This remark,Zhong Ming’s eyes brightened immediately,An expression of surprise suddenly appeared on his face。

Because the idea of Chief Wu Hao is so brilliant,This is a plan to drive tigers and wolves,South Korea will send a team later,I don’t know what it has been like here,Just use their power,Resist the Dark Race。
“but,We don’t have to count on Ye Korea too much,Finally, you have to rely on yourself!Use all the weapons and equipment of those flying soldiers,I’ll leave it to you。”Lu Menglin said casually。
He still has a lot to deal with,No time to waste time on such small things。
Zhong Ming gladly took the command,Take care of the rest by yourself。
Ten days have passed like a white horse,Soon。
Forward troops of the Dark Race,Has approached Sandstorm City。
Looking at the black evil maggots rolling over the sky,Everyone on the wall couldn’t help but have a tingling scalp。
The individual physical combat power of these black evil maggots is not too strong,Which is equivalent to between 28th and 30th levels,But their number is too large,Look around,Thousands,Overwhelming,Dyed the desert outside the city completely black。
Fortunately, Sandstorm City dug a moat ahead of time,Although there is no water in the river,But it has a depth close to four feet,Those sporadic black maggots just get close,Will jump into the moat,Then became a target for soldiers on the wall。
The soldiers in Sandstorm City use old-fashioned firearms that are contemporary with the earth world,Propelled by gunpowder explosion,The bullet is not powerful enough,Often hit three or five rounds,To kill a black evil maggot。
There are only a few special large-caliber sniper rifles in the city,To have the effect of a shot into the soul,Blast those black maggots with one shot。
but,There are very few special sniper rifles,Less than twenty,Facing a huge army of black evil maggots,Can only be considered a drop in the bucket,Can’t solve the fundamental problem。
Then there are the electromagnetic weapons that were picked off from the pilots,The technology of these electromagnetic guns was at least 20 or 30 years before Sandstorm City,Whether it’s shooting accuracy,Or the power of electromagnetic energy bombs,Are much stronger than old rifles,Basically one shot,no problem。
only,The number of electromagnetic guns is still too small,Fewer than twenty officers are equipped with such weapons,It is also impossible to resist the black evil maggots all over the city。
and,The plane team led by Master Wuhao,They have extremely rich experience in fighting against the dark races,Based on their judgment,These black maggots that are currently appearing,Far from being the true strength of the Dark Race Army,They are just fast enough,That’s why I assumed the role of the vanguard。
In the army of the dark race,There are many ten times stronger than these black evil maggots,Even a hundredfold terrible existence。
When those truly powerful dark creatures appear,This is the key node that Sandstorm City can hold。

Without any hesitation,Stay here one more minute,It’s a danger for the old city owner。

Those dark matter automatically fuse together after coming here,Turned into a black viscous fluid floating。
“go with!”
With Xia Chenglong’s order,The surrounding golden giant net began to shrink,At this time the dark matter can’t sit still,Actually started to collide。
To complete the control,Xia Chenglong directly poured in all the dragon’s breath,To ensure a success。
When the gold net is getting smaller and smaller,The range of dark matter that can move is getting smaller and smaller。
They began to rush outwards in a panic,But Xia Chenglong was prepared,Naturally won’t let it leave so easily。
quickly,The seal will be completed in a while,It will be over by then。
but……Just when I was ready to close the net,A cloud of dark matter stopped in place caught Xia Chenglong’s attention。
The other party didn’t bump around like other guys,Instead, it is absorbing the power of the old city owner。
Oversight,I didn’t expect these guys to know so much,From entering here to now,A long time has passed,If the opponent keeps absorbing after coming here,So far……
A giant golden hand headed directly towards the dark matter,Just when it’s about to touch,The other party is suddenly dark red light,Directly shred the golden hands。
Things are not over yet,The opponent not only swallows the power of the old city lord,Other dark matter has also become that guy’s nourishment。

