14094_007之Goldfinger 金手指等390个文件_

o tremble, as a light hand was laid upon his shoulder; he would turn softly, fearing lest the divine apparition should vanish to the skies; but there beside him stood a young girl, with cheeks aflame and heaving breast, with brilliant 杭州桑拿经理电话 liquid eyes: she had come to tell how her past day had been spent, and to offer her forehead for the kiss that should reward her labours and unwilling absence. This woman, dictator of laws and administrator of justice among grave 杭州西湖足浴店可啪 magistrates and stern ministers, was but fifteen 杭州水磨全套 years old; this man; who knew her griefs, and to avenge them was meditating regicide, was not yet twenty: two children of earth, the playthings of an awful destiny!

Two months and a few days after the old king’s death, on the morning of Friday the 28th of March of the same year, 1343, the widow 杭州男士spa按摩 of the grand seneschal, Philippa, who, had already contrived to get forgiven for the shameful trick she had used to secure all her son’s wishes, entered the queen’s apartments, excited by a genuine fear, pale and distracted, the bearer of news that spread terror and 杭州洗浴按摩中心 lamentation throughout the court: Marie, the queen’s younger sister, had disappeared.

The gardens and outside courts had been searched for any trace of her; every corner of the castle had been examined; the guards had been 杭州按摩店 threatened with torture, so as to drag the truth from them; 杭州桑拿按摩哪家好 no one had seen anything of the princess, and nothing could be found that suggested either flight or abduction. Joan, struck down by this new blow in the midst of other troubles, was for a time utterly prostrated; then, when she had recovered from her first surprise, she behaved as all people 杭州桑拿按摩小姐 do if despair takes the place of reason: she gave orders for what was already done to be done again, she asked the same questions that could only bring the same answers, and poured forth vain regrets and unjust reproaches. The news spread through the town, causing the 杭州桑拿服务论坛 greatest astonishment: there arose a great commotion in the castle,


and the members of the regency hastily assembled, while couriers were sent out in every direction, charged to promise 12,000 ducats to whomsoever should 杭州足浴多少钱 discover the place where the princess was concealed. Proceedings were at once taken against the soldiers who were on guard at the fortress at the time of the disappearance.

Bertrand of Artois drew the queen apart, telling her his suspicions, which fell directly upon Charles of Durazzo; but Joan lost no time in persuading him of the improbability of his 杭州按摩会所 hypothesis: first of all, Charles had never once set his foot in Castel Nuovo since the day of his stormy interview with the queen, but had made a point of always leaving Andre by the bridge when he came to the town with him; besides, it had never been noticed, even in the 杭州龙凤论坛lanwashe past, that the young duke had


spoken to Marie or exchanged looks with her: the result of all attainable evidence was that no stranger had entered the castle the evening before except a notary named Master Nicholas of Melazzo, an old person, half silly, half fanatical, for whom Tommaso Pace, valet de chambre to the Duke of Calabria,

Development and Reform Commission: At present, the merger of industrial enterprises above designated size has been resumed

Development and Reform Commission: At present, the merger of industrial enterprises above designated size has been resumed
On April 20, the National Development and Reform Commission released a regular press conference in March, and the National Development and Reform Commission released a press conference on Yuan Da to introduce the situation of resuming production.He said that various places have made significant progress in resuming production and that industrial enterprises above the national scale have already resumed work.Judging from the electricity consumption monitored by power grid companies, the electricity consumption of non-ferrous metals, pharmaceuticals, electronics, chemicals, steel, machinery and other industrial industries has basically reached or exceeded last year’s level.From the perspective of logistics, the number of railway loading has basically returned to normal levels, civil aviation, ports, and water transportation are all operating normally, and the volume of express delivery services has clearly exceeded the level of the same period last year.Judging from the situation of major projects, all localities adhere to the classification guidance, precise implementation of zoning and grading, expanding the guarantee of land, funds and other factors, coordinating and solving difficult and clogged problems, and effectively promoting the expansion and expansion of major projects.Sauna, Ye Wang Zhang Shuxin editor Li Weijia proofreading Wei Zhuo

