Evergrande’s draw to Hong Kong wins, the Chinese Super League wins three teams by only 2 points

Evergrande’s draw to Hong Kong wins, the Chinese Super League wins three teams by only 2 points
In the two Super Focus battles tonight, Guangzhou Evergrande was tied 2-2 at home by Henan Jianye, and Shanghai Shanggang defeated Dalian 3-0 at home.At present, Evergrande has only one point left in the lead.Wei Shihao (left) equalized the score for Evergrande.Before this round of the league, Guangzhou Evergrande led the Super League with 62 points, followed by Shanghai Shanghai with 59 points.Since the two teams will have a direct dialogue in the next round, Cannavaro and Pereira both hope to “grab points” in this round.Evergrande, who is at home, may not have imagined that he will encounter such a difficult game: Ivo helped Jianye break the deadlock in the first 2 minutes.The visiting team nearly expanded the score after 5 minutes, but Kalanga and Basogo’s three shots were blocked by the door frame.In the 15th minute, the door frame rejected the Henan Jianye team’s shot for the fourth time.It wasn’t until the 35th minute that Henan Jianye scored their second scoring by Basogo.Cannavaro ‘s team started to play after changing sides, and Wei Shihao played a key role: he created a penalty and was scored by Paulinho; after that, he scored another header to help the team score.Equalize.However, Evergrande continued to reap the budget, and Henan Jianye was evenly tied at home.Shanghai Shanggang took control of the rhythm of the game at home, winning the Dalian side 3-0. Due to the draw of Evergrande, Shanghai Hong Kong chased the points gap to 1 point.The third-ranked Beijing Zhonghe Guoan is only 2 points away from the top.The top three in the Chinese Super League standings The remaining three schedules in the Chinese Super League)), Shenzhen Jiazhaoye (main) Beijing Guoan: Shanghai Shenhua (guest), Guangzhou R & F (guest), Shandong Luneng (leading) editor Zhang Yunfeng proofreading Wu Xingfa

Sports Morning News: Ligue 1 ends early this season, the Tokyo Olympics may be cancelled

Sports Morning News: Ligue 1 ends early this season, the Tokyo Olympics may be cancelled
The epidemic is still affecting the sports world. The French Prime Minister announced the end of the Ligue 1 season. Tokyo Olympic Organizing Committee Chairman Yoshiro Mori expressed the possibility of the Tokyo Olympics being cancelled . Continuing the current ranking of Ligue 1 points this season.Network screenshot[European War]French Prime Minister announced the end of Ligue 1 this season Beijing time last night, French Prime Minister Philip announced that France will ban large-scale sports events before September, which means that Ligue 1 ends early this season.French Prime Minister Philippe said: “Before September will not participate in more than 5,000 large-scale sports events, the 2019-2020 season will not restart.”French media said that the French Football Association will participate in the discussion of this season’s championship attribution, as well as the promotion and demotion, the Champions League quota allocation.Zhu Ting and Zhang Hong were commended.[Chasing the Star]Zhu Ting and Zhang Hong won the Chinese Youth May Fourth Medal Yesterday, on the occasion of the May Fourth Youth Festival, the Central Committee of the Communist Youth League and the National Youth Federation jointly awarded the 24th “China Youth May Fourth Medal” to commend the outstanding examples of youthAnd exemplary representatives.Zhu Ting, captain of the Chinese national women’s volleyball team, and Zhang Hong, the speed skating champion of the Sochi Winter Olympics, resumed their medals.The epidemic has brought too many uncertainties to the Tokyo Olympics.[Olympic Games]Mori stated that the Tokyo Olympics may be cancelled Yesterday, the chairman of the Tokyo Olympic Organizing Committee Mori stated in an interview that if the new coronavirus epidemic is still not under control by 2021, the Tokyo Olympics in Japan will be cancelled in most cases.Affected by the epidemic, the Tokyo Olympics in Japan originally scheduled for 2020 has been replaced.Currently, the Tokyo Olympics is scheduled to open on July 23, 2021.In an interview with “Journal Sports”, Mori stated that if the world is still in the state of a new coronavirus pandemic by 2021, the Olympics will not be replaced again. He said: “(Add more) like that, it will be cancelled.”” Beijing News Editor Han Shuangming proofreads Liu Jun

The source of all diseases!Do you know the nine major dangers of obesity?

