Digital China (000034) 2019 First Quarterly Report and Significant Events Comment: Operating Cash Flow Improved, Target Net Profit CAGR Over 20% Over Next Three Years

Digital China (000034) 2019 First Quarterly Report and Significant Events Comment: Operating Cash Flow Improved, Target Net Profit CAGR Over 20% Over Next Three Years
Core Views The company released the 2019 first quarter report and equity incentive plan. The revenue / net profit / OCF of 2019Q1 were 217 respectively.55/1.36/2.6.5 billion, previously +37.8% / + 22.2% / + 273.4%, operating cash flow improved.Equity incentives are extensive, and the target net profit margin will increase by 20% / 45% / 75% in the next three years.Maintain 2019 EPS forecast to 1.01/1.22/1.42 yuan, giving 18 times the 2019 PE, corresponding to a target price of 18.1 yuan, maintain “Buy” rating.  Steady revenue and gross margin decreased slightly, and operating cash flow increased significantly.The company’s 2019Q1 business volume has steadily increased, and its gross profit margin has decreased slightly by zero.97 points.Sales / management / R & D expenses are comparable to 2018Q1, with financial expenses + 30% every six months, and the overall expense ratio (2.24%) -0 per second.74pct, -0.47pct, continued from 2016Q2 (5.20%), to some extent, reflects the scale effect of the company’s business.The decrease in expenses was slightly lower than the decrease in gross profit margin, which resulted in lower profit growth than revenue.In addition, the company’s business has a cap, 2017Q1 / 2018Q1 operating cash flow -1.33 / -1.53 trillion, which will turn positive and grow in Q1 2019. The reason is that the company will strengthen its sales-end assessment and payment recovery in 2018H2. It is expected that the future operating cash flow will be sustainable.  Equity incentives help long-term development, and the target net profit ratio in the future will increase by 20% / 45% / 75% in 2018.The incentive involved 3287.50,000 shares (accounting for 5.(03%), and the target for performance evaluation in 2019/2020/2021 is to increase the net profit ranking by 20% / 45% / 75% in 2018.Among them, the stock budget is 27.8 million shares (accounting for 4 shares).25%), 22.25 million shares were granted to 245 core technical / business personnel, 5.55 million shares were converted, and the exercise price was 15.55 yuan; budget stock 507.500,000 shares (accounting for 0 shares.78%), awarded 9 executives and 14 core technical / business personnel, replacing 1 million shares.Equity incentives help the company to mobilize the enthusiasm of the company’s executives / core backbones. The target net profit CAGR in the next three years is over 20%.  The value of channel B is difficult to replace, and cloud services help maintain high growth.The company 杭州桑拿网 cooperates with 80+ mainstream cloud vendors around the world to establish a cloud resource pool that brings together 120+ SaaS / 500 + partners. It has also become the general distributor of Alibaba Cloud and obtained Office 365 resale qualification. It has accumulated more than 600 channel partners.The nation’s largest sales network to B, fully guarantee the development of cloud business.Recently, the pace of domestic and foreign giants turning to the cloud has accelerated, and the trend of domestic enterprises on the cloud has become prominent. We expect that the revenue in 2019Q1 will exceed 300 million, continuing in 2018 (5.800 million) high growth.  Risk factors: The development of cloud computing is less than expected; the landing of equity incentives is lower than expected.  Investment suggestion: The company’s main IT distribution business is stable, and cloud services are expected to continue high growth. We are optimistic about the company’s equity incentive implementation and the value of channel B.Maintain 2019/2020/2021 EPS forecast to 1.01/1.22/1.42 yuan, 18 times the target PE for 2019, corresponding to a target price of 18.1 yuan, maintain “Buy” rating.

Poly Real Estate (600048) December 2019 Sales Data Review: Sales Keep Steady Growth and Land Sprint at Year End

Poly Real Estate (600048) December 2019 Sales Data Review: Sales Keep Steady Growth and Land Sprint at Year End

Event: On January 8th, Poly Real Estate announced December sales data, and in December it achieved a contracted amount of 421.

3 ‰, +15 per year.

4%; Achieve contract area 304.

30,000 square meters, +2 per year.