Everyone toasted to congratulate。

“Manager Chen,Are you sure?I heard that the financial strength of the blood legend is very strong,And they occupied the Internet cafe market earlier than us,To defeat them in this respect,I’m afraid it’s difficult?”Zhou Dashen asked with a smile。
This question is out,The faces of the others present changed slightly,Because this is also a question they want to ask but dare not ask。
Now Chen Tianjiao is full of confidence,The pinnacle of Li Bingmao,Who dares to ask him this kind of question,Deliberately touched his mildew?
but,If the person asking the question is Zhou Dashen,The effect is different again。
Chapter Four Hundred and Nine Tianjiao visiting
Chen Tianjiao thought a little,Three fingers stretched out,Pinch together,Smiled:“Don’t hide,I am 70% sure!Business matters,It’s more than just funds。I can’t say much,But Xiao Zhou, don’t worry,As long as you keep doing the game well,Don’t worry about other things。”
Zhou Dashen nodded,Smiled:“That’s true!I don’t understand after you told me,I only know games anyway。Oh,correct!Manager Chen,Director Bao is here,There is a little thing,I’ll just say it directly。
I’m considering adding a new idea to the game recently,But before every time I have to test it in the game,Must go through the planning department first,Apply again,Too much trouble。Or give me permission?”
Suddenly heard this request,Chen Tianjiao has not responded yet,Tolerant Xing felt a little bit in his heart,I narrowed my eyes。


Chapter Two Hundred and Fortieth Yuan Qing’s rescuer
The days seem to have restored the peace of the past,In Xiang Chen’s words,Life alive,How can it be ups and downs every day?Even if the body is not exhausted,I can’t stand the mentality。
Return to calm,The daily occupancy rate of the inn is also steadily increasing due to the presence of Mo Mo,Coupled with Sun Youcai and Wu Qiao’s proper support,The cash flow of the inn also looks pretty impressive。
Also at this stage,Under the operation of Han Genji and Wang Xingzhi,Mo Mo’s prescription also began to operate in an orderly manner,Softcover and boutique application and first aid and beauty respectively,But the price is very different,After all first aid is used to stop bleeding,And beauty lies in removing scars,The cost of high mountains and long rivers in the middle。
And with Wang Xingzhi’s reputation and the Han family’s network,Not only the police began to equip this kind of first aid ointment called Fuyuan,Some large-scale games are also on sale,In the end, the military really wanted to plug in。
“I said brother!My brother!I’m as busy as my grandson,I took time to call you like this,Don’t you lose face!”
Zhu Ziqing on the other end of the phone has a slight suspicion of acting like a baby,Constantly follow Xiang Chen,Indirectly describe the purpose of this call。
“I tried this medicine,It’s really easy to use,The price is too expensive!If you want to consider,Come directly to Beijing,Brother, I’m definitely quitting all work,Take a good tour of the mountains and rivers with you!”
Xiang Chen holds the phone,Handsfree,On the other end of the phone is Zhu Ziqing’s reluctant chatter。Such a good eloquence,Instead of being a performance artist, I joined the National Defense Agency,It’s a waste of talent!
This is the mutual understanding between Xiang Chen and others。
“shameless!You said to travel,It was the crime scene?”
Mo Mo sneered at Zhu Ziqing’s invitation,Yao Yao’s mending is even more vicious。
“If we do go,Your intractable diseases,It’s all on us?Can reduce the price of the order,It can help you solve the accumulated old cases!”
Debunking friends’ scars,Friends are often handy,And Yao Yao still belongs to the category of people who are least capable of being soft.!
“Demon brother!You are a brother in the capital, I will save my life,Not to mention the grace of dripping water,But at this time, you can’t fall into trouble!It’s not authentic!”Side of the phone,Zhu Ziqing’s self-speaking mode has completely changed,Shirley next to him was mutilated for fear,I left Zhu Ziqing’s office early。

She moves very carefully,Very careful,Treat equally,Like treating one’s own child。

Even if Zhu Xiaoguang made the bed by themselves,She will do it again carefully,The attitude of giving sincerely,Meticulous care,Let402The group of young people in the dormitory can’t help thinking of their mother。
Loving mother hand line,Wandering top,Close seam,Fear of being late.Who said nothing,Hold three Chunhui。
“Menglin,You don’t have to accompany me tomorrow,I go around the city myself。All of you go to class,Learning is a lifetime,More important than making money。”Mother Lu smiled gently。
“it is good!”
“Ok,Mother Lu,We must study hard。”Everyone nodded and agreed。
“correct,Menglin,Accompany mom to dinner tomorrow night。I have an old sister’s family in Shencheng that I haven’t seen for many years,They want to see you too。”Mother Lu said with a smile。
Wang Shaoxiao was agitated,Yelled anxiously:“Wow!Isn’t it a blind date??Aunt Lu,The kids on your sister’s side are boys and girls?how old?”
How lack of love is this kid!I can think of this in the blink of an eye。
I don’t know how Mum Lu nodded with a smile,Half joking:“Over there is a girl,Should be about your age。Old friend for many years。It’s okay for my family Menglin to make friends!”
I heard Mother Lu was so enlightened,The boys in the dormitory all laughed。
at dusk,Lu Menglin came to the north gate of Shenzhen University by appointment。

Poly Real Estate (600048): Stronger-than-expected sales and strong investment at the end of the year

Poly Real Estate (600048): Stronger-than-expected sales and strong investment at the end of the year

Event: Poly Real Estate released the 2019 performance report, and the company achieved operating income of 2355 in 2019.

