BYD (002594): New Energy Vehicle Market Share Increases and Continues Development of New Energy Commercial Vehicle Business

BYD (002594): New Energy Vehicle Market Share Increases and Continues Development of New Energy Commercial Vehicle Business

The core view performance is in line with expectations.

Operating income for the first half of the year was 621.

84 ppm, an increase of 14 years.

8%, net profit attributable to mother 14.

5 ppm, an increase of 203 in ten years.

6%, net profit of non-attributed mother 7.

400 million, an annual increase of 210.

0%, EPS is 0.

49 yuan.

The higher net profit growth was mainly due to the increase in gross profit margin and the decrease in period expenses.

The company expects that net profit attributable to mothers will increase year by year in the first three quarters of 20191.

8% to 14.


Affected by the subsidy decline, the gross profit margin decreased in the second quarter from the previous quarter, and the cost control was strengthened during the period.

The gross profit margin for the first half of the year was 17.

1%, increase by 1 every year.

Two averages, gross margin of 15 in the second quarter.

3%, down 3 from the previous month.

7 averages, which are expected to be mainly affected by subsidy subsidence.

Period expenses13.

4%, a decrease of 1 per year.

1 unit.

Net cash flow from operating activities -20.

6 trillion, compared with -14 in the same period last year.

The net profit increased by US $ 600 million, mainly due to the increase in cash paid for purchasing goods and receiving labor services.

The semi-annual inventory was 280.

48 ppm, an increase of 12 per year at the end of last year.


The market share of new energy vehicles has steadily increased.

Revenue of new energy vehicles in the first half of the year was 254.

48 ppm, an increase of 38 in ten years.

8%, accounting for 40% of revenue.


Sales of new energy vehicles in the first half of the year14.

570,000 units, an increase of 94 in ten years.

5%; market share increased from 20% in 2018 to 24% in the first half of 2018.

The company’s new Yuan EV, e5 and Tang DM are among the top five new energy vehicle sales. The new dynasty series of pure electric vehicles will be equipped with the e platform, which will effectively reduce costs; the new e series pure electric vehicles based on the e platform will fully cover new energyMarket segments.

In July, the company reached a cooperation 杭州夜网论坛 with Toyota Motor to jointly develop pure electric models for the Chinese market.In the second half of the year, models such as e2, e3, and new Qin EV were successively launched. It is expected that after the intensive listing of new models, the company’s new energy vehicle sales will maintain a high growth rate.

The company has steadily expanded its new energy commercial vehicle business.

The company continued to expand the electrification of buses and completed the delivery of electric buses to the United Kingdom, Norway, Belgium, Spain, Singapore and Ecuador in the first half of the year.

The company develops the application of new energy vehicles in the field of commercial vehicles, and reports that a series of pure electric intelligent mud trucks have sold more than a thousand units, becoming a new growth point for new energy commercial vehicle business.

Financial Forecast and Investment Suggestions: Slightly adjust the income and gross profit margin, and forecast EPS for 2019-2021.

29, 1.

72, 2.

00 yuan (originally 1.


79, 2.

01 yuan), comparable companies are new energy vehicles, power batteries and other related companies. Comparable companies have an average PE assessment of 32 times in 2020, with a target price of 55.

04 yuan, maintaining the overweight level.

Risk reminder: New energy vehicles, traditional car sales exceed expected risks, new energy vehicle replacement shrinks more than expected risks, government subsidies, etc. are lower than expected, and mobile phone parts business is lower than expected risks.