Another 694 was built in December.

60,000 square meters, +497 throughout the year.

9%; total land price 380.

0 million yuan, +839 a year.


Opinion: December sales of 42.1 billion, + 15% per year, annual sales of 461.9 billion, ten years + 14%, a steady increase in December, the company’s sales amount of 421.

300 million, +29.

6%, +15 per year.

4%, +18 from last month.

4pct; sales area 304.

30,000 square meters, +25.

7%, +2 per year.

5%, up from -1 last month.

2pct, slightly lower than the 45 cities in our middle school tracking the transaction area in December at least +3.

3%; average selling price of 13,847 yuan / square meter, +3 chain.

1%, ten years +12.


In 2019, the company’s total sales amount was 4,618.

500 million, ten years +14.

1%; cumulative sales area is 3,123.

10,000 square meters, previously +12.

9%; the cumulative average selling price was 14,788 yuan / square meter, an increase of 1 over the previous 18 years.


In 19 years, the company’s sales continued to increase steadily. At the same time, considering the company’s abundant land reserves, at the end of the year, the land acquisition actively turned to jointly ensure that there are plenty of resources available for sale in 20 years.Against the background of relatively stable markets, sales are expected to continue to increase steadily for 20 years.

In December, the company acquired 28% of land + 839% in 19 cities, including Guangzhou, Wuhan, Nanjing, Chengdu, Dongguan, Zhongshan, and Qingdao.
One project corresponds to the supplementary surface 694.

60,000 square meters, +113 chain.

1%, ten years +497.

9%, of which 68 are new equity.

9%; corresponding to the total land price of 380.

0 billion, +315.

8% per year +839.

4%, taking 90% of the land.
2%, an increase of 62 from the previous month.

The average floor price is 5,471 yuan / square meter, which is +95.

2%, the average land price in early 18 years -12.


In December, the company continued to focus on the nation’s balanced layout.

In 1991, the company obtained 127 new projects in the land market, and added 2,681 all-round constructions, each time -12.

9%; corresponding to a total land price of 155.3 billion yuan, a year-19.

0%; the average floor price is 5,791 yuan / square meter, -7 per year.

0%; the proportion of land area rights is 72.

1%, +4 from 18 years earlier.

8pct; Take up 33% of the land.

6%, 18-18 years earlier.

7pct, although the land acquisition is relatively cautious, the land acquisition attitude has obviously turned positive since November, and the proportion of land acquisition rights has been increasing.

Investment suggestion: Sales keep increasing steadily, 南京夜网 sprinting at the end of the year, and re-emphasizing the “strong push” rating. The company’s active transformation started in 16 years. In terms of goals, chairman Song Guangju proposed to return to the top three in the industry in the next three years, revealing the leading spirit of central enterprises;In 17, launched a vigorous follow-up investment plan to lead the highest level of state-owned enterprises to eliminate the lack of incentives. In terms of resource integration, the acquisition of real estate projects owned by AVIC Group was completed, and the acquisition of Poly Real Estate’s equity has also made breakthrough progress, highlighting the advantages of resource integration; 16-19 yearsThe company actively acquires land and focuses on the first and second tiers and urban areas. The optimization of the structure of land acquisition and the steady decline in costs mean that the company’s sales have continued to increase rapidly. The current performance has entered a bumper period.

In addition, the listing of Poly Real Estate’s Hong Kong stocks is beneficial to the company’s assessment.

In view of the company ‘s 19-year performance release beyond expectations and rich advances, we raised the company’s 2019-21 earnings to 2.

23, 2.

67, 3.

08 yuan (the original value is 2.

06, 2.

47, 3.

00 yuan), corresponding to the PE of 19-20 is 7.

0 and 5.

8 times, 18A, 19E dividend yields reached 3 respectively.

2% and 4.

5%, maintain target price of 20.

62 yuan, “strong push” level again.

Risk warning: The real estate industry’s policies have tightened more than expected and industry funds have tightened more than expected.

Dongfang Yuhong (002271) Annual Report Comment: Operating income increased by 36.

Significant improvement in 46% of operating cash flow

Dongfang Yuhong (002271) Annual Report Comment: Operating income increased by 36.

