After turning to the empty Persian Gulf promenade,Michelle kept turning the throttle,And sit down on this KawasakiZZR 1100After roaring loudly,Speed only300Walk away。

To know,90KawasakiZZR 1100To exceed300Speed,Reelected5Year world“King of speed”title,At that time, it killed all supercars,evenF1The invincible existence of racing。
First experience that“King of speed”Speed,Tension from the beginning、Fear afterwards,To the later stimulation,Until the end became crazy。
Qiao Tianyu roared heartily、Release、Roaring,Will be depressed for a long time、dissatisfied、All the grievances were thrown into the Persian Gulf.
First0214chapter Mayflies can also shake big trees
After returning to the hotel,Take advantage of Michelle’s parking space,Qiao Tianyu ran back to the room,I quickly replaced the outfit just now。
“okay,What to change,Do you think i didn’t see it?So big!”Michelle on the park,Looking at Qiao Tianyu with a smirk,“how about it,Cool?”
“Cool.”Qiao Tianyu looked at Michelle with embarrassment,“What do you say?”
“I say a drive!”Michelle said with a smirk,“Hee hee,okay,Go secretly in the evening!Talk business,Did you meet the Rothschild family just now??”
“you.How did you know?”Qiao Tianyu was stunned。
It is said that Qiao Dahua once boasted to Qiao Tianyu,How many meters underground is the headquarters of the Fuxing Society?,How high the defense level is,What military fortification standards, etc.,It’s just one piece of iron!
But it’s just one piece of iron,How did Michelle learn about these things??
“Haha,Is it hard?”Michelle smiled,“As long as the KGB wants,CIA headquarters can also enter!”

“Cloud leadership,Think this is wrong?”Qin Feng also saw Yunfeng’s thoughts at once,So he asked like that。

“Why are there only three villages,I remember that there are four villages around your place,This helps each other,That’s also necessary?”Yunfeng and Qin Feng have different positions,So they consider different things。
“Ugh,Cloud leadership,I also said directly,I am an honest person,What do people do to me,I naturally treat others,Was Dachen Village willing to rent the place to me?,That is also irrelevant。”
Because business is not righteous,But when Xu Youling was leaving,To us all kinds of cynicism,I can’t get through this problem in my heart,I am also a layman,Expect me to give them any chance,That is impossible。
Qin Feng knows the idea of Leader Yun,But he can’t follow the other party’s mind。
Gentleman revenge,Ten years is not too late,But it is too late for him to get revenge for a year。
Dislike him so much,What help do you expect from him?,This thing is simply dreaming。
Yunfeng also discovered,Qin Feng’s character is a bit clearer。
If Qin Feng is one of his subordinates,He will definitely reprimand the opponent for not having a big picture,But Qin Feng is a free man,And belong to the owner of the startup,body
There are still many forces to support。
I want to reprimand Qin Feng like this,That’s purely asking for trouble,Yunfeng won’t do this kind of thing。
But Yunfeng is not good at expressing his position directly,Instead, he looked at Qin Feng and said:“Actually,Sometimes we still have to consider the overall situation,But how do you do,It’s up to you。”
Qin Feng was also a little surprised,He thought Yun Summit would scold him,But the situation is not as bad as thought,This person is also interesting。
People can be,Qin Feng can also be a man,He quickly said:“At the right time,I will take care of the overall situation。”
A simple sentence,If it’s inappropriate,It’s just the meaning。
The question is when is it right,When is it inappropriate,This is how Qin Feng feels。
Yunfeng suddenly changed the subject and said:“Is there any problem with you??”
“Have,If some formalities are possible,I hope it can be handled easily,I need some legal policy support here,As for paying taxes,It will definitely pay taxes in accordance with relevant regulations。”

But others can’t do it,Doesn’t mean the boss can’t do it!I didn’t see the boss using the local method to make steel,Did you come up with such a sharp weapon??