40 ppm, an increase of 21 in ten years.

07%; net profit attributable to mother was 265.

69 ppm, an increase of 40 in ten years.

55%; basic income 2.

23 yuan.

Comment carry-over speeded up, and performance exceeded expectations.

Poly Real Estate released a quick performance report and achieved revenue of 2355 in 2019.

40 ppm, an increase of 21 in ten years.

07%; operating profit and profit maximization increase by 41 each year.

36% and 41.

15%, net profit attributable to mothers increased by 40 per year.


In the single quarter, the company achieved single-quarter revenue of US $ 123.7 billion in the fourth quarter, an annual increase of 24.

21%; net profit attributable to mothers was 1.37 million yuan, a year-on-year increase of 47.

57%; The company ‘s performance exceeded expectations mainly due to accelerated project settlement and increased carry-over scale.

Initial sales grew steadily, and investment in December increased significantly.

In December 2019, the company realized a sales area of 304.

280,000 square meters, an annual increase of 2.

47%; sales amount 421.

33 ppm, an increase of 15 in ten years.


The company initially realized a sales area of 3123.

120,000 square meters, an increase of 12 in ten years.

91%; cumulative sales amount 4618.

48 ppm, an increase of 14 in ten years.

09%; the average selling price is 14,788 yuan / square meter, an annual increase of 1.


In December, the acquisition of land was significantly improved. The company has 28 new development projects in a number of first- and second-tier cities. The total amount of land acquisition was US $ 38.2 billion, an increase of 844%, which is 91% of the sales amount for the month. The land acquisition area was 6.95 million square meters.It increased by 498% in the first half of the year; the average land price was 5,500 yuan / square meter, which was 39 in the current average sales price.

7%, an increase of 18 from November.

8 single; the company’s cumulative land acquisition amount of 1,528 trillion in 2019, a reduction of 20%; the land acquisition area of 26.53 million square meters, at least 15%, and the land acquisition amount gradually accounted for 33% of the sales amount, down 14 outstanding compared to the end of 18.

The average floor price of the company’s high-rise floor is 5,759 yuan / square meter, which is reduced by 6% every year, which is 38 at the same time.

9%, future gross margin is guaranteed.

In terms of regional distribution, the company’s land acquisition costs accounted for 19% in the first, second, and third lines.

1%, 53.

4%, 27.

5%, 深圳桑拿网 the proportion of land acquisition area is 3 respectively.

2%, 32.7%, 35.

9%, the company continues to cultivate in the first-tier and second-tier cities and hot third-tier cities, and has a strong certainty of future sales.

Investment suggestion: Poly Land Reserve actively invests in land reserves, which lays a solid foundation for the company’s future sales expansion.

The company strategically lays out core urban agglomerations, insists on both deep urban cultivation and urban expansion, and has accurate product positioning. The management team is experienced, motivated, and has a strong brand awareness. The company has incentives in place to promote growth.

At the same time, the company surpassed the strong background of central SOEs, which could help the company obtain brand premium and low financing costs, and further enhance its competitiveness.

The EPS for 2019-2021 is expected to be 2 respectively.

23, 2.

77, 3.

33 yuan, corresponding to PE 6.

97, 5.

60, 4.

66 times, maintain “Buy” rating.

Risk warning: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operating risks; exchange rate fluctuation risks; shed reform monetization is not up to expectations.

ZTE’s (000063) first report: ZTE takes another journey with 5G

ZTE’s (000063) first report: ZTE takes another journey with 5G

The core point of view 5G benefits the strongest standard, full of future growth.

ZTE is a rare manufacturer of base station main equipment and transmission equipment, and is an absolute leader in the 5G field.

In the 5G industry chain, the most valuable subdivision of base station main equipment and transmission equipment, the company will directly benefit from the historical opportunities of the industry brought by 5G construction.

The market space of main equipment and transmission equipment is estimated to be over 1.

3 trillion, and due to the pace of network construction at home and abroad tend to be synchronized, the 5G market space is even wider.

