Category: 夜网

Hu Yang looked in a certain direction，Make Feng Li panic，But still calm down。
“Give me a fight that guy，Your family’s ancestral porcelain is easy to say。”
Everyone in the live room saw that guy，I heard what Hu said，Suddenly clapped and laughed，Is this going to use money to let the ghost push?？have to say，Sometimes money can really do whatever it wants。look，It’s so convenient to do bad things，No need to do it yourself，No direct responsibility。
“This wave of operations，Yes you can！The cost is a bit high。”
“For Brother Hu，Trivial！”
“Ok！Brother Hu I like is back。”
……
Ok？
Feng Li was taken aback，Hit old yellow，I’m willing to take over his pieces“Ancestral porcelain”，Is that simple？Say it early！I have nothing to do with Lao Huang。
“Oh？That kid is a bit of a cockroach head，Doesn’t look like a good person，Provoke you brother？This is easy，give it to me，Leave it to me。”Feng Li immediately stated。
The audience in the live broadcast room seems to be watching a comedy movie，Please！You don’t look like a good person？
“but，brothers，That’s it。My porcelain，Six more，The expert said，At least this number。”

“how，Didn’t you keep saying that the affairs of the Qi family are the affairs of your Wang family?，Now changed？”
“I，that，This is the two sessions，Put me back，I must persuade the Wang family to change my mind，From now on, Zhao’s horse will be the first one！”
ridiculous，Such nonsense can also be said，I really don’t know how the other party became Wang’s elder。
“rest assured，I won’t kill you today。”
“Really？”
Wang Rongping is overjoyed，I thought it was because he had no opinion to move out of the family, which shocked the opponent。
“Hahaha，I just said，How could Bincheng have the guts，Dare to shoot against my royal family？”
“Not killing you doesn’t mean you can leave safely，Want to get out from here，Ten tricks to pick me up！”
Wang Rongping pupil dilation，Because he felt an unusual atmosphere。
Warriors in Ben Thanh，More or less under the guidance of Xia Chenglong，Especially Cheng Lao who has withstood the test like this，He will give each other these benefits。
So in addition to the improvement of realm，What the old man has is not what it used to be。
To Qi family this night，For this elder Wang Jiajiu，All seem extremely long！
One night later，Many residents of this city get up to work according to their normal schedules，But there are some people who vaguely feel the unusual place。
The arrogant and domineering Qi family son，Seems to disappear suddenly，The more they think about it, the more weird it becomes……
As for the Qi family courtyard，The eyes of the Zhao brothers who were still alive were excited and proud，Because they just won a battle。

“Find a place to rest first，And speak quietly here，If anyone makes a loud noise，After going back, I run a day’s walk by myself，And don’t stop，Is there a problem！”
“No！”Six people answered quietly。
“All right，Let it go，When looking for a place to rest，Pay attention to concealment，Don’t swagger！”After warning，Xin Zhao took the map and went behind a big tree，Start to research。
……
“Rose is still cute，What do you guys say Xin Zhao doing there?，Shouldn’t we go up and see Brother Monkey now？”As soon as Qilin said something，It directly proves that Brother Monkey’s fans have added another。
Qiangwei looked at Xin Zhao who was in that corner who didn’t know what to study，Then look at those three machine friends，Suddenly I feel that Xin Zhao is a little better than these three。
and many more，Why do I have this idea?，This bastard，change！state！
“rose，What are you doing looking at Xin Zhao?，Could it be that you like him？”After Qilin finished，I noticed Qiangwei’s eyes looking straight at Xin Zhao，Can’t help but tease。
And after listening to Qilin’s words，Qiangwei really wants to open her head and take a look，What does this guy think，Even if she likes Ge Xiaolun，Would not like to change！State！
and many more，Think so，Like in the team of the company，There seems to be no normal man。
“Qilin is still cute，I was thinking，Since Xin Zhao dared to peep，That angel’s skirt！bottom，Why haven’t we seen him attack us for so long，Could it be that we are far worse than those angels?？”