Significant improvement in 46% of operating cash flow

annual report.

The company achieved operating income of 140 in 2018.

460,000 yuan, an increase of 36 in ten years.

46%; realized net profit attributable to shareholders of listed companies 15.

08 million yuan, an increase of 21 in ten years.

74%;深圳桑拿网 realized non-net profits deducted from shareholders of listed companies.

23 ppm, an increase of 15 in ten years.


At the same time, the company realized net cash flow from operating activities in 201810.

140,000 yuan in 2017.

Significantly increased by 1386 on the basis of 68 million dollars.


The company’s operating cash flow improved significantly.

In 2018, the company received 129 cash from selling goods and providing services.

90 trillion, “receivables received by ABN and receivables received by factoring” in the financing activities was 13.

3.3 billion, the sum of the two is 143.

2.3 billion, with operating income of 140.

46 ppm is basically the same.

At the same time, the company’s bills payable and accounts payable increased, and the ending balance was 32.

00 billion, 11 than the beginning 杭州夜网论坛 of the period.

04 billion increased by 20.

9.6 billion, the increase in accounts payable is mainly due from goods, from the beginning of the period 6.

Growth of $ 4.9 billion at the end of 25.

9.2 billion yuan.

The company’s purchases from the top five suppliers in 2018 were 32.

24 ppm, accounting for 37% of annual purchases.

65%, ranking 47 in 2017.

35% accounted for a decline.

The lower profit growth was mainly due to higher raw material prices.

The gross profit margin of the company’s waterproof material sales in 2018 was 37.

48%, a decrease of 3 per year.

21 grades; gross margins of waterproof membrane and waterproof coating are 36 respectively.

74% and 38.

85%, respectively reduced by 3.

66 digits and 2.

36 units.The decrease in gross profit margin was mainly due to the rise in material costs. Direct materials in coil costs increased by 46 in 2018.

3%, direct materials in coating costs increased by 39 in 2018.

19%, which are higher than both in 2018 37.

19% and 33.

8% revenue growth.

The company’s raw materials, such as asphalt and polyether, are mostly petrochemical products, subject to large fluctuations in international crude oil prices.

Earnings and estimates.

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

27, 1.


80 yuan for 2019 PE18?
22 times, a reasonable value range of 22.


94 yuan.

risk warning.

The real estate boom has declined and oil prices have risen sharply.

This way, the skin will become more and more oily!


This way, the skin will become more and more oily!

There are many reasons for oily skin. It may be due to the use of skin care products that are too oily, it may be oily skin itself, or it may be caused by washing the face too alternately . but no matter what the reason, you should use the correct method for oil controlOtherwise, the skin becomes more controlled!

  Oil Control Misunderstanding 1: Oil control does not rehydrate Many people with oily skin are afraid of stickiness, so they often do not apply lotion after cleaning.

This is a very wrong method. If you don’t use toners and lotions, the skin will lose moisture.

Therefore, follow-up maintenance must be performed after cleaning. It is recommended to choose refreshing skin care products.

  Oil Control Misunderstanding 2: The state of the skin is most sensitive to abnormal living habits. When the stress is too high, the body is tired, and the quality of life is deteriorated, the hormone secretion in the body will show a temporary imbalance, and the skin will appear imbalanced. For the T-shaped part,The phenomenon of oil out becomes more obvious.

And those spicy, fried foods, although delicious, can easily dry the skin, so it is better to eat less.

  Oil Control Misunderstanding 3: Excessive Washing of Your Face

That’s wrong. Our skin itself has the function of grasping the “water-oil balance”. Repeated face washing will only make it easier for the skin surface to penetrate water.

In fact, it is enough to wash your face twice a day in the morning and evening. Do enough cleansing every time. Don’t touch your face all the time, the side will not be too oily.

  Oil Control Misunderstanding 4: If oily makeup is only used to enhance oil control on basic maintenance, but some greasy makeup products are used for makeup, the skin will still be shiny.

Therefore, you must store those creamy, creamy, oily makeup products first, and add some refreshing products to yourself.

  Oil Control Misunderstanding 5: Excessive Sebum Removal Even if you have excess sebum, you cannot remove the sebum rashly.

