BIGBANG Sun, retired aloud, future events will coordinate with each other’s opinions

BIGBANG Sun, retired aloud, future events will coordinate with each other’s opinions
Sauna Night News November 10, BIGBANG group member Sun, loudly ended his military service duties and officially retired.It is reported that Sun and Loud enlisted on March 12, 2018, respectively.On October 26 this year, Quan Zhilong, the captain of BIGBANG, also ended his military service and officially retired.The picture comes from the Internet.Sun said at the retired site: “I still can’t believe I have retired.”I spent an easy time, and thank the cadres and comrades who helped me in 20 months.Said loudly: “I learned a lot after coming to the army.I also learned to understand other people.I want to say to all cadres and comrades, I love you, come on.”For the future activity plan, Sun said:” The future may need to consider a lot.We will coordinate each other’s opinions to show you a better side, and we want to show you what you did not show during military service.”Sauna Night Editor Xu Meilin proofreads Chen Diyan

Ningbo and Pinduoduo reach strategic cooperation to promote foreign trade to domestic demand

Ningbo and Pinduoduo reach strategic cooperation to promote foreign trade to domestic demand
On March 25, the People ‘s Government of Ningbo City and Pinduoduo signed a strategic cooperation agreement to jointly launch a series of activities of “Ningbo Youpin · Yinggou Yongxing”. Both parties will focus on helping enterprises expand orders, stabilize production, stabilize employment, and promote export-orientedTargets such as capacity conversion to the domestic demand market have introduced a package of action plans.Pinduoduo said that in the next year, it will exceed 1.Fifty thousand Ningbo enterprises will participate in this strategic activity, covering all industries in Ningbo, and it is expected to drive local enterprises to surpass US $ 80 billion annually in the platform of Pinduoduo, and achieve orders for foreign trade to domestic demand exceeding 20 billion yuan.”There have been changes in the international epidemic situation. There have been many customs, border closures, and closures in foreign countries. A large number of cross-border transportation blockades have stalled, and retail terminals have been closed. This has affected our foreign trade exports to a certain extent.Recently, many foreign trade orders of Ningbo enterprises have been delayed or even cancelled, which has affected the normal operation of the enterprises.Therefore, we adjusted our strategy in a timely manner and placed the most important position in developing the domestic demand market and expanding new types of consumption.”Li Guanding, vice mayor of Ningbo, said.”It is reported that Pinduoduo will fully open data support, R & D suggestions and flow resources to Ningbo enterprises through the” new brand plan “, and cooperate with Ningbo export-oriented enterprises to explore C2M customized production to help enterprises develop the domestic demand market.Cultivate new brands at the lowest cost.According to the data released by Pinduoduo in the financial report, as of the end of December 2019, more than 900 companies have participated in the “new brand plan”, gradually launching 2,200 customized products, and gradually ordering more than 1 customized product orders.1.5 billion orders.Sauna, Ye Wang Lu Yifu editor Wang Jinyu proofreading Li Shihui

In February, the amount of social finance decreased, and the “mortgage loan” decreased by hundreds of billions of corporate bonds every year.

