Category: 新闻

[Black Sesame Weight Loss]_Black Sesame_Slimming_How to Slim

銆 愰 粦 鑺 铋 鍑 忚 忚 忚 偱 戣 姖 楹 籣 鐦 ﹁韩 _ 許 庝 箞 鐦 ﹁Korean
榛戣姖楹诲噺鑲ュぇ瀹舵湁鍚杩囧悧锛熼粦鑺濋夯鍚湁浜轰綋鎵€闇€瑕佺殑澶氱钀ュ吇鐗╄川锛屽彲浠ヨ捣鍒伴闃茶传琛€娲诲寲鑴戠粏鑳炰互鍙婂欢骞寸泭瀵跨殑浣滅敤锛屽父鍚冮粦鑺濋夯鍙互甯姪棰勯槻鍜屾不鐤楄儐缁撶煶锛屾湁鍋ヨ剳鐩婃櫤鏁堟灉锛屼絾鏄敤浜庡噺鑲ユ晥鏋滃苟涓嶆槑鏄俱€?绗竴鐐归粦鑺濋夯鍚湁鐨勫绉嶄汉浣撳繀闇€姘ㄥ熀閰稿湪缁寸敓绱燛銆佺淮鐢熺礌B1鐨勪綔鐢ㄥ弬涓庝笅锛岃兘鍔犻€熶汉浣撶殑浠h阿鍔熻兘;榛戣姖楹诲惈鏈夌殑閾佸拰缁寸敓绱燛鏄闃茶传琛€銆佹椿鍖栬剳缁嗚優銆佹秷闄よ绠¤儐鍥洪唶鐨勯噸瑕佹垚鍒?Hazel lance Ju Ying Hui Guo chain Lingjingxita Pei still water у Juan boom Qin Kin Bian Ninxi Tan Pei Ju Ge Ren additional information Huan Qian inch Fu Yue River across Jing Huan off Ke; quilting  Lao shackles visit Fu Chen Mei Fu drill  ZheThis is the case of the monkeys, and the chains are very different, and they are all in the same way. They are all the same, you can see them in the same way ~敤浜庢不鐤楄倽鑲剧簿琛€涓嶈冻鎵€鑷寸殑鐪╂檿銆侀』鍙戞棭鐧姐€佽劚鍙戙€佽叞鑶濋吀杞€佸洓鑲箯鍔涖€佹灞ヨ壈闅俱€佷簲鑴忚櫄鎹熴€佺毊鐕ュ彂鏋€佽偁鐕ヤ究绉樼瓑鐥呯棁锛屽湪涔屽彂鍏婚鏂归潰鐨勫姛鏁堬紝鏇存槸鏈夊彛鐨嗙銆備竴鑸礌椋熻€呭簲澶氬悆榛戣姖楹伙紝鑰岃剳鍔涘伐浣滆€呮洿搴斿鍚冮粦鑺濋夯銆傞粦鑺濋夯鎵€鍚湁鐨勫嵉纾疯剛鏄儐姹佷腑鐨勬垚鍒嗕箣涓€锛屽鏋滆儐姹佷腑鐨勮儐鍥洪唶杩囬珮鍙婁笌鑳嗘眮涓殑鑳嗛吀銆佸嵉纾疯剛鐨勬瘮渚嬪け璋冿紝鍧囦細娌夌Н鑰屽舰鎴愯儐缁撶煶锛屽嵉纾疯剛鍙互鍒嗚В銆侀檷浣庤儐鍥洪唶锛屾墍浠ュ嵉纾疯剛鍙互闃叉鑳嗙粨鐭崇殑褰㈡垚銆?绗笁鐐圭幇浠e尰瀛︾爺绌剁粨鏋滆瘉瀹烇紝鍑¤儐缁撶煶鎮h€咃紝鍏惰儐姹佷腑鐨勫嵉纾疯剛鍚噺涓€瀹This article is based on the following texts: “Han”, “Ning”, “Han”, “Han”, “Han”, “Han”, “Huan”, “Jiang”, “Jiang”, “Jiang”, “Jiang”, “Jiang” and “Jiang”.骞寸泭瀵跨殑浣滅敤銆傜‘瀹炴槸涓€佸勾浜哄父鐢ㄧ殑淇濆仴浣冲搧銆備絾鍏跺噺鑲ユ晥鏋滃苟涓嶆槑鏄俱€?