Liverpool withdraws letting the government bear employee wage decisions and publicly apologizes

Liverpool withdraws letting the government bear employee wage decisions and publicly apologizes
Beijing News News Liverpool officials announced that some employees will be paid leave, and the wages during this period will be borne by the British government, this move has caused widespread public criticism.In the early hours of this morning, Liverpool officially issued an open letter from CEO Peter Moore, announcing the withdrawal of applications for government relief plans, and publicly apologizing.The letter states: “The club announced last week that it plans to apply for the British government’s new crown epidemic post retention program, leaving some employees without pay to stay.We think we made the wrong decision, and we are very sorry for that.We will work to find alternative operating solutions to ensure that we will not apply for government relief programs.”Under the epidemic, the club considered a series of possible options, including but not limited to: applying for the British Crown ‘s new crown epidemic post retention plan, the government will pay 80% of the salary to the employees, the club will bear 20% of the salary; apply for the British government ‘sNew Crown Outbreak Job Retention Program, and ensure that the funds already paid are repaid in the future; find alternative methods to pay the cost of our employees’ leave without pay.After sparking widespread public criticism, Peter Moore stated in an open letter that although they were eligible to apply for the British Crown ‘s new crown epidemic post retention plan, they chose to seek alternative methods through extensive consultation and extensive in-depth discussions throughout the clubTo solve the current problem.Editor Wang Xihuang proofreading Wei Zhuo

[Maternal hypothyroidism should eat some food]_Pregnancy_What to eat

[Maternal hypothyroidism should eat some food]_Pregnancy_What to eat

Hypothyroidism, also known as hypothyroidism, is a common thyroid disease. If a pregnant woman has this disease, it will have a great impact on her own health and diet. At this time, you need to add iodine in time.Limit some high blood pressure and mild foods. If anemia occurs, it is necessary to correct the anemia in time. It is usually beneficial to eat some fish and soy products.


Supplement the right amount of iodine: generally used every 2?
The concentration of 10 mg of salt and 1 g of potassium iodide causes goiter, which significantly reduces the incidence, and is suitable for endemic goiter areas.

In addition, pay attention to the supplementation of iodized salt to fertile women to prevent cretinism due to maternal iodine deficiency. This is a dietary care method for hypothyroidism.


Make up the amount of protein: The egg gluten mass per person per day is at least more than 20 grams, and the amount should not be too much. This is a diet contraindication for patients with hypothyroidism, so as to maintain the protein balance of the human body.

Amino acids are the basic components of protein. About 3% of the protein is continuously updated daily, and hypothyroidism slows down the intestinal mucosal renewal rate.

The secretion glands of the digestive juice are damaged, and the enzyme activity is reduced. Generally, white eggs are self-decreased. Therefore, essential amino acids should be added to supply sufficient protein to improve the disease.


Restrict diets for adolescents and hypertension: Patients with hypothyroidism often have hyperlipidemia, which is more pronounced in primary hypothyroidism, so adults should be restricted from eating.

Daily dietary supplements make up about 20% of the total diet and limit your blood sugar diet.


Supplement anemia and vitamins: Those with anemia should supplement a Taiwanese iron-rich diet and vitamin B12, such as animal liver, and if necessary, folic acid and liver preparations.


Food to choose: Because the diet of patients with hypothyroidism is contraindicated, hypothyroidism caused by iodine deficiency should be replaced with appropriate amount of kelp, seaweed, iodized salt, iodine soy sauce, iodine eggs and bread with iodine.

When cooking, pay attention to the iodized salt should not be added to the boiling, so as not to reduce the iodine concentration and volatile iodine.

For protein supplementation, eggs, milk, various meats, and fish can be selected; plant proteins can be complementary, such as various soy products and soy beans.

Supplying animal liver can correct anemia, but also ensure that a variety of vegetables and fresh fruits are provided, all of which are hypothyroid diet care.

