2014 World Cup Netherlands vs Victoria score prediction history record analysis who will win

2014 World Cup Netherlands vs Victoria score prediction history record analysis who will win
Netherlands vs Australia score prediction analysis: The Netherlands won the game 2-0, 3-0 or 4-1 on June 19, 2014. Update Netherlands vs Australia results: Australia 2-3 Netherlands 2014 World Cup Netherlands vs Australia Who will win?  The first match of the 2014 World Cup Group B Netherlands-Australia match will be played at the Bellario Stadium in Porto Alegre at 3 am Beijing time on June 19th. The Dutch team in the first round of the victory over Spain ushered in this group of fishThe United States, the Netherlands, which will heavily honor the 433 formation, will strive for a winning streak. For the first time in history, it defeated the championship. Whether it is possible to break the other side’s “bus” as soon as possible is the key.2014 World Cup Dutch vs Sydney score prediction historical record analysis who will win the 2014 World Cup Group B group match first game Netherlands VS Australia who will win the 2014 World Cup Dutch and champion teams gap comparison 2014 Brazil World Cup Netherlands team starting goal Orange Juice Team 11List of the National People’s Congress 2014 World Cup Football Team National Team Finals The latest 23-man list (picture) Netherlands vs Sydney two teams start prediction Netherlands (433): 1- Hillesson; 5- Blinder, 2-Flar, 4-inDee, 7-Yanmat; 6-De Jong, 10-Sneijder, 20-Vinaldum; 9-Van Percy, 17-Rens, 11-Robben Ford (433): 1-Ryan/ 2-Frankic, 6-Spiranovic, 22-Wilkinson, 3-Davidson; 23-Bresciano, 5-Miligan, 15-Yedinac; 11-Or, 4-Cahill, 7-Lekie Netherlands vs Australia history confrontation record Australia has unbeaten in 3 games. The two teams have played a total of 3 times, all of them are friendly matches. Sweden, which has obvious strength, has remained undefeated with 2 draws and 1 win. It scored 3 goals.Throw 2 goals.The most recent confrontation between the two teams was in October 2009, after a 90-minute fierce battle in Sydney.However, the early days of the two teams are no longer what they were at that time. Only Sneijder, Van Persie and Kuyt have experienced confrontation with Australia on the Dutch side. Among the Australian teams are Schwarzer, Neal, Emerton and Kurina.The golden generation members such as Kewell and Kennedy have retired or faded out, leaving only Cahill and Bresciano two abandoned old men.The previous World Cup results in the Netherlands The Netherlands team is known as the uncrowned king of the World Cup, because they reached the World Cup finals three times, but all lost.  In the World Cup in Italy under the shadow of the Nazis, the Netherlands played only one game, and the results were not important. In the context of the war, football has been given other definitions.  Expedition to France, the Netherlands still played only one game, and then the soy sauce was out.  The World Cup in 1974 belonged to the Dutch-except for the championship.The Netherlands won two draws and one draw in the group stage to advance to the semi-finals. In the semi-finals, they won three matches in three matches: they swept South American powerhouses Argentina 4-0, 2-0 against the former East Germany, and 2-0 against Brazil.In the final, the opponent of the Netherlands team, former West Germany, opened the game only 1 minute. Cruyff scored the ball and was scored. The Neskens penalty kick hit the Netherlands 1-0 and the German team scored in the first half.With Bretner’s penalty and the “bomber” Ged Muller’s goal, the score was overtaken, and eventually the Netherlands changed to score again. They lost to the German team 1-2 in their first World Cup final.runner up.  Despite the poor performance in the group stage, the Dutch team, which only achieved 1 win, 1 draw and 1 loss, was lucky to qualify from the group and rank in the rematch.In the semi-finals, the Dutch team defeated Austria and drew Germany. In the crucial final game, they defeated the Italian team with Tiemenzov and Golden Boy Rossi with the stunning shot of Arihan and entered the finals again.The Netherlands met the host again in the final. The game was dragged into overtime. Argentina’s Kempes and Bettoni scored two goals. The Netherlands had to lose two consecutive cups.   Under the leadership of the “Three Dutch Musketeers” and other stars, the Dutch team made a qualifier in the World Cup qualifiers, but in the final round of the group stage, they barely qualified in three games and three draws. In the 1/8 final they lost to the German team that later won the championshipWas eliminated.  In the 1994 World Cup in the United States, only Rijkaard was still fighting among the three Musketeers.The Dutch group stage 2 wins and 1 loss qualifying, 1/8 final goals Bergkamp and Jonker helped them beat Ireland 2-0 to advance to the quarterfinals; 1/4 finals, the Netherlands and Brazil staged a gameIn the classic game, the goals of Romagnio and Bebeto gave Brazil a 2-0 lead. The Dutch team was then evenly scored by Bogkamp and Winter. At the last moment, Brazil’s left-back Blanco made a brilliant move.A free kick has mercilessly entered the dead end of the Dutch team’s gate.The Brazilian team subsequently won the cup.  In the 1998 World Cup in France, the Netherlands further advanced to the semifinals.In the quarter-finals, they defeated Argentina in the classic lore of Bergkamp. In the semi-finals, the Netherlands lost to the suffering Brazil again in the penalty shootout and missed the final.In the third or fourth finals, the Dutch team was unwilling to play. They lost to the colony 1 to 2 and finished fourth.  Van Basten became the head coach of the national team. He led the Dutch team to qualify for the group, but in the 1/8 final they lost to Portugal 0 to 1 and missed the quarterfinals. Kuyt missed many times. Van der VaartComing off the bench, Fanny was abandoned because of his discord with the coach.  In the group stage, the Netherlands won in three games and advanced to 2-1. They won the match 2-1 in the 1/8 finals. In the quarter-finals, they eliminated the World Cup champion Brazil 2-1. In the semifinals, the Netherlands used Van Bronckhorst., Sneijder and Robben’s budget won 3-2, and reached the World Cup final again after 32 years.In the end, Spain experienced an overtime hard battle to defeat the Netherlands 1-0 and won the World Cup for the first time in history.Robben missed a single shot, and Iniesta seized the opportunity to score a lore at the end of overtime. The Oranges may only be out of luck.This is a 10-year World Cup match. The team lost 0:2 to the East German team, then lost to the host West Germany with a 0:3 score. The last game was against Chile.The team ended up with 1 draw and 2 losses.The Americans’ World Cup players’ goals were made up of supplementary players at the time and could not compete with powerful professional players.  The United States and Brazil, Japan, and Iraq are divided into the same group, and the task of qualifying is arduous.In the 80th minute of the first game, the Kangaroos trailed 0-2, and in the last eight minutes of the second half, Australia scored three goals in a row. The amazing coach Hiddink who replaced multiple forwards once again proved his ability.After losing to Brazil’s flat beach, Australia lost 0-1 to Italy in the first round of the group stage and the knockout round. The penalty kick before the end became a classic talk.  Faced with the young and powerful strong team Germany in the first game, the old Australia defeated 0-4, and the core of the team Cahill was also sent off by the referee for a penalty.The shameless Kangaroos tied Ghana 1-1 in the next two games and won Serbia 2-1, but they missed the knockout because of their poor goal difference.Recommended reading: 2014 World Cup Spain VS Chile score prediction historical record analysis who will win 2014 World Cup Cameroon VS Croatia score prediction historical record analysis who will win

