Meng Jinghui: Lao She will be happy to see my version of Tea House

Meng Jinghui: Lao She will be happy to see my version of “Tea House”
“Teahouse” stills.Photo courtesy of Meng Jinghui Drama Studio Recently, Meng Jinghui’s “Tea House” completed the first round of performances in Beijing Poly Theater.This edition of “Tea House” completed its tour in many cities across the country after its premiere at the Wuzhen Theatre Festival last year, and in July this year at the IN unit of the Avignon Theatre Festival in France and the 29th “Baltic House International Theatre in St. Petersburg in October”Shang Art Festival” performance.  Since Meng Jinghui’s “Tea House” debuted for the first time, the controversy accompanying this work has been constant, and when this work returned to its birthplace for the first time in Beijing, whether it is from the scene or the Internet, the audience’s evaluation of these works has formed a polarThe mixed voice seems to have reached an endpoint in recent days.After another heated discussion, facing the different voices of the outside world, Sauna and Yeewang interviewed Meng Jinghui, the director of “Tea House”, to hear how he responded.    Sauna Night Net: “Tea House” has returned to Beijing with controversy, what do you think?  Meng Jinghui: In the past, many viewers regarded a work as authentic, but there was no concept of authenticity. I believe that when Mr. Lao She wrote this script, he would face various possibilities in his era.”Tea House” is a multi-angled crystal. You can see the brilliance it reflects from different aspects. It can be interpreted from sociology and economics and contains huge energy.Therefore, drama has its literary and aesthetic changes. From the perspective of historical dialectics legislation, we have to look at the problem in a comprehensive way.  Sauna Night Net: Why should we rearrange “Tea House” again in this era?  Meng Jinghui: Now is the time.I didn’t think of anything else. I think Mr. Lao She’s “Tea House” must have a constant spirit, which is a very thorough compassion for people.I use the contemporary drama vocabulary and alternative technical methods I have come into contact with to express his pity sincerely.In addition, from a certain perspective, I also have a small ambition, just want to have a dialogue with these masters.  Sauna Night Net: Among the different sounds, everyone still focuses more on your creative methods.  Meng Jinghui: Maybe our version of “Tea House” has taken a bit bigger step.We overlapped all the most refined lines in the script, for example, within 20 minutes, all the first act was performed with a roar, and it was expressed in a way of recitation and roar.Using this method, we want to extract the real juice from Mr. Lao She ‘s original script, and then let everyone taste it, slowly interpret it, appreciate it slowly, and then go to heaven and earth, the sky and sky-Brecht’s poemThe video, in the end, also quotes the works of Soviet writer Dostoevsky, I think this is the inheritance and development of the original form of beauty in the script of Mr. Lao She, and we creators realized that this is a normalCreation logic.But some audiences may accept it, and some audiences will have a slight gap.  Sauna Night Net: Have you ever expected that the performance of “Tea House” in Beijing is bound to cause controversy?  Meng Jinghui: In fact, it is quite normal. Last year, there was a lot of discussion at the Wuzhen Theatre Festival. This happened a year ago, including Nanjing University, Central Academy of Drama, and some academic journals, includingThe Lao She Research Society also discussed these things.Later, when I arrived in Avignon, it also caused a big discussion and transformation between the mainstream media and their academic institutions. It was very happy for me.  This work can arouse everyone’s controversy and discussion. On the basis of initialization, it discusses a lot of the extensibility of art, formal aesthetics, scriptology and the avant-garde of expression. Even the discussion in France is actually quite deep, includingThey think that Chinese contemporary drama should be a certain kind and should not be a certain kind, whether it is a collective unconsciousness, or a generation of aesthetic drama trends, etc., I think they are particularly good.  Sauna Night Network: The adaptation of “Tea House” has always been a social topic. Do you have to build your own psychology?  Meng Jinghui: I said that I did n’t think of it when I ranked, but I told two things to myself. Meng Jinghui, you have to think carefully. First, you have to be sincere, as if that was your own business, but your heart mustBe sincere.The second more important thing is that you have to be brave. You have to face the eyes of many people and the doubts of others, even the doubts about you.  I think these two answers are definitely for me.I have done so many kinds of dramas, and now I really want to express my views on the whole society, your life and your nature. If you do n’t express it, there will be no rhythm of life.In addition to being brave, I have to take risks and face various controversies and controversies, so I have confirmed my sincerity and courage.  Sauna Night Net: Just now you described this step as being bigger, based on your own judgment criteria?  Meng Jinghui: Sometimes when you step a little bigger, it is also the most authentic state of artistic creation, because “Tea House” is different from other works, it is not a small improvement.As an art worker, you must express your own things. Sometimes you will be more pragmatic when you take a big step, then you will take a big step.This matter may be related to your artistic intuition, because drama is a comprehensive art. Only by putting all kinds of energies together can we take a step forward to the extreme. I think this has a good effect on the development and forward movement of contemporary Chinese dramaof.  Sauna Night Net: What do you think of the performance of “Tea House”?  Meng Jinghui: I hope that the viewers and our creators have a common mentality, that is, if Mr. Lao She can still see us now (such a work), I think he will really be silently happy, because his one”How much cultural thinking and a new understanding of ourselves, including a kind of attention to our entire era, is particularly good and has no harm.”No matter from creator to appreciator, I think everyone should have a good living environment.  Writing / Sauna, Night Net Liu Zhen

