one move?Still two tricks?It doesn’t matter anymore!That monster with only level 20 breath,Already used bloody record,Prove his power to all gods!

“Don’t die!meaningless!”Lu Menglin glanced across the audience,Said in a very flat tone。
While he said this sentence,The Qin disciples stopped one after another,Because they have to consider a very important issue,If death is worthwhile,They are naturally not afraid of death,But if you die worthless,Death without meaning,And now dead,It will also cause unimaginable losses to the future of the family,Then I have to hesitate more。
Beigong Changhe and Beigong Broken were also dumbfounded,They exchanged glances,All with the same doubts,But not sure。
Is that guy really that strong??
He can kill Qin Nanming in two ways,Maybe it won’t be too hard to deal with the two of us!
Where is he sacred?Was the Lower Realm Humans so fierce??
That is his own power,Or the power of that angry sword?
These questions haunt the two giants of the Beigong family,At the same time, it is constantly weakening their fighting spirit。
Fear of the unknown,Not only owned by humans,God nation will also have!
For a time,Everyone is in danger,Everyone present is guessing,That guy,What terrible things will he do?!
at last,Lu Menglin cast his gaze on Beigong Changhe and Beigong Broken。
His eyes are as clear as promised,The two old men are a little uncomfortable。
After a while,Lu Menglin said leisurely:“Qin Nanming just killed your Beigong family,I cut him now,I’m taking revenge for you?”
This remark,Everyone in the Beigong family breathed a sigh of relief。
Beigong Broken and Beigong Changhe looked at each other again,Then the two nodded seriously at the same time。
no way,Situation is stronger than people!People hold the initiative,Not accept it!
————
Chapter Ninety Fifteen New forces

The boss has prepared 200 million yuan in technical reform funds?!

Chen Geng’s words came out,Jack·Welch was stunned,He hesitated for a moment before carefully asking Chen Geng:“boss,as far as I know,The strength of United Credit Bank seems……Well……”
Although the previous loan was provided by United Credit Bank,But by that opportunity,Jack·Welch also knows and understands the strength of United Credit Bank:A small bank with only a few hundred thousand dollars in annual net profit.,They can giveAMCProvide such a large loan?Wouldn’t it be the boss’s private pocket again??
Of course it’s impossible to pay privately,No capitalist is so stupid,But if there is Chen Geng’s guarantee,Lending a special fund for designated purposes by United Credit Bank from large banks such as Wells Fargo Bank,That’s not a big problem,Especially dedicated to liftingGL8Special funds for production capacity。
But this kind of thing is not necessary for Jack·Welch said,Chen Geng nods slightly:“The funds will be allocated within a weekAMCOn the account。”
“……”
Jack·Welch was silent for a moment,Asked again:“What about interest rates?”
“Same as last loan。”
“OK,Then i’m fine。”
Since the boss is not willing to explain to himself why a small bank such as United Credit Bank has such a loan to provideAMC,While ensuring that interest rates will not be higher than other banks,Jack·Welch also fascinated and stopped asking other questions:As a professional manager,Own task is to leadAMCOut of the woods、Develop and grow,As for the others, it has nothing to do with me。
………………………………
Different from previous times,This timeAMCThis cocktail party,no matter howAMCaspect、The representative of the supplier or the representative of the distributor,All of them are beaming。
OK,AMCFinally has a pillar product of its own heavyweight,Just pay attention to the quality in the production process,AMCEven with the confidence to stand up,Just nextAMCNew products can be successful again,And asAMCSupplier/Dealer,You can rely onAMCMake big money、Delicious and spicy,Great!
Especially those dealers who insisted on not leaving the network until now,Everyone was excited and tears filled his eyes:Finally arrivedAMCWhen will the death come back to life,Luckily i didn’t give up,Lao Tzu’s good days are finally here……
These guys are moved by their persistence。
So be jack·When Welch was standing in front of the microphone in the center of the reception with a red face,It’s not surprising that there was warm applause at the scene。

Xiao Fan said:“You feel happy,That’s good。The original purpose is to have fun,Don’t care about anything else。”