In the end of LeTV.com, the actual control becomes a mystery?

In the end of LeTV.com, the actual control becomes a mystery?
On May 14th, LeTV ushered in the end-the stock will be terminated from listing.The Shenzhen Stock Exchange announced on the same day that LeTV’s reset will enter the delisting period from June 5th, and the next trading day after the delisting period expires, LeTV’s stock will be delisted.Earlier in the day, LeTV’s other topic-who is the real controller, was widely discussed in the market.Two days after LeTV’s 2019 annual performance briefing, antiques, LeTV Holdings suddenly issued a statement early in the morning on May 14th that the content and comments published by LeTV Chairman Liu Yanfeng and the company’s relevant management personnel are seriously untrue and misleading.性 信息. Sex information.LeTV Holdings pointed out that Jia Yueting had no actual control of LeTV. He also entrusted the LeTV Holdings debt processing team to communicate with LeTV at any time, and reached and implemented a related debt repayment plan.Regarding Liu Yanfeng’s corporate debt, the amount guaranteed by Jia Yueting is about 9 billion U.S. dollars, LeTV Holdings said that the actual amount is 3 billion, and its personal debt restructuring plan already includes the debt of the LeTV Cloud Guarantee and the joint venture of the LeTV Xingen M & A Fund.debt.In the final press release, LeTV and Liu Yanfeng have not yet completed the response.Is Jia Yueting still the actual controller of LeTV?The sponsor, Sino-German Securities, mentioned in LeTV’s 2019 annual tracking report that Jia Yueting’s distribution pledge has the risk of being disposed by relevant institutions because of the inability to add guarantees in time, which may lead to changes in the company’s actual controller.The actual controller confirms and judges whether the actual controller of the company has been changed.Jia Yueting is still the largest shareholder but not the actual controller?According to Liu Yanfeng, as of May 8, Jia Yueting held about 9 of LeTV.200 million shares, accounting for 23 of the company’s total share capital.07%, of which about 8.5.7 billion shares have been pledged, accounting for 21 of the company’s total share capital.49%; all the shares of the company it holds are frozen by the Beijing Third Intermediate People’s Court and other judicial departments, waiting to be frozen.”Although Mr. Jia Yueting’s shares were frozen and most of the shares were pledged, he is still the actual controller of the company.”According to the definition of the Company Law and the GEM Listing Rules, the actual controller refers to a person who is not a shareholder of the company but can actually control the company’s actions through investment relationships, agreements or other arrangements.The reality is that the actual controllers of many companies are natural shareholders or even controlling shareholders.According to Article 216 (2) of the Company Law, a controlling shareholder refers to a shareholder whose capital contribution accounts for more than 50% of the limited liability company ‘s capital or whose shares account for more than 50% of the total share capital;Although the amount of capital contribution or the proportion of shares held is less than 50%, the weight of shares held by the amount of capital contribution or the shares of the holders has become a shareholder who has a significant impact on the resolutions of the shareholders ‘meeting and the shareholders’ meeting.LeTV Holdings said in a statement that Jia Yueting no longer held any positions in LeTV since he resigned as chairman of LeTV in July 2017. After successively the directors, supervisors, and executives he appointed or appointed, after the departure of LeTV,No further appointments or appointments were made; Jia Yueting no longer made any decisions or instructions on the management of LeTV.com (including but not included in the official seal management, financial management, etc.), and no longer actually controls LeTV.com.As of now, the actual actual control of LeTV is the company’s current directors, supervisors, and executives.According to LeTV Holdings, Jia Yueting’s 2017 merger with the LeTV network and the board of directors did indeed reorganize after going to the United States in 2017. Initially, the Sunac Department (such as Sun Hongbin, Liu Shuqing, etc.) merged with the former subsidiary company of LeTV.Hong, Liang Jun, etc. have successively resigned, and LeTV’s board of directors is promoted by Sunac.However, after LeTV announced the suspension of listing last year, Liu Shuqing and others announced their resignations. LeTV was mainly responsible for the current chairman Liu Yanfeng and the two directors Wu Baoyu and Zhang Guanghui, of which Liu Yanfeng was also the chairman, general manager, financial controller andThe board secretary has four positions, and the company has been questioned for serious defects in its governance structure and internal control.The sponsor, Sino-German Securities, mentioned in LeTV’s 2019 annual tracking report that due to the risk of Jia Yueting’s equity pledge being disposed of by related institutions due to the inability to add guarantees in time, which may lead to changes in the company’s actual controller, the sponsor has already requestedAccording to the “Company Law”, “Shenzhen Stock Exchange Stock Listing Rules” the definition of “actual controller”, and the supervision of the legal controller[2007]No. 15 The actual controller has not been changed and the application of the identification of the actual controller.The Securities Regulatory Law[2007]No. 15 mentioned that the company’s control is a power that can have a significant impact on the resolution of the shareholders’ meeting or can actually control the company’s actions. Its origin is the direct or indirect equity investment relationship with the company.Therefore, to determine the ownership of the company ‘s control rights, it is necessary to review the corresponding equity investment relationship, as well as the actual impact of the case on the issuer ‘s shareholders ‘meeting, the board ‘s resolutions, and the nomination and appointment of directors and senior management.Factors such as the role played are