With the efforts of network construction in the future, performance will be further released, and the company is optimistic about the growth of the company in the next few years.

  5G is determined to promote the turning point of the industry boom.

1) At the end of the 2018 Central Economic Work Conference, 5G was identified as the focus of future new infrastructure work. Many local governments included 5G in the “Government Work Report”. In light of the modern macroeconomic background, it showed the government’s determination to accelerate 5G construction.
2) In 2019, operators have successively introduced tenders for mass communications infrastructure, and major equipment vendors and related manufacturers have injected short-term performance into the cardiotonic agent.

To some extent, the democratic market has reduced the scale of early 5G investment, and non-5G has invested more 南京桑拿网 funds.

After detailed calculations, we believe that non-5G capital expenditures are not expected to be too pessimistic. After 5G investment, capital expenditures will continue to pick up in the next few years, which will help boost industry chain confidence.

  International competitiveness is solid, and operating efficiency has ushered in a turning point.

1) The company continues to increase investment in research and development to ensure that it is always in a leading position in the industry in each round of technological innovation cycles.

Although the current wireless equipment field has challenges, the overall pattern is stable.

The company’s strategic focus is 5G, and the right to speak has not changed in the core organizations of the global industry, leading in standard contributions and the number of 南京夜网论坛 patents.

After the company experienced turbulence, the industry’s successful recovery is the best expression of its competitiveness.

2) The company’s financial profit is exhausted, and its profitability is gradually restored. It adheres to compliance first.

In 2019, the company’s restart and fixed increase indicate that the company’s operations are on track, and the fixed increase will help ensure the company’s future competitive advantage.

  Financial Forecast and Investment Suggestions We predict the company’s earnings for 2019-2021 will be 1.

18, 1.


99 yuan, estimated using the comparable company method. The adjusted average price-earnings ratio of the comparable company is 31 times in 2019, giving the company a 31-year price-earnings ratio in 19, corresponding to the company’s target price of 36.

58, the first coverage was given a “buy” rating.

  Risks remind that the progress of network construction is less than expected, the capital expenditure of operators is less than expected, and Sino-US trade frictions have intensified

Accelerating the transfer of state-owned assets to social security

Accelerating the transfer of state-owned assets to social security

Today’s point of view: State-owned assets transfer to social security accelerates reform of state-owned enterprisesThe Ministry of Commerce notified that after the Ministry of Finance, the Ministry of Human Resources and Social Security decided to transfer 10% of the equity of China Taiping Insurance Group Co., Ltd. held by the Ministry of Finance to the National Social Security Fund in one time.

  Taiping Group is the second state-owned enterprise transferred in 2018.

Not long ago, the Ministry of Finance, the Ministry of Human Resources and Social Security just studied and decided to transfer 10% of the shares held by the People’s Insurance Group of China to the National Social Security Fund.

  In my opinion, a large number of large state-owned enterprises’ equity transfers took place in just a few days, which may mean that the pace of transfer of state-owned assets to social security funds is accelerating.

  In November 2017, the State Council issued the “Implementation Plan for Transferring Part of the Current Capital Enrichment Social Security Fund”, which proposed that the central and local state-owned and state-controlled large and medium-sized enterprises and financial institutions should be divided into transfer areas, and the transfer ratio should be unified into the company’s substantial equity10%, the gap in the basic pension insurance fund based on the replacement of equity dividends.

  In fact, since 2001, three rounds of conventional asset enrichment social security fund policies have been implemented in the past, namely the “reduction of state-owned shares to raise national social security funds” in 2001, and the “transfer of domestic shares to enrich national social security in 2009”.Fund “and the 2017” Transfer of Old-Fashioned Capital Enrichment Social Security Fund “.

  So, what about these transfers over the years?

The author reviewed the annual report of the social security fund indicators over the years and noticed that from 2010, the social security fund indicators began to reveal the relevant situation.

  As of the end of 2017, the financial allocation of funds and shares to the National Social Security Fund continued for 8577.

8 billion yuan, of which, state-owned shares reduced transfer funds and shares 2827.

7.5 billion (reduction of funds 955.

6.3 billion yuan, 1028 domestic shares held.

5.7 billion yuan, 843 overseas stock transfers.

55 ppm) As for investment income, the annual report of the social security fund indicators did not specify specific details.

On the whole, as of the end of 2017, the annual average investment income of the 夜来香体验网 social security fund has been transformed since its establishment8.

44%, the cumulative investment income was 10073.

9.9 billion yuan.

