[Australian leading porridge cooking method]_Australian leading porridge cooking method_Australian leading porridge cooking method_Australian leading porridge cooking method

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[Do you eat yam and sweet potatoes together?]

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Plum Blossom Bio (600873) ‘s First Coverage Report: Increased Concentration of Corn Fermentation Chain Optimistic on Industry Boom

Plum Blossom Bio (600873) ‘s First Coverage Report: Increased Concentration of Corn Fermentation Chain Optimistic on Industry Boom

Company profile: The company started from a single monosodium glutamate production company and gradually developed into a leading domestic corn deep processing industry chain. It mainly produces and sells amino acid and food taste shape 西安耍耍网 optimization products. The main products are monosodium glutamate, lysine and threonine.They are 70 additives, 70 additives and 26 additives.

The MSG supply side is formed in three minutes, and the shape of the oligarchs is clear: The transition of MSG to the three major oligarchs of Fufeng Group, Meihua Biological and Ningxia Yipin, the output and output account for more than 90% of the country.Integration and huge capital accumulation have established a complete industrial chain, formed a higher moat, and have obvious industry-leading advantages.

On the demand side, MSG consumption is rigid and price insensitive.

For 18 years, the supply side of the MSG industry has continued to shrink, tacit understanding between oligarchs has strengthened, and product prices have steadily increased.

Optimistic about the improvement of the overall profitability of the corn deep processing industry chain: We believe that the “industrial chain” giants represented by Meihua Bio and Fufeng Group are rapidly rising, continuously expanding scale, circular economy, cross-variety layout, acquisition of alternative raw materials and continuousThe increased environmental protection threshold has gradually occupied the domestic and even global corn deep processing industries.

We judge that after the industry integration is completed, we will get a very high degree of entry biology, and at the same time, the profitability of each product will be greatly improved.

From the perspective of MSG, the distribution of plum blossom, Fufeng and Yipin has reached an interdependent distribution of pure oligarchic interactions. It is a scarce and highly concentrated variety in the fine-molecular chemical industry and a fine chemical industry.The distribution of dyes, sweeteners, vitamins, MDI and other varieties is similar, and there is still a gap in the level of gross profit margin.

The MSG and amino acid sub-industries are currently in the oligopoly stage, and the demand sides are relatively close and strong, forming the basis for future excess profits. Once the industry reshuffles and enters the oligopoly pricing stage, MSG and amino acidProfitability can be aligned with the dye and food additive industries.

Profit forecast and investment advice: We expect the company 19?
21 years of total operating income were 杭州夜生活网 147.

8, 172.

9 and 194.

500 million, net profit attributable to mother is 12.

5, 15.

0 and 18.

2 trillion, the corresponding EPS is 0.

40, 0.

48 and 0.

58 yuan per share, corresponding to a three-year PE of 12.

1, 10.

0 and 8.

3.

Cover for the first time and give a Buy rating.

Risk reminders: sharp fluctuations in raw material prices, increased market competition caused by increased capacity release, environmental protection and production safety risks, and exchange rate changes.

[Homemade practices of spicy chicken diced]_Spiced chicken diced_How to make_How to make

銆 愯 Jing 焰 Float to the father’s pot, 抆 抆 抆 抆 抆 湆 擙 楦 ‘竵 _ 許 庝 箞 锅 歘 傡 傡 悍 悍 綍 傍 鐍?
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[Can gastritis drink dandelion water-]_ gastritis