Not long,The set meal they ordered has been。I brought it to them。
Two people ordered two burgers。A while,Fried chicken steak and fried chicken legs and two cups of coke,And French fries and chicken rice crackers,Quite a lot。
Because Xiao Fan knew that Lin Yoona must be hungry,So it must be more,Even if I can’t eat it, I can’t make Lin’er feel that it’s not enough。
After the double package was served,Lin Yoona couldn’t wait to pick up the burger,Eat it up。
The taste can only be said to be good,At least eat it,Not too bad。
Lin Yuner said to Xiao Fan:“Let’s go to play some facilities in the afternoon,Then go home early。”
Xiao Fan was surprised,Lin Yuna actually wanted to go home early,How is this going?
He asked Lin Yoona:“You want to go back soon?Don’t you want to play here for a while??”
Lin Yuna said:“I think after a morning。I’m a little tired,If you play for a long time in the afternoon,Maybe the body can’t bear it。”
“and,There are some games,I think I might really not be able to play。”
“Like the roller coaster I just played today,Although very exciting,But I think if I come again this afternoon,My heart began to refuse。”
“forget it,Is it courage?,Dare not try such a scary game,Forget it。”
Xiao Fan laughed out loud and said to him:“That line,I’ll go home early,We left immediately,how about it?”
Lin Yoona nodded,What two people eat intently。Walk out of the restaurant after eating。
They haven’t eaten up everything on the restaurant table yet,But Lin Yoona is already full。
Can be seen from the restaurant。A small stall outside sells grilled squid,At this time, Lin Yoona’s belly felt hungry again.。
Lin Yuner said to Xiao Fan:“Let’s stop buying something to eat。”
Xiao Fan said:“Not full。”
Lin Yuna said:“When I just sat there,I obviously feel full,But I got hungry again。”

“Oh?How do you tell?”When Lu Menglin heard this,,Immediately asked curiously。

————
One thousand one hundred and ninety-eight chapters management
The third lieutenant Zhong Ming answered cautiously:“Because you killed the commander!Anyone who wants to rule here,Probably wouldn’t do it。”
When Lu Menglin heard this,,Feel even more curious。
“why?Isn’t he your leader??Don’t kill him,I still have to raise him?”
This remark,The officers present changed their colors,Because they all heard it,This one seems to be as Zhong Ming said,It’s not from another gathering point at all,But the guy from the hunting field,Don’t understand anything at all!
Seeing all the officers showed a frown,How smart is Lu Menglin,I thought of it all at once,It should be because of information asymmetry,So showing up。
but,Of course he wouldn’t mind such things,These people are weak anyway,It can be wiped out,Just killing alone does not solve all problems,He didn’t do that。
“You are the third adjutant,What about the second and first adjutant?Now here except for the dead,Is there anyone with a higher official position??”Lu Menglin’s heart moved slightly,Can’t help but ask with a smile。
The third adjutant Zhong Ming smiled bitterly,Shook his head:“First and second lieutenant,The two people who offended you just now,Has been killed by your men。My official position here is the highest!”
When everyone heard this,I suddenly felt that Master Zhong Ming was too cunning,Isn’t he just showing the other party,He himself is the most valuable here,Is the most worthwhile person??
At this moment,Huang Shaotian led the team of planes,Entered the headquarters,And came outside the hall。
The group of officers who came to see,All look fierce and evil,Not a simple character,Suddenly felt more afraid。
It seems that the one didn’t lie,If this group of people are here,I’m afraid we are all going to die!Didn’t look at that piece,That look,Just like being able to eat people。
Among the people coming in the hall,The most innocent is probably the defense master who strictly guards the bronze。

“boss,For wealth,Open a bottle of champagne……”