As for the identity registry they went to at the moment，It’s at the junction of the VIP area in the general area，Which is one-half of Lingxiao City。
After getting this news，Xia Chenglong decisively proposed to take the car，Because it looks like a simple number is nearly seven or eight kilometers away，I’m afraid it will be dark when I walk to heaven。
Obviously he is not so luxurious，Put time on shopping。
get off，Xia Chenglong had to pay，It’s not good after thinking about it，After all, he is just a kid from the village，Money is a very vague concept！
Cross the street，See what they call the office lobby。
From the superficially meaningful design，Fit its identity。
“Aaron，This ID card is relatively simple，Just confirm whether you have a criminal record，The second is to confirm that you have not been registered。”
“Ok！”
Xia Chenglong nodded，The two walked to the lobby。
“Ah ah ah，stop，Please show ID！”The guard at the door rubbed his fingers，Stop the two while talking。
A discerning person wants benefits at first sight，And I think I dress them in ordinary，Just bullied。
“No！”
“Unable to prove your identity，Can’t go in。”The guard said hurriedly。
……
Funny，Here is the certificate，They haven’t got the certificate there。
“Big brother，You are accommodating，We’ll show you after we finish。”
“No way，You can only go in after showing me！”
The guy said，Keep rubbing your fingers。
If it’s normal，Yingzi swallowed his anger，But today I just don’t want to give。

Net profit skyrocketed by 1801%, 80 companies were able to raise funds in Beijing

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

　　Annual report kidney 2: Net profit surged by 1801%!

80 companies won the Northbound Fund to increase their positions Source: Securities Market Red Weekly Original Red Weekly Recently, a number of listed companies have issued annual report notices, and companies whose performance has exceeded expectations have continued to increase significantly.

Among all the companies with positive performance, the company has turned its losses into profit, its performance has been revised upwards, and its performance has accelerated.

Today, it is expected that the annual report turned to profit Gauss Bell (rights protection), Jiu’an Medical stopped rising strongly.

In this year’s annual report series, let’s focus on three types of annual report stocks: turning losses into profits, upward revisions in performance, and increasing capital in Kitakami.

(Click to read Series 1: Nearly 60% of the company ‘s performance is good, and the annual report has outstanding stock selection stock pools (gold stocks).) 85 companies have turned losses in annual reports, and Daqing Huake has increased by more than 18 times until 15:00 on January 14th.A total of 734 companies disclosed annual report announcements (not including performance reports), of which 85 companies expected to turn losses into profit.

Turning losses into profits can be regarded as a reversal in performance to a certain extent, and investors are expected to have more intense conversions, so it is worth paying attention to.

　　Among the above 85 companies whose annual report is expected to turn a profit, 63 companies have clearly switched the annual report pre-increasing range (net profit growth).

Specifically, Daqing Huake, Tongda Co., Ltd., Zhejiang Yongqiang, Ningbo Fubang and Ai Shide are expected to have lower growth limits of 1801%, 965%, 477%, 455% and 445% respectively, which are temporarily among the top five.

　　Experts are needed. Among companies that turn a profit, the scale is achieved through one-time income such as asset disposal, investment income, financial subsidies, transaction preferences, etc. This situation does not guarantee the company’s performance growth and sustainability, soThe degree of attention of such companies is also normal (such as Qin’an shares, Royal Bank shares, etc. in Table 1).

On the contrary, partly because of the industry’s reversal, new product launches, capacity releases and other performance growth, its growth quality and growth stability is higher.

　　On the company side, Daqing Huake expects annual report net profit of 49 million to 58 million yuan, an increase of 18.

01 times to 21.

14 times.

The company’s annual report will turn losses into profits, and the annual report growth rate is expected to exceed the three quarterly report growth rate.

Rongjie expects to report annual net profit of 4.5 million yuan to 11 million yuan, a growth rate of 1.

64 times to 2.

56 times; the reason for the loss was that “the subsidiary Rongda Lithium Lithium Mine officially resumed production in 2019, and the sales of lithium concentrate produced produced benefits.”

Western Mining is expected to report an annual net profit of about 10 ppm with a growth rate of 1.

49 times; the company stated that “the production and sales of major products increased compared with the same period last year, effectively improving the company’s operating performance.”

　　The upward revisions of the annual performance of the five companies ‘results have affected investors’ expectations. The upward revisions of performance indicate that the company ‘s actual operating conditions are better than expected, and therefore deserve continued attention.

On the contrary, if the company’s performance decline is corrected, it needs to be alert to the company’s operating conditions, especially in the short term.

　　As of 15:00 on January 14th, a total of 25 companies in Shanghai and Shenzhen have issued annual performance revision announcements, of which 5 companies have revised upwards, while Han’s Laser and Beiwei Technology have revised downwards.

　　As for the company, Shengnong Development reported an annual net profit from 37.

0.5 billion to 38.

5.0 billion, raised to 4 billion.

8 ppm to 42 ppm; corresponding increase from 1.

46 times to 1.

53 times, up to 1.

71 times to 1.

79 times (the overall price of chicken meat has increased significantly, and the company’s sales price has exceeded previous expectations).

The growth rate of Pulit’s annual report was raised from 80% -120% to 130% -180% (the production and sales of the company’s products have improved compared with the first half and the same period last year).