The source of all diseases!Do you know the 南京夜网论坛 nine major dangers of obesity?
Editor’s note: As the saying goes, “One hides all ugliness, and one fat destroys everything.”From a health perspective, the multiple appearances that obesity” destroys “will cause a lot of serious harm to the body.In this issue, the editor talks to you: What are the harms caused by excessive increase of the body?The nine major hazards of obesity to life impact The degree of obesity is closely related to the mortality rate, that is, the increase in over-degrees has increased the mortality rate.When the body mass index[BMI = body weight (kg) / height 2 (meters)]exceeds 35, the case fatality rate increases by 30% -40% compared with the average person.According to scientific research data, life expectancy of obesity is reduced by 6-7 years.Even more frightening is that if you are severely obese, men with a BMI greater than 40 will lose 20 years of life.The effect on blood pressure in adulthood, especially in the 40-50 years old, obese people have a 50% higher chance of developing hypertension than ordinary people.The effect on the heart is not a secondary hypertension or coronary heart disease, but a direct effect on cardiac function.Because of obesity, it occasionally attaches to the surface of the heart, which reduces the contractile function of the heart, leading to a large increase in the proportion of heart weakness.Cerebrovascular disease In China, the incidence of cerebrovascular disease is very high. Due to arteriosclerosis and thrombosis, as well as obesity and dyslipidemia, cerebral infarction is very high.Diabetes Diabetes is accompanied by diabetes like a shadow. The incidence of diabetes in people with diabetes is 4 times higher than normal.Ninety percent of newly diagnosed diabetic patients are obese, and few are not obese.According to research, when the body mass index is 22-23, the risk of diabetes is actually very low; while from 23-31, the risk of developing diabetes becomes 40%, a 10-fold increase; when the body mass index is 35, women developThe risk of diabetes is 93.2%!So the relationship between diabetes and hypertension is very tight.Aunts and dyslipidemia Aunts and dyslipidemia have a very high incidence in China, and it is rarely known to everyone. In fact, about 10% of aunt patients will progress to fetal hepatitis, leading to cirrhosis or liver cancer.Snoring is what we call bidirectional sleep apnea syndrome.Don’t underestimate snoring, this disease is very common in obese people, and it is also very harmful.The incidence of this disease is as high as 50% -70% in obese people, but only 2% -4% in the general population.Some obese people doze during the day or sleep at night, and there is obvious hypoxia and certain brain damage. It is very common for these patients to experience sudden cardiac death.Tumor obesity is closely related to some tumors. In women it is ovarian cancer, endometrial cancer, bladder cancer and cancer; in men it is prostate cancer.Obesity will lead to a significant increase in the incidence of these diseases, and the incidence of rectal cancer will increase significantly after obesity for both men and women.Some of these cancers have achieved good results in the treatment of prostate cancer, such as prostate cancer, cancer cells and rectal cancer.But like ovarian cancer, bladder cancer, endometrial cancer, the survival rate of patients with these cancers over 5 years is still relatively low.The incidence of osteoarthritis increases with age, our joints gradually deteriorate, and heavy stress may promote joint diseases, coupled with disorders of glucose and purine metabolism, which greatly increase the incidence of these diseases.Obese adolescents begin to harden blood vessels at the age of ten A study published in The Lancet for Children and Adolescent Health showed that arterial blood vessels in obese adolescents began to become stiff in their teens.”Arterial stiffness is no longer present in the elderly.”” Said Xu Zhimin, deputy chief physician of cardiovascular medicine at Xinhua Hospital, Shanghai Jiao Tong University School of Medicine.An increase in arterial stiffness is an increase in the stiffness of blood vessels, a decrease in elasticity, an increase in fragility, and an increase in blood pressure fluctuations, which are prone to plaques in blood vessels and cause vascular complications.Can cause many diseases, such as hypertension, diabetes, hypertension, stroke, cerebral hemorrhage, coronary heart disease, lower extremity arterial occlusion, etc.Mortality and aging of arteriosclerosis are becoming more and more obvious. Among these groups, obese people are the main population, and children, adolescents and young people are the rising obesity rates.”In the past, arteriosclerosis was thought to be a disease in the elderly.But now we found in the clinic that many obese children, young people will develop arteriosclerosis.Xu Zhimin explained that some children, due to excessive intake of nutrients and inactivity, caused slight accumulation and obesity, which caused a large amount of accumulation on the inner wall of blood vessels, which formed arteriosclerosis over time.Hypertension patients generally have hyperlipidemia, and hyperlipidemia is an important cause of atherosclerosis.Fitness every day, why don’t you lose weight and eat more.Many people have increased appetite after fitness, especially those who exercise at night and women.When the excess absorption is greater than the consumption, it is impossible to reduce fat.The wrong choice of fitness program.If the purpose of fitness is to lose weight, then bench press, squat and other items that stimulate muscle growth are not suitable, because these exercises will increase muscle cross-sectional area and muscle weight, resulting in overall weight gain.It is recommended to choose some small strength exercises, flexing and lifting with dumbbells or no weight-bearing exercises (push-ups, sit-ups, etc.) to stimulate small muscle groups, thereby reducing the impact on the cross-sectional area of the muscle, and avoiding excessive muscle volume growth, soThe illusion of losing weight will