In February, the amount of social finance decreased, and the “mortgage loan” decreased by hundreds of billions of corporate bonds every year.
February was a critical period for epidemic prevention and control. Delays in home isolation and resumption of work reduced personal consumption and corporate financing requirements.According to the February financial market data released on March 11, social financing increased by US $ 855.4 billion and RMB loans increased by US $ 905.7 billion, both of which dropped significantly from January, but the alternating growth rates of the two were relatively stable, at 10 respectively.7%, 12.1%.There are also some bright spots in the data. During the epidemic, financial loans to real enterprises increased incrementally, as shown by the increase in unit short-term loans in February of US $ 654.9 billion, and an increase of US $ 506.9 billion.In terms of indicators that reflect the money supply, the transition to the overall guarantee of liquidity after the opening of the financial market in February caused the growth of the broad money (M2) to 8 in February.8%; the production and operation momentum of the merged enterprises gradually recovered, and the annual growth rate of the narrow currency (M1) in February also increased from the rare growth rate of 0 in January to 4.8%.Ample liquidity, M2 increased by 8 in ten years.8% from the indicator reflecting the money supply, the end of February, M2 balance 203.08 trillion yuan, an annual increase of 8.8%, the growth rate is 0 higher than the end of January and the same period of last year.4 and 0.8 digits; M1 has a surplus of 55.27 trillion, an annual increase of 4.8%; balance of currency in circulation (M0) 8.82 trillion, an increase of 10 in ten years.9%.The Air Force is affected by the superimposed factors of the Spring Festival and the epidemic situation. In January, the M1 growth rate was rarely 0.Wen Bin, chief official of China Minsheng Bank, said that this year, the implementation of RRR cuts, increased open market operations, and lowered policy interest rates to maintain reasonable and sufficient liquidity.Public information shows that two days before the opening of the financial market in early February, it gradually started through short-term reverse repurchase operations1.7 trillion of funds, and then invested in medium and long-term funds through MLF (medium-term loan facility).A person close to the regulator said that the M0 growth rate significantly increased to 10.9% is related to the cash still in the hands of residents after the Spring Festival and not deposited in the bank.M1 grows by 4 every year.8%, an obvious rebound at the end of January earlier, in which the growth rate of corporate demand deposits was 3.6%, 8 higher than the end of January.The three single, mainly accompanied by the development of the epidemic, the financial system has increased support for the real economy, the company’s production and operation motivation has increased, and the demand deposits prepared have also increased accordingly.Changwei Securities macro analyst Zhao Wei believes that the impact of the epidemic on the macro economy may be concentrated in the first quarter; from the second quarter, with the gradual recovery of economic activity, the economy may appear to have a recovery rebound.At first glance, the pressure of a broad fiscal balance will still suppress the space for economic recovery.It is expected that the annual economic performance will be “inverted V” trend.A person in charge of the asset management department of the brokerage believed that the impact of the epidemic should be digested in the first half of the year, and the economy gradually returned to the right track in the second half of the year.The increase in social finance has previously decreased by 111.1 billion. According to additional data, preliminary statistics show that the stock of social financing scale at the end of February was 257.18 trillion, an increase of 10 in ten years.7%.In February, the scale of social financing increased by US $ 855.4 billion, which was US $ 111.1 billion less than the same period last year.”This increase is lower than in February, where the Spring Festival was last year, indicating that the epidemic has affected residents’ consumption and physical financing needs, and the counter-cyclical adjustment policy is also necessary to increase efforts.”A broker from the asset management department told the sauna, Yewang.Specifically, the multi-item merger of social financing dragged down. In January, it supported government bond financing with a large increase in social financing. In February, net financing was 182.4 billion US dollars, which was less than 252.3 billion US dollars per year.”Non-standard” three asset financing also continued to increase, of which entrusted debt decreased by 35.6 billion US dollars, a reduction of 15.2 billion US dollars per year; trust debt decreased by 54 billion US dollars, an additional reduction of 50.3 billion US dollars; undiscounted bank acceptance bills decreased by 3961Billion, a reduction of 85.8 billion a year.A macro analyst of a securities firm told reporters that affected by the epidemic, the demand for trust, infrastructure, real estate and other industries or fields has decreased. Many of them were stagnant in February. After the government issued more than 700 billion yuan of government bonds in January, the remainingThere are not many, so the overall increase in social financing has dropped sharply.But she also said that from January to February, the data performance is not bad.Some sources say that the cost of bond financing has fallen, and corporate debt has accelerated and is close to regulation. The growth rate of corporate bond and stock financing has increased significantly.The growth rates of corporate bond financing and stock financing were 14.5% and 5.9%, 0 higher than the end of last year.7 and 0.9 averages.During the epidemic, the financial