And now that such a thing has happened, if it can bring out the people of Skynet, it is exactly what Qin Feng wants to see。After all, if you really can’t hold it here,He can find someone to support!

“Ugh.Have you forgotten the remains of our spider?”Bill thought his plan should be seamless,After all, their people do it themselves,There shouldn’t be any problems。
Who ever thought,It turns out that their killer’s intelligence was not well done,All the people on the list have been resolved。There are no intelligence personnel on Skynet!This is just great,Because my intelligence work is not in place,Push their team into the abyss of hell all at once。
Is there a chance of a comeback now??Don’t talk about turning over,Even if you want to defend it is very difficult。
after all,There are many masters in the remains of the spider!Although the Scavengers were basically defeated in the first battle of the island nation.。But the leader is not dead!If you follow the core content of their organization,That one might come to trouble Bill who wants to be independent。
But shouldn’t,After all, isn’t it all right for Zhang Qiang to go out independently??
Besides, he thought about it,The two branches of foreign operations have separated spiders,Then the spider is left with an internal scavenger branch,It’s still a team with a dead commander。
If you think about it,Spiders aren’t really threatening, right??
Of course it’s not that simple。Although there is only one poison general left,But the strength of Tessa,Bill once suspected that he was a master of heaven。
Louise, the leader of the scavengers,That’s also a real powerhouse。Even Bill knew,That one is stronger than him。As for the leader white,
That definitely has heavenly strength,Even he once guessed whether that one has reached the god level。
After all so many years,Basically I haven’t seen the leader make a free move。
Besides,Also alive are Gambot, the leader of the deserter, and Buffon, the leader of the goalkeeper.。
Although the main character of the escape is to help the internal members to escape。In other words, Gambot is the master of this aspect.,Many times others describe him as oiling under his feet,Or the cunning man of Cunning Rabbit Three Caves。The US has arrested this person before,But even if the helicopter is dispatched, they can’t catch them.。

Wanghai this boundary,I dare not say that every street is familiar,But at least leave Korean Xiang in the crowd,She can still tell the direction of home。

Walk aimlessly,Han Yuxiang doesn’t know what he wants to do,I just want to take a walk!
When passing by a convenience store,Bought a few cans of beer,Something that I used to reject,Now it tastes dull and tasteless。
Turning to look back to the direction of Fenglin Night Inn,About 30 minutes away from myself,And home away from yourself,I’m afraid it will take at least an hour。
Looked down at the beer in his hand,I’m afraid to walk back to my car,Can’t drive away!
Grinning,I can’t think of beer, this dull thing,It’s actually quite delicious at this time。
Keep going in the direction of your own home,I remembered what I shouldn’t,Korean, just drink,In this case,Life will not seem too boring。
When I get home,Han Yuxiang’s steps are a little wobbly。on the way,Naturally, someone like her will come up to strike up a conversation。Can still maintain his own scumbag,Korean Xiang ignored,Those who do,Korean Xiang just threw directly over the shoulder,Make him lose the ability to get out of bed in the next few days,Those who look more annoying to Han Yuxiang,She will make up for it。
Han Yuxiang is not drunk,But full of alcohol。
Walk into the house,Aunt Zhang, the nanny, felt something was wrong,But I saw the look of Korean Xiang,Hard to ask,I had to settle the old lady into the bedroom first,Considering other issues。
Sat down on his desk for a while,Found that I was not drunk in Korean Xiang,Went out and reopened myself a bottle of wine。
Holding a wine bottle,If you remember correctly,This should be given to his father by Xiang Chen last time。
Is good wine!But Han Yuxiang still cursed in his heart“Him!”
Too lazy to change wine,Han Yuxiang drank directly into the bottle。I used to think that drinking would make things wrong,Han Yuxiang still feels so,But it is undeniable,Wine is really good,After the entrance,Except for the hot feeling,The brain really doesn’t think about other things anymore。
“Drink alone,I’m not going to order wine,I know at a glance that he can’t drink!”

