“I know,I have this mental preparation,”Chen Geng nodded:“Besides, rest assured,I don’t need a penny less,Won’t let you pay out of your pocket。”

That’s good,That’s good。
Ivan·Caruso breathed a sigh of relief。
He was really afraid that Chen Geng would let himself pay for it、Bring your own dry food to help him do things,Since Fernandez is willing to fund the corresponding activities,Then things will be easier。
Gritted his teeth,Ivan·Caluso started to figure it out:6000A personal computer,Fernandez can probably make700Ten thousand dollars to800Ten thousand U.S. dollars,If he asks himself to help him with three things to this degree,He can probably earn2200Wanzhi2500Ten thousand U.S. dollars……Is it adding interest?,Not excessive。
PS:Brothers sorry,Please wait a few minutes。
“Don’t worry about compensation,”Chen Geng Shen said:“Why did GM deal with me?”
“You don’t know?”Chen Geng frowned。
“I really don’t know,”Ivan·Caruso smiled bitterly:“General people come to me,Time to start with you,I only have room to agree or refuse,As for the reason,Can i ask?”
Chen Geng:“……”
This is the truth!
The broker circle has the rules of the broker circle,One of the biggest rules is not to inquire into the secrets of customers,Customers come,Tell me how much money I am going to do,Brokers can judge whether to accept the business based on their energy and relationship,But never inquire into the secrets of customers。
It’s just that,Chen Geng’s brows still frowned。

At this moment,The woman scolded again:“smellyXPretend youXOfXAh pretend!I scolded you、What happened?”

“Don’t disturb everyone watching movies here,You are so awesome,Go out and solve!”Wang Shuai is happy to leave the field,It ended the film’s negative impact on Xiao Xiao and Chen Wenjin,It also reflects the sentiment of protecting Xiao Xiao spared no effort,Have some fun by the way,Three birds with one stone。
“Go out!I’ll see who knelt down!”The woman’s words have come out,That row seems to be her friends,They all stood up and walked out of the theater。
“You two wait here,We solve it and come back。”Chen Wenjin may not be able to take care of too many people,Xiao Xiao said:“Things started because of me,How can I hide here by myself?and,I’m not ashamed to disturb others here。”
May also said:“Yes,Let’s go out together!Anyway, the tanks are on East Street,Coming soon。”
Amei has experienced this kind of thing,Not afraid at all。
Wang Shuai took the phone and called Abao directly,It saves the time of calling and waiting for reply,Because Abao didn’t go home,Went for a drink with the tank。
Said the place,hang up the phone,Wang Shuai walked out of the projection hall with his head high。
Normally,This conflict occurs,Just scold each other,Then ask each other for details,Do it if you can,If you can’t make it, just make a few friendships and shake hands,If you can’t afford it, just bow your head and admit your mistake,As for how the strong side wants to end,Either the weaker party treats to drink,Either do a few hands to show your prestige。
So when Wang Shuai went out,I have already figured out how to negotiate and delay the time for the tanks to arrive,There will be many people,There is a leopard and gold than the backing……
Shuai Wang puts away the big brother,Strutting out。
Suddenly one hand grabbed him and pulled forward,He rushed a few steps,Still almost fell,Just barely stand firm,I got kicked again behind,Suddenly hit the wall,Hands on the ground,But the group of people in ambush didn’t give him a chance to get up,Around is a punch and kick,Someone stepped on his back。
“stupidX!Didn’t you pull it just now??”That woman scolded,Staring at the door of the projection hall again:“That smelly just nowXchild!Get out!You like to call Chun,Come out for you!”
How did Wang Shuai endure such a beating??I want to speak and remind Chen Wenjin,How can I get kicked on my stomach,Gasping in pain,Can’t even make a scream!

