The atmosphere in the operation was extremely tense,As soon as Xiao Fan came in,The air pressure in the entire operating room suddenly dropped a bit again。

The doctor in charge of the operation just now received an internal call,Said to cooperate fully with those who are coming in for a while。
Seeing the strong aura of those who come in,Everyone feels a little nervous,Can’t help standing respectfully,Waiting for Xiao Fan’s command。
Xiao Fan nodded to these people,I think everyone is a little nervous,But time is urgent,He has no time to relax these people。
He walked to the operating table,Looking at Lin Feng on the bed,Looked at it from beginning to end,Wounds on the body,Arteries,Xiao Fan clearly wrote it down。
Then he said coldly:“Prepare for electric shock,First restore the patient’s heartbeat,Then prepare for thoracentesis。”
The assistant on the side hurried to prepare,With electric shock,Lin Feng fell together,Heartbeat finally recovered。
Then Xiao Fan picked up the scalpel,Accurately found the location of Lin Feng’s chest bleeding,Perform emergency hemostasis。
Everyone in the operating room watched Xiao Fan proceeding in an orderly manner,And there is no error in almost every step,Can’t help but get angry and admiration,No wonder the dean personally sent in,Just awesome。
Xiao Fan commanded his assistant,Open your mouth in an orderly manner,Hemostasis,Various important steps such as stitching。
“The patient’s heartbeat gradually stabilized,The blood has stopped,saved。”A doctor said excitedly。
Everyone was relieved,After all, this patient was seriously injured when he was first sent here,The hope of being rescued is extremely slim,Thanks to the airborne god,So he pulled the patient back from the god of death。

I didn’t think,But the pain of the arm being burned at this moment makes Xiang Chen sweaty。

Xiang Chen’s voice fell,The police car’s sirens sounded in Han Yuxiang’s ears。
Tucao in the heart,The sentences in the movie are still very accurate,Every time the parties settle the matter,The sirens are late。
I have been taken a long way by Xiang Chen,Han Yuxiang is still thinking about handing over work with Yan Jun and others who rushed over,But now that he has been taken away by Xiang Chen,Han Yuxiang gave up the idea of the proposal。
Maybe it’s like what Dad said,The back of justice is not necessarily unjust,If I acted according to my own philosophy just now,Maybe the people who are going to enter the funeral home are you and Xiang Chen。
I suddenly felt lighter,I feel that Xiang Chen has carried himself up again,Han Yuxiang couldn’t help but let out a low cry。
“Do not worry!I did not kill,But for self-protection,Hurting is inevitable。”
I seem to have guessed what the Korean Xiang is thinking,When Xiang Chen spoke,Soft tone。
“You saw the monk just now,Should be a killer,Was sent to kill me。This world is like this,There will always be people who are forced to accept death before they are ready,Maybe it’s me,It may be someone else someday。In short,this world,Different from what you think。”Xiang Chen sighed,Seems to be defending myself,It seems to be explaining something to Korean Xiang。
“I know。”
I always feel that I might fall off Xiang Chen,Han Yuxiang hugged Xiang Chen unconsciously,But I heard the latter gasp。
“You are hurt?”Han Yuxiang asked nervously。
“Okay!Just got scalded。”Xiang Chen said something indifferently,Then pause,Speak slowly“Don’t get me wrong,I just think that the first time I saw you at Lingyun’s house,pretty good!Don’t change if you can,Maybe one day the world will become more people because of you,Will become better。”
Xiang Chen walks with his head down,Didn’t see behind him,Korean red cheeks。
Blow gently on the place you just touched。
“When I was young, I was hurt and my mother used to blow it to me……”

Get!Boys like Ultraman,this is nothing,But girls,Shouldn’t you like some magical girls with Balabara energy??