The soldiers of the Guards were fighting high,When the face is full of joy and colorless,A group of true top powerhouses,But I saw something wrong。
Liu Niu’er was the first to find that the situation was wrong,His eyesight is always excellent,Lu Menglin only appeared on the battlefield,He immediately prepared to bring Wei Xiaoxing and He Bu close to him。
According to past experience,Stay with the boss,Definitely the safest。Because no one knows how many hole cards the boss has,No matter how difficult the opponent is,The boss should be able to handle it。
Only this time,After Liu Niu’er took another look,Suddenly stopped with a horrified face。
Because he found,The boss doesn’t seem to be bringing reinforcements,It’s like being chased by the opponent!
And those weird guys with bald heads,The way of movement is very strange,And it’s tough,Every electric light comes out,They all seem to be directed at the boss,Just get out of the way by the boss,The skeleton soldiers all around have suffered。
At this moment,Lu Menglin didn’t bother to shout,Send a message directly to everyone on the guard side with mental power。
“All,Access channel!Retreat all!”Lu Menglin doesn’t care how many people can receive this spiritual power,But he knows very well,Kasuga Mingzi and Mao Yongfei, two alchemy martial artists, are sure to receive,There are also some mental power mutants,Should be able to receive。
really,After Lu Menglin delivered the news,The complexion of Kasuga Mingzi and Mao Yongfei changed slightly at the same time。
The two great alchemy martial artists looked at each other in the same way,Both saw the same doubt in the eyes of the other party。
“Miss Mingzi,Is this the boss’s order??”Mao Yongfei asked uncertainly。
Because he has never received Lu Menglin’s spiritual transmission,It shows that the situation is so urgent that it cannot be added,Lu Menglin didn’t even have time to shout,To use such a secret way。
Kasuga Hakoko nodded,She is a master of spiritual power,Of course I can tell,The spiritual power transmission just now,It’s definitely Brother Lu, no doubt。
The two cast their eyes into the distance,Sure enough, I saw Lu Menglin rushing all the way in the skeleton camp,A bunch of things that don’t know if it’s a zombie or a skeleton followed,And from time to time it emits that terrible electric light,Every blow will sweep down a large block of skeleton soldiers。
It looks like,This is Boss Lu being hunted down!Every step is dangerous!
This time,Shouldn’t you go up and help??There was a look of determination in both eyes。
Although I know that the skeletons outside the defense circle are in danger,A little carelessness will lead to destruction,After all, no one is Lu Menglin,Able to be like him,Dancing on the tip of a knife,But whether it is Kasuga Hako,Still risking Yongfei,The two are Alchemy Warriors,All have fearless courage,And they know,Lu Menglin for the guards,Even for the entire human world,How important is it!

The fall of the drunk drew more than just Mo Mo chuckles,And the unbridled laughter of his companions。

“I said you can’t drink it anymore,Don’t admit it!”
A drunk pointed at the man who fell on the ground and cursed.,Then I took the opportunity to reach out to Mo Mo。
The palm has not touched Mo Mo’s body,But that person’s face already showed an expression of enjoyment。
But soon,The smile on that man’s face was replaced by another distorted expression。
Because Mo Mo is in full view,I caught his fingers with a pair of chopsticks,It’s nothing great,It’s just that Mo Mo broke the drunk man’s finger with his chopsticks,This is breathtaking。
All witnesses saw that after silently holding the finger of the drunk with chopsticks,There are clearly visible deformations in his fingers。
Accompanied by the whispers of people around,The drunk also sobered up a lot,Picking up the wine bottle at the next table and going to smash Momo。
The woman in front of you is beautiful,But I don’t have a chance to kiss Fangze today,Then there is no need for others to have this opportunity in the future!
That drunk thought well,It’s just that the bottle in his hand failed to hit Momo’s head as he wished.。
The unbearable sun will rise directly,Punched the drunk man in the face,The nose turned blue in an instant。
After the blessing of wine,The courage of a few men is indeed much greater,But their poor sensitivity is not even a little bit。

Jieshi continues,but,Not many people pay attention to this material,Only people like Lao Wang with half a bucket of water,To pick up such a thing。