The correct method should be to suppress the excess and lock the moisturization inside the skin while protecting the refreshing feel of the skin surface.

Therefore, do not use too many oil control products.

Test: How strong are your sexual needs?

Test: How strong are your sexual needs?

“Sex” is the desire of people. Although everyone’s needs are different, whether it is too much or not, it is not a good thing. Do the following tests to understand your demand for sex.

  Question: If you can only drink one beverage, coffee, juice, tea, water in your life, you will choose which one you think will always be the recipient?

A, coffee B, juice C, tea D, water resolution: choose A, coffee sexual demand 99% “coffee” is an addictive beverage, your sexual needs are like the physiological needs of drinking coffee every day, almostEvery day; when it ‘s serious, it will be broadcast 24 hours a day like a news program, and it is heavy and heavy.

If you choose B, you will need 70% of your juice demand. Your sexual needs are like a series of eight o’clock stalls. At a fixed time, you will perform similar plots in the same mode.

Choose C. Tea with a scent of fragrant tea at 20% of the tea demand is always put on the role of degreasing and greasy after meals; it is just the finishing touch to your sexual needs, as well as the special program.

Choose D. Water with 50% colorless and odorless water is like your bland sex life. You can’t feel its existence, but it is an indispensable physiological need.

Don’t let the fragrance quietly poison you

Don’t let the fragrance quietly “poison” you

Fragrances come in many forms. Fragrances can also be called “public perfume” or “environmental perfume”, although it is not necessarily “water”.
  Broadly defined fragrances include all products that specifically deodorize and impart fragrance to the environment.
According to the appearance form and “scent” form, they are roughly divided into several types, namely liquid-type fragrances, aerosols, gel-type fragrances, sublimation-type fragrances, plastic-type fragrances, incense candles, and boiling waterFragrances, electrothermal diffusers and sanitary incense.
  Boiled water-based fragrance is a popular indoor fragrance method-put a few drops of essence in clear water, heat it with a candle fire, and the water will bring out the fragrance when the water is slightly boiling.
Some people call it “modern incense burner”.
It has a variety of shapes, and more are made of ceramics, which are attracted by young people.
Plastic fragrances are “fragrant plastics” that are made by mixing and extruding thermoplastic resins, flavors, and plasticizers with good air permeability. They can be made into various shapes and placed in homes, offices, and other places to diffuse fragrance.
  正规厂家生产的芳香剂对人体无害  绝大多数人相信闻到令人愉悦的香味对人有好处,但也有人认为,现在面市的各种芳香剂,在使用中易产生一些难以预料的化学The reaction may have adverse effects on the human respiratory tract, skin and central nervous system.
In fact, this statement is a bit alarmist and easily causes unnecessary panic.
  Relevant experts point out that various fragrances sold on the market are healthy and safe for the human body except for fake and shoddy products.
The flavors used by regular manufacturers to produce fragrances are carefully researched by perfumers and have done a lot of “perfuming experiments”. The factory has formulated them strictly according to the formulas formulated by perfumers.
  As long as there are experiments that point out that a certain perfume is highly toxic or “potential”, even if “the evidence is not sufficient”, the perfumer would rather not use it. The nitro musk perfume that was once used in large quantities is currently eliminated.Good example.
Experts suggest that when choosing fragrances, it is best to buy from regular manufacturers in regular stores, so that the quality will be more guaranteed.
  Make your own toilet “fragrance”. According to the perfumer’s classification, various odors in nature can be divided into 4 types: fruity, grassy, powdery, and sweet.
  Everyone has their own favorite scent. Is there a “lovely” scent?
The answer is yes.
It is generally believed that the aromas of some fruits, such as apples, pears, oranges, and lemons, that grow in the cold to subtropical zone can be loved by most people, and the use of these aromas in public places generally does not cause dissatisfaction.
Many tropical fruits do not work. The smells of durian, mango, pineapple, guava, litchi, etc. are all loved and scared. It is best not to use it in public places.
  The toilet is the place where people need the fragrance most urgently. The smell of the toilet is best covered by the smell of grass or fruit. The grass smell of laundry soap is effective to cover the smell of feces and urine. The best effect is to push mint and stayLanxiang, they are all grassy spices.
  Cologne can also be used in the bathroom to deodorize and fragrance. A bottle of cologne can be used for months.
Most perfumes (regardless of high-end, mid-range or low-end) are not suitable for bathroom use, because they contain more or less “animal-like” fragrances (such as musk), which will aggravate the smell of feces, and the more high-endThe more animal fragrance the perfume contains.
  In fact, you can also solve the odor problem in the bathroom yourself.
Place a cup or bowl containing citric acid (available in chemical stores) on a small shelf in the bathroom. Place a few pieces of soap (remove the wrapping paper) or laundry soap next to the cup. The acid can absorb and neutralize ammonia andTrimethylamine, soap’s free base absorbs hydrogen sulfide, which can effectively remove the main odorous components in the bathroom.