…………
It seems that one day is net profit600Ten thousand dollars will stimulate these guys not lightly,Also,600Ten thousand dollars,one day!
Although the money needs to be shared equally,But don’t forget,This is the first day。
Even Ji Sheng Chengdu looked at Chen Geng with some interest,Obviously,Ji Shengcheng has figured out how much his wealth has increased in just one day,I also hope to open a bottle of champagne to celebrate。
It’s closed anyway,Chen Geng will not discourage everyone,He nodded:“OK,If you want to celebrate,go with3Restaurant,Everyone can drink at most。”
Restaurant Three,Barron·Hilton designated as a restaurant dedicated to Chen Geng’s team,During this time only provide services to Chen Geng’s team。
I heard that you can go to the No. 3 restaurant for a drink,Everyone cheered suddenly……
“Long live!”
“bossLong live!”
“Yay!Yay!”
…………
Ji Shengcheng who is also going to have a drink,Suddenly found that Chen Geng hadn’t moved。He was a little surprised,Can’t help but ask:“boss,Won’t you go?”
Chen Geng shook his head:“I won’t go。”
Ji Shengcheng was a little surprised,More at ease:“You are worried about these……”
“Do not,”Chen Geng said you think too much:“I’m just waiting for news from Hong Kong Island。”
“News from Hong Kong Island?”
Ji Shengcheng glanced at the row of clocks hanging on the wall,Every clock corresponds to a stock market,For example, the one that says Tokyo,Time representing the Tokyo stock market,The one that says Hong Kong Island,Represents the time of Hong Kong Island。He wondered:“Hong Kong Island Stock Market,Isn’t it a while before the market opens??”
Chen Geng’s Significant Way:“Some news,Before the market opened。”

Juxing Technology (002444): Strategic layout significantly improves the interim report by 30% -50%

Juxing Technology (002444): Strategic layout significantly improves the interim report by 30% -50%

2019H1 results increase by 30%?
50%, steady growth of endogenous and epitaxial companies released 19H1 performance forecast: 19H1 is expected to achieve net profit attributable to mothers.

16?
4.

80 ppm / + 30%?
50%, in line with our expectations.

We believe that the reasons for the rapid growth of the performance include: 1) the realization of the optimization of the competitive landscape, the company’s market share in the field of hand tools and smart products continues to increase; 2) the company completed the acquisition of European Lista in June 18During the same period of the year, LISTA contributed part of the increase.

3) The continuous depreciation of the RMB since April 19, which is beneficial to the company’s operations.

We believe that the company is in the strategic adjustment period of branding and transformation. Some of the manufacturing capacity is expected to relocate to a certain extent to avoid the impact of tariff levies. Subsequently, it will gradually achieve steady growth and sustainable profit forecast.Is 0.

78/0.

85/0.

92 yuan, maintain “Buy” rating.

  During the orderly construction of overseas manufacturing bases, the overall impact of trade frictions is controllable. According to investigations, since more than 90% of the company’s export products are converted by FOB, that is, the actual tariffs and freight are borne by company customers, so the short-term impact on the company’s statements is limited.

The company started construction of a manufacturing base in Vietnam in 2018, and the base is expected to achieve production and supply in 2019Q4.

Taking into account the maintenance of long-term cooperative relationships, the company intends to achieve Vietnamese supply to some core customers.

Due to supporting facilities and transshipment, Vietnam ‘s comprehensive production cost is about 10% higher than the local level, but it is about 10% lower than the comprehensive local manufacturing cost under the 25% tariff. It also uses supporting facilities and the corresponding industry chain to further improve the cost.Expected to gradually decrease.

At the same time, the company is expected to start construction of a Thai factory this year to expand overseas production capacity.

In summary, the impact of trade frictions on the company is overall controllable.

  By the 2018 annual report, the company had basically completed the industrial integration of Arrow in the United States and completed the acquisition of Lista.

According to the company’s major asset purchase and related-party transaction report in June 2019, the company successively acquired Swiss Prexiso AG, which specializes in laser measurement tools, and Eudura Holding Limited, which specializes in hardware tools, in 2018;American Prime-Line for camp door and window hardware.

The company’s merger and 杭州桑拿网 acquisition of these five companies is expected to bring breakthrough synergies, which can strengthen the superstar’s production capacity in North America and Europe, the dealer system and logistics service network, and expand the company’s business categories.

We believe that the company’s feasible and powerful layout can quickly adjust the production and sales system to reduce the impact in the context of international fluctuations.

  It is estimated that there is room for repair and we maintain the “Buy” rating. We maintain our profit forecast. It is expected that Juxing Technology will return to its parent net profit for 2019-2021.

33/9.

12/9.

9.3 billion, an annual increase of 16.

2%, 9.

5%, 8.

9%, three-year compound strength 11.

48%, earnings per share are 0.

78, 0.

85, 0.

92 yuan, corresponding to PE is 13.

02/11.

89/10.

92 times.

