This is the so-called help,Unscrupulous and helpless!Menglin Group takes everyone to make a fortune,Gives everyone confidence,Now it’s a difficult time,They all came back。

The people present saw such cash,All shocked,Naturally, there is no doubt about the strength of Menglin Group。
This is also what Wang Shaoxiao has made,Things that can be done by transfer,He wants to exchange a large sum of cash,This is deliberately revealing money,Let everyone eat this reassurance pill!
With this money,The opening of the legendary theme park project as scheduled is not a big problem。
Capital,Inside Siqimen Courtyard。
“what?It can’t fix them?Transferred the server to Hong Kong Island?The players are all shifted?Can still have this kind of operation!”
After Ming Shizun heard the report from his subordinates,I was so angry that I threw out the red sandalwood paperweight on the table。
Turn around,Willow!
When everyone thought Menglin Group was facing life and death,As long as this company’s largest hematopoietic machine,《Blood legend》Game is closed,It’s hard not to break the entire group’s capital chain。
And a top-down ban,A force majeure existence,From the perspective of the industry,It was sentenced to death for Menglin Group。
I don’t know that this Menglin Group is really fate,Actually repaired the plank road,Dark Du Chen Cang,While shutting down the mainland server,Started the conversion journey,Call on all players to transfer to the Hong Kong Island server。
It’s impossible to host a Hong Kong Island server with such a large data capacity.,Miraculously supported。
《Blood legend》Official declaration,In order to cooperate with relevant departments’ net-cleaning operations,This transfer is based on the principle of fairness and voluntariness,Transfer all player data to the Hong Kong Island server。

But beside him,The whole teahouse hall is empty,Everyone can’t sit still,Rushed to the street one after another,Rushed into the hot crowd。

Even those family children,They are not thinking about family interests at the moment,But myself,If I can get Qin’s treasure,How good would that be!
The crowd on the street is gathering,I’m afraid that half of the people from Hongliu City are here,And the other half is on the way。
It’s almost time!Lu Menglin slowly got up,He Bu, who is still sitting opposite him, is a little dazed,He immediately stood up with a panic look。
What Wei Xiaoxing said outside,He Bu heard it all,He doesn’t understand,Why did Teacher Lu ask Wei Xiaoxing to incite everyone,He feels very upset,Because he knows,The foundation of the entire Red Willow City has begun to shake,This huge city of gods,It’s no longer as majestic as they were when they first arrived,But under the influence of Teacher Lu,Become precarious,In danger。
“He Bu,do not worry,Believe me is enough!I will make their lives better。”Lu Menglin smiled slightly,Strode out of the teahouse。
Wei Xiaoxing, surrounded by the crowd, suddenly felt lighter,Must be god,I found myself being lifted in midair。
Father Mu lifted Wei Xiaoxing up again,Flew into the air,This combination of old and young,Successfully attracted everyone’s attention,This is truly eye-catching。
“The people of Red Willow City,Please listen to the old man。”Father Mu sighed softly in his heart,Finally still relying on the sound transmission by the ear,Say word by word。
Every word he said at the moment,It’s all secretly transmitted by someone,And he has no choice,Because that person has secretly controlled everything,Today’s situation,It was actually caused by that person alone。And more terrifying is,Mr. Mu didn’t think he was doing something wrong!
Maybe,The order in Hongliu City that has always been ruled by a powerful family,It’s time to change!
The changes in the past few days are so fast,But it doesn’t mean that Mr. Mu can’t think,He knows Mu’s shortcomings,As long as the great mage is dead,Not only can the Mu family not retain the status of the four major families,It will fall apart faster than those small families,Because this is a rule of the game。
And the appearance of Master Lu,Prying open a seam to the iron curtain shrouded in the head of the gods,Let wise people see a ray of light。
For this ray of light,Father Mu would rather bet on his remaining time,Even bet on the Mu clan,To fight for this great change in the era that dare to call the sun and the moon change the sky。
“The old man was attacked a few days ago,Self-defeating,Figured out some truth。I want to tell everyone today。”Mr. Mu said slowly。

