Facts proved,Facing this wealth that can be obtained as long as you work hard,A person’s IQ can definitely be rapidly improved in a short time,Like in front of you,Faced with such a generous tip,Ryan turned his mind quickly,then……

“Dear sir,”Ryan’s expression was sincere and even made Chen Geng wonder if the guy in front of him was disguised by his old friend for many years.:“First of all,Your request,Not to mention in the Stanford Industrial Park,Even on the entire west coast,I am afraid that no real estate agency can satisfy。
I just say two things and you know how difficult it is:A company with hundreds of people working at the same time,Ok,Computer company,We don’t talk about electricity、Water supply、Heating these,Just talk about parking,A company with hundreds of people has hundreds of cars,This requires a large parking lot;The second is community residents’ concerns about safety,by law,A family employs more than20People’s company wants to open the company in residential communities,Must obtain the community committee60%Consent of residents,You want,If your company has hundreds of people,Considering business dealings,There may be a large number of outsiders every day,From a security point of view,This is a big unstable factor for the safety of the community……”
Without waiting for Ryan to finish,Chen Geng knew why he couldn’t find a suitable residential area。
In the U.S,It is not a big problem to register a civil house as a company address,In most states of the United States,As long as your company is not production-oriented、Companies with greater production noise and pollution,Can register civilian residences as the company’s location,This is why there are so many garage companies in the U.S.,Even if one address is registered as the location of multiple companies, there is no problem,Such as in Cheyenne, Wyoming,One on Thomas Avenue1270No. 1 has an area of about118Square meter house,registered2000Multiple companies。
You ask how such an ordinary house with one storey and one loft can register so many companies?Ok,The house is full of mailboxes from the floor to the roof,The company is posted on every mailbox“suite”Number……A mailbox is a room,For example, the registered address of a company is Thomas Avenue, Cheyenne, Wyoming1270number5floor513room,But actually not“5floor513room”,Only the fifth row from bottom to top13Mailboxes。
In San Francisco, especially Silicon Valley,The local government even encourages young people in the computer industry to do so。
However, there is a problem with residential housing registration as a company address that must be resolved:If the company has a small number of people,That’s not a problem,But if the company has more people,For safety reasons,You must get the consent of the community owners’ committee and the majority of residents,Garrett2000If it reaches the scale of hundreds of people,Don’t talk about parking problems,A single safety issue can be rejected by the owners committee without hesitation,As lan said,A company employing hundreds of people,There are bound to be many people going in and out every day,under these circumstances,How to ensure the safety and interests of community residents are not violated?
Considering that more is worse than less,Whether it’s the community’s owners committee or the community situation,Nine out of ten is one sentence“NO!”Upset……Garrett2000The reason why he has not been ejected from the community,Thanks to the number of people they hired20people。
Understand where the problem is,Things will be easier,Chen Geng nodded:“OK,Lane,Since you didn’t tell meNO,You have other suggestions,right?”
“Yes,I do have a suggestion for you to consider,”I heard this rich boss is willing to listen to his own advice,Ryan was relieved,Said:“I have summarized your requirements for the office location of the new company,The main requirement is a good environment,Greening is better,It can’t make people go to jail like those office buildings,of course,Other hardware,Such as water supply、powered by、Heating、Hardware conditions such as communications must also keep up,right?”
Chen Geng nodded:“Yes。”
“At the beginning,I am going to recommend some luxury homes to you,With swimming pool、There is a basketball court、There are several bathrooms、The rooms for shoes are bigger than the apartment,But after careful consideration,I think this kind of mansion is good,But not particularly suitable for your needs……At least this kind of mansion may not be able to stop hundreds of cars,It can’t meet your requirements for further expansion of the company in the future。”
Sure enough, money has an obvious effect on improving intelligence,Chen Geng is more and more satisfied with Ryan’s performance,It’s not that no real estate agency has introduced such a large mansion to myself before.,But after reconsidering,Chen Geng still didn’t choose to do this,The reason,One is because the rent is too expensive,on the other hand,That’s what Ryan said,Limited space,Unable to meet the company’s subsequent expansion requirements,Otherwise, Chen Geng really doesn’t mind buying a mansion。
“Are you interested in a nursing home by the sea??”
“Nursing home?”Chen Geng frowned。
“Not a nursing home,It is a high-end recuperation center for the wealthy,The kind designed to serve wealthy people like you,Live in,At least tens of thousands of dollars in monthly expenses,And most gays can only receive50Customers with medical needs,There are indoor and outdoor basketball courts、Large indoor heated swimming pool and outdoor swimming pool、SPAcenter、Massage center、Spa、restaurant……There is even a dedicated helipad,In short,Any way you can think of rich people to enjoy,Can be found here,”Ryan’s tone sounds very, very envious:“of course,If you need,Can be transformed into a company。”
A seaside、A high-end recuperation center dedicated to the wealthy?