Due to excessive mold content, IKEA recalls a single mixed fruit dried cereal and transforms it in full

Due to excessive mold content, IKEA recalls a single mixed fruit dried cereal and transforms it in full
On May 11th, IKEA’s official website released a product recall message saying that IKEA food importer Dongen International Logistics (Shanghai) Co., Ltd. recalled in the Chinese market the sales of IKEA MüSLI mixed fruit dry cereal (reduce cereals) sold in March 2019 and afterProducts)) (500 grams) because the mold content exceeds the legal upper limit.In addition, IKEA stated that customers who purchased the product in March 2019 and thereafter can return to any IKEA store and receive a full refund.The recall started on May 8, 2020 and lasted for one month.IKEA said that although no reports of any discomfort or adverse health effects caused by the consumption of this product have been received, all food products of IKEA have been continuously tested and should comply with the standards, regulations and IKEA applicable in their market.Quality requirements.As a preventive measure, IKEA has immediately stopped the sale of the product in all malls in the Chinese mainland market, and has begun related investigations.It is understood that IKEA food importer Dongen International Logistics (Shanghai) Co., Ltd. recently received a test report provided by the Shenzhen Municipal Market Supervision Administration.The results of the report show that the mold content in IKEA MüSLI Mixed Fruit Dry Oatmeal (Mixed Grain Products) (500g) exceeds the relevant legal limit in China.Sauna, Yewang learned that this is not the first time IKEA has recalled food safety.In July 2016, IKEA recalled a variety of chocolates because these products are not suitable for consumers with allergies or sensitivities due to the hazelnuts and / or almonds.In addition, since 2020, IKEA has repeatedly released product recall information.On January 15th, the “TROLIGTVIS Trulivis Travel Cup” it sold was found to have excessive carcinogenic substances, and IKEA recalled the product worldwide.In March, IKEA recalled the Coulomb three-bucket baffles with the model numbers 30355730, 40158098, 60093058, 60309242, and 80163757 that were sold between April 2005 and March 2020, involving 90335 pieces.The reason is that if the upper wall parts attached to the product are not used in accordance with the product installation instructions to properly fix the tilting cabinet to the wall, under special circumstances, the replacement cabinet theoretically has the possibility of falling over.Sauna, Ye Jie Zhang Jie editor Peng Yali proofreading Liu Baoqing

Does Cannavaro take classes or leave classes?The operation of Evergrande is shocking and unreadable

Does Cannavaro take classes or leave classes?The operation of Evergrande is shocking and unreadable
Is Cannavaro’s position at Evergrande still stable?For Guangzhou Evergrande coach Cannavaro, this week was really difficult to pass-lost to Pu and Red Diamonds at home, blocked by opponents with a total score of 3-0 outside the AFC Champions League final; tonight the Chinese Super League is at homeAn embarrassing 2-2 draw against Henan Jianye, with only 1 point left in the standings.After the preliminary game, Evergrande’s official website immediately announced that Cannavaro will go to the headquarters of the Group tomorrow at 12 noon tomorrow to participate in the Evergrande corporate culture class. During his study, Zheng Zhi will act as the team coach.This announcement caused heated discussion. Cannavaro did not even participate in the post-match press conference with Henan Jianye, but his brother Paul attended instead.At the press conference, Paul explained why Cashuai did not attend the press conference. When asked about the question of “Cannavaro attending the class”, he only said that he would not comment on the group’s decision.According to Sauna and Yewang, Evergrande Group does provide corporate culture classes, and Cannavaro does go to “classes.”The Italian recently led his team’s poor record. In addition to the promotion to the AFC Champions League final, the Chinese Super League has only scored 5 points in the fifth round of the league. The previous lead in the standings has disappeared.Cannavaro waved to the waiting media when he left the stadium, saying: “Thank you.Judging by Evergrande’s previous style of rewards and penalties, the sudden release of the “Class Announcement” at this time was obviously dissatisfied with Cannavarolo.It’s just that the Evergrande Air Force directly issued announcements for the departure or appointment of the head coach. The Italians’ “going to class” operation this time is really a bit confusing.Editor Zhang Yunfeng proofreading Fan Jinchun