After Yiming came back,Xiao Fan asked him to take his brother back to rest。Yiming the next day, they don’t have to do anything,I followed Xiao Fan to the base camp of those people。

I want to see what the pain those people endure like,I also want to see if those people know where they are wrong,How many unreasonable things have been done。
The most important thing for Yiming is to avenge Shen Lin,Want to anger,Even though he packed a lot of people yesterday,But I always feel that my heart is stuck in my chest and I didn’t let it out。
Thinking that Shen Lin is still lying in bed and unconscious, he is very angry,But Xiao Fan actually knew what Yiming was thinking,Without saying more, let him follow。
After coming to their base camp,Xiao Fan used yesterday’s method to deal with them again,And Xiao Fan did what he said,Used a success force yesterday,I used two powers of success today。
Those people feel more painful,Everyone wants to hide but can’t hide,I can’t escape if I want,Can only linger in front of Xiao Fan and begging for mercy。
Later, they didn’t even have the strength to beg for mercy,But how could Xiao Fan let them escape this disaster so easily?。
Seeing them lingering on the ground now,Xiao Fan just felt unable to stand it,I feel that the evil things these people do are just not enough for them。
But Xiao Fan didn’t want to look at them again,After all, these people look at Xiao Fan more and feel that they have stained their eyes。
So after solving them the next day,Went back to the resting place,But on the road I met an unexpected guest。
This person is not good at first sight,Xiao Fan initially thought it was someone who wanted to steal his necklace,But after a closer look, I found that this person’s figure is somewhat familiar。
Then Gu Jin called out Master,Xiao Fan looked far away and found that it was really his master,So he hurried forward to say hello to Master,Gu Jin and Xiao Fan are very happy。
Kunlun Xu’s former master was Wenxie,Is also a famous person in the arena,But since retiring to the world,I don’t know what I’m doing,No one else knows his trace。
I only know that his apprentice Xiao Fan is very powerful,And his apprentice Gu Jin is also in charge of Kunlun Xu,So no one knows his whereabouts for so many years,But Xiao Fan and Gu Jin don’t know。
I didn’t expect to meet my master here,Then Xiao Fan stepped forward and asked Master:“Master, why are you here?,So many years,Why don’t you come to see us。”
Xiao Fan also looks like a junior only in front of his master,Otherwise, he has always looked high and planned for everyone。
But never showed the appearance of a junior in front of the elders,Even in front of Fan Lao Xiao Fan is always the one who takes care of Fan Lao。
But obviously Xiao Fan saw his master,Changes in mentality and actions,Gu Jin is also very happy to watch。

It’s impossible to always give Me Luo a mess of food,The purpose of cooking sometimes has to be considered for Miró。

Simple dinner,But very special。porridge、pickle,Leave one for Miró。
There is a living creature in the house to accompany you to eat,It’s better than being deserted,Don’t have a taste。
Tian Lu after dinner,To catch the manuscript,As well as processing video production during the day。Walk to the fake two-story loft on the second floor,Turn on the lamp,Net desktop,turn on computer,Turn on the focused mode of writing and finishing。
By the way, George was sitting in the private car returning from Chen Limu,Can’t help sighing:“Like、Really alike!”
Chen Limu took the conversation:“Since it looks like,You know what to do next。Mainly you are trying to figure out if it is Jack。of course,In the process of figuring out,Don’t disturb that girl,It’s not good to cause negative。”
George seems very educated,Continuous channel:“Yes、Yes、Yes!I must arrange it properly!”Look out of the window,Aunt Mu’s arrangement,He dare not refuse,Also willingly obey。
Before George came to study in Yihai City、The downfall of starting a business。
That was after college,Attend TV in Yihai City“Entrepreneurial star”Canvassing,In other words,Ten college students participated in employment and entrepreneurship speeches,Connect with entrepreneurs,Get entrepreneur sponsorship through speeches。
then,He has no human and social resources,In giving speeches and planning dream blueprints,Not supported by an entrepreneur,No support from the company,It means that when he first entered the society, he was missing an opportunity to realize his entrepreneurial dream。
It just so happened that among the many entrepreneurs, Chen Limu represented Sheng Blu-ray to do public welfare undertakings,Chen Limu didn’t expect to come to such a TV show,Think again,Being able to support the innovation and entrepreneurship of a new generation of college students is also a valuable and meaningful public welfare activity。
On the TV selection,All the college students participating in the show were eloquent on the stage,Talking about personal advantages and future development advantages to introduce yourself,Most college students are talking about wonderful things,Received full applause,Supported and signed by the entrepreneurs on the spot。
First19chapter Be trusted
Did not get the entrepreneur as“Investor”Supportive,Means life back to its original shape,Dreams lost。
It’s George’s turn to say,He speaks generously about his personal grand goals。