system optimized the work process, improved the efficiency of the issuance, and provided funds for the company through bonds and stocks. At the same time, the cash was used to pay for the issuance of the epidemic prevention and control debt, which reduced the financing cost of the enterprise and provided funds for the subsequent resumption of productionready.A prominent example is that housing companies have issued debt financing, and the scale of financing has been further expanded.Wind data shows that on January 2, 2020, domestic housing enterprise bond financing was 248.4 billion, an increase of 36%.This is related to policy support.The highest in recent times, the Securities Regulatory Commission and other departments have repeatedly expressed their support for private enterprise bond financing.On February 24, Peng Lifeng, deputy director of the long-term financial market department, said at the press conference of the State Council of China that the transition exceeded the expected issuance liquidity, the bond market liquidity was relatively ample, and the cost of bond financing fell.”Now looking at the one-year and three-year AAA medium-term note yields are 2, respectively.75% and 3.05%, which is about 30 basis points lower than before the Spring Festival. The decline in bond financing costs will help companies continue their debts.In addition, green channels have been established for the debt issuance expansion of the affected financial institutions and enterprises, so the improvement of issuance efficiency is also conducive to alleviating the pressure of corporate refinancing.”Peng Lifeng said.For the bailout of small and medium-sized enterprises, the increase in unit loans extended by nearly 300 billion yuan is the increase in corporate debt financing growth. The increase in corporate loans is also a bright spot in the two-month financial data.The data shows that the RMB loan balance at the end of February was 157.36 trillion yuan, an annual increase of 12.1%, which was the same as that at the end of January; the month increased by 905.7 billion, and increased by 19.9 billion many times.Among them, unit loans were redistributed and increased by 1.1 trillion US dollars, an increase of more than 299.2 billion US dollars a year; of which short-term unit loans increased by 654.9 billion US dollars, an increase of 506.9 billion US dollars a year.”The increase in the increase in loans to physical enterprises by crime plot finance has provided the necessary liquidity support for the normal operation of the enterprise and prevented the situation of the enterprise from breaking the cash flow.”” Someone called it earlier.Zhao Wei, a macro analyst at Cheung Kong Securities, also said that the supplementary credit was slightly higher than the same period last year, or that it mainly came from credit support for epidemic prevention and control.Since February, it has provided $ 800 billion in special re-loans each year, and then re-discounted re-loans to support epidemic prevention and control and alleviate sleepiness mechanisms, thereby increasing the growth of short-term corporate debt.With policy support, corporate short-term loans increased by 506.7 billion to 654.9 billion annually, while bill financing declined significantly.Huachuang Solid Revenue Analyst Liang Weichao told reporters that the two-month supplementary credit is generally stable, and the epidemic has a conflicting impact on credit demand. However, the easing policy has made timely efforts to vigorously promote the decline in financing costs and the expansion of credit expansion. It is still supportingThe credit scale maintained a certain increase.This is evident in the credit structure, mainly because the short-term loans of the corporate sector support the credit scale, and the decline in the short-term and medium- and long-term credits of the residential sector is large.In the follow-up, the support of the easing policy for the financial cycle will continue to be maintained, especially after the resumption of production and resumption of construction, the infrastructure stimulus policy will drive the demand for supporting financing, and whether the financing of the residential sector can rebound is also very important.Important indicator; Corporate bond financing performance in February’s social finance data is bright, “epidemic prevention and control debt” and other financial support policies and its corporate bond financing “weak month is not weak”.The “increased loan” of less than 100 billion a year has affected the sales and consumption of commercial housing, resulting in a substantial net decrease in residential loans, a net increase of medium- and long-term loans of USD 37.1 billion and a net decrease of short-term loans of USD 450.4 billion.From the perspective of housing loans, household sector loans decreased by US $ 413.3 billion in February this year, of which mid- and long-term loans that reflected changes in housing loans increased by US $ 37.1 billion. In 2019, this figure increased by US $ 222.6 billion, which means that there were fewer in February this year.An increase of 185.5 billion yuan.This, Zhang Dawei, the chief analyst of Zhongyuan Real Estate, told reporters that the decrease in February mortgage data was mainly due to the fact that banks did not open their doors and the property market shut down.According to the normal credit rhythm, the loans in February are basically second-hand houses from December to January of the previous year, or newly built commercial houses in the previous period (because most new houses will be capped for about one year, and the loans will be delayed by one.Years, and second-hand housing will lag 1-2 months).At present, the downturn in the real estate market will gradually affect the mortgage data. It is expected that the mortgage data in March will be improved from February.Sauna, Ye Wang Cheng Weimiao Editor Yue Caizhou proofread Liu Yue Fu Chun stunned