Suning Tesco (002024) in-depth tracking report

Suning Tesco (002024) in-depth tracking report
The 3C chain of offline appliances is the cornerstone of Suning’s profit and cash flow. The current layout is optimized, channels are sinking, expansion expectations are doubled, and the bargaining power of the industrial chain is improved.Online experience optimization, from top to high frequency, from price war to product acquisition, scene acquisition.The ecological layout of multi-format, logistics, and finance is becoming more and more perfect, and multi-dimensional realization is expected.The Suning estimation system is expected to change from the current offline estimation to the comprehensive ecosystem estimation. 南宁桑拿 Growing during the transformation, the 100 billion leaders have returned to a higher growth rate.Continuous evolution, has experienced professional chain, dual-line integration, ecological construction, in 2018 the company’s omni-channel GMV / revenue + 39% year-on-year + + 31%. Industry: intensified differentiation, dual-line integration, and ecologicalization of leading companies.It is estimated that the CAGR of 3C retail sales of home appliances in 2019-21 is 6%, and the low line continues to be high.The home appliance 3C duopoly JD.com/Suning has an overall channel share of 23% / 12%. JD.com started with 3C, and Suning Qiang is in home appliances.Rebalancing the two lines, there is a lot of room for improvement in offline concentration, and the low-level expansion of home appliance chain stores will increase the value of the industrial chain.The online penetration rate of FMCG products is less than 10%, and the industry CR5 / CR100 is only 4% / 10%. The business model is in an iterative period, and it has become a leading place for e-commerce leaders.Leading ecological development, from operating commodities, traffic to operating users. Offline: Optimize the layout, expand and upgrade, reshape the industrial chain, and strengthen bargaining power.High-end home appliances and set-purchase drive the re-evaluation of offline scene values. In 2018, the main categories of high-end products in the offline home appliance market accounted for about 30% -45%, far exceeding online.Gome is in a slump, and Suning enters the KA channel to enrich the scene and increase its share.The retail cloud developed the counties and towns, changing the brand’s third- and fourth-level distributors to Suning franchised stores, and promoting the restructuring of the industrial chain.In 2019-21, the county and township market revenue is expected to be about 4.1 billion / 7.9 billion / 11.6 billion.Suning Appliance’s 3C offline mid-to-long-term expansion is expected to double to 20%, bargaining power is improved, and profitability is steadily rising. Online: From average to high frequency, from price wars to product acquisition, scene acquisition.Experience optimization and explosive drainage promoted the compound annual growth rate of online GMV in 2010-18 to 79%.Expand the fast-moving consumer goods with the “primary warehouse + store warehouse” model, make fresh, improve the structure of the customer base, and increase the frequency of shopping.From price war to product acquisition, scene acquisition, platform monetization rate is only about 2%, platform prosperity and traffic monetization will promote each other. The ecology is gradually becoming more and more diversified; the technology is driven to provide sufficient long-term growth momentum.The logistics and financial reconstruction of the ecology are expected to be transformed from earning the difference between purchase and sales to multi-dimensional value creation: the entire logistics industry chain layout, financial innovation, activation of precipitation assets, and assistance in storage expansion. It is expected that the storage area will reach 1,500 in the next three years, and overall profitability is expected in 2019.Finance has an open budget space for external development, and has licenses and industry synergy advantages.Compared with JD.com’s financial analysis, the inflection point of competition has now arrived. Risk factors: E-commerce gross margin improvement is not up to expectations; new category expansion exceeds expectations. Investment suggestions: The company ‘s offline appliance 3C market share has increased, and its bargaining power has increased; online categories have expanded, experience has been optimized, and GMV has continued to grow at a high rate; multiple formats, ecological layouts have been perfected, and monetization methods have become increasingly diverse.Maintain the 2019-21 vested net profit forecast at 24.500 million / 28.600 million / 43.80,000 yuan, the corresponding EPS is 0.26/0.31/0.47 yuan.Adopt segment assessment: give 0 online in 2019.16 times P / GMV is 47 billion; offline retail 18 times PE is 93.6 billion; Suning Financial Services is estimated at 56 billion, with 41% equity corresponding to 23 billion; the target city size is 163.6 billion, corresponding to a target price of 17.6 yuan, maintain “Buy” rating.