Populus while talking,One side of the rope is firmly tied to the anti-theft net,Deliberately tied up,Still tugged,Found very strong。
At this moment,Old man panting,Coughing,Stagger out,Holding a kitchen knife for cutting bones。
“Hammer not found,Can this work?”
Populus nodded,Took the chopper,Smash the lock hard,Very loud,The anti-theft nets are so shaken。
Hit more than ten times in a row,Finally broke the lock。Smoke from inside the house,It was so choking that he couldn’t help but cough several times。He quickly opened the escape window,Throw one end of the rope in。
“Old man,Tie the girl first,I hang her,The rope is long enough,rest assured。”
The old man knows what to do,Understand that time is tight,Hurry up and tie a little girl’s waist with a rope,Almost under the armpit。
“Little sister!Don’t be afraid,Looking at brother。Wait,You close your eyes,Soon down,Big brother and big sister will pick you up。”Seeing the little girl coughing,Crying,Hu Yang immediately told her。
Although the little girl is still crying,But nodded nicely。
Wait for her to get out of the escape window,Hu Yang asked her to let go of her hand holding the anti-theft net,Then slowly loosen the rope,Landing very smoothly。
downstairs,Xiao Gao, they ignore the heat wave,Ran over to pick up people immediately。
And Wen Wenhao ran out with a coma on his back,My hair is almost gone。His coat,On the woman on his back。
Shen Tuxin hurried over to rescue,Do what you do best。
“No one on the third floor。”Wen Wenhao is like an oxygen-poor fish,After putting down the women,Inhaling oxygen。
“Just do,Don’t go in。Brother Hu is on the fourth floor,Should be able to save。”Shen Tuxin glanced at Wen Wenhao’s state,Looks pretty miserable,But no danger,And focus on the unconscious women。

It is necessary to invite the chiefs to have a meeting,I specifically emphasized this matter。

The information from the high-level foreign affairs system is highly valued。
According to the previous assumption,A few years before the reopening,There is not much hope for those white capitalists to invest in China,The main and core goal of investment attraction is those overseas Chinese who have the same language and the same kind as us,But wouldn’t the actions of individual comrades in Magic Capital chill the hearts of overseas Chinese who are interested in investing in China??Some chief who heard about it,I even slapped my mother on the table in anger,Made it clear to investigate this matter seriously。
The chief’s instructions were executed as quickly as possible,Those in the magic city have begun to prepare their luggage for the United States、The guy wondering what to buy after going to the U.S.,Facing a sudden transfer from a superior leader,The whole person is dumbfounded……
The issue is,The person who handled the handling,But the SAIC project has to continue to advance,But the willingness of the Germans to cancel cooperation is so clear。
How to do?
After the chiefs broke their fingers and counted a circle,His eyes fell on Ding Haijun, who had the best relationship with Chen Geng。
“Comrade Ding Haijun,What do you think about the project that Mr. Chen Geng cooperated with Chrysler Automobiles and the progress of the project?,Know how much?”On the phone,A head of SAIC’s project personally asked Ding Haijun。
To endure the excitement in my heart,Ding Haijun said:“Report chief,Our embassy has been following and following this project of Mr. Chen Geng,According to our knowledge,This car has now entered the final testing phase,When I was on the phone with Mr. Chen Geng,He said he expects to be officially listed in two to three months。”
It can be officially listed in two to three months?
The head is from FAW,A true expert in the automotive industry,He understood Ding Haijun’s words,The car designed by Chen Geng is really excellent,otherwise:One,Impossible to be recognized by a world-class auto giant like Chrysler;two,It is impossible to pass the stringent pre-market testing procedures of various European and American countries in such a short period of time。
So to say,This is really a very good car?
Thought of here,The chief can’t hold back:If Chen Geng’s cooperation with Chrysler is really so good……No matter what,First understand that this car is not always wrong。
“Comrade Ding Haijun。”The chief suddenly said in a deep voice。
“in!”Ding Haijun’s chest on the other end of the phone subconsciously。
“Give you a task,”The chief said seriously:“You go to Mr. Chen Geng,See if you can get a deeper understanding of this car。”