　　Although Zhongxing Bacterial Industry Co., Ltd. last year revised its annual report performance, it is still in a situation of decline for several years (the decline has narrowed); the correction of Zhongnan Construction’s performance is due to the impact of actual business settlement, and the revision of Jiu’an Medical’s performance is mainly the impact of non-recurring gains and losses.Therefore, the long-term continuous driving force is relatively weak (note: because Jiu An Medical Care has significantly decreased from its previous performance, it has been revised up to a significant increase, so it also has a short-term alternative stimulus).

　　The 80 annual report pre-increasing companies have obtained Kitakami funds to increase their positions. Kitakami Funds is good at grasping the rise and fall of the market. It has repeatedly successfully bottomed out and escaped the top. Therefore, it is called “smart capital”, and the stocks that have received a large amount of Kitakami funds to increase their positions are also very smallStrong.

　　Of the 370 companies whose annual reports are pre-increased, 80 companies have been able to increase their positions in Kitakami Capital within the last month.

Among them, 23 companies have increased their shareholding ratio by more than 0.

5%, 10 companies increased their shareholdings by more than 1%.　　As for the company, among the companies that have forecasted the annual report growth, the proportion of Jinshi Resources’ northbound funds to increase positions increased by 4.

2%, temporarily ranked first.

Benefiting from the increase in both the sales volume and the sales price of fluorite products, the company’s annual report has increased by more than 50%, and the company is expected to increase by more than 35% since December last year.

　　The proportion of Zhaoyan New Medicine’s northbound capital increase has 夜来香体验网 increased by 2.

03%, ranking second.

The company expects annual report net profit1.

5.2 billion to 1.

7.3 billion, an increase of 40% to 60%.

The company stated that the prosperity of the CRO industry continued to improve, and the company’s order acceptance continued to grow steadily, resulting in better completion of orders in 2019; at the same time, the company expanded its experimental facilities in Suzhou, which must reduce the situation of insufficient production capacity and further improve profitabilityEnhanced.

　　In addition, Siyuan Electric, Livzon Group, and Tiger Pharmaceuticals took 1.
.

8%, 1.

72% and 1.

39% ranked second to fifth.

At the same time, China National Travel, Boss Electric and other companies also rank among the forefront, showing that funds from the north favor pharmaceuticals, consumption and other stable performance industries. These industry leaders deserve long-term attention.

Yinlun shares (002126) comment report: performance temporarily under pressure, thermal management growth can be expected
Event: The company released the 2019 semi-annual performance report, reporting and achieving the company’s total operating income of 26.9.5 billion, an annual increase of 2.65%, net profit attributable to shareholders of listed companies.2.0 billion, down by 0 every year.twenty two%. Key points of investment: Adversity and pressure, performance is better than the industry: In the case of vertical growth in global cars and negative growth in domestic car sales, the company achieved revenue reduction in the 无锡夜网 first half of the year.65% and net profit attributable to mothers decrease slightly by 0 every year.22% is rare.In the first half of the year, domestic car sales were 1,232.30,000 vehicles, down 12 every year.40%, important automotive thermal management customers such as Ford (2019H1 sales in China increased -22%, the same below), GM (-15%), Geely (-15%), GAC (-1.7%), Dongfeng Nissan (-1.3%) and other average sales performance in the first half of the year, while the company ‘s performance has only slightly decreased, showing the ability to withstand stress during the transition. The expected performance is basically the same as last year, mainly due to the continuous recovery of the construction machinery industry in the first half of the year to drive thermal management of construction machinery.The high growth of the business and the thermal management of new customers, and the good expansion of new projects have transformed the impact of shifting automobile sales.On a quarterly basis, revenue for the second quarter was 13.100 million US dollars, a decline of -8% per year, attributable to the net profit of shareholders of listed companies.300 million U.S. dollars, down 7% from the previous quarter, at least to a certain extent compared with the previous quarter. Looking ahead, we will gradually recover to the bottom of the downstream vehicle. As a leading domestic automotive thermal management company, the company’s thermal management business will promote a rebound. The new energy thermal management project has a complete reserve and is expected to follow up: It is time to develop the new energy vehicle thermal management business under the global trend of automotive electrification, and the continuous fire of electric vehicles, it is particularly important to improve the performance of the new energy vehicle thermal management system.The company’s thermal management business currently has mass production of front-end modules, water-cooled plates, battery cooler assemblies, etc., which have been supplied to customers in Ningde Times, GAC, BYD and other customers in batches. In 2018, they successively obtained battery coolers and cooling plate products for the Geely PMA platform.The fixed-point supplier, Changan Ford’s battery-cooled plate product fixed-point supplier, won Jiangling’s new energy heat pump air-conditioning order in early 2019, and has a complete new energy thermal management project reserve.With the rapid development of new energy vehicles and the increase in scale, the company’s new energy thermal management business is expected to expand in the future. Emission standards are becoming stricter, and the tail gas treatment business continues to grow: The company’s tail gas treatment business is mainly SCR, DPF, DOC systems, etc., because the national six emission standards are more stringent on the basis of national five, diesel engines need to be comprehensive to meet national six standardsWith the use of exhaust gas treatment technology, the average price of diesel engine exhaust gas treatment equipment will increase significantly during the fifth and sixth national flights.The company takes the lead in the layout of exhaust gas treatment. Together with Virginia and Pilberg, it will increase the exhaust gas treatment technology and brand influence. It will increase the production capacity of EGR and DPF and gradually consolidate the market size of exhaust gas treatment business. It also owns FAW and Dongfeng.China National Heavy Duty Truck, Beiqi Foton, Yuchai and other high-quality customers have upgraded the country’s national standards through the country’s fifth emission standards. The company’s tail gas treatment business is expected to develop at a high speed. Profit forecast and investment recommendations: We expect the company’s EPS for 2019-2021 to be 0.46 yuan, 0.52 yuan and 0.63 yuan, combined with the closing price of 7 on July 30, 2019.32 yuan, the corresponding price-earnings ratio is 15.8, 14.1 and 11.5 times.Considering that the company is a leading thermal management company, the traditional thermal management business has the ability to resist adversity, and the automotive exhaust treatment business under the National Six Standard is expected to grow rapidly. The new energy thermal management business has a bright future. Risk reminder: Sales volume of downstream customers is lower than expected, National VI policy promotion is lower than expected, and new energy thermal management development is lower than expected

