“It’s nothing,I just remembered some things before。”Xia Chenglong simply replied。

“Is it related to that adult??”
Intuition for women,Xia Chenglong can only express exclamation,The other party can even think of the previous scene。
Although in the previous moment,He did a lot of ideological struggle,There may even be a top-notch battle between two saintly martial artists。
But at the last moment he held back,So make sure that no flaws。
And all this is still seen through by the girl in front of you!
“Maybe I remembered it wrong,nothing!”
“I’m wrong,I just said,That person is the president of Lingxiao City Warrior Association,How can we small people have a feast with those people?!”
Yingzi exhaled,Saying and beckoning to a car,Because they have to go to another place。
The branch hall of Lingxiao City Warrior Association。
Coming here is naturally to be a certification,Things are not difficult,Just follow other people’s processes。
Came to the office of the association,They were received by a middle-aged man in his thirties,He is responsible for realm certification。
“Who are you two certified??”The man asked casually。
The other side,Because they are young,It is estimated that it is a sloughing state at most,Or not even reach the Mood,It’s just a physical realm for the martial artist。

Behind them,There is a large group of boys,Are all students from Liufang No.1 Middle School,Mighty,Forty or fifty people。

These students are out of righteous indignation,They all flooded the street。If you really start,They may not be too good at fighting,But more people,The posture is up,Still looks pretty scary。
“Chubby,Are you OK?”A brother has rushed to Fat Dun,Stood side by side with him。
“Put people out!”There are still people yelling at the village gangsters behind。
Chubby frowned,He doesn’t seem to be used to having so many helpers,Although very touched,But he knows,When there are more people like this,On the contrary, the more I can’t afford to fight。
really,The group of village ruffians on the opposite side surrounded Feng Nan and five people,Someone put a knife stick on them,Made it clear to threaten with hostages。
The old village ruffian who runs the game hall straightens up,Stand out。
“What do you Liufang dolls want to do?Bullying us rural people??”The old village ruffian shouted loudly。
“Put people out!”The students behind the chubby roared。
The old village ruffian smiled very socially:“Let go?They are thief,Come to my shop to steal something!I’m about to call the police!You say let it go?Are you all in the same group?”
This old village
The ruffian shouts to catch the thief,Beat back,It’s really a tough rascal。
“and also,This fat guy went crazy just now,Hurt so many people in our village,Everyone saw it!Now you still want to rely on the crowd,Bully people in our village??”
Export these few words,The people on the street suddenly buzzed。
Especially those Liufang workers who watch the excitement,All talking nonsense。
“So those students are thieves!No wonder people don’t catch others,I just caught them!”
“The old man runs the game hall,Those students must be caught stealing money,What should!”

The workers in Detroit are excited about their disguised salary increase,But Chen Geng has no time to get excited,Not to be indecent,Now that the little devil has made a move,Don’t say hello to them,How can you be worthy of the little devil’s scheming?