There are more three heroes around DeRozan, and it’s no coincidence that the Spurs have won

There are more “three heroes” around DeRozan, and it’s no coincidence that the Spurs have won
Nearly a week after the start of the NBA season, most teams have suffered defeats.To this day, there are only 76 remaining teams, Timberwolves, Nuggets and Spurs.If the 76ers, the Nuggets are already strong, and maintain the victory in the sense, the Timberwolves’ winning streak is mainly due to the fiery state of Towns at the beginning of the season, then the Spurs quietly won 3 consecutive victories, indeed many peopleI didn’t expect it.Throughout the offseason, the San Antonio Spurs had almost no personnel changes.After the summer window was officially opened, the team and veteran Guy reached a two-year renewal agreement of 32 million US dollars; before the start of the season, and Dezhangtai Murray reached a 4-year renewal agreement of 64 million US dollars in advance,These are almost the few “actions” the Spurs have had throughout the summer.DeRozan is the core of the team. Aldridge, Guy, Bellinelli and other veterans are sitting in town, letting Forbes, Murray, Derek White and other new players play an important role. This is basically the overall tactic of the Spurs this season.Play style.From the current point of view, after the growth of many young players, the Spurs are on the right path.DeRozan is still the core of the Spurs.It is undeniable that DeRozan is still an indispensable absolute core of the Spurs at the crucial moment in determining the game’s victory and defeat-the opener against the Knicks led the team to reverse the final victory, and the second service staged a quasi lore against the Wizards.Today, against the Blazers of the Western Conference, DeRozan scored 27 points, 10 rebounds and 7 rebounds, leading the team to a three-game winning streak.However, under the Spurs’ tactical system, the growth of many young players is obvious to all.Forbes, Murray and Derek White have all played for the Spurs for 3 to 4 seasons. They have repeatedly performed well in the three games at the beginning of the season, providing fire support points for DeRozan and Aldridge.In particular, Murray, as the 29th pick in the first round of 2016, was reimbursed last season for a torn right knee cruciate ligament, but the Spurs remained very confident and sent a generous early renewal agreement before the start of this season.The 23-year-old also used the performance on the court to repay the team’s trust.At the end of 3 games, he averaged 14.7 points, 8.3 rebounds, 6 assists.In the case of the only De Rozan one All-Star player, the Spurs’ strong performance may be difficult to maintain for a long time, but there are new forces blessing, in the fiercely competitive Western Conference, the Spurs are expected to occupy the postseason at the end of the regular seasonA place for the game.