Chen Guangming, Fu Pengbo at the helm of the public offering suddenly opened a large amount of subscriptions

Signal to add positions?
Chen Guangming, Fu Pengbo at the helm of the public offering suddenly opened a large amount of subscriptions

Related reading: Dongfang Hong, Xingquan’s favorite stocks were brought to Rui Yuan by Chen Guangming and Fu Pengbo.

Fund boss Chen Guangming and Fu Pengbo at the helm of the public offering suddenly opened a large amount of purchases of Ge Jia to set sail on the science and technology board, while the Shanghai Composite Index hovered at 2900 points. Fund leader Boss Chen Guangming and Fu Pengbo’s Ruiyuan Growth Value Mixed Fund suddenlyAnnounced the release of large purchases.

　　On July 24, surging news reporters learned that the Ruiyuan Growth Value Hybrid Fund became effective on July 26 and opened a large amount of subscriptions.

The fund also confirmed the news by issuing an announcement on July 25.

　　In this regard, some representatives were very excited to say that the position of Ruiyuan Growth Value Hybrid Fund 北京夜网 was close to 80% at the end of the second quarter. At this point, the large-scale purchases were released and the scale of expansion seemed to be a structural opportunity for the two fund managers.And ready to signal a position increase.

　　”This time Ruiyuan’s growth and opening up may be the last chance to catch a ride on Ruiyuan Fu Pengbo.

“A bank channel financial manager told the surging news reporter that this time Ruiyuan plans to increase some scale, and the subscription share will not be proportionately placed. However, the fund manager also has certain expectations on the scale limit, and does not rule out expansion toAfter a certain scale, the subscription will be suspended.

　　The above-mentioned bank channel financial management manager further found that according to his understanding, the fund manager had always felt that it was not time to add positions. Now it is more appropriate to place around 2900 points, so he opened a large amount of purchases.

　　On March 21, the first fundraiser of the “Guangyuan + Fu Pengbo” fund gang combination made Ruiyuan’s growth value mixed fund the first fundraiser was enthusiastically sought after by the market. This product with a size limit set at 6 billion US dollars was eventually over 72 billionFunds snapped up and became the equity fund with the highest subscription amount on the first day of this issue quickly.

　　On March 27th, Ruiyuan Growth Value Hybrid Fund announced the effective date of the contract. The fund was established on March 26, and 410,000 people effectively subscribed. The per capita subscription was 170,000 yuan, and the Class A allocation ratio was as low as 7.

03%, after the placement, the funds A and C shared the total raised amount of 58.

700 million.

　　It is obvious that the employees of Ruiyuan Fund Company subscribed for the distribution of Fund A at the time of the initial launch.

660,000 copies, accounting for 0.

002%; subscription C share 2344.

50,000 copies, accounting for 0.

399%, a total of 2357 subscriptions.