“The union’s request for a salary increase,Related to Dongying people?”Jack·Welch was surprised,But then,He nodded:“This time,It’s really too coincidental。”
What a coincidence,If it is in accordance with previous normal procedures,After the North American Auto Workers’ Association proposed an increase in hourly wages and benefits,Of course the management will not agree,Both sides will repeat、See-saw talk for a long time,During this period, the union may organize several strikes,It lasted half a year,The two sides finally reached a mutually acceptable agreement。
This is the standard procedure,But for Chen Geng, who is about to become Mayor of Detroit,,It’s like he got off the ground before he got on stage——Aren’t you the mayor,Now i see what you do。
But to the surprise of Dongying people,Chen Geng, the prospective mayor of Detroit, did not follow the inherent procedures in the past.,He directly copied the nest of the North American Auto Workers Association,Let the public’s attention from“Unions fight for better salaries and benefits for workers”became“Corruption in the trade union turned out to be so bad”,Completely reversed the situation,Also made the little devil dumbfounded。
Speaking of which,Some readers will be surprised,Now that I have copied the nest of the North American Auto Workers Association,And also got Marion·Evidence of Corruption by Talbot and others,Why Marion·Talbot is still so free now?
I’m going to talk about the American legal system here,The police have law enforcement powers but no trial powers,After getting the evidence,The police will submit evidence to the prosecution,Then choose an opportunity to hold court to hear the case,Between the time the police obtain the evidence and the trial of the case,usually,The person involved in the case will be allowed to work and live normally after paying bail,As long as you go to court normally。
Marion·Talbot is like that,After paying the bail,As long as he did not resign,And the North American Auto Workers Association also failed to pass the impeachment case against him.,He is still the chairman of the North American Auto Workers Association,And as a veteran who has worked for the North American Auto Workers Association for more than 30 years,Relying on the trade union platform,Marion·Talbot has deep connections in American politics,This also means that this will be a protracted lawsuit——Say so,On the night Chen Geng pushed the police to raid the North American Auto Workers Association headquarters,Chen Geng received more than 30 calls,It’s all called by some big guys,And the Detroit police phone kept ringing。
Actually even Chen Geng,I didn’t expect to be able to remove Marion in two or three years.·Talbot sent to prison——Even if the Detroit Intermediate Court declares Marion·Talbot loses,He can also appeal?Marion·Talbot will never give up the opportunity to appeal,This also means that this will be a protracted lawsuit。
Shook his head,Jack·Welch asked Chen Geng seriously:“boss,How are you going to respond to Dongying people??”
“Dongying people of course have to clean up,But you have to harden yourself,”Chen Geng said:“Same as this battle with the union,This battle with Dongying people will also be a protracted battle,In the process,We must practice internal strength,Only in this way can we ensure that we remain invincible in the next protracted battle。”
Jack·Welch nodded in agreement,Dongying Motors has proven its strength with its rising market share,For such an opponent,Jack·Of course Welch will give enough respect,He said seriously:“What are you going to do?”
Chen Geng didn’t answer right away,But to Jack·Welch asked:“Jack,What do you think is the biggest gap between us and Dongying Motors?”
“The gap between us and Dongying Motors?”Jack·Welch thought for a while,Said:“Fuel consumption,The biggest gap between us and Japanese cars is fuel consumption。”

This condition is left in the past,Tao Zhenzhen doesn’t even want to give a straight eye。But right now there is no better candidate, right?!

She hit the Yang family boss,Ke Ren Jia Yang Jia,Even if the son is a widower,I don’t want a woman with a bad reputation。
She refused to let go of this life-saving straw that was finally caught,So I sneaked to the Yang family,While others go outside to relieve,Pounced on,Then shout“Indecent……”
Also jump into the river,Crying what to say“No longer alive,Faceless”Something like。
There is a river behind Yang’s house,The ice layer was frozen very hard,But it just so happens that the new year is coming,The team only used the detonator to blow up the holes in the morning,To the villagers,She ran towards this hole by accident。
Although the Yang family boss is very angry,,But I was afraid that something happened and followed。
She can’t really jump,Just behave,I just tried to stretch one leg into the river,Boss Yang stopped her,Got stronger,The two fell on the ice together,She took the opportunity and started crying。
Look at the villagers who heard the movement and followed out to watch the excitement。
Yang family boss’s face,Like before the storm,The black thief is scary。
But this,That’s a risk,I’m not looking at the black face,Don’t let go,Still shouting“I’m not alive,You treat me like this……”
So many people are watching,She just forced the Yang family boss to marry her!
Chapter two Wow cool wow heart
The Tao family is here soon,Almost didn’t fight with the Yang family。
One said that the Yang family bullied someone,You have to marry someone back,Otherwise, I’ll sue them for being a hooligan。