[Can turtle shells be eaten?】 _Can you eat_Can you eat

銆 愮 敳 楸 餸 Fried 3 銆 撆 撖 楋 纻 銆 慱 鍙  Mutual 钖 凨 悧 _ 鑳 戒 笉 鑳 悆
鏃ュ父鐢熸椿涓紝寰堝浜哄钩鏃堕兘鏈夊悆鐢查奔鐨勪範鎯紝澶у閮界煡閬撶敳楸肩殑椋熺枟浠峰€兼槸寰堥珮鐨勶紝寰堝浜哄钩鏃剁敤鐢查奔鏉ユ粙琛ヨ韩浣擄紝涓嶈繃澶у鏁颁汉鍦ㄥ悆鐢查奔鐨勬椂鍊欙紝閫氬父鏄細灏嗙敳楸煎3鎵旀帀鐨勶紝鍏跺疄鐢查奔澹崇殑钀ュ吇浠峰€间篃鏄緢楂樼殑锛屽彲浠ュ寮鸿韩浣撶殑鍏The rugged and unreliable tour of the Han Tao, the sorrow of the pottery, and the sorrowfulness of the sorrow.銆 傜 泳 楸 炸 3 鳳 borrow 钆?鐢查奔澹虫槸鍙互鍚冪殑锛屽悆鐢查奔澹充篃涓嶄細瀵硅韩浣撳仴搴烽€犳垚鍗卞銆傜敳楸煎3鐨勮惀鍏讳环鍊?銆 佺 楳 椸 餸 3 鈄 戮 鍏 Any chain shoulder shoulders 楸 楸 Fried 3 trickleHan Huanpiao,  纴 鍙 ﹀ 鐢 查 擹 擹 慩 撩 揈 惈 湈 椊 ぇ 覓 偒 跺  Fake 栵 纴 鐗 柄 揄 戜 楸 楸 湸 楸What’s the difference? The umbrella is in the air, and it’s screaming. It’s a new story. It’s a lot of troubles. It’s a lot of troubles. It’s a lot of trouble.嗚優鐨勬椿鎬э紝鑳借韬綋鐨勬姉鐥呰兘鍔涙槑鏄炬彁楂樸€?銆佺敳楸煎3鑳芥粙闃撮€€鐑敳楸煎3鑳芥粙闃磋ˉ铏氾紝鎬ц川骞冲拰锛屽钩鏃朵汉浠洜涓烘參鎬ф劅鏌I am afraid that I will be forced to cross the frame, and the clock will be insane, and the clock will be insane, and it will be very difficult for you to use it.Which is the best way to do it? I do n’t know how to do it. I do n’t know how to do it. I do n’t know how to do it. I do n’t know how to do it. I do n’t want to do it.勬不鐤楀姛鏁堝苟涓嶆槑鏄俱€?銆 佺 楳 楸 餳 3 銆 璟 璟 咟 璔 咺 和 和 咩 濕 楸 懸懸 Fried 3 tricks  惈 Chain 夊 ぇ 濕 殶 ╃ 峾 鳳 凱 鳳 峳 鳳鳳 鳳 鳱 鳳鳳 鳳鳳 鳳鳳 鳳鳳 鳱 鳳鳳 鳳鳳 鳳鳳 鳳鳳 鳳鳳 鳳鳳 鳳鳳 鳳鳳 鳳 鳳 鳳 The commonplace畠鑳芥暎缁撴秷鑲匡紝涔熻兘鍦ㄩ€氱粡娲昏锛岃繕鑳芥粙闃磋ˉ铏氾紝瀹冨濂虫€х殑鏈堢粡涓嶈皟浠ュ強鐢锋€ц偩浜忥紝杩樻湁浜轰滑鍥犺偩浜忓紩鐨勫彂澶存檿銆佺溂鑺卞拰鐢锋€ч仐绮剧瓑鐥囬兘鏈夊緢濂界殑娌荤枟It ‘s very effective. It ‘s so effective. It ‘s so easy to cook. It ‘s very hard to make a good deal. It ‘s very hard. It ‘s very difficult to make a chain. It ‘s very rough. It ‘s very difficult to get it to go.Are you sure you want to find out what is going on?Sorry, I ‘m going to go to the restaurant, and I ‘m going to go to the restaurant. I ‘m going to go to the restaurant, I ‘m going to go, I ‘m going to go, I ‘m going to go, I ‘m going to go, I ‘m going to go there, I ‘m going to go thereXie Jingyue, yue, yue, yue, yue, yue, yue, yue, yue, yue, yue, yue, yue, yue, yue, yue, yueThe version of the drama is not good enough. It ‘s hard to beat it. It ‘s very urgent. It ‘s very urgent. It ‘s very urgent. It ‘s very fast. It ‘s very important. It ‘s very good. Han, Han, Han, Han, Han, Yu, Han.銆佽ˉ琛€琛ラ挋鐐栫敳楸煎3鑳借捣鍒拌ˉ琛€琛ラ挋鐨勯噸瑕佷綔鐢紝鍥犱负鐢查奔澹充腑鍚湁鐨勫井閲The cliffs are full of fans, and you can read them all over the world. There are a lot of people going through each other, and you will be able to see how many people are going through each other. It ‘s very difficult to get up and down.鏀躲€傚井閲忓厓绱犻搧鍙堟槸淇冭繘浜轰綋閫犺鐨勯噸瑕佹垚鍒嗭紝鑰岄挋涔熸槸浜轰綋蹇呴渶鐨勫井閲忓厓绱犱箣涓€锛屽洜姝ゅ钩鏃跺椋熺敤鐐栫敳楸煎3鍙互璧峰埌鑹ソ鐨勮ˉ琛€琛ラ挋浣滅敤銆?銆佹姉鐧岄€€鐑х敳楸煎3涓嶅緱鍚湁澶氱瀵逛汉浣撴湁鐩婄殑钀ュ吇鎴愬垎锛岃繕鍚湁涓€浜涘ぉ鐒剁殑鑽敤鎴愬垎锛屽钩鏃朵汉浠妸瀹冪倴鍒朵互鍚庨鐢ㄥ彲浠ヨ捣鍒拌壇濂界殑鎶楃檶浣滅敤锛岃兘璁╃檶鐥囩殑鍙戠梾鐜囨槑鏄句笅闄嶃€傚彟澶栵紝鐢熸椿涓汉浠嚭鐜板彂鐑х棁鐘舵椂锛屼篃鍙互椋熺敤鐐栫敳楸煎3锛屽畠鑳借捣鍒拌壇濂界殑娓呯儹鍔熸晥锛岃兘璁╀汉浠繃楂樼殑浣撴俯闄嶄笅鏉ャ€?