That piece of wool looks pretty good,Yin,And Songhua。But in fact,That is a bottle of poison,Look bright,Actually poisonous。Although not expensive,Undead,But it’s disgusting。
Xin Zhao couldn’t help shaking his head,This kind of goods,He is absolutely too lazy to pick it up。His level is average,You can see that the material is bad。
The master sculpting the stone wiped off the stone,But after a while,Still can’t see green,then,Look up at Pharaoh,Waiting for his instructions,Anyway, the stone is his,How to let him guide,Don’t care if it breaks。
To know,This guy not long ago,Also said he can’t cut。
Lao Wang’s face is a bit ugly,Whispered:“I said just now,Rub Songhua,Have to wipe something,Who knows if that counts?”
Although muttering,But everyone heard。
have to say,Such people,Put the blame on others,It’s really annoying,Anyway, Populus can’t like it。
“Pharaoh!”Middle-aged man with glasses frowns,Almost didn’t rebuke。
The master of Jie Shi doesn’t look good,Just now,He just kindly reminded,Didn’t say wipe here,You will be able to wipe out the jade!
Professionalism still calms him down,Ask blankly:“Next,Are you going to wipe Songhua??”
Old man Wang protects his employees,Can’t help but say:“or,Let you come in person?”
he thinks,There is no need to do this man’s business in the future。
Pharaoh just calmed down,Glared at the master of calcite,Nodded:“Rub Songhua,Be careful,Don’t wipe the jade inside。”
Populus feels funny,Although there are jade in it,But the texture is very poor,And scattered,I can’t even make a brooch,Basically worthless。
Master Jie Shi finds Songhua,Just start working,Don’t let this person pick a problem。
however,Wiped it for about two minutes,A large layer has been wiped away,I didn’t see anything。
“Keep rubbing?”He couldn’t help asking。

A warrior in the concentrating state can easily enter the world of Hong Yuntian,But want to come out,It’s very troublesome,One is because of restrictions,The second is because the first batch of warriors in the concentrating spirit realm in Hong Yuntian have almost died in these years.,Not many people can enter this place,So the number of warriors in the concentrating state is now stable at a juncture of no more, no less。

These guys have more or less power in this bottom world,And some of the fellow’s apprentices were taken away from this world,So in order to protect my family or interests in this world,All the warriors of the concentrating state,Not able to go out at will!
As long as these guys can’t come out, it’s easy,There are a lot of people in that guy’s sect who ask the gods,But really have to count,This guy’s strength in the gods is already at its peak,So it doesn’t matter how many people ask the gods to come down,I can handle it!
“correct,Green Pheasant!”
Xia Chenglong turned his gaze to the green pheasant who was in a daze.,This guy used to be the patron saint of a big sect,This guy has lived for countless years,If you do so,In fact, when this guy just entered that sect,The strength is at an average level?
“What do you say。”
Green Pheasant scratched his head,I didn’t expect this guy’s combat effectiveness to be so exaggerated,This guy is still thinking about what Xia Chenglong looked like when he was fighting with the old man Huomu,I want to understand something from it。
“In the sect where you were before,Have you ever recorded anything like Hong Yuntian??Or the big world?”
The green pheasant scratched his head,This guy is indeed a guy from that era,But actually for this kind of thing,I really don’t know much,After all, I was in that era,It’s just a guardian,Just after the aura dissipated,Only when his wicked name began to show。
“I have heard of something,Things in the Trial Land,Seems to be a place beyond this world,Maybe it’s the same thing as Hong Yuntian,But for Hong Yuntian,I really didn’t understand!”
Seeing the blue pheasant look confused,This guy will definitely not lie,In other words,This guy doesn’t know what Hong Yuntian is。
“These memories are imperfect,It might be somewhere long ago,Later, it was occupied after the aura dissipated,Change it to this name!”
Xia Chenglong nodded,After all, there have been so many things in the past and present by chance,In fact, many things are not so smooth,It is reasonable to occasionally have some information that is not right,After all, I am not an archaeologist。
“We are almost leaving after this time!”
Xia Chenglong nodded,Now the matter of forging the sword city should basically be over,After those guys destroy the city,Rebuild Sword City,Restore this place to operation,I don’t have to stare at everything。
“I go to heal first,You help me stare at this place,I guess,Not long,Those guys who hide every day,Will come one by one!”
Xia Chenglong asked the green pheasant,Those hidden in the dark,The guys who are in this bottom world beyond asking the gods will definitely not ignore this matter.!