I haven’t said all the curse,Yu Guo returned to the familiar ground before……

The second floor of the hotel,Everyone was shocked,But with the lessons from the past,This time no one has the idea of taking out the phone to record。
The owner of the restaurant also squeezed his facial features together,No sound from crying。
“The smell of barbecue,You met cannibals?”
Seeing Xiang Chenhong’s dark arm,Yao Yao would naturally not have this opportunity to tease Xiang Chen。
“Let police officer Han handle his eyes first,Is lime powder,Encountered a mean and nasty stuff!”
Xiang Chen sits beside Xiangyang,Grab something to fill your stomach。
Eat up what Xiangyang and the others have left,Xiang Chen grabbed the hot pot at the next table again,I started eating unceremoniously。
Everyone is speechless,I just threw people down from the second floor,But I eat other people’s leftover hot pot like a okay person。
Compared to the silence of people around,Wang Qiaoqiao’s psychological endurance is still alive,After all, the impression of making trouble in the infusion room has not been erased,It’s not difficult to understand Xiang Chen’s arrogant behavior just now。
It’s just that Wang Qiaoqiao is a little scared,Xiang Chen’s arm strength,I even fought him repeatedly before,In case this guy becomes angry,Don’t you want to be cool?
The feeling of being left behind,Wang Qiaoqiao suddenly felt that the world around her was still very cute。
“Xiang Chen,Are you causing trouble again?”
It didn’t take long for Mo Mo to deal with the look in Korean Xiang’s eyes。
To restore vision,Looking at the surrounding scenery,Han Yuxiang knows that in the time he can’t see,There must be another story。
The spectators around are as quiet as chills,The person who looked like the restaurant owner was crying,Xiang Yang and others are fairly calm,Only Xiang Chen seems like nothing happened,Eating。
If you can sit down and eat something like this in Korean Xiang,The brain is really broken。Put on the posture of a housekeeper,But seeing the injury on Xiang Chen’s arm,Han Yuxiang’s momentum suddenly wilted again。

Shanghai Meilin (600073): Stable operation in 1Q19 continues to pay attention to the benefits of rising pig prices

Shanghai Meilin (600073): Stable operation in 1Q19 continues to pay attention to the benefits of rising pig prices

1Q19 results are in line with expectations. Shanghai Meilin announced 1Q19 results: operating income of 65.

1.3 billion, previously + 4%; net profit attributable to parent company1.

8.3 billion, ten years +10.

1%, corresponding to a profit of 0.

2 yuan, in line with expectations.

Among them, the beef and mutton business performed well, with a revenue growth rate of 18.

7%, mainly due to the good performance of silver fern sales in China, the increase in restructuring slaughter, China’s sales share increased, the domestic domestic beef and mutton prices rose, and Lianhao as a whole remained flat.

Hog slaughter and cold meat business performed steadily, with revenue increasing by +4.

3%, canned business income +9 per year.

2%, 1Q19 due to rising pig prices, the contribution of breeding profits is relatively limited.

Development trend The 19-year rise in the price of pigs will benefit the pig breeding business.

At present, there are about 600,000 heads of slaughter attributable to the rights of Shanghai Meilin. The slaughter amount will be limited by swine fever this year. After the construction of the bright pig project has reached production, it is expected to continue to contribute to the slaughter of pigs in 2020-2021.

Entering the growth cycle of pig prices in 19 years will contribute to the company’s profitability in the pig breeding business. We expect that the elasticity of profit will start to appear from 2Q. If the average annual pig price rises 25% in 19-20, the pig breeding business is expected to contribute profits to the company.1.

89, 3.

8.5 billion.

The two pillar industries of Canned Food and Guanshengyuan contributed stable profits.

We expect the company’s snack food profits to be stable, and Guanshengyuan will achieve 1 in 19 years.

Profits of around 9 billion; In 19 years, the company’s canned business faced certain challenges, and its exports to the Philippines were constantly blocked due to the effects of African swine fever. The change was the cost pressure brought by rising pig prices.Meat inventory reserves are expected to have less cost pressure in 1H19. If the spread between China and the United States 杭州桑拿 widens or tariffs are optimized in 2H19, it is planned to increase the import of raw materials to hedge, and it is expected that the canned business will contribute to the company’s profits in 191.

6 trillion profits.

Asset impairment is expected to gradually decrease.

In 2018, the company’s asset impairment amount has dropped significantly to zero.

US $ 5.8 billion, a significant drag on the company’s performance, and we expect the amount of asset impairment to continue to decrease in 2019.

Earnings forecast is maintained at 19/20 EPS forecast of 0.


62 yuan unchanged.

It is estimated and recommended that the current budget corresponds to 24/17 times P / E in 19/20 and maintains a target price of 12.

4 yuan, corresponding to 19/20/29/20 times P / E, there is still 21% growth space compared with 天津夜网 current expectations, maintaining the recommended level.