“Thanks to David。”Fuld shrugged and said。

“Don’t look at David’s fat pig,No one is invited to see you on weekdays,But he still has a sense of justice。”
“He spares you that you are a rare investment talent,Don’t want to ruin your future,So I flatly rejected Sato Junji’s rude request。”
Qiao Tianyu is scared,Unexpectedly, it was David who saved himself!
“Sato Jun two sees nothing,Back-up plan,He made Linda forge my handwriting,Signed authorization document。”
“Then join forces with the Bank of Bahrain,Use huge trading funds to go crazy short Jonathan Copper,To put David and you to death,This is how the later war!”
“Linda forged your handwriting?”Qiao Tianyu asked in surprise。
“Yes。”Fuld nodded sadly,“Linda has been with me for more than ten years,She imitated my handwriting like a fake!”
“That’s it!”Qiao Tianyu nodded vigorously。
Fuld explained,Most of the problems are solved。
It turns out that the initiator of all this,It turned out to be Sato Junji!
And judging from Sato Junji’s fierce offensive,It is clear,The forces behind this world are not trying to control Qiao Tianyu,It’s going to kill Qiao Tianyu when he comes up!
But this is also good,Since the forces behind the scenes are eager to kill Qiao Tianyu,Then they will not be hidden,Can’t move。
As long as they are willing,Qiao Tianyu has the opportunity to find out their details,And then catch them all!
After Fuld’s explanation,Most of Qiao Tianyu’s questions have been answered,But there is one last question。
Since Fuld was not threatened by the forces behind the scenes three days ago,Qiao Tianyu who just gave up,What about other major investment banks and international banking groups?
Three days ago,They told Qiao Tianyu clearly,They abandoned Qiao Tianyu,Was arranged by their top leader。
“This.”Fuld lowered his head and thought for a while,“Could it be that Sato Junji made a ghost??”

Lu Menglin looked at this old face,I remember clearly before rebirth,Those news reports about him。

After my brother-in-law Du Shaoping buried the outspoken teacher Deng alive,Just this old thing,Personally take the workers the next day,Supervise workers using bulldozers and forklifts to fill in large mud pits in the playground,Bury Deng Ping’s wispy soul forever。
But this person can enjoy his old age,After retiring, he settled in the deep city,Singing,Lead a respectable old life everywhere。
“Du Shaoping has hired,Burying Teacher Deng alive is your idea!I’m giving you the stolen money from the project!”Lu Menglin said lightly,But this voice made everyone present clearly hear。
Principal Huang’s face suddenly became gloomy,He frowned,Staring at the boy in front of you,Seems to be judging the truth of what the other party said。
And those who came with Principal Huang,Then they showed quite playful expressions。
“Yes!Du Shaoping gave me the money!I will withdraw the money!”I didn’t expect Principal Huang to admit it in public,Didn’t mean to deny at all。
“and,When I drank last time,Also said something angry,I said Deng Ping doesn’t eat hard or soft things,If it’s anxious, I’m not welcome。”
Principal Huang’s second sentence,Actually also very frank,It is equivalent to indirectly admitting that Deng Ping was buried alive,He also has a share。
“but,I was angry then,I didn’t know Du Shaoping would really do it。He studies less,Bad brains,Did not educate him,It’s my responsibility。”Principal Huang’s words are somewhat sincere,It’s hard to doubt。
sound,He carried all the crimes on himself,Is this a confession??
Even Wang Xiaomei and Deng Jiajia behind Lu Menglin were stunned.,They faintly feel something is wrong,But I can’t tell where there is a problem。
Lu Menglin nodded,It seems to make sense。
“Thank god,Fortunately, Teacher Deng Ping is fine,Then this matter is much easier。This friend,Give Du Shaoping to the police!He should be punished for whatever crime!this is necessary!”Principal Huang said plausibly。
Good guy,Three or five words from this old man,I picked myself out and picked it very clean,But also make things smaller,Trivial,Trying to get Du Shaoping back。
And what he said seems to make sense,Since Teacher Deng is alive,Then the case did not happen,Or it’s not serious enough,So everything can follow the legal system。