this is《New York Times》To Ford·Car owner Henry·Ford interview。

“I can not understandAMCSalary requirements of workers,as far as I know,AMCOf workers’ salaries are already relatively high,Their benefits are counted in the entire industrial manufacturing industry,Like Welch said,If they propose5%、10%even20%Salary increase request,I can understand,butAMCProposed by the workers’ union100%Salary increase request,I can’t understand,I also imagine how they made such a request……”
When asked by reporters how to treatAMCWhen the workers went on strike,Facing the camera,Chrysler CEO Lee·Said Iacocca。
“I feelAMCThere is absolutely no reason for the strike of the workers。”this is《Wall Street Journal》To Chase Bank CEO Michael·When Kuhn conducted an interview,Michael·Kuhn’s attitude。
Almost all the entrepreneurs interviewed are on Chen Geng’s side,Even ifAMCCompetitors are no exception,This time they stood by Chen Genghe with a clear-cut standAMCCar side,Like Lee·Alcoca,It’s not that he intends to fight Chen Genghua as a jade silk,But what the union did this time is really disgusting,If I support such an outrageous request made by the union,The workers in that own company、What to do if the union follows the same pattern?
Don’t do anything at all,Just work for these damn Ai workers。
Even quite a few workers interviewed were rightAMCThe strike organized by the union held an incomprehensible attitude,Show that they can understand the union’s help workers ask for salary increases,But this salary increase is not a good thing,Because of such a big salary increase,The company must lose money,If the business loses money,What are the benefits for workers?
“Bastard!Bastard!All bastards!”
Seeing the media’s public opinion did not condemn as one-sided as I thoughtAMCFernandez·Chen,On the contrary, quite a few voices criticize themselves for killingAMCcar,George·Walker’s three corpse gods jump:“I’mAMCChairman of the auto workers union,I am seeking legitimate interests for my members,Look at these damn media,What are they talking about?!It’s just nonsense!”
Looking at George with a grim face·Walker,The people in a room can’t help being silent。
In fact, not only George·Walker can’t understand why this is happening,These trade unions are used to making trouble、The heads and brains whose public opinion is on their own side can’t understand why the public opinion of the whole society is starting to be against them.,Yes,Yes,Our condition may be a little bit past,But we are a union,We represent the working class、Poor people,How can you not help us?We are poor, we are reasonable。
The union is like a child spoiled from childhood,This time,After he made such a big mistake, he thought that the whole society would tolerate himself as before、Get used to,I didn’t expect that although I didn’t wait for a slap,No good results,They are wronged。
“but……Boss,What shall we do now?”Someone asked tremblingly。
money,Everyone took it,It’s a pleasure to take the money,But it also means that everyone has become a grasshopper on the same rope,The limelight seems to be bad for me right now,The guys who have relied on the name of the union to dominate over the years can’t help but panic。
“What are you afraid of,”George·Walker snorted:“No matter how,As long as we bite to death, we are speaking for the workers,Who can do us?What about scolding,Can scolding make you lose a piece of meat?No good,Worst result,It’s nothing more than this strike without any results,Let’s end the strike、The workers just go back to work,What can we lose??Still be an uncle。”
Yes indeed!
Or the boss wise!