Should technology stocks leave the market? Brokers shout: you can choose to add positions

Should technology stocks leave the market? Brokers shout: you can choose to add positions
Original title: Should the depth of technology stock leadership leave?Brokers shouted: You can choose to increase your position. On February 26, A shares failed to continue the miracle of the previous trading day. The market dived in late trading, the GEM fell deeply, and the hot technology stocks in the early stage appeared collectively.  In fact, the turnover of the two A-share markets exceeded the 1 trillion mark for six consecutive days, but the northbound funds saw net sales for four consecutive days.In the face of this menacing replacement, how should investors respond?Surging news reporters found that the institutions’ views are generally optimistic. Zhang Yulong, chief strategy analyst at CITIC Construction Investment, believes that investors can choose to increase their positions.Zheng Bo, chief economist of Baoxin Financial, said that he does not think that market inflection points will occur in this situation, rather than representing the end of the GEM or technology stock market.  According to transaction data released by the Shanghai Stock Exchange and the Shenzhen Stock Exchange in the evening of February 26, transactions in the two cities shrank compared to the previous trading day.The transaction amount for the day was 4956.5.6 billion yuan, with a turnover of 8178 in Shenzhen.5.9 billion yuan, with a total turnover of 13,135.1.5 billion yuan.  This is the sixth consecutive day that A shares have achieved a total turnover of over one trillion yuan.  On February 19, the Shanghai and Shenzhen markets saw heavy volume in some of them, with the total turnover of the two cities reaching 10,398.3.2 billion yuan.This is the first time that the Shanghai and Shenzhen stock exchanges have exceeded 1 trillion since April 8, 2019.  Since then, A-shares have been heavy for 5 consecutive days, reaching the beginning of the most recent round of transactions on February 25.On the same day, the Shanghai market traded at 5134.900 million yuan, Shenzhen City turnover of 9033.21 trillion, the total turnover of the two cities reached 14,168.11 ppm, the highest daily turnover of A shares since March 24, 2015.  Northbound funds continued to retreat, with a net decrease of more than 20 billion this week. On February 26, northbound funds once again experienced withdrawal gains and were net-replaced through the Shanghai Stock Connect.4.7 billion yuan, the Shenzhen Stock Exchange net decrease of 50.8 billion yuan, a total net decrease of 67.2.7 billion.  This is the fourth consecutive trading day for Northbound Funds to have a net replacement, and also the first time that there has been a net occurrence for four consecutive days since August 7, 2019.  From the perspective of this week’s gradual situation, northbound funds have netted a total of 202.6.3 billion yuan.  BOE A (000725), which had been net-sold by Northbound funds on February 25, continued to be sold off on February 26, with a total value of 12 sold.3.5 billion yuan, with a total purchase amount of 7.4.8 billion yuan, equivalent to a net sale of 4.8.7 billion.  This is the epitome of the huge capital flight of technology stocks on February 26.  Statistics on the sale of main funds in the technology sector collectively. On the 26th, electronics, semiconductors, software, and communications in the early stages of the technology sector were extremely popular.  Among them, the electronic plate fell by 6 that day.06%, the main funds exceeded 191.6.5 billion; the semiconductor sector fell 7 that day.55%, the main fund allows 124.26 trillion; the software sector fell by 5 that day.14%, the main funds decreased by 85.9.9 billion; the communications sector fell by 5 that day.57%, the main funds fell 57.7.8 billion.  In the pre-February report on February 26, Surging News pointed out that on February 5 the above-mentioned major technology sectors saw huge transactions, indicating that funds have diverged.  Why did some of the main funds sell?  From the external environment, European and American stock markets have plummeted, and global panic has spread, which is one of the external factors dragging down A shares.  On February 25, local time in the United States, the three major US stock indexes fell again.  Among them, the Dow Jones Industrial Index closed at 27081.36 points, down 3 that day.15%, down 3 the previous day.56%, within two days fell from close to 29,000 points to near the 27,000 mark.The S & P 500 index fell 3 on the day.03%, closed at 3128.21 points; the Nasdaq fell 2 on the day.77%, closed at 8975.61 points.  European stock markets are also not optimistic, the British FTSE 100 index fell by 1 that day.94%, the French CAC40 index fell by 1 on the day.At 94%, the German DAX index fell by 1.88%.  From the analysis of the internal environment of A-shares, technology stocks have increased too much in the early stage, and profit-making exits are the main cause of the plunge.  Yan Xiaoou, an investment consultant of Industrial Securities, believes that in addition to being dragged down by external epidemics, the weak market is also characterized by increased volatility caused by high participation of small and medium investors.The driving force of this wave of market after the year lies in funds and policies. The marginal incremental liquidity lies in the fact that retail investment funds have started to rise again after nearly four years. This is related to the staged conditions of the entire home waiting for resumption of work.The money-making effect of these funds entering the market and the market strengthened each other, and the inflow of funds was further accelerated by the conversion of shareholders to basic citizens, which has a taste similar to the first half of 2007.The current role of ETF funds in boosting can also be compared to the role of grading funds in the 2015 market.  According to Yan Xiaoou’s analysis, as of February 26, the major diving represented by technology stocks also illustrates the impact of small and medium-sized investors’ baggage security on individual stocks. The systematic rise of the technology sector is probably over.As the annual report and the quarterly report increase in attention, the performance of individual stocks will be more deeply constrained with performance and estimates, rather than simply speculating on themes and trends.  ”I need to remind you a few points.First, the market this time showed obvious stratigraphic bubble characteristics. Today ‘s adjustment is 杭州夜网论坛 not entirely an external influence. It is more a post-holiday market. The market has risen a lot, and major and small investors are facing a return to work and other factors., Choose the result of the bag drop.As a large number of investors gradually resume the normal working rhythm at the opening of the market, the subsequent influx of funds will significantly weaken.Secondly, under the local bubble characteristic of the current market, it is not possible to adopt a pyramid-style increase position mode. It is recommended that the position be controlled within half a position. The retracement today is indeed relatively large. Do not let unwilling thoughts think that your reasonable trading plan is executed.Do n’t take it seriously, no one can escape the top and bottom, and there is no need to deliberately earn and save every penny.”Yan Xiaoou made further suggestions.  Zhang Yulong, chief strategy analyst of CITIC Construction Investment, believes that the release of technology stocks has released market risks.  He said that since February 3, popular topics such as semiconductors, 5G communications, and new energy vehicles have performed well, and the A-share market has shown significant differentiation.Judging from the estimated level, the technology sector is about 10%, the risk has been released to a certain extent, and the highly estimated state has been adjusted to a certain extent.GEM is expected to return to about 30 times in 2020.The development and performance of the industry has driven the technology sector back to the upside.  In addition, the new rules for refinancing have been implemented. Enterprises can obtain long-term funds through refinancing, and even achieve asset reorganization on the asset side and reorganization of equity structure on the owner’s equity side, which is conducive to improving the quality and long-term growth of listed companies.  Should investors leave the market?  The surging news reporters found that the opinions of many institutional experts were quite “calm”, and that adjustment did not mean that the market was over.  Zheng Bo, chief economist of Baoxin Financial, told reporters: “I don’t think there will be a market inflection point in this situation. It is not necessary to over-interpret the movement of funds going north.He analyzed that the GEM and technology stocks have obvious policy expectations, so the early speculation was a bit overdone, generating a herd effect and accumulating penetrating profitability.Many stocks in this sector are therefore estimated to be very high.Is the price too high?In the future, it is necessary to wait for the income report to confirm or falsify.Basically, investors make judgments based on good expectations.  Zheng Lei said, “We saw that many institutional investors actually withdrew some of these stocks that were overdone yesterday and turned to some sectors that are more likely to benefit from government stimulus measures to save the economy in the epidemic, such asReal estate, banking, infrastructure, etc., have undergone a change in style. In this case, today there have been significant adjustments in the GEM and technology stocks.I think this is the rational choice of some investors in the market and does not mean the end of the GEM or technology stock market. These two sectors are protected by China’s long-term economic development policies. After adjustments are made, there is still the value of continued investment.Zhang Yulong also believes that the logic of A shares has not changed.  He said that after the additional cases gradually entered zero, China has entered the stage of processing stock cases, and production resumption will progress in an orderly manner.We expect that the impact of the Chinese economy in the first quarter will be significant, but the basic goals of the Chinese economy in 2020 remain unchanged.The overall tone of active fiscal and monetary policies remains unchanged, and the direction of industrial upgrading remains unchanged.We expect that liquidity will continue to be accommodative during the stock case processing stage, and lowering interest rates will be the main task. Active fiscal policies will gradually be implemented, which will have contradictory support for the market.Therefore, the fundamentals of China’s economy remain unchanged, and the market’s expected direction remains unchanged.  Faced with the expected scale, investors should realize that the macro policy environment is conducive to the continued bull market.If there is interest in the short-term market, investors can choose to increase their positions.  From the perspective of industry configuration, there are three main lines: First, the industry is booming, and the technology sector supported by liquidity policies can increase positions above the market, which is also the main line of the capital market.Second, through the gradual resumption of work by the enterprises, the consumer industries such as automobiles, food and beverages, real estate, home appliances, catering and tourism, where the demand for airlines has been compressed, will rebound again and need to be added.Third, benefit from the capital market reform and the liquidity-rich securities sector.  The research report of Huaxin Securities stated that the A-share market is expected to continue to be strong against the background that the Shanghai Index has not effectively fallen below the 5-day moving average. Although there may be day-to-day adjustment pressures after continuous breakthroughs, the A-share market has now startedIn order to understand the structural trend of the market, investors’ primary tasks continue to focus on the medium and long-term strategic allocation, ignoring the short-term fluctuations of the index.  In terms of configuration, the agency believes that although the pharmaceutical sector will directly benefit from the epidemic in the short term, the relatively high prosperity in the early stage will be relatively limited by the impact of the epidemic.The main driving force for future market growth.  (Original title: Technology stocks lead less depth, should they leave?Brokers shout: you can choose to add positions)

