This remark,Zhu Qiuhong and Zhou Min both had a stronger curiosity at the same time。

Because both of them are beauties,And it’s a well-known beauty,This little guy surnamed Lu turned a blind eye,But thinking of other women in my heart,Obsessed with a girl。
This makes them both
A little frustration,I also want to know what kind of girl it is,Can make Xiao Lu think so,Worry about。
Zhou Min took the photo,Take a closer look,Can’t help but utter a voice in surprise:“what?It’s her!No wonder!”
Zhu Qiuhong also saw the smiling girl in the photo,It is indeed a pure and moving type,The more you look, the more charming。
but,Zhu Qiuhong also secretly compared herself with the girl in the photo。
If it’s just photos,I should have been more beautiful than her,But real people will be more charming than photos,That’s really hard to say。
Zhu Qiuhong wakes up in shock,It turns out that the girl in this photo is a stunning beauty who is absolutely comparable to herself,No wonder Xiao Lu was so fascinated,I have to find out the whereabouts of people!
The girl on the photo,It was Su Xuehen before graduation last year。
“Sister Zhou Min,You know her?”I heard Zhou Min’s tone is different,Lu Menglin suddenly became nervous,Asked quickly。
Both Zhu Qiuhong and Zhou Min heard the nervous tone of this young man,I am more convinced of his reason for finding someone。
Zhou Min nodded,Smiles like a sly little fox。
“No wonder your heart is high,So I fell in love with this one!She is very famous in our school!”
Zhu Qiuhong shook his head:“Is it famous?Why don’t i know?”
Zhou Min smiled:“Who called you a big star?You never deal with classmates in school,Left after class,Of course I don’t know the gossip in school。”
“This girl enrolled in school last year,Very low-key,No one knew her at first。But she studies well,I got the first place in the school several times in a row。Hey,Are your inland schools particularly strict?The students who are taught are so good!”Zhou Min deliberately sold it,Smiled。

“Also good!See you tomorrow!”Lu Menglin nodded,Smiled。

Hear his answer,The men around suddenly breathed a sigh of relief,The perfect impression of the goddess was preserved,They don’t want to see a boy enter the goddess’ boudoir!That’s really cruel!
“Ok!See you tomorrow!”Kim So Yeon blinked,There was a light flashing in Lu Menglin’s eyes。
Talk about it,Kim So Yeon turned around,Under the eyes of countless lights,Stepped up the stairs。
“Wait a minute,Teacher Jin!Wait a minute。”At this moment,A call came from behind the two。
This sound was not made by Lu Menglin,But someone else。
The gazes of everyone around looked at the person who called Master Jin。
What appeared in front of everyone was a short and fat middle-aged man,He is wearing a black European suit that doesn’t fit well,Sleeves are obviously longer,The cuffs almost cover the back of the hand,Greasy Mediterranean hairstyle,I can’t bear to look at it a second time。
At least in terms of appearance and age,This middle-aged uncle certainly does not have the competitiveness to compete with Teacher Jin。
Kim So Yeon turned around,Smiled politely at the visitor。
She knows this man,The other party is Mr. Huang, the head of the department who recruited him。
“Teacher Jin,Tell you a good news!”Director Huang strode forward like no one,Grinned。
Everyone can see,Director Huang thinks highly of himself,He didn’t even see Lu Menglin on the side,Basically maintained an ignorant attitude。
“Is there a problem?”Kim So Yeon said lightly。
text Chapter Three Hundred and Two Stagnant
Director Huang with his head held high,Try to put on your most handsome look in front of beautiful women。
“Is such that!Teacher Jin,After my strong recommendation,And the discussion and research of the school leadership,Decided to assign you a set of professor building units。After all, you are a talent from abroad!Schools should give more policy,Create an environment that attracts high-end talents!”Director Huang said in an official tone。
Kim So Yeon continued to maintain a peaceful smile,Nodded very calmly。

In the future,Will consider them as the first object of consideration!