[Can flour still be eaten for a year]

銆愰潰绮夋斁浜嗕竴骞磋繕鑳藉悆鍚椼€慱鍗卞_鍧忓
闈㈢矇涓惈鏈変赴瀵岀殑钀ュ吇锛屾槸浜轰滑楗涓笉鑳界己灏戠殑椋熺墿锛屽叾涓穩绮夈€佺⒊姘村寲鍚堢墿浠ュ強鑴傝偑鐨勫惈閲忔瘮杈冮珮锛屽緢澶氬搴兘浼氬涓€浜涳紝浣嗘槸鏈夌殑浜哄彲鑳界涓婃悶娲诲姩鑰屼拱鐨勫お澶氫簡锛屽鑷撮潰绮夋斁浜嗗緢涔呬簡杩樻病鍚冩帀锛屽緢鏄彲鎯溿€傞潰绮夋斁浜嗕竴骞磋繕鑳藉悆鍚楋紵濡傛灉鏄斁浜嗕竴骞寸殑闈㈢矇锛屾湁鍙兘宸茬粡鏈変簡铏瓙浜嗭紝鏈€濂藉埆鍐嶅悆銆傞潰绮夋湁浠€涔堣惀鍏绘垚鍒?2.1銆佺淮鐢熺礌銆傚皬楹︿腑鏈潵鍚湁杈冨鐨凚鏃忕淮鐢熺礌,浣嗗ぇ閮ㄥ垎鍦ㄨ儦鑺姐€佺硦绮夊眰鍜岀毊灞備腑,灏忛害缁忚繃鐭崇(纰剧(,楂樼簿搴︾殑灏忛害绮?缁寸敓绱犲惈閲忔洿楂樸€?.2 銆 佺 熆 鐗 ╄Sichuan 銆 Effective 璬 楹 ︾ 蒙 娟  殑 鐭 雿 銿?涓昏鏈夌7銆侀捑銆侀晛銆侀挋銆侀挔銆侀搧銆侀摐绛夊厓绱犮€傚悇绉嶅厓绱犱互鏃犳満鐩愮殑褰㈠紡瀛樺湪浜庡皬楹︾矇涓€?.3 銆 佺 ⒊ 姘 宲 咖 堢 囿 劝 傝 圝 閮 ㄥ 垎 钀 ュ 吇 璇 璮  瀛 湪 浪 浜 庨 倨 樨 懔 殑 殳 鋳 鋳 hydrogen reading?涔熷氨鏄簿鍒堕潰绮夈€?.4銆佽剛鑲€傚畠涓昏瀛樺湪浜庨害绮掔殑鑳氳娊閮ㄥ垎,楹哥毊娆′箣銆佽儦涔虫渶灏戙€?.5銆佹穩绮夈€傛穩绮夋槸灏忛害闈㈢矇鐨勪富瑕佹垚鍒嗐€?.6 銆 佺 helium 缁 獁 珆 銆 哞 傞 傞 変 咄 勄 勭 He 缁 缁 珁 珌 , 鏉 ヨ 咜 鍒 鍒 Mongolia ▼ trickle  ス ㄧ 粏 镄 駯 稄 焬 熬 熬 熬 熰 熬 熬 憬 熬 熬 熬 憰 熬鏉ョ殑绯婄矇灞傘€傞潰绮変繚璐ㄦ湡澶氫箙?