appear.Reduced resting metabolic rate.The fat loss method will produce an impurity, the resting metabolic rate (the rate of energy consumption when you do nothing) starts to decline.The correct way to reduce fat should be in the order of “aerobic + strength + relaxation”, in order to ensure that the muscle content is not lost, do not rely on dieting to reduce fat, this will only cause a lot of muscle loss.When muscles are lost faster than adults, muscles shrink and eventually lead to a reduction in resting metabolic rate.Usually inactive.Too many people like to concentrate their time on fitness, which leads to exhaustion of their bodies. After returning home, they just want to “paralyze” in bed and do not want to move.This behavior is called “exercise replacement”, that is, the human body increases physical activity in one area, and the body becomes inactive in another area. It automatically compensates for the energy consumed, which is not conducive to fat loss.Therefore, exercise should be moderate, not excessive, sweating to mild to moderate.In this way, you can keep your body active for most of the time, such as cycling to and from work, walking to the subway station, and going up and down stairs.Not sleeping well for four days and accumulating lightly. A study published in the American Journal of Lipid Research showed that failure to sleep well for four days can lead to accidental rapid accumulation in the body and weight gain.The effects of anorexia on health can be ground only from changes in body weight.Earlier studies found that when sleep is inadequate, leptin levels in the body decrease by 18%, while elevated levels of drought hormone increase by 28%.Therefore, when sleepiness is not good, obesity is more likely, and high glucose is particularly preferred.When you’re not getting enough sleep, people eat more (especially high-calorie foods) and store it as excess energy.This will result in a sharp rise, a slight rapid storage, and a rapid weight gain.Therefore, if you want to lose weight and fat, in addition to a reasonable diet and active exercise, you must “sleep”.The National Sleep Foundation recommends that adults get enough sleep per night?9 hours.Other studies have found that receiving light for 120 minutes after getting up can promote leptin secretion in the body and reduce aging hormone levels.Therefore, the lack of sleep in the outdoor sports and sun exposure can reduce the risk of obesity caused by lack of sleep.Long-term use of mobile phones increases the risk of obesity and growth time. The harm of using smart phones is not only to hurt the eyes and the cervical spine.A study by Simon Bolivar University in Colombia shows that using a mobile phone for more than 5 hours a day increases the risk of obesity by more than 40%, and is more prone to unhealthy habits such as inactivity, junk food, and increased risk of illness.Chance of heart disease, risk of diseases such as diabetes.Researchers report to the 2019 American College of Cardiology high-level meeting that the study involved 1,060 college students aged 19 to 20, including 700 girls and 360 boys.The researchers found that the use of smartphones for more than 5 hours a day increased the risk by 43%. At the same time, the possibility of shifting to sugary drinks, fast food, desserts, and snacks doubled.Smart phones bring many conveniences to life, but people should pay attention to develop healthy habits, repeated use is prone to sedentary, insufficient exercise, which increases the risk of diabetes, heart disease, various cancers, and bone and joint discomfort.Many people look thin, in fact, secretly fat, many people eat and drink, do not love sports, but their limbs are slender and do not look fat.Types of people may not have low body fat and have various potential health problems.Articles on the website of the American “Body Shape” magazine remind similar “thin fat people” to pay attention to changing lifestyles.Lauren Klein, a weight management expert in New York, USA, said that the “lean fat” BMI value (body mass index) is usually normal or low, but after inspection, they found that they will have high blood sugar, good cholesterol and high triglycerides, Hypertension and other issues.Because of their inherent thinness, this type of people often eats badly and does not like sports, which leads to low muscle mass and insufficient vitamin intake. They may also be prone to fatigue, cause inattention, and have poor metabolism.If their bodies have problems, they may be worse than fat people.Be vigilant if you meet most of the following conditions: after graduating from school, no strength training; love sweets, artificial sweeteners, mixtures, processed foods; insufficient protein; often feel tired, unwell, attentionDon’t concentrate, love to forget things; apple-shaped figure, thin limbs and fat abdomen; moderate exercise can also feel dizzy.The recommended type of “slimming” is to change the lifestyle from three aspects: 1.muscle training.Muscle is the key to increasing the basal metabolic rate, which can prevent sugar from entering the blood vessels and causing hyperglycemia.Strength training is recommended at least twice a week.2.Balanced diet.In particular, you should reduce sugar intake, take a balanced intake of protein, oil, vegetables, and a small amount, and eat as little polished rice noodles and processed foods as possible.3.Release in time.Stress can increase blood pressure. You can try yoga and exercise to help relax your body and mind.Guaranteed 6?8 hours of sleep to allow the body to fully rest.(People’s Health Network is integrated from Beijing Youth Daily, Life Times, Health Times, Beijing Daily) ☆ Recommended reading ☆ Glycemic control, antithrombotic these “hands” of food therapy assistants are exquisite in the autumn. Why is it easy to cough?Teach you how to do fitness rightSix erroneous exercises to accelerate agingBathroom stains 咋 Remove the bath before washing the organs before entering the winterWhat to eat during the frost season?One orange is equal to 5 medicines!Eat oranges like this in autumn, cut the peppers with hot hands, cut the onions and shed tears?”Raiders” here