28 + 9 missed a five-game winning streak, Jeremy Lin returned after the game

28 + 9 missed a five-game winning streak, Jeremy Lin returned after the game
Jeremy Lin was helpless to accept the defeat by 28 points.Figure / Sports Beijing Shougang men’s basketball team lost to Shenzhen to 104 to 109 tonight, missed five consecutive victories this season, scored 28 points and 9 assists Jeremy Lin self-healing after the game.The Shougang team once played a 7-0 tie in the last 3 minutes of the final quarter, but the opponent continuously scored the initial key offensive at the last moment and re-inclined the winning balance to the home team.Despite failing to continue the victory, Yannis praised the team ‘s spirit of fighting to the last minute. “We had a poor shooting percentage and lost some key defensive rebounds, so that the opponent has little time left for the offensive time.A key three-pointer was scored.Jeremy Lin scored 4 three-pointers in the field, scoring a season-high 28 points and 9 assists.When he counterattacked in the last quarter, as the team’s “brain”, he had both a pair and a clear combing of the team’s offense.For him, after experiencing a real tough battle tonight, Jeremy Lin also praised the Shenzhen team as a good opponent after the game.”In the third quarter, I needed to control our offense again and played a bit of chaos, giving the opponent the opportunity to disrupt our rhythm.”In the third quarter, the Shougang team led by two numbers to the last four minutes without a point and was overtaken by the opponent 90 to 80 to enter the fourth quarter.Jeremy Lin first reset himself and pointed out that he did not do enough to protect the rebound. “This is a good lesson. We will learn a lot from it.”Yannis also said that the team must learn from this game that many times the details will determine the victory or defeat,” while the game was stuck, we did not pay attention to the situation on the court. Some of them were defensive execution and rebounding.on.Offensively, we need to play smarter and play our own rhythm to get the game on our track.”

Guizhou Moutai (600519): Q2 performance is lower than expected long-term goals are completed

Guizhou Moutai (600519): Q2 performance is lower than expected long-term goals are completed
Event: The company announced its operating data for the first half of 2019, and its total operating income for the first half of the year was US $ 41.2 billion, an annual increase of 16%.9%, net return to mother profit of 19.9 billion, an increase of 26 year-on-year.2%.Among them Q2 income is 187.2 ‰, an increase of 11 in ten years.1%, net profit attributable to mother 86.70,000 yuan, an increase of 19 in ten years.6%. The apparent growth rate of revenue in Q2 was lower than expected, and the delivery progress was normal.The company’s Q2 apparent revenue and profit growth were 11 respectively.1%, 19.6%, lower than market expectations, but from the perspective of tracked shipments, the first half of the shipment progress was faster than planned. The dealers have received July and some August shipments at the end of June.Actual shipments are expected at 1.5 is higher than the above, of which the shipment in the second quarter is about 7,000 tons.By product, Feitian Ships 1.2 Initially, non-standard products were shipped 3,000 tons.The reasons for the expected decline in apparent performance are as follows: 1) The company confirmed a prepayment of USD 3.2 billion in 18Q2, resulting in a high base; 2) The company has adjusted its channels and cancelled more than 400 dealers since this yearCommerce and distribution rights, reset the planned amount of 6,000 tons, but the group marketing company responsible for direct sales channels has not yet fully promoted operations, and the planned sales volume of direct sales channels will be mainly released in the second half of the year.However, from the highest point of view, because the company requires dealers to focus on the second half of the payment at the end of June, it has actually basically locked in the second half of the revenue. In addition, the market demand for high-end liquor is stable.There is ample room for commercial profits, so we think it 西安耍耍网 is not a big problem for the company to exceed the 14% revenue target. The overall volume of Moutai liquor is expected to be 1 in the second half of the year.Around 8 or so. The tight supply and demand situation in the medium and long term will continue. The company actively builds direct sales channels and gradually improves its marketing system.At the annual shareholder meeting, the company stated that by the completion of the capacity expansion project in 2020, Maotai Liquor will be formed.6 Absolute production capacity will not be expanded for a long time in the future. From a medium and long-term perspective, the tight supply and demand situation of Moutai will continue, and the brand premium will become more apparent.Based on stable market prices, the company promoted the consideration of channel segmentation, and changed the 6000-ton plan redistributed from the distribution channel to participate in e-commerce, supermarket and other direct-operated channels, alleviating market supply pressure, reducing dealers’ illegal stockpiling of wine, and unfortunately sellingThe occurrence of the phenomenon.In the future, no new Moutai dealers will be developed. In the next 2-3 years, the proportion of direct sales is expected to rise to 30%. Profit forecast and investment advice: The company’s EPS for 2019-2021 is expected to be 33.26, 39.76, 45.87 yuan, corresponding to PE is 29.6X / 24.8X / 21.5x, maintain “Buy” rating. Risk reminder: macroeconomic downturn, blocked sales, approval price drops sharply