銆 愯 Stupid, sorrowful, sorrowful?Dynamite
Identify and discriminate and capture snails and worms to capture Ningge, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow€屼笖涔熸槸涓€绉嶅父瑙佺殑涓嵂鏉愶紝钂插叕鑻卞叿鏈夋秷鐐庢姉鑿岋紝娓呯儹瑙f瘨鐨勪綔鐢紝缁忓父鍚冪I ‘m going to visit Han Tao, I ‘m going to go through the chain, and I ‘m going to get stuck: I ‘m so stupid, I ‘m so stupid, I ‘m sorry, I ‘m not sure if I ‘m here嫳姘存槸閫傚悎鑳冪儹鐨勬偅鑰咃紝鑳冨瘨鐨勪汉鏈€濂戒笉瑕佸枬锛屼笉鐒舵槸浼氬紩璧疯吂娉荤殑銆傝挷鍏嫳娉℃按鍠濈殑绂佸繉钂插叕鑻卞叿鏈夊緢濂界殑娓呯儹瑙f瘨鐨勬晥鏋滐紝闈炲父鐨勯€傚悎涓€浜涚敓浜т箣鍚庣殑濂虫€у偓涔充娇鐢紝骞朵笖瀵逛簬娌荤枟涔宠吅鐐庝篃鍏锋湁涓€瀹氱殑鏁堟灉銆傞櫎姝や箣澶栵紝缁忓父鏈嶇敤钂插叕鑻变笉浠呰兘澶熸不鐤楄倽鑴忔柟闈㈢殑鐤剧梾锛屽悓鏃惰繕鍏锋湁鍒╁翱銆佸埄鑳嗕互鍙婃不鐤楁秷鍖栦笉鑹繕鏈変究绉樼殑浣滅敤锛屽浜庝竴浜涙箍鐤硅繕鏈夌毊鑲ょ柧鐥呮晥鏋滈兘鏄緢濂界殑銆傜涓€锛氱敤閲忎笉绉戝寰堝浜轰负浜嗚兘澶熻幏寰楁洿濂芥洿I ‘m sorry, I ‘m sorry, I ‘m not sure if I ‘m going to do it, I ‘m going to talk about it, I ‘m going to do it€傚鏋滃ぇ閲忕殑鏈嶇敤钂插叕鑻憋紝閭d箞寰堝鏄撲竴瀵艰嚧鍑虹幇鍚勭鑳冭偁閬撲笉閫傜殑鎯呭喌锛屼緥濡傛伓蹇冦€佹兂鍚愪互鍙婅吂閮ㄤ笉閫傝繕鏈夋媺鑲氬瓙绛夌瓑鎯呭喌銆傝繖涓昏鏄敱浜庢湇鐢ㄥぇ鍓傞How to do it? How to fix it? How to fix it? How to do it? How to do it? How to do it? How to do it? Do you want to do it?颁奖簡杞诲害娴戞祳銆佽偪鑳€鐨勬儏鍐碉紝杩欏氨瀵艰嚧韬綋鍑虹幇鍚勭鐤剧梾銆傜浜岋細杩囨晱鍙嶅簲钂插叕鑻卞苟涓嶉€傚悎鎵€鏈夌殑浜虹兢鏈嶇敤锛屽洜涓烘湁涓€灏忛儴鍒嗙殑灏嗚挷鍏嫳娉℃按鍠濅箣鍚庝細鍑虹幇杩囨晱鐨勬儏鍐点€備緥濡傛湇鐢ㄨ挷鍏嫳姘存垨鑰呮槸钂插叕鑻遍厭涔嬪悗韬綋鍑虹幇鑽ㄩ夯鐤规垨鑰呮槸娴戣韩鐦欑棐锛岃繖浜涢兘鏄睘浜庤繃鏁忕殑鎯呭喌銆傚彟澶栵紝杩樻湁涓€浜涗汉鍦ㄤ娇鐢ㄨ挷鍏嫳娉ㄥ皠鍓傞潤鑴夋淮娉ㄤ箣鍚庡嚭鐜颁簡鑴歌壊鍙戠櫧鎴栬€呮槸闈掔传锛岀敋鑷宠繕浼氬嚭鐜版墦瀵掓垬鐨勬儏鍐碉紝杩欎簺閮芥槸灞炰簬杩囨晱锛屼竴瀹氳绔嬪嵆鍋滄鐢ㄨ嵂锛岀劧鍚庡埌姝h鐨勫尰闄㈣繘琛屾鏌ュ拰娌荤枟銆傜涓夛細闃村瘨璇佽嵂涓嶅鐥囦富瑕佸氨鏄綋鐜板湪瀵掔儹涓嶅垎鐨勬儏鍐碉紝娌℃湁瀵硅韩浣撶殑鐤剧梾杩涜杈╄瘉灏辩洿鎺ヤ娇鐢ㄨ挷鍏嫳锛岃繖灏变細瀵艰嚧韬綋鍑虹幇鍚勭姣涚梾銆傜幇鍦ㄥぇ澶氭暟鐨勬劅鏌撴儏鍐甸兘鏄睘浜庣儹鐥囷紝鎵€浠ヤ娇鐢ㄨ挷鍏嫳娌荤枟骞朵笉浼氱敓涓嶈壇鍙嶅簲鎴栬€呮槸鐥呮儏浠峰€肩殑鎯呭喌銆備絾鏄紝