Depth-Company-Chint Electric (601877): Steady growth of two-wheel drive

Depth * Company * Chint Electric (601877): Steady growth in two-wheel drive

The company released the 2018 annual report and the 2019 first quarter report. The low-voltage electrical and photovoltaic businesses are driven by two wheels, and the performance has grown steadily. The buy rating is maintained.

Key points to support rating Growth in 2018 results26.

47% was in line with expectations: The company released its 2018 annual report and achieved operating income of 274.

21 ppm, an increase of 17 in ten years.

10%; realize net profit attributable to shareholders of listed companies.

920,000 yuan, an increase of 26 in ten years.


The company achieved total operating income of 83 in 2018Q4.

10 ppm, an increase of 11 in ten years.

10%, an increase of 15 from the previous month.

29%; realized profit 8.

2 billion, down 8 every year.

10%, down 20 from the previous month.


The company’s annual report performance is in line with our and market expectations.

As an alternative to wind power, the first quarter of 2019 results increased 22%: the company also released the first quarter of 2019 report, the first quarter of revenue 59.

950,000 yuan, an increase of 17 in ten years.

66%; realized profit 5.

42 trillion, down 11 a year.

60%; after deducting the impact of the transfer of photovoltaic power equity in the 淡水桑拿网 same period last year, the first quarter performance increased by 22.

twenty two%.

The company’s first-quarter results are in line with our and market expectations.

The main business of low-voltage electrical appliances expanded steadily, and the gross profit margin and operating cash flow further increased. In 2018, the company’s Kunlun series of products were further updated and transformed, and the sales scale of low-voltage electrical appliances continued to increase, achieving revenue of 163.

390,000 yuan, an increase of 16 in ten years.

11%, maintaining a good upward trend; gross margin 33.

99%, increase by 1 every year.

51 units.

Supported by the low-voltage electrical appliance business, the company’s net operating cash flow in 2018 was 29.

00 ppm, an increase of 10 in ten years.


The photovoltaic business has developed in an all-round way, with a number of indicators reaching record highs: the company’s photovoltaic business achieved module sales in 20183.

At 1GW, the EPC development volume was 661MW, and the distributed development volume was 974MW, all hitting a record high. Household photovoltaic installations exceeded 100,000 and more than 140,000.

The subsidiary’s new energy development realized revenue of 107.

10,000 yuan, an increase of 18 in ten years.

66%; realized profit 13.

43 trillion, a significant increase of 48 in ten years.


We expect the gradual implementation of the domestic photovoltaic policy and the company’s sustainable development strategy to advance in depth, and the company’s photovoltaic business will maintain a rapid growth rate. It is estimated that the company’s annual report, first quarter report and operating status will be consolidated. We will adjust the company’s forecasted earnings for 2019-2021 to 2.



71 yuan (the original data for 2019-2020 was 2).


40 yuan), corresponding to a market surplus of 13.



0x; maintain Buy rating.

The main risks facing the rating are photovoltaic policy risks; photovoltaic power generation supplementary arrears and curtailment risks; domestic fixed asset investment falls short of expectations; overseas market expansion falls short of expectations.

Guizhou Moutai (600519) released a comment: a good start to wait for direct sales to accelerate