闈㈢矇鐨勪繚璐ㄦ湡闄愶紝涓€鑸湪璐拱鏃剁殑鍖呰琚嬩笂閮戒細鏈夋爣鏄庣殑锛屼竴骞存垨12涓湀銆傚父娓╀Thank you for the fact that the chain is so sorrowful?2涓湀閮芥湁銆傚鑺傚拰鍖呰鏂瑰紡涓嶅悓锛屼繚璐ㄦ湡涔熶細鐩稿鐨勫欢闀挎垨鏄缉鐭€傚崡鏂瑰ぉ姘旀瘮浠锋疆婀匡紝鏈€濂藉偍瀛樺湪鐩稿闃村噳骞茬嚗鐨勫湴鏂癸紝鍖楁柟鐩稿濂戒簺锛屽彧瑕佷笉鏀惧湪娓╁害楂樼殑鍦版柟灏辫銆傛妸闈㈢矇鏀惧湪鐪熺┖琚嬩腑锛屽彲浣块潰绮夌殑淇濊川鏈熼€傚綋鐨勫欢闀匡紝涓嶈繃锛岄潰绮夎繕鏄皯閲忓娆′拱锛屾瘯绔熸椂闂撮暱浜嗭紝闈㈢矇钀ュ吇鐗╄川鐨勬垚鍒嗗氨瓒婁綆锛岃繕浼氱敓铏彉榛勶紝鎵€浠ヤ笉瑕佹€曢夯鐑︼紝瑕佺敤鐨勬椂鍊欏啀涔般€傛斁浜嗕竴骞磋繕鑳藉悆鍚?棣栧厛锛屼粠闈㈢矇杩涘彛鐨勮搴﹀嚭鍙戯紝杩涘彛闈㈢矇鏈変袱绉嶆柟寮忚繘鍙o紝涓€绉嶆槸闆跺敭鍖呰锛屽氨鏄皬鍖呰瀹跺涵瑁呴潰绮夛紝杩欑灏忓寘瑁呯殑闈㈢矇鏄湪鐢熶骇鏃跺氨娣诲姞闃茶厫鍓傚拰楂樻俯鏉€鑿岋紝涓斿寘瑁呴槻娼槻纾紝涓€鑸繚璐ㄦ湡1骞村埌2骞?鍙﹀涓€绉嶆槸澶у寘瑁?Qilian О Juan Argentine 嫴 呸  槸 50KG 鍜?00KG, tamping, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, arranging, and arranging(鎹熸瘮分裂冨樊锛屽彧閫傚悎闈㈠寘搴楀拰椁愬巺浣跨敤锛屼笉閫傚悎闆跺敭锛屼繚璐ㄦ湡涓€鑸负1骞淬€傞潰绮夎繃鏈熶簡鏈変粈涔堝嵄瀹?This is a fan chain, a fan chain, and a fan chain. It ‘s awesome. It ‘s very simple. It ‘s very simple. It ‘s so simple.敓浜ф椂涓€鑸細鐢ㄩ珮娓╂潃姝伙紝浣嗚繕鏄細鏈夐儴鍒嗚櫕鍗电暀瀛橈紝涓€鏃︽椂闂磋秴杩囧崐骞达紝娓╁害婀挎鼎灏变細婵€娲讳粠鑰岄暱铏€傝繖绉嶈櫕琛屼笟鍙矇鐢茶櫕锛屼細浜х敓涓€绉嶅彨鈥滆嫰閱屸€濈殑姣掔礌锛岃繖绉嶆槸鍏稿瀷鐨勮嚧鐧岀墿銆?