涔熸湁灏戞暟鐨勬劅鏌撴儏鍐垫槸灞炰簬闃村瘨鐨勶紝杩欎釜鏃跺€欒韩浣撲腑骞朵笉浼氬嚭鐜板彂鐑殑鎯呭喌锛屽苟涓旂柧鐥呯殑鐥呯▼涔熸瘮杈冪殑闀匡紝鎮h€呯殑韬綋浣撹川鎯呭喌姣旇緝宸紝杩欎釜鏃跺€欏鏋滃ぇ鍓傞噺鐨勪娇鐢ㄨ挷鍏嫳鏉ユ不鐤楃柧鐥咃紝閭d箞涓嶄粎涓嶈兘澶熷鑷寸柧鐥呭ソ杞紝鐢氳嚦鎮h€呰繕浼氬嚭鐜伴娆蹭笅闄嶃€佽韩浣撳彉宸拰鐤蹭箯锛岀敋鑷冲嚭鐜扮洍姹楄繕鏈夎劯鑹茶媿鐧界殑鎯呭喌锛岃韩浣撲篃浼氳秺鏉ヨ秺宸€傛墍浠ヨ锛屾棩甯哥敓娲讳腑浣跨敤钂插叕鑻变竴瀹氳鎱庨噸锛屽崈涓囦笉鑳藉绠€鍗曠殑灏嗚挷鍏嫳鐪嬫垚鏄姉鑿屾秷鐐庣殑鑽潗锛屽惁鍒欏浜庤韩浣撶殑浼ゅ鏄瘮杈冨ぇ鐨勩€傝挷鍏嫳鐨勯鐢ㄦ柟娉曚紬鎵€鍛ㄧ煡锛岃挷鍏嫳鐨勪娇鐢ㄦ柟娉曟湁寰堝锛屼笉浠呰兘鍏ヨ彍锛屽悓鏃惰繕鍏锋湁寰堝ソ鐨勮嵂鐢ㄤ环鍊硷紝鎵€浠ヤ竴鍗婂彲浠ョ垎鐐掋€佺叜姹わ紝涔熷彲浠ョ啲绮ャ€佺厧鐓瓑绛夛紝杩欎簺鏂规硶鎵€娌荤枟鐨勭柧鐥呭拰鍛堢幇鍑虹幇鐨勫彛鎰熼兘鏄笉涓€鏍风殑銆傚叿浣撶殑椋熺敤鏂规硶濡備笅锛?TOWER Cibeng Wei  Piewei ㄨ Han Ting mustard Yi Yue Lian Ren Luo owned by Xiang Cen extinguish Yi Right- interlinked Qu Ke fermium Cheren Qian Duo Yi Suozhuan sluice Right- mutual spin boast Hu Xia Yi Min adze Anqian arrowhead flower Hu Xia栧暋锛屽悓镞规槗瀵硅韩浣撻€犳垚鎹熷;2銆佽挷鍏嫳鐨勮姳涔熷叿鏈夊緢濂界殑璋冨吇韬綋鐨勪綔鐢紝涓€鑸儏鍐典笅閮芥槸灏嗚挷鍏嫳鑺辨场閰?3銆佽挷鍏嫳鐨勫彾瀛愪篃鏄彲浠ユ湇鐢紝杩樿兘澶熺洿鎺ョ敓鍚冦€傚彲浠ュ皢钂插叕鑻卞彾瀛愯繘琛屽噳鎷岋紝鍔犲叆閫傞噺鐨勯鐢ㄦ补杩樻湁椋熼唻锛岃繖鏍疯皟鍛冲搧鐨勫懗閬撳拰钂插叕鑻辨湰韬墍甯︽湁鐨勮嫤鍛虫贩鍚堬紝浼氫骇鐢熶竴绉嶉潪甯稿濡欑殑浜彈锛岄€傚悎鍦ㄥ瀛g殑鏃跺€欐湇鐢紝鍏锋湁寮€鑳冧Intercommunicatiousness of the whole world; 4 銆 佷 挷 鍏  嫳 憷 彷 峲 浠 ヨ 繘 峤 峤 峤 峤 鳳 峤 泆 鳆 環 鳳 峤銆 勎 獒 鍒 黒 Bai Dingbibibibibibibibibibifu yi yi yi yi yu yu yu yu yu ya ya ya ya ya ji chain is rugged 涔 嫔 嫗 杗 権 慿 慶 氶 銒 鹒 殮 殽 殽 槤 殽 槤I am going to arguing and arguing that the handicapped people are not able to speak. I will tell you what I am saying is that I ‘m going to do it for you. It ‘s not a good idea.鑳芥湇鐢ㄨ繃閲忥紝閬垮厤瀵硅韩浣撻€犳垚鎹熷銆傝挷鍏嫳涓師鏈氨鏄甫鏈変竴鑲¤嫤鍛崇殑锛屾湁浜涗汉骞朵笉涔犳儻鏈嶇敤锛屾兂瑕佸噺灏戣繖鑲¤嫤鍛筹紝鍙互灏嗘礂骞插噣涔嬪悗鐨勮挷鍏嫳鏀惧叆寮€姘翠腑鐒竴涓ゅ垎閽燂紝鍘婚櫎涔嬪悗杩涜鐑归オ锛岃兘澶熷緢濂界What’s the matter? 湗 銆?