20,000 copies, accounting for 0% of the fund’s total shares.

401%.

　　However, the mandatory announcement of the fund contract showed that Fu Pengbo and Zhu Xi did not hold the fund at the time.

I don’t know whether the fund managers Fu Pengbo and Zhu Xi will invest in this product for the first time due to the opportunity to release large purchases.

　　On June 25, Ruiyuan Growth Value Mixed Fund, which was established for 3 months, ushered in the first open subscription and redemption.

However, restrictions are still imposed on large-scale purchases. Individual fund accounts subscribe for and purchase Class A shares on a single day. The total amount of Class C shares does not exceed 1 million.

　　So, how is the performance of this explosive fund?

　　Ruiyuan’s growth value mix disclosed in the second quarterly report of 2019 recently showed that after the opening of the second quarter, the net value of Ruiyuan’s growth value mix fund has declined.

　　As of the end of the second quarter, Ruiyuan’s growth value mixed A fund share net value.

9,865 yuan, the average value of the report, the growth rate of this type of fund share net value is -1.

40%, the benchmark income for the same period of performance can be -1.

99%; as of the end of the reporting period, Ruiyuan Growth Value Mixed C Fund allocated net value.

9,854 yuan, the average value of the report, the growth rate of this type of fund share net value is -1.

50%, the benchmark income for the same period of performance can be -1.

99%.

　　However, as of July 24, the fund’s net A-share value has rebounded to 1.

At 0253, C’s total net value rose back to 1.

0239.

　　Ruiyuan Growth Value Hybrid Fund A / C share net worth performance Ruiyuan Growth Value Hybrid Fund’s second quarter report showed that the fund’s share at the end of the period was 59.6.6 billion copies, an increase of 92.19 million copies, an increase of 1 when it was established earlier.

57%.

That is to say, although the market experienced a decline in the second quarter, the fund’s net value also fell by 1.

40%, but Ruiyuan’s growth value share is still increasing.

　　Regarding the fund’s investment strategy and operational analysis, Fu Pengbo and Zhu Qi said in the second quarterly report that after the fundraising was established, the fund completely operated for a quarter in the second quarter of 2019.The adjustment process of liquidity from relatively loose to moderately counter-cyclical.

Following the agreement of the fund contract, the fund gradually increased its position and reached a relatively high position by the second quarter.

　　In the construction of the portfolio, the two fund managers relatively dilute the timing and focus on optimizing the position structure.

Focusing on industries such as advanced manufacturing, medical health, and food consumption.

He also stated that the existing holding companies represent high-quality enterprises within the domestic subdivided industries. To a certain extent, their core competitiveness can help companies withstand changes in the economic cycle and uncertainties in external demand.

Shenzhen Airport (000089) 2018 Annual Report Comments: High Q4 Costs Achieved Slightly Lower-than-Expected International Passengers Maintained High Growth Rates Optimistic about the Company’s Development Prospects

The company released its 2018 annual report: 35 operating income.

99 ppm, a ten-year increase of 8.

4%, net profit attributable to mother 6.

68 ppm, an increase of ten years.

0%.

Performance was slightly lower than expected.

Looking at quarters: Q1-4 revenue was 8 respectively.

49, 9.

1, 9 and 9.

400 million, and the profit is 1.

6, 2.

1,2.

1 and 0.

9 ‰, the total operating cost of Q4 is high (1 qoq.

(700 million or 24%), the single-quarter profit replacement rate of 42% was the main reason for the lower-than-expected performance.

Operating costs increase by 12 per year.

95%, higher than revenue growth, resulting in slower growth in net profit.

1) Company operating costs26.

68 ppm, an increase of 12 in ten years.

95%, higher than revenue growth rate of 8.

4%, gross profit margin decreased by 3.

0 digits to 25.

9%, resulting in slower growth in net profit.

2) Operating cost increase 3.

0.6 billion, mainly from the total cost of the main aviation industry.

5.2 billion, an increase of 13 in ten years.

4% in increments of 2.

7.9 billion.

The statement notes show that the company’s total budget increased this year.

5.4 billion, an increase of 10 years.

0%, an increase of about 1.

100 million; transportation costs in the value-added aviation business were 78.32 million, an annual increase of 33.

5%, an increase of 19.65 million; the selling expenses decreased from 23.41 million to 8.46 million, a decrease of 15 million, mainly due to the increase in transportation passengers in 2018 and the incentives for wide-body aircraft investment in the calculation of operating costs.

The total incremental cost of the above items is about 1.

500 million, and other detailed costs such as marketing, maintenance, and security are expected to increase.

Business volume indicators are at the top, and internationalization is advancing rapidly.