The average PE value of similar companies in the industry will increase 14 times in 2019. Taking into account that the company’s competitiveness and profitability will help to benefit from branding and transformation strategies, the growth potential will reach the industry level. We maintain the company’s PE estimates for 16-18 times in 2019.The corresponding target price is 12.

48-14.
04 yuan, maintain “Buy” rating.

  Risk reminders: economic growth in major overseas markets; exchange rate risk; progress in Vietnam’s plant production is less than expected; trade frictions intensify; acquisition and integration progress is less than expected.

US Jim (002621) 19th Annual Report Review: Leading Early Education Performance

US Jim (002621) 19th Annual Report Review: Leading Early Education Performance
I. Overview of the incident The company announced its 19-year interim report on August 28, 2019, and realized total operating income in the report2.770,000 yuan, an increase of 183 in ten years.49%; realized net profit of 5808.150,000 yuan, an increase of 666 in ten years.64%; after excluding non-recurring gains and losses, the net profit attributable to shareholders of the parent company was 3,631.530,000 yuan, an increase of 1380 over the same period last year.twenty one%.  Second, the analysis and judgment of the merger of US Jim’s performance, led to a substantial increase in the company’s performance.The core company reported a net profit of 5808.150,000 yuan, and US Jim achieved a net profit of 9,209.20,000 yuan, is the main provider of company performance.Benefiting from the outstanding performance of US Jim, the company is expected to obtain optimistic performance indicators. From January to September 19, it is expected that 天津夜网 the net profit attributable to shareholders of listed companies will be 75-85 million yuan, a continuous increase of 459.93% -534.59%, of which Q3’s net profit attributable to shareholders of listed companies is 40-50 million yuan, an annual increase of 589.05% -761.31%.  Meijim adopts the strategy of encryption + sinking the city to drive performance growth Meijim has the advantage of replacing brands and platforms of listed companies, and adopts the strategy of encryption of the first-tier, second-tier + sinking of the third-tier and fourth-tier cities.According to the number of reports, the number of US-Jimmy contracting centers in mainland China was 478, an increase of more than 10% compared with the end of 2018, and far exceeding the industry’s 3% growth rate.Beneficial company encryption + accelerated urban strategy of sinking, 南京桑拿网 realizing the first and second-tier sales increase by 10.49%, third and fourth tier sales increased by 24.44%, promoted the steady expansion of store expansion and sales.In addition, the company maintains business expansion needs and strengthens its platform image by increasing the number of employees and conducting brand activities.In the future, the demand for education will gradually increase, and the demand for early education services provided by US Jim will continue to increase, which is expected to continue to increase performance.  Third, investment recommendations maintain the “recommended” level.The company’s subsidiary, Jim Jim, has achieved outstanding performance. The introduction of relevant supportive policies has clarified the development direction of early education and eliminated policy risks. This has translated into an increase in demand for education, and related businesses will develop steadily.Therefore, the company’s EPS for 2019-2021 is expected to be 0.28/0.34/0.40 yuan, corresponding to the current price of 45X / 38X / 32X.Considering that PE in the Wind A-share education service industry in 1919 was 40X, the company, as a leader in early education industry, has a certain ownership of the estimated premium pricing business. The future prospects are good. Maintain a “recommended” rating. 4. Risk warning: intensified competition in the industry and lower downstream demandexpected

