Thousands of dollars per night hotel,Not afford to live,Really stayed for one night,May be so distressed that I can’t sleep for two nights。Thanks to Hu,Can experience what a five-star hotel is like。

“Because you didn’t expect your girlfriend to come, Brother Wang,Booked five rooms,Do you want to open one more room?”Populus joked。
Wang Libo waved his hand quickly,It means they can live in one room。
Everyone else showed ambiguous eyes,Smile but not smile。All adults,some things,Everyone understands。
Put your luggage,They have no rest,Go straight。
Chapter Two Hundred and Thirty Two Empty wine bottle
4SThe shop is everywhere,There is no need to run far,After meeting a sunny day,Let’s go together。
Sunny day is a cheerful and smiling girl,This kind of girl who is a little bit fleshy,Very cute。In the words of many men,Comfortable to hold。Especially when she laughs,Very therapeutic。
“Please!Exercise more!You get so fat,No one loves it。”Mu Yi told her。
“Mu Yi,I found that you are starting to become my black fan!”Sunny day to him。
Hear the conversation between the two,Everyone knows,These two guys usually fight each other。And only people who are really close,So I’m not angry。

Chapter 581 Qianqian’s Choice

Tujia in Lingxiao City?
Seems to have some influence,In a certain city in Zhongyu,And their patriarch is a genuine warrior who asks the gods。
Feng endless coughs twice:“That one,Besides seeing how you live,One more important thing,Even more important than you。”
“I want to take Qianqian away!”
“No way!”Xia Chenglong refused decisively。
No one can take Qianqian away from him,This is the only flesh and blood of his brother,Never allow any mistakes。
to be frank,Feng endless still understands Xia Chenglong’s mood,After all he understands his past。
“you need to know,This little guy has innate spiritual roots,And there seems to be an energy of the other two in her,You should feel this too!”
So what?
About Qianqian,Xia Chenglong can indeed observe,As the direct blood of the Zhao family,She does have a lot of secrets。
It’s just that it doesn’t mean she has to take on those things!
“No way!”
“Xia Chenglong,You can,Your brother can,I can too,Can lose his life for the whole of China,As a man of great china,Why can’t Qianqian?”
Feng endlessly said the most sincere words in my heart!
Their existence is indeed for the prosperity of this country,But what did you get in the end?

The huge flying ship floats above the city,Generally, only flying boats like the Super Bowl or major events will be dispatched,There is no advertising around this time。

Flying boat parked in the air,Suddenly there is a small shadow falling。
People accident,But did not choose to evacuate immediately,Maybe most curiosity is like this。
Until someone uttered an exclamation first,Then more and more people joined it。
The flying boat in the sky is falling with cash,A lot of cash is falling from the sky,The people are completely crazy about it。
God-given,To be blamed。Who would ignore this in vain benefit??
Pieces of crowds raised their hands high,Even if the cash falling in the sky still has a long distance to fall,But people have begun to raise their hands,Desperately wanting to follow the falling cash,Closer。
With the first cash falling into the crowd,The people who stopped on the street were completely crazy。
The state of the crowd is close to madness,It’s like a crisis。
“See!This is the lovely poor people,How cute they look!”
Ivincent sitting in a corner smiled and said to Robinson。
Robinson smiled disapprovingly,But the picture sent back through the broadcaster on the flying boat,The picture in the crowd is indeed scary。
“They are very forgetful,At least at this moment these people have no fear in their minds。But these people are also stupid,They don’t know that in this cash rain everyone can grab at most a few hundred yuan,They work so hard!”
Robinson looking at the monitor,Said rather helplessly。

After talking about Sartu, he winked at the soldier behind Qiao Tianyu.,The soldier knows,Come up with a stride,Put his hand on Qiao Tianyu’s shoulder。