Populus Angkor,Let the disabled old Wu be flattered,Speak quickly:“Nothing!I just came,Just arrived!Brother Hu just calls me old Wu。”

The audience in the live room,Hear this title,Can’t help but like。Brother Hu this character,Nothing to say,Even if compared to my own family,Also call brother、Sister or something。
“I like Brother Hu,Unlike other rich people,That pride,We can’t afford it。”
“Brother Hu is really good-tempered,I haven’t seen him put on airs,Treat us like ordinary people like friends。”
“Xiaoping,Is the market far??Do you want to drive?”Hu Yang couldn’t help asking。
“One or two kilometers!”Ye Ping thought for a while。
“Drive then!Wah Tsai,help。”
Hua Zai hurry and get off,Help old Wu get into the car,Then put away the wheelchair,Put it behind the trunk。
“Xiao Hu,your car?”She looks at this car,pretty good。
Populus shook his head:“no,Too far,Did not drive over,This car is rented after getting off the plane。”
Ye Ping revealed:“Brother Hu’s car is much better than this one,And sports cars,It’s just that he doesn’t drive much!”
“Ha ha!Driven once or twice。”
Tut!There are sports cars,It’s only once or twice,Rich people are different。
Read the news before,That someone put hundreds of thousands of cash in the car,forgotten。Wait for discovery,That hundreds of thousands of cash has become moldy。At that time,It feels incredible。
right now,Listen to what Hu Yang said,It’s really possible。
Aunt Ye,It’s basically confirmed that Xiao Hu is a rich man,Good temper,Such a man,He is really a beloved son-in-law,I don’t know if people can see my girl。
“Angkor,Have you been here?”Ye Ping also shouted with Brother Hu。
Lao Wu rarely talks to such a beautiful girl,a little nervous。
His actual age is a lot older than Hu Yang,But because I was disabled since childhood,Always single。I didn’t even know how to live in the future,Let alone marry a wife and start a family。

Formation that was originally slow is accelerated by the appearance of light before。

If it weren’t for the great Daxinganling,The opponent will be faster。
Chapter 907 uninvited guest
Leave from the small lake,In front is the bamboo shed built by Xia Chenglong,This is also a boring little fun,It is not too difficult for them to build a relatively simple residence。
Yard,Xia Chenglong packed up the prepared prey,Naturally, cooking for life can only be left to him,Murong Qianxue,Forget it!
It’s a pretty good thing to get her into the WTO,As for cooking,Even if the other party is a woman,Xia Chenglong didn’t want to be tired。
and so,At the moment the woman is just practicing cross-legged in the bamboo house。
The scent of barbecue and hot spreads from the yard,If someone must admire,Which good wife is this,I made such a good meal。
Xia Chenglong is not just a simple practitioner,Long long ago,He is just a fighter,At that time he had to do a lot,Including how to cook an edible meal or a great god-level meal。
this is,Murong Qianxue’s eyes opened,The flat ground seems a little worried,Want to start,Finally stayed in the house。
Maybe so,Allows them to make a different decision。
Xia Chenglong happened to face the outside of the courtyard,So two old people appeared behind him, he didn’t know,Only after turning around,Hurriedly held the wooden spoon in his hand。
“Hey~Two are here,Go sit inside,The meal is about to dry。”
The two looked at each other,Obviously, I am a little speechless about Xia Chenglong’s behavior at the moment。
This is the Shura God of War they saw before?
If you change a face,I’m afraid no one can connect a master who fought with the devil and the man who is cooking right now。
“how,Don’t give me this face?”

Actually Xiao Fan told Chu Yao at the beginning,Sometimes you should have no feelings,Often when you no longer have any feelings,You can become a real strong。

Because there was nothing to hold you back,Chu Yao just felt that Xiao Fan’s statement was wrong,Because how can people have no feelings?,In that case, it’s a cold machine or what’s the point?。
Later, Chu Yao discovered that what Xiao Fan said did not contain any emotion,It’s not just that you don’t have emotions,But to express one’s feelings to the one who is worthy of love。
But some people are not worth the emotion,So he became cold-blooded,Tends to show better results,Or to achieve a better state。
This is something Chu Yao only understands now,But it’s not too late,They are young,They are also growing,So what Xiao Fan hopes is that they can continue to grow。
Then in the end, although some things are different from before,But this is a kind of life for them,This is also Xiao Fan’s good intentions。
Xiao Fan is actually not very patient and willing to teach someone,But for his own subordinates or friends,He is willing to do his best to help them。
Let them understand something,Let them understand many times,Things are not my imagination,You need to know more,You need to guard more to achieve the goal you want to achieve。
So this matter is officially turned over,Xiao Fan knew that Chu Yao would think a lot,But you don’t have to worry too much about having Yiming by your side。
Anyway, everyone will go to rest tomorrow,Take a good rest,Everything can be forgotten,Then start over again,It’s a new beginning。
Every day is a new beginning,When you feel life is a bit boring,Better to do one thing again,And then completely empty yourself。
tell myself,Start over,I can still do this well,Or i can do something better,To be a better self。
Chapter five hundred and sixty three Elite team
In this way, life has the meaning it should have,People want to keep improving,If you encounter any setbacks in your life,Or you don’t feel like going forward。
Why not stop and look at the surrounding scenery,Feel the things you haven’t felt before,Then indulge,Start struggling after indulgence。
People are not always invincible,Not to be able to keep going forward,After being tired for a while,Also need to rest and recharge,So Xiao Fan thought that after work was tired,,Just take a good rest。
Then start from the beginning and make up all that I have fallen.,Then to become a better self,In fact, this is how Xiao Fan has always inspired himself。