analyzed and judged.Shen Meng, executive director of Xiangsong Capital, said to Sauna, Yewang that holding the most shares is not simply equal to the actual controller. The actual controller has actual influence and control over the company ‘s strategic decisions and daily operations. This influence and controlStrength needs to be achieved through the board of directors and senior management.”If Jia Yueting can no longer effectively control the board of directors and senior management, then even as the largest shareholder, he is not the actual controller, just like the Baode system was the largest shareholder of Vanke, but it cannot be regarded as the actual controller.”But Shen Meng also believes that it is difficult to define whether Jia Yueting really has no influence on LeTV’s board of directors and senior management,” I think LeTV also hopes that through this connection, Jia Yueting will not easily get out.He said that pledged mortgages have no right to affect shareholders ‘exercise of related rights attached to property rights, so equity pledges and freezes are just not transferable, but do not hinder the exercise of the voting rights of listed companies.Therefore, the pledge or freeze only has the possibility of causing property rights changes, but it does not affect the current distribution structure, nor does it affect the actual controller.Is there any progress in the debt processing between related parties of Jia Yueting and LeTV?LeTV’s director Wu Baoyu said at the performance briefing that since 2018, there has been no progress in the treatment of debt between LeTV and its major shareholders and related parties.For this statement, LeTV Holdings believes that it is seriously inconsistent with the facts.LeTV Holdings said that since September 2017, Jia Yueting has entrusted the LeTV Holdings debt processing team to repeatedly communicate with LeTV Network at that time, and has successively reached and implemented a related debt repayment plan, specific details on LeTV Network August 21, 2018It was disclosed in the announcement issued every day.According to LeTV’s “Announcement on Progress in Solving Debt Issues with the Unlisted System” on the same day, the listed company and the unlisted system debt processing team have reached a recognized debt scale of about 6.7 billion.However, some of them are mentioned in the announcement of LeTV.com, Jia Yueting basically replaced the existing debts of LeTV by the non-listed system through the transfer of claims and asset disposal, such as the transfer of the equity of Lerongzhixin and LeTV e-commerce., Actually paid back in cash.Therefore, LeTV has repeatedly mentioned in the announcement of the past two years that since 2018, the company has conducted many negotiations with major shareholders and related parties, but due to the settlement and implementation of the solution, it depends on the handling intention and actual execution of the major shareholders.Therefore, there is no progress in the treatment of debt between LeTV and the major shareholders and related parties. Up to now, the debt processing team of the major shareholders and related parties has not come up with a substantive execution completion plan, and LeTV has not received any cash for the debt solution.This is not the first conflict between Jia Yueting and LeTV.Last year, Jia Yueting declared bankruptcy, and his debt processing team issued a statement saying that more than 90% of Jia Yueting ‘s debts are guaranteed for the company. Since being over frozen by a creditor (much greater than the debt debt), all of Jia Yueting ‘s and LeTV ‘s assets and banksThe operating account has directly caused the company to fail to operate normally. Until LeTV collapsed and collapsed, until now Jia Yueting has repaid the company ‘s debts of more than 3 billion US dollars, and the outstanding debts have accumulated about 3.6 billion US dollars.Guaranteed debt, net debt is about 2 billion US dollars.However, LeTV did not recognize this, and criticized Jia Yueting for repeatedly guaranteeing repayment, but there was no actual action of guarantee.At that time, LeTV stated that Jia Yueting, as the actual controller of the company, should bear the responsibilities of the major shareholders as soon as possible, including taking out a practical solution to the related party debt problem, and assisting the company to actively respond to the LeTV violation of the guarantee case and to the relevant responsible person.Implement recovery and consensus to provide LeTV with a commitment of more than US $ 5.7 billion.According to Liu Yanfeng’s latest statement, the currently owed balance of the companies actually controlled by Jia Yueting to the scope of the merger of listed companies is still about 1.9 billion US dollars. He pointed out that only Jia Yueting successfully filed for bankruptcy this time, and the debts of the companies and companies actually controlled by him still exist。In addition, for Liu Yanfeng ‘s alleged LeTV company ‘s debt, Jia Yueting needs to guarantee 9 billion US dollars. LeTV Holdings denies this claim, saying that Jia Yueting ‘s guaranteed debt is only 3 billion US dollars, and Jia Yueting has never avoided him and its related parties LeTV Holdings and LeTV.The network jointly guarantees related debt issues such as joint and several debts.LeTV Holdings said that Jia Yueting’s personal debt restructuring plan already included the LeTV cloud guarantee debt and the LeTV Xingen M & A fund’s joint and several debts.LeTV.com suffered a huge loss of 112 last year.US $ 800 million, basically the company’s debt guarantee for LeTV Sports and LeTV Cloud withdrew US $ 9.8 billion in debt, and LeTV.com also touched on the multiple delisting requirements of the “GEM Listing Rules” and was blocked on May 14.The Shenzhen Stock Exchange issued a notice to terminate listing.Sauna, Ye Wang Lu Yifu editor Zhao Ze proofreading Liu Baoqing

UFIDA (600588) Commentary Report: High-speed Growth of Cloud Service Business Optimizes Expense End to Improve Profitability

UFIDA (600588) Commentary Report: High-speed Growth of Cloud Service Business Optimizes Expenses and Enhances Profitability

Event: The company released its 2018 annual report and achieved revenue of 77.