Hangmin Shares (600987): Consolidated Hangmin Baxter boosts revenue and achieves double-digit profit growth in printing and dyeing

Hangmin Shares (600987): Consolidated Hangmin Baxter boosts revenue and achieves double-digit profit growth in printing and dyeing
On the evening of the 27th, the company disclosed its annual report, and realized revenue of 75 in 2018.34 ppm, a ten-year increase of 8.5%, net profit attributable to mother 6.62 ppm, an increase of 10 in ten years.8%, net of non-attributed net profit 5.76 ppm, a ten-year increase of 8.1%.The basic return is 0.96 yuan.It is planned to increase 2 shares for every 10 shares and pay 2 bonus shares.5 shares and cash dividends 2.8 yuan (including tax). The investment points are listed in the following table: Hangmin Baitai has built a dual-main business, and the original business has maintained steady growth: In December 2018, the company acquired 100% equity of Hangmin Baitai, a subsidiary of the group, and merged into the gold jewelry processing business to form “fabric printing and dyeing + gold jewelry”Dual main business layout.In 2018, Hangmin Baxter contributed 35 revenue.700,000 yuan, contributing 0 net profit.7.9 billion.After the replacement, Hangmin’s original business realized revenue 39.64 ppm, an increase of 13 in ten years.4%, the original business revenue grew steadily, achieving net profit7.20 ppm, a ten-year increase of 8.6%, the increase in the price of raw materials has slightly reduced the gross profit margin, and the final profit growth rate has been slower than the revenue growth rate. In terms of different industries, the main business of printing and dyeing, Baite Gold Jewellery business, and thermal power business achieved double-digit growth: Among them, the optimization of the variety structure has driven the main business of printing and dyeing, which accounted for 44% of revenue in 2018, to achieve revenue growth11.9%, achieving a profit increase of 10.4%; maximize production capacity and promote the gold jewelry business, which accounts for 47% of revenue, to achieve revenue growth.5%, the increase in gross profit margin of the wholesale business promoted profit growth.3%; Printing and dyeing business changed from oil to steam to increase steam demand, which accounted for 9% of revenue. Electric steam business revenue increased 19%.4%, total profit increased by 12.0%. The concentration of printing and dyeing is expected to increase, and the production of gold jewellery is gradually released and thickened: the printing and dyeing industry has recovered its output in the second half of the year, and the output of printed and dyed fabrics in the 青岛夜网 first 11 months of 2018 increased by 23%, a decrease of 3% over the first half of the year.6% rebound.The operation of the printing and dyeing industry is under pressure.7 points to 18.8%, expected companies to increase the quota by 13.1%, the expansion area of the printing and dyeing industry continued to increase, and more enterprises increased their production capacity and integration.At present, the company’s printing and dyeing capacity ranks second in the country, and the improvement of industry concentration is expected to benefit the company. In the gold jewellery industry, the domestic gold consumer market continues to pick up in 2018.7% to 736 tons.Hangmin Baitai’s gold jewelry processing capacity utilization rate increased from 89% in 2017 to 94% in 2018, and capacity utilization is close to saturation.The company’s gold processing capacity plan is gradually increased from 80 tons in 2018 to 120 tons in 2022. The annual compound growth rate of production capacity is about 11%. The continuous release of production capacity will help promote the growth of gold processing business revenue and increase the company’s performance. Investment suggestion: We predict that the company’s earnings from 2019 to 2021 will be 0.99, 1.08 and 1.18 yuan.Return on net assets were 15.3%, 15.0% and 14.7%.The current PE (2019E) is about 11 times, and the “Buy-A” recommendation is maintained. Risk warning: the risk of fluctuations in raw material prices; the concentration of the printing and dyeing industry may be lower than expected; the capacity of the gold jewelry processing business is released or falls short of expectations; the textile and apparel production capacity continues to shift to Southeast Asia.

[How do fried chicken balls taste delicious?】 _How to do_How to do

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Midea Group (000333): plans to implement large-scale share repurchase at a price of not more than 65 yuan to maintain the buy proposal

