrodisiacs; 10, the elderly.

  Two ancient diet tonic porridge, nourishing yin and kidney, and Shenxian porridge Fang Yuan: “Remnants of Dunhuang Historical Materials” Composition: 500 g of yam, Zhishi, 250 g of rice each, or 100 minced leek?
150 grams.

  Production: Steamed and peeled yam, steamed and peeled yam, mashed into mud, yam, and yam, cooked with porridge of rice, cooked into porridge, eat on an empty stomach.

Adding minced chives is more effective.

  Efficacy: Tonic labor, Zhuang Yuanyang, Yiqiqiang.

  Applicable symptoms: chronic illness, impotence due to exhaustion, nocturnal emission, body wasting, fatigue, weakness, etc.

  Fang Jie: Yam-like sweet, flat, nourishing qi and nourishing yin, nourishing spleen, lung and kidney; “Shen Nong’s Herbal Classic” said: “In the main injury, tonic deficiency.

Buzhong, Yiqi strength, long muscles, strong yin. ”

The Compendium of Materia Medica contains: “Yishenqi, strengthening the spleen and stomach”, which is really a good supplement.

Beneficial kidney solid essence, compatible with yam, there are nourishing and astringent, so that qi and yin are to be supplemented, and nocturnal emission is stopped.

This recipe is easy to eat and is commonly used.

  Leek porridge Fang Yuan: “Compendium of Materia Medica” composition: fresh leek 30?
60 grams or 5 leeks?
10 grams, previously 100 grams of rice, a small amount of refined salt.

  Production: Take fresh leek, wash and shred, or grind the leek and grind it into fines. First cook the previous rice as porridge. When the porridge is almost ready, add the leek or leek minced fines, refined salt, and cook the porridge.

  Efficacy: kidney and aphrodisiac, Gujing Zhiyao, spleen and stomach.

  Applicable symptoms: impotence caused by deficiency of spleen and kidney, premature ejaculation, frequent urination, soreness in waist and knees, cold pain in the abdomen, diarrhea, etc.

  Fang Jie: Leeks are also known as Yang Cao and Aphrodisiac.

It is a food that warms the kidney and yang.

“Compendium of Materia Medica” cloud: “Leek porridge, warm and warm.”

Can nourish liver and kidney, impotence and solid essence.

It should be used with the previous rice phase, which can nourish liver and kidney, warm the spleen.

“Diet Therapy Guide” records that “the leek porridge is warm and moderate, and the waist and knees are cold.

“If you have the above symptoms, take it for a long time to get better results.

Eye cream use is not broken down by age

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Eye cream use is not broken down by age

Experienced beauticians will remind you that you must use eye cream for eye skin, and how to use eye cream correctly, there are many knowledge.

  The use of eye creams that are not classified by age is a must for most people.

In some special cases, eye cream should be used as soon as possible: one is for extremely dry skin. There are many extremely dry skin in girls. According to this, 18?
Normal skin is the most common at the age of 24, but normal skin tends to appear dry or oily at some point.

The second is the seasonal factor. Many places are getting drier, especially today’s global warm winter phenomenon, which makes short air humidity less and less, and the continuous use of heating and air conditioners makes the face lack of water, and the eye skin is the first.
The third is overuse of eyes. Most modern professional women cannot do without words and computers. Coupled with a large number of newspapers and magazines, video discs dominate leisure time, extreme fatigue of eye muscles, leading to premature skin wrinkles around the eyes.

  Face cream is not a substitute for eye cream. People who do not use eye cream always carry a wrong concept: eye cream and face cream are the same thing.

They think the eye cream is just finer, more advanced, and expensive, and can be replaced with a reliable quality cream.

  Indeed, the ingredients of eye cream and facial anti-wrinkle cream are the same, in order to moisturize the skin, supplement nutrients and moisturize, and delay the appearance of wrinkles.

However, eye creams and face creams are still not interchangeable, because the oiliness and alignment components of the two are completely different. Some people think that the eye skin is very delicate, so they need very nourishing ingredients, and they prefer oily eye creams.

This is also wrong.

The most fundamental function of eye cream is that it is easy to absorb, but cannot bear the burden of excessive nutrition.

Pre-synthesized crude oily ingredients can be quickly absorbed.

The eye cream that works best for you is not greasy, or it is completely absorbed by the skin surface, feeling comfortable, soft and elastic.

Not doing it or getting tired is the best choice.

  Eye cream use Do not use eye cream. The correct way is to gently massage the inner corners of the eyes, upper eyelids, tails, and lower eyelids to make the skin completely absorbed.

Do not use too much eye cream each time. The skin on the eyes is extremely thin. If you use too much, it will not absorb it, but will cause a burden on the skin and accelerate aging.

The correct amount should be the size of two mung beans at a time.

At the same time pay attention to the hygiene of the hands to avoid secondary pollution of eye cream, especially the nail seams must be clean.

What should arthritis patients eat?

Recommended 7 Arthritis Food Recipes

What should arthritis patients eat?
Recommended 7 Arthritis Food Recipes

Arthritis is a common chronic disease, so do you know how to treat it?

The best way to treat arthritis is through conditioning.

So what do you know about arthritis?

Are there any classic diet recipes?

Let’s take a look together.

  Arthritis 1, Panax notoginseng porridge Usage 10-15 g of panax notoginseng, 15-20 g of salvia miltiorrhiza, 30 g of chicken blood vine, wash, add appropriate amount of water to cook and thicken the boiled rice, add 300 g of rice beforeWhen the porridge is ready, add medicinal juice and cook for a while.