Snapshot the backstage is busy!
The meal is over,Tian’er is already talking!
Our group left the dog meat restaurant,Came to the only karaoke hall in town to sing!
Just came to the karaoke hall,Not too long。
Someone broke into our box。
“You are Ge Jianhui?”
Talking is a young man,Looks a bit weird。
He is not alone,There were six or seven big men behind him!
“What happened to me?”
I asked the students to sit down quietly,Stand up and walk to the door,Staring at young man。
“You guys break in,What do you mean?”
The bodyguards around me are in their pre-battle state。
As long as I get attacked or cough,They will immediately launch a thunder blow!
I didn’t let the third brother follow,But the bodyguard by my side is absolutely powerful!
And not afraid of death!

They have a faint feeling,What this guy said is probably true!There really is a big secret in this world,And it’s limited to the kind that is hidden from ordinary people like them。

Especially those Korean media reporters,All excited inexplicably,They are a little afraid,More excited,Able to participate,Insight into this big secret,Make them feel proud。
In the huge gymnasium,Only a handful of South Korean officials and rich people vaguely guessed what Lu Menglin wanted to announce to the world,There was a deep fear on their faces。
now,The great official in the center of China, Jiangnan,After receiving the message,I immediately dialed Lu Menglin’s phone without hesitation。
beep!beep!Phone connected,But no one answered。
Jiangnan looks serious,I immediately compiled a text message with my phone and sent it out。
“Menglin,Stop immediately!Don’t disclose the secret medicine group!”
This text message sinks into the sea,Still no response。
And at the same time,People as far away as Myanmar also saw this scene in the Seoul Stadium through satellite TV。
Liu Niu’er stared at the TV blankly,Shaking his head,Muttered to himself:“why?Boss,So we won’t have any retreat!”
He is the leader of the warlord power in the Golden Triangle,Is the lord of the jungle city,In charge of Lu Menglin’s forces in Myanmar,And he is also an arcane warrior,And its status in the secret medicine group is not low。
Although I did not touch the true core layer of the secret medicine group,Such as Hainuo Lab and the Ten Billion Club,But Liu Niuer is in this relatively loose organizational structure outside the Secret Medicine Group,It’s also a powerful figure。
So he knows,When Lu Menglin revealed the secrets of the secret medicine group to the world,What does it represent!

Want to enter the Tujia,Or to attract their attention,Joint conference is important,This is a pedal that will not butcher the family and cause speculation。

The next thing he has to do is to wait in peace。
However, there are always some people who are not kind,I want to do something at this time。
Twenties,A man in a gorgeous costume appeared at the door of the Yingzi Hotel,Then a gesture,A group of people who followed the guy directly surrounded the surrounding。
In this situation,Even a fly can’t fly out。
This man is naturally Yuan Hua who was taught,It’s just that he is more arrogant than before!
“Yuan Shao,We inquire,That kid is inside。”
“it is good,Get him out for me!”
Damn it,Who doesn’t know him in Lingxiao City,Dare to steal the limelight,And let him be carried out in shame,If this bad breath doesn’t come out,How will he be in Lingxiao City from now on?。
“Hey,who are you,What do you want?”Yingzi came out from inside,Hands on hips,Asked aggressively。
exactly,It’s this woman!
Yuan Hua smiled,Such a long time,I didn’t expect these two guys to be in such a place,Really made him look for!
His father has already let go,Can shoot,So Yuan Hua has no worries at all,Bring the horses and horses directly。
“Oh~~~Who i thought it was,Turned out to be the defeated player,What are you doing here?”
Yuan Hua didn’t want to bring up the previous things,Now being spoken out suddenly,Make his face hot。
“woman,Acquainted and leave,Or wait a minute to kill you。”

Vantage (002035): Industry demand awaits recovery and profitability improves

Vantage (002035): Industry demand awaits recovery and profitability improves

Income base pressure eased and inventory pressure reduced.

In terms of revenue, the company’s single quarter revenue has turned negative growth since 2018Q4, and the single quarter revenue growth rates of 18Q4 to 19Q3 were -12.

04% /-6.

54% /-8.

61% /-8.


Therefore, from the base point of view, 19Q4 began to ease the pressure on the income base.

Inventory pressures have also decreased.

According to the company’s record of investment activities on December 10, the existing company’s omni-channel average inventory was 3.

About 5 months, the secondary dealers have gradually eliminated the inventory.

In the future, the company will continue to promote inventory adjustment, optimize the age structure of the inventory, and adjust the reasonable ratio of new and old products.