Qiao Tianyu understands,If I dare to take a step forward without authorization,I’m afraid this arm won’t belong to me in the next second。
“Haha,Prince sartu,Since you are so confident,Why care so much about the person in the business card,I bothered you to go out to meet you personally?”Qiao Tianyu smiled。
“you.”Prince Sartu was choked for a long time without speaking。
He looked down and thought for a while,Finally waved his hand,Retired the soldier,Took Qiao Tianyu into his office.
First0179chapter Declare war on sovereign wealth funds
There is no doubt about the luxurious decoration of the office of Prince Sartu,Look around,It’s all golden and dazzling,The level of luxury is by no means comparable to the Golden Temple of the Forbidden City in China。
In fact, it can also be seen from this aspect that the Middle Easterners,Especially the Saudi royal family’s love for gold,Can understand that5000The temptation of tons of gold for them is so great!
“Speak,What’s the matter with you?”After entering the office,Prince Sartu is not friendly,Not even a cup of coffee,Don’t let you sit,Said bluntly。
And at this moment,Qiao Tianyu heard a panic running and pulling the bolt from outside the office,It seems that the soldier just now called to support the troops,You can rush in every minute,Breaking the bodies of Qiao Tianyu and Andre into pieces。
But Qiao Tianyu was not scared by this precarious situation at all,And behave more calmly。
I saw him take out a document from his briefcase and threw it on the table,Then sat down on the sofa,Unceremoniously picked up a bottle of mineral water from the table,After opening it gurgled for a long time。
This spooky weather,It’s so hot!

So they don’t have any other ideas,Just tell them:“If you stay in the car for one night, you might really freeze to death,After all, the weather is getting colder now,And even if we gave you the quilt。

Now the car has broken down,Are you two really going to freeze to death here?”Then they said that let Yiming and Chu Yao stay in their place for one night,And they think their place is safer。
Just give them a small room,Carefully guard it then,Or be more vigilant,Nothing else will happen,What’s more, they didn’t think that these two people could make any waves.。
At least if they really do something,They can easily subdue the two of them,By the time,They will be punished for the two of them so that they understand what kind of consequences it is to lie to others。
Or let them know what will happen if they come here as an undercover agent,They are definitely not soft-hearted people,If you really meet an undercover,They will never let them go easily。
It’s just that the two of them feel that they accidentally hit two people just now,And injured both of them,If you really stay in the car for one night,Might really freeze them to death,Although not a soft-hearted person。
But sometimes they have some spirits,They feel that even though these two people were beaten by them,But very polite,And he didn’t speak wild words to them,Or to anger them。
Several of them think these two people are pretty good,In fact, everyone’s heart is a soft place,If you are treated politely,Then they are also very loyal。
It’s just that they do too many bad things,So sometimes I often forget what my nature is like,Sometimes I forget what I looked like in the beginning because of other things,So I lost a kind heart。
But if someone really triggers a soft place in their heart,They are still very capable of doing what they should do,Or can have a good heart。
For example, now they really don’t want these two people to stay in the car for one night,Because if it’s really frozen,Some of them will feel a little bad,So I told them to let them go to their residence。
I will listen to Chu Yao just one night,But although the two of them are very happy,But on the surface he still pretended to hesitate,Then the two men whispered and discussed。
Finally turned his head,Then Yiming told these people:“Brothers, you really are not robbers, are you?,Or you guys are not coveting anything,This car and some of our money can be placed on you。
But please don’t hurt our people,Although there are some offensive things,But the two of us did meet too many bad guys,So I dare not easily borrow and live in other people’s homes。