Xuelong Group (603949): IPO pricing report

Xuelong Group (603949): IPO pricing report
Company profile The company is mainly engaged in the R & D, production and sales of automotive engine cooling fan assemblies, clutch fan assemblies and lightweight plastic parts for automobiles.The fan assembly products and clutch fan assembly products produced by the company are mainly fan assembly products, which are mainly used for high-power engines of large, medium and light commercial vehicles and non-road mobile machinery and equipment.The company’s automotive lightweight blow molding products include engine air intake pipes, expansion water tanks, and air conditioning air outlet pipes. Among them, engine air intake pipes and expansion water tank products are engine system components.Company highlights (1) The company has consistently adhered to technological innovation and accumulated core technologies.Through continuous exploration in practice, the company has the courage to trial and error, independent innovation, and has mastered a series of industry-leading core technologies. The relevant technical achievements have won provincial and municipal scientific progress awards for many times, and the first (set) product in the province, Ningbo City.Replacement of key industrial new products and new energy-saving products in Ningbo.Among them, plastic material modification technology is the company’s independent core 深圳桑拿网 technology. The performance of plastic materials modified by this technology in the manufacture of engine cooling fans can replace similar imported materials, which can achieve import substitution and reduce costs.  (2) The company has a stable and high-quality customer base and rich supporting experience. It is a first-class supporting supplier for domestic and foreign vehicle manufacturers, and has formed a long-term and stable product supporting relationship.The company established with more than 200 automobile and engine manufacturers including FAW Group, Dongfeng Group, Dongfeng Cummins, Yutong Bus, Jinlong Automobile, Sinotruk, Beiqi Foton, Jianghuai Automobile, Yuchai Group, Weichai Power, Geely Group, etc.It has established a first-tier supplier supporting relationship, and has cooperated with FAW Group, Dongfeng Group, Dongfeng Cummins, Yuchai Group, Jinlong Automobile, Shanghai Diesel, Jianghuai Automobile, Yutong Bus and other vehicle or engine manufacturers for more than ten years.It has established cooperative relations with Caterpillar, Volvo, South Korea Doosan, Japan Yanmar and other Fortune 500 companies and internationally renowned companies.  (3) The company’s main business product initialization and independent research and development and production, with its own technical advantages and mold independent development advantages, the company has opened up mold manufacturing, plastic modification, stamping, forging, machining, injection molding, blow molding and other productionAll aspects of the process have a complete industrial production chain.  The company always attaches great importance to brand building and has established a good image in the industry through years of concentrated operation. The “Xuelong” trademark has been identified as “China Well-known Trademark” and “Zhejiang Famous Trademark”, etc.”Zhejiang famous brand products” and so on.The “Xuelong” brand has become an important intangible asset of the company, which has increased the product premium.

Lixun Precision (002475): Domestic precision manufacturing leading consumer electronics growth expected

Lixun Precision (002475): Domestic precision manufacturing leading consumer electronics growth expected
Leading domestic precision manufacturing company, core supplier of world-renowned consumer electronics companies.Lixun Precision mainly produces and manages cables, connectors, RF antennas, acoustics, wireless charging, motors, Bluetooth headsets and other components, modules and accessories. The products are widely used in consumer electronics, computers and peripherals, communications, automotive and medicalAnd other fields.Downstream customers cover Apple, Huawei, Sony, Google, Microsoft, Samsung, Lenovo, HP, Cisco, Dell, etc. The consumer electronics business is driving high revenue and net profit growth.In 2018, the company achieved operating income of 358.500,000 yuan, achieving net profit attributable to mother 27.2.3 billion.From 2010 to 2018, the company’s average annual compound revenue growth rate was 56.22%, the average annual compound growth rate of net profit attributable to mothers is 48.40%.Currently, consumer electronics have replaced the company’s most important business unit.In the last three years, the proportion of consumer electronics revenue in the company’s total revenue was 50.44%, 66.54% and 74.77%.Extremely, the concentration of the consumer electronics industry has steadily increased and reached a higher level.The company’s consumer electronics business revenue from 2015 44.16 trillion, growing rapidly to 268 in 2018.07 trillion, with an average annual compound growth rate of 82.41%. New downstream consumer electronics products are emerging, and wearables are driving a new round of growth for Lucent.In the field of smart phones, the commercialization and popularization of 5G networks will extend the replacement time of smart phones.In the field of tablet computers, two-in-one tablet computers ignited new demand, and domestic tablet users continued to grow.After smartphones and tablets, wearable products will become the next growth point for the consumer electronics industry.In the past few years, the outstanding performance of the core client and the company’s advance planning of the product and customer’s module products such as connectors, acoustics, antennas, wireless charging and vibration motors will still achieve multi-dimensional business expansion in the next 3 years.And the market’s growing demand for the wearable health industry, the company’s performance growth in the next three years is still relatively optimistic. Global connector leader, automotive, communications and consumer electronics drive growth.The rapid development of new energy vehicles will promote the transition and upgrading of automotive wiring harnesses, and the global automotive connector market will grow at a compound annual rate of 7.99%, driving the growth of the wire harness market.In the field of communication business, Luxun Precision has formed a fully interconnected product and solution layout around “cloud”, “pipe” and “end”, which has transformed into the arrival of the 5G era.Products will also be fully market competitive.Luxion Precision has actively deployed the server, 佛山桑拿网 communication products and consumer electronics fields, and has successfully entered the fast-growing smart mobile terminal market. The automotive connector market and communication product market with huge potential have become important components of key components of many world-renowned brand giantssupplier. Profit forecast and investment advice.We estimate that Luxeon Precision’s EPS will be 0 from 2019 to 2021.76, 1.04, 1.33 yuan.Combining with the estimates of comparable companies, Luxun Precision gave a PE estimate of 50-53 times in 2019, corresponding to a reasonable value range of 38.00-40.28 yuan, given a “preliminary market” rating. risk warning.New energy vehicle market development process is slow or less than expected risks; risks caused by slow changes in 5G construction progress or policy changes; affected by the global macroeconomic downturn, consumer electronics market demand is less than expected.