Yuyuan Garden (600655): Gold Jewellery Business Performs Brightly and Steady Growth

Yuyuan Garden (600655): Gold Jewellery Business Performs Brightly and Steady Growth
Event: Yuyuan released the 2019H1 semi-annual report, reporting that a series of companies realized operating income of 196.5.3 billion, up from 34 previously.62%; net profit attributable to mother is 10.21 ppm, an increase of 9 per year.31%. Yuyuan Jewelry & Fashion Group officially changed its name, and its product channels are working together to enhance its brand image.Products: Upgrade the product structure by deeply tapping the Chinese traditional Wuyun culture; Channels: 327 net increase stores, which has exceeded the net increase stores of last year.At the same time, jewelry fashion continues to strengthen the industrial chain and extend the supply chain. In addition to completing the acquisition of the Belgian International Gemological Institute (IGI), it has jointly established a joint venture with Xingguangda, a leading integrated jewelry processing company, to promote the company’s merger of the supply of colored treasureChain level. The main business grew at a high speed, and the improvement of operations led to an increase in gross profit margins of all sectors.Operating income for the reporting period reached 196.5.3 billion (+34.62%).In terms of different businesses, the number of jewellery and fashion chain outlets reached 2,417 (327 new in 2019H1), and the acceleration of exhibition stores led to jewellery revenue of 100.9.5 billion (+15.91%), resort 4.6.7 billion (+18.41%), catering 3.9.4 billion (+45.55%).H1 gross profit margin is 24.10% (+3.02pct), sales expense ratio 3.47% (-0.19pct), the management expense ratio is 5.46% (+0.67pct), financial expense ratio 1.72% (+0.43pct), net interest rate 7.04% (+4.65pct). The newly introduced budget incentives and stock saving incentive plans demonstrate the company’s confidence in future development.This budget incentive plan was awarded to a total of 50 core executives, and 3.65 million shares of the stock budget were granted, accounting for 0 of the equity volume.094%, while granting no more than 301 to 41 middle and senior executives.80,000 shares (accounting for 0 of the total share capital).078%) budget stock.The performance evaluation target is a three-year return to the net profit 杭州桑拿网 ratio of at least a compound growth of 12% in 2018, which shows the company’s development confidence.Through the use of the enhancement of its own industrial capabilities and strategic mergers and acquisitions to expand its competitive advantage; focus on industrial operations, build good products and good brands, and provide happy and stylish lives for global household customers. Investment suggestion: The company’s jewelry fashion and cultural and catering businesses are actively transitioning and upgrading. Restructuring and injecting the company’s multi-functional real estate business has become an important support for creating fashion industry integration and offline landmarks.We expect the company’s net profit in 2019/2020 to increase by 13% and 11% each year, and the EPS will be 0.88 yuan, 0.97 yuan, the current corresponding PE for 2019/2020 is 10 respectively.5, 9.5. Risk reminders: 1) The jewelry business is fiercely competitive and homogeneous. 2) Macro policy risks faced by the real estate industry. 3) Business diversification, increasing the level of internal management.