WuXi PharmaTech (603259): CRO & CMO Tap: Keeping track of the past

WuXi PharmaTech (603259): CRO & CMO Tap: Keeping track of the past
Investment highlights for the first time covered the recommended grade given by WuXi AppTec (603259) with a target price of 108.00 yuan, corresponding to 55 times the price-earnings ratio in 2019.The reason is as follows: With the global order transfer + domestic transformation demand, China’s CRO & CMO rise rapidly.The seriousness of new drug research and development, the continuous expansion of research and development, and the termination of a large number of innovative drug patents have led to an increase in cost control intentions of innovative drug companies, while the cost advantage of expanding business in Asia is obvious.After 2015, the national transformation policy encourages and the acceleration of imports will force the average value to push the expectations of domestic pharmaceutical companies to replace third-party breakthroughs, and China’s CRO & CMO industry is gradually rising rapidly. The industry chain extends from top to bottom, transforming from customer needs after going.The company is the first domestic CRO & CMO leading company in the world.Since its establishment in 2000, the company’s business has continued to extend from the upstream to the downstream of the industrial chain. At present, the business has covered all areas of CRO and CMO.The advantages of customers accumulated in the upstream of the industrial chain gradually, and the company gradually promoted the downstream conversion of customer orders.At present, the company has achieved significant transformation results in the CMO field. At present, the CRO field layout has been completed, and the order conversion in the research field is worth looking forward to.In the future, the company’s orders 南宁桑拿 will continue to be converted downstream, customers will continue to increase, the scale of orders will continue to increase, and the added value of expanding business will be a step further. Establish a drug research and development ecosystem, from capturing demand to creating demand.Business scale. After 2011, the company began to increase research and production outsourcing in the medical device, cell, and gene therapy fields in the United States, strengthening the company’s advantages in scale in a wider range.Customer scale, gradually improving The company gradually improves the long-term value of small and medium-sized customers, taps potential needs, uses the experience and historical data accumulation of the entire pharmaceutical R & D industry chain, actively nurtures and accelerates the progress of customer R & D, and truly realizes the reduction from capturing demand to creatingdemand. What makes us different from the market?Analyze the scale effect of the company’s industrial chain extension from the two lines of R & D and production; compare and subdivide the industry chain layout modules of some peers. Potential catalysts: expansion of CMO production capacity and development of clinical CRO. Earnings forecasts and estimates We expect the company’s EPS for 2019-2021 to be 1.96 yuan, 2.44 yuan, 3.01 yuan, CAGR is 24.09%, current A shares are expected to correspond to 45/36 times P / E in 19/20, and current H shares are expected to correspond to 43/34 times P / E in 19/20.The company’s huge investment income of US $ 600 million in 2018 led to a substantial increase in the company’s profit for the year.Taking into account the certainty of the company’s CRO / CMO business growth and the role of the future domestic demand for innovation to promote the company, the first coverage of the target price of 108 yuan (corresponding to 55/44 times 19/20 P / E, 215% upSpace), giving H shares a target price of HK $ 120 (corresponding to 54/44 times 19/20 P / E, 27.1% upside), given A / H shares recommended rating. The volatility of risk outsourcing business orders, foreign exchange risks, and restricted stocks are lifted from listing and circulation.

Qianfang Technology (002373): Interim report performance in line with expectations One-wing strategy has achieved initial results

Qianfang Technology (002373): Interim report performance in line with expectations One-wing strategy has achieved initial results

The company achieved operating income of 35 in the first half of 2019.

USD 8.6 billion, an annual increase of 24.

74%; net profit attributable to mother 3.

7.4 billion US dollars, an annual increase of 30.

46%; net profit after deduction 3

13 trillion yuan, an annual increase of 37.

06%; the company achieved operating income of 19 in the second quarter.

4.2 billion, an annual increase of 23.

21%, net profit 2.

2.2 billion, an 南宁桑拿 annual increase of 19.


Net cash flow from operating activities in the first half of the year was -1.

2 billion, an annual increase of 82.

33%; net assets attributable to shareholders of listed companies 83.

4 billion, an annual increase of 4.


The 2019H1 performance is in line with expectations, and the “one body and two wings” strategy has achieved initial results.

We believe that the growth of the company’s performance is mainly due to the stable development of the company’s two core businesses, of which the smart transportation business achieved revenue18.

4.7 billion, an annual increase of 23.

25%, gross margin 27.

88%, a decline of 0 every year.


The major companies reported that while undertaking multiple benchmark projects, they also strengthened the order selection and cash flow 杭州桑拿网 management of smart transportation projects, and the operating cash flow improved significantly.

At present, the company has sufficient orders in hand. It is expected that the performance in the second half and next year will maintain steady growth.

Revenue from smart security business17.

3.7 billion, an annual increase of 26.

19%, gross margin 33.

71%, down 2 each year.

41 points.

Yushi Technology ranks fourth in the global video surveillance equipment market. The company’s overseas business structure has gradually matured. The reported growth of overseas business has grown by 64%. The gross profit margin of overseas sales has been slightly lower, resulting in a decrease in the overall gross profit margin of the company’s intelligent security business.