[How to make spicy pork belly]_How to_Practice Daquan

銆愰夯杈d簲鑺辫倝鎬庝箞鍋氥€慱濡備綍鍋歘鍋氭硶澶у叏
Insects and thorns are paneled, thorns and thorns are in the house ╂ 劜 浠   锷 痤 寧 溧 溴 宁 渽 潽 new 餴 殣 揣 揰 揰 揰 揰 氣 小 尽 小 尽 尽 尽 尤昏荆浜旇姳鑲夋繁鍙楀枩鐖憋紝浣嗘槸瑕佹€庝箞鍋氭墠鑳藉鍋氬嚭杩欐牱鐨勯鍛冲拰鐗硅壊鍛紵濡傛灉璇翠綘瀵硅繖浜涢鐗╂湰韬氨姣旇緝鎰熷叴瓒g殑璇濓紝閭d箞鍙互鍙傝€冧笅鏂囨墍浠嬬粛鐨勶紝楹昏荆浜旇姳鑲夊叿浣撳埗浣滄柟娉曘€備竴銆佸洓宸濋夯杈h倝鐗囧師鏂?Do you have a lot of money? 250 嬏 嬶 庶 闱 掕 幇?00鍏嬨€傝皟鏂?咡 瓺 娌 和?500 ounces?瀹炶€?00 鍏?Adorable?10 What’s the difference?5 鍏 嬶 甏 獏 界 塸 2 鍏 嬶 麴 鍏 鍏 獴 Chong 2 2 鍏 嬶 麴 Pang Cang Soup 2 鍏 嬶 鑴 鑺 鑺 璺 璻 姖 外 臤 臤 荤 Mongolia: 5嬶紝绮剧洂 1鍏嬶紝椴滄堡 50鍏嬶紝棣欓夯娌广€佽泲娓呫€佹按娣€绮夊悇閫傞噺銆備簩銆佸埗浣滄柟娉?.灏嗙尓鑲夋礂鍑€娌ユ按锛屾壒鍒囨垚钖勭墖锛岀洓瑁呯鍐咃紝鍔犱汉铔嬫竻銆佺簿鐩愭媽鍖€;璞嗙摚鐢ㄥ垁鍓佺;鑿滃績娲楀噣;鑺辨鎹g銆傚皢閰辨补鐩涙斁纰椾腑锛屽姞浜虹硸銆佸鏈€佸懗绮俱€佹按娣€绮夈€侀矞姹わ紝鐢ㄧ璋冩垚鑺℃眮锛屽緟鐢ㄣ€?.What’s the difference? What’s the difference between the real world and the real world? The chains of the Han Dynasty, the Chinese people, the Chinese people, the Chinese people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, the people, and the people.姞浜虹簿鐩愶紝鎷岀倰鍚庣洓瑁呯洏鍐呫€傚師鐐掗攨娲楀噣锛屽啀缃簬鏃虹伀鍔犵儹锛屼笅娌圭儳鑷充竷鎴愮儹鏃讹紝鍊掍汉鎷屽ソ鑲夌墖婊戞暎锛屾粭鍘讳綑娌癸紝鍔犱汉鑺辨銆佽眴鐡o紝缈荤倰鑷宠倝鐗囧憟绾㈣壊鏃讹紝鍊掍汉鑽ф眮缈绘媽鍧囧寑锛屽姞浜鸿荆妞掓补銆侀楹绘补锛岄缈荤倰閿咃紝璧烽攨鍫嗘斁鍦ㄨ彍蹇冧笂锛屽嵆鍙笂椁愭銆備笁銆佺壒鐐规鑿滀负鍥涘窛椋庡懗銆傝壊娉界孩娑﹀厜浜紝鍛抽椋樻孩锛岃倝鐗囬矞瀚╋紝楹昏荆鍒╁彛銆傚簲閫夎喘椴滃闈掕彍蹇冧綔鍘熸枡锛屽彲浣垮叾鏇翠负纰х豢鐢熼潚锛岀獊鍑鸿倝鐗囩殑绾㈡鼎鍏変寒锛屽彛鍛冲彲杩涗竴姝ヨ皟鍜?鑻辨眮涓嶅疁杩囧锛岀揣瑁硅倝鐗囦负浣筹紝鍙娇鎴愬搧鑿滄洿涓哄缇庡唴绉€銆?

[Beef Stewed Potatoes]_Beef Stewed Potatoes_How to do_How to do

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Focus Media (002027): Customer structure continues to adjust, optimistic about long-term layout value

Focus Media (002027): Customer structure continues to adjust, optimistic about long-term layout value

Event: The company announced the third quarter report of 2019.

Revenue in the first three quarters dropped by 18 over the past ten years.

12% to 89.

At 0.6 billion yuan, net profit attributable to mothers decreased by 71 each year.

72% to 13.

600 million yuan, performance in line with the three quarterly notice (11.

5 billion?
14.

5 billion).

Q3 single-quarter revenue fell by 15 per year.

33% to 31.

8.9 billion, net profit attributable to mothers has fallen by 60 every year.

18% to 5.

8.2 billion, net profit attributable to mothers reduced by 63.

99% to 4.

9.7 billion yuan.

The company forecasts 2019 results, and the net profit range is 17.

5 billion?
20.

5 billion, -69 in the 合肥夜网 past.

94%?
-64.

79%.

The performance is in line with expectations, and the most difficult period has passed.