[How to eat fresh ginseng works best]_fresh ginseng_how to eat_how to eat

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[How long the yam is steamed and cooked]_How to steam_How to steam

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Weaknesses and sorrows, the chains are very slow, and the chains are very slow, and they are very difficult to get through.涓嵂鏉愶紝涔熸槸鍦ㄤ汉浠殑椁愭涓婄粡甯哥湅瑙佺殑椋熺墿銆傝€屽湪鍒朵綔灞辫嵂鐨勮繃绋嬩腑锛屾渶涓昏鐨勫埗浣滄柟娉曞氨鏄倴灞辫嵂锛岃捀灞辫嵂鍜岀倰灞辫嵂銆傝捀灞辫嵂鐨勬椂鍊欏鏋滄病鏈夊皢瑕佸畬鍏ㄨ捀鐔熺殑璇濓紝浼氬悆璧锋潵浼氭湁鍙戦夯鍙f劅锛屾墍浠ュ北鑽ぇ姒傚涔呮墠鑳藉畬鍏ㄨ捀鐔?钂稿北鑽渶瑕佸闀挎椂闂磋捀灞辫嵂鐨勬椂闂村叾瀹炰笉鐢ㄥ緢涔咃紝涓€鑸?5-20鍒嗛挓宸﹀彸灏辩啛浜嗐€傚鏋滄槸鐢ㄩ珮鍘嬮攨钂哥殑璇濆彧瑕?0 闒 旓 宸 ﹀ 堸 堟 堶 擵 擵 尴 尋 尃 尃 卞 嬂 参 哄 嬄 嬬 嗂 嗂 嗂 嗂 嗂 嗂 厡 尡 庡 尡 帏 帏 常 帏 帏 常 帏 常 帽 常常 倸 倸 劸 常常 常常 常常 僸 常傛灉鍒囧緱钖勭殑璇濈敤鐨勬椂闂村氨灏戯紝濡傛灉鏄竴鏁存潯钂哥殑璇濆氨闇€瑕侀暱涓€鐐圭殑鏃堕棿銆傚仛娉曪細鍦ㄧ瀛愪腑锛屽€掑叆閫傞噺鐨勭敓鎶姐€傚€掑叆閫傞噺鐨勮姖楹绘补銆傝皟鍖€鎴愯樃姹併€傚皢灞辫嵂娓呮礂骞插噣銆傛斁鍦ㄦ鏉夸笂鍒囨垚娈点€傛帴鐫€锛屽皢鍒囧ソ鐨勫北鑽斁鍏ヨ捀閿呬腑銆傜劧鍚庯紝鐩栦笂鐩栵紝涓婇攨钂歌嚦15鈥?0鍒嗛挓銆傛渶鍚庯紝寮€鐩栥€佸彇鍑恒€傝鍏ョ洏涓紝鍓ョ毊灏卞彲浠ョ編缇庡湴浜敤浜嗐€傝湝姹佽捀灞辫嵂鍋氭硶锛氱孩鏋f场寮€锛屽垏涓濄€傚皢灞辫嵂鍘荤毊娲楀噣锛屽垏鎴?You can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, and you can’t do it. You can’t do it anymore.What are you talking about? How are you going to do it? Do you want to do it? Do you want to do it? Do you want to do it?5 鍒 嗛 捓 鍗 鍗 劲 劲 劆 Effectiveness and 钗 志 傗 鍗 e 懗 spin Cui craftsman 銆 傝 厝 劺 區 灞 焞 嵂 岭 氭 塶 Add two-layer North Diamond镌€锛岄槻姝㈡哀鍖栥€傞鑲犲垏鏂滅墖銆傚皢灞辫嵂鐗囬摵鍦ㄧ搴?鍦ㄥ皢棣欒偁鐗囧鑾茶姳涓€鑸竴灞備竴灞傜殑鍙犳斁銆備笂钂搁攨钂稿洓鍗佸垎閽熷乏鍙?鐩磋嚦灞辫嵂閰ョ儌銆傜礌钂稿北鑽師鏂欙細灞辫嵂銆傚仛娉曪細灏嗙粏鑺卞北鑽礂鍑€锛屽垏鏉°€佸垏鍧楅殢鎰忋€傛斁鍦ㄩ珮鍘嬮攨涓紝浠庡紑濮嬪啋姘旇捣锛屽帇15鍒嗛挓銆傜鍑烘潵铇镐笂鐧芥矙绯栧悆鍗冲彲銆傜孩鏋h捀灞辫嵂鏉愭枡锛氬北鑽€佺孩鏋c€佺櫧绯栧仛娉曪細灏嗗北鑽礂鍑€鍓婂幓澶栫毊锛屽垏鎴愭粴鍒€鍧楃洓鍏ョ涓紝鎾掍笂鐧界硸鍜岀孩鏋o紝澶囩敤銆傚ぇ鐏儳寮€钂搁攨锛屾斁鍏ョ洓鏈夌孩鏋e北鑽殑澶х锛岀洊鐩栧効钂稿埗20鍒嗛挓宸﹀彸锛岀洿鑷冲北鑽垚鐔熷嵆鍙€傛灨鏉炲北鑽潗鏂欙細灞辫嵂銆佹灨鏉炪€佸啺绯栥€佺櫧閱嬪仛娉曪細灞辫嵂娲楀噣琛ㄩ潰娉ユ矙锛屽墛鍘诲鐨紝鍐嶆斁鍏ュ喎姘翠腑娴告场鐗囧埢锛屼娇鍏惰〃闈㈤粡娑插敖閲忕█閲娿€傛灨鏉炵敤娓呮按鍐叉礂骞插噣锛屽啀鏀惧叆娓╂按涓蹈娉¤嚦瀹屽叏鍙戣捣銆傚皢灞辫嵂鍒囨垚6cm闀裤€?cm瑙佹柟鐨勫皬鏉°€傞攨涓斁鍏ラ€傞噺鐑按锛屽ぇ鐏儳娌稿悗灏嗗北鑽皬鏉″拰鏋告潪鏀惧叆姹嗙叜3 鍒 嗛 堓 咽 報 堧 嚧 尭 鏍 鏆 鏆 鏆 鏆 鏆 铆 铐 鎐 Pang 鍒 嗗 咗 姛 姛 姛 嗗 尗 姤 圧 尤 姤 尤 姤 姤 姤 姤 姤 姤 姤 姤 姤 姤 姤 姤 姤 咤Click on the button and click on the button and click on the button and click on the button and click on the button and click on the button and click on the button to check if you want to do it or not.眮 緋 緋 ◢ 揀 chopping : Do you think that you are in trouble?