We judge that the security business is gradually picking up, and the growth rate of Yushi Technology is expected to maintain.

In addition, the company seized the strategic potential of 5G and AI, and actively deployed the visualization of the intelligent IoT and intelligent connected car industries; continuous development of research and development.

Report major company R & D investment 3.

80ppm, an annual increase of 39.


In the field of smart transportation, the company has established a research and development system based on product research and development centers, and has successfully launched products and solutions in various fields such as automotive electronic signs and V2X; in the field of intelligent security, Yushi ‘s “two institutes and six institutes” have perfect R & D layout, Formed the U-IPD process, increased innovation in the field of artificial intelligence, the best results of computer vision and deep learning algorithms in the MOT challenge, and achieved breakthroughs in AI applications; ETC business has brought new opportunities for the company.

With the release of the “Promotion of Implementation of Expressway Electronic Non-stop and Express Toll Application Service Implementation Plan”, the cancellation of toll stations at expressway borders in 2019 will drive a blowout in the ETC market. It is expected that ETC users will exceed 1 by the end of 2019.

8 billion.The company has been deeply involved in the ETC market for many years, and has currently supplied or won the bid to shortlist 17 provinces including Shandong, Yunnan, Shanxi, and Heilongjiang.

Report core companies with 1.

18 ppm increased capital in Shandong Expressway Xinlian Payment Co., Ltd. to further strengthen its strength in the ETC field; Ali’s 3.6 billion euros invested in shares have significant advantages in collaborative development.

The reporting company dated Ali to become the two largest shareholders. The two sides formed a joint working group and established a regular communication mechanism. They worked closely on areas such as artificial intelligence and edge computing to form a complete chain covering the cloud, edge, and end.Vehicle-road collaboration solution, Chengdu TOCC project has entered the implementation stage as a typical case; the company is the A-share intelligent transportation and vehicle-road collaboration high-quality standard, and is given a “strong recommendation-A” investment rating.

The company is expected to have a net profit of 9-21 years.

6.4 billion, 12.

04 billion, 15.

2.2 billion yuan, corresponding to 22 PE.

9, 18.

3, 14.

5 times, give “strong recommendation-A” investment rating; risk warning: cooperation with Ali advances less than expected, trade friction affects smart security business development

Haida Group (002311): Feed breaks through 1,000 tons and all businesses grow

Haida Group (002311): Feed breaks through 1,000 tons and all businesses grow

Report Summary: On the evening of April 15, the company released the 2018 annual report, and the company realized sales income of 421.

570,000 yuan, an increase of 29 in ten years.

49%, net profit attributable to mother 14.

37 ppm, an increase of 19 in 深圳桑拿网 ten years.


Dividends are paid every 10 shares3.

0 yuan (including tax), the average return on net assets is expected to increase by 20.

twenty one%.

Feed sales have entered the 1,000-ton class, and livestock and poultry aquatic materials have increased in an all-round way.

The company achieves a feed sales volume of 1070 per year, an annual increase of 26%.

Among them, the sales volume of aquafeed is 311 every year, which is 23% year-on-year.

Optimized structure of aquatic feed, yoyo of special aquatic feed is nearly 40%; sales of pig feed is 232 tons, yoy is 53%, far exceeding the industry average; poultry feed sales are 527, yoy is 19%, while traditional dominant breeds are growing steadily while broiler feed is increasingNearly 40%.

The gross profit margin of the feed sector was 11.

04%, a decrease 夜来香体验网 of 0 per year.

52 quantities, of which the gross profit margin of pig feed and aquatic feed declined, the increase in poultry feed, and the decline in gross feed profit of pig feed were the main factors that caused the overall gross profit rate of feed to decline.

The dynamic insurance business has grown steadily, and Southeast Asia is expected to become a new growth point.

Realization of revenue from the dynamic insurance business 4.

7.3 billion, an annual increase of 19.

82%, gross margin 47.


The dynamic insurance business is not only an independent profit point, but also a synergistic auxiliary section of the feed business. The company’s strong service system and high costs have been reorganized. The dynamic insurance and feed business promote each other.Sales of aquatic products in Southeast Asia will become a new bright spot for growth.