30,000 yuan, an increase of 21 in ten years.

4%; net profit attributable to mother 6.

12 ppm, an increase of 57 in ten years.

3%; net profit attributable to non-attributed mothers is realized 5.

32 ppm, an increase of 81 in ten years.


Opinion: Cloud service business is growing rapidly, and advance receipts guarantee continued growth in performance.

The company achieved net profit attributable to mothers in 20186.

120,000 yuan, close to the upper limit of the performance forecast for developing countries.

If non-recurring gains and losses and equity incentive costs are eliminated, the company will realize net profit attributable to its mother.

6.6 billion, an increase of 57% in ten years.

Among them, the company’s software business realized income of 55.

79 ppm, a ten-year increase of 8.

7%; cloud services business realized revenue 20.

USD 9.4 billion, including cloud platform (PaaS), application services (SaaS), non-financial business operation services (BaaS) and data services (DaaS) revenue8.

51 ppm, a 108-year increase of 108.

0%; payment service income 1.

55 ppm, an increase of 81 in ten years.

8%, Internet investment and financing information service income10.

88 ppm, an increase of 51 in ten years.


In the single quarter, revenue from software and financial services more than tripled, and only cloud services (excluding finance) achieved 5 in the fourth quarter.

03 trillion, a growth rate of up to 294%.

The company realized advance receipts10.

80,000 yuan, an increase of 26 in ten years.

3%, of which cloud pre-collection is 3.

01 trillion, a year-on-year increase of 224%.

The high growth of the advance payment of the cloud business provides guarantee for the subsequent performance of the cloud business.

In addition, as of the end of 2018, the number of registered corporate customers for the cloud service business was 467.

210,000, gradually expanding the number of corporate customers 36.

190,000, an increase of 55% over the end of 2017, of which U8 Cloud’s renewal rate is as high as 82.


Expenses continued to be optimized, and R & D investment remained at a high level.

The company’s expense-side optimization effect has been remarkable. The sales expense ratio and 天津夜网 management expense ratio have fallen for two consecutive years, and the company’s profitability has continued to improve.

In addition, the company maintained a high level of R & D investment, with a total of 14 R & D expenses.

86 ppm, a 19-year increase of 19.

3%, of which cloud business R & D and promotion accounted for 48.3%.

As of the end of 2018, the number of employees of the company was 16079, and the growth of the company’s personnel was also mainly due to the growth of cloud service business and financial service business personnel.

Among them, there are 2,204 people working in the military cloud service business, 1,536 people working in the military financial services business, and 12,339 people working in the military software business and other businesses.

Company profit forecast and estimation: It is estimated that the revenue in 19-21 will be 95.

92, 118.

10 and 144.

30,000 yuan, the net profit attributable to the mother was 8.

18, 10.

53 and 13.

15 trillion, corresponding to EPS (after diluted) are 0.

43, 0.

55 and 0.

69 yuan, corresponding to 78 for PE.

13, 60.

70 and 48.

The distribution is estimated to be 64 times, giving 15 times PS for cloud service business, 25 times PE for software and financial services, corresponding to a target market value of approximately 74.8 billion, and corresponding 6-month target price of 39.

01 yuan, maintaining the “highly recommended” level.

Risk warnings: Cloud services are not growing as expected; policy advancements are not up to expectations; software and financial services are falling short of expectations.

Sinosteel International (000928) Annual Report Commentary: Results bottomed out and new signed contracts increased significantly

Sinosteel International (000928) Annual Report Commentary: Results bottomed out and new signed contracts increased significantly

Matters: The company released its 2018 annual report and achieved operating income of 83 in 2018.

6.7 billion, an increase of 3 over the same period last year.

99%; realize net profit attributable to shareholders of listed companies.

4.1 billion, an increase of 2 over the same period last year.

01%, the increase in the next ten years after deducting 21.


Implement EPS 0.

35 yuan, it is planned to distribute cash for every 10 shares.

20 yuan (including tax).

Revenue and net profit growth bottomed out and reversed, and the scale and proportion of domestic business income increased significantly: The company achieved operating income and net profit growth attributable to shareholders of listed companies in 2018, respectively.

99%, 2.

01%, the revenue growth rate has turned positive for the first time since 2014, and the growth rate of net profit attributable to mothers has changed from negative to positive earlier in 2017 and has increased significantly by 20.

6 pct.

Pioneer non-recurring gains and losses totaled 0.

5.3 billion, compared with 1 in 2017.

12 billion reduction 52.

68%, mainly due to changes in factors such as capital occupancy charges for non-financial corporate restructuring, debt restructuring gains and losses included in the current profit and loss.

Looking at the quarter, the company’s 2018Q1?
Q4 achieved revenue growth of -11 in two years.

51%, -29.

55%, 29.

57%, 22.

95%, Q3, Q4 revenue growth from negative to positive and significantly accelerated; the net profit attributable to shareholders of listed companies increased by -9.

66%, -3.

77%, -36.

62%, 46.

34%. The higher growth rate of net profit in the fourth quarter may be related to the concentrated carry-over of projects under construction.

From the perspective of business structure, the company’s main businesses respectively achieved revenue and growth (without considering segment inheritance): general engineering contracting74.

7.4 billion (+3 years ago).

39%), domestic and foreign trade 6.

7.9 billion (five years + 5).

41%), service income1.

920,000 yuan (ten years +25.

19%), accounting for 89% of total project contracting business revenue.

33%, still the company’s main source of income, while the revenue of service business grew faster.

From the perspective of market structure, domestic business achieved revenue of 51.

520,000 yuan (ten years +81.

85%), with revenue accounting for 61.
58% (+26 for one year.
37 pct); overseas business achieved revenue of 32.