Haitian Flavor Industry (603288) 2019 First Quarterly Report Review: Performance Meets Expected Capacity Release Sets Three Five Keynote

Haitian Flavor Industry (603288) 2019 First Quarterly Report Review: Performance Meets Expected Capacity Release Sets “Three Five” Keynote

First, the event overview 南京龙凤网 Haitian Flavor released the 2019 first quarter report.

At the core of the report, the company achieved operating income of 54.

90 trillion, ten years +16.

95%; realize net profit attributable to owners of the parent company.

77 trillion, ten years +22.

81%; realized basic profit income of 0.

55 yuan / share.

Second, analyze and judge the performance of the steady increase in value is a long-term adjustment, the company has excellent cash indicators and sufficient liquidity to report the total amount, and the company’s revenue increased by +16.

95%, net profit attributable to mother +10 for ten years.

81%, maintaining the high growth rate since 18Q1. In general, the company’s first quarter performance has achieved steady growth again. To achieve the goal of “revenue + 16%, net profit + 20%”.

The cash index performed well and the company had sufficient liquidity: in 19Q1, the company received cash for selling goods44.

480,000 yuan, ten years +17.

42%, monetary fund replenishment 2.

70 trillion, +51 for ten years.

73%, the ending balance reached 97.

28 ppm, a record high; unless it is, the company’s advance receipts in 19Q1 were 12.

9.6 billion, -59.

The initial decrease of 97% was due to the early preparation of payment by dealers at the end of last year, which led to the initial payment of advance receipts. At the end of the period, the advance receipts returned to normal, and Q1 in the past year still exceeded 30%.

The gross profit margin decreased slightly, the cost growth efficiency increased during the period, and the net profit margin increased. The gross profit margin of the company in 19Q1 was 45.

78%, 0 years ago.

A total of 92 materials are related to the rapid volume of oyster sauce products with a relative molecular weight of gross profit; Net profit margin: mainly benefited from the significant improvement in the cost transmission efficiency during the period (total cost during the 19Q1 period) 14.

06%, significantly reduced by 2.
.

For each 12 shares, sales / management (plus R & D expenses) / financial expenses were reduced by 1.

15/0.

19/0.

78 units, of which the decrease in the financial expense ratio was mainly due to the increase in interest income during the period), and the gross profit margin decreased by 0.

On the basis of 92 first-level companies, the company’s net interest rate increased without falling, and the company’s net interest rate reached 26 in 19Q1.

91%, up by 1 each year.

29 units.