Risks Fluctuations in pig prices, the impact of African swine fever, the time when pig production capacity is put into operation, SFF operates overseas.

Zhenhua Technology (000733) Annual Report 2018 Review: Focus on the Rapid Increase of Military Electronics Profitability

Zhenhua Technology (000733) Annual Report 2018 Review: Focus on the Rapid Increase of Military Electronics Profitability

Investment Highlights The company released its 2018 annual report: revenue 53.

38 trillion, a reduction of 33 a year.

43%; net profit attributable to mother 2.

590,000 yuan, an increase of 27 in ten years.

17%; net profit after deduction to mother 1.

80,000 yuan, an increase of 17 in ten years.


According to the number of reports, the company’s revenue scale has decreased, but the profit level has increased significantly, mainly due to the company’s low gross profit margin of the expansion of the entire machine business expansion, high gross profit margin of the 苏州桑拿网 new electronic components business revenue growth ratio increased.

In 2018, the new electronic component business achieved revenue29.

76 ppm, a ten-year increase4.

84%, accounting for 55% of revenue.

76%, an increase of 16 per year.

75 averages, gross margin 42.

36%, an annual increase of 8.

24 singles; the profitability of the whole machine and system business increased, and the scale of revenue expanded and contracted to achieve revenue of 23.

3.1 billion, a year-on-year decrease of 51.

77%, accounting for 43% of revenue.

68%, a decrease of 16 per year.

61 units.

The company’s net profit attributable to mothers increased faster than the net profit attributable to mothers.

In the reporting year, although the company’s asset impairment loss increased from 8088 million last year to 1.

15 billion U.S. dollars, but the company received government subsidies from 55.94 million last year; non-current asset disposal income was 15.14 million yuan, and last year was -2.08 million yuan, mainly because the company will allocate Zhenhua Tiantong’s equity and exceed previous expectationsCredited to investment income.

In 2019, the company will gather advantageous resources, realize asset securitization and merger and reorganization through the capital market resource allocation function, and promote the extension of the industrial chain from the middle and lower reaches to the upper and middle reaches, and the asset securitization will continue to advance.

According to the latest financial report, we adjust our profit forecast and expect the company’s EPS for 2019-2021 to be 0.



91 yuan / share, corresponding to PE is 26/21/18 (2019/04/17) times, maintaining the level of “prudent increase”.

Risk warning: The compression and replacement of the whole machine and integrated circuit business are less than expected; the profit improvement of the new energy battery business is better than expected; and the injection of external assets is uncertain.

Panwei Network (603039) 2018 Annual Report Comments: Revenue Continues to Grow Rapidly, Cloud Business Promotion Effective

Panwei Network (603039) 2018 Annual Report Comments: Revenue Continues to Grow Rapidly, Cloud Business Promotion Effective

Event: The company released its 2018 annual report and achieved revenue of 10.

40,000 yuan, an increase of 42 in ten years.

51%; realized net profit attributable to owners of the parent company is 1.

14 ‰, an increase of 31 per year.

64%, performance basically in line with expectations; net cash flow from operating activities of 200 million US dollars, an increase of 27 in ten years.

58%; advance receipts increased by 23.

21% to 5.

30,000 yuan, budget and financial indicators continue to grow steadily.

Revenue continued to grow at a high speed, and the proportion of service revenue further increased: the company’s overall revenue for 18 years increased by 38 in 10 years.

82%, continuing the rapid growth of democracy.

In terms of business segments, self-developed software products increased by 33% to 6.

USD 7.5 billion, of which ecological and electronic office products increased by 33% and 31% respectively; benefiting from the increase in the proportion of revenue contributed by old customers and the smooth development of cloud business, the company’s technical service revenue increased by 63% to 3.

US $ 4.4 billion, and its revenue share increased from 30% in 17 years to 34% in 18 years.

18-year overall gross profit margin was 95.

80%, with a rise of 0.

39 units, basically stable.

The 18-year company expense ratio, sales expense, management expense ratio, research and development expense ratio, and financial expense ratio were 90.

18%, 71.

59%, 8.

41%, 12.

50% and -2.

32%, ranking change in 2017 -2.

51, +0.

20, -0.

90, +0.