The company’s net profit attributable to its mother in the first three quarters was mainly due to the weak macroeconomic impact on the demand of the advertising market, the company’s own customer structure adjustment, expansion of elevator media, credit impairment loss provision and provision.

In addition, the company has expanded elevator media resources since 18Q2, resulting in increases in media resource rents, equipment depreciation, labor costs, and operation and maintenance costs.

Concerned about the “super overlay marketing” of the cooperation of Yiche.com, new changes in the segment profit model.

A classic experiment of the upcoming new car and niche practice of the “hyper-converged marketing” theory has become a hot topic from the perspective of the topic. It can be said that it has been initially successful, but specific sales data have to wait for easy car data.

We expect that once the effect is better, Focus Focus is expected to launch more single-day screens for a single customer in the future.

The company has set a pre-set “cyclic stock” label and is optimistic about its long-term layout value.

Focus’s customer structure has changed a lot over the past year. In the first half of this year, the industry category “daily consumer goods” accounted for 30% of the revenue of customers.

66%, it is estimated that the customer revenue of consumer goods in 19Q3 increased by nearly 20% each year; and the proportion of “Internet” customer revenue dropped to 22.

15%, almost a half.

The company’s customer structure is moving towards the consumer goods industry, so even when the economic environment is relatively bad, it is expected to enjoy the growth of α, once the subsequent economic recovery, return to the growth of α and β.

Profit forecast and investment suggestions: The company is expected to realize net profit attributable to mothers in 2019-2021.

21 billion, 34.

9.5 billion and 44.

1.2 billion, corresponding to 44.
6 times, 25.

8 times and 20.

4 times price-earnings ratio, it is recommended that long-term investors can gradually layout.
Risk reminders: Customer structure adjustment is less than expected, pressure on accounts receivable, pressure from the continued downturn in the advertising industry, and pressure from fierce market competition.

Sunshine City (000671): Outstanding performance and continuous financial improvement

Sunshine City (000671): Outstanding performance and continuous financial improvement
I. Event Overview Sunshine City announced its semi-annual results announcement. The company achieved operating income of 225 in the first half of 2019.1 ppm, an increase of 48 in ten years.0%; achieve net profit of return to mother 14.50,000 yuan, an increase of 40 in ten years.天津夜网5%.  Second, the performance of analysis and judgment continued to increase rapidly, and profitability increased steadily in the first half of 2019. The company achieved operating income of 225.1 ppm, an increase of 48 in ten years.0%; achieve net profit of return to mother 14.50,000 yuan, an increase of 40 in ten years.5%, performance is in line with expectations.In the total number of reports, the company’s real estate project gross margin reached 26.93%, an increase of 1 over the end of the previous year.28pct, with a revised return on equity of 6.91%, an increase of 1 over the same period last year.72pct, profitability continued to rise.  Sales kept funds, and the company with rich soil storage resources achieved sales of 900 from January to June.70,000 yuan, an increase of 28 in ten years.7%, of which, the Yangtze River 西安耍耍网 Delta, Greater Fujian, the Pearl River Delta and the Beijing-Tianjin-Hebei region contributed 36% of the overall sales.4%, 17.9%, 9% and 2.9%.At the end of the reporting period, the company’s gradual land storage area was 4,396.40,000 square meters, which is 3 in 2018.5 times, it can ensure the sustainable development in the next 2-3 years; on average, the saleable value of the first and second-tier cities accounts for 85.9%, the cumulative cost of land price is about 4322.Compared with the current average selling price of RMB 12,829 / sqm, the company’s profit quality continues to improve.  Resistance optimization, cost reduction ended until the end of June 2019, the company refused to pay 1121 with interest.21 trillion, including short-term interest-bearing debt of 341.610,000 yuan, the proportion of ownership interest rate decreased by 12 compared with the end of last year.34 points to 30.47%, compared with 52 at the end of last year.57% dropped to 31.00%, denying continuous optimization of the structure.At the end of the reporting period, the company’s comprehensive financing cost was 7.72%, a decrease of 0 from the end of 18.22pct, cost control is good.  Third, investment recommendations Sunshine City’s performance will grow rapidly, with beautiful sales data, sufficient soil storage resources, stable financials, and controllable overall risks. The company’s EPS is expected to be 1 in 19-21.05/1.42/1.83 yuan, the corresponding PE is 6.3/4.6/3.6 times, the highest in the past three years, the lowest, the median PE is 27.7/6.9/17.6 times, maintain the company’s “recommended” rating.  4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Baby-friendly room (603214) quarterly report comments: continuous growth in performance, steady expansion of stores

Baby-friendly room (603214) quarterly report comments: continuous growth in performance, steady expansion of stores

I. Event Overview The company achieved operating income in the first quarter of 20195.

45 ppm, an increase of 13 in ten years.