[How to make sweet potato balls]_How to do_How to do

[How to make sweet potato balls]_How to do_How to do

Sweet potato meatballs are a kind of seasoning. The main material is sweet potatoes. After a certain treatment, they are mashed into mud, wrapped into round balls, and then fried in oil.Already.

However, this is the easiest way, and there are slightly more complicated methods, such as covering sweet potato balls with sesame and other things.

Can make sweet potato balls more delicious.

Method 1: Material: 1 small cup of glutinous rice flour (because of the relationship of glutinous rice flour, it should not be eaten too much at one time, and you should also take a good amount when you do it, you don’t have to make too much at a time), 1/4 sweet potatoes, cake1 small piece, 1 tbsp sugar, 1 tsp salt, 1 or 2 red dates.

Sweet potato meatballs Sweet potato meatballs-Method: 1. First, wash the sweet potatoes, peel them, cut into round slices, put them in a steamer and steam them over the water.

2. When steaming sweet potatoes, you can deal with red dates. Red dates are mainly used for decoration here. If you do n’t make much, that one red date is enough. Wash the red dates and use a knife to put the red date meat into the date core.Slice down, then roll up the red dates and slice into thin slices.

3. After the sweet potato is steamed, take it out, mash it into sweet potato puree, add salt and sugar and stir well.

4, knead with sweet potato puree into several small balls, do not knead the balls too much, this is just stuffing.

5. Mix glutinous rice flour with some salt, sieve, and knead into glutinous rice dough while adding water.

6. Take a glutinous rice ball, squash it, wrap it into sweet potato balls, roll it into a circle, and do everything in turn. Don’t wrap the glutinous rice crust too thick.

7. Take the soup pot, pour in the water and boil, then add the sweet potato meatballs and cook until they all float to the surface. Remove the cold water.

8. At this time, prepare a small fresh-keeping box, then scoop a small piece of cake, take the light-colored part inside, make it powder, and then put our sweet potato dumplings into the fresh-keeping box, shake the box to make the surface of sweet potato dumplingsWrap evenly with a layer of cake powder, and finally put it on a plate, garnished with red dates slices. Method two,[Material]: 600 grams of sweet potatoes, 100 grams of rice[seasoning]: 70 grams of fine sugar, 100 grams of sweet potatoes powder, how to make sweet potatoes ballsProduction method: 1.

Sweet potato peeled, washed and cut into pieces, then steamed in a steamer and removed.


After mixing the sweet potato pieces, rice, and granulated sugar, stir together with a bread scraper to form a mud.


Add sweet potato powder and mix well, that is the dough.


After cutting the dough into small pieces of about 2 cm in size, knead and knead them into small round balls.

[MSG cannot be eaten with what]_ MSG cannot be eaten with what _ MSG goes with

[MSG cannot be eaten with what]_ MSG cannot be eaten with what _ MSG goes with

We often hear in food, many of them are not actually produced in food, so everyone should know about MSG, come and take a look!

Xiangke MSG + Egg: Egg itself contains a lot of glutamic acid with the same ingredients as MSG, so MSG when scrambled eggs can not increase umami taste, but will destroy and cover the egg ‘s natural umami MSG + mushroom: umami anti-loss MSG +Jiangmijiu: It is not recommended to eat monosodium glutamate in patients with memory impairment, high blood pressure, pregnant women and infants, elderly people and children.

It is suitable for the general adult edible MSG.

Illness comes from the mouth, of course, health is also obtained through diet. The wrong combination of MSG, we can not only get health, but also cause loss of physical health, so everyone must pay attention to it.

[How to make beef tripe]_Good food practice_How to make

[How to make beef tripe]_Good food practice_How to make

There are many ways to use the fat belly. Of course, the most common one is the fat belly.

Maodu is a very easy to cook food.

Therefore, you must grasp the heat during the process of making the tripe. If you are not careful, you may overdo the tripe and lose the original taste.