We believe that the inventory level is gradually gradually recovering from the demand side of the post-cycle segment brought about by reasonable merger completion and delivery, and the company’s revenue side must be upwardly flexible.

Profitability of profit side is expected to continue to improve.

On the profit side, the company’s profitability continues to improve.

  This year, driven by the decline in original prices and the gradual correction of dividends, the industry as a whole has benefited from the cost side, and added that the company’s product structure optimization and management side continue to reduce costs and increase efficiency. Although the average price of products has declined, the company’s profitability is still realizedSteadily improved.

As of the first three quarters of 2019, the company achieved net profit attributable to mothers5.

17 ppm, an increase of 16 in ten years.

87%; net interest rate is 12.

1%, an annual increase of 2.

6 points.

We believe that the product price tends to be stable and the product structure is optimized. The internal cost reduction and efficiency improvement continue, and the company’s future net profit margin is also expected to continue to increase.

Channel reforms continue to advance and are expected to bring new growth points.

In terms of retail channels, the restructuring of the company’s dealer system is gradually integrated, advocating the adjustment of the wholesale relationship between first- and second-tier dealers to be retail-oriented, and the second-tier dealers transforming the distribution model of flagship store retailers to strengthen terminal sales.

At the same time, new retail channels are being developed. At present, new retail channels have been stationed in stores, following the development of new retail channels to cover the fourth and fifth-tier markets.

In terms of engineering channels, planning has also begun.

At present, the company’s sales ratio of engineering channels is still low, only 6%. This year, in the context of the continued weakness of the retail market and the rapid increase in engineering penetration, the company began to restructure and reform the engineering sector.Under the company’s guidance, the agent was developed into a local engineering contractor.

We believe that in the long run, as the industry’s overall channels are becoming more diversified, the expansion of new retail channels and the layout of the engineering end are expected to bring new growth points for the company.

Investment Advice.

Looking at the industry as a whole, the completion data from 19Q3 has the goal of improving month by month and increasing the growth rate. Considering that the demand for home appliances can be generated after the 都市夜网 completion of house delivery, we believe that the recovery of demand in subsequent industries is expected to benefit from the gradual release of land delivery, which will leadThe overall fundamentals and estimated repairs of the kitchen appliance sector are expected after the real estate.

From the perspective of the company itself, we believe that the company’s overall profitability can be improved and the logic can continue to be realized, driven by the high-end brand and the trend of reducing costs and increasing efficiency.

We expect the company’s EPS in 19-21 to be 0.

91 yuan, 1.

04 yuan and 1.

18 yuan, an increase of 17 in ten years.

2%, 14.

6% and 13.

1%, giving the company 15-18xPE for 19 years, corresponding to a reasonable value range of 13.

65-16.38 yuan, maintaining the “primary market” rating.

淡水桑拿网 risk warning.

Terminal demand recovered less than expected, channel inventory risk.

Meng Lily (603313) Company Review: High profit growth as scheduled, optimistic about medium and long-term development

Meng Lily (603313) Company Review: High profit growth as scheduled, optimistic about medium and long-term development

Event: Meng Lily’s announcement of pre-increasing results for 2019: The company expects to achieve net profit attributable to mothers in 20193.

66 ppm, an increase of 96 in ten years.

7%; deduction of non-net profit3.

62 ppm, an increase of 60 in ten years.


It is expected that net profit attributable to mothers will be achieved in the fourth quarter of 20191.

0.6 million yuan, an increase of 39 in ten years.

5%; net profit after deduction is 0.

93 ppm, a 10-year increase3.


The overall performance was in line with expectations.

Performance has grown steadily, and profitability has been dazzling.

1) The company achieved revenue in the first three quarters of 201926.

40,000 yuan, an increase of 25 in ten years.

4%, 19Q1 / Q2 / Q3 company single-quarter revenue growth rate of 29% / 18% / 29%.

Against the backdrop of a severe outlook for foreign trade, the company benefited from climbing overseas production capacity in the third quarter and achieved high growth against the trend.

At present, the Serbian base has successfully reached capacity, and the production capacity in Thailand and the United States has gradually been released. We 深圳桑拿网 believe that the company’s export with the production capacity in Thailand is expected to continue to improve.

2) The gross profit margin is improving and the profitability is increasing quarter by quarter.