Weixing New Materials (002372): Guben Pei Yuanzhi is in the long run

Weixing New Materials (002372): Guben Pei Yuanzhi is in the long run

Investment points: The absolute leader in the field of PPR pipes, which will continue to be under pressure in the short term.

The company is the absolute leader of the national PPR pipeline. It has completely overturned the pricing power of the industry by using the “three extremes”. In the inconspicuous industry of pipes, it has achieved profit margins that are difficult for many consumer goods companies.The average value of the control average.

According to our calculations, if we hold 1 share of Weixing New Materials at the closing price of the company’s listing in 2010 to 2019H1, the actual return in the past 9 years is more than 6 times the cost, which is the first in the building materials sector and a well-deserved star stock.
However, this year, due to the replacement of 2C in the 2B market and the sluggish performance of the completed end after the increase in the proportion of refined decoration, the company’s performance has shown a negative growth for the first time since listing, and the market may also challenge the company’s strategic direction and growth.

  The stock market remains promising.

The current impact of the trend of refined decoration is mainly the newly completed market that year, and the development of the stock market still has great potential.

According to our prediction, the current PPR industry space is about 30.4 billion, of which the total stock market is about 18.5 billion and the new house is 11.9 billion, which is significantly larger than the new house market.

While adhering to the bottom line of cash flow, the newly-completed market demand that Weixing focused on in the past is facing some short-term pressure (substitution of 2B to 2C space); but looking back, it is possible to shift the strategic focus to the stock space and arrange the region’s nationwide.There are still many possibilities in the future. As the “absolute domain” of Weixing, the retail market does not need to be overly pessimistic.

  ”Engineering + Retail” and “Concentric Circle” combined boxing set off.

Looking back at history, the success of Weixing cannot be separated from the “selective” three-time conversion sequence. At present, the macro-environment pressure is reappearing, the company is reviewing the situation, and the combination of “engineering + retail” and “concentric circles” is speeding up comprehensively:Look, shrink, the potential space for construction and municipal engineering is huge, the brand awareness of alternate terminals is increasing, and the company ‘s product audience is widening. It is 上海夜网论坛 a general trend; instead, the company ‘s “concentric circle” strategy has gradually passed the test period and gradually entered the volume phase.Channel advantages are expected to be discounted quickly.

In our view, two high probabilities become new boosters for the company’s long-term growth.

  Profit forecast and estimation: We believe that the company can still adhere to its original intention (cash flow) during the trough period, but it is actually strengthening its long-term development. It is expected that the further development of the stock market will gradually develop the strength of tooling orders and new business.Expansion, Weixing is expected to return to a better place.

We expect the company to return to its parent net profit for 2019-2021.

5.4 billion, 11.

6.6 billion, 12.

880,000 yuan, corresponding to 佛山桑拿网 0 EPS.

67 yuan, 0.

74 yuan, 0.

82 yuan, currently expected 19-19 years PE corresponding to 19 times, 17 times and 15 times, comparable PE company’s average PE in 19-21 years is 28 times (excluding the outliers in Beixin), 20 times, 16 times, consideringThe company’s cash flow advantage, we believe that the current company still has configuration value, covering for the first time, giving an “overweight” rating.

  Risk Warning: Expected stock market development is lower than expected, engineering business development exceeds expectations, new business development exceeds expectations

BYD (002594) June sales review: none of the four major families has fallen behind in the second half of the year

BYD (002594) June sales review: none of the four major families has fallen behind in the second half of the year

[Precautions]BYD released June sales, which sold 26,571 new energy vehicles in a single month in June, YOY + 55.

5%, sales of new energy vehicles gradually from January to June14.

60,000 vehicles, an increase of 95% year-on-year.

Among them, January-June pure electric sales9.

60,000 vehicles, a year-on-year increase of 302%, mixed sales4.

50,000 vehicles, -5% compared to the same period last year.

Fuel cars are gradually sold 8.

20,000 vehicles, -45% year-on-year.

[Comment]The sales of new energy vehicles rose month-on-month, and the main models were steadily sold.

June is the last month of the transition period to supplement the downhill. With the effect of rush installation, the company’s new energy vehicle sales climbed 21% from the previous month.

33%, of which the Tang family sold 6,197 vehicles, a cumulative sales of 49,361 vehicles from January to June; the Qin family sold 7,397 vehicles, from January to June gradually sold 30,420 vehicles, the Song family sold 9,283 vehicles, cumulative56,796 units were sold, 6566 units were sold by the Yuan family, and 43,484 units were gradually sold from January to June.