Put your hands in front of your face,The two index fingers touch each other lightly,Lee·Iacocca finally speaks:“Miss Rosemary,Your appetite is not small。”

Rosemary said honestly:“Because this car is worth this price!Mr. Iacocca,If your car can sell for ten thousand dollars,Will you sell it for five thousand dollars?”
“of course not,But only if your car is really worth ten thousand dollars。But these are not the points,The point is:Miss Rosemary,Why do you think I will accept your terms?”
“I didn’t think you would accept my terms。”
“There are four automakers in the U.S.,Except Chrysler,And ford、General andAMC,Facing the offensive launched by Japanese cars with the help of this sudden oil crisis,Everyone’s life is equally difficult,They are all looking for a model that can have a certain competitive advantage over Japanese cars.……So even if Chrysler doesn’t cooperate with us,I don’t worry about finding a partner。”
“interesting,Really fun。”Lee·Iacocca applauded gently。
Some things needless to say are too clear,Rosemary told herself,They Fernandez can not only cooperate with Chrysler Automobiles,You can also cooperate with other car manufacturers,Another deeper meaning is,If Chrysler Motors wants to rely on its identity as the four major U.S. automakers to engage in some extravagance,They are not without a way to cope:Do you dare to engage in extravagance,Big deal I give your competitors what I have,Let your competitors dominate you again!
One sentence,This is not only a smart woman,Also an extremely business-minded woman。
Rosemary smiled slightly:You understand。
Some things don’t need to be said,Everyone is smart,That’s enough。
“I now believe that you can indeed come up with such a product,”Pondered for a moment,Lee·Iacocca finally speaks,He said slowly:“Chrysler does need such a product,Let’s not talk about how we work together,How do you prove that your product will definitely become a hit?”
Rosemary clenched her fist in her heart:Succeeded!
she knows,If it’s not successful to provoke Li·Iacocca’s interest,He won’t ask this sentence。

() Stabbed with this sword,Logically,The North Palace Changhe must die!

But at this moment,The crimson rapier hidden in the void suddenly buzzed,Sword Shake,Hovering abruptly in mid-air,It’s less than three feet away from the back of Beigong Changhe。
Beigong Changhe suddenly looked back,Scalp tingling,Suddenly startled Cold sweat。
The power of this sword,Of course he knows,But he doesn’t know,Why does the other side kill the sword,I kept my hand。
this moment,That skinny Bei Gongwang was also stunned,His face is full of doubts,Frown,Seems to work hard and try again。
result,That scarlet rapier screamed,Fell directly to the ground。
As soon as the sword fell,Beigong Changhe and Beigongwang are dumbfounded。
The void from the beginning,Out of sight,Ignore the defense later,Direct attack,And then show the sword shape,And then fell to the ground,This series of reactions came too fast,Too scary!
That weird Bei Gongwang is obviously the one who controls the sword,But he didn’t know what went wrong,Life and death can’t drive this bloody soldier。
Of course he can’t control it,Because someone made it in time。
With Lu Menglin’s mental power,Want to lock that rapier,Not let the opponent’s mental power penetrate,It’s not too easy。
Although he couldn’t directly control the sword for a while,But one way,Wantong,Know that the other party uses mental power to control the sword,The rest is easy!
Lu Menglin was hesitant just now,Do you want to make a move?,But after Bei Gongwang appeared,He made up his mind instantly,Beigong Changhe can’t die yet!Because the situation of the Beigong family has changed,The identity of this sudden appearance of Bei Gongwang is a mystery,Is he really Bei Gongwang?,Or something else,Lu Menglin doesn’t know,But he knew,Beigong Changhe does not die,Maybe the situation changes will be more favorable。
Bei Gongwang is still winking,Trying to regain control of the blood drinker,But Bei Gong Changhe quickly awoke from the shock。
He himself is a forty-level warrior,Experienced,Mastery of timing,It can be said to be extremely experienced,When I saw the other party’s situation,No matter what the reason is,Just want to take advantage of his illness,Kill him!
Bei Gong Changhe roared,Lift the rod of ruling,Rise up,Head straight to Beigongwang and scratched it。
This blow,Bei Gong Changhe has fully exploded with the strength of the forty-level warrior,Give enough strength,The rod of ruling in his hand turns into a series of afterimages,Break through,Not yet,Has exploded the air,It caused a series of loud noises in the air。
Facing a powerful blow from a forty-level warrior,Bei Gongwang finally reacted,There was a hint of mockery in his eyes,Unavoidable,Just turned my head,Let this stick fall on my shoulder。