After ten breaths,The bronze gate is completely opened,Two figures walked out slowly from the bronze gate,Looking at this world that is completely different from the worlds I encountered before,The bronze gate behind the two disappeared silently。

The headed man is dressed in black,Sword Eyebrow,But although this man has reduced his breath,But his pale face still reveals that this man is not in good shape now,Seems to be seriously injured。
The other man is in an ancient costume,Elegant temperament,Gaze calmly at the world below which is about to be destroyed,Seems to be used to it。
“Brother Zhao,This time the world is a bit weird,Such a small world,I’m seeing you for the first time,But in my perception,Although there are few creatures in this world,But the strength is good,And the origin of this world seems to be abundant。”
“As long as these creatures and the origin of this world are swallowed,I should be able to recover from my injury。”
The man in black glanced at the world below,The strength of the creatures who perceive this world is pretty good,Said with a smile,If it wasn’t for him to be attacked by the enemy earlier,Fluke away,Into this strange world。
He doesn’t want to devour those creatures to recover from his injuries,Is it not good to turn these creatures into his subordinates??and,So many world origins,Presumably, his friend Zhao Yue can be improved to the same level as him.。
At that time the two of them will continue to travel to other worlds,Also more secure。
“Brother Song,This world is very different from the worlds we have seen before,We might as well go down and ask,After being sure,It’s not too late to start。”
“Those enemies should not be able to track us anyway,And now Brother Song has suffered such a serious injury,If you act unsteadily,But it will be very dangerous。”
After hearing the words of his friend Song Chen, the man in ancient clothes,Said quietly,If Song Chen hadn’t blocked an attack for him this time,,I’m afraid with his current strength,Has fallen,but,Song Chen, who is one level higher than him, is now seriously injured,If you meet someone of the same rank,But it’s dangerous。
Chapter Two Hundred and Thirty Nine Devour creatures

Leng Ling said at this moment,“Qin Feng,What are you afraid of,Just go。As for this?Ha ha,I’m really not afraid of him playing tricks。”

have to say,That’s arrogant in Leng Ling’s tone。
Qin Feng is afraid of these patrols?The answer is absolutely no,He just doesn’t want to cause trouble,In case the director is really in the same group with Jin Haoyu,It is very likely that Qin Feng and others will become fugitives again。
This kind of thing
I tried it once when the wind was on the island。So he really doesn’t want to be dealt with by these people who carry official duties,Because once they are really selfish,It’s possible to be scammed here。
“Are you scared??”Leng Ling saw that Qin Feng did not respond and urged again。
Yooo?afraid?I Qin Feng will be afraid?
“Walking,It’s a big deal upset him!”Qin Feng is also willing。After all, when he was in the island country before, Qin Feng was actually very angry。Because at the end of the fight, he found out that he couldn’t compare with two peers。
Yes,Zhang Qiang and Chu Xiao are both young,Are in their twenties and under thirty,It stands to reason that they are the same age。But the battle between the two,Qin Feng can’t intervene。
As for now,This is not an island country,No storm!Naturally, he won’t gather masters。Even if the person named Jin Howoo runs a taekwondo gym,Qin Feng thinks he should still be able to win。After all, if the stick mercenary I saved in the first place was right,,Qin Feng’s strength is still better than Jin Haoyu。
The mercenary said this!
The Chief of Patrol, Qian Taiming, is also neat,Just walk away。And I asked Qin Feng for advice before leaving。After all, since Qin Feng has some concerns,Then he must not bring too many people。
In fact, Qin Feng felt,Anyway, if I get to that place,If it really fights,Is it useful to have more patrol officers??Yes,Is actually useful,It’s just that Qian Taiming can’t mobilize too many people。Only two groups of people can follow and act together。
The two groups add up to a dozen patrols。But this configuration should be enough?After all, there shouldn’t be so many people in a bureau, all of them are under the orders of the director。

Jinjia Co., Ltd. (002191): Single-quarter revenue growth hits record high for new tobacco dual category active card slots

Jinjia Co., Ltd. (002191): Single-quarter revenue growth hits record high for new tobacco dual category active card slots

Events: 1).