The release of new production capacity sets the tone for the “three five” plan. Haitian launched the Gaoming 220 filler condiment expansion project at the end of 2017, with a total expansion of 220 tons (among which, soy sauce 150 filler, sauce 30 replacement, and compound seasoning 40 initial)The new soy sauce production capacity is nearly doubled on the existing basis, which shows the firm confidence of the company’s future space.

It is assumed that the production capacity will gradually be released in 2019 and fully released in 2023. At the same time, the factors of price increase and product structure upgrade will overlap. In the future, the CAGR of soy sauce and seasoning products will be about 15% and 9 respectively.

5%, so the release of production capacity sets the tone for the continuous growth of the “three five” plan that began in 19 years.

Third, the investment proposal is expected to achieve operating income of 197 companies in 19-21.

60 ppm / 232.

55 ppm / 270.

44 trillion, ten years +16.

0% / 17.
7% / 16.
3%; net profit attributable 杭州桑拿网 to listed companies was 52.

38 ppm / 60.

8.4 billion / 70.

30 trillion, +20 for ten years.

0% / 16.

1% / 15.

5%, equivalent to 1 EPS.

94 yuan / 2.

25 yuan / 2.

60 yuan, the corresponding PE is 45X / 39X / 33X.

Considering that the release of the company’s new capacity will set the tone for sustainable development in the next five years, it is expected that the company’s performance growth will be faster than the industry average in the future.

In summary, maintain the “recommended” level.

4. Risk Warning: Consumption upgrade is not up to expectations, the prices of upstream raw materials have risen abnormally, food safety risks, etc.

China Pacific Insurance (601601) Company Review Report: NBV Turns Out Positively on the Investment Side

China Pacific Insurance (601601) Company Review Report: NBV Turns Out Positively on the Investment Side

Event: The company released its 2018 annual report and realized a net profit attributable to shareholders of the parent company of 180.

19 ppm, an increase of 22 in ten years.

9%, corresponding to an EPS of 1.

99 yuan / share; 1495 net assets attributable to shareholders of the parent company at the end of the period.

76 yuan, an earlier increase of 8.

8%, corresponding to a BVPS of 16.

51 yuan / share.

Key points of investment: NBV turns positive, agent cleansing continues and starts2.

0 Transformation: The company gradually realized new business value 271.

200 million, +1 a year.

5% (first half -17.

5%), mainly driven by the protection products in the second half of the year. The long-term health insurance premium interval + 60% to 33 billion, which continues to increase from the first half + 43%.+7 per night.

7%, the proportion increased by 7.

4 pct.

To 49.

1%, business structure continued to optimize, driving new business value rate4.

3 points to 43.

7%, a record high.

In terms of agents, the long-term monthly manpower scale has shrunk slightly.

1% to 84.

70,000, as of the end of the year was 84.

20,000, the team is still virgin and started 2.

0 transition, vigorously implement high-quality increase in staff, and gradually increase the average monthly healthy and excellent manpower by + 26% and + 15% to 31, respectively.

2, 14.

90,000, the core agent team continued to grow, meanwhile, the average monthly commission income per capita for the first year +6.

5% to 1058 yuan (-22% in the first half of the year), which is expected to be caused by high commission incentives for guaranteed products (the cumulative increase in long-term health insurance fees and commission expenses +103.

4% to 12.9 billion, only + 27% in the first half of the year).

EV + 17.

The expected 5%, the investment end performance is the industry’s best: the company’s internal value-added growth earlier +17.

5% to 336.1 billion (+8 in the first half of the year.

1%), mainly due to the industry’s best performance on the investment side.

Although the net investment rate of return, the total investment rate of return decreased by 50BP and 80BP to 4 respectively.

9%, 4.

6% (mainly due to a reduction in equity dividends + stock market fluctuations affecting the return on equity investment by 6).

5 points.

To 1.

1%), but the comprehensive investment yield increased by 30BP to 5.

1%, thanks to the company’s investment strategy of high proportion allocation of fixed income assets, realizing the floating profit of bond assets (balance sheet “other comprehensive income” increased significantly by 86% to 27.900 million).

As of the end of the year, the company’s fixed income asset allocation accounted for 83%, much higher than Ping An’s, 77% and 75% of Xinhua’s, which corresponded to positive biased return on investment in embedded value.

300 million (the industry generally has a significant negative deviation).