GAC Group (601238) Quarterly Report Comment: Pressure on Independent Brands in the Third Quarter Remains, Japanese Joint Venture Supports Profits

GAC Group (601238) Quarterly Report Comment: Pressure on Independent Brands in the Third Quarter Remains, Japanese Joint Venture Supports Profits

In the third quarter of 19th, the company’s performance declined quarter-on-quarter, and the investment income of the joint venture increased at least once. It slightly decreased. According to the company’s third-quarter financial data, the company’s operating income in the first three quarters was 430.

310,000 yuan, down 19 previously.

58%; investment income of the joint venture is 73.

RMB 970,000, slightly reduced by 1.

28%; return to mother’s profit is 63.

350,000 yuan, a decrease of 35.


Among them, Q3’s operating income was 14.7 billion yuan, a decrease of more than 10%, and the net profit attributable to the mother was 140,000 yuan, a 52% annual decrease; investment income reached 25.

500 million yuan, basically flat for one year.

Under the pressure of the slowdown in the growth of the domestic auto market, the company’s weak profitability of its own brands in the third quarter decreased its sales performance, which was mainly affected by changes in the sales of its own brand GAC passenger cars. According to the production and sales report, GAC passenger cars were gradually sold in the first three quarters.

70,000 vehicles, down 29 every year.

75%; single quarter wholesale sales in the third quarter was 5.

90,000, down 36 every year.


In addition to sales variables affecting the profitability of independent brands, the company proactively destocked under the pressure of the breakdown of the domestic auto market, which resulted in certain sales promotions and sales subsidies, reducing the profitability of independent brands in the third quarter.

Japanese joint ventures continue to strongly support the reform of the overall profitable company’s merger organization and focus on strengthening the efficiency of independent brand operations and better leveraging synergies.

The joint venture Guangben, Guangfeng’s sales growth stability is still the main contribution point of the company’s investment income. In the first three quarters, Guangben and Guangfeng respectively changed their wholesale sales.

340,000 vehicles, 49.

60,000 vehicles, an increase of 10 in ten years.

14%, 17.


In addition, in September of 19, the listing of the “Deepening Strategic Cooperation Framework Agreement” between GAC Group and Toyota will help promote a new round of development cycles for the brand in the domestic market.

Investment suggestion The company’s main joint venture brands have high growth stability, continue to contribute investment income, and pressure on the short-term performance of independent brands. With the gradual layout of production capacity and new models, future profitability is expected to recover.

We expect the company’s EPS to be zero in 19-21.



06 yuan / share, currently expected to correspond to A shares PE of 14.



9 times.

Based on the company’s historical assessment level, we give A shares 13 times PE in 2020 with a reasonable value of 12.

RMB 0 per share; taking into account the premium situation of A 杭州龙凤夜网 / H shares, H shares are given 9 times PE with a reasonable value of 8.

3 Updates / Shares, maintain “Buy” rating on A / H shares.

Risks suggest that the automotive industry is declining; the passenger car industry is intensifying; the company’s new car sales are below expectations.