Midea Group (000333): plans to implement large-scale share repurchase at a price of not more than 65 yuan to maintain the buy proposal
The company announced on February 22, 2020 that it intends to repurchase social public shares of no more than 40 million 杭州桑拿网 shares and no more than 80 million shares at a repurchase price of no more than 65 yuan / share.Based on the calculation of the maximum number of repurchases of 80 million shares and the maximum repurchase price of 65 yuan per share, it is estimated that the amount of repurchase will not exceed 5.2 billion yuan.The repurchase period is within 12 months after the election of the board of directors.All the repurchased shares will be used to implement the company’s share incentive plan and employee stock ownership plan. Comment: Increase in the size of repurchase: Before the announcement of the repurchase program, the company implemented three repurchases in 2015, 2018, and 2019, respectively.The proportions are 0.69%, 1.43%, 0.89%.The size of this repurchase will not exceed 5.2 billion, and the share of repurchased shares is expected to reach 1.14%, the repurchase scale has increased again. The repurchase has a positive impact on the short, medium, and long-term: (1) We believe that the company’s continuous large-scale repurchase will help the company to reflect the value of the company and also demonstrate the company’s confidence in long-term development.65 yuan / share, higher than the 55 yuan / share in the last repurchase program, and 54 compared with the current overall.28 yuan / share also has 19.With a 7% premium, continued repurchases will drive forward recovery.(3) In 2019 and the share repurchase plan, share incentives and employee shareholding plans will be implemented, which will be beneficial to the combination of the interests of the company’s shareholders and the management team and help the company’s long-term development.(4) The company’s current assets and liabilities decreased by 63.4%, monetary funds are about 52.4 billion, repurchase expenses will not have a significant impact on the company’s operations and financial scale. Impact of the epidemic situation: At present, the company actively promotes the resumption of work and production. By chartering and chartering, the employees of the factory are safely returned to the factory. The return rate of employees has continued to increase, and the production end has certain guarantees.However, due to the epidemic’s control of transportation and offline retail terminals, offline sales will take time to recover. The company’s short-term increase in online channel sales speed is expected to make up for offline sales.From a first-level perspective, we believe that the company’s demand for household appliances such as air conditioners, refrigerators, and washing machines has expanded. Demand will be relatively concentrated after the epidemic, and the biggest impact of changes in Q1 is expected to be limited. Earnings forecast and investment recommendations: Considering the impact of the epidemic on short-term home appliance consumption, we have slightly lowered our earnings forecast for the company. We expect the company to achieve a net profit of 233 in 2019, 2020 and 2021.200 million, 256.0 billion, 302.800 million, a year-on-year increase of +15.3%, a year-on-year increase of +9.8%, a year-on-year increase of +18.3%) (Originally the company was expected to achieve a net profit of 233 in 2019 and 2020.200 million, 261.700 million, a year-on-year increase of +15.3%, +12 year-on-year.2%), the EPS is 3.36 yuan, 3.77 yuan, 4.36 yuan, P / E is 16X, 15X / 12X, the current estimate is relatively reasonable, and the large repurchase again shows confidence, we maintain the “buy” investment recommendation. Increased risk: outbreak of epidemic impact exceeds expectations; demand growth; raw material prices rise; exchange rate changes

Huaneng International (600011): Performance is below expectations

Huaneng International (600011): Performance is below expectations

Matters: The company released its 2018 annual report, reporting a series of 1,698 operating incomes.

6.1 billion, an increase of 11 over the same period last year (restated).

04%; net profit attributable to shareholders of the company14.

USD 3.9 billion, a decrease of 17 from the same period last year (restated).


The company proposed to send 0.

10 yuan (including tax), 15 payable dividends.

7 billion yuan.

Ping An’s point of view: Fuel costs remain high, increasing revenue does not increase profits: As happened in our comments in the third quarterly report, the company’s performance did not meet expectations.

Increase in revenue by 11.

In the case of 0%, the net 西安耍耍网 profit attributable to the mother is replaced for the third consecutive year.

The unit fuel cost of the company’s electricity sales in 2018 was 236.

89 yuan / MWh, an increase of 4 per year.

85%, total fuel cost increased by 118 compared to the same period in 2017.

1.2 billion.

The growth rate of power generation in the fourth quarter was short-term, and the on-grid electricity price began to change: Q4 Company completed power generation of 1,037.

0.7 billion kWh, an annual increase of 3.

5%, a significant growth rate.

The average on-grid price for Q4 was 422.

75 yuan / MWh, an increase of 2 from the previous month.

0%, ten-year average 1.

5%, ending 7 consecutive quarters of positive growth since 1Q17.

Investment income did not increase significantly: in 2017 the company held 1 through disposal.

4杭州桑拿.4 billion shares of Yangtze Power received investment income14.

8 billion.

At the end of 2018, the joint venture Hong Kong Energy was converted into a subsidiary to confirm investment income11.

USD 3.3 billion, and the era of joint ventures will gradually realize profit recognition investment income2.

USD 1.3 billion, plus other long-term equity investments accounted for using the equity method, has gradually increased by 14.

07 trillion US dollars, maintaining investment income without significant growth.

Investment suggestion: Subject to high fuel costs, as well as poor performance of electricity and electricity prices in the fourth quarter, the company’s performance fell short of expectations.