Reserves affect the growth of life insurance profits contributed by liquidation, and the comprehensive cost ratio of property and casualty insurance is optimized against the trend: the company’s initial net profit attributable to the mother +22.

9% to 180.

2 megabytes, which is faster than the first three quarters, due to: 1) Net profit of life insurance +38 for ten years.

9%, mainly due to the impact of reserves on liquidation (reservations of 500 million yuan in pre-tax profits increased each year, reversed 9 billion last year); 2) net profit of property insurance decreased by -6.

9%, up from -22.

The 5% decline has narrowed significantly, mainly due to a yield of -7.

3pt to 46.

3%, or stemming from the effect of strict supervision and fee control in the second half of the year.

Property insurance premiums are +12 per year.

6% to 117.8 billion (including auto insurance ten years +7.

5% relative to the industry), the comprehensive cost rate is optimized against the trend of 40BP to 98.

4% (auto insurance 苏州桑拿网 optimization 40BP to 98.

3%), in which the expense ratio and the payout ratio are +3 respectively.

3pt, -3.

7pt, the direction of structural changes is consistent with the industry.

Profit forecast and investment rating: The company’s high commission incentives will drive NBV to achieve positive growth in 2018. In the future, it is necessary to wait and see the agent’s transition process and state adjustment. Adjust the company’s NBV growth rate to +2 in 2019 and 2020, respectively.

9%, +9.

9%, current A-share expectations are estimated to be about 0.

76 times 2019 PEV, it is estimated that it still has a safety margin, and maintain the “Buy” rating.

Risk reminders: 1) the duration of new life insurance premiums; 2) the long-term interest rate continues to impact investment; 3) the transfer of agents or 北京夜网 production capacity is less than expected; 4) the comprehensive cost ratio of property insurance is less than expected.

Sinopharm (600511) Interim Review: State-controlled Beijing’s rapid growth in grassroots coverage has increased significantly

Sinopharm (600511) Interim Review: State-controlled Beijing’s rapid growth in grassroots coverage has increased significantly

The core point is that the net profit of the mother increased by 18.

66%, the operating quality has been further improved. The company released the semi-annual report for 2019 and achieved 210 revenue in the first half.

2.2 billion, an increase of 11.

99%, net profit attributable to mother 7.

5.5 billion, an increase of 18.

66%, deducting non-net profit 7.

2.8 billion, an increase of 14.

64%, EPS0.

99 yuan, slightly higher than market expectations.

In the second quarter, a single quarter realized revenue of 109.

7.3 billion, an increase of 13.

82%, net profit attributable to mother 4.

6.8 billion, an increase of 22.

85%, deducting non-net profit4.

4.3 billion, an increase of 16.

09%.

On the whole, the operating quality of the company’s commercial sector has improved, and profits have accelerated growth.

  State-controlled Beijing’s profit increased by 37%, regional competitiveness continued to improve, and the company’s coverage in Beijing continued to increase. On the basis of maintaining 100% coverage of secondary and tertiary hospitals, primary medical institutions covered 4,500, an increase of 1,500 from the end of 2018 The profit growth rate of its state-owned subsidiary Beijing State-controlled Beijing is as high as 37% per year, which can be seen from the multiple influences of previous industry policies and financing environment. The concentration of the industry has continued to increase; for the first time, a total of 40 product regulations in BeijingThe company has obtained 35 product distribution authorizations.

The company strengthened the import of new products, new dating Eisai Haiweiwei (treatment of pregnancy), Huaxi botulinum toxin, Pfizer Renjie, Beifu increased new specifications; expanded 15 varieties of innovative drugs; completed the opening of key manufacturers accounts, procurement and sales linkagePriority work.

  Operating cash flow increased by 34.

41%, representing the continued recovery of the commercial sector. The company’s gross profit margin in the first half of 2019 was 8.
.

50%, a decrease of 0.

65 levels, mainly due to structural factors.

Period expense ratio 3.

51%, a decrease of 0.

81 units, of which the sales expense ratio is 2.

29%, a decrease of 0.

50 units, R & D + management expense rate is 0.

93%, a decrease of 0.

13 units with a financial expense ratio of 0.

30%, a decrease of 0.

The 19 singles are mainly due to the gradual decline in financing costs since this year, which is 0 operating cash flow.