WuXi PharmaTech (603259): Strong growth in innovative drug services, aircraft carriers maintain leading positions

WuXi PharmaTech (603259): Strong growth in innovative drug services, aircraft carriers maintain leading positions
Event: On October 30, 2019, the company released the 2019 third quarter report.In the first three quarters of 2019, operating income was 92.79 trillion, an increase of 34 in ten years.06%; net profit attributable to mother 17.65 ppm, a reduction of 8 per year.46%; net profit deducted from non-attributed mothers17.140,000 yuan, an increase of 36 in ten years.88%. The non-net profit growth was strong, and the carrier of innovative drug services maintained a leading position.The company’s revenue has continued to grow rapidly, achieving a revenue growth rate of more than 30% for two consecutive quarters, and the third quarter revenue was 33. 8.4 billion (34.72% +).We expect the company’s various business segments to maintain a strong development momentum, and the trends are basically the same as in the first half of the year.Attributable net profit decreased slightly by 8.46% to 17.65 ppm was mainly due to the loss of zero change in the fair value of the investment target of the company.45 ‰, a significant decrease of 7 previously.1.4 billion.The net profit after deducting non-attribution to mothers increased by 36 each year.88%, of which the net profit of non-attributed mothers in the third quarter reached 7.2.1 billion (69.63% +), non-profit growth performance in the quarter was outstanding.Non-IFRS attributable to parent net profit increased by 38.0% to 18.42 trillion, of which 50 in the third quarter.2% to 6.6.4 billion, outstanding performance.In 2019, the company continued to implement the “integrated, end-to-end” R & D platform synergy strategy. In the first three quarters, the company added more than 900 customers and more than 3,700 active customers, helping customers complete clinical trial applications for 16 new research drugs.And obtained clinical trial licenses for 20 projects.As of September 30, 2019, the company has gradually completed the clinical trial application for 71 new research drugs for domestic customers and obtained 54 clinical trial licenses; the small molecule CDMO / CMO service project has gradually increased the number of suspected new drug molecules by more than 900Of them, of which 40 are in phase III clinical trials and 17 have been approved for listing; the company’s cell and gene therapy CDMO platform provides services for 24 phase I clinical trials and 9 phase II / III clinical trials. The company’s overall gross profit margin for the first three quarters of 2019 was 39.51%, which has continued to increase since 2019. The three 天津夜网 basic expenses and income maintained the same proportion increase, of which the management and R & D expense ratio was 15.56%, sales expense ratio 3.38%, basically basically stable; financial expenses from 0 in 2018Q3.05% resumed -1 in 2019Q3.08%, it is expected that the unused raised funds will be deposited in banks to increase interest income.Net cash flow from operating activities.7.3 billion (93.31% +), the strong growth of all business segments led to the sales of goods and the provision of labor services to offset the purchase of goods, and the increase in net cash paid for labor services. Earnings Forecast and Estimate: We expect operating income for 2019-2021 to be 123.7 billion, 155.8.4 billion and 196.740,000 yuan, an increase of 28 in ten years.67%, 25.99%, 26.24%, net profit attributable to mother is 22.7.2 billion, 29.5.7 billion and 38.49 ppm, an increase of 0 in ten years.50%, 30 after adjustment.16% and 30.17%.The revenue end of the company is expected to maintain a rapid growth trend, but the net profit and profit attributable to large one-off changes in fair value in 2018 will not be able to keep pace with revenue growth. We expect that the company will basically maintain a synchronized high growth after adjustment.The company is the most innovative pharmaceutical industry chain enterprise with the strongest innovation ability. The industry is in a high prosperity. The company’s industry leader is stable and maintains a “buy” rating. Risk reminder: the risk of intensified market competition in the pharmaceutical R & D service industry; the safety and environmental protection risks in the drug production process; the technical risks in the contract execution process; the exchange rate fluctuation risk.