The company achieved a gross profit margin of 37 in the first three quarters of 2019.

01% (+ 6.

91 points.

), The net interest rate is 10.

39% (+4.

84 points.

), Benefiting from tax and fee reductions and falling raw material costs, the gross profit margin is improving, and profitability has continued to increase since 18Q1.

The anti-dumping policy drives the clearing of production capacity and pays attention to the climb of overseas production capacity to form performance supplements.

In the final ruling on anti-dumping measures against Chinese mattresses disclosed by the US Department of Commerce, domestic mattress export companies to the United States were levied a high anti-dumping tax rate of at least 57% to accelerate the clearance of SMEs in the industry.

From the perspective of the downstream terminal market, the US mattress market is a structural growth market where e-commerce volume is increasing and professional mattress penetration is increasing. At the same time, the supply side of China’s mattress foundry export business is relatively dispersed.

We believe that under the background of increased penetration of memory in the end market and centralized e-commerce platforms + centralized export market orders, Dream Lily’s ODM business has not seen a short-term cap. The rise in power generation in Serbia, Thailand and the United States will help increase the contributionthe amount.

Multi-channel layout is conducive to resource allocation to help long-term development.

1) Capacity.

In 2019, the company has expanded overseas production capacity in Serbia, Thailand, the United States and other places, realized capacity conversion, and resisted policy risks such as tariffs and anti-dumping.

2) Diversified channels.

Looking at overseas channels, in 2019, the wholly-owned subsidiary of Dream Lily cut into the U.S. market offline channels by acquiring no more than 85% of Mor.Combining channels.

The domestic market continues to cultivate hotel channels, accelerates the development of offline distribution channels, diversifies the overall channels, and enables the long-term development of independent brands.

Focus on remembering the track and optimistic about the company’s long-term growth.

The large-scale production capacity layout of MengLi is expected to support the company’s overseas ODM and OBM business development, and the company’s competitiveness in the global mattress industry will be further enhanced.

Companies in the domestic market have hired a team of professional managers to comb the development, which is expected to form a multi-channel force. From production to terminal sales, the company’s internal export development framework has taken shape, helping to transform the market layout and optimistic about the company’s long-term growth.

Investment suggestion: The company’s layout to maximize production capacity and expansion of internal sales channels, we are optimistic about the company’s mid- and long-term development.

Increase the company’s sales revenue for 2019-2021 to 36.

7, 48, 57.

10,000 yuan, an increase of 20 in ten years.

4%, 30.

6%, 19.

1%, realizing net profit attributable to mother 3.

66, 5.

11, 7.

12 trillion, a ten-year increase of 97%, 40%, 39% (return to the mother before the adjustment of the net profit 3.

5, 4.

5, 5.

70,000 yuan, a year-on-year increase of 88%, 29%, 26%), corresponding to an EPS of 1.



13 yuan, maintain “Buy” rating.

Risk warning: the risk of rising raw material prices, the release of overseas production capacity is less than expected, the risk of exchange rate changes

Tianbang shares (002124): The performance is in line with the expected breeding flexibility target

Tianbang shares (002124): The performance is in line with the expected breeding flexibility target

The net profit attributable to the mother of the company in Q3 2019 increased by 841 annually.

90%, in line with expectations. The company released the third quarter report for 2019. In the first three quarters, the company achieved operating income of 44.

540,000 yuan, +40.

12%; net profit attributable to mother was 1194.

07 million yuan, yoy-90.


In the single quarter, the company achieved revenue of 15 in the third quarter.

1.4 billion, a year-on-year increase of +14.

97%; net profit attributable to mothers3.

79 trillion, a year-on-year increase of +841.

90%, in line with expectations.

We expect the company’s EPS to be zero in 2019-21.



56 yuan, maintain “Buy” rating.

  Benefiting from the rapid rise in pig prices, the company’s profits were quickly released. In the first three quarters, the company’s live pig production volume was 202.

700,000 heads, an increase of 40 in ten years.


In terms of quarters, in 19Q1, due to the low pig price and rising epidemic prevention fee, the company’s pig breeding business has potential 2.