Yunda shares (002120): Continuous improvement in costs drives high growth

Yunda shares (002120): Continuous improvement in costs drives high growth
event.Yunda shares released the 2018 annual report and the 2019 first quarter report.It achieved operating income of 138 in 2018.56 ppm, an increase of 38 in ten years.8%.Net profit attributable to mother 26.98 ppm, a 69-year increase of 69.8%.In the first quarter of 2019, operating income was 66.850,000 yuan, an increase of 151 in ten years.6%.Net profit attributable to mother 5.670,000 yuan, an increase of 40 in ten years.4%. Continuous improvement in costs led to high growth in performance, which exceeded market expectations.Taking 2018 as an example, the gross margin of the express delivery business was 28 in 2017.9% increased to 29.1%, the annual single ticket income fell 11 per year.2%, while the cost 杭州夜网论坛 of a single ticket is reduced by 11 per year.4%, single ticket gross profit from 0 in 2017.56 yuan dropped to 0.50 RMB.Especially in the fourth quarter of 2018, the single ticket revenue ratio decreased by 6.2%, while the cost of a single ticket is reduced by 8 per year.3%, single ticket gross margin remained at 0.51 yuan unchanged.Express order quantity 44 in the season.Driven by a 6% growth rate, the net profit attributable to mothers increased by 73% in 2018Q4.4%.In terms of 2019Q1, the gross profit of a single ticket is from 0 in 2017.53 yuan to 0.58 yuan, 41 orders in the season.Driven by a 5% growth rate, the net profit attributable to mothers in Q1 2019 increased further by 40.4%. The continuous automatic sorting input drives a rapid increase in per capita workload.Taking the 2018 annual report as an example, under the background of an increase in the number of express orders by 48%, the number of production personnel decreased from 6515 in 2017 to 5549, which gradually decreased by about 15%, so that it can be estimated that the increase in per capita workload increased by about 74%.The rapid increase in per capita work is related to improving the automatic sorting of additional distribution centers added in recent years. According to the 2018 annual report, the book value of machinery and equipment increased by 102%.At the same time, in 2018 and the first quarter of 2019, fixed assets were completed, and cash paid for intangible assets and other long-term assets was 34.700 million, 11.600 million, an increase of 148% and 190% each year.With the increase of the company’s large-scale transportation vehicles and automatic sorting, the per capita work volume will gradually increase, which will lead to the increase of labor costs and disturbance of future performance. The industry concentration has increased rapidly, and e-commerce express stocks continue to be recommended.The CR8 from January to March was 81.7, a month-on-month increase of 0.4.Behind the increase in industry concentration is that second and third tier express delivery companies are lagging behind. Since entering 2019, three small and medium express delivery companies have successively withdrawn from the small parcel market, including Aneng, such as Fengda and Guotong Express.The company’s speeding up the departure is paramount.For small and medium-sized express companies, their business scale cannot reach the minimum amount required for automated sorting, and labor costs have risen. Therefore, these companies have entered a cycle of “decreased unit market share-increased unit cost”Superimposed single-piece revenue continued to decline, and the survival situation of small and medium-sized express delivery companies became increasingly hard. Investment suggestion: Maintain “Buy” rating.Combining the improvement of the current unit cost of Yunda shares and the capital expenditure plan, we raised the profit forecast for 2019-2020 and supplemented the profit forecast for 2021. It is expected that the net profit attributable to mothers for 2019-2021 will be 27.6.1 billion, 33.2.1 billion, 38.82 ppm (original 25 for 2019-2020).7.3 billion, 31.4.1 billion), EPS is 1.61 yuan, 1.94 yuan, 2.27 yuan, corresponding to PE is 23 times, 19 times and 17 times. Risk warning: The price war exceeds expectations, and the lifting of the banned shares may put pressure on expectations.