Yanjinpuzi (002847): New strategy continues to verify that profitability has improved significantly

Yanjinpuzi (002847): New strategy continues to verify that profitability has improved significantly
Event: The company released the 2019 annual report performance forecast, which is expected to achieve net profit attributable to mothers1.2-1.3 ‰, an increase of 70 in ten years.2% -84.4%, profit performance exceeded market expectations. The new strategy is advancing steadily and revenue is growing rapidly.1. After more than two years of strategic optimization and adjustment and continuous consolidation of the foundation, new product strategies, channel strategies, and regional development strategies have achieved initial results. The scale of operating income has accelerated since 18Q2, and especially offline has maintained relatively rapid growth.2. It is estimated that the annual revenue growth rate in 2019 will be about 30%. Among them, e-commerce has cut off non-profitable products due to product phase adjustments. There has been a phase shift. It is estimated that the revenue in 19 years will not exceed 1 billion, and the distance is close to 40%.Offline still maintains a rapid growth of more than 40%. Offline continued to maintain high growth.The offline growth comes from: 1) Category expansion: The company’s category has expanded from a single dry and miscellaneous category to multiple categories. At present, the second curve of casual baking has entered a fast-growing track. It is estimated that the volume of baked bread in 19 years will be more than 400 million, and the period will increase.Above 120%, baked potato chips have also achieved rapid volume, which is expected to contribute more than 80 million income (+ 120%); dry and miscellaneous species are still growing steadily, about + 10%; spicy bars are affected by 315 and progress is slightly slower and is still being cultivatedin.At present, the company has extended the category to the nut field and launched the current hot product-Daily Nuts. It hopes to use the existing channels to achieve volume distribution.The company’s product matrix is rich, and the main product categories are ranked second to ensure stable revenue growth. 2) Terminal construction: The company’s terminal display model has been upgraded to form a unified Yanjin shop snack shop and a Mr. Dou bakery.The new version 0 model, one in one, one in the west, and the two islands joined forces to settle in the supermarket, bringing more and more single stores.At present, the company has reached a leading cooperation strategy with BBK, Yonghui Supermarket, China Resources Vanguard, Carrefour and other chain supermarkets to rapidly advance the dual island strategy.At present, there are more than 8,000 stores in the island, which effectively improves terminal sales.3) Channel expansion: The company has formed a certain brand awareness and stable expansion model through direct sales. At present, the company has achieved rapid expansion by increasing the proportion of distribution. At present, the distribution: direct sales has reached 55:45, and the promotion speed has significantly increased.Central China and South China mature areas continue to deepen, while the company accelerates the development of new markets such as Southwest + East China, Shandong, Zhejiang, Anhui, Jiangsu, etc. At present, the company has entered more than 10,000 supermarkets, and 50,000 national supermarkets still have blank markets to be explored. The gross profit margin was controlled to control the expense ratio, and the net profit margin continued to improve.1. The company’s highest net profit is 1.2-1.300 million, if you add 29.29 million yuan of equity incentive expenses, the true net profit is 1.5-1.600 million, previously + 113%-127%, net interest rate from 6.3% increased to 10% -11%, the net interest rate increased very significantly.2. 武汉夜网论坛 The improvement of net profit margin mainly comes from: 1) the improvement of gross profit margin of baking, and the increase in sales leads to the realization of scale effects. It is estimated that the gross profit margin of baking has now increased to 38% and has achieved profitability; 2) continuous optimization of internal management and resource allocation,Pay close attention to the expenditure budget ratio, better cost savings and cost control, and the cost rate has steadily decreased; 3) The channel structure has changed, the distribution ratio has increased, and the net interest rate of the distribution channel is higher than that of the direct management; 4) The subsidiary Jiangxi Yanjin obtainedScientific research enterprise certification, calculated according to 15% of the company’s income, to obtain income 返回码: 404 网站打不开?重查 benefits. The business model has been confirmed to be feasible, the speed of advancement has been accelerated, and performance growth in the next three years is guaranteed.1. After more than two years of adjustment, the company has formed a new model of feasible product portfolio + channel layout + marketing strategy, and has verified the feasibility of the new business model through more than a year of rapid growth, and through expanding investmentIn order to achieve rapid advancement, the second largest volume of products, the orderly development of the national market, the income end will achieve explosive growth of more than 30% in three years; 2. The company invested earlier in the previous period due to market development and new product developmentMultiple expenses have led to stagnation or increase in profit growth. Through volume growth, the scale effect of the company’s production and sales ends gradually realized. The profit end ushered in an inflection point in 19Q2 and continued to improve. It is expected to reach a net interest rate of 15% in the future.The next three years will be the expected three years for the company to consider both scale and efficiency. Earnings forecasts and investment advice.It is expected that the compound growth rate of revenue for 2019-2021 will be 32.5%, the compounded growth rate of net profit attributable to mother is 55.6%, EPS is 0.98, 1.42, 2.07 yuan, corresponding to PE is 39X, 27X, 18X, maintaining the “buy” level. Risk Warning: The price of raw materials may fluctuate greatly, and the selling situation of baking may be lower than expected.