96 ppm; 19Q2, the tightness of hog supply across the country began to appear, and pig prices rose steadily. Affected by this, the company’s hog breeding business profitability improved month-on-month, a slight decrease of 66 million yuan;The nationwide contradiction of lack of pigs is prominent, the price of pigs has increased rapidly, and the company’s profits have been released quickly. In the third and third quarters, the net profit of pig breeding business was about 200 million yuan.

In terms of cost, according to our calculations, the company’s full cost in the first three quarters rose to about 16 yuan / kg (the 淡水桑拿网 average weight on the bar is about 107 kg). It is expected that the cost will gradually decrease after the fourth quarter.

  Production capacity was restored, farming was re-started and affected by the swine fever in Africa. The company expanded its biosecurity prevention and control efforts to stop losses in a timely and appropriate manner.

In essence, affected by the high profit of pig breeding, the company accelerated the pace of capacity expansion and productive biological assets stabilized and recovered.

As of the end of the reporting period, the company’s productive biological assets have reached 6.

19 ppm, an increase of 17 in ten years.

21%; an increase of 63 from the end of the second quarter.

61%; an earlier increase of 20.


In the first three quarters, the company was good at its advantages in biosafety prevention and control, capital, and breeding pig resources, and its pig production capacity gradually recovered.

We expect the company’s hog farming profit is expected to be released quickly.

  The upward cycle drives the company’s performance to be highly flexible. Maintaining the “Buy” rating for African swine fever will accelerate the de-capacity of the pig industry. Considering that there is no effective vaccine in the market and the slow recovery of pig production capacity, we judge that pig prices are expected to be high in the next yearrun.
Based on this, we adjusted the average price of hogs in 2020 to 25 yuan / kg (previously measured 20 yuan / kg). Accordingly, the company’s EPS was adjusted to 0 in 2019-21.



56 yuan (previous average 0.



45 yuan).With reference to the 7 times PE valuation of comparable companies in 2020, taking into account that the company ‘s pig fertility is relatively penetrated by the impact of the African swine fever epidemic, giving the company 5-6 times PE estimates, the corresponding target price is 16.


16 yuan, maintain “Buy” rating.

  Risk Warning: The vaccine progress exceeds expectations, the volume of listing is less than expected, and the policy is disturbed.

Fuyao Glass (600660) 2019 Interim Report Review: Q2 U.S. factory profit margins rebound, German SAM orderly integration

Fuyao Glass (600660) 2019 Interim Report Review: Q2 U.S. factory profit margins rebound, German SAM orderly integration
Interim profit was -20%, and performance was in line with expectations. Fuyao Glass achieved revenue of 102 in the first half of the year.870,000 yuan, an increase of 2% per year, and net profit attributable to the mother 15.0.6 billion, down 19 each year.43%, deducting 13.400 million, down 26 every year.75%, deducting SAM-22% from deducting foreign exchange.Revenue in the second quarter alone was 53.54 ppm, an increase of 0 per year.31%, net profit attributable to mother 9.0 billion, down 31 a year.12%, deducted 8.24 ppm, a decrease of 33 per year.27%.  In terms of sub-regions, we expect to reduce domestic flights by 14% (H1 domestic passenger car production will decrease by 14%) and overseas revenue + 27% (excluding SAM’s overseas glass business revenue + 14%).Taken together, Fuyao Glass’s interim report is in 厦门夜网 line with expectations. The performance expectations are only due to the pressure on the domestic auto market, SAM integration and increased float inventory.  Aluminum trim integration, the auto market downturn float pressure, gross profit margin of Q2 continued to decline in the first half of 2019 gross profit margin 37.53%, down 4 each year.43pct (Q1 gross profit margin fell by more than 2.84pct), the company’s gross profit margin reduction has two main aspects: 1) the early integration impact of aluminum trim project.18pct; 2) The poor market environment leads to an increase in float inventory, and the low gross profit from sales is 0.62 points.Net interest rate 14.64%, a decline of 3 per year.89 points.Report the statutory three fee ratio21.01%, increasing by 0 every year.92pct, of which sales and management rates are stable every year, and financial expenses are 0.70%, increasing by 0 every year.68 points.The exchange rate in 2019H1 was 31.13 million yuan, compared with 60.84 million yuan in the same period last year.  US Q2 profit margin rebounded significantly, German SAM orderly integrated 2019H1 Fuyao’s US factory revenue of 19 trillion (+13.7%), net profit 1.400 million (Q1 net profit is about 0.400 million), Q2 net margin improved significantly.The US automotive glass plant maintains steady growth, and the long-term US plant still maintains its output forecast of 3.9 million sets of automotive glass.The German SAM company acquired by Fuyao completed the settlement on March 1, and 2019H1 will contribute to the revenue of listed companies5.07 trillion, gross profit margin -12.6%, can accept 64 million yuan (consolidation period is a total of 4 months from March to June); SAMQ1 revenue 1.400 million, expected to be less than 20 million yuan.It is expected that the SAM integration time will be more than one year, and the subsequent additional investment of 100 million euros will basically continue the subsequent growth of the US plant.  Risk reminder: The profitability of US factories is not up to expectations, and the domestic auto market is leaning.  Wait for SAM to turn losses and maintain its overweight rating. Fuyao Interim Report is in line with expectations. Considering the short-term conversion of the newly acquired company SAM consolidation period, we lower our profit forecast and adjust the profit for 19/20/21 from 37/42/47 to34/36 / 400,000 yuan (assuming exchange income of 200 million yuan in 19 years), corresponding to EPS 1.35/1.44/1.6 yuan, corresponding to PE 17/16 / 14x, maintaining the overweight level.