“amount?You mean the ground we are stepping on?”

Qin Feng felt that he couldn’t understand more。Because if this exists,Is what they are doing now is a bit incomprehensible?
At least you still have some conquests around the world。Are all beating their own people,If you have so much energy,Why not invest in the so-called scientific research?
“and many more,Back again,What does it have to do with what spy do you think I am??”Qin Feng doesn’t understand,Obviously just now,The two principals dug him out directly from the wind and snow。
“Ugh,Except these,There are also people who have been frozen from earlier times。”
“Frozen down?what do you mean?”Qin Feng is really shocked now。
Because the other party’s meaning is obvious,Because in ancient times,So many kings or capable people have the dream of immortality。Even after various attempts,The pill is a by-product in practice。
According to the principal,,In ancient times, people really lived to the present?
It seems to see through Qin Feng’s question,Principal Ye continued to explain,“Actually it’s not alive till now。It’s like some animals hibernating。That period,They just let the body maintain basic functions,But the whole person is unconscious。Or,Conscious in mind,But the body is not capable of action。Like a superhero,There seems to be such a saying that age is sealed?”
“We once met a self-appointed monk。how to say,Because in a certain era, the aura around you suddenly disappeared。At that moment, it was like annihilation for the monks。
Because there is no spiritual power,It becomes extremely difficult for them to practice,And even stand still for many years。At this moment,Some people started trying to proclaim themselves。”
Qin Feng understands the situation when he hears this,I am afraid that the two previous principals regarded him as the kind of self-styled person, right??If it’s not because the sleeping bag you use looks like a modern product,Perhaps these two principals might have done something to him at that time。
of course,These are just Qin Feng’s guesses,In fact, if you really encounter this situation,Naturally, it is impossible for the two principals to kill without saying a word。
What if some of the self-appointed monks also agree with their ideas?Can’t this be their helper here??
So,They can still communicate。
“I said the old principal,Since you can judge that I am not this kind of person。Why don’t you let me go?”Qin Feng asked。

Fangda Special Steel (600507) 2019 First Quarterly Report Review: Performance Exceeds Expectations, Typical Cost Advantages of Private Enterprises Highlight

Fangda Special Steel (600507) 2019 First Quarterly Report Review: Performance Exceeds Expectations, Typical Cost Advantages of Private Enterprises Highlight

Investment Highlights: Maintain “Overweight” rating.

The company achieved operating income of 39 in 2019Q1.

3.6 billion, rising by 1 every year.

90%; net profit attributable to mother 4.

700 million, down 15 every year.

63%, the company’s performance exceeded expectations.

New real estate starts in 2019 are strong, infrastructure is picking up, cars are bottoming out, steel demand is low and high, the company ‘s performance will continue to pick up, and the company ‘s EPS for 2019-2021 will be 1.



44 yuan, estimated 13 times for the company 四川耍耍网 in 2019, raised the company’s target price to 17.

55 yuan, maintaining the “overweight” level.

The sales volume remained high in the first quarter, and the gross profit per ton of steel was high.

The company’s steel sales in the first quarter of 2019 were 101.

81 for the first time, slightly downgraded by 1.

71 Nominally, it remained high overall.

In the first quarter of 2019, the average sales price of the company’s steel was 3866 yuan / ton, and the gross profit per ton of steel was 1,008 yuan / ton.Gross profit and net profit remained relatively high, far exceeding the industry average.

It is expected that steel demand will be low before high in 2019, and the company’s profitability will continue to rise.

During the period, expenses remained low and cost advantages were prominent.

The three charges per ton of steel for the company in Q1 2019 were 391 yuan / ton, which continued to rise by 40 yuan / ton, and the expenses during the period were 10.