Thirty secrets of a woman

Thirty secrets of a woman

Women need to cry and only cry if you can hear it.

  Women especially like bargains.

  Women love shopping, and they think that is the only area they can control in this world.

  Women always ask questions that don’t have the right answer. They want to make you feel guilty.

  Women like to talk, and silence disturbs them.

They need to break the silence with conversation, and there is not even much to say.

  Women need to feel that others are inferior to them.

  Women hate bugs.

When a spider or wasp is seen, even a woman with a strong will needs a man by her side.

  Women cannot keep secrets.

  Women often go to public toilets together, which is a good opportunity for them to chat.

  Women will not refuse to answer any calls.

  Women never understand why men like toys.

Men believe that if women have switches, they no longer need toys.

  Women think that all brands of beer are a taste.

  Usually women have 3 different shampoos in their bathroom.

After they bathed, the bathroom smelled of tropical rainforest.

  Women cannot appreciate the charm of sports programs.

Men seek entertainment from the things that make them escape from reality, and women seek entertainment from the things that remind them of how bad reality is.

  If a man is going out for 7 days, he will bring enough clothes for 5 days.

If a woman is going out for 7 days, she will bring enough clothes for 21 days.

  Woman combs her hair before going to bed.

  Women never make mistakes, and regret is the responsibility of men.

  Women know nothing about cars and even drive themselves.

  The woman’s bathroom is very particular.

  Women like cats.

Men say they like cats, but when women can’t see them, they kick cats.

  Women like to congee on the phone.

A woman lived with her girlfriend for two weeks, and she would call the girlfriend as soon as she returned home, and they would talk for another three hours.

  Women do makeup before doing anything-shopping, watering plants, taking out trash, answering phone calls, reading books, receiving emails . Women don’t want to get an honest answer to this question-“How do I look?

“Oh yeah nothing.

“The meaning of this sentence in a woman’s dictionary is completely different from that in a man’s dictionary.

  All women will say they are overweight, but don’t use this as a substitute.

  Only women know why “guest towels” and “good porcelain” are necessary.

  Faced with a speeding ticket, pouting can save women from violations, but men can be prevented.

  Women don’t really care if men have a sense of humor, and some even think that humor is important.

  Women spend hours putting on makeup before going out, and then they go out and spend more time watching other women.

Men never perceive women watching other men, and women can always perceive men watching other women.   The most embarrassing thing for women is to find another woman wearing the same clothes at a formal party.

Where does a happy marriage come from

Where does a happy marriage come from

Many people think that after finding a partner, they can no longer be lonely, and did not expect that marriage is not the answer, but creates a great contradiction.

  In fact, most couples marry for the wrong reasons, but as long as a few changes are made, the relationship between husband and wife can begin to return to life.

  A couple or partner is like a double dance. Although the initial change will be chaotic for a while, as long as the other party still wants to continue to dance with you in this branch of double dance, you must adjust to your changes.

  Taming yourself can tame a husband. Why is marriage lonely?

Mostly because of expectations.

I originally expected our partner to meet our needs and heal our wounds, but I did not expect that as long as the excess needs were unsatisfactory.

Sometimes the other party has no ability to tolerate the pain in your heart, just like two people holding empty bowls, desperately asking the other party to give them some first, and finally the two of them snatch them, the bowl is broken, and nothing is obtained.