BTG Hotel (600258): 18-year performance meets expectations 19-year plan accelerates expansion

BTG Hotel (600258): 18-year performance meets expectations Expected 19-year plan to accelerate expansion
Event: The company released its 2018 annual report and achieved revenue of 85 in 18 years.3.9 billion (+1.45%), net profit attributable to mother 8.5.7 billion (+35.84%), deducting non-net profit 6.900 million (+15.99%), the proposed distribution of 0.11 yuan (including tax). The overall performance of investment points was in line with expectations, and Q4 was affected by asset impairment losses.The company released its 2018 annual report and achieved revenue of 85 in 18 years.3.9 billion (+1.45%), net profit attributable to mother 8.5.7 billion (+35.84%), non-recurring gains and losses1.6.7 billion, an increase of 1 every year.USD 3.1 billion, of which the sale of 20% equity of Yanjing Hotel generated pre-tax investment income1.2.6 billion (affecting net profit attributable to mother 0.9.5 billion), deducting non-net profit 6.900 million (+15.99%), of which Nanyuan Hotel accrued goodwill impairment of 0.820 billion.In Q4 of 18, it achieved revenue of 21 in a single quarter.700 million (+3.1%), net profit attributable to mother 0.5.6 billion (-31.01%), deducting non-net profit of 0.2.6 billion (-48.41%), mainly due to the provision for asset impairment losses.110,000 yuan (mainly goodwill impairment), after excluding the project, the operating profit growth rate in the single quarter was about 23% (Q1-3 operating profit growth rate was 45% / 16% / 36%). Home Inns’ net profit growth is good.Hotel operation revenue 66.55 billion (-0.33%), gross profit margin (93.49%) decreased by 0.48pct, mainly due to breakfast promotions; hotel management business revenue14.34 billion (+10.70%), gross margin 100% (+0.01pct).Hotel business combined revenue 80.8.9 billion (+1.46%), of which Home Inns revenue was 71.5.4 billion (+1.45%), net profit attributable to mother 8.1.1 billion (+25.54%); BTG’s stock hotel revenue was 9.3.6 billion (+1.57%). Operating data for Q4 was weak due to economic fluctuations.4Q18 was affected by economic fluctuations, such as the home economy RevPAR at least flat (QoQ-1.7pct is mainly due to the decrease in the increase in house prices, and the decline in the occupancy rate is flat). The overlap of new and open stores in the mid-to-high end overlaps with the decline in RevPAR4.7% (QoQ-0.1pct, mainly due to the expansion of the occupancy rate decreased by 0.3pct), such as home single season integrated RevPAR + 2.8% (QoQ-1.3pct) mainly benefit from the drive brought by the structural upgrade; directly operated RevPAR + 5.1%, represented by joining RevPAR + 1.9%, related to the efficiency improvement, upgrading and upgrading of directly operated stores.4Q18 Home Inn Same Store RevPAR + 1.4% (QoQ-1pct), mainly due to a 3% increase in house prices.Driven by 7%, the price increase has dropped by 0.9pct, occupancy rate drops by 1 every year.9pct, the decrease is reduced by 0.1pct; of which the same-same type RevPAR + 1.5% (QoQ-0.9pct), mid-to-high-end RevPAR + 0.3% (QoQ-1.1pct). The business disturbance in the second half of the year led to an expected improvement in operating growth over the previous 17 years.18 Preliminary Home Integrated RevPAR + 4.2% (17 + 6.9%), mainly affected by the price increase of 7.Driven by 4%, the occupancy rate drops by 2 every year.5pct; of which RevPAR + 1 is economical.9%, high-end RevPAR-5.0%, both tonnage growth rate over 17 years.18 Junior Home Inn Same Store RevPAR + 2.8% (17 + 5.1%), RevPAR + 2 of economy same store.7%, high-end RevPAR + 2.3%, the growth rate is 2 respectively.Two, five and three.RevPAR +1 for the first stock of the first trip in 18 years.4% (June’17.7%). Driven by joining expansion, the proportion of high-end and high-end has increased rapidly.622 