Green Power (601330) 2018 Annual Report Comments: Rapid Release of Operational Capabilities Needs Attention to Pressure

Green Power (601330) 2018 Annual Report Comments: Rapid Release of Operational Capabilities Needs Attention to Pressure
Project acquisition ability is strong, financing, brand and leading advantages are expanded; order release cycle is extended; operational efficiency is improved; performance is accelerated to release cycle; engineering and equipment revenue is not recognized to help high-quality profits.H-shares are given a 10x target P / E for 2019, with a target price of 4.20 Construction, maintain the “buy” rating on H shares.For the first time, the stock was given a “hold” rating and achieved results.25 yuan, slightly weaker than expected.The company achieved revenue of 10.60,000 yuan, an increase of 34 in ten years.4%; net profit attributable to mother 2.70,000 yuan, an increase of 32 in ten years.1%; translates to basic earnings per share of 0.25 yuan.The conservative revenue recognition has caused the company’s performance to slightly exceed expectations, and the company only recognizes the benchmark electricity price for power generation revenues that have not yet entered the national supplementary project.In addition, the company plans to pay an initial dividend of zero.1 yuan / share. The volume of waste processing has increased rapidly, and the business structure has been adjusted to slightly shift the gross profit margin.The rapid increase in revenue was mainly driven by the rapid growth in operating capacity.The projects under construction are progressing smoothly, Tongzhou, Ninghe and other projects have been put into operation smoothly, and a total of 469 domestic waste has been processed.Initially, it is growing by 29 per year.6%; online power 13.9.8 billion degrees, an increase of 38 in ten years.8%.The Ninghe straw-asphalt power generation project with the highest gross profit margin was put into operation, so nearly 3 of the total gross profit margins reached 55.6%, but still high.In terms of period expenses, the management and financial expense rate are additional parts, demonstrating efficient management and control. Rich projects escort growth, but resistance pressure needs attention.In the end, the company operated 15 projects in the incineration power generation field with a processing capacity of 13,510 tons / day; 11 projects under construction with a processing capacity of 11,800 tons / day and 12 projects under construction, which are rich in projects under construction and preparation for the company’s long-term growthStrong protection.The company’s ending asset-liability ratio increased to 72.2%, already in a high level in the industry.The company’s investment pressure in the next stage is still under pressure.The size of capital expenditures in 2021 will be USD 2/20/2 billion. The company applied for a major shareholder expenditure of USD 2 billion from Beijing State-owned Assets to alleviate the funding pressure for expansion. However, the company still needs to pay attention to how to balance the robustness of its statements and rapid business expansion. Risk factors: Government subsidy adjustment risk: Intensified market competition and neighborhood effects Impact: Project termination or progress is less than expected Risk: Accounts receivable risk and other investment suggestions: After updating the project start progress, will weEPS is adjusted to 0 in 2020.38/0.58 yuan (the original EPS forecast was 0.39/0.55 yuan), new 2021 performance forecast 北京男士spa会所 0.80 yuan, the current expected corresponding A-share P / E is 35/23/16 times, and the corresponding H-share P / E is 9/6/4 times.Based on estimates from comparable companies and company history, H shares are given a 10x target P / E for 2019, corresponding to a target price of 4.20 Construction, maintain the “buy” rating on H shares.”Share” hold rating for the first time.

Oupai Home (603833): Home Leads Move towards Giants

Oupai Home (603833): Home Leads Move towards Giants

Event 1: Oupai Household released the 2018 annual report, and the company’s preliminary 2018 revenue reached 115.

10,000 yuan, an increase of 18 in ten years.

53%; net profit attributable to mother 15.

7 ppm, an increase of 20 in ten years.

9%; net profit after deduction is 15

0 million yuan, an increase of 25 in ten years.

3%; yield 3.

8 yuan.

Among them, Q4 single-quarter revenue reached 33.

1 billion, an increase of 18 in ten years.

0%; net profit attributable to mother 3.

72 ppm, a ten-year increase4.

5%; advance payment 0.

88 ppm, a ten-year increase of 17.

3%; operating cash flow 20.

180,000 yuan, an increase of 7 in ten years.


Event 2: The company announced its 2019 performance targets. In 2019, the company expects its operating income to increase by about 15% and the corresponding revenue to be about 132.

4 ‰; total operating cost is expected to increase by about 15%; net profit is expected to increase by about 20%, corresponding to a net profit of about 18.

800 million.

The overall performance was in line with expectations, the development of wooden door bathrooms was dazzling, and the effect of category fusion appeared.