Yanjinpuzi (002847) 19th Annual Report Review: Super Fair Performance Incentives Appraisal Target Company Growth Can Be Expected

Yanjinpuzi (002847) 19th Annual Report Review: Super Fair Performance Incentives Appraisal Target Company Growth Can Be Expected
I. Event Overview On August 11, 19, Yanjinpuzi announced the 2019 Interim Report.At the core of the report, the company achieved operating income6.41 trillion, ten years +31.28%, net profit attributable to mother 0.66 trillion, ten years +68.86%, realized net profit after deduction is 0.42 trillion, +168 a year.18%. Second, analyze and judge the 19H1 performance super-fair incentive evaluation target, the total contribution of baking and dried fruit76.57% revenue increase 19H1 company achieved operating income6.41 trillion, ten years +31.28%, equivalent to Q2 single quarter revenue.9.8 billion, +19 a year.22%, under the background of a high base of 18Q2, the growth rate has improved compared with Q1, but still maintains a high growth rate; 19H1 company achieved net profit attributable to its mother.66 trillion, ten years +68.86%, equivalent to Q2 single quarter net profit attributable to mother.380,000 yuan, +209 a year.06%, on the basis of the 18Q2 base number reduction (in 18Q2, new products have not yet been mass-produced, leading to a reduction in gross profit margin + the company’s vigorous expansion of the market led to a significant increase in sales expenses due to the increase in net profit attributable to the mother -25%), the growth rate increased significantly.Generally speaking, the performance of the company in 19H1 was dazzling, and it took full advantage of the assessment targets of “multiple revenues + 15% and non-net profit + 95%” of the diversified incentive plan.In terms of products, the company’s 19H1 revenue growth was mainly due to the volume of baked and dried fruit products, and the 19H1 baked / dried fruit products achieved revenue1.35/0.47 trillion, +132 a year.09% / 550.02%, each contributing 50.37% / 26.20% income increase. The gross profit margin increased slightly under the scale effect; the decrease in the sales expense ratio drove the net profit margin to significantly increase the gross profit margin: the company’s gross profit margin reached 41 in 19H1.45%, ten years +0.At 17%, the slight increase in gross profit margin was mainly attributable to the improvement in gross profit margin of baked products under the effect of scale.Looking at the quarter, the overall gross profit margin of the company in 19Q2 reached 44.13%, an increase 深圳SPA会所 of 5 from the previous quarter.03 singles, we expect to gradually realize the mass production of “pea bean 58 days fresh” casual short-term guarantee baking series and “Xiaoxin Prince” spicy bar series products, the company’s gross profit margin will be further improved; net profit rate: mainly due to sales expensesSignificant reduction in rates (19H1 two years -2.35%, of which salary and benefits / promotional sales promotion revenue accounted for -1 respectively.2% / 1%), 19H1 company net profit reached 10.31%, ten years +2.twenty three%.In terms of other expenses, the 19H1 management / R & D / financial expense ratio was changed to +0.18% /-0.27% / + 0.29%, of which the increase in management expense rate was mainly due to the company’s launch of equity incentive plans in March 19, which resulted in an increase of 390.330,000 yuan share payment expenses (revenue ratio is 0.61%), the increase in financial expense ratio was mainly due to interest income for the current period of two years -71.36%. At the three ends, the company’s growth path is clear1.In terms of products: In recent years, the company has quickly launched new products. Currently, it has successfully launched new categories of baking, dried fruit, potato chips and hot sticks. Among them, the baking category has rapidly increased the company’s performance, and the consumption of healthy and baked food has been upgradedUnder the trend, optimistic that the continuous heavy volume of bakery products will bring performance flexibility to the company; 2.In terms of channels: The adjustment was driven by the business philosophy of “mainly direct business super, distribution follows”, the company expanded the KA channel in an orderly manner; instead, the company launched a “shop island” business model, which concentratedly displays goods in stores and strengthens the brand.2. Enhance the consumer experience to facilitate the improvement of business efficiency; 3.In terms of internal governance: In March 19, the company launched an extended equity incentive plan. The equity incentive involved personnel are the company’s core executives and technology (business backbone). The incentive strength and the high standard are eliminated, which is beneficial to the company and China.The deep binding of high-level interests has inspired employees’ subjective initiative, and the reorganization of high unlocking standards has demonstrated the company’s confidence in future development. Third, the investment proposal estimates that the company’s revenue in 19-21 will be 14 respectively.42/18.17/22.1.5 billion, +30 a year.2% / 26.0% / 21.9%; net profit attributable to mothers is 1.06/1.36/1.69 trillion, a ten-year growth rate of +50.2% / 28.1% / 24.7%; EPS are 0.82/1.06/1.32 yuan, corresponding to PE is 39/30/24 times.At present, the overall food sector is estimated to be 31 times, and the company’s estimated level is higher than the industry.Taking into account the high flexibility of the performance of the three-end Qifa company, the company’s performance growth is expected to be faster than the industry average in the future.In summary, for the first time, it is given a “recommended” rating. 4. Risk Warning: New product volume is less than expected, risk of rising costs, food safety risks, etc.