Depth-Company-China Life Insurance (601628): Investment-side net profit attributable to mothers decreased by 64 year-on-year.

7%

Depth * Company * China Life (601628): The net profit of the investment side under pressure is gradually reduced to 64.

7%

The company achieved 5,358 premium income in 18 years.

3 ‰, an increase of 4 per year.

7%; net profit attributable to mother 113.

9.5 billion, down 64 a year.

7%; net profit 119.

36 trillion, down 70 a year.

2%; realized embedded value of 7,950.

52 ppm, an increase of 8 per year.

3%; achieve NBV495.

100 million, down 17 a year.

64%.

The renewal pull effect is obvious, and the proportion of long-term protection is significantly increased: the company achieved 5,358 premium income.

26 ppm, a ten-year increase4.

7%: The renewal of premiums has been driven significantly, with an annual increase of 26.

6% to 3,646.

78 ppm; the effect of structural change in protection-type insurance products was obvious, with the first-year premium paid for five-year / ten-year and above accounting for 61% of the first-year premium paid.

65% / 46.

35%; premium for the first year of life insurance business is 1,062.

12 ppm, a decrease of 37 per year.

1%; first year premium of health insurance business is 507.

50,000 yuan, an increase of 24 in ten years.

1%.

The agent retention rate is under pressure, and the poor performance of new insurance policies is a drag on NBV: 1) The investment return rate drags on the deviation of EV investment returns and the EV growth rate narrows; 2) The company’s individual insurance channel pays a premium of 792 for the first year.

41 trillion, down 12 a year.

2%; new business value ratio of individual insurance channels increased by 15.
.

27 up to 47.

57%; 3) The size of the insurance channel team reached 143.

90,000 people, down 8 every year.

At 7%, the quality of agents has improved, but the retention rate is lower than that of their peers, increasing staff pressure.

Floating losses caused by fluctuations in the equity market increased the total / net investment yield significantly: 1) The company’s total / net investment income increased by 3 in 2018.

28% / 4.

64%, down by 1 every year.

88/0.

27 shares; 2) The company’s equity assets accounted for a relatively high proportion of 13.

67%, with a total size of 4,246.
6.9 billion yuan.
Affected by the fluctuation of the equity market in 18 years, the equity investment income in 18 years has shrunk sharply, and gradually declined by 36.

4% to 177.

76 trillion; 3) The pressure on asset impairment has increased significantly, and the accumulated annual increase in asset impairment over the 18 years has increased by 188.

5% to 杭州桑拿 82.

10 trillion, preliminary provision for impairment losses on stocks that can be included in financial assets, and floating losses will be realized.

The investment proposal is based on the 2018 annual report, which lowers its profit forecast. It is expected that the growth rate of NBV in 2019/2020/2021 will be 10.

3% / 11.

6% / 12.

4%, EV growth rate is 12.

7% / 14.

2% / 15.

8%, 2019 PEV is 0.

88, China Life is better off than its peers, and its product pricing is more aggressive. It is expected that new single premiums and NBV will outperform peers in 2019. The recovery of the equity market is expected to improve significantly.

Risk reminders: The growth rate of insurance premiums for protection-type insurance products is less than expected; the dual impact of market fluctuations on industry performance 杭州夜网论坛 and estimates; uncertainty in investment by insurance companies caused by downward interest rates