The company released the third quarter report for 2019, reporting that the combined company realized operating income10.

20 ppm, an increase of 32 in ten years.

76%; net profit attributable to listed shareholders2.

08 million yuan, an increase of 24 in ten 四川耍耍网 years.


At the same time, the company expects that the net profit attributable to shareholders of listed companies will be 8 in 2019.


43 ppm, an increase of 20 in ten years.




On October 15, the company increased its capital in Shenzhen Jinjia Intelligent Packaging Co., Ltd. with free capital by 80 million yuan to increase development and strengthen the business of color box packaging.

The single-quarter revenue growth rate reached a record high, and the profitability remained stable. In the first three quarters of 2019, the total revenue was 28.

84 ppm, an increase of 21 in ten years.

35%; single Q3 company achieved revenue of 10.

20 ppm, an increase of 32 in ten years.

76%, the highest quarterly revenue growth rate in the past three years.

The first three quarters totaled net profit attributable to mothers.

73 ppm, an increase of 23 in ten years.

44%; of which Q3 net profit to mother is 2.

08 million yuan, an increase of 24 in ten years.

76%; it is in a relatively high level of growth in the past three years.

In terms of profitability, Q3 gross margin was 42.

59%, a decrease of 0 per year.

94pct, up by 0 from the previous month.

43pct; Q3 net margin is 23.

28%, a year-on-year decrease of 1 percentage point and a month-on-month decrease of 2.

82pct, on the whole, it is still in the historical average range, and the company as a cigarette leader still guarantees a relatively stable and higher profitability.

Increased capital in Jinjia Intelligent Packaging, and vigorously promoted the color box sector company to increase its R & D and production strength, increase market development efforts, and actively control liquor by adding 80 million yuan in capital to its wholly-owned subsidiary Jinjia Intelligent Packaging on October 15.The potential for continued growth in the performance of large packaging sectors such as consumer electronics.

The sales revenue of the color box segment in the first three quarters.

500,000 yuan, an increase of 104 in ten years.

65%, reflecting the steady progress of the company’s color box section. The boutique cigarette boxes, 3C packaging and new tobacco product packaging have blossomed at multiple points, and the business has continued to diversify and develop. At present, the color box section has become the main performance support in addition to the cigarette label section.
Multi-point layout of new tobacco, dual-category active card position In terms of heating and non-combustion, the company signed a strategic cooperation agreement with Yunnan Tobacco, and jointly established Jiayu Technology. At present, Jiayu Technology has undertaken the production of Yunnan Tobacco’s new tobacco smoking setWork; the subsidiary Jinjia Technology provides research and development and production services for new tobacco smoking equipment for Yunnan, Guizhou, Shanghai and other Tobacco customers, while merging previous patents and accumulating production research and development experience to achieve ODM / OEM services.

In terms of atomizing electronic cigarettes, the company and Miwu Technology established Infiney Technology, launched the foogo brand, and have launched K and fJ two bomb-changing atomizing products, as well as mini J and night cats.Sexual cigarettes are currently expanding simultaneously through online and offline channels, while actively expanding to overseas regions, and will continue to enrich the product line in the future.

We believe that after the gradual implementation of domestic and overseas supervision and the stern trend, leading companies with qualified, standardized production and mature technology will stand out and enjoy the blue ocean market of new tobacco. New tobacco is also expected to become a new profit growth point for the company.

We expect the company’s revenue in 2019-21 to be 39.


80 ppm, net profit is 8.



1.2 billion.

Based on the company’s scale and technological advantages, the development of large packages, and active positioning of new tobacco, given a “buy” rating.