Guizhou Moutai (600519) released a comment: a good start to wait for direct sales to accelerate
The group and joint stock company achieved good results.The company announced the main operating data for the first quarter of 2019. It is expected that total operating income will increase by about 20% in the first quarter, and the net profit of mothers will continue to increase by about 30%, that is, total operating income in the first quarter will be 220.700 million, net profit attributable to mother 110.About 600 million.At the same time, according to the Group’s official website, the group also disclosed the first quarter’s operating situation. Maotai Group Q1 achieved sales revenue of 25.7 billion yuan, an increase of 21%, completing the annual plan of 26%; net profit of 11 billion yuan, an increase of 31%, completing the annual plan24%, realized taxes of US $ 11.4 billion, an increase of 19%, and completion of the annual plan of 27%. In general, it showed a trend of “steady growth, stable development, and expected stability”. Started on schedule, and the performance is more sustainable.When the Secretary of the Congress and Provincial Committee investigated the Moutai Group, he proposed five keywords: “positioning, orientation, weight loss, standardization, and reform.” The company clearly proposed that the most realistic and urgent task is to get started and set an example.Judging from the operating data of the Group and the joint-stock company in the first quarter, the performance achieved on schedule was a good start.The company’s total operating income in Q1 increased by about 20%, and the revenue growth index of 14% above the first-level. We are said to be mainly due to the following factors: 1) Confirmation of advance receipts of Moutai liquor led to income growth in statements.Grassroots analysis feedback, due to the effects of 18H2 dealer bans and the unsatisfactory pace of direct sales of Q1, the actual shipment volume of Q1 is expected to decline slightly, but the dealers have already made payments in March to implement the April-June plan, and the advance payment has continued to increase since 18Q3.It is expected that the revenue received from the Q1 advance receipts will increase.2) Although the direct sales Q1 has not been fully liberalized, at least the direct sales ratio has increased.Company 18Q1 direct sales revenue13.900 million, accounting for only 8.0%. Although Q1’s direct sales channels such as supermarkets and e-commerce channels have been completely implemented, grassroots found that the feedback direct-operated stores have significantly intensified since the beginning. It is expected that the proportion of Q1 direct sales will increase significantly, and the direct sales program will gradually be adopted.The tempo will accelerate.3) The proportion of non-standard issuances has increased significantly, further driving up the ton price.According to grassroots analysis and feedback, Q1 has significantly increased the proportion of non-standard issuance, whether it is the dealer or the direct sales channel. Among them, the dealers have completed delivery of the pig Mao Zodiac wine from January to April before the Spring Festival.Significant improvement, which is very obvious in 18Q4. It is expected that the product structure of 19Q1 will continue to improve.4) Series of wines continue to grow rapidly.According to the data of the Group, the sales of Q1 sauce and fragrance series wines increased by 26% each year, and the revenue exceeded 2 billion, reaching 21.300 million, continuing to maintain rapid growth. The proportion of direct sales and non-standards increased, and profitability increased steadily.According to the company announcement, 19Q1 net profit reached 50.1%, up to 3 a year.9pcts, profitability continues to improve.We judge that it is mainly due to the continuous improvement of gross profit margin for ten years and good control of expense ratio.In terms of gross profit margin, the company’s 18-year alcohol gross profit margin was 91.3%, the same increase of 1.4pcts, of which Moutai benefited from price increases, and gross margin increased by 0.9 points to 93.7%, the series of wines benefit from the structural improvement, the gross profit margin increased by 8.3 to 71.1%, Q1 is expected to increase the proportion of non-standard shipments and direct sales, the increase in ton price will lead to continued increase in gross profit margin.In terms of expense ratio, the company’s 18-year sales expense ratio3.3%, down by 1.6pcts, of which advertising and market expansion costs have further decreased, and the series of alcohol expenditures have gradually decreased. Since 18Q3, the single season 杭州夜网 sales expense rate has continued to decline, and the Q1 expense rate is expected to continue to decline steadily.Initially, the company will focus on streamlining and improving the Moutai liquor marketing system. The proportion of channel direct sales is expected to increase to over 20%, to ensure that the ton price will increase above 10% this year, and supplement the company to further improve the zodiac wine, boutique wine, etcHigh-value-added products are moderately launched, and profitability is expected to continue to improve. The direct sales plan is awaiting the near term finalization, and the long-term certainty guarantees a high premium.Baofang Secretary Air Force pointed out at the Boao Forum that consumption upgrades are creating more market demand for Moutai. The contradiction between the supply and demand of Moutai wine will continue to increase, and supply and demand are normal.Judging from the recent channel tracking, the Moutai channel has good sales and demand, and the approval price performance continues to be firm, stable above 1800 yuan.Recently, the market is concerned about the progress of the company’s direct sales plan. The Group is actively preparing for the establishment of a marketing company. It is expected that the direct sales plan will be gradually finalized in the near future, and the pace of subsequent direct sales volume is expected to accelerate.In the long run, Moutai has experienced short-term marketing adjustments since last year, and the choice of marketing reform path fully shows that Moutai faces efforts to achieve the best balance of interests under multi-party relationships, significant progress in governance structure, and performance certainty brought by it.A higher estimated premium will be achieved. Maintain target price of 1,000 yuan, “strong push” level.In the second half of 2018, the company canceled 1/5 of its dealers, and its performance continued to grow. The 19Q1 performance ushered in a good start, reaffirming its strong brand power and market response capabilities, and the direct-sales guarantee to drive rapid growth.The performance is highly deterministic, and the internationalization of the evaluation of the premium assets of liquor leaders has become clearer.We temporarily maintain the company’s EPS forecast for 2019-202133.5/39.3/45.3 yuan, corresponding to PE is 26/22/19 times, maintaining a target price of 1,000 yuan, corresponding to 20 years of PE at about 25 times, maintaining a “strong push” level. Risk reminder: The prosperity of high-end wines has declined, and market prices have fallen sharply.

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.

Three special ropeway (002159) follow-up review: test water theme park to optimize the operating structure of the future growth can be expected

Three special ropeway (002159) follow-up review: test water theme park to optimize the operating structure of the future growth can be expected

Investment Announcement Company Announcement: The company has an agreement with Kawo Tourism and Huama Mangrove to acquire 80% equity of Wuhan Longchao East Lake Ocean Park with a total of 28,000 million shares of its own funds (including 60% of the shares held by Kawo Tourism20% owned by Ma Hong).