  The author believes that the transfer of state-owned assets to social security funds is accelerating. In addition to enriching social security funds, it will also play a positive role in promoting the reform of state-owned enterprises.

Because from the perspective of the original enterprise, the transfer of state-owned assets is an important means of using the dating social security fund as a diversified shareholder to adjust the equity structure.

  This is mainly reflected in two aspects: First, the social security fund will not interfere with the daily production and management of the enterprise, and promote the maintenance and appreciation of assets.

This is evident from the 武汉夜网论坛 investment income of the social security fund.

  Second, social security funds appear in existing enterprises in the form of shareholders, and the state-owned enterprises have shifted from “one-dominated” to diversified shareholder checks and balances.

This is definitely a positive and positive impact on the operating efficiency of traditional enterprises.

This is also an important direction for the reform of state-owned enterprises.

  In many places, local implementation plans for transferring some conventional capital to enrich the social security fund have also been introduced, and some provincial enterprises are being selected for pilot transfers, after which they will be transferred in batches to other eligible provincial enterprises’ regular equity.

  This will have a positive effect on further promoting the reform of state-owned enterprises.

Wuliangye (000858): The reform accelerates the promotion of the recognized channel is circulating dividends

Wuliangye (000858): The reform accelerates the promotion of the recognized channel is circulating dividends

We have recently participated in the Wuliangye Shareholders’ Meeting. The company’s systematic reform work has been further refined. Team-building, channel change, brand combing and other large-scale work are the key points. The reform has been carried out step by step.

Once the subsequent channel positive cycle is opened, the channel pushes and the brand pull will form a synergy of upward cycles. The release of dividends will promote the company’s growth rate higher than the industry average.

Taking into account the price increase bonus in the second half of the year and the channel’s positive circulating dividend, we raise the EPS forecast for 19-20 to 4.

47 and 5.

49 yuan, 24 times PE for 20 years, raise target price to 130 yuan, repeat highly recommended.

The report is accompanied by detailed records of the shareholders’ meeting and is recommended for reading.

The systematic reform work was further refined, and the implementation was carried out step by step.

The number of participants in the 18th Annual General Meeting of Wuliangye reached a record high of 458.

Jointly communicate with participating investors with an open attitude and face the progress and problems of the initial reform of the market.

The focus of the reform strategy was further refined, and the implementation was carried out step by step, and the marketing reform dividend was gradually released: (1) Organizational reform: Team building is in sight, and recruitment has gradually advanced.

Since the initial marketing structure was changed from seven marketing centers to 21 marketing battlefields, the marketing system has been gradually segmented.

On the basis of internal selection, a nationwide open recruitment of middle-level and marketing personnel was conducted in April to conduct a unified recruitment written test selection, and the team building was substantially carried out.

The number of sales staff is expected to gradually approach the level of 1,000 people during the year. At the same time, the quality of services is promoted, and team building is effectively implemented to provide protection for external channel transformation.

(2) Channel reform: Distributors and terminals sort out the key points and vigorously promote modern marketing reform.

The company focuses on two aspects of the dealer scale reform. One is to change the concept and promote the joint transformation of dealers and manufacturers, aware of the interaction between terminal services and consumers, and the second is to adjust the structure and resources to have teams, channels, and financial strength.The high-quality dealers leaned to terminate the elimination mechanism.

Terminal entities, specialty stores focus on regional literacy and empowerment standards, solve problems such as specialty store management, brand image and channel services, Mingyan Hotel focuses on selection and in-depth binding, and improves the problems that are not in place in the early two years of reform. KA The terminal integrates the dealer platform to open up the nationwide supply chain system and regional assessment.

In addition, the e-commerce channel is committed to level maintenance, and a new group purchase channel establishes a cooperation mechanism.

(3) Brand combing: Brand “subtraction” is strengthened, focusing on the core product structure, and brand “addition” is pave the way.

The company has adopted a programmatic direction document for brand combing, and the strategy guide is more clear and clear. The number of Wuliangye and series brands has tried to reach about 45 (about 18 at the end of 800), and the number of barcodes can reach up to about 350 (at the end of 3,500)), High-end products focus on “1 + 3”, series of wine focus on “4 + 4”, based on the current subtraction, in the future will reduce channel investment, increase consumer investment, and further increase brand height.

Dealer confidence is picking up, new products are expected to be sold at reasonable prices, and channels are opening up in a significant cycle.

Under the protection of strong policies such as setting up an inspection team to monitor prices and strictly controlling shipments, dealers have demanded that the supply price has reached 919 yuan at the end of April.