previously opened stores, 208 economy, 243 mid- to high-end, and 171 others (including 155 management output hotels); net opening of 337 (44 new direct stores, 82 closed stores, and 578 new stores)(Closed 203 stores).As of the end of 2018, 4,049 hotels were opened, of which 720 were mid- to high-end, accounting for 17.8%, an increase of 4.2pct; 87,094 rooms in middle and high-end hotels, accounting for 21.9%, an increase of 4.5 points.At the end of 18, there were 530 shops that had not been opened and were signing contracts. The ticket revenue of Nanshan Scenic Area increased steadily, and the non-ticket revenue income of the product sales sub-lease model affected.Scenic business revenue 4.5 billion (+1.26%), including ticket income 2.4.9 billion (+7.31%), mainly due to: 1) the number of visitors to the Nanshan Scenic Area for 18 years was 498.760,000 person times (+1.9%); 2) From August 18, the ticket retention ratio increased from 40% to 50%.The conversion of the commodity sales business to a pure lease model resulted in gross profit margin (91.48%) increase by 2.35pct, non-ticket income decreased by 5.4%.Net profit of subsidiaries1.3.1 billion (+20.03%). The number of directly-operated hotels has decreased, and financial costs have been reduced to improve profitability.The 18-year sales expense ratio was 65.7% (-2.25pct), mainly due to the decrease in the number of rooms in directly operated hotels and the expiration of depreciation of some assets.Management expense rate 12.04% (+0.98pc), mainly due to the increase in labor costs of franchise stores and the cost of IT maintenance outsourcing projects. R & D expense ratio is 0.35% (+0.14pct), information-based coding.Finance expense ratio 2.01% (-0.63pct), short-term borrowings decreased by 7.400 北京夜网 million, long-term borrowings reduced by 500 million. The 19-year plan was sound and the core strategy continued.19-year operating target revenue scale of 8.6-8.8 billion (+0.7?3%), stable planning; continue to promote the core strategy: 1) upgrade the existing hotels, promote Park Hotel Aishang, Home Inn Select Hotel (upgraded version), YUNIK HOTEL, Home Inn Business Hotel (Gold Standard), Home Inn 3.The implementation and promotion of new products such as 0NEO have been implemented in 155 home-operated stores in 18 years.0NEO renovation and upgrade, of which 115 have been completed, 19 hotels will be increased in 19 years.0 update efforts.2) Accelerating expansion of mid- to high-end + franchise stores.In 18 years, 29 middle- and high-end hotels were newly built and upgraded, and the proportion of mid-to-high-end hotels’ income 厦门夜网 increased to 32.6%, plans to open more than 800 new stores in 19, accelerated store openings, of which more than 50% of high-end accounted for more than 35% of revenue, franchise stores accounted for more than 95%. 3) External cooperation and internal innovation.Actively promote the rapid landing of Home Inn and Hyatt joint venture hotel products. The first batch of directly operated stores in Beijing and Shanghai is planned to open in the first half of 2020; strengthen the airport hotel chain brand and cooperate with Chunqiu Group;Selected Chuansha Pudong Airport Store was officially opened as a new brand product; innovative trials such as “Joynature Park”, “Man Space”, and derivatives were carried out internally.3) Information construction continues.By the end of 2018, the membership had reached 1.100 million nights occupied by own channels accounted for nearly 80%. Profit forecast: It is estimated that the net profit attributable to mothers will be 10-19 years.10, 11.76, 13.5.6 billion, a growth rate of 17.8%, 16.4%, 15.4%, earnings per share is 1.03, 1.20, 1.39 yuan, corresponding to 22, 19, 16 times the current expected PE. Risk Warning: Macroeconomic fluctuations, less-than-expected business expansion, and increased competition.