You need to add many kinds of accessories when making the tripe, so that it can taste more fragrant.

The following will teach you how to make beef tripe.

Ingredients: a bag of coriander, a small amount of coriander, spicy, about ten garlic, a moderate amount of peanuts, a moderate amount of pepper oil, sesame oil, salt, MSG and star anise.

Put the hairy belly in the water and cook for about three minutes. Put some cooking wine, peppercorns and star anise in the water to remove the fishy smell.


Lift up the cooked hairy belly and let it cool.

Then heat the pan and put in the peanut rice, stir frying until it is cooked.

If it is cooked peanuts, this step can be saved.


Garlic chop, millet spicy chopped, parsley cut into small pieces, add to the pot filled with salt, add salt, monosodium glutamate, sesame oil, red oil pepper, pepper noodles, soy sauce, a small amount of sugar, vinegar, and fried peanutMix well.

How to make beef tripe

Wash the belly and cut into thin filaments.


Remove the boiled water in the boiled water.


Put the right amount of oil in the pot, dry peppers, ginger slices, garlic cloves and peppercorns and stir fry over low heat.


Stir in a spoonful of Shexian bean paste.


After sautéing, add broth and boil over high heat.


After the soup is boiled, the soybean sprouts are slightly boiled.


Boil until the soup is boiling for the second time, immediately remove the soybean sprouts and place them at the bottom of the bowl.


The tripe is cooked in a pot.


After the soup is ready to boil, it is ready to serve.


The cooked tripe is poured on top of the soy sprouts, and topped with dried paprika and peppercorns.


Put the oil in the pot and boil again, pour it on the dried chili and pepper, and start eating.

Focus Media (002027): The economic downturn will gradually release the scale effect of revenue

Focus Media (002027): The economic downturn will gradually release the scale effect of revenue

Core point of view: The company released the 2018 annual report and the 2019Q1 quarterly report. It is expected that the net profit of 19Q2 is still under pressure on April 25, 2019. The company released the 2018 annual report and the first quarter of 2019 report.

The company achieved revenue of 145 in 2018.

51 ppm, an increase of 21 in ten years.

12%; net profit attributable to mother 58.

23 ppm, 10-year average3.

03%; the net profit of non-attributed mothers will be gradually realized by 50%.

26 ppm, a 10-year increase3.


The company achieved operating income of 26 in 2019Q1.

11 ‰, a decrease of 11 per year.

78%; net profit attributable to mothers3.

40 ‰, 71 years average.

81%; Realize deduction of non-returned net profit1.

16 ‰, 89 years before.


The weak growth in 19Q1 was mainly due to the supplementary economic downturn in the off-season. We expect the economic downturn will still affect Q2 revenue.

According to the company’s performance guidance, 2019H1 is expected to achieve net profit attributable to mothers7.


At 0 ppm, the average annual fluctuation is expected to be -77.



Accelerating the layout in 2018, the pace of expansion in Q1 2019 has improved, and the company has about 72 self-operated equipment for elevator TV media at the end of 2018.

40,000 units, about 2 join the equipment.

50,000 units; self-operated media in elevator poster media is about 193.

80,000, about 8 outsourcing poster media.

50,000 units, cinema media screen more than 1.

270,000 yuan.

The value of elevator media resources at the end of 2019Q1 is 275.

50,000, 9 in a single season.

30,000 units.

The overall expansion pace indicator for 2019 has improved in the second half of 2018.

We believe that the accelerated layout in 2018 has enabled Focus Media to integrate a marketing network that can cover the most core groups. The scale effect brought by more points in the future will continue to be released, and the value of media resources will be further highlighted.

The macroeconomic downturn, the proportion of receivables / revenues and prepayments / revenues rose sharply until March 31, 2019, and the balance of accounts receivable and bills receivable on the company’s account was 42.

2 trillion, accounts receivable and bills receivable / operating income ratio is 161.

6%, about the same period in previous years increased significantly.