1%, rising by 1 every year.

The cost of 23 units is 2858 yuan / ton.

In the first quarter of 2019, due to the decline of the industry cycle and the strength of cost-side iron ore, the company has excellent cost control capabilities, prominent cost advantages, and still maintains profitability.

Demand is low before high, and the company’s performance may continue to grow.

New real estate starts in 2019 surpassed market expectations, and overall remained strong.

In the context of the continued advancement of special bond issuance and the positive national infrastructure policy, infrastructure investment will continue to pick up in 2019.

The production and sales of automobiles picked up significantly in March, and the industry basically entered the bottom-building stage.

In 2019, the demand for steel is low before high, and the company’s performance will continue to pick up.

Risk warning: the macro economy is accelerating to decline; the supply side rises more than expected.

Zhejiang Digital Culture (600633): Steady Growth of Main Business Digital Entertainment + Big Data Layout Improves

Zhejiang Digital Culture (600633): Steady Growth of Main Business Digital Entertainment + Big Data Layout Improves

The event Zhejiang Digital Culture released its 2018 annual report today.

According to the annual report, the company achieved operating income in 201819.

09 million yuan, an increase of 17 in ten years.

42%; net profit attributable to mothers4.

7.8 billion, down 71 every year.

13%; net profit deduction for non-attributed mothers2.

49 ppm, an increase of 32 in ten years.


Realize a basic gain of 0.

37 yuan, down 70 before.


The company’s net cash flow from operating activities in 2018 was 4.

49 million, a significant increase of 127 from 2017 to 2017.


On the whole, the company’s non-net profit deduction is at the middle of 淡水桑拿网 the annual report performance forecast.

In 2017, the company sold a total of 21 subsidiaries of all news and media assets and realized an investment income of over 1.1 billion. Without considering the impact of major asset sales in the same period of 17 years, the company’s operating income in 2018 achieved a 64% increase.The non-net profit of the female deduction has achieved a multi-year growth of 41%.

Brief Comment 1. The decrease in investment income leads to a decline in profit, and the deduction of non-net profit keeps increasing.

The increase in the deviation of the company’s return to net profit in 2018 was mainly due to the company’s divestiture of news and media assets in the first half of 2017.

In the first half of 2017, the company successfully completed major asset reorganization work, which brought 深圳桑拿网 the company an increase of 11 in 2017.

7.6 billion investment income.

In 2018, the company’s non-net profit deduction achieved positive growth, reaching 2.

49 ppm, an increase of 32 in ten years.

42%, reflecting the good development trend of the company’s main business in 2018.

2. Continued in-depth layout of digital entertainment and big data.

With the completion of major asset reorganization and renaming, the company is mainly divided into three core business groups of digital entertainment, digital sports and big data, as well as two related sectors of cultural services and cultural industry investment.

At the beginning of 2018, online game operation business realized operating income14.

4.2 billion, an annual increase of 66.

98%, accounting for 75% of the company’s overall revenue.

54%; technical information services revenue in 20182.

170,000 yuan, an increase of 193 in ten years.

24%, revenue accounted for 4.

55% increased to 11.


From 2018 to 2019, the company’s Fuchun Cloud Internet Data Center has successively signed two contracts with NetEase and Ali.

3. Investment advice.

After the company’s divestiture of assets completely transitioned in 2017, it experienced a period of two years to polish internal strength.

The 2018 annual report shows a good growth momentum for the company’s main business.

The company’s size can benefit from its good layout and advantages of institutional mechanisms, and as a regular media company can also obtain policy support.According to wind consensus, the company’s EPS for 2019-2020 is 0.

56, 0.

68 yuan, the current market value of the corresponding estimates are 17 respectively.

6x, 14.

6x, recommended attention.

Yili (600887) Interim Review: Pressure on short-term performance and long-term layout under pressure

Yili (600887) Interim Review: Pressure on short-term performance and long-term layout under pressure

Matters: Yili’s 19-year interim report was released, and operating income was 450 in 1H19.

7 trillion, an increase of 12 in ten years.

8%; net profit attributable to mother 37.

81 trillion, an increase of 9 in ten years.

7%; budget benefit 0.

62 yuan.

It is estimated that the company achieved operating income of 219 in 2Q19.

400 million, an increase of 8 in ten years.

7%; net profit attributable to mother 15.

500,000 yuan, an increase of 11 in ten years.