Risk reminder: Order fluctuation risk, new tobacco promotion is less than expected, policy risk

Shanghai Pharmaceuticals (601607): State-owned enterprise reform pacesetter encourages long-term development

Shanghai Pharmaceuticals (601607): State-owned enterprise reform pacesetter encourages long-term development

Event Shanghai Pharmaceuticals released the 2019 Stock Budget Incentive Plan (Budget) On the evening of April 10, the company released the 2019 Stock Budget Incentive Plan (Budget). It plans to include 8 senior executives and middle managers, and a total of 215 core technology business backbones.Incentive Stock Budget with a quantity of 2,842.

09 million shares, accounting for 1% of the company’s current total share capital, the exercise price is 21.

54 yuan.

Brief comment on the first large-scale pharmaceutical state-owned enterprises to participate in incentives and start a new model of mixed ownership reform. Shanghai Pharmaceuticals, as one of the three national pharmaceutical business leaders, introduced the introduction of incentive programs for the first time. We believe that the following three points are worth paying attention to:,wide range.

Calculated based on the amount, the amount of the budget granted is about 2018, and 2-3 times the executive compensation. It should have sufficient incentives for the company’s executives and middle managers, and be consistent with the interests of shareholders; 2) The incentive is timely.

Since the new leader of Shanghai Pharmaceuticals took office at the end of 2016, it has made bold reforms in many aspects and at various levels, and it has already been reflected in its performance. In 2017 and 2018, the industrial profits increased by more than 15% for two consecutive years. Commercially acquired Kangdele,The territory has continued to expand and become the country’s largest import drug agent, and subsequently launched a fair incentive assessment, which will help the company to further consolidate the reform results and improve asset quality; 3) The design of the assessment indicators is intended to be long-term.

The assessment plan focuses on assessing revenue and ROE, setting an extension of the ROE assessment target to 12% in 2020 (10 in 2018.

34%), and ROE assessment accounted for 40% of the strategic expected weight, industrial income growth accounted for 30%, research and development expenses accounted for 20%, and business income accounted for 10%, which will help the company to gradually transform in the next 4 years (2019-2022)For innovative pharmaceutical companies.

We believe that the launch of the incentive will promote the company’s new round of scale growth and operation quality improvement, which will benefit the company’s long-term development.

Industrial growth for the seventh consecutive quarter, thanks to the company’s sales reform in 2017 the company’s pharmaceutical industry sales revenue 194.

62 ppm, an increase of 29 over the same period last year.

86%, excluding Guangdong Tianpu operating income4.

63 ppm, the industry’s endogenous growth still reaches 26.

77%, the company’s pharmaceutical industry sales revenue has maintained rapid growth for seven consecutive quarters, long-term sales revenue of more than 100 million products reached 31, an increase of 3 from the previous year.

The driving force for the company’s high growth lies in the company’s establishment of market-oriented sales reforms, continued implementation of the implementation of domain focus and key product focus strategies, and relying on the company’s strong commercial distribution network to promote sales of 60 key varieties.

In 2018, the sales revenue of 60 key products increased by 28 each year.

52%, the number of key varieties over one hundred million, key sales indicators, gross profit margin and other key indicators have steadily increased.

R & D promotes accelerated growth, and innovation highly recognizes the company’s total R & D investment.

89 million (including capitalization expenditures such as construction in progress, 天津夜网 fixed assets).

Total R & D funding.

610,000 yuan, an increase of 34 in ten years.

22%, accounting for 5 of industrial sales revenue.


Of which 18.

70% is invested in research and development of innovative drugs, 19.

93% invested in generic drug research and development, 33.

60% is invested in the secondary development of existing products, 27.

77% went to the consistency evaluation of the quality and benefit of generic drugs.

Captopril tablets, fluoxetine chloride capsules.

The four varieties of metformin hydrochloride sustained-release tablets and hydrochlorothiazide tablets have passed the consistency assessment. Duloxetine hydrochloride enteric-coated capsules, levonorgestrel tablets and ibuprofen sustained-release capsules have completed 32 specifications.BE test and indicate to the State Drug Administration.