32 and -2.

13 units, of which the amortization cost of fair incentives is 2701 million. If the equity incentives are replaced, the net profit will be 1.

4.1 billion, an increase of 46% over the same period last year.

The cloud business promotion effect is significant, and the product is continuously iteratively upgraded: In order to accelerate the promotion of SaaS product eteams, the company launched the Kunpeng plan in March 18 and launched product experience meetings in Baicheng. The company’s WeChat added 100 billion yuan in 7 monthsFund cooperation joins promotion.

The promotion effect of cloud products is remarkable, and the revenue growth rate of this business is higher than the overall revenue growth rate.

At the same time, the company’s products have been continuously iteratively upgraded. In September 18, the company launched a new generation of “intelligent, platformized, and electronic throughout” OA products-e-cology9.

0; The small e intelligent voice assist system launched by the company replaced the 7 major engines and performed iterative upgrades, and also completed the layout and introduction of electronic contracting and other fields.

Investment suggestion: In view of the downturn in the macro economy and the intensified competition among companies in the industry sector, the company’s net profit attributable to listed companies for the years 19-20 will be lowered to 1, respectively.

46 and 1.

83 ppm (former predictor 1).


400 million), and forecast the company’s net profit attributable to the parent company for 21 years to be 2.

2.5 billion.We are optimistic that the company ‘s revenue growth as a leading OA company is faster than the industry growth rate. E-cology has benefited from the increase in the number of potential customers and the accelerated development of cloud services.

Risk reminder: Traditional OA growth is less than expected in the later period, industry growth is slower than expected, cloud OA promotion is lower than 苏州夜网论坛 expected, and the overall market growth rate is falling.

Shenzhen Nova (603978) first coverage: Expansion of demand for advanced aluminum

Shenzhen Nova (603978) first coverage: Expansion of demand for advanced aluminum

Key elements of the report: Shenzhen Xinxing is the world’s largest aluminum particle refiner production line and the only professional manufacturer of aluminum particle refiners in the industry with a complete industrial chain. Its business covers fluorite mining, fluoride salt manufacturing, and aluminum crystals.The production of grain refiners has increased the demand for high-performance aluminum grain refiners and the widespread promotion of energy-saving fluxes in downstream industries, and the company’s performance has been significantly improved.

Investment points: Product production technology is at the leading level in the industry: At present, the company’s main products are British LSM, KBAlloys in the United States, and KBM in the Netherlands. Its industrial technology 杭州桑拿 level is relatively high, which basically represents the current state of the art in aluminum particle refiner industry.

The ratio of Shenzhen Xinxing to the above three companies is slightly better in terms of the average size of crystal nuclei, the average size of subcrystal nuclei, the degree of melt purification, and the nucleation ability of crystal nuclei. “Aluminium grain refiner-aluminum titanium boronThe overall manufacturing technology of (carbon) alloy products has reached the international advanced level, which has gradually changed the pattern of high-end aluminum grain refiner market monopolized by European and American companies for a long time.

Expansion of demand for high-end aluminum materials in downstream industries: Since 2018, downstream applications have continuously increased the performance requirements of aluminum products. Military, aerospace, rail transportation and other industries have generated strength and weight reduction requirements. The use of aluminum products has continued to expand, and high-end aluminum materials will continue to expand.As the main growth market in the future, the proportion of advanced aluminum grain refiners and high-end aluminum master alloys will also increase, and the company is expected to increase its volume.

The development prospects of new energy-saving fluxes are broad: through research, the company uses low-molecular-weight potassium tetrafluoroaluminate as an aluminum electrolytic additive, replacing traditional fluxes, reducing the electrolytic working temperature during the aluminum electrolytic production process, and saving electricity per ton of aluminum production.At least 500 degrees, this technology replaces the foundation for the new low-temperature aluminum electrolytic energy-saving technology for the aluminum electrolytic industry. If promoted throughout the industry, it can save 12 billion kWh of annual electricity in the electrolytic aluminum industry and reduce 8.6 million tons of greenhouse gas emissions such as carbon dioxide.Significant economic and social benefits.

The demand for potassium fluoroaluminate in the electrolytic aluminum sector will increase to 25.