8%; budget benefit 0.

25 yuan.

Investment highlights: 2Q19 revenue exceeded expectations and net profit was in line with expectations.

Net profit in the second quarter of 19 increased by ten in ten years.

8%, mainly from the ten-year increase in revenue8.

7%, and the sales expense ratio was downgraded for ten years.

9 points.

Revenue growth accelerated in the second quarter of 19, and core single product performance was good.成都桑拿网

The revenue growth rate in the second quarter of 19 was slightly lower than expected or mainly due to the disruption of low-temperature business (the share of Yili’s low-temperature milk market declined slightly in 1H19).

In terms of business, 1H2019’s liquid milk, cold drinks and milk powder businesses continued to grow, increasing by 13 respectively.

2%, 15.

4%, 13.


The main reasons for the increase in revenue are: (1) the development of a balanced strategy for categories, better performance of key products and new products.

The revenues of key products such as Jindian, Anmuxi and Jinlingguan increased by 30%, and the proportion of new products increased by 2.

6 points to 17.

4%; (2) Continued intensive cultivation of channels, and the effectiveness of channel subsidence was significant.

The penetration 深圳桑拿网 rate of normal temperature liquid milk market in June 19 increased by 2.

7pct to 83.

9%, third and fourth line penetration increased by 2.

3pct to 86.


Looking to the future, through channel intensive cultivation and sinking to increase the penetration rate, product items increase, and the product structure continues to be upgraded. It is expected that the leader Yili will gradually maintain double-digit growth, and its revenue is expected to reach 14%.

The increase in sales expense ratio improved, and the decline in gross profit margin restrained the increase in profit margin.

Quarterly gross margin was downgraded by 1 in 2Q19.

8 points to 37.

3%, the main reasons are: (1) the cost of raw milk, imported whey powder, skim milk powder increased; (2) off-season purchase gifts increased; (3) increased capital expenditure, increased pressure to solidify

In terms of business, the gross profit margin of liquid milk in 1H19 decreased to zero.1pct to 35.

9%; cold drink gross margin increased by 1 in ten years.

2 points to 47.

4%; milk powder gross margin downgraded by 1 in ten years.

6pct to 52%.

The sales expense ratio in the second quarter of 19 decreased year by year2.

9 points to 25.

2%, mainly because 2Q18 companies followed the Mengniu World Cup marketing to increase cost placement and base breakdown.

Although Yili’s 2Q19 promotional expenses increased, but the basic display costs decreased, so the overall cost rate is still within the planned range.

Looking forward to the past year, the cost of raw milk is still in the upward range, and the cost pressure may continue; the industry competition pattern has not changed, and the sales expense ratio may still be high; after the equity incentive plan is passed, the management expenses may also rise during the year, and profit pressure in the second halfIt is estimated that the estimated net profit growth rate is about 7%.

Market share continues to increase, Yili has steadily advanced its transformation and diversified strategy, which is suitable for long-term layout.

Yili’s leading position is solid and its market share continues to increase. The market share of Yili’s room temperature liquid milk and infant formula in 1H19 increased by 5 respectively.

8 pieces, 0 pieces

6 points.

The company is steadily advancing its platformization strategy, testing new areas such as coffee and light milk beverages on a diversified strategy; and accelerating the deployment of Southeast Asian markets in strategic development.

In addition, Yili launched equity incentives. The scope of the incentives is broad, involving executives, core technology and business personnel, and basically covers new and core businesses. The incentive period is up to 6 years, which is conducive to improving the stability and motivation of the team.It is conducive to attracting outstanding talents and better implementing the company’s long-term strategy.

In the long run, new businesses and new markets may provide new growth points, and the company’s core competitiveness continues to improve.

Profit forecast and investment advice: EPS is expected to be 1 in 19-21.

13, 1.


31 yuan, an increase of 7 a year.

3%, 2.

2%, 13.

5%, the PE corresponding to the latest closing price is 26, 25, 22 times.

Yili integrates its brand and channel advantages, continuously improves its market share, and further consolidates its leading position.

Considering that Yili’s diversified layout can be expected to become a major platform for healthy food, it is worthy of long-term layout, and it still gives a “recommended” rating.

Risk warning: the risk of rising raw material prices, food safety incidents.