In 2018, the company added 521 dealers and 770 new stores in all categories.

1) European-style cabinets are rapidly advancing the construction of emerging channels and preliminary breakthroughs in the performance of package orders.

5 billion.

Cabinet business achieved revenue 57.

65 ppm, a ten-year increase of 7.

7%; Q4 revenue was $ 1.4 billion, an increase of 4% year-on-year.

As of the end of 2018, the company has 1,618 cabinet dealers (+62), 2,150 stores (+126), and the number of A, B, and C city stores accounted for 14%, 29%, and 57% respectively;Preliminary cabinet sales 63.

20,000 sets, an annual increase of 6.


Opposite front-end orders 4.

6 ‰, a year-on-year increase of 32%; the cumulative number of stores is 935 (+96), and the business model of the Opole brand has gradually matured, and a relatively complete set of terminal operation models have been initially explored.

2) The wardrobe business is developing steadily.

Wardrobe business achieved revenue 41.

48 ppm, an increase of 25 in ten years.

9%; Q4 revenue was US $ 13 million, a year-on-year increase of 8.


By the end of 2018, the company had 973 (+130) wardrobe dealers (independent wardrobes), 1872 (+240) storefronts, and the number of A, B, and C city stores accounted for 15% and 29%, 56%; sales of 1.36 million sets of custom-made wardrobes, an increase of 17 per year.7%.

In response to the market environment, the European-style wardrobe rushes to buy orders with special packages to increase the single value of the space, expand the profit margin with clothing and wood integration, and continue to innovate and optimize.

3) The wooden door business has grown rapidly, and it is expected to continue steadily in 19 years.

Wooden door business achieved revenue 4.

75 ppm, a 47-year increase of 47.

7%, of which e-commerce channels increased 159% per year.

Wooden door Q4 achieved 200 million revenue in a single quarter, an annual growth of 41%.

As of the end of 2018, the company has 808 wooden door dealers (+125), 825 storefronts (+191) and 45 wooden doors for sale.

20 thousand yuan, an increase of 25 in ten years.


2018 is the key year for the transition and upgrade of Opponi wooden doors.

OPNIM has carried out six major reforms to the market environment and its shortcomings, effectively driving growth.

4) The bathroom business continued to be sorted out and progressed steadily.

The business achieved revenue in 20184.

530,000 yuan, an increase of 49 in ten years.


Sanitary ware Q4 single quarter revenue reached 200 million, an increase of 53% year-on-year, a significant increase over Q3 (+ 23%) in 2018.

As of the end of 2018, the company has 488 bathroom dealers (+120), 559 storefronts (+116), and sells bathrooms 28.

09 million sets, an annual increase of 31.

55%, progress has been made in channel combing, and it has entered a stage of healthy growth.

The price increase and scale effect are obvious, and the gross profit margin of wardrobes and bathrooms is rising.

2018 preliminary company achieved sales gross margin of 38.

38% (+3.

86 points.

), Q1 / Q2 / Q3 / Q4 single-quarter gross margins were 33.

91% / 39.

38% / 38.

83% / 39.


Among them, the gross profit margin of the cabinet is 39.

81% (+3.

11 points), the gross profit margin of the wardrobe is 41.

97% (+7.

24pct), bathroom gross margin 36.

16% (+7.

21pct), the gross profit margin of the wooden door 13.

58% (-2.


In terms of profitability, the company achieved a net profit margin in 2018 of 13.
66% (+0.
28 points.

), The net profit margin in the fourth quarter of a single quarter was 11.

22% (-1.

44 points.

The overall period expense ratio for 2018 was 16.

66% (-2.

30pct); Among them, the selling expense ratio is 10.

23% (+0.

48pct), management expense ratio 6.

71% (-2.

47pct), financial expense ratio -0.

28% (-0.


The increase in scale effect and internal control efficiency drove the company’s gross profit margin upward.

Promote the model of large home furnishings and take the lead in channel transformation.