The company is currently researching 苏州夜网论坛 new drugs in 4 categories and 10 varieties, 7 of which are in clinical phase I, 2 are in clinical phase II, and 1 is in clinical application stage.

The merger and acquisition of Kangdele brings new development opportunities to commercial distribution. The drug collection and collection policy is conducive to the industry’s concentration to rapidly increase the company’s pharmaceutical distribution business and achieve sales revenue of 1,394.

4.5 billion, an annual increase of 20.

06%; gross profit margin 6.

85%, a year-on-year increase of 0.

73 averages.

In February 2018, the company completed the acquisition of Kantarak China, the largest merger in the history of Chinese pharmaceutical business, replacing Kantarak’s consolidated revenue of 20.2 billion, and the company’s restructuring and distribution business grew 2.

66%.Through integration and synergy, the overall competitive pattern and industrial advantages of Shanghai Pharmaceuticals’ distribution business are reflected in the following three aspects: 1) Shanghai’s pharmaceutical distribution scale ranks second in the industry, with branch campuses expanded to 24 provinces; 2) Shanghai Pharmaceuticals becomes the largest in ChinaImport agents and distributors in China rank first in the country in terms of product specifications and sales amount; 3) The effective enhancement of imported drug distribution and DTP pharmacy business has strengthened the company’s ability to obtain the total generation of imported varieties.年 年CDE批准上市的新药中,通过全国商业分销公司进口代理的品种共计20个,上海医药共获得其中15个进口药品全国总代理,囊括了两大PD-1新药欧狄沃(Opdivo)与Key products such as Keytruda and Leweima (lenvatinib mesylate), the first-line treatment of liver cancer in Japan’s Eisai Company, are among the blockbuster products.

This will help the company to maintain stable growth in the pharmaceutical distribution business in the future when the scale of generic drugs shrinks.

In addition, the company has further increased its market share through the National Medical Insurance Bureau ‘s volume procurement policy. It has won the bid for drug distributors in the Shanghai area and has obtained a market share of 63%. It is working hard to seize the potential of the policy.It has become a rapidly increasing concentration of the pharmaceutical distribution industry.

Pharmaceutical retail continued to develop innovative business, and Shanghai Pharmaceutical Cloud Health experienced explosive growth in 2018. The company’s pharmaceutical retail business achieved sales revenue of 72.

20,000 yuan, an increase of 27 in ten years.

70%; gross profit margin 14.

84%, down by 1 every year.

52 units.

There are more than 2,000 retail pharmacies in 16 provinces, autonomous regions, and municipalities across the country, of which Shanghai Fahrenheit Pharmacy is one of the largest pharmaceutical retail companies in East China, and merged with Shanghai Pharmaceutical Cloud Health to build an electronic prescription flow conversion-basedInnovative pharmaceutical e-commerce model.

Shanghai Yaoyun Health is developing the “Internet +” business platform for new retail of prescription drugs, and entering the electronic prescription business, realizing electronic prescription circulation 848.

There were 870,000, and 2 million e-prescribing prescriptions in 2017 showed an explosive growth, gradually connecting 340 medical institutions and serving more than 3.6 million patients.

The financial indicators are stable, and the assets are still stable under the extension. The company’s core financial indicators remain good.

As of December 31, 2018, the company’s assets and liabilities had renewed 63.

40%, an annual increase of 5.

The 45 singles were mainly due to the increase in debt brought about by the acquisition of Kantar;

Two days, the index fell significantly compared with the first three quarters; the company’s operating cash flow was 31.

35 ppm, an increase of 18 years.

36%, of which the pharmaceutical industry realized a net operating cash inflow of 24.

68 ppm, the pharmaceutical business realized a net operating cash inflow9.

USD 8.3 billion, stable cash flow on the industrial side supports the steady development of various businesses of the company.

Earnings forecast and investment rating Shanghai Pharmaceuticals is a domestic pharmaceutical industry and business leader. The coordinated development of industry and commerce has advantages. The first introduction of incentives will promote the company’s future innovation and development, and its long-term performance will grow steadily with high certainty.

It is expected that the net profit attributable to mothers for 2019-2021 will be 43.