Zhongzhi shares (600038): Harbin branch’s high-speed growth helicopter leader takes off again

Zhongzhi shares (600038): Harbin branch’s high-speed growth helicopter leader takes off again

Event: The company released its 2018 annual report, which achieved a total of 130 operating income in 2018.

66 ppm, a ten-year increase of 8.

44%, net profit attributable to mothers5.

10,000 yuan, an increase of 12 in ten years.


Basic income is 0.

8657 yuan / share, an increase of 12 over the same period last year.

06%, expected average net asset income increased by 6.


The Harbin branch grew rapidly, and the helicopter leader took off again.

In 2018, the company’s Harbin branch obtained operating income44.

9 trillion, of which foreign trade income was as high as 42.

20,000 yuan, with a total operating income of 34 in 2017.

36 billion 北京夜生活网 percent increased 31%; and Jingdezhen’s 2018 revenue was 84.

680,000 yuan, compared with 84 in 2017.

The 18 ppm ratio increased only slightly.

Harbin branch made total profit in 20181.

2.2 billion, compared with 0 in 2017.

73 billion dollars increased by 0.

49 ppm, an increase of 67 in ten years.

12%, and the Jingdezhen branch made a total profit of 4 in 2018.

80,000 yuan, compared with 4 in 2017.

47 billion dollars increased by only a small amount, an increase of 7.


We believe that the rapid growth of the Harbin Hai Branch’s revenue has benefited from the commissioning of new products. The new layout developed by the company is located in the gap of ten-ton helicopters, which will bring new growth points to the company after large-scale production.

The company’s gross profit margin is normally fluctuating and is expected to enter an upward channel in the future.

The company’s gross profit margin in 2018 was 13.

93%, compared with 15 in 2017.

34% fell slightly, but it was still in the normal floating range.

The company’s main business aviation products contributed most of the gross profit, and its gross profit margin was 13.


The company’s existing core products are in the leading position in technology in the country, and through the adjustment and development of its product structure, the company’s main product model upgrades have been gradually completed, but a more complete helicopter pedigree, which basically forms a “one machine with multiple types, seriesDevelopment “.

We expect that the stable installation of new products in 2019 will increase the company’s gross profit margin, and the company will be able to embark on advanced technology and perfect products in the future and maintain stable growth in the next three years.

Cost reductions and efficiency gains have initially achieved results, significantly increasing company profits.