Kavo Tourism and Huamahong promised the performance of the target in the next three years and assumed full performance commitment compensation obligations.

  The underlying fundamentals of the transaction are good and it is expected to become a new profit growth point.

Donghu Ocean Park is located in Wuhan Donghu Ecological Tourism Scenic Area. It opened in September 2002 with a construction area of about 30,000 square meters and an investment of 2.

500 million US dollars, operating content includes Sea World, Asuka World, International Circus, Happy Water World, Insect Kingdom and Children’s Kingdom, 55 yuan for some OTA park tickets.

There are also Happy Valley, Maya Water Park and Haichang Ocean Park. The target of Haichang is similar to the business theme. The advantages are: 1) low attraction to tourists 2) rich entertainment content, covering a wide range of ages 3) attached to the East Lake scenic areaStrong passenger capacity 4) Convenient transportation, close to subway station, close to train station and bus station.

The target company’s net assets in 2019 were 208.48 million yuan, total debt was 39.4 million yuan, and the asset-liability ratio was 16.

4%, good solvency.

The full year 2018 and 2019 H1 revenues were 77.46 / 40.07 million yuan, the net profit was 26.94 / 10.88 million yuan, and the corresponding net interest rate was 34.

8% / 25.

5%, the overall profitability is expected to become the company’s new profit growth point.

  The performance of the transferor promises to reduce the company’s future operating risks.

After the completion of the transaction, Kavo and Huama Red each hold 10% of the equity of the target company, and Kavo and Huama Red promised that the target company’s net profit after deductions will be no less than 2,780 / 3,440 / 42.8 million in 2020/2021/2022.RMB, three-year cumulative commitment to net profit of not less than 105 million yuan.

If the target company achieves the performance commitment amount expected to achieve net profit in the performance commitment, the transferor promises to compensate 80% of the difference in cash and give the company compensation in accordance with the agreement, thereby greatly reducing the company’s future performance risk.

  The company tried the theme park operation for the first time, with both possibilities and challenges.

The company’s first involvement in the theme park business may be that the integration into the theme park will help adjust the company’s operating structure and hedge the economic risks of the attraction business ticket.

In addition, the theme park industry is in a rapid development stage, and the company is expected to enjoy the rapid development bonus of the industry.

The challenge lies in the company’s lack of experience in theme park operations and the uncertainty of later operations.

In addition, at present, domestic theme parks are fiercely competitive. Well-known theme parks such as Happy Valley and Huaqiang Fangte are actively deploying, and the company is facing some competitive pressures.

  Profit forecast and investment rating: The company actively explores innovation and strives to break away from the dependence on natural resources and the economic model of tickets.

After the completion of the acquisition, the company’s operating structure will be more diversified, which will lead to improved corporate profits in the short term, a more reasonable long-term operating structure, improved ability to withstand industry risks, and higher growth.

The rapid growth of portable travel in the future, the upgrading of residents’ consumption concepts and the continuous 北京桑拿洗浴保健 improvement of traffic conditions will benefit multiple attractions of the company.

At the same time, the reform of the management system and the promotion of fixed-increasing aim to reduce management fees, financial rates, mature and sustainable development, improve the performance of projects during the incubation period, continue to replace assets to reduce losses, and the company’s profitability is constantly improved.

The company has a small market value and a high margin of safety. The acquisition brings a series of positive effects. Investors are advised to pay attention.

EPS is expected to be zero in 19-21.



78 yuan, the closing price on August 21 corresponding to PE were 32/24/20 times, maintaining the “prudent increase” rating.

  Risk Warning: The target business is less than expected, extreme weather affects passenger flow, ticket and cableway price reductions, etc.

Sankeshu (603737) 2019 performance preview comment-long-term net profit growth growth is optimistic about future performance elasticity

Sankeshu (603737) 2019 performance preview comment-long-term net profit growth growth is optimistic about future performance elasticity

Net profit attributable to mothers is expected in 20193.


20 trillion, ten years + 69% -89%.

In the short term, we judge that the company is expected to drive rapid growth by cutting into the supply chain and capacity expansion of large real estate developers; in the long term, it is optimistic that the company has excellent product power, channel power, and brand power to grow into the leading domestic architectural coatings.

The company’s EPS is forecasted to be 2 in 2019-2021.



41 yuan, raise target price to 120 yuan, maintain “Buy” rating.

In 2019, net profit attributable to mothers is expected to increase by 69% -89%.

The company issued an announcement of the 2019 annual performance 杭州桑拿 pre-increasing announcement, which is expected to achieve (called auditing, the same below) net profit attributable to mothers in 2019.


20 ppm, previous + 69% -89%; net profit after deduction after deduction 3


7 billion, previously + 73% -96%.

The growth of the company’s performance is mainly driven by three factors: 1) the rapid expansion of the engineering wall coating business drives the growth of operating profit; 2) Dayu prevents leakage and strengthens the company’s performance; 3) non-recurring gains and losses such as government subsidies after taxAn increase of about 16 million yuan in ten years.