With the continuous advancement of domestic hardcover and package business, the impact of passenger flow in traditional retail channels is obvious. Among them, home improvement companies are the primary entrance, which hinders 杭州桑拿 the diversion of passenger flow.

In order to lay out assembly channels and expand customer resources, the company took the lead in channel conversion in the industry, and began piloting the promotion of the assembly home furnishing business in 2018.

Fully expand brand building and promote the “10 + 1” terminal business model.

The company realized the construction of a series of brands owned by Oupai Household, fully expanded the “10 + 1” terminal business model, through a wide range of distribution stores, unified and neat design and decoration and well-trained experts to display the company’s overall image and improve “”Europai”, “European Li”, “European” brand awareness and reputation.

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

800 million, 160.

300 million, 186.

USD 300 million, an annual increase of 17% / 19% / 16%, to achieve net profit attributable to the parent company18.

900 million, 22.

800 million, 26.

80,000 yuan, an annual increase of 20% / 20.

9% / 17.

7%, corresponding to an EPS of 4.

49, 5.

43 and 6.

39 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.

A-share deep V rebounds in ZTE

A-share deep V rebounds in ZTE

After the “black Tuesday” of the 1,000-share limit, along with a statement by the Governor Yi Gang, on June 20, the “Shenzhen V” rebounded in Shanghai and Shenzhen, with 52 daily limit stops.

Yesterday, the two cities opened lower collectively, and then continued to explore; before the market closed at noon, the market entered a rebound state, the Shanghai stock index rebounded throughout the day, and the GEM was the vanguard of the rebound.

At the close, the Shanghai Index rose 0.

27%, closed at 2915 points; Shenzhen Component Index rose 0.

92%, closed at 9501 points; GEM rose 1.

08%, closed at 1563 points.

  In the shrinking rebound yesterday, the two major sectors of steel and military performed well, leading the market to rebound.

Yesterday, there were 62 stocks with limit stops, and the number of limit stops fell sharply, but it was still larger than the limit limit.

Some stocks still hit a record low. Among them, Zhonghong Co., Ltd. fell below 1 yuan during the consolidation session. In the shrinking rebound, some stocks staged a top plate.

ZTE’s limit fell again in A shares, which contrasted sharply with the 20% increase in Hong Kong stocks.

  On the day of the preliminary “Yi Gang” appeasement of the stock market, the official website of Chang Zhuan disclosed that Yi Gang accepted the interview article of “Shanghai Securities News”.

Yi Gang said in an interview that the stock market fluctuated and was mainly affected by emotions. The surrounding stock markets also fell to a certain extent.

Since it is a market, there will be ups and downs, investors should keep calm and take a rational view.

At present, the fundamentals of the national economy are good, the added value of economic growth, the total supply and demand are more balanced, and the growth momentum is rapidly changing. Since this year, the RMB is one of the few currencies that appreciate against the US dollar.

Based on such economic fundamentals, China’s capital market has conditions for healthy development. I am full of confidence in this.

  Prior to the Dragon Boat Festival, the United States has vowed to impose a 25% tariff on about 50 billion US dollars of goods imported from China, adding to the Sino-US trade friction.

  In an interview, Yi Gang said that the restructuring, domestic demand’s driving effect on the Chinese economy has continued to rise, and the trade dependence has dropped from 64% in 2006 to 33% last year, which is lower than the world average of 42%.The proportion also dropped from about 10% in 2007 to 1 last year.

3%, the developing countries’ ability to cope with external shocks has continued to increase.

  ZTE staged a fire and ice day on A shares and H shares On June 20, ZTE staged a fire and ice day on A shares and H shares.

In the final close, Hong Kong stocks rose by 20%, and at the close, ZTE’s A-shares ushered in a fifth limit.

  In the four trading days before June 20, its H shares fell by 41.

56%, 1.

07%, 11.

49%, 24.

81%, has gradually reduced about 56% since the resumption of trading.

It seems that although its H shares have improved and rebounded today, compared to A shares, their H shares still have a certain discount.

  Due to the US Department of Commerce sanctions, the resumption of ZTE’s trading was not smooth, and 39 fund companies were lowered their estimates before the resumption.