3.3 billion, 48.

4 billion and 54.

4.7 billion, an annual increase of 11.

6%, 11.

7% and 12.

5%, the corresponding return is 1.


64 and 1.

89 yuan, maintain BUY rating.

Risk warning: Kantarak’s business integration progress in China is expected in advance; the progress of the core diversity consistency evaluation is slower than expected; the performance of the outsourcing M & A target is not up to expectations, resulting in a significant decrease in goodwill;

Yixintang (002727) 2019 Interim Report Comments: Performance growth is affected by policy disturbances and the layout of the province continues to advance

Yixintang (002727) 2019 Interim Report Comments: Performance growth is affected by policy disturbances and the layout of the province continues to advance

The company announced the semi-annual report and realized 50 operating income.

6 billion (+17.

90%); realize the net profit attributable to the parent company.

3.7 billion (+15.

31%); net profit attributable to the parent company3.

3.5 billion (+15.

09%); net cash flow from operating activities.

10,000 yuan (+570.


From a single quarter point of view, the operating income of the second quarter was 24.

7.2 billion (+17.

00%); realize the net profit attributable to the parent company1.

6.2 billion (+0.


Expenses increased with business expansion, and the overall expense ratio declined.

The reported company selling expenses were 13.

470,000 yuan, an increase of 12 in ten years.

51%, sales expense ratio 26.

63%, a decrease of 1 per year.

28pp; company management fee is 1.

87 ppm, an increase of 24 per year.

85%, management expense ratio 3.

69%, rising by 0 every year.

21pp, mainly due to the introduction or encouragement of employees to obtain the qualifications of practicing pharmacists, resulting in increased employee compensation, etc .; the company’s financial costs are 0.

0.8 billion, down 65 a year.

97%, financial expense ratio is 0.

16%, a decline of 0 every year.


With the continuous strengthening of the supplier resource integration capabilities in various regions, the company’s cost and expenses have been reduced, the expansion of the expansion has brought about cost dilution, and the company’s overall expense ratio has decreased1.

47pp, will further ensure that the company’s profits grow steadily.

Net cash flows from operating 深圳丝袜会所 activities increase by 570 per year.

70%, mainly due to the increase in the amount of medical insurance payments each year.

Earnings forecast: We have adjusted the company’s earnings forecast. It is estimated that the EPS for 2019-2021 will be 1.

08, 1.

27 and 1.

45 yuan, corresponding to the recognized PE on August 23, 2019 is 23.

12X, 19.

73X and 17.28 times.

Give a “prudent overweight” rating.

Risk Warning: Risks of Changes in Industry Policies

Urban Development Environment (000885): Gorgeous Transformation to Create Quality City Operators

Urban Development Environment (000885): Gorgeous Transformation to Create Quality City Operators

Gorgeous transformation, committed to creating high-quality city operators: the company’s predecessor, Tongli Cement, in September 2017, replaced the assets of Xu Pingnan Expressway, a subsidiary of the Henan Investment Group, with all the cement assets, and its main business was adjusted to expressways.Investment, construction and operation management are the main components, supplemented by municipal water supply related infrastructure investment, construction and operation management.

In September 2018, the company was renamed Chengfa Environment, and its main business added environmental project investment, operation and management to the entire industry chain.

The major shareholder, Henan Investment Group, has started to build the company into this environmental protection platform.

In January 2深圳桑拿网019, the company acquired Huaxian Urban Development Investment Company and officially began to enter the field of waste disposal.

With the implementation of Henan’s policies, the market for incineration power generation is huge.

In November 2018, the Henan Provincial Development and Reform Commission and the four departments jointly issued the “Special Medium- and Long-Term Plan for Henan Municipal Solid Waste Incineration and Power Generation (2018 to 2030)”, aiming to achieve a municipal solid waste incineration capacity of 3 in 2020.

Over 2 days / day, the total installed capacity is about 600,000 kilowatts, and the proportion of domestic garbage incineration treatment capacity to the total harmless treatment capacity reaches more than 40%.