The dynasty series of models have a clear positioning, a clear division of families, and the performance of each family’s products is balanced, without leaving behind, which reflects the company’s excellent product system building ability.

Sales of the e-series models continued to climb, and the sales of the S2 were dazzling in the first month of listing.

The company is selling new e-series products on the e-net this year, focusing on economical models. It currently has two models, e1 and S2. E1 is a small A00-class electric vehicle.Climbing up, 4168 四川耍耍网 vehicles were sold from April to June.

The S2 is a compact all-electric SUV, which was launched in June. It sold 2061 units in the month of listing and performed well.

In the second half of the year, the company will continuously launch new models of the Dynasty series and the e-series, 7.

11 will launch five SUV Song Pro, divided into fuel version and plug-in version, the smallest are 11-13 thousand, 180,000-200,000.

The crossover e2 hatchback will be launched in August, and the model system will be further enriched.

We estimate that the company’s operating income for the years 19, 20 and 21 will be 1553, 1797, and 192.9 billion US dollars, respectively, and the net profit attributable to the parent will be 28.

58, 30.

81, 31.

4.4 billion yuan, with EPS of 1.

05, 1.

13, 1.

15 yuan, corresponding 杭州桑拿网 to 50 for PE.

8, 47.


2 times, maintaining the “overweight” level.

[Risk reminder]The market demand for new energy passenger cars is less than expected, and the company’s production and sales are disrupted; the impact of supplementary declines on market disturbances is greater than expected;

Shanghai Jahwa (600315) Annual Report Commentary: Brand Marketing Drives Rapid Online Development Expenses Increased Income Profits Double Pressure

Shanghai Jahwa (600315) Annual Report Commentary: Brand Marketing Drives Rapid Online Development Expenses Increased Income Profits Double Pressure

Incident Description The company released its 2019 annual report on February 20, and the company achieved operating income of 75 in 2019.

9.7 billion, an annual increase of 6.

43%; net profit attributable to shareholders of the listed company is 5.

5.7 billion, an annual increase of 3.


The event review focused resources to create star products and promote social media word-of-mouth marketing.

In 2019, the company made in-depth insights into consumer needs, effectively used Chinese cultural elements, and covered different age groups of consumers with differentiated brand positioning.

The company concentrated its superior resources to create star products, actively promoted new media word-of-mouth marketing, and increased the proportion of social media investment to more than 50%.

In terms of recruiting new people, the Huameijia system is used to realize the full-brand linkage recruitment. As of the end of 2019, the total number of registered members of Huameijia has exceeded 1.15 million, and the membership activity has reached 71%.

During the year, Herborist completed its brand positioning adjustment, adhered to the brand tone of high-end and traditional Chinese medicine herbs, and launched the second generation of double repairing Tai Chi essence and freeze-dried mask with the essence as the starting point. After the listing of Tai Chi essence, the new product acquisition rate was 57%.The sales volume of freeze-dried mask series has exceeded 100 million yuan; the Liushen brand has continued its youthful strategy and gradually realized the growth of its number. The basic shower gel series has been newly upgraded, and its spokesperson fan operation and word-of-mouth marketing have been the breakthrough points to increase brand share and value; Yuze strengthenedDifferentiated brand positioning of “Repair Skin Barrier”, further enhance brand awareness through social content marketing, seize market hotspots and launch hyaluronic acid ampoule essence. It debuted on Tmall Facial Essence on the first day of sale-the largest sales volume of the ampoule category, year roundThe growth rate is over 80%; Qichu, as the leading brand of baby care, expanded the target group to launch sensory 深圳桑拿网 enlightenment series during the year, and promoted the new model and terminal replacement through a combination of traditional scene marketing and precise placement of new media.The brand’s third largest product series, with a growth rate of over 25%.

Continuously optimize channel operations and rapid development of online channels.

The company adopts an omni-channel sales model combining online and offline sales. Offline sales are distributed by dealers, and KA is directly operated. Online sales are e-commerce and special channels.

In 2019, the company continued to optimize channel operations, rapid development of online channels, and channel sales accounted for an increase of 11 over the same period last year.

5pct to 34%, sales revenue increased by 30%, e-commerce through cooperation with excellent TP network creation to improve the team’s operational capabilities, seize the e-commerce communication traffic dividend, promote purchase conversion, special channels through multiple marketing, live broadcast and training and other means, Which further increased the channel and customer penetration rate; offline is the company’s main channel, channel sales account for 66%, as of the end of 2019, the company’s organized distribution of controlled stores includes 200,000 supermarket stores, nearly 90,000 rural outletsThere are nearly 1,500 department stores and about 1 specialty cosmetics stores.