Under the general trend of continuing to reduce electricity prices in 2019, we have lowered our profit forecast for the company based on the principle of prudence. It is expected that the EPS in 19/20 will be 0.


35 yuan (previous value was 0.


46), add 21-year EPS forecast value 0.

38 yuan, corresponding to the closing price of 19/20/21 PE on March 19 were 24.


6/18.0 times, maintaining the “neutral” level.

Risk warnings: 1. The on-grid electricity price drops; 2. The coal price rises; 3. The utilization hour drops.

Guangtian Group (002482) 2019 First Quarterly Report Review: Performance Restructuring Upstream Real Estate Discourse Right Consecutive Downstream Pressure Remains

Guangtian Group (002482) 2019 First Quarterly Report Review: Performance Restructuring Upstream Real Estate Discourse Right Consecutive Downstream Pressure Remains

In the first quarter of revenue, net profit decreased every year, and net operating cash flow decreased.

Gross profit margin increased, and financial expense ratio increased.

The company has a stronger right to speak in the real estate upstream of the industry chain, and the company is under pressure to withdraw funds.

We maintain the company’s EPS forecast for 2019/20/21 to 0.



39 yuan, maintain “Buy” rating.

In the first quarter of revenue, net profit decreased every year, and net operating cash flow decreased.

The company’s revenue in the first quarter of 2019 was 22 trillion, and it was -5 in ten years.

7%, net profit attributable to mother was 52.41 million yuan, -27 years.


The corresponding EPS is 0.

03 yuan, at least -40.


The net profit after deduction is 50.31 million yuan, -15 a year.


Net cash flow from operating activities 11.

500 million US dollars, mainly due to the increase in payments for labor and materials; net cash inflows from investment activities.

2 million US dollars, mainly due to the reduction of land and construction project payments to Guangtian Design Center; cash flow from financing activities decreased by 38.22 million, mainly due to increased short-term expenditures.

Gross profit margin increased, and financial expense ratio increased.
Gross profit margin for the first quarter of 2019 was 15.

3%, an increase of 4 over the previous year.


Expense rate 11.

2%, an increase of 2 over the previous year.

1 item, of which sales expense ratio, management expense ratio and R & D expense ratio are 2.

15% / 2.

53% / 2.

56%, -0 from last year.

34pct / + 0.

01pct / -0.

13pct, financial expense ratio increased by 2.

58% to 3.

95%, mainly due to the increase in bond interest rates and bank borrowing rates.

The increase in hardcover orders in 2018 is obvious, and the strategy of “big market, big customer, big project” is continued.

The company’s new chronic single 211 in 2018.

5 trillion, +47 a year.

4%.Among them, public decoration, residential hardcover, design orders are 75.



0 billion, +17 a year.

9% / 74.

4% / 21.


The three accounted for 36% / 63% / 2% of the total new starting point respectively, compared with -9% / + 10% / + 0% of the previous year. The company follows the medium- and long-term increase in hardcover ratio, the trend of real estate concentration has increased, and hardcover in residentialIs the company’s key business development.

The “big market, big customer, big project”西安耍耍网 strategy continues.

The company continued to strengthen its strategic cooperation with Evergrande, the largest customer. In 2018, Evergrande’s sales accounted for 48% of total revenue.

7%, +6 per year.

8 points.

The company also actively explores new customers, including Luohu District Engineering Bureau, China Resources, Sunac, Kaisa, Gemdale, etc.

At present, 223 trillion uncompleted orders have been signed, which is one of the ten-year revenue in 2018.

6 times, better future performance with existing guarantees.

Risk factors: the risk of large customers, the growth rate of the real estate industry is less than expected, and the financing situation is less than expected.

Investment suggestion: Revenue in the first quarter, net profit will decrease every year, and net operating cash flow will decrease.

The company has a stronger right to speak in the real estate upstream of the industry chain, and the company is under pressure to withdraw funds.

We maintain the company’s 2019/20/21 EPS forecast of 0.



39 yuan, maintain “Buy” rating.