Hanlan Environment (600323) Company Annual Report Comments: The project steadily promotes the continuous improvement of ROE

Hanlan Environment (600323) Company Annual Report Comments: The project steadily promotes the continuous improvement of ROE

The company’s attributable net profit increased by 34% in 2018.

In 2018, the company achieved operating income of 48.

48 ppm, an increase of 15% per year; net profit attributable to shareholders of listed companies8.

76 ppm, an increase of 34% each year; net profit after deduction is returned to the mother7.

2.2 billion, a year-on-year increase of 22%.

Basic benefits 1.

14 yuan, dividend distribution plan for every 10 shares of cash2.

0 yuan.

The company’s revenue growth has benefited from solid waste and gas business growth. In addition to revenue growth, net profit growth has also resulted from a significant increase in investment income and a decline in sales and management rates.

The company’s gross profit margin decreased, and the sales expense ratio and management expense ratio decreased.

In 2018, the company’s solid waste treatment, gas, water, and drainage business revenues increased by 24%, 20%, 0%, and 22%, respectively.

The increase in revenue was mainly due to the higher share of solid waste and gas business growth.

In 2018, the company’s comprehensive gross profit margin was 30%, a year-on-year decrease of 1.

68 units.

Among them, the solid waste and gas business gross margins decreased by 4 respectively.

85, 0.

55pct, gross profit margin of water supply and drainage business increased by 2.

22, 3.

At 13pct, the decrease in gross profit margin was mainly due to the decrease in the gross profit margin of the solid waste business, which was caused by the increase in environmental protection and safety requirements, the expansion of technological transformation and the increase in material prices.

In 2018, the company’s sales expenses and management expenses as a percentage of revenue decreased by 0.

23, 1.

33pct, financial expenses as a percentage of revenue increased by 0.

15 marks.

As a regional comprehensive public utility company, the company has stable cash flow, ROE has been steadily improved, and the projects on hand are rich and steady growth is expected.

The company operates waste incineration, gas, water supply, and drainage businesses in Nanhai District of Foshan City. At the same time, the solid waste business has achieved a national layout, with net profit attributable to mothers in 20188.

7.6 billion, net operating cash flow16.

52 trillion, the company’s ROE from 9 in 2015.

The steady increase of 17% to 15% in 2018 is mainly due to the increase in the proportion of gas business, which has led to a steady increase in asset turnover.

According to the company’s 2018 annual report, the company still has a total budget of $ 8.2 billion in construction projects, mainly solid waste and sewage projects. Through the successive commissioning of these projects, we expect to bring stable performance growth to the company.

Profit forecast and estimation.

We expect to achieve net profit attributable to the parent company in 2019-21.

79, 11.

69, 13.

900,000 yuan, the corresponding EPS is 1.

28, 1.