Affected by macroeconomic indicators, the repayment cycle of the company’s core customers has generally slowed down.
In terms of prepayment, as of March 31, 2019, the company’s prepayment amount was 12.

The increase in prepaid accounts since the second quarter of 2018 was mainly due to the increase in the prepaid media resource rent and the increase in equipment purchase prepayments brought about by the rapid expansion of expansion.

Investment suggestion: We expect Focus Media to realize net profit attributable to mothers from 2019 to 202037.


38 重庆耍耍网 trillion, EPS is 0.


33 yuan, 2019/4/25 closing price corresponding to PE are 25.


8 times.

We believe that Focus Media, as the pioneer of elevator media, has a strong point network and sales capabilities to build a wide moat.

In the future, after 2018, the maximum point will be increased, the scale effect will continue to be released, and the industry leader will gradually stabilize.

We give the company 22 times PE in 2020, corresponding to a reasonable value7.

26 yuan / share, maintain “Buy” rating.

Risks suggest a downturn in the macro economy; intensified market competition; and less than expected box office.

Capital Markets War Epidemic: TMLF or asymmetric interest rate cut

Capital Markets “War Epidemic”: TMLF or asymmetric interest rate cut
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  The original title of the 21st Century Business Herald: The capital market is united in the “war epidemic”. As the next MLF expires on April 17, from the perspective of the epidemic situation, the market is expected to make MLF in advance, or it may use TMLF.  At the objective and critical moment of the epidemic, release 1 in advance.Liquidity of USD 2 trillion, a record high single-day investment.  On February 3, implement 1 ahead of time.2 trillion public market reverse repo operations, of which 900 billion 7 days and 300 billion 14 days.At the same time, the 7-day and 14-day reverse repurchase bid rates at the beginning of the year were 2 respectively.40%, 2.55%, 10BP lower than the Air Force.Gradually stated that they will continue to pay close attention to market liquidity during special periods of epidemic prevention and control to ensure adequate liquidity supply.  On the same day, Shibor’s overnight interest rate increased by 6BP, and the weekly interest rate increased by 5.80BP, but 2-week interest rates fell by 17.70BP.A fund trader said that the amount of reverse repurchase expiry on the day was relatively large, and the market was still a little tight as it was transformed into non-bank and other markets.  ”Both the 7-day and 14-day reverse repurchase bid rates have been lowered by 10BP, which is more than the previous 5BP operating practices, and the policy interest rate curve has been lowered across the board.Ding Anhua, chief economist of China Merchants Bank, told reporters.  Several people interviewed by 21st Century Business Herald reporters are expected to continue to take “rate cuts”.MLF interest rate cuts led to a one-year LPR decline.In addition, in the long run, it is also possible to guide the deposit rate downward by adjusting the benchmark deposit rate.  It should be noted that the epidemic situation has a certain impact on prices.The CPI index reached 4 in December last year.5%.Under the influence of the epidemic, some macro policies, including those within the monetary policy, have to improve easing.However, from the perspective of CPI, there is less room for policy cuts.  For example, the output of agricultural products such as pork and poultry eggs in Hubei accounted for about 6% of the country’s total.Lu Zheng, the chief economist at Industrial Bank, believes that “closing the city” will have some impact on prices, but it will not be great.However, in traffic control, can we consider the diversion of people and materials to avoid agricultural products staying in the place of origin.  After the TMLF or asymmetric interest rate-relevant currency was announced on Monday, the reverse repurchase rate was lowered by 10BP. Financial market participants generally expected that currency statutory regulations would increase the reduction of medium-term borrowing facilities (MLF) and loan market quoted rates (LPR).  ”In order to cope with the impact of the epidemic, the ultimate goal is to stabilize the flow of funds and help companies overcome difficulties.”On February 3, Xu Qiyuan, director of the Economic Development Research Office of the Institute of World Economics and Politics, Chinese Academy of Social Sciences, told reporters.  ”This is a special measure taken in the millennium to prevent an emergency outbreak.”Without this epidemic, the CPI was relatively high at the end of last year, when the market expected the probability of interest rate cuts to be small.”Lu political commissar, chief economist at Industrial Bank, said, however, from the perspective of the financial market, it is necessary to bring some buffers to the market through” cutting interest rates. “For the real economy, under the relatively stable replacement of interest spreads, LPR will bring down the cost of loans and reduce corporate financing costs.  For a possible “interest rate cut” move in the next year.On February 3, a long-term official WeChat public account reprinted an article by Ma Jun, a member of the National Institute of Financial Research at Tsinghua University, hinting at future monetary policy actions.  Ma Jun said that the decline in the bidding interest rate in open market operations drove the overall market interest rate down, which is conducive to reducing capital costs, alleviating financial pressure on enterprises, supporting the real economy, and alleviating the impact of the new coronavirus infection epidemic on the real economy, especially small and micro enterprises.  