30,000 homes, etc., used channel celebrities and scene marketing methods to guide channel innovation. However, due to the decline in department store operating income, offline channels have declined slightly.


The increase in marketing expenses suppressed the growth of profits, and the adjustment of product structure affected the slight decline in gross profit margin.

The company’s gross profit margin for 2019 is 61.

87%, a reduction of 0 per year.

At 95pct, the decrease in gross profit margin was mainly due to the adjustment of product structure in some regions such as Shandong, Beijing, and Sichuan. The increase in costs exceeded the income to suppress the growth of gross profit. The growth rate of the adjustment period of the Herborist brand division decreased.The impact of factory operations, but gross margins in Zhejiang and overseas regions increased by 1.

31 points and 1.

72 points.

Overseas regions contribute 22% of the company’s operating income. The overseas M & A project completed by the company in 2017 was Cayman A2, Ltd.

(Some of its core assets are the British mother and baby brand Tomme Tippee.) Revenue growth in 20194.

28% to 17.

30,000 yuan, net profit increased 14% to 8,611 per year.

870,000 yuan, contributing stable income and profit growth for the company.

In terms of expenses, the overall expense ratio increased by 1.

29 points to 57.

26%, sales / management / R & D expenses increased by 10 respectively.

43% / 6.

62% / 15.

60%, of which the sales expense ratio increased by 1.

5pct to 42.

2%, which was mainly affected by the increase in the promotion expenses of the Double Eleven channels. The increase in expenses suppressing profits directly affected the net profit of deducting non-attributed mothers in Q4 of -390,000.

91% to 3.

8 billion.

Finance costs are reduced by 48 per year.42% was mainly due to the decrease in exchange loss gains and losses caused by changes in the exchange rate of the US dollar against the British pound.

Investment suggestion The company covers consumer groups of different ages with differentiated brand assets. Through the combination of online and offline, the traditional omni-channel sales model linked with social media, focuses on the creation of star products, continuous product innovation, and optimized channel operationsIn 2019, the rapid development of online channels will be achieved, and traditional channels such as direct-operated KA will grow steadily. In 2020, new media community marketing will be focused on accelerating brand extension.

Taking into account the influence of factors such as reduced revenue and new crown epidemics after adjusting for new income indicators, the EPS for 2020-2022 is expected to be 0.



02 yuan, corresponding to the company’s closing price of 27 on February 19.

94 yuan, PE from 2020-2022 is 33.

83X / 31.

69X / 27.

42X, for the first time, gave an “overweight” rating.

There are risks. Acceleration of online and offline traffic growth; high-end foreign brands and local emerging brands bring increased market competition risks; new product progress is less than expected risks; the new crown epidemic situation brings unlimited risks.

Guizhou Moutai (600519) 2019Q3 financial report review: channel reform has a long way to go