81 yuan.

The company is one of the leading companies in the domestic solid waste industry. Its original “Hanlan model” has become the benchmark for comprehensive solid waste disposal. The company’s strategy is stable, and it continues to maintain steady growth, and its ROE continues 南宁桑拿 to improve.The company has 15-18 times PE in 2019, corresponding to a reasonable value range of 19.20-23.

04 yuan, maintaining the sustainable market rating.

risk warning.

(1) The construction progress of solid waste and water treatment projects is less than expected; (2) the upstream price of natural gas has risen; (3) the subsidy policy for waste incineration power generation has changed.

Hailan House (600398): Reissue repurchase plan dividend + repurchase accounted for over 70% of net profit in 2018

Hailan House (600398): Reissue repurchase plan dividend + repurchase accounted for over 70% of net profit in 2018

The company issued the second repurchase announcement.

The company intends to sell it at no more than 12 yuan / share (2019/7/23 closing price: 8).

35 yuan / share) at a price of 6.


3.6 billion (accounting for market value of 1/23/2019 1.

9% -2.


The company’s net profit attributable to mothers in 2018 was 34.

$ 5.5 billion, repurchase quota accounts for 20% of net profit?
30%, consistent with the 5-year repurchase program ratio released in December 2018.

The company’s dividend payout ratio in 2018 is 49%, and the lower limit of the dividend + the repurchase amount accounts for nearly 70% of the net profit; the company’s average dividend payout decreased by 64% in 2014-2017. We believe that the net profit return has been increased again after the announcementproportion.

The first phase of repurchase is completed, using funds 6.

6.7 billion.

In December 2018, the company announced that it will repurchase the company’s shares with funds of 20% -30% of the net profit attributable to the parent in the previous fiscal year from 2018-2022.In total, about 72.79 million shares were repurchased, with an average repurchase price of 9.

17 yuan / share, total use of funds 6.

RMB 670,000 (funds planned for repurchase plan: 6.


9.8 billion).

19Q1 The main brand resumed growth.

19Q1 company’s single brand revenue growth rate was 2.

16%, the earlier 1夜来香体验网8Q3, 18Q4 -2.

57%, -0.

42% improvement.

In our opinion, the scope of improvement of the main brands: ① product popularity and marketability; ② channel optimization brought by the development of shopping malls.

We judge that the direction of the main brand’s return to growth has been re-established. Through channel optimization in 2019, the same store will continue to improve.

The rebound in clothing retail boom will effectively boost 19H2 performance.

In June, the clothing company had a zero growth rate of 5.

2%, an earlier growth rate of 2 from January to May.

6% has improved significantly, and the growth rate of clothing retail sales in Q2 has been increasing at the same time (April, May, June: -1.

1%, 4.

1%, 5.

2%), we believe that the overall retail growth rate is repaired, and the industry’s prosperity is showing a good signal.

We expect the company’s 19H1 net profit to exceed 5% growth. With the improvement in retail growth, the company’s 19H2 revenue performance will be changed to 19H1.

Profit forecast and estimation.

We expect a net profit of 36 in 2019 and 2020.

9, 39.

700 million, a six-year growth rate of 6.

86%, 7.
The company’s 2019 PE estimation range is 12-15 times, corresponding to a reasonable value range of 10.


60 yuan, maintain the “primary market” rating.

risk warning.

Terminal retail was weak, and new brand expansion failed to meet expectations.

Oupai Home (603833) company comments: Camp warms up, bulk speeds up, expects the release of the distribution channel bonus

Oupai Home (603833) company comments: Camp warms up, bulk speeds up, expects the release of the distribution channel bonus

Event: Oupai Household released the third quarter report of 2019, and the company achieved 95 revenue in the first three quarters of 2019.

3.5 billion US dollars, an annual increase of 16.

33%; net profit attributable to mother 13.

78 ppm, an increase of 14 in ten years.

83%; net profit after deduction to non-mother 12.

91 ppm, an increase of 12 in ten years.

84%, the difference before and after the deduction is mainly due to government subsidies and financial investment returns; three returns.

28 yuan.

Net operating cash flow was 17.

53 ppm, an increase of 15 in ten years.

56%, good business quality.