Take 1 ad libitum each time.

Efficacy: Activating Blood Circulation and Removing Blood Stasis, Tongluo Analgesic.

Indications of blood stasis internal resistance, unfavorable meridian joint pain.

  2. Usage of Panax notoginseng chicken 1 male black chicken, 6g of panax notoginseng and 10g of astragalus root. Totally involved in the belly of the chicken, add 10ml rice wine and simmer over low heat until the chicken is cooked.

Dip in soy sauce at random once every other day.

Efficacy: Wenyang, Qi, and pain.

Indications for knee arthritis, the card is yang deficiency.

  3. Use porcine kidney porridge to take 1 pair of washed and sliced pork kidney, 6 grams of ginseng, 10 grams of walnut meat and 200 grams of existing rice, and add appropriate amount of water to cook porridge. Take 1 dose daily.

Efficacy: Qufeng dehumidification, nourishing kidney qi.

Attending knee arthritis, the syndrome belongs to the kidney deficiency.

  4. For windproof porridge, use 12g of windproof, wash the white onion, add an appropriate amount of water, decoction with low fire; then take 60g of rice before cooking, and add the juice when the porridge is ready to cook.

1 dose daily for breakfast.

Efficacy: Remove rheumatism.

Attending knee arthritis, the card is rheumatism.

  5. Peach kernel porridge usage: Wash 10 grams of peach kernel, mash it like mud, add water to remove the residue, boil with 30 grams of barley kernel, 100 grams of rice all the time for porridge, take 1 dose daily.

Efficacy: Yiqi Huoxue, Tongli joints.

Indications for knee osteoarthritis are syndromes of qi deficiency, blood stasis and joint blockage.

  6. Winter melon barley soup uses 500 grams of winter melon sliced with skin, co-boil with 50 grams of barley kernels and add appropriate amount of water, cook over low heat until the melon is ripe, and add salt to taste when eating.

Take 1 dose daily.

Efficacy: Spleen, clearing away heat and dampness.

Indications for knee osteoarthritis, the card belongs to damp-heat content and damp-dampness.

  7, Pueraria puerariae pueraria congee, 15 grams, decoction to remove juice, 20 grams of red adzuki beans, 30 grams of rice before a total of porridge to take, suitable for cervical spondylosis stiff neck.

Flowery Woman: Liu Ruoying Skin Care TIPS Full Contact

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Flowery Woman: Liu Ruoying Skin Care TIPS Full Contact

Each woman looks like a flower with a distinctive personality, blooming in her own flowering period, as Mei Yanfang sang in “Woman Flowers”: Women are like flowers and dreams!

And each flowery woman should also have her own intimate cosmetics, and as the spokesperson for skin care products, they have their own set of skin care tips. Actress: Liu Ruoying Endorsement Cosmetics: Ai Wenli Cosmetics series Current advertising worth: 3 million Liu RuoyingTips: 1. When working is busy, there will be many problems in the eyes. The way to eliminate dark circles is to apply honey and milk around the eyes and massage for a few minutes.

After being fully absorbed, wash with water and then apply eye cream.

If you want to eliminate eye puffiness, apply a warm tea bag to the eyelids for 10 minutes. After cleaning, use a towel to absorb moisture, and then apply eye care products.

  2. Liu Ruoying’s maintenance tips are very strange. She doesn’t spend a lot of money, she loves DIY, and the materials are grapes at her fingertips!

A few days ago, she recorded on ChannelV’s “pop inHouse” program and demonstrated live maintenance recipes on the spot. Using grape skin, meat and seeds to DIY maintenance masks and scrubs, she can make herself beautiful all year round without spending a lot of money.

  Liu Ruoying said that Japanese women are very popular to use grapes to maintain their skin, because grapes have anti-oxidant, anti-wrinkle and anti-wrinkle effects, and also bring skin moisturization, making the skin more hydrated and translucent.

She brings the ingredients for homemade grape care products, including grapes, flour, juice machine and compressed facial mask. The method is to remove the grape seeds first, leaving only the grape flesh and grape skin, then use the juice machine to make juice, and then use the compressed facial mask.Ready to use.

  After the grapes are juiced, you can also add extra flour and apply it on the mask.

Liu Ruoying suggested that you do n’t throw away the remaining grape seeds. You can use a juicer to mash them and add them to the cleanser. It has the function of scrub.

  3, Liu Ruoying has been staying in the mainland for years to shoot movies, staying up late is a common thing, so she is very concerned about maintenance, she is often vegetarian, because of good results, often share her health tips with friends.

  Liu Ruoying especially recommends simple life foods. One is an energy soup made with stone lotus, liver protection enzymes and other materials, which is especially suitable for people who stay up late. The other is health milk, which is made with soy beans, grain rice, sweet potatoes and other materialsInto.

  Kose TIPS: Kose has always adopted the concept of “blending intellectual and sensibility to create unique beauty value and culture”. In order to further satisfy the Chinese women ‘s pursuit of beauty, in March 2000, it launched a grand tailor-made for the Chinese market.Customized department store exclusive brand —- (Ai Wenli).

  Following Noble, Pure Whitening, and Natural Nutrition series, in September 2004, another star product of its affiliation, Yaojing Water, was launched.

The group took this as an opportunity to use Liu Ruoying, a famous artist known for her intellectual talents, as her new image spokesperson.

  In choosing Liu Ruoying’s endorsement, in addition to her super popularity, the more important thing is that the intellectual beauty she radiates is the true portrayal of the brand image.