The company completed 北京养生会所 a maximum of 35 landings.

60,000 sorties, passengers exploded 4,934.90,000 person-times, an increase of 4 per year.

6% and 8.

2%, passenger explosion growth ranked first in the top ten airports.

Initially, 15 new international passenger navigation cities were opened, of which 9 new intercontinental navigation points including London, Paris, and Zurich were newly opened, and 12 international passenger routes were encrypted.

International (including regional) passenger explosions reached 458.

40,000 person-times, an annual increase of 27.

4%, accounting for 7.

9 increased to 9.

3%.

The number of international passengers increased, and the number of newly opened intercontinental routes replaced the country’s number one. The number of international routes developed and the quality improved.

In the past 18 years, the company has completed 152 business outlets and brand upgrades.

The company’s air force announced that it would entrust the commercial resources of the T3 terminal to the Group’s wholly-owned subsidiary, Aviation City Operation Company, for operation management.

The commercial resource income is still owned by the company, and the company pays the entrusted management fee to the Aviation City Transport Management Company.

19-year guaranteed income 3.

4.4 billion yuan, and the basic entrusted management fee was 20.63 million yuan.

Commercial resources are entrusted to professional organizations to help the effective realization of the value of commercial resources.

The release in the summer and autumn season is obvious, and the international line is expected to maintain high growth.

In the summer and autumn of 19, the company’s growth rate was five years.

6%, of which the total international + regional growth rate is 21 at all times.

8%, a gradual growth rate since the 17th winter and spring, and the foundation for the company’s 19 years of continuous internationalization.

The company proposed in the annual report will accelerate the opening of intercontinental routes in key cities such as New York, San Francisco, and more than 8 new international routes in 2019, and strive to achieve 50 international routes as soon as possible.

Investment suggestions: 1) The company is in the period of potential release from the relocation of the international hub, the improvement of the competitive environment, the strategic period of overlapping of the three zones, and more importantly, the development of the main base airline company.

2) As a stable asset with long-term allocation value, Shenzhen-Hong Kong Stock Connect funds will quickly flow into Shenzhen Airport in 2019, and the shareholding ratio has increased from 3% at the beginning of the year to 9 at the end of March.

2%.

3) Taking into account the company’s subsequent commercial bidding progress and capital expenditure plan, we adjust our profit forecast and expect to achieve 8 in 2019-2021.

5.7 billion (previous forecast 9).

37, -8.

5%), 9.

96 (Origin 11.

13, -10.

5%) and 10.

400 million, corresponding to PE is 24, 21 and 20 times.

As the strategic target of the traffic moat, the airport is optimistic that the company is in the period of potential release, continues to promote internationalization, and new contracts for exit tax exemption may constitute a catalyst, and it is recommended to continue to pay attention to the company’s development.

Risk warning: The economy is down, the internationalization strategy is less than expected, and the non-aviation tendering is less than expected.

Good Mrs. (603848) Annual Report Review: Smart Home Rapid Development E-commerce Channels High Growth

Net profit attributable to mothers increased by 27% in 2018, and performance was basically in line with expectations. Good wife realized revenue in 201813.

10 ‰, an increase of 18% in ten years; net profit attributable to mothers2.

61 trillion US dollars, an annual growth rate of 27%, basically in line with our growth rate expectations.

18Q1 / Q2 / Q3 / Q4 single-quarter revenue increased 33% / 13% / 13% / 17% year-on-year; net profit attributable to mothers increased by 54% / 57% / 13% / 9% in the single quarter.

We expect the company’s EPS for 2019-2021 to be 0 respectively.

79, 0.

99, 1.

24 yuan, maintaining the “overweight” level.

The smart home business has developed rapidly. The revenue from traditional drying products has slightly arranged the company to implement a dual-brand operation strategy. The “good wife” brand focuses on the drying sector. The “Keleni” brand cuts into the smart home market with AI smart locks and multi-product smart connection systems.

Breakdown of the company’s traditional clothes rack business revenue in 20186.

2% to 5.

USD 1.7 billion, of which sales decreased by 10% to 1.97 million units, the average price increased by 4%, affected by the optimization of product structure, gross profit margin increased by 0.

9pct to 43.

2%; smart home business performed well, with revenue growing 45 per year.

1% to 7.

US $ 6 billion, of which the sales volume of 天津夜网 smart drying racks increased by 38%, forcing the wholly-owned subsidiary of the smart door lock business to achieve revenue of 35 million yuan, the current profit is still slightly insufficient.

Well-known brand publicity and technology research and development, during which the expense rate slightly increased. The company continued to increase brand promotion and brand reputation building. In 2018, it organized activities such as the Chinese clothes drying festival and the Good Wife Festival to enhance brand awareness. In 2018, the sales expense ratio increased by 1.