­   ­  ?当地时间8月4日,由中国葛洲坝集团股份有限公司承建的非洲目前最大水电站——安哥拉卡库洛卡巴萨水电站在该国北宽扎省栋多市举行开工仪式。卡库洛卡巴萨水电站项目开工仪式由安哥拉能源水务部部长博尔热斯主持,安方由总统多斯桑托斯 、副总统文森特、安哥拉军办主任古佩里巴、安哥拉民办主任内图等高层与数十位部长出席,中方由中国驻安哥拉大使崔爱民及葛洲坝股份有限公司副总经理任建国等出席,中安各界友好人士共300余人参加了开工仪式。该项目的开工建设,标志着中国葛洲坝集团积极顺应中国“一带一路”倡议,开启了中国企业在非洲水电建设的新纪元,谱写中安友谊新篇章。­  安哥拉能源水务部长博尔热斯在致辞中介绍了安哥拉当地电力的装机容量、年发电量以及安哥拉2025年中长期战略规划,以及卡库洛卡巴萨水电站建设将起到的结构性作用。部长表示卡库洛卡巴萨水电站作为安哥拉乃至非洲截至目前最大的水电站,对未来安哥拉的经济建设至关重要。该项目将在解决电力短缺、就业等方面起到积极作用,并对中国政府及企业支持安哥拉的发展表示感谢。中国驻安哥拉大使崔爱民在致辞中说,中国是安哥拉最大的贸易伙伴,安哥拉是中国在非洲第二大贸易伙伴、第一大进口来源国。到目前为止,安哥拉是中国在非洲开展投融资合作和基础设施建设合作最多的国家之一。中国对安哥拉累计贷款总额已近500亿美元,涵盖基础设施各个领域。­  水电站业主项目经理阿古斯托表示,卡库洛卡巴萨水电站的建设将不光解决电力短缺问题,还将极大促进当地的就业,为当地工人提供职业生涯技能培训。­  据悉,安哥拉卡库洛卡巴萨水电站是目前中资企业在非洲承建的最大水电站,被誉为“非洲三峡工程”;建成后将极大缩小安哥拉电力供求缺口,促进当地经济及社会发展,具有深远的历史意义和国际影响。该项目合同总金额为45.32亿美元,项目规划装机容量217.2万千瓦。项目计杭州夜生活网划在80个月内建成,建设高峰期将为当地提供近万个就业岗位。葛洲坝集团还将负责电站四年的运行和维护,并为安哥拉培训一批专业的电站运营管理和技术人才。­  由中国葛洲坝集团承建的卡卡水电站建成以后每年将会为安哥拉提供86亿千瓦小时的电力。占目前安哥拉装机总容量的50%。(央视记者 周涛) 责任编辑:曾少林

Midea Group (000333) Annual Report 2018 Review: Steady Growth and Profitability Gradually Improved

Midea Group (000333) Annual Report 2018 Review: Steady Growth and Profitability Gradually Improved
Investment Highlights Midea Group announced its 2018 annual report, reporting annual revenue of 2618 trillion US dollars, an annual increase of 8%.23%, net profit attributable to mothers was 202 million US dollars, a year-on-year increase of 17.05%, the net profit after deducting non-attributed mothers increased by 28 each year.46%, basic income 3.08 yuan, ROE is 24.35%, 13 yuan for every 10 shares, in line with expectations.On the expense side, the selling expense ratio +0.82 pages, overhead rate +0.75pp.The financial expense ratio 北京桑拿体验网 is -1.04pp.On the profit side, the gross profit margin is +2.51pp., Net interest rate +0.61pp. The revenue growth rate of the reporting year is delivered quarterly quarterly, and the four quarters of 2018 were + 17%, + 13%, and +1.4%, +0.5%, mainly due to the industry as a whole affected by the downturn in the property market and weak consumption suppression. The air-conditioning business grew rapidly, consumer appliances grew steadily, and gross profit margins increased.According to the report baseline, HVAC revenue was 1094 trillion yuan, accounting for 42% of revenue, and revenue increased by 14.73%; consumer electronics revenue was 103 billion yuan, revenue accounted for 40%, revenue increased 10 years.30%.The gross profit margin of HVAC is 30.63%, an increase of one year.59 points, the gross margin of consumer electronics is 29.16%, increase by 1 every year.79 units.Midea ‘s home air-conditioning report temporarily merges online and offline market share, and Midea ‘s consumer electronics ranks among the top three in the industry. The reported benchmark KUKA robot revenue slightly decreased, accounting for 10% of revenue and 5% of revenue reduction. Toshiba 深圳桑拿网 turned losses into profits, and no goodwill impairment of overseas M & A projects. Profit forecast and investment recommendations: The company’s annual report is in line with expectations. Due to the downturn in the property market and the contraction in consumption, the revenue growth rate is the next step quarter by quarter.Demand for major products has begun to pick up in the first quarter of 2019.We have adjusted our profit forecast and expect EPS to be 3 in 2019-2021.49, 4.13 and 4.62 yuan. Risk reminder: The property market that has been damaged by the real estate recovery continues to be depressed, price wars reduce profitability, and strategic adjustments have allowed low-end markets to reduce their market share