21%; net profit attributable to mother is 1南京桑拿网,776.

320,000 yuan, an annual increase of 46.

44%; budget benefit 0.

18 yuan.

Second, the performance of analysis and judgment continued to increase, and sales expenses increased. The company achieved operating income in the first quarter of 20195.

45 ppm, an increase of 13 in ten years.

21%; net profit attributable to mother is 1,776.

320,000 yuan, an annual increase of 46.

44%, maintaining a high growth trend.

Based on the original product structure in 2018, the company continued to optimize, actively introduced new best-selling products, and eliminated some unsold products. The optimization of the product structure brought about a rise in gross profit.

In the first quarter of 2019, selling expenses increased by 34 each year.

74%, mainly due to the company’s newly opened stores housing and property management fees, labor costs increased, the number of newly opened stores, area compared with the same period of growth.

Stores are expanding steadily, and the supply chain is optimized and upgraded.In 2019, the company plans to accelerate the pace of store exhibitions in areas of scale and some cities in southern China, and gradually plans to open 50-60 new direct-operated stores.

In 2018, the highest net increase was 34, and the total scale of directly operated stores reached 223. Exploring the inherent growth path and expanding steadily.

The company actively promotes the completion of the acquisition of Chongqing Taicheng Project, opens up business in the southwest market, and enters a new area.

At the same time, the company’s online business grew at a faster rate, with e-commerce platforms such as 4,534 in 2018.

790,000 yuan, an annual increase of 138.

98%.

The company actively optimizes the product supply chain and increases direct supply brands. In 2018, it reached a direct supply confirmation agreement with Royal Friesland, and officially launched in 2019.

Warehousing and logistics operations are mature, and private label sales increase. In 2018, the company’s warehousing and logistics center shipment volume increased by 23%, and its operating indicators increased significantly. Private label product sales were 17,794.

510,000 yuan, accounting for 8% of merchandise sales.

89%, an annual increase of 28.

99%, a rapid growth, the proportion of sales increased year by year.

The increase in the company’s own-brand product sales has not only improved the gross margin of the company’s products, but also improved the company’s overall profitability.

Third, investment advice The company’s stores are expanding steadily, actively optimizing the product structure, optimizing the supply chain, and the performance continues to grow.

The EPS is expected to be 1 in 2019-2021.

48/1.

82/2.

25 yuan, corresponding to PE is 30/24/19 times, the current overall valuation of the chain sector is 17 times.

Covered for the first time and given a “Recommended” rating.

4. Risk warning: Terminal demand is less than expected, and store expansion exceeds expectations.

Huayu Automobile (600741) 2019 Third Quarterly Report Commentary: Neutralization reflects achievement in line with expectations

Huayu Automobile (600741) 2019 Third Quarterly Report Commentary: Neutralization reflects achievement in line with expectations

Single quarter profit

73%, performance in line with expectations The company achieved revenue of 1,055 in the first three quarters.

9.6 billion (-11.

11%), achieving net profit attributable to mother 49.

2.7 billion (-22.

58%), realizing a net profit of 41.

7.7 billion (-13.

90%).

The company achieved revenue of 350 in the third quarter alone.

3.3 billion (-5.

75%), achieving net profit attributable to mother 15.

6.3 billion (-1.

73%) and realized net profit deducted from non-mothers13.

6.9 billion (-9.

53%), the company’s overall profit exceeded our expectations, mainly due to factors such as consolidation and non-recurring gains and losses, the company’s 杭州桑拿网non-profit deductions were in line with our expectations.

  Excluding the impact of consolidation and non-recurring gains and losses, the deduction of non-performance results in line with expectations. The only consolidation factor in the third quarter is SIHL. SIHL acquired the remaining 30% equity in 4 months of this year to achieve a wholly-owned holding.0.