0pct to 14%; improve product and technology innovation, increase research and development efforts of smart home products and intelligent control systems, until the end of 2018 the company gradually transformed into 371 effective patents, the current R & D expenditure increased.

8%, increase of management + R & D expense rate increased by 0.

5 points.

Net operating cash flow decreases by 4 per year.

8% to 2.

9 trillion, mainly due to the increase in stocking of smart home products.

The channel construction is very effective. The e-commerce channel high-growth company is focusing on the main business positioning of “smart home” and shifted to multi-scenario and multi-entry sales. By the end of 2018, the company had more than 800 dealers and a net increase of 697 specialty stores.It has more than 2200 stores and more than 30,000 terminal sales outlets. In 2018, it achieved 10 in offline channels.

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

In addition, the company is also actively promoting the construction of e-commerce channels. In 2018, the e-commerce channels achieved revenue2.

800 million, an increase of 50 in ten years.

0%.

The follow-up company will use the strategy of “grab channels, enjoy traffic, and expand radiation” to build a multi-dimensional channel structure covering B-side and C-side, create a new retail model of all channels, and expand consumer coverage.

New businesses such as smart home products, smart clothes drying racks, and smart door locks are developing rapidly. In view of the improvement in the traditional drying business, we have slightly lowered our profit forecast. It is expected that the company’s net profit attributable to mothers in 2019-2021 will be 3.

2, 4.

0, 5.

0 million yuan (2019?
2020 original value 3.

3, 4.

100 million), EPS is 0.

79, 0.

99, 1.
24 yuan.
With reference to the 23 times PE value of the comparable company in 2019, considering the rapid development of the company’s smart home business, the ROE is higher than that of the comparable company, giving the company 30 in 2019?
32 times PE estimate, corresponding to a reasonable price range of 23.

70?
25.

28 yuan, maintaining the “overweight” level.

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Before your baby is two years old, it is best to eat less nutrition

“There is a ‘parent-child nutrition consultation room’ in our community. Some people will be regularly invited to give lectures and introduce a lot of nutritional supplements for babies. I wonder if I should buy them for my children?

Recently, Tingting’s mother sent an e-mail to this edition asking how to supplement nutrition for babies 1 and a half years old.

The reporter found that there are many types of nutrition and health care products for babies before the age of two in the market. Colostrum, biosynthesis, calcium lactate, cod liver oil, DHA . dazzled parents.

Tingting’s mother said: “Many people have said that they need to add more health supplements to their children, so that the child’s health is good, but I am worried that the child can absorb so much food?

“Experts remind parents: to provide nutrition to babies before the age of two, reasonable supplementation is the most important, and it is best to take less nutrition.

　　Phenomenon hits: How to supplement nutrition, Ms. Chen, a hazy family member who lives in Haizhu, was recently asked to draw blood for her child, test his liver function, and check for lack of trace elements in the body when he was vaccinated at a community hospital.

The doctor said: “Baby over 1 year old must test these things to see if there is something missing, so they can make up for it.

“Miss Chen inquired that it was not easy to check the trace elements in the blood. It was necessary to pay for one check, but since” babies over 1 year old are drawing blood, their children must not fall. ”

Ms. Chen returned to the community and chatted with her neighbors. However, she did not expect to bump into “Baby Marketing” again.

Ms. Chen ‘s neighbour, and her mother, who is the same age as her baby, is a salesperson for a baby health care brand. She told Ms. Chen that her baby is eating colostrum, Synbiotics and DHA, which works well.It is suggested that Miss Chen also try it out. Upon hearing this, Miss Chen immediately decided that she would “buy a little for her child.”

　　Interviews by reporters found that marketing of health products for babies not only occurred in shopping malls, but also in communities and community hospitals. Marketing that occurred on a later occasion was more covert and effective.

Babies before the age of two are very fragile, and the mother lacks sufficient experience. It is likely that they are not confident in their own alternatives. As soon as the child’s body moves, the child is worried.

On the other hand, slight poisoning of babies due to blindly supplementing various health products has also become very common.

According to Dr. Liu of the Children’s Health Department of Haizhu Maternal and Child Health Hospital, recently, some babies around 1 year old were admitted to the hospital with symptoms such as “sleeping late, restless sleep”
or diarrhea, but there was no record of eating suspicious food. Upon inquiry, it wasCaused by excessive intake of cod liver oil and synbiotics.

专家表示：“家长对于孩子的保护心理是可以理解的，但为两岁前宝宝补充保健品，必须要十分谨慎，家长自己也要充分调查询问，做到心中有数，切不可‘蒙查查’To trust the propaganda of others.