The cost control of pig farming is excellent, and the gradual volume can be expected.

The company produces 700,000 live pigs, an annual increase of 52%; about 200,000 are self-bred and fattened pigs and piglets, and about 500,000 are in the “company + farmer” model.

The “company + farmer” breeding cost has effectively decreased gradually. In the second half of the year, the breeding cost was controlled within 12 yuan / kg, and the pig breeding sector had more than 800 people, an increase of nearly 80%.

In addition, the poultry processing business achieved revenue in 20185.

$ 6.5 billion, a year-on-year increase of 279%, deepens the company’s understanding of slaughtering, meat processing and food businesses.

Continued high R & D investment and guaranteed core competitiveness.

18 years of research and development funding is 3.

1 ppm, an increase of 21 in ten years.

76%, accounting for 0% of revenue.


Continued high R & D investment ensures that the company has a comprehensive competitive advantage in aquatic seed, feed, animal health, and breeding models.

Profit forecast: It is estimated that the net profit attributable to mothers will be 19 in 2019-2021.



800 million, EPS is 1.


79/1.69 yuan, P / E is 22.



5x, maintain “Buy” rating.

Risk reminder: the risk of rising raw materials, natural disasters, pig production is not as expected, etc.

Depth-Company-Tianshun Wind Energy (002531): Various businesses actively reported better than expected results

Depth * Company * Tian Shun Wind Energy (002531): Various businesses actively reported positive results and slightly exceeded expectations

The company released its 2019 Interim Report, with a 38% increase in earnings slightly ahead of expectations.

The company’s overall business is positive, which is expected to benefit from the increase in wind power demand and its own capacity expansion; maintain a BUY rating.

Key points to support ratings Earnings growth of 38% in the first half of the year was slightly higher than expected: The company released its 2019 Interim Report, with revenue of 24 in the first half.

7.7 billion, an annual increase of 53.

26%; net profit attributable to shareholders of listed companies3.

34 ppm, an increase of 38 in ten years.

42%; profit after deduction 3.

160,000 yuan, an increase of 41 in ten years.


Among them, 2019Q2 was profitable 2.

47 ppm, an increase of 54 in ten years.


The company’s performance slightly exceeded market expectations.

Wind tower production and sales have steadily increased, and production capacity has continued to expand: After the expansion and expansion of Taicang, Baotou, and Zhuhai production centers in 2018, the company’s tower tube capacity has increased compared to the same period last year.

The output of the company’s wind towers and related products in the first half of the 北京夜生活网 year22.

24 carats, sales of 20.

38 each year, with an increase of 43 each year.

39%, 21.

74%; realized operating income 18.

750,000 yuan, an annual increase of 42.

72%; gross profit margin 20.

48%, basically stable every year.

In addition, the company’s newly-built Wucheng 10 is expected to have a tower throughput expected to be put into production at the end of this year. After completion, the company’s existing competitive advantages will be gradually strengthened and its performance will gradually be increased.

The new wind farm grid-connected drive high growth in power generation revenue: Benefiting from factors such as the 50MW Licun Phase II, 100MW Nanyang, and 150MW Tancheng wind farms being connected to the grid between 2018H2 and 2019H1, and wind conditions, the company’s power generation business 佛山桑拿网 performed well in the first half of the yearAchieve online power 5.

6.8 billion kWh, realizing revenue2.

78 ppm, an increase of 78 in ten years.

84%; gross margin 71.

57%, an increase of 4 a year.

55 units.

At present, the company has a wind farm grid-connected capacity of 680MW, and has 199 approved projects in hand.

4MW, still has better growth potential.

Blade revenue growth: In the first half of the year, the company’s blade product output was 86 sets and sales volume was 89 sets. In addition, the mold product production and sales were each 13 sets, and the blade business achieved revenue2.

US $ 5.3 billion, previously expected to grow 341%; benefiting from the maximum increase in production capacity, the gross profit margin decreased and increased3.

35 single to 29.


To estimate the company’s mid-term report and industry demand, we adjusted the company’s forecasted earnings growth for 2019-2021 to zero.


50/0.60 yuan (the original forecast data was 0.