He said that more than expected liquidity placement will have a downward driving force on overall market interest rates.Following the decrease in the bid interest rate in the open market operation that reflects short-term market interest rates on February 2, the MLF operation in the middle of the month that has been conducted in accordance with the usual practice has also increased the bid interest rate, and the LPR announced on February 20 is expected to 西安耍耍网 decline.  Since the next MLF expires on April 17, from the perspective of the epidemic situation, the market is expected to continue the MLF in advance, or it may be in the form of TMLF.  Ding Anhua said that in addition to the targeted interest rate cuts targeted at the affected companies, the MLF rate cut is expected to fall in the near future, with a range of 5-10BP, which will drive the one-year LPR down.Considering that the highest rigidity of deposit costs is still a major factor in increasing the decline in loan interest rates, it cannot be ruled out that expansion will guide the decline in deposit interest rates by adjusting the benchmark benchmark.  At the same time, considering that the overall RRR cut has already been implemented in early January, there has recently been a possibility of targeted RRR cuts for small and medium banks.On this basis, this year is still expected to continue to reduce the level twice (total 100BP), respectively in the middle of the year and the end of the third quarter.Combining the flexible use of monetary policy tools such as SLF, MLF, refinancing, and re-discounting, liquidity promotes adequate maintenance.  Xu Qiyuan believes that monetary easing has a lot of properties. In the context of the current epidemic, monetary easing may have two directions.The first is quantitative easing, which is the reverse repurchase operation in the open market that has been adopted. In the future, MLF or TMLF quantitative easing policies will be allowed to run through, and the possibility of direct interest rate reduction is small.The second is that unless easing is needed, it is mainly through LPR that prudently push down the loan interest rate while keeping the deposit interest rate stable.This has some kind of asymmetrical interest rate cut in actual effect.  It should be pointed out that on January 31, IMF President Georgiyeva told the media that countries are strongly urged to gradually maintain monetary easing policies in 2020.In 2019, 49 countries around the world have implemented currency easing for a long time, and the IMF estimates that currency easing will push the world economic transformation up by 0.5 averages.  Preventing further price hikes However, “at the end of 2019, the CPI itself is already high, coupled with the outbreak of the Spring Festival, the price level may increase further in the near future.Xu Qiyuan believes that some macro policies, including those within the monetary policy, cannot but improve easing.However, from the perspective of CPI, there is less room for policy cuts.  The Air Force, at the beginning of November 2019, cut interest rates by 5BP, this time by 10BP.From the starting point, the CPI in 2019 increased structurally due to factors such as the swine fever epidemic, from 1 at the beginning of the year.0% rose to 4 at the end of the year.5%.CPI rose by 2.9%, an increase of 0 from the previous year.8 averages.  Political commissar Lu said that the impact of the epidemic on prices was not unilateral.Taking the experience during SARS as an example, the price of tourism travel was weak during the epidemic, and it was restored shortly after the epidemic was eliminated.In the field of medical security, the price of medicines has been high for a long time, and it dropped to a substitute level only one year after the epidemic was eliminated.  According to Cheng Shiji, the chief economist of ICBC International, from SARS and other historical experiences, for a country with a complete industrial chain like China, the impact of infectious diseases on the demand side of residents is greater than the industrial supply side.”Recent market research shows that a large number of financial institutions have undergone reforms in the next half of the year, and there is more room for the cost of funds to drop. Therefore, the marketization of LPR has opened up a little bit.”” The desired policy path may be lowered first to open the room for LPR decline.The decrease of the LPR marketization point should be earlier than the reduction of the MLF interest rate. First, use the space formed by the reduction in capital costs of financial institutions, and then consider the MLF interest rate reduction. Although staggered in the first quarter, there is still increasing pressure.Cheng Shi said.  It should be pointed out that agricultural products are expensive and complicated. The problem faced by this epidemic is the difficulty of shipping agricultural products to the place of production and difficult to obtain the place of consumption under the influence of factors such as “closing the city.”  The Political Commissar of Lu pointed out that Hubei is a large agricultural province, and the output of agricultural products such as pork and poultry eggs accounted for about 6% of the country.”Closing the city” will have some impact on prices, but it will not be great.But also need to open the transmission channel with toxicity.  He said that in the traffic control, can we consider the diversion of people and materials to prevent agricultural products from staying in the place of origin.In addition, during extended vacation periods, companies also pay employees basic salaries.Since the extension of the holiday is a temporary suspension of business, the cost can be considered to be shared by the financial department.