The company’s financial expenses in 2018 were -1,294.

230,000 yuan, 68 compared with the same period last year.

750,000 yuan decreased by 1,362.

970,000 yuan, the initial reduction in financial expenses is the reduction of supplementary expenses; the company’s 2018 research and development expenses3.06 trillion, compared with the same period last year 4.

09 billion US dollars fell by 25.

14%, the initial reduction in R & D expenses is that some R & D projects have been completed and the R & D expenses have been extended.

In addition, the company’s selling expenses were 11,938.

120,000 yuan, 11,722 compared with the same period last year.

470,000 yuan increased by 215.

660,000 yuan, an annual increase of 1.

84%, management costs 8.

90,000 yuan, an increase of 21 over the same period last year.

68%, but the total period cost is 13.

30,000 yuan, an annual increase of 3.


The Sino-US helicopter difference has broken through, and the company will fully benefit from the development of military and civilian helicopters.

The difference between the current helicopter and the United States breaks through. According to “World Air Force 2018” statistics, the number of U.S. military helicopters is 5,427, and the number of domestic military helicopters is 884, which is only 1/6 of the United States.The second and third generations followed; the number of U.S. registered helicopters was 13,170, and China’s was 1054, which was only 8 of the United States.

00%; China has only 0 in the number of helicopters per million people.

76 aircraft, 1 for the United States.


In addition, most of the domestic civilian helicopters are produced by foreign manufacturers, and the domestic market share of domestic independent brands is less than 10%. The domestic substitution demand is urgent.

The company currently has a complete AC series civilian helicopter pedigree with sufficient capacity. We expect the company to expand the market share of civilian helicopters in the field of civilian helicopters in the future, fully benefit the military-civilian integration and usher in a new round of growth.

Profit forecast and investment advice: We predict that the company’s realised revenue for 2019-2021 will be 163.



91 ppm, an increase of 25 in ten years.

25% / 26.

32% / 26.

69%; net profit attributable to mother 6.



25 trillion, an increase of 25 in ten years.

01% / 26.

57% / 26.

89%; EPS corresponding to 19-21 years are 1.



74 yuan.

Maintain “Buy” rating.

Risk reminders: The new budget is not as good as expected; macroeconomic risks; raw material replacement and price fluctuation risks; product quality and production safety risks.

Perfect World (002624) 2018 Annual Report and 2019 First Quarterly Report Review: New Tour Launches to Drive Q1 Growth 19 Years

Perfect World (002624) 2018 Annual Report and 2019 First Quarterly Report Review: New Tour Launches to Drive Q1 Growth 19 Years

Incident Description The company released its 2018 annual report on April 30, which stated that the company achieved operating income of 80.

34 ppm, an increase of ten years.

31%; net profit attributable to shareholders of listed companies17.

0.6 million yuan, an increase of 13 in ten years.


The company intends to distribute cash to all shareholders for every 10 shares1.

80 yuan (including tax).

Incident Comment 18Q4 revenue rebounded, R & D and investment income caused profit changes.

1) The company achieved operating income of 25 in the fourth quarter of 2018.

2.1 billion (QOQ36.

An increase of 53% 4.

79%) realized net profit attributable to mother 3.

8.9 billion (QOQ -27.

42% / Year-on-Year.


Q4’s revenue has picked up, but the reason for the change from the mother’s quarterly basis is that 18Q3’s company confirmed a small shareholding in Zulong and the global film revenue (3.

1.7 billion), the investment income in the fourth quarter decreased by 2 from the previous quarter.

2.3 billion; 18Q4 company’s R & D spending increased by 1.

9.4 billion.

2) The company’s comprehensive gross profit margin in 2018 was 55.

81% (1% year-on-year.

55%), sales / management / R & D and financial expense ratios are 10 respectively.

95% (+1.

58%) / 8.

77% (-0.

84%) / 17.

59% (1.

05%) / 2.

09% (-0.