Profit forecast and investment advice: The company’s net profit attributable to its parent in 2019-2021 is expected to be 1.

42 billion, 1.

7.1 billion and 1.

9.3 billion, corresponding to a closing price of 18.

The 85 yuan PE is 23.

50, 19.

50 and 17.

24 times, the first “overweight” rating.

Risk factors: Mining safety risks, insufficient fluorite reserves, risk of rising aluminum ingot prices, risk of falling electrolytic aluminum production, lower than expected downstream industry demand, national policy risks, and international variation risks

Blu-ray Development (600466): High performance and steady sales

Blu-ray Development (600466): High performance and steady sales
Event Blu-ray Development released the 2019 first quarter report: the company achieved operating income of 57 in the first quarter of 2019.6.7 billion, an annual increase of 73.40%; net profit 5.42 ppm, an 85-year increase.97%; net profit attributable to mother 4.950,000 yuan, an increase of 64 in ten years.31%, basic profit income is 0.141 yuan / share. Review profitability has improved significantly.In the first quarter of 2019, the company achieved operating income of 57.670,000 yuan, an increase of 73 in ten years.40%; net profit attributable to 南宁桑拿 mother 4.950,000 yuan, an increase of 64 in ten years.31%.The company’s performance continued to increase, mainly due to: 1) the pace of real estate business carry-over accelerated; 2) profitability continued to increase, and the company’s gross sales margin reached 29.06%, a decline of 3 per year.11 single, but at the same time expenses are effectively controlled, the expense ratio during the sales period is only 12.45%, down 4 each year.91 first-level; the net profit margin of the company’s sales reached 9 in the end.41%, rising by 0 every year.64 averages, a record high in 2014.At the end of the first quarter of 2019, the company received 563 advances.73 ‰, an increase of 54% in ten years, is the basis for future performance growth. Sales grew steadily, and the nationwide layout showed initial success.In the first quarter of 2019, the company’s real estate business realized sales of 188.62 ppm, an increase of 10 in ten years.23%; sales area 207.390,000 square meters, an annual increase of 16.44%, sales have grown steadily.From the perspective of regional layout, the company’s sales in Chengdu, Central China, East China, Beijing, Yunnan and Chongqing, and South China accounted for 21% of sales.28%, 22.32%, 30.88%, 4.75%, 12.56%, 8.21%, while the company continues to cultivate the Chengdu-Chongqing region, the national layout strategy has achieved initial results.In the first quarter, the company replenished 23 land reserves with a total construction area of about 3.2 million square meters, an annual increase of 52%. The level of leverage has increased slightly, and the possibility of financing channels.As of the end of the first quarter of 2019, the company’s asset-liability ratio was 82.18%, excluding the asset-liability ratio after receipt of 45.84%, an increase of 1 per year.71 units.The company successfully issued 11 million corporate bonds in March with a coupon rate of 7.5%; meanwhile, the latest issuance of overseas wholly-owned subsidiaries since the beginning of the year 5.300 million US dollars in bonds, multiple financing channels to effectively control the company’s financing costs. Property management business listing is in sight, helping the rapid development of the property sector.The overseas listing of the holding subsidiary Jiabao Co., Ltd. has been approved by the China Securities Regulatory Commission.Garbo shares achieved operating income in 201813.9.9 billion yuan, an annual increase of 43.95%; net profit 2.89 ‰, an increase of 49 in ten years.15%.After going public in the future, the scale of Garbo’s property management is expected to continue to accelerate, which will also increase the stability of blue light performance. Investment suggestion: Blu-ray Development has outstanding sales performance, continuous optimization of the soil storage structure, and land acquisition and cost-sharing to generate cost advantages; property services and medical services go hand in hand; improve the incentive system to promote upward and downward concentricity; the setting of college entrance examination targets demonstrates the company’s performance confidence.We expect the company’s EPS to be 1 in 2019-2021.13, 1.53,1.83 yuan, corresponding to PE of 6.15, 4.57 and 3.80 times, maintain “Buy” rating. Risk warning: The industry’s sales scale will further expand; mortgage loan interest rates will increase; real estate policies will be tightened sharply; housing companies’ capital costs will continue to increase, and shed reforms will not meet expectations.