Recent channel survey feedback has shown that the approval price of Wuliangye has accelerated to more than 890 yuan.

At present, the dealer’s confidence has clearly rebounded. The brand power of Wuliangye has a strong appeal to consumers at around 1,000 yuan. The channel thrust will determine the approval price level. It is currently expected that new products will be sold at a price based on the ex-factory price of about 889 yuan.

Once the subsequent channel positive cycle is 佛山桑拿网 opened, the channel pushes, the brand pull will form an upward synergy, and the release of dividends will promote the company’s growth rate higher than the industry average.

Investment suggestion: The reform is accelerating. It is recognized that the channel is circulating a dividend and the target price is raised to 130 yuan.

The company’s marketing organization has been gradually promoted since the beginning. The reform has entered a critical period. With the support of strong execution, the key points have been cut in the direction. The reform has been gradually implemented and channel confidence has picked up.

We raised our EPS forecast for 19-20 to 4.

47 and 5.

49 yuan (previously 4).

24, 5.

08 yuan), it is estimated that the discount is expected to gradually improve, given 24 times PE for 20 years, raising the target price to 130 yuan, enough to cause strong recommendation.

Risk warning: the impact of heavy competition, the price increase is not up to expectations, and the overall demand is not up to expectations

Minutes of Industrial Fulian (601138) Industrial Internet Summit Forum: Teng cloud drives fog and intelligently creates the future

Minutes of Industrial Fulian (601138) Industrial Internet Summit Forum: Teng “cloud” drives “fog” and “intelligently creates” the future

Company status We participated in the Industrial Internet Summit Forum on “Science and Technology Enabling New Manufacturing” organized by Industrial Fulian in Shanghai on June 29th.

During the event, the company demonstrated its Foxconn cloud platform based on cloud, mobile, object, big, intelligent, and network plus robots, with “fog cerebellum”, enabling intelligent manufacturing, and helping to achieve quality, efficiency and cost reduction.The goal of reduction.

In addition, the company released four major product lines: the Internet of Things and computing solutions, FiiCloud cloud platform, MicroCloud, and enriched cloud and other new products, and actively cooperated with various manufacturing companies to build the Fii smart manufacturing ecosystem-Rich Manufacturing CloudEcology.

We believe that this indicates that the company ‘s industrial Internet services are replacing “individuality” and gradually moving towards “combining the world”. We continue to be optimistic that the company, as the core target of the Industrial Internet, will benefit from the intelligent transformation of the manufacturing industry and maintain the “outperform 南京桑拿论坛 industry” ratingAnd a target price of 20 yuan.

Comments actively build an industrial Internet cloud platform, which will continue to benefit in the future.

According to the World Bank, China’s manufacturing industry was integrated in 20173.

59 trillion U.S. dollars, ranking first in the world and 1 in the United States.

5 times, but the level of automation made in China is still not as advanced as in the United States, Japan, Germany and other advanced countries, and the trend towards intelligent transformation is inevitable.

Industrial Fortune has taken the lead in the Industrial Internet. Its light-out factory has been selected as one of the sixteen “Lighthouse factories” in the world by the World Economic Forum.Labor costs.

As its technology rolls out internally, we expect the company to continue to benefit in 四川耍耍网 the future.

Launched four product lines to create a rich manufacturing cloud ecosystem, with promising prospects for external empowerment.

The company’s four major products released this time include: Internet of Things and computing solutions, FiiCloud cloud platform, MicroCloud, and Fusion Cloud, and together with more than 20 cooperative companies such as Haikang, UFIDA, Gaze +, Geek +, etc.Create cloud ecology.
We believe this move reflects the company’s active external empowerment in industrial Internet services and the solution of pain points in industrial manufacturing.

With the maturity of the cloud ecosystem, we believe that it will benefit the technology service business in the long run.

It is estimated that in 2018, the company’s operating conditions are good. Among the 241 SW electronic index companies, Industrial Fulian ranks first in terms of revenue scale, second in cash flow from operating activities, fifth in total asset turnover, and sixth in ROE.And continuous research and development (ranked first).

We maintain our 2019 / 2020e profit forecast at 0.


01 yuan is unchanged.

The current contradiction corresponds to 14 of 18/19.


2x P / E.

We maintain our Outperform rating and target price of 20.

00 yuan, corresponding to 21 of 18/19.


0 times P / E, still 51% space.

The development of the Risk Industrial Internet has fallen short of expectations.