3) Report that the merged company transferred the hospital line assets to the controlling shareholder, resulting in the business H2 not being merged, excluding it affecting the company’s 18-year revenue growth6.

20%; the proportion of goodwill in total assets dropped to 5 at the end of the 18th after the circuit was released.

83% (-6.

47%) with a book value of 9.

32 billion.

The mobile game was biased to the top, and the new game in 19Q1 countered strongly.

1) In the reporting period, the company’s game business realized revenue53.

89 billion (YOY-4.13%), gross margin 66.

97% (+ 1% year-on-year.

90%); mobile games are affected by the suspension of the version number approval of the new game on-line process, mainly rely on “Xianxian mobile games” and other classic old games and H1 launched “reincarnation formula”, “like fire”, “Wulin Waichuan mobile games” and other contributionsTo achieve income 27.

11 billion (YOY-11.

94%), with a gross profit margin of 63.

18% (+4 compared with the same period last year).


2) The company newly launched “Perfect World Mobile Games” in March of 19th. In the first month of the first month, the app store ranked first on the best-selling list for 19 days.

In addition, the company will continue to develop market segments in 19 years, and it is expected to launch “New Demon Continent” (opened in May), “The Condor Heroes 2”, “Dream Collection Cygnus”, “Xiao Xiao Ao Jiang Hu”, etc.

3) Report a series of company terminal games and console games to achieve revenue21.

96 billion (year-on-year)

28%), 4.

6.3 billion (YOY-10.

99), gross profit margin 73.

57% (-2.

02%), 58.

83% (-2.


Launched “Deep Sea Trek Subnautica” in 18 years, launched “Very Heroes Unruly Heroes” in 19Q1, and researched products “New Legend World”, “Perfect World Console” “Don’t even think about it” and so on.

The company and Valve jointly established Steam China and participated in the 19-year “DOTA2” International Invitational Tournament. They are committed to continue to consolidate the company’s advantages in the field of end-games and e-sports, and at the same time leverage the Steam platform to conduct external cooperation such as product introduction and conversion.

The performance of the TV series is dazzling, and the series has established a head content advantage.

1) Report a series of company film and television business to achieve revenue26.

11 billion (year-on-year 14.

67%), gross margin 33.

50% (-5.

78%); income excluding cinemas is 21.

05 billion (YOY46.

71%), mainly benefiting from the good performance of the company’s top-quality dramas. The “Mother’s Road”, “Sweet Honey and Ember Frost”, “The Sharp Blade Attack”, and “Return”, which were broadcast in 18 years, all entered the viewing and webcasting TOP20;”Brave Heart 2″ and “The New Youth of Glorious Trends” have also contributed to good performance, reporting the company’s TV drama business realized revenue.

4.9 billion (55 percent year-on-year.


In 19 years, the script series “Youth Fight”, “The Most Beautiful Youth”, “While We Are Young”, etc. have been broadcast.

2) The performance of the company’s artiste agent’s variety show is stable, and the income in the report period1.

94 billion (year-on-year) 8.

58%), invested in the production of “Longing for Life 2”, “Extreme Challenge 4”, etc .; in terms of movies, NetU’s “Soul Ferry ·四川耍耍网 Huangquan” became the headline box office movie for 18 years, and the film “Shadow” achieved box office 6.

2.9 billion (cat’s eye data).

Investment suggestion: The company will achieve operating income of 20 in 2019Q1.

42 billion (year-on-year)

26%), net profit attributable to mother 4.

86 billion (34 compared to the same period last year).

“Perfect World Mobile Games” has a strong on-line performance, and Q2 is expected to continue its growth; strategic cooperation with Google to accelerate the game’s going to sea.
The company expects EPS 1 in 2019-21.



00, corresponding to April 30 lasts 28.

26 yuan, 19-21 PE 18/16/14.

The company’s game business leader has obvious advantages, while the film and television business can be steadily stable, focusing on boutique strategies to build head advantages against the trend.

Maintain BUY rating.

Risks: Uncertain policy changes, project and product progress are less than expected