Han’s Laser (002008) 2019 Third Quarterly Report Review: Performance Meets Expectations Ushers Inflection Point in Fourth Quarter

Han’s Laser (002008) 2019 Third Quarterly Report Review: Performance Meets Expectations Ushers Inflection Point in Fourth Quarter

[Key points of investment]The company achieved operating income of 69 in the first three quarters of 2019.

44 trillion, down 19 a year.

78%; net profit attributable to mother 6.

00 ppm, a decrease of 63 per year.


The third quarter results were in line with expectations, and the consumer electronics and PCB business ushered in 天津夜网 marginal improvement in the fourth quarter.

The company’s corresponding revenue for the third quarter was 22.

1 billion, down 37 a year.

74%, corresponding to a net profit of 2.

21 trillion, down 65 a year.

41%, performance is in line with expectations.

The company’s gross profit margin increased by 3 in the third quarter.

85 points, reaching 34.

21%, there is a clear rebound.

The performance of consumer electronics and PCB business will be released in the fourth quarter. The PCB business operation has been delayed due to the impact of the trade war, and the performance is under pressure.

Looking forward to 2020, with the opening of the 5G innovation cycle, the above-scale businesses are expected to resume growth.

High power, display panel and new energy business are fiercely competitive, and the focus in the future is on improving profitability.

Due to the decline in laser prices, high-power businesses have poured into many small and medium-sized manufacturers, and industry competition has intensified, affecting the company’s short-term profitability.

In addition, display panels and new energy equipment also face fierce competition.

In the future, the company will continue to consolidate its competitive edge in high-end clients to maintain market share and increase profitability.

Operating cash flow has improved significantly, and the fourth quarter results are expected to usher in an inflection point.

In addition, operating cash flow inflows in the third quarter.

320,000 yuan, mainly due to improved payment.

Looking ahead, the company expects to achieve net profit in 2019.


45 ‰, a year of 45-55%, corresponding to a net profit of 1 in the fourth quarter.


4.5 billion US dollars, which is expected to usher in a significant improvement.

[Investment suggestion]Due to the slightly lower-than-expected release of part of the company’s business performance in the second half of the year, the company’s 19-year revenue and net profit attributable to its mother are lowered, and the adjusted operating income for 武汉夜生活网 19/20/21 is expected to be 98.



4 billion yuan, net profit attributable to mother is 8.



86 trillion, corresponding to 0 EPS.



58 yuan, PE 45/29/24 times. Maintain the “overweight” rating.

[Risk warning]Downstream demand is less than expected; industry competition has further intensified.