The company achieved revenue of 40 in the third quarter alone.

25 ppm, an increase of 20 in ten years.

10%; net profit attributable to mother 7.

45 ppm, an increase of 14 years.

65%; net profit of non-attributed mothers 6.

9.6 billion, an increase of 10 in ten years.

48%; net operating cash flow is 7.

38 ‰, a decrease of 24 per year.


Bulk business is accelerating, and the growth rate of wardrobes is dazzling.

The company achieved operating income of 95 in the first three quarters of 2019.

3.5 billion US dollars, an annual increase of 16.


Benefiting from the release of package business dividends, the retail channel achieved revenue of 78 in the first three quarters.

5 billion (+12.

02%), of which the dealer channel 74.

2.4 billion (+12.

94%); direct sales channels 2.

08 thousand yuan (+10.

52%); blockbuster channel performance was outstanding, and revenue was 15%.

4.6 billion (+50.


In the third and third quarters, the retail channel realized revenue of 33.

6.4 billion (+17.

55%), bulk channels 6.

1.7 billion (+46.

47%).In terms of categories, the cabinet achieved revenue of 44 in the first three quarters.

9.6 billion (+6.

19%); the benefits of expanding categories are obvious, and the wardrobe income is 35.

5.0 billion (+21.

27%), bathroom 4.

400 million (+43.

30%), wooden door 4.

1.3 billion (+37.


The first three quarters of 2019 received cash / revenue from sales of goods and net cash flow / net profit from operating activities were greater than 1, with a high degree of matching and high operating quality.

Profitability declined 北京桑拿洗浴保健 slightly.

The company’s gross profit margin for the first three quarters of 2019 was 37 due to the sinking of market development channels.

64%, a decrease of 0 per year.

24 units.

Among them, Q1 / Q2 / Q3 gross margins were 34 respectively.

22% / 39.

88% / 37.

67%, ten-year change +0.

31pct / + 0.

50pct / -1.

16 points.

The net profit for the first three quarters of 2019 was 14.

45%, reduced by 0 every year.

19 units.

Among them Q1 / Q2 / Q3 net interest rate is 4 respectively.

18% / 16.

35% / 18.

52%, a ten-year change +0.

32pct / + 0.

14pct / -0.

88 points.

In terms of expense ratio, the company’s sales expense ratio for the first three quarters of 2019 is 9.

70%, a decline of 0 every year.

48pct; management expenses (including R & D expenses) increased by 11.

32%, 0 per year.

72 per share; financial expenses increased slightly by 0 compared to last year.

1.9 billion.

Diversified channel layout, and the distribution channel releases dividends.

The company comprehensively promotes the “omni-channel marketing” strategy, the transformation of old kitchenware, e-commerce, community, community, retail engineering, home improvement and full force.

1) Distributor channels: Promote the reform of the distributor model, pilot the distributor system, and further sink sales channels.As of September 30, the company has 2321/2182/953/618/1010/251 cabinets / wardrobes / wooden doors / bathrooms / opalin / furnished large home stores, respectively. Before the end of 2018, it had a net opening of 45/69/128./ 59/75 /-Home.

2) Hardcover channel: in-depth channel front-end, in-depth promotion of hardcover room baggage plans; 3) Assembly channel: European-style large-scale homes include European-style large-scale homes, European-style large homes and large customersBig business module, there are currently 251 large home furnishing stores.

Next year, European-style home furnishings will focus on enhancing growth and increasing the assistance of home-made dealers. The focus will be on eleven business areas divided into units to develop exclusive assistance programs.

Investment advice: We predict that the company will achieve operating income of 134 in 2019-2021.

8 billion / 160.

300 million / 186.

3 percent, an increase of 17.

12% / 18.

95% / 16.

18%, achieving net profit attributable to the parent company19.

1.5 billion / 2.3 billion / 27.

20,000 yuan, an increase of 21 in ten years.

85% / 20.

09% / 17.

47%, corresponding to an EPS of 4.


47, 6.

43 yuan.

Maintain “Buy” rating.

Risk reminder: The risk of real estate business is reduced, the risk of rising raw material prices, and the intensified competition in the industry, leading to the profit risk caused by the decline in the industry’s average profit rate.