150,000 yuan (-38 for the whole year).

33%), with an income share of 38.

42% (twice -26.


The report shows that the increase in the revenue of the first-tier company’s internal business has penetrated, and the Huoqiu 300-ton steel project in Anhui has initially recognized revenue9.

43 billion dollars.

The profitability has decreased, the proportion of domestic business gross profit contribution has increased, and asset impairment losses have decreased. In terms of gross profit margin, the report caused the company’s comprehensive gross profit margin to reach 11.

64%, down by 2017.

5 pct, the year that the gross margin level increased since 2014.

In terms of business, gross profit margins of general contracting, domestic and foreign trade, and service business were 11.

10% (twice -2.

66 pct), 10.

49% (decade +7.

96), 33.

41% (decade +4.

95 pct).

In the report period, the gross profit contribution of the company’s general contracting business accounted for 85.

23%, its lower gross profit margin lowered the company’s overall gross profit level.

By market, the gross profit margin of domestic business was 15.

07% (one year +1.

78 pct), gross profit contribution accounted for 79.

74% (decade +47.

76 pct); overseas business gross margin is 6.

13% (year -7.

34 pct), gross profit contribution accounts for 20.

26% (decade -47.

76 pct); the proportion of long-term company’s internal business gross profit contribution has greatly increased.

In terms of period expenses, in 2018, the company’s management expenses (plus R & D expenses), sales expenses and financial expense ratios were 6 respectively.

98% (decade -0.

43), 0.

22% (one year-0.

05 pct), -0.

21% (ten years +3.

74 pct), of which the increase in financial expenses was mainly due to the recognition of the debt restructuring index income of the heavy steel project and Huoqiu project owner in 2017, which resulted in the decrease in financial expenses for the year.

In the initial period, the company suffered asset impairment loss of -1.

670,000 yuan, a decrease of 1 from last year.

US $ 7.4 billion, mainly due to the prolonged write-back of bad debt losses.

In terms of net interest rate and return on net assets, the net profit of sales can be increased.
09%, a decrease of 0 from 2017.
34 pct, mainly due to the reduction in gross profit margin; ROE (deduction) is 9.

20%, the year before 2017 slightly decreased by 0.


Operating cash inflows increased, the level of interest-bearing debt increased, and there was ample surplus in monetary funds: In terms of cash flow and monetary funds, the reported net cash flow from operating activities of the combined company was 12.

31 ppm, with an inflow increase of 4 per year.

28 trillion, mainly due to the increase in new construction projects in 2018, and the increase in advance receipts; the net cash flow from investment activities was zero.

580,000 yuan, a cumulative increase of 3 in ten years.

32 trillion, mainly because some investment funds were recovered in 2018, and the use of raised funds was changed to supplement working capital; the net cash flow from financing activities was -2.

47 ppm, a reduction of 0 a year ago.

4.2 billion.

The balance of monetary funds is 30.

5.9 billion, an increase of 15 over the beginning of the period.

3 ppm, mainly due to increased operating and investment cash inflows.

In terms of capital structure, the company’s assets and liabilities were supplemented at the end of the period70.

59%, an increase of 5.

17 pct, but debt restructuring after excluding advances 62.

05%, which is basically the same as the end of 2017, reflecting that the increase in the company’s liabilities was mainly due to the increase in advances due to the increase in newly started projects.

According to our calculations, the company’s current interest-bearing debt (statistical short-term expenditure + long-term debt + settlement bonds + non-current debt due within one year) is 6.

$ 3.4 billion, with up to 4 interest-bearing debt / assets.

07%, the recognized interest rate denial rate helps the company to further expand its business scale.

In terms of accounts receivable, the company’s total accounts receivable and bills at the end of the period were 64.

30 trillion, a slight decrease of 0 a year.

5.9 billion.

Receivable turnover of preliminary accounts reorganized 1.

99, before 2017.

41 has an increase in contraction.

The growth rate of newly signed contracts has increased rapidly, and orders / revenues are relatively high. Actively expanding various businesses: According to the briefing on the operation of engineering business in the fourth quarter of 2018, the company gradually increased the cumulative amount of newly signed engineering contracts in 2018 by 261.

750,000 yuan, an increase of 166 in ten years.

47%, of which the total contract value of foreign projects is 69.

660,000 yuan, an increase of 33 in ten years.

19%; the total amount of national project contracts is 192.

08 million yuan, an increase of 318 in ten years.


As of the end of the reporting period, the company had implemented 211 unfinished projects, and the unfinished part had an expected income of 201.

06 ppm; 55 projects with contracts in force but not yet started, with a total contract value of 190.

2.4 billion; the above totals 391.

30 million, equivalent to 4 of the company’s operating income in 2018.

68 times, ample contract reserves, laying the necessary foundation for the company’s subsequent development.
In 2018, while continuing to consolidate its competitive advantage in the steel and metallurgical engineering industry, the company also actively expanded diversified business areas: 1) Shanxi Liheng Iron & Steel 30-pillar toluene and co-production LNG 杭州桑拿 project became the first steel and chemical cross-cutting project; 2) Inner Mongolia Jing’an 120-ton / year nickel-iron alloy project has achieved a breakthrough in the company’s general contracting technology in the field of ferroalloys; 3) Wuhan Qingshan Beihu Ecological Experimental Zone Phase I PPP project provides important water treatment and other municipal engineering business for the companyPotential; 4) The South African Platinum Mine Project is the first platinum EPC project of the company and a Chinese company in the South African mining field.

Investment companies Sinosteel Tiancheng and Sinosteel Shijiazhuangyuan also reported breakthroughs in their respective fields.
Investment suggestion: The company has obvious advantages in international operation. It is one of the Chinese companies that has initially gone 西安耍耍网 abroad in the field of metallurgical engineering and has an unquestionable reputation in overseas metallurgical engineering markets.