54 yuan), corresponding to a price-earnings ratio of 16.



5x; maintain Buy rating.

The main risks faced by the rating are fluctuations in commodity prices; demand from the wind power industry is not up to expectations; wind farm profitability is not up to expectations; and new business layout is not up to expectations.

Ganfeng Lithium (002460): Multi-year cooperation with Volkswagen plans to further upgrade the global market

Ganfeng Lithium (002460): Multi-year cooperation with Volkswagen plans to further upgrade the global market
Event: The company reorganized with Volkswagen Millennium Strategic Cooperation.  According to the company ‘s announcement on the evening of April 7.The company and Volkswagen AG (German Volkswagen) have a long term “strategic cooperation memorandum”.According to the prompt, the company will supply lithium chemical products to Volkswagen and its suppliers in the next ten years.The two parties will establish a long-term cooperative relationship. In addition to the lithium material supply agreement, Germany’s large-scale replacement will cooperate with the company on the future termination of battery recycling and solid-state batteries.  Volkswagen is currently working on the development of new energy vehicles. According to the plan, VW will launch 80 electric models in 2025 to sell 1.5 million new energy vehicles in China.The company has become a Volkswagen lithium raw material supplier, and its business is expected to continue to grow in the future following Volkswagen’s expansion in the electric vehicle market.  To strengthen cooperation with world-class leaders, the company gradually increased its global market share.Prior to the cooperation agreement with Volkswagen, the company had reached supply agreements with LG Chem, BMW and Tesla in 2018.According to the contents of the agreement, the company will supply a total of 9 lithium carbonate and lithium hydroxide products to LG Chem from January 1, 2019 to December 31, 2025.26 per year, with an average of 1 per year.32 inches.From January 1, 2018 to December 31, 2020, the company provided Tesla with approximately 20% of its battery-level lithium hydroxide capacity.The cooperation agreement between the company and downstream giants shows that the company’s lithium salt products are highly recognized by the market, and the company takes the lead in the fast-growing new energy automobile industry.  The construction of solid-state battery production line is expected to benefit from cooperation between the two sides.The company’s continuous research and development of solid-state battery technology and the development of solid-state battery related fields with Volkswagen in Germany are conducive to the company’s rapid development of related technologies and the construction of production lines.The solid-state lithium battery submitted by the company for 18 years has good safety, high energy density and long cycle life. If the 19-year production line is successfully completed on schedule, the solid-state battery is expected to become the company’s future performance increase.  Resources are still 武汉夜网论坛 expanding to ensure the supply of lithium salt raw materials.On the mining side, the company will increase its stake in the main mine MT Marion to 50% and increase Pilbara’s share to 8 by increasing its holdings.37% (single largest shareholder).The company also has an underwriting agreement with Altura to underwrite 76% of lithium concentrate from 2019.The company’s control over lithium ore resources has been further strengthened.At the salt lake end, the company intends to increase its holding of a 50% stake in Minera Exar and obtain the first phase of the Cauchari-Olaroz project2.5 preliminary project 77.5% underwriting right, the project is expected to be put into production in 2020.  Looking ahead to 2025, lithium salt production capacity will move towards 20 insertion.The company issued an announcement on September 27, 18 to build 深圳spa会所 an annual output of 2.5 sample battery grade lithium hydroxide project.The company plans to form an initial lithium ore extraction capacity of 10 in 2025 and an initial LCE of salt lake production capacity of 10 called LCE.  Earnings forecast and grade: We predict that the company’s EPS for 2019-2021 will be 0.94 yuan, 1.30 yuan and 1.50 yuan, corresponding to the closing price of 29 on April 4.44 yuan, the company’s dynamic PE is 31 times, 23 times and 20 times.The company has successively entered into supply agreements with downstream leading companies, and the expansion is still continuing. The profit margin of lithium salts has gradually transformed into a decline in lithium concentrate prices and expansion. Solid-state batteries are expected to increase the company ‘s future performance and maintain the company ‘s “overweight” rating.  Risk reminders: risks of market changes in the lithium industry, risks of lithium resource development, environmental protection and safety risks, risks of exchange rate changes, risks of overseas operations, etc.