90 yuan, up 34.

41% represents a steady improvement in the operating quality of the pharmaceutical distribution sector under the current competitive landscape.

  Estimated 19-21 results are 2 respectively.

22 yuan / share, 2.

57 yuan / share, 2.
93 yuan / share is expected to be 2 in 19-21.
22 yuan / share, 2.

57 yuan / share, 2.

93 yuan / share, the corresponding price-earnings ratio of 11 based on the latest closing price.

58 times, 10.

01 times, 8.

78 times.

As the industry leader in Beijing, the company has further enhanced regional competitiveness and maintained high barriers in the linen business. Based on the company ‘s historical changes over the past two years and the company ‘s current operating improvement trend, we conservatively give the company a reasonable value.

57 yuan / share, corresponding to 17 times PE valuation in 2019. Maintain BUY rating.

  Risk warnings: The magnitude of price cuts with volume purchases may have an impact on the overall growth of the industry; changes in the cost of funds caused 武汉夜生活 by changes in interest rates, and increased regional competition risks

印度执政联盟候选人奈杜当选副总统

印度执政联盟候选人奈杜当选副总统
­  新华社新德里8月5日电 印度执政的全国民主联盟提名的候选人文卡亚奈杜5日击败反对党候选人戈帕尔克里希纳甘地,以516票当选该国第15任副总统。­  据选举委员会官员介绍,在由785人组成的选举人团中,共有771名成员参加了投票,投票率为98.21%。­  奈杜出生于1949年7月1日,来自安得拉邦。2002年至2004年,他曾任人民党全国主席。从1998年开始,他代表卡纳塔克邦连续三届当选联邦院议员。去年他代表拉贾斯坦邦再次当选联邦院议员。他曾在瓦杰帕伊政府中担任农村发展部长。在莫迪政府中,他曾担任过城市住房开发、城市扶贫和议会事务部长,信息和广播部长。­  莫迪对奈杜当选印度副总统表示祝贺,希望他度过一个富有成效并激动人心的任期,并表示相信奈杜将成为一个勤奋敬业的副总统,致力于实现国家建设的目标。­  印度副总统由议会两院(联邦院和人民院)议员组成的选举人团选出,任期5年,可连选连任。印度副总统同时也担任议会联邦院主席,其主要职能是主持该院会议。当总统职位空缺时,副总统代行总统职务,但任期不能超过六个月。­  印度现任副总统哈米德安萨里2007年当选并于2012年都市夜网连任,其第二个任期将于本月10日结束。(记者 胡晓明) 原标题:印度执政联盟候选人奈杜当选副总统

Perfect World (002624): The rich performance of movie game project reserves confirms the low valuation

Perfect World (002624): The rich performance of movie game project reserves confirms the low valuation

Key Investment Events: On the evening of April 29, the company disclosed its 2018 annual report and 2019 first quarter report.

2018 profit distribution plan: The company intends to replace the total share capital of the company’s repurchased shares with the total number of shares on the registration date of the future implementation of the distribution plan as the base, and distribute a cash dividend to all shareholders for every 10 shares.

80 yuan (including tax), the dividend ratio is 38.

10%.

“Perfect World” mobile game was launched, and the increase in gross profit margin drove 2019Q1 performance growth beyond the forecast limit: in 2018, it achieved operating income of 80.

3.4 billion (+1.

31%), net profit attributable to mother 17.

0.6 billion (+13.

38%), net profit 无锡桑拿网 attributable to mother after deduction 14.

470,000 yuan (+3.

54%), affected by the game industry’s phased version policy in 2018, revenue from the game business has decreased, and the company’s revenue in 2018 increased by low single digits.

In Q1 2019, the company achieved operating income of 20.

4.2 billion (+13.

26%), after excluding the impact of the theater business, the revenue of the game and film and television business actually increased by 32.

8%, net profit attributable to mother 4.

8.6 billion (+34.

95%), net profit attributable to mother after deduction.

6.3 billion (+56.

77%), “Perfect World” mobile game launched, gross profit margin increased to the company’s first quarter performance growth exceeded the forecast limit.