We are optimistic about the company’s brand advantages, technology in related fields, and contracting capacity barriers. It is predicted that the company’s revenue growth from 2019 to 2021 will be 14 respectively.

8%, 15.

9%, 15.

3%, the growth rate of net profit attributable to mothers was 18 respectively.

8%, 18.

4%, 17.

0%, the realized EPS is 0.

42, 0.

49, 0.

58 yuan.

The first coverage gives the company an Overweight-A investment rating with a 6-month target price of 7.

15 yuan, equivalent to July 2019.

0x estimated P / E ratio.

Risk warning: the actual macroeconomic fluctuations, exchange rate changes, overseas business expansion is less than expected, construction project progress is less than expected, and diversified business growth is less than expected.

Subbot (603916): Excessive orders increase gross profit margins

Subbot (603916): Excessive orders increase gross profit margins
Event: The company released the third quarter performance forecast, and it is expected to realize net profit from January to September2.44-2.5.5 billion US dollars, an annual increase of 10% to 15%, deducting non-net profit increases by 1 each year.23-1.6.4 billion, an increase of 120% -160%.Among them, Q3 achieved net profit in a single quarter1.1-1.2 trillion, performance exceeded expectations. Main points: 1. Order surplus, gross margin increase, third-quarter report exceeded expectations. The company’s rapid growth in deducting non-net profit during the reporting period 佛山桑拿网 is: 1) the company’s growth market development efforts, sales volume growth; 2) completed the testing center in April 2019The acquisition and testing center was incorporated into this period’s consolidated statement.3) Adjust product structure, reduce raw material prices, and improve product competitiveness and gross profit margin. 2. The leader of admixture industry, the concentration of beneficiary industry has increased, the concentration of admixture industry has decreased, and the demand is closely related to the downstream infrastructure.According to “Statistical Analysis of Concrete Admixture Production and Forecast of Future Market Development”, the total output of concrete admixtures in 2017 was 1,399 tons, an increase of 1 from 2015.4%.According to China Concrete Network, in 2018, the industry leader Subote has a market share of only 5.6%, the industry CR3 is 12.5%.With the improvement of environmental protection requirements, it is the general trend for small companies to withdraw from the competition. Subbott will benefit from the increased concentration of the industry.At present, the company’s total production capacity of advanced water-reducing agents (advanced water-reducing agents and high-efficiency water-reducing agents) is about 135 tons. At the end or early next year, a large amount of water-reducing agents and raw materials 52 will be replaced to replace the new capacity. 3. The company has outstanding R & D advantages, and the company that continues to launch new products has the only “State Key Laboratory of High Performance Civil Engineering Materials” in the industry.The founder of the company is an academician of the Chinese Academy of Engineering, and has a research and development team consisting of more than 100 doctors and masters, with strong continuous research and development capabilities.The company adopts “advisory marketing”, and its products have absolute competitive advantages in major projects such as axial, nuclear power, national defense, and dams.Beginning in the second half of 2018, the company’s internal and updated polycarboxylic acid water reducer has been gradually promoted, and the market demand is strong.New products continue to be launched to ensure that the company’s profitability is higher than its peers. 4. Profit forecast and rating It is estimated that the company’s net profit attributable to the mother in 2019-2021 will be 3 respectively.42,4.21, 5.440,000 yuan, corresponding to EPS1.10, 1.36, 1.75 yuan PE12X, 10X, 8X.Launch at 淡水桑拿网 15X P / E ratio of 2020 and target price of 20.85 yuan, the first coverage, given a “buy” rating. Risk warning: downstream demand growth rate, new projects reach production beyond expectations

First Brigade Hotel (600258): Attacking Hotel Giant

First Brigade Hotel (600258): Attacking Hotel Giant
The acquisition of Home Inn ranked among the top three in the hotel group.In 2016, the privatization acquired 100% equity of the leading state-owned hotel chain Rujia Group. At present, it has the first travel stock and more than 20 brand series of Rujia, covering economy to mid-to-high end, with 3,858 hotels and 38 rooms.730,000 hotels, is the third largest hotel group in developing countries. The equity incentive plan was approved, taking profit and the proportion of mid- to high-end hotel revenue as the main 深圳桑拿网 assessment criteria.On February 12, the company’s 2018 annual equity incentive plan was approved by the Beijing State-owned Assets Supervision and Administration Commission, and it is proposed to grant no more than 9.67 million shares of directors and senior management of the company, accounting for about 0 of the total share capital.99%.In addition to assessing the growth rate of net profit, the proportion of mid- to high-end hotel revenue will exceed the assessment standard. Work with Hyatt to build a new mid- to high-end brand.For the first three middle schools in the hotel industry, Huazhu introduced the mid-to-high-end hotel development strategy earlier; Jinjiang rapidly enriched the mid-to-high-end brand matrix through outsourcing acquisitions (Vienna, Platinum, and Louvre); while the size of the first-trip mid-to-high-end 重庆耍耍网 hotels was smaller,For example, the home is mainly economical, and the mid-range layout started late. It ended in 18Q3 and opened only 610 mid-to-high-end hotels. With China Living, Jinjiang is still smaller than the mass.The company announced on February 26 the establishment of a joint venture with Hyatt Hotel Group (the company holds 51% of the shares), and created a new hotel brand to target the mid-to-high end travel market. Expansion of asset-light expansion needs to be accelerated.In recent years, the directly-operated hotels are in the state of net closing (most of the newly opened stores are franchised models, and the stock economy direct-operated stores are renovated and closed down and adjusted). The number of franchised hotels has continued to increase, from 70% at the end of 16 to 18Q3. The last 76%.But with the American hotel giants (around 98%), Jinjiang (86%), and Huazhu (83%), there is still room for improvement. Investment suggestion: After the acquisition of Home Inn, it will be split into the top three in the hotel industry, with reference to the improvement space of peers in asset-light expansion and mid-to-high-end layout extension.Whether it is hand in hand with Hyatt or equity incentive, the company’s momentum to strengthen its mid-to-high-end layout is reflected.Expected 2018?The net profit attributable to the mother for 20 years is 8.7/10.1/11.400 million yuan, an increase of 37.3% / 17.1% / 12.2%, earnings per share is 1.06/1.24/1.40 yuan / share, the current expected corresponding 19/20 years is estimated to be 14/13 times, and the horizontal and vertical comparisons are on average low, with a current market value of 17.5 billion. The first coverage gives a “buy” rating. Risk reminders: Macroeconomic growth is declining, hotel industry demand is not good; the potential impact of regional emergencies on local tourism business; internal integration, the effect of the new brand is not as expected.