  Many people punish others for problems buried in their hearts.

In fact, everyone grew up with the wounds of their native family, and everyone was somewhat regrettable.

Studies have found that people who have a fatal attraction often have similar characteristics to those of their parents who have hurt themselves.

  Perhaps if his father’s scolding is unconfident, this person is particularly likely to be attracted to someone with the same characteristics as his father.

But she hopes that this time the other party will change for herself, so that she can regain her confidence and the wound can be healed.

However, often things didn’t work out and she was hurt again.

  Let go of each other’s expectations

Many times when someone talks, we feel hurt and angry. Actually, it is because the old injury in our heart has not healed, but now this person stepped on the pain and detonated the mine.

Learn to accept and let go, to feel and bravely accept the resonance emotions you have in the moment.

  The power of change is actually sowing a seed, and each time it is put down, it is like constantly irrigating the seed. You must heal yourself first and make yourself better.

One day, when I think about the other party, I am no longer angry, and I have been expelled from the grievances that have been allocated for many years. Not only does it feel easy, but I can also make more room to love others for the gift you want. You give what you want the other party to give you.May wish to give each other first, and slowly will change.

People have the inferiority of “the more you want me, the less I want”, the more you want to change the other party, the more difficult it is to achieve your goals.

  For example, a woman always expects her boyfriend to give her affirmation and praise, but the other person always gives her more criticism and analysis than comfort, which makes her often angry and avoid.

However, to make some changes, first learn to praise each other unwillingly, and unknowingly cause positive interaction between the two.

  Praise each other from the heart People often love each other in the way they think they love, but that is not what the other person wants.

Actually, there are ways to praise and support. One is to be sincere and not to return, and the other is to use a way that the other party can accept.

  For example, you do n’t have to cook to cook mountain and sea food, or even remember to bring back your favorite snacks after work to make them aware of your real concern.

  No matter how a man views himself, if you treat him as a prince, he will “become” a prince.

For women, there is also the opportunity to become a princess.

  Women and men need different support. Women need to listen, share, and encourage, but most men do n’t know it. Instead, they say, “I tell you what to do best .”
The man actually told his observations, butWomen who have the courage to confess their feelings like a pig are very frustrated.

  However, men have been hard pressed to do something but have been criticized. They feel frustrated and do not want to do it.

  The nature of men is very gentle, and women do not prevent trying to appreciate, accept the way he loves you, and then praise him without hesitation and let him know how to treat you.

  True love does not hurt. The most important thing is that women should never sacrifice sacrifice and role play.

Love is natural giving and receiving. Those who sacrifice hard give, but cannot accept it. They will be exhausted after a long time.

Especially love cannot be exchanged for sacrifice.

Maybe because someone keeps changing his life, but he keeps on giving up without getting any returns, he frequently asks: “Why only I change, and the other party never needs to change?

“If your change is only in exchange for the other party’s change, it usually won’t produce good results.

It is better to face the issue of marriage seriously and bravely, and to consider whether there is any reason to maintain it. If so, it may be a happy evil wife!

When women know how to let go, they become relaxed and happy, and let men know what to do.

  ”I feel so happy to do this for me”, this is the best compliment to my partner.

  However, at the beginning of the change, you may feel frustrated, and sometimes even your partner will be angry and think you are taunting him by praise.
But we must continue to do it, anyone can irrigate with love.
  How does the magic of recommitment regain your love for your partner?

The secret is “continuously recommit.”

It is not easy to fall in love with whiteheads. After marriage, you will also encounter the temptation of having an affair. You don’t need to deliberately cut off all the attractiveness, because you will not see the attractiveness of your partner.

  When reviewing the original intentions of your heart, you will encounter someone you like. Do n’t develop into an affair. Instead, thank the person in your heart. Then return this feeling to your partner and choose to promise your partner again. These humansThe charm of the body is transferred to the partner better.

  Commitment not only transforms major conflicts in relationships, it also makes people feel more free.

Even if it is dead and intimidating when you see each other, as long as someone on both sides starts to make a commitment, you can bring each other into a better partnership and regain the original feeling of heart.