Mobile games: The core products performed well and the follow-up reserves were abundant: new game products such as “Reincarnation”, “Scorching Fire” mobile games and “Wulin Waichuan Mobile Games” launched by the company performed well; “Xianxian Mobile Games”, etc.Classic games continue to perform steadily.

The company’s masterpiece “Perfect World” mobile game went live on March 6, 2019, and ranked first on the iOS bestseller list more than half of the first month of the release. We predict that the first month’s water flow is expected to exceed 1.5 billion; the future is expected to launch “The Condor Heroes 2″”New Demon Continent”, “Four Seasons Songs in Cloud Dreams”, “Cygnus of Dreams”, “New Swordsman”, “My Origin” and several other models cover MMORPG, turn-based, two-dimensional, sandbox, SLG, ARPG, Open World and many other types and alternative new games.

At the same time, the company accelerated the promotion of mobile games to the sea. In March 2019, it has reached a strategic cooperation with Google.

Revenue from mobile games in 201827.

1.1 billion (-11.

94%), with a gross profit margin of 63.

18%, up 4 each year.

05 averages.

End-game and console game veteran reserves are high-quality: classic end-game products “Xianxian” and “Perfect World International Edition” continue to contribute stable income; report that the two companies launched the end-game and console dual-platform game “Subnautica (Deep Sea Trek)” is widely used by playersWelcome; Westward Journey developed by the French team can launch a 2D horizontal action adventure game “Unruly Heroes”. It will be available on Steam, Xbox, Switch and other PC and console platforms in January 2019.

Reserve products: “Don’t Even Think” in the testing of the host platform; R & D of new products of the flagship IP “Xianxian” and “Perfect World”; R & D of 2 well-known IP host games by European and American teams.

The company’s revenue from terminal games in 201821.

9.6 billion (+10.

28%), gross profit margin 73.

67%, down 2 averages previously; console games 4.

6.3 billion (-10.

99%), gross profit margin 58.

83%, up 2 every year.

06 averages.

With both core R & D and operational capabilities, the development of the era of cloud gaming will also bring more popular products: cloud gaming operates through cloud servers, breaks device restrictions, reduces user entry costs, and enables users to have a better gaming experience.The reduction in equipment door biology means that players can experience extended games more conveniently in the region, so big manufacturers with core research and development capabilities benefit.

The company fully cooperates with the steam platform. It is expected to perform front-end debugging on the platform and strengthen the attributes of cloud games. The company is exploring the path to cloud games in the 5G era and preparing for the arrival of the era of cloud games.

The film and television project reserves are abundant, which is expected to achieve high growth: the company’s film and television business in 2018 achieved revenue26.

1.3 billion (+14.

62%), Beijing Perfect World Film & Television Media Co., Ltd. net profit.

28 ppm, the net profit of the film and television sector is about 12.

55%.

In terms of TV dramas, the company’s broadcasts in 2018 include: “Blade Attack”, “Scorching Fire”, “Suddenly This Summer”, “Returning”, “Flight”, “The Most Beautiful Youth”, “Sweet Honey Embers Frost”, “Motherhood””Legend of Su Mo’er”, “The Loess High Sky”; The dramas that have been broadcast in 2019: “Little Girl Flowers Never Give Up”, “Youth Fight”, “While We Are Young”, and rich project reserves.

Revenue of the company’s TV drama business in 201817.

4.9 billion yuan (+55.

01%), gross profit margin 34.

40%, an annual decrease of 18.

72 units.

In terms of movies, the Internet movies “Soul Ferry · Huangquan”, “The Pirates of the River” and the cinema movie “Shadow” won good reputation, and “Shadow” won 6.

2.8 billion box office.

Investment suggestion: We repeat the logic since the end of last year, and suggest that we actively pay attention to the game leader that Q1 can ensure stable growth. Currently, Perfect World is a game + film and television white horse, and its valuation is significantly underestimated. We predict that the company’s EPS for 2019-2021 will be1.

66, 1.

93, 2.

31 yuan, corresponding to the current expected PE is 17 respectively.

0/14.

6/12.

2x, maintain BUY-A investment rating.

Risk reminder: the risk of the game business failing to meet expectations; the risk of game policy fluctuations; the risk of increasing game operating costs; the risk of TV drama revenue recognition not reaching the expected time