Demand is picking up and production capacity is expanding, optimistic about 2020 performance elasticity.

In 2020, under the resonance of the expected recovery in real estate completion and the peak period of the repaint market, we are optimistic about the recovery of domestic architectural coatings demand. We estimate that the total demand is expected to reach nearly 800 mm.

In this context, the company is expected to drive the rapid growth of engineering wall paint business by cutting into the supply chain of large real estate developers.

Combined with the expected production of the Anhui factory this year, the company’s wall coating production capacity is expected to be from 73.

5 Growth rate increased to 105 index (+ 43%), optimistic about the company’s profit release elasticity in 2020.

Increasing concentration has become a trend, and paint leaders are ready to come.

Benefiting from the popularization of downstream real estate business’s centralized mining mode and the increase of environmental protection supervision pressure, the concentration of the domestic coatings industry has become a trend.

In the past two years, domestic CR4 has increased by 2pct to 13%, but it is still far below the global level of 26%.

With the local paint companies’ product power, channel power, and brand power gradually aligning with foreign leaders, the share of domestic-scale enterprises is expected to continue to increase.

We are optimistic about the company’s prospects of becoming a leading domestic architectural coating based on green health product positioning and brand promotion.

Risk factors: Weak demand leads to the increase in product sales; the release of increased production capacity is less than expected; the downstream customer development progress is gradually expected; the receivables recovery is less than expected.

Investment suggestion: The short-term company is expected to drive rapid growth by cutting into the supply chain and capacity expansion of large real estate developers; it is long-term optimistic that the company has excellent product power, channel power, and brand power to grow into the leading domestic architectural coatings prospect.

As the company’s engineering business grew faster than expected, it raised its net profit attributable to mothers to 4 in 2019-2021.



23 trillion (previous forecast was 3.



28 ppm), corresponding to an EPS forecast of 2 respectively.



41 yuan.

With reference to comparable companies in the global coatings industry, we will give 39x PE in 2020, corresponding to a target price of 120 yuan, and maintain a “buy” rating.

Zaisheng Technology (603601): Continue to achieve good results, product breakthroughs and production capacity go hand in hand

Zaisheng Technology (603601): Continue to achieve good results, product breakthroughs and production capacity go hand in hand

Annual report 2018.

The company achieved operating income in 2018. The net profit attributable to shareholders of the parent company and the net profit attributable to shareholders of the parent company after deductions were 10 respectively.

8.2 billion, 1.

59 ppm and 1.

22 trillion, an increase of 69 each year.

15%, 39.

96% and 34.


Net cash flow from operating activities in 2018 was zero.

710,000 yuan, an increase of 110 in ten years.


Quarterly report 2019.

The company achieved operating income in the first quarter of 2019. The net profit attributable to shareholders of the parent company and the net profit attributable to shareholders of the parent company after deductions were 2, respectively.

8.9 billion, 0.

4.8 billion and 0.

47 trillion, an increase of 30 each year.

30%, 51.

22% and 54.


Gross profit margin was stable, and the proportion of selling expenses decreased.

The company’s gross profit margin is stable. In 2018, the gross profit margins of glass fiber filter paper, purification equipment, VIP core materials and thermal insulation energy-saving materials were 46.

52%, 23.

11% and 32.

03%, respectively 四川耍耍网 -0.

69 averages, +1.

00 averages and +0.

61 averages, overall stable.

The company’s main products’ gross profit margin fell and fell 2.

There are 7 single ones. One is that supplementing pure foreign trade sales has lowered the company’s comprehensive gross profit margin1.

05 average, the second is because the reduction in gross profit margin of the purification equipment revenue increased, driving down the company’s comprehensive gross profit2.

07 averages.

At the same time, sales expenses accounted for 7 in 2018.

59%, a decrease of 1 per year.

91 units.

The breakthrough of PTFE products and the expansion of production capacity are expected to usher in double evaluation and performance.

Chongqing Baoman, a subsidiary of the company, developed a PTFE membrane, which broke the oligopoly situation of 杭州桑拿 Daikin and Nitto of Japan and fully connected the high-end market.

From the perspective of filter materials, the company has achieved full coverage of meltblown materials, glass fiber materials and PTFE materials. From the perspective of the industrial chain, the company has achieved full industry coverage of upstream glass wool, midstream filter paper and downstream purification equipment, with a complete layout and strong discourse power.

At the same time, the company’s “high-efficiency glass microfiber construction project” new plant construction part has entered the commissioning stage, and the “high-ratio segmented battery separator construction project” was basically completed by the end of 2018.In addition, the company’s “high-efficiency inorganic vacuum insulation plate derivative construction project” and “annual output of 4.

“80,000 civilian / commercial / collective protective air purification unit construction projects” are under construction.

The layout of the industrial chain is becoming more complete and production capacity is gradually put into production. We believe that the company is expected to usher in a double forecast and performance.