Sanjiang Shopping (601116) Company Express: Hangzhou, Zhejiang and Hainan’s sales impacted revenue in the third quarter

Sanjiang Shopping (601116) Company Express: Hangzhou, Zhejiang and Hainan’s sales impacted revenue in the third quarter

The company disclosed three quarterly reports.

Revenue for the first three quarters of 30.

75 ppm, a decrease of 2 per year.

12%, net profit attributable to mother 1.

370,000 yuan, an annual increase of 70.

92%, basic profit income is 0.

25 yuan.

The third 北京桑拿洗浴保健 quarter revenue was 9.

80 ppm, a decrease of 7 per year.

94%, net profit attributable to mothers is 24.45 million yuan, an annual increase of 6.


Key points of investment Hangzhou, Zhejiang and the sea affected the revenue, and the net profit in the third quarter increased steadily: the revenue side, the company Q1, Q2, Q3 achieved revenue growth2.

4%, -0.

1%, -7.

9%, the third quarter revenue growth indicators, mainly from closing stores in the first half of the year and Hangzhou and Zhejiang sea out of the watch.

The two Hema stores in Hangzhou and Zhejiang accounted for about 7% of the company’s revenue in 18 years.

On the net profit side, the companies Q1, Q2, and Q3 achieved net profit increase of 40%, 215%, and 6.

3%, the third quarter net profit grew steadily, the growth rate was mainly affected by changes in single quarter revenue.

Ali Zhan ‘s decision to promote the increase of net interest rate, inventory turnover continued to be faster than comparable companies: In terms of profitability, the company ‘s direct acquisition ratio increased in the third and third quarters, pushing the gross profit rate down slightly.

06pct to 24.

12%, omni-channel transformation and store expansion increased the sales expense ratio by 1.

25pct to 20.

06%, the management expense rate increased by 0 in ten years.

27 points to 3.

At 01%, Ali’s fall to the ground pushed the financial expense ratio down to -2.

62%, the final company’s net interest rate extended by 0.

33pct to 2.


In terms of inventory, Sanjiang Shopping’s inventory turnover rate in the first three quarters was about 7.

7, continue to be higher than Yonghui Supermarket, Jiajiayue and other comparable companies.

In terms of cash flow, the company’s cash inflows from operating activities in the third and third quarters may have fallen respectively6.

5%, 7.

0%, the final net operating cash flow slightly decreases by 1.


Fund-raising projects are expected to promote scale growth: The non-public issuance of fund-raising investment projects that were launched in 2018 will be modified to complement the chain supermarket development project. It is planned to invest 400 million US dollars, build 100 new small stores and open 30 community stores within 3 years.

By 2022, the number of company supermarkets is expected to reach about 160, with a compound annual growth rate of about 7%; the number of neighborhood stores is expected to be nearly 180, with a compound annual growth rate of about 26%.
The orderly expansion of the number of channels will help promote the company’s continued improvement in revenue.

Investment suggestion: Sanjiang Shopping is a regional supermarket leader based in Ningbo. Hangzhou Zhehai Huadi has an impact on revenue.
Fund-raising projects bring channel outreach, new retail transformation promotes endogenous growth, and work with Ali to improve supply chain efficiency.

We predict that the company’s annual revenue from 2019 to 2021 will be 0.

29, 0.

28 and 0.

31 yuan.

Return on net assets were 5.

0%, 4.

9% and 5.


At present, the company’s PE (2019E) is about 50 times, and the “overweight-A” recommendation is maintained.

Risk warning: cooperation with Alibaba may be less than expected; the decrease in supermarket stores will affect revenue growth; the effect of retail transformation may be less than expected; savings in the early stage of channel expansion and increase in expenses

Hengli Petrochemical (600346): Refining and petrochemical projects are in full production and their performance is gradually increasing. Ethylene, PTA and other projects are rapidly advancing in the future.

Hengli Petrochemical (600346): Refining and petrochemical projects are in full production and their performance is gradually increasing. Ethylene, PTA and other projects are rapidly advancing in the future.

Investment Highlights Event: Hengli Petrochemical released the third quarter report of 2019, and the company achieved operating income of 763 in the first 合肥夜网 three quarters of 2019.

29 ppm, a 74-year increase of 74.

14%; realized net profit attributable to shareholders of listed companies 68.

1.7 billion, an annual increase of 86.

64%; realized basic profit income of 0.

98 yuan, a year-on-year increase of 75%; net cash flow from operating activities in the first three quarters was 266.

24 ppm, an increase of 368 in ten years.


In Q3 2019, the company achieved operating income of 339.

950,000 yuan, an increase of 95 in ten years.

61%, a month-on-month increase of 24.

61%; net profit attributable to shareholders of listed companies in a single quarter.

96 trillion, an increase of 57 in ten years.

95%, compared with 20 formaldehyde.


We maintain our investment rating of “Prudent Overweight”.

The initial refining and chemical project of Hengli Refining and Chemical 2000 was successfully put into operation, and the rapid growth in the production and sales of refining products helped the company’s performance improve; in the third quarter of 2019, the company’s production and sales scale increased month-on-month and the gross profit increased, but the company’s taxes and additional managementThe cracks in the increase in financial expenses dragged down the company’s performance from the previous quarter.