3.2 billion, corresponding to a profit elasticity of about 2%.

The first three quarters of consolidation include Huayu Vision and SIIC Transportation, and we expect to contribute about 0 in increments respectively.

4.2 billion and 0.

9.6 billion, corresponding to a profit elasticity of about 2.

2%.

Excluding the impact of consolidation factors, we expect the company’s single quarter profit growth to be about -4%, and the first three quarter profit growth is about -13%.

In addition, the company’s non-recurring profit and loss items in the third quarter were 1.

9.4 billion, an increase of 1 every year.

1.9 billion, mainly due to the impact of tax refunds, corresponding to 7.

48% profit elasticity.

  Neutralization (Overseas and SAIC Volkswagen) Outstanding performance company’s single-quarter quarter revenue breakdown.

75% outperformed the industry, mainly due to positive changes in SAIC Volkswagen and overseas.

In terms of industry, SAIC and overseas, the output of passenger cars in the industry decreased by 6 in the third quarter.

87%, the overall output of SAIC Group fell 4 alternately.

83% (SAIC Volkswagen, the company’s main supporting company, grew by 3% throughout the year.

78%, SAIC General Dust Cover 16.

10%, SAIC passenger cars are inserted 4 at a time.

22%), the company’s overseas horizontal offset in the first three quarters was about 3-4%, which was smaller than domestic.

In addition, the company also has Japanese, BBA and some customers are achieving counter-trend growth.

Overseas customers, such as SAIC Volkswagen, Japanese and BBA, are gradually transforming.

  Risk reminder: The recovery progress of the automotive industry is higher than expected, and the annual decline in parts and components will increase.

  Investment logic: steady growth in performance and continuous business optimization The company is a leader in the field of domestic parts and international interior decoration, and has the potential to become an international parts giant in the medium and long term. In the long run, the company will gradually transition from supporting non-core automotive parts to the new energy Sandian, Intelligent driving and other automotive core supporting.We maintain a net profit of 71-21 in 19-21.

88/77.

61/84.

09 billion, EPS is 2.

28/2.

46/2.

67 yuan, the current corresponding PE is 10 respectively.

9/10.

1/9.

3 times, maintaining a reasonable estimate of 27.

36-34.

20 yuan (corresponding to 12-15 times of 19 years PE), maintain “四川耍耍网 Buy” rating.

Depth-Company-Rongsheng Development (002146): Steady performance and high efficiency value underestimate to be repaired

Depth * Company * Rongsheng Development (002146): Steady performance and efficient growth

Rongsheng Development achieved operating income of 563 in 2018.

7 ppm, an increase of 45 in ten years.

6%; net profit attributable to parent company is 75.

70,000 yuan, an increase of 31 in ten years.

3%; EPS1.

74 yuan; the company’s gross profit margin and net profit margin are 31.

5% and 13.

5%, increase by 2 each year and decrease by 1 each year.

5 units; ROE 24.

9%, an annual increase of 2.

5 units.

The company realized sales area of 983 in 18 years.

40,000 square meters, with a sales amount of 1,015.

600 million, an annual increase of 54.

7%, 49.

5%.

Considering that the company has sufficient settlement resources, the profitability has continued to improve, and the cash flow situation has continued to improve, it is estimated that the replacement is to be repaired. We expect the company’s EPS to be 2 in 2019-21.

18/2.

87/3.

48 yuan, corresponding to 19 years of PE5.

3x, maintain BUY rating.

Key points of the support level Revenue growth hit a new high in recent years, and profitability has steadily improved.

In 2018, the company achieved operating income of 563.

7 ‰, an increase of 45 in ten years.

6%; net profit attributable to mother to 75.

70,000 yuan, an increase of 31 in ten years.

3%; EPS1.

74 yuan; the company’s gross profit margin and net profit margin are 31.

5% and 13.

5%, more than 2 increase and decrease 1 respectively.

5 units; ROE 24.

9%, an annual increase of 2.

Five single, profitability has steadily improved.

As the high-margin projects in 16-18 entered the carry-over period and the carry-over accelerated, the company’s gross profit margin continued to increase; however, due to the increase in financial expense rates, the net profit margin fell slightly.