Haitong Securities (600837) 2019 First Quarterly Report Review: Investment Business Flexibility Reveals Credit Business Risks Effectively Relieved

Haitong Securities (600837) 2019 First Quarterly Report Review: Investment Business Flexibility Reveals Credit Business Risks Effectively Relieved

This report reads: The rebound in the market has led to the release of the company’s investment business elasticity. If the subsequent liquidity is expected to improve, the company’s performance flexibility can be improved; the short-term securities firm’s largest catalyst comes from the market beta.

Investment Highlights: Maintain “Overweight” rating and raise target price to 17 due to better-than-expected results.

56 yuan / share, still corresponds to January 2019.

6 times PB.

The company’s 2019Q1 achieved revenue / net profit of 99.


70 trillion, +74 for ten years.

48% / + 117.

66%, ROE 3.

14%, the net assets of the mother is 1226.

490 thousand yuan before the end of 2018 +4.

06%, exceeding expectations.

Considering that the first-quarter report performance exceeds expectations, the company’s EPS for 2019-2021 is raised to 0.



12 yuan (0 before the increase).



94 yuan).

At present, the largest catalyst for the brokerage sector comes from the market beta. At the current estimated level, the sector beta attributes are stronger than the industry’s high growth and policy dividends.

The significant recovery in the market has led to the rapid release of the elasticity of investment business, and the pressure on credit loss caused by market growth has been severely relieved. If the subsequent liquidity is expected to improve, the company’s self-operated 苏州桑拿网 elasticity will further increase its room for improvement.

① The elasticity of investment business is greatly released: the report increases investment income by +268.

8%, revenue accounted for 49.

0%, directional investment in equity is expected to be the main force for performance contribution; ② The company’s increase in credit impairment losses in the first quarter of 2019 was only 2.

Through the market recovery and gradual improvement of corporate credit, the credit risk of the company’s stock pledge and financial leasing business has been effectively mitigated, and it has continued to improve gradually. ③ Reported that the net income of the brokerage business increased by +6.

73%, the previous stock’s trading volume +20 per year.

At 7%, the elasticity of the brokerage business has decreased. It is expected 杭州桑拿网 that the commission rate will further decline as the market picks up.

According to the latest announcement, the company’s refinancing plan of no more than 20 billion has been confirmed by Shanghai Guosheng Group and four existing shareholders to subscribe in large amounts, of which Shanghai Guosheng intends to subscribe for 10 billion, and the other three intend to subscribe for no more than 4.8 billion.It is confident that after the successful issuance, the company’s capital strength and comprehensive competitiveness will be greatly enhanced.

Catalysts: The launch of relevant innovative businesses; increased market activity; loosening of regulatory policies.

Risk reminders: Innovation falls short of expectations; stock market drops sharply; industry regulation strengthens

Grace (603808): Steady multi-brand efforts of major brands beat first-quarter results

Grace (603808): Steady multi-brand efforts of major brands beat first-quarter results

In the first half of 2019, the company’s revenue and net profit attributable to mothers increased by 17 respectively.

09% and 17.


In the second quarter, single-quarter revenue and net profit attributable to mothers increased respectively.

05% and 24.


The main brand is stable, and the multi-brand power companies in the first half of the year, the major brands ELLASSAY, Laurel, EdHardy, IRO, VivienneTam revenue increased by 7%, respectively.

76%, -6.

21%, 40.

82%, 248.


The single quarter in the second quarter increased by 7.

66%, 23.

38%, -17.

32%, 86.

06%, 162.


The main brand maintained steady growth,杭州夜生活 Laurel improved significantly, and EdHardy’s slight change was mainly to give franchisees a certain proportion of return and exchange and franchisees to share risks, IRO terminal sales growth, multi-brand synergy advantages, Vivienne Tam continued to grow.

The related brand stores were 296, 40, 174, 53 and 14 respectively, which decreased by 16 earlier, increased by 3, decreased by 7, increased by 4, increased by 1

Baiqiu E-commerce achieved a net profit of 2575 in the first half of the year.

390,000 yuan, an increase of 18 every year.


The company’s gross profit margin was stable in the first half of the year, and the expense ratio fell during the period.

03%, 68 compared with the same period last year.

71% remained basically stable.

In the first half of the year, the sales expense ratio and management expense ratio were 30.

27% and 13.

56%, compared with 31 in the same period last year.

47% and 14.

50%, the former is due to a reduction in advertising costs, and the decrease in share-based payment costs.

The company’s operating indicators continued to improve, the net operating cash flow increased significantly, and the efficiency continued to increase. The company’s inventory turnover days and accounts receivable turnover days in the first half of the year were 227 days and 51 days, respectively, compared with 235 and 48 days in the same period last year.Turnover days improved and accounts receivable turnover days remained stable.

Net operating cash flow of the company in the first half of the year 2.

31 ppm, an increase of 28 in ten years.


The expected earnings for 2019-2021 are 1.

32 yuan / share, 1.

59 yuan / share, 1.

For 90 yuan / share, we are optimistic that the company’s performance will accelerate quarter by quarter, and the channel development of the main brand will gradually accelerate in the second half of the year. Other brands are expected to continue to grow, and Baiqiu will continue to develop rapidly.The current price corresponds to 11 times this year’s PE, with reference to a comparable company’s 14 times PE, giving a reasonable value of 18 this year.

48 yuan / share, maintain “Buy” rating.

Risk warnings of goodwill impairment risk; terminal retail downturn risk; multi-brand management risk;