By 2030, the province will form an innocuous treatment system for domestic 合肥夜网 waste that is mainly generated by incineration and power generation. Under the conditions, the municipalities under the jurisdiction of the province will realize “zero landfill” of primary waste, and the province’s domestic garbage incineration treatment capacity will reach 8.

4 Daily, the total installed capacity is about 1.6 million kilowatts, and the waste incineration treatment capacity accounts for about 70% of the harmless treatment capacity.

As of the end of 2018, Henan Province had approximately 7850 tons / day of domestic garbage in operation, with a total installed capacity of approximately 12.

90,000 kilowatts, domestic waste incineration treatment capacity accounts for less than 30% of the total harmless treatment capacity, Henan Province has a huge market space for waste incineration industry.

The bidding market for incineration projects is hot, and the urban development environment highlights its advantages: on January 9, 2019, there were 20 bidding projects in Henan Province, with a total of more than 2 projects with disclosed processing scales.

6 Daily / day, the city’s environment won the most bids for waste incineration power generation projects, with a processing scale and investment of 11,850 tons / day and 49 respectively.

9 trillion, accounting for 43 of the total size of the bid and the total investment.

7% vs. 43.


According to the company’s official website, the company plans to reach a solid figure of 3 digits per day by the end of the 13th Five-Year Plan.

In terms of processing fees and ton investment, the average processing fee for projects that have won the bid is 66.

9 yuan / ton, second only to Kangheng Environment (69.

7 yuan / ton), China Teana (68 yuan / ton).

The investment amount per ton is about 56.

70,000 yuan / ton, which is not much different from the investment in tons of other companies in the province.

The high level of urban development environment plus the average ton investment level provides guarantee for the project’s profitability.

The highway assets are of high quality and provide stable cash flow: The highway assets owned by the company are mainly Henan Xupingnan Expressway Co., Ltd., which is mainly responsible for the operation and management of Xu Pingnan, Anlin and Linchang Expressway, with an operating mileage of 255 kilometers.

The Xupingnan Expressway is an important passageway in the best southwest of the Central Plains; Anlin Expressway is an important cultural tourism, including the ruins of Yinxu Palace Ancestral Temple, Taihang Grand Canyon, Hongqi Canal, etc .; Linchang Expressway is a fast land passageway in Shandong PeninsulaIt is an important channel for Jinmei Outbound Transport.

The road traffic business provided the company with stable cash flow and provided stable financial support for the subsequent construction of waste incineration projects.

The operating cost of this business mainly comes from road maintenance, which can keep the gross profit margin above 65%, and has extremely strong profitability.

As the Group’s environmental protection platform, it is expected to further integrate the Group’s environmental protection-related business: At present, the operating body of the infrastructure sector of Henan Investment Group is changed to Urban Development Environment and Urban Development Investment, and Urban Development Investment is the management company of Henan Investment Group ‘s infrastructure management company., Its main business scope includes investment, construction and operation of urban infrastructure projects such as municipal utilities, environmental protection, public welfare, logistics, etc., and has established close ties with Zhengzhou Airport Port Area, Hebi, Changyuan, Xuchang, Luohe and other areas and has undertakenA number of PPP projects involve roads, infrastructure reconstruction, river management, underground pipeline networks and tap water. The city’s investment belongs to projects under construction including water services, highways, incineration and power generation.

According to the company’s announcement, in January 2019, Chengfa Environment acquired Huaxian Chengfa Investment Company from Chengfa Investment to enter the waste incineration power generation field. As the Group’s environmental protection platform, the company has further integrated Chengfa Investment’s environmental protection-related businesses to make it more effective.Management possible.

Investment proposal: As a new army of waste incineration, the company will accelerate the growth of its performance through the construction and commissioning of the project. It is expected that the company’s EPS for 2019-2021 will be 1.

38, 1.

59, 1.

82, the corresponding price-earnings ratios are 7.

6 times, 6.

6 times and 5.

8 times.

Buy-A investment rating is given for the first time, with a 6-month target price of 13 yuan.
Risk warning: the project construction is less than expected, the risk of highway toll drops, the financing progress is less than expected, the waste incineration power generation subsidy is downgraded, and the share price is uncertain.