There is huge room for development of VIP core materials and thermal insulation and energy-saving materials.

The advantages of VIP core materials are obvious. We believe that VIP boards replace rigid polyurethane foam as refrigerators, freezers and other thermal insulation materials are in a rapid development stage. We estimate that the penetration rate of VIP boards in refrigerators and freezers in refrigerators and refrigerators will reach 2% in 2016.

If calculated based on the penetration rate of VIP boards of 10% in 2029 and 80% penetration in 2045, the market size of VIP boards in 2029 and 2045 is 113.

9.1 billion and 911.

2.4 billion.

Give a “first-tier market” rating.

We expect the company’s EPS to be approximately 0 in 2019-2021.

39, 0.

47, 0.

59 yuan, 25-30 times the PE in 2019, a reasonable value range of 9.


70 yuan.

Risk warning: new materials replace risks, and production capacity fails to meet expected risks.

Jiangxi Copper (600362) 2018 Annual Report Comments: Steady Main Business Operations Wait for Acquisition

Jiangxi Copper (600362) 2018 Annual Report Comments: Steady Main Business Operations Wait for Acquisition

Event: In 2018, the company achieved revenue of 2152.

900 million, previously increased by 4.

9%, net profit attributable to mother 24.

500 million, an annual increase of 52.

4%, net profit after deducting non-return to mother 13.

600 million, 42 above average.


In the fourth quarter alone, the company achieved revenue of 526.

US $ 900 million, up 6% before and net profit attributable to mothers4.

0 million yuan, an increase of 1511 every year.

9%, net profit after deducting non-return to mother can reach 1.

29 ppm, compared to 4 in the same period last year.

700 million.

无锡夜网 Opinion: In 2018, the company’s halogen copper segment business was relatively stable, and the segment realized revenue of US $ 122.7 billion, an increase of more than 1%.

05%, gross margin is 4.

7%, 0 compared with the same period last year.

2 units, copper halide production is 146.

4 Initially, an increase of 6 over the same period last year.


The average copper price in the last issue was 50,683 yuan / ton in 2018, an increase of 2 from 2017.


In 2018, the company’s non-net profit was gradually replaced by a substantial shift in the net profit of the precious metal sector.

The gross profit of the precious metal segment in 2018 was 2.

1 ‰, exceeding the average of 77.


Finance costs 8.

100 million, an increase of 76% in ten years.

The first significant increase in the company’s net profit in 2018 is the company’s net investment income5.

90,000 yuan and net income from changes in fair value 6.

600 million.

Acquisition of Hengbang shares 29.

99% equity, perfecting the industrial layout On March 4, the company announced that Jiangxi Copper intends to acquire Yantai Hengbang shares 2 through agreement transfer.

7.3 billion shares, accounting for 29 of the total shares of the target company.

99%; the transfer price of the underlying shares is RMB 29.

7.6 billion, the unit price is 10.

9 yuan / share.

After the completion of the transaction, Jiangxi Copper will become the controlling shareholder of Hengbang and become the scope of the consolidated financial statements of Hengbang.

The transaction will help to enhance Jiangxi Copper’s business expansion capabilities and capital strength.At the same time, this transaction is an important change in Jiangxi Copper’s perfect industrial layout.

After Jiangxi Copper obtained control of Hengbang shares, it will use Hengbang shares as the group’s future gold plate development platform, and inject Jiangxi Copper and its controlling shareholders’ high-quality gold plate assets into Hengbang shares.

Earnings forecast is based on the trend of copper price is lower than our previous forecast, we lower the company’s profit forecast, 2019?
In 2020, the EPS will be 0.

82 yuan, 0.

98 yuan, another EPS forecast for 2021.

16 yuan.

We selected H-shares non-ferrous resources company Zijin Mining, Minmetals Resources, Zhaojin Mining, and Luoyang Molybdenum as comparable companies of Jiangxi Copper Co., Ltd. (H). The company’s PE valuation in 2019 is 17 times.

We give Jiangxi Copper (H) a 17x PE estimate for 2019 with a target price of 16.

15 builds.

We have selected a non-ferrous resource-based company as a comparable company of Jiangxi Copper (A). The PE company’s PE valuation in 2019 is 24 times.

We give Jiangxi Copper (A) a 24x PE estimate for 2019 with a target price of 19.

68 yuan.

With the increase in the growth rate of global copper concentrate supply, the progress of the supply and demand scale continues to be optimized, and we are still optimistic about the future rise in copper prices and the company’s subsequent development (acquisition of 30% equity of Hengbang shares, etc.), which will cover Jiangxi Copper for the first time (H)”Buy” rating with a target price of 16.

15 construction; maintain 北京夜网 Jiangxi Copper (A) “Buy” rating, target price of 19.

68 yuan.

Risk Warning: Copper price fluctuation risks, the progress of the acquisition exceeds expectations.