“Expert opinion: No nutrition is agreed to be given to infants. Special guidance for this issue: Professor Jiang Yifang (Director of Children’s Health Branch of Chinese Preventive Medicine Association, nutrition expert, child replacement expert)” The growth and development characteristics of children are different from those of adults.Before the age, the body was growing rapidly.

However, the nutrition of the baby before the age of two is best absorbed from natural, fresh and safe ingredients. In principle, parents are not encouraged to buy other processed health products.

According to experts, “two years old” is a key point. “Before two years old” and “after two years old” have different suggestions.

Experts remind parents: fortifying a variety of nutrients to babies before the age of two should be a very cautious suggestion made by the doctor after careful individual decisions.

If the business or a “nutrition consultant” simply conducts sales promotion and publicity, it will not only waste the parents’ money, but may also cause the child’s poisoning reaction after excessive supplementation.

　　Chinese babies do not need to supplement DHA: DHA is called “brain gold” and is more popular in western countries because the diet there is to eat more fat and rarely eat vegetable oil, so there is no source of DHA in food.

In fact, Chinese babies can completely get DHA from food. The polyunsaturated fatty acid “Omega 3” in vegetable oil can be converted into DHA. Adding vegetable porridge, noodles and other complementary foods with a small amount of vegetable oil to your baby is about 1 year old.When using vegetable oil, soybean oil, peanut oil, rapeseed oil, corn oil, etc. are all qualified, but there is no such substance in olive oil that can be converted into DHA.

　　Synbiotics supplement if necessary: Synbiotics is the nutrition needed by living bacteria in the body, which can help intestinal motility. Babies with poor mutual functions can consider supplementing.

However, the baby ‘s digestive flora is different from adults, and Synbiotics cannot be regarded as a nutrient that “makes up as much as possible”. Experts remind parents that they only need to supplement Synbiotics when necessary.
3 weeks is enough, take 3 days a week, otherwise it will be “unexpected”.

　　Colostrum is not suitable for all children: Many parents now give colostrum to their babies, but this practice is not desirable.

Not every baby is suitable for this kind of colostrum.

To be simple, human colostrum is for human babies, and colostrum is for babies.

Children grow an average of 14 pounds a year, and cow babies can grow more than 100 pounds a year, so it is not appropriate to give colostrum to all babies in general.

Experts remind: Colostrum is suitable for premature and intrauterine malnutrition babies, and it is necessary to control the amount and time when supplementing.

　　Do not overdose of vitamin D: Vitamin D is the main factor for maintaining calcium and phosphorus in the body. If vitamin D is eaten by calcium-containing foods, the body cannot absorb and use it. The main cause of rickets is vitamin D.

However, if the vitamin D supplementation is excessive, the child will be prone to excitement, sleep late, do not like to sleep, bloating, thinning, hair loss and other symptoms, so be sure to refer to the recommended amount of nutrition society, under the guidance of a doctor to add an appropriate amount.

　　In addition to obtaining vitamin D from food and cod liver oil, there is also a dehydrogen free radical in human skin, which can also be converted to vitamin D by sunlight. Therefore, more sun is also a good way to supplement calcium.

Children after the age of two have been able to eat a variety of foods, and temporary outdoor activities are generally not easy to lack vitamin D, which can replace vitamin D preparations.

　　Supplementary trace elements to see signs: “Not every baby over 1 year of age needs blood to be tested, let alone test whether the trace elements in the body are sufficient.
”
“Experts remind parents: To determine if they need to supplement their children with trace elements or take blood tests, the child’s physical signs will prevail.

The lack of certain elements in the body will be manifested in signs. If the child is pale, it is a sign of iron deficiency; if the child is thin, it may lack unnecessary nutrients.

　　Calcium supplements need to pay attention to absorption: Doctors usually give infants calcium supplements, but in fact, Professor Jiang believes that not every child needs calcium supplementation.
Intrauterine malnutrition, premature births and babies with calcium deficiency symptoms need calcium supplementation.
Approximately, if the baby within 6 months is replaced with whole breast milk, no additional calcium supplement is needed; if the baby regularly replaces more than 750 ml of formula milk, there is no need to supplement calcium, otherwise, excessive intake will causeCalcium poisoning.

　　The theory of calcium supplementation is very popular in the market, but experts point out that there are only about 8 in 1000 mg of calcium gluconate.

1 mg of calcium, and the body needs 300 mg, so the absorption efficiency of calcium gluconate supplement is relatively low, the other two calcium supplements: calcium lactate and calcium carbonate are easier to absorb.