Tongce Medical (600763): 19H1 deduction of non-net profit growth of 54%

Tongce Medical (600763): 19H1 deduction of non-net profit growth of 54%
Investment highlights: Revenue growth in the first half of 201923.6%, deducting non-net profit increased 54%.In the first half of 2019, the company realized operating income8.470,000 yuan, an increase of 23.6%, net profit attributable to mother 2.08 million yuan, an increase of 54%, deducting non-net profit2.40,000 yuan, an increase of 54%, EPS0.65 yuan, an increase of 55%.Q2 single quarter income 4.530,000 yuan, an increase of 20.1%, net profit attributable to mother 1.130,000 yuan, an increase of 54%, net of non-net profit1.110,000 yuan, an increase of 56%, performance maintained a high growth rate, slightly higher than expected.  The branch enters the period of performance release. Dandelion plans to push forward with full force and establish the Cunji Stomatological College to consolidate the talent pool.The company adheres to the “regional general hospital + branch” hospital group operation model, and the Zhejiang regional group in 2018H1 achieved revenue7.300 million (+23.2%), of which Hangkou General Hospital income 2.8.4 billion (+9.2%), regional branch income4.4.5 billion (34.2%), the proportion of branch revenue increased by 5pp to 61.2%, the contribution ratio of the branch’s income has steadily increased, and some new branches are expected to increase the net profit of H1 by more than 80%, driving the overall performance to maintain rapid growth.At the same time, the company fully promotes the dandelion 杭州桑拿网 plan this year. So far, it has obtained 7 business licenses. Each project is in the design and decoration stage. It is expected that 10 dandelion branches will be opened in 2019.Hospitals entered the stage of project establishment and preparation.The company expects to merge more than half of the market share in Zhejiang Province through the dandelion plan to build an absolute competitive advantage within the region.At the same time, in order to meet the demand for talents during the company’s expansion, the company cooperated with Hangzhou Medical College to establish Cunji Stomatological College this year, and launched the “Double Hundred” Talent Plan at the same time to consolidate the company’s talent reserve.  Launched a three-year planting growth plan to increase customer coverage and the proportion of high-gross services.The company officially launched a three-year growth plan for the planting industry this year, maintaining the foundation of the mid-to-high-end group, improving the coverage of mid- and low-end customers, and implementing a three-tier doctor partner system with a tutor responsibility system as its core.It is planned to significantly increase the amount of implants, and robes will increase the proportion of high-margin dental implants.According to estimates, the comprehensive passenger price of 19H1 is about 813 yuan / person, an average increase of about 9%.At the same time, the revenues of implants and orthodontics departments with higher gross profit were 1 respectively.400 million (+ 31%), 1.500 million (+ 24%), the revenue share was 17% and 18% respectively.The planting growth plan is expected to drive the overall dental business to maintain volume and price growth.  Gross profit margin increased by 3.78 averages, and the expense ratio decreased by 2 during the period.85 single, budget operating cash flow increased by 69%.  The company’s gross profit margin for 2019H1 is 45.6%, an increase of 3 per year.78 singles, mainly benefiting from the increase in the proportion of high-gross services and the obvious increase in overall scale effect; the expense ratio during the period was 14.28%, down 2 each year.85 units, the company’s scale effect and cost management are obvious; of which the sales expense ratio is 0.6%, a decrease of 0.17 single, mainly due to the company’s implementation of precise marketing strategies to effectively control marketing expenses; management expense ratio of 12.19% (of which R & D expense ratio is 1.26%), falling by 2 every year.For 34 units, the dilution effect of fixed costs is beginning to manifest; financial expense ratio is 1.49%, a decrease of 0 every year.34 averages.Initial net operating cash flow8053 yuan, an increase of 69% before, the company’s overall operating conditions improved rapidly.  Endogenous + epitaxial two-wheel drive, branch development is worth looking forward to, and maintain the level of overweight.The company takes root in the field of oral medical services and gradually becomes an industry leader. The branches of the company’s general hospitals are operating fast and are developing rapidly. The dental implant doubling plan is expected to further increase the company’s volume and price. Based on the growth of the branches and the trend of increasing gross margin, weIncrease EPS forecast for 19-21 to 1.45 yuan, 1.89 yuan, 2.46 yuan (was 1).38 yuan, 1.83 yuan, 2.41 yuan), increased by 40%, 31%, 30% respectively, corresponding to PE respectively 59 times, 45 times, 35 times, maintaining the overweight rating.