Fuling mustard (002507): The solid space of the faucet can be seen in the long run

Fuling mustard (002507): The solid space of the faucet can be seen in the long run

Investment advice Fuling mustard is the country’s largest leader in hors d’oeuvres and is the first brand in the mustard category. Its market share is much higher than that of the other, and its layout is solid.

We believe that the company’s brand influence, product competitiveness and nationalized channel layout, channel sinking and category expansion in the future are worth looking forward to, and its performance has achieved long-term steady growth.

The reason is that there is room for improvement in volume and price in the industry, and consumption upgrade is the main driving force.

Pickled vegetables are a traditional food supplement and the industry’s demand is stable. We believe that the increasing packaging rate, consumption upgrades, channel sinking and new channel expansion will drive the growth of the pickled vegetables industry.

We judge that the industry growth of packaged pickled products will stabilize at a medium and high value, and the main segmented packaged mustard must also reach a medium value growth.

The company is the only company with strong Wujiang brand and industry pricing power.

The company’s main brand, Wujiang, is the only one in the packaging of pickled vegetables, and its market share far exceeds that of the second-ranked brand. The difference in the category of mustard is currently the only national brand in terms of brand power, product power, and channel power.Industry leading position.

The company merges industry pricing power and brand premium capabilities, and uses product matrix 青岛夜网 improvements and product upgrades to increase its price.

What hasn’t been seen is the sinking of intensive cultivation of channels and the expansion of categories.

The company’s merged and leading nationwide sales network temporarily interrupted the channel level. In 2019, it will accelerate the sinking of the blank market, expand the level of the first-level dealer team, further improve the level, and further refine the regional and category management.

We believe that the difference between this round of channel sinking and the previous round lies in the strengthening of brand power and channel thrust. We are optimistic about the combined brand power of the company and the continuous strengthening of channel power in the low-tier market to seize the possession of small scattered competitors.

In terms of category 北京桑拿洗浴保健 expansion, the company has entered categories such as radish and kimchi through independent research and development and mergers and acquisitions. At present, the segmented categories lack leading brands. We are optimistic that the company is expected to transform its strong brand power, channel power and rich industry management experience to achieve category expansion.

Earnings forecast and estimation We judge that 4Q19 is at the end of channel inventory cleanup, so we maintain our 2019 earnings / earnings growth forecast. We estimate that the company ‘s factory sales will resume double-digit rapid growth starting in 1Q20, and it is expected to achieve 14% / 13 in 2020.% Revenue / profit growth.

The current price corresponds to 31/28 times P / E in 2019/2020. Next year, P / E will be below the historical estimate of individual stocks and the average conversion center of the sector. We believe that P / E is expected to improve as the performance resumes rapid growth.% To 32.

7 yuan, corresponding to 34 times the price-earnings ratio in 2020, the current price has room for growth of 22%, maintaining the outperform industry rating.

Risks Industry demand changes, industry competition intensifies, costs change, and food safety risks.