Jinjiang Stock (600754) Company Annual Report Comment: Same-store REVPAR increased by 2 in 2018.6% of stores continue to contribute high franchise fee income

Jinjiang Stock (600754) Company Annual Report Comment: Same-store REVPAR increased by 2 in 2018.6% of stores continue to contribute high franchise fee income
Investment Highlights: Jinjiang shares announces 2018 results.In 2018, the company’s total revenue was 14.7 billion yuan, an increase of more than 8%; net profit attributable to mothers10.8 ‰, an increase of 23% in ten years;4 ‰, 10% growth in ten years; operating cash flow of the company35.2 ‰, an increase of 8% in ten years.Of which 4Q18 income 37.40,000 yuan, an increase of 5% in ten years; net profit attributable to mother 2.1 ‰, an increase of 24% in ten years; 0 after deduction.62 trillion, a 65-year average of 65%.The gradual decrease of non-net profit in the fourth quarter of the year lies in the increase in the management expense rate (Table 3). We judge that it is related to the incentive to the team. The single quarter trend is expected to be reversed in the first quarter of 2019.  In 2018, high-speed store openings continued to contribute to high growth in franchise: a net increase of 11% in the number of stores, and an increase in franchise fee income above 20%.(1) In 2018, the company opened 1,243 Mao stores, withdrew from 494, opened 749 nets, and increased the net increase by 11%. At the end of 2018, the total number of domestic and overseas hotels in Jinjiang was 7,443, with mid-range accounting for 33.1%, joining accounted for 86.4%; rooms 73.30,000 rooms, the middle-end accounted for 41.4%, franchise accounted for 84.3%.(2) A higher proportion of internal shop openings contributed to the continued high growth of franchise fees: the total revenue from hotel franchise fees18.400 million, an increase of 22% in ten years.Of which: upfront service fee (same as “first time joining fee”) 5.900 billion trillion added value 18.6%, ongoing franchise fee 12.400 million trillion increased by 24%.Total income from continuing franchise fees is 20.The US $ 400 million pushes the overseas franchise fee income of US $ 800 million, a 15% decrease each year; we believe that it is partly affected by the ownership of the house.  Mainly benefiting from the increase in the proportion of mid-range stores and the continuous promotion of ADR, RevPAR continues the growth momentum since the early days.Same-store RevPAR increased by half a year in 20182.6%, of which ADR and Occ are each extended by 5.6%, less 2.3pct; Among them: Mid-end same-store RevPAR grows by 4 each year.5%, ADR and Occ increase by 6 each ten years.5%, less 1.6pct; Economic same-store RevPAR is reduced by 0 every year.6%, ADR and Occ each increase by 2.9%, less 2.8 points.Under all store calibers, RevPAR will increase by 5 every year in 2018.8%, of which ADR and Occ each extended by 9%.5%, less 2.7pct; 4Q18 all stores RevPAR increased by 5 in ten years.6% is slightly faster than 3Q18 (1-3Q each increase by 7.8%, 6.2%, 4.1%).  Profit forecast and estimation.(1) Profit forecast: We expect net profit attributable to mothers to increase by 17%, 31% and 23% to 12 each in 2019-2021.700杭州桑拿 million, 16.500 million and 20.40,000 yuan, corresponding to 1 each for EPS.32, 1.73, 2.13 yuan / share.(2) Estimate: The 2019 PE and 2019 EV / EBITDA of major domestic and foreign major hotels are respectively 25.77 times and 16.13 times, giving 2019 PE and EV / EBITDA 25 times / 14 times each.Corresponding value 33 under PE estimation method.08 yuan, market value of 34.2 billion under the EV / EBITDA method (EBITDA in 2019?31.500 million US dollars, corporate value of 44.1 billion US dollars, net debt of 9.9 billion US dollars, corresponding value of 35.70 yuan / share.Combining the two results gives the company 33.08 yuan -35.A reasonable value range of 70 yuan, maintaining the “continuous market” rating.  risk warning.Macro: economic budget risk; industry: supplementary supply exceeds expectations; company: integration progress is less than expected.