Guizhou Moutai (600519) 2019Q3 financial report review: channel reform has a long way to go
Event: The company released the third quarter report of 2019, and the company achieved operating income of 609 in the first three quarters.35 trillion, ten years +16.64%, achieving net profit of 304.55 ppm, +23 for ten years.13%.Among them, Q3 achieved revenue of 214.47 trillion, ten years +13.81%, realized net profit attributable to mother 105.0.5 billion, +17 a year.11%.  Channel reform is still in a period of adjustment, which will pave the way for the company’s price control.The company’s Q3 launch volume was about 9,100 tons, which was less than expected. Before last year, the company replaced 6000 tons of Moutai from 437 Moutai dealers and began channel reform to increase the proportion of direct sales.Reduce the amount of phased deviation, direct sales amount 31 in 19Q3.3.0 billion, a decrease of 7 compared with the same period last year.6.7 billion.As the first liquor company of Moutai, channel reform requires multiple parties to balance and consider, and steadily advance.However, strengthening the control of prices requires the support of channel structure, which is the cornerstone of stable development in the future. It can be seen that the current company’s control of prices is very effective.  Moutai’s approval price stands firm at more than 2,000 yuan, and demand for high-end liquor is strong.At present, the capital price of Moutai is around 2300 yuan, maintaining a slight growth trend.After the Mid-Autumn Festival peak season, the approval price was as small as about 2200 yuan, and the price was adjusted to adjust the delivery. However, Moutai was still in a state of supply and demand substitution. As Moutai merged with fair social value, it was also a recognized social currency.Therefore, future prices will rise in pulses.At present, the high-end liquor market capacity is about 6 inches. With the expansion of 2-3 seconds in the next three years, the high-end liquor will continue to experience a phase of rising volume and price.  As a leader in the industry, Moutai will continue to benefit and lead the upgrade of the liquor industry.  The proportion of direct sales increased and the target scale price rose, 北京夜网 or it helped the company to exceed the first-class performance expectations of 14% -16% in 19 years.The main driving force of the company’s long-term value is to break through the high-end wine ceiling, further increase the ex-factory price and expand the proportion of direct sales.We believe that the increase in the proportion of direct sales will be a new driver for the growth of Moutai’s performance in recent years. Although the direct sales in the first three quarters have been slow, there are still costs of acceleration.19Q3 direct sales accounted for 5%, and the earlier 19H1 increased by 1 pct.Recently, direct sales channels such as Wumart, China Resources Vanguard, Costco, Tmall, and Suning have been gradually promoted, which has also raised the market’s expectation of increasing the proportion of direct sales.The company is expected to release 3 in 19 years.1 initially, at least 10.7%, the acceleration of the gradual direct sales progress and the gradual implementation in advance, the sales volume is expected to be guaranteed.In addition, the launch of non-standard products has also improved the product structure to a certain extent and raised the price of wine per ton.In terms of volume and price, the incremental contribution in 2019 will be 10% -13%, and the increase in price contribution will be 3% -5%. We believe that the probability of Moutai in 19 years will exceed the expected performance of 14% -16%.  Profit forecast: The company is expected to achieve revenue of 910 in 2019-2021.34/1181.80/1477.25 ppm, an increase of 17 in ten years.92% / 29.82% / 25.00%, net profit attributable to mother 440.66/596.05/767.61 ppm, an increase of 25 in ten years.18% / 35.26% / 28.78%, corresponding to 35.08/47.45/61.11 yuan.Based on the 2020 EPS calculation, the company is given 30 times the expectation, maintaining a target price of 1,424 yuan and a space of 18%, maintaining the company’s “highly recommended” rating.  Risk reminders: food safety risks, macroeconomic downside risks, and direct management advancement is less than expected.

Blu-ray Development (600466): The nationwide layout has seen results.

Blu-ray Development (600466): The nationwide layout has seen results.
Summary of the report: The effect of the high performance growth effect has begun to appear, and the property management takeoff Jiabao will go to Hong Kong for listing.In the first half of 2019, the company achieved revenue of 145.36 ppm, an increase of 81 in ten years.51%, net profit attributable to mother 12.68 ppm, a 104-year increase of 104.48%, the performance increase was mainly contributed by the increase in scale of large-scale real estate development projects, and the scale effect brought by the company’s national layout began to appear.In terms of profit margins, the achievable gross margin and net profit attributable to mothers are 29 respectively.4% and 8.7%, a decrease of 3 and an increase of 1 unit compared to the same period last year.It is worth mentioning that the performance of the company’s property management subsidiary Jiabao shares also increased rapidly, achieving revenue9.33 ‰, a 59% increase in ten years, 苏州夜网论坛 net profit1.870,000 yuan, an annual increase of 108%.At the end of the period, it has entered 69 cities and has more than 400 projects under management. In the future, after the listing of Garbo Hong Kong stocks, the company’s property management sector will accelerate its take-off under the blessing of capital forces and increase the company’s forecast. Sales increased steadily and land acquisition was relatively positive.In terms of sales, the actual sales amount was 465.300 million, has achieved 42 of the expected 110 billion target.3%, an annual increase of 12.5%, realized sales area of 514.80,000 countries, an increase of 34 in ten years.0%.Chengdu, Central China, East China, Yunnan and Chongqing, Beijing and South China are divided into their contributions. The national layout has achieved results. Chengdu, East China, and Central China are the main contributing areas, respectively.9%, 24.6%, 25.6%.In terms of land acquisition, the short-term company acquired 28 new parcels of land and added 6.78 million miles of soil reserves, corresponding to a value of 80 billion U.S. dollars, 62% of which were located in first- and second-tier cities.positive. All equity incentives were exercised in the first phase, and leverage indicators were stable and improving.The short-term company’s 2018 equity incentive plan has reached the exercise conditions for the first phase. In July, all five directors have completed the first phase of exercise, with an exercise price of 6.84 yuan / share, highlighting the confidence of executives in the company’s development.In terms of leverage, the company’s net debt ratio was 115 from the same period last year.1% went down to 109.4%, the coefficient level is optimized, and the short cash debt ratio is 1 from the same period last year.74 decreased to 1.64. Short-term debt repayment pressure has slightly increased. Maintain company buy rating.It is expected that the EPS for 2019, 20 and 21 will be, 2.25 yuan, the corresponding PE is 5 respectively.3, 3.6, 2.7 times. Risk warning: Garbo’s listing progress is less than expected, financing environment continues to tighten, and sales in the Midwest exceed expectations