At the end of the reporting period, the company’s accounts received in advance increased by 38% annually to 870.

50,000 yuan, covering over 1 settlement income in 2018.

5 times, performance guarantee is temporary; taking into account the company’s planned completion of 860 in 2019.

50,000 countries, an increase of 39 in ten years.8%, settlement income is expected to continue to grow rapidly.

Sales exceeded the 100 billion mark, and a large amount of soil storage was actively constructed.

In 2018, the company realized sales area of 983.

40,000 square meters, with a sales amount of 1,015.

600 million,天津夜网 an annual increase of 54.

7%, 49.

5%.

The completion rate of the initial sales target of 88 billion yuan was 111%.

In 18 years, sales of 815 million yuan were realized, and the recovery rate was 80.

3%; realizing the real estate inventory de-allocation area of 162 universal, the de-allocation rate is increased by 7.
.

2 up to 66%.

Looking forward to 2019, the company plans to spend 1,120 trillion and 920 trillion in repayments, with growth rates exceeding 10%.

In 2018, the company added 760 land reserves.

5 In general, the annual reduction is 31%, the amount of land taken is 17.4 billion yuan, and the average price is 2,293 yuan / square meter, accounting for only 22% of the average sales price, and the profit margin increases.

At the end of 18, the company’s total soil reserves exceeded 36.14 million 深圳桑拿网 countries, which can meet the development needs in the next three years.

The “3 + X” strategy was advanced, and income and profits were diversified.

The company has long practiced the “3 + X” development strategy: In terms of the Kanglu segment, Rongsheng Kanglu has gradually filled its wings and actually signed 50 contracts.

98 trillion, 40 back.

7.7 billion yuan, operating income of 36.

10,000 yuan; the industrial new city has a large-scale benefit of both harvests, and Rongsheng Xingcheng achieved a total net profit of 8.

12 trillion, completed the recovery of 35.

62 trillion; 20 gradual land investment invitation agreements with a total investment of 45 trillion; the large financial sector has steadily advanced, of which Taifa Fund has achieved net profit3.

9.7 billion.

Resistivity further declined, and cash flow conditions continued to improve.

At the end of the reporting period, the company’s net debt ratio was 87.

9%, asset-liability ratio 84.

0%, reducing 36 digits and 0 respectively.

With 7 shares per share, after excluding advance accounts, the asset-liability ratio is only 45.

8%.

Operating cash flow continued to improve for 18 years, recording 175.

1 ppm, an increase of 7 per year.

7 times, the solvency has been significantly enhanced.

We estimate that the company’s EPS for 2019-21 will be 2 respectively.

18/2.

87/3.

48 yuan (previous forecast was 2.

10/2.

57 / -yuan), corresponding to 19 years of PE5.

3x, maintain BUY rating.
Main risks facing rating The scale of sales in the real estate industry has expanded, and the expected margin of policy relaxation is less than expected.

Beware of Sunday depression threatening you

Beware of Sunday depression threatening you

On Sundays and other holidays, do you feel lonely, restless and restless?

Psychologists call this phenomenon “Sunday depression.”

  Solitary men and women: Beware of Sunday depression threatening you. “Sunday depression” is both a mental illness and a social illness.

The most important thing is that the psychological conflict of “what I want to do and what I should do” can not be resolved on Sunday. The long-term life between couples and single life are the direct causes of depression.

  For example, overseas workers, migrant workers, and businessmen from different places, one to Sunday, seeing the reunion of people around them on holidays, sharing the joy of family, anxiety will be particularly prominent, and often hostile.

  Similar phenomena occur from time to time in some special occupations, such as seafarers, geological surveys, drilling workers, police officers, etc. Due to the different nature of work, Sundays and holidays are irregular, couples often cannot be together, and the working environment is not stable.As satisfactory as possible, there was nowhere to vent his dissatisfaction, and finally a psychological stress was formed.

  ”Sunday depression” solution: First, get up early, write a letter or call a distant partner.

  Second, develop personal hobbies.

  Third, travel or participate in some social activities.

  Fourth, talk to friends and relatives.

  Fifth, do some housework within your ability.

  6. See a psychologist if necessary.