The company’s 2000 level 1 refining and chemical integration project has successfully completed the entire process. It is expected that Q3 will run at full capacity. On the whole, the overall cost of the refining and chemical project is strong, competitive and profitable.

In addition to the refining and chemical project, the company also expanded the industrial chain, carrying out 150 vinyl resin projects, 500 PTA projects, 135 long silk projects and 20 tons of high-efficiency automotive silk projects. With the 西安耍耍网 planned project’s commissioning, the company’s productsThe type and scale will continue to expand.

We adjust company 2019?
The EPS forecast for 2021 is 1 respectively.

34, 1.

68 and 1.

93 yuan, maintaining the investment rating of “prudent increase”.

Risk reminders: the risk of a sharp drop in international crude oil prices; the risk of worsening Sino-U.S. Trade frictions; and the risk that the final demand for polyester polyester is worse than expected.

Yoga Nine-style excess meat is no longer coming

Yoga Nine-style excess meat is no longer coming

Focusing on weight loss exercise, many people will think of yoga by accident. Yes, yoga is a training of muscle and function of some people, so that you can achieve better bodybuilding and bodybuilding effects. Take a look at the following nine yoga exercises to make you lose weight.

  动作一1,站姿,双腿略微分开,双手伸直,自然放在身体身体2,双手往头顶上方高举,同时双腿往外跳开,注意动作要迅速,重复做10-15次动作二   1, Standing position, legs open slightly wider than shoulders, hands flat 2 on both sides, arms crossed on the chest, jumping up at the same time, landing action legs crossed.

Repeat 10-15 times. Move 3, stand, spread your legs slightly wider than your shoulders, align slightly, bend your hands together with your chest 2 and turn your upper body to the right, while turning your hands along with your upper body, then changeOn the right, repeat 30 moves for four times alternately. 1. Open your legs slightly wider than your shoulders, align slightly, bend your upper body downward, bend your hands with both hands, bend your hands to 90 degrees 3, keep your hind arms still, and turn your forearms upward.

Repeat 15 moves five times. 1. Kneeling position, straight left arm, support forearm, right hand fist, elbow bent at 90 degrees, right leg extended straight back 2 and right leg raised upward, left hand extended upward at the same time.Straight, keep it for 5 seconds, repeat 15 moves six times, 1. Stand on your back, straighten your hands to support the ground, spread your right leg to shoulder width, keep your body in a straight line 2, bend your right leg forward, touch your toes to the ground, keep 5Second, return to start the action, repeat the action 6-7 times on each side, 7.1, lie on your side, put your hands together and stretch straight on the body, straighten your right leg, bend your left leg to 90 degrees 2 and move your right hand to the right side of your body, followed by your upper body.Turn to the right, hold for 5 seconds, return to the beginning of the action, repeat 8-10 times, and then change the side to perform the action 8-1, lean down, palms and soles support the ground, lift upwards, showing a downward dog shape 2, right legBend to your chest, lower your hips 3, lift your right hand towards the ceiling, and look at your fingers.

Repeat the other side, repeating the exercise 10 times. Nine one, standing position, legs open and shoulder width, hands straight forward and flat 2, the right leg is bent, the body is to the right side, and the left leg is kept straight.3, the left leg is bent to extend behind the right leg, the action is repeated 6-8 times, and then the side is changed

Women’s Health in Traditional Chinese Medicine

Women’s Health in Traditional Chinese Medicine

Chinese medicine believes that regular weight and reasonable combination are the basic principles of “food and nutrition”. At the same time, the food must be diverse and reasonable, and the taste is moderate. When eating, you should chew slowly and avoid overeating.

In addition, food must be adapted to age, physical fitness, regional environment, and seasonal weather.

  The way of eating food is about food that tastes good and has high nutritional value. People naturally like to eat more, but Chinese medicine believes that the nutritional value of the food itself is important, and its consumption method is also important for the absorption of food nutrition and gastrointestinal health.

  Eating on time is the key to maintaining the body’s rhythmic absorption and utilization of nutrients, and is one of the important factors in food and nutrition.

Moderate diet is one of the important moments to maintain the balance of yin and yang of the human body.

  Chewing slowly can fully play the role of body fluids to irrigate the five internal organs and moisturize the body.

Due to the various enzymes, vitamins, organic acids and other substances in the body fluid, it can help digestion, clean the mouth, antibacterial, anti-toxic and anti-cancer effects, overeating, overeating, pampering the appetite, eating and drinking, and it is easy to damageThe spleen and stomach cannot be fully digested, and the violent gas easily erodes the internal organs and causes diseases.

  Food also has “four flavors and five flavors”. Chinese medicine believes that food has cold, hot, warm, and cool attributes, as well as five flavors of sour, bitter, bitter, salty, and sweet.

The difference in the properties and taste of food affects the different effects on the body.

  Cold and cold foods are good for hot diseases.

Such as: bitter melon cold, can clear heat and detoxify, can be used for fever or thirst due to summer heat, liver pain caused by red eyes.

Coldness and coldness are only different degrees. For example, apples and bananas are cold fruits, and they all have the effect of thirst and quench thirst.

The benefits of hot, warm foods on coldness.

Such as: mutton and dog meat are warm in nature, both have the function of warming the kidney and warming, can be used for spleen and kidney deficiency cold abdominal pain and less food, waist and knee soft, impotence.

  At the same time, Chinese medicine believes that different food tastes have different effects.

The sour taste can collect and astringent, such as cherry can nourish liver and kidney and stop diarrhea; Xin can disperse, such as light onion, coriander can disperse wind and cold; bitterness can release fire, such as bitter melon can clear away heat, relieve heat and detoxify.

  The salty taste can be soft and firm, such as laver and kelp can be soft and firm.

Sweet taste can tonic, such as longan meat can nourish the spleen and stomach, nourish blood and soothe the nerves; jujube can nourish the spleen and stomach, nourish qi and blood.