ZTE has penetrated the expected minimum budget of some funds in advance.

The reason behind this is that US sanctions are not yet clear.

  A news mention on June 19, 2018 (among others): “The U.S. Senate passed on Monday night a bill that would resume the alleged legislative action against China Telecom giant ZTE Corporation.

ZTE clarified that the version of the NDAA passed by the U.S. Senate (hereinafter referred to as the “senator version”) is still not U.S. law because it has been passed in only one of the two houses of the U.S. Senate.

The version of the NDAA (hereinafter referred to as the “House version”) adopted by the US House of Representatives does not include the first two of the above three clauses.

Thereafter, the Senate version will need to be coordinated with the House version through the Coordination Committee.

Eventually, after a coordinated version is passed by the Senate and the House of Representatives, these bills will be submitted to the president for his signature or veto.

  So why did ZTE’s Hong Kong stocks soar?

Some analysts believe that in addition to the above-mentioned clear announcements, the “freeze” of the first version of the 5G commercial standard means that the ten-year cycle of the communications industry will usher in a new starting point, which is of great significance.

  There were 26 “one yuan shares”. Zhonghong shares once fell into “fair stocks” yesterday.

11 yuan, intra-day amplitude as high as 20.02%, turnover rate is over 54%.

This means that if you buy in the morning, the floating profit will be 20% at the close of the day!

  Similarly, Ropuskin has an amplitude of over 20%.

In fact, Yaxia Automobile, Zhongyuan Special Steel, and Quartz were also pulled up from the limit stop, with an amplitude exceeding 18%.

  Affected by the bearish A-share bear market, some stocks have continued to fall in recent days, and the number of “1 yuan shares” has increased in batches.

On June 20, Zhonghong shares once fell below 1 yuan, and the lowest intraday price was reported as 0.

99 yuan, closing at 1.

02 yuan.

Data show that there are 26 1 yuan shares in the two cities.

  According to public information, Zhonghong Holdings Co., Ltd. is a comprehensive real estate company based in Beijing, mainly engaged in real estate development, industrial investment and management.

The company’s controlling shareholder is Zhonghong Zhuoye Group Co., Ltd., and Wang Yonghong is the actual controller of the company.

  At present, this ten-billion-dollar housing company has embedded a crisis in the capital chain.

Zhonghong Co., Ltd. announced on the evening of June 13. On the date of termination of the announcement, the company and its subsidiary holding subsidiaries gradually overdue the total amount of principal and interest of the debt to 36.

8.8 billion yuan, all for various types of loans.

The company is currently negotiating a proper solution with the relevant creditors and is working hard to raise funds for debt repayment.

  Air Force, On June 7, part of the company’s shares held by the company’s controlling shareholder Zhonghong Zhuoye was frozen again by judicial waiting.

At present, Zhonghong Zhuoye holds 22 shares of the company.

2.8 billion shares, accounting for 26 of the company’s total share capital.

55% have all been frozen by the judicial system and judicial waiting.

  Under the above background, the shareholders of Zhonghong Co., Ltd. fled.

As of June 20, Zhonghong is expected to shrink by 47% this year, making it the “cheapest” stock in Shanghai and Shenzhen.

In essence, the financing of housing enterprises is facing a cold wave.

Recently, the information published by the Securities Regulatory Commission on the “Re-financing Review Work Process and Application Company Status of the Issuance Supervision Department” shows that the status of the non-public issuance application process of the two real estate companies of Taihe Group and Zhonghong Co.””.

  Of the 26 one-share shares, except for the delisting of Kunji and the delisting of Jean, 11 shares are ST shares.

* ST Anmei, * ST Antai, * ST Bao Qian, * ST Dongdian and other one-share stocks are worrying about the fundamentals, and some stock returns are negative.

* ST Antai has the best performance, but can only gain 0.

04 yuan.

   Focus A shares broke 186 net shares.

  According to the statistics of the flush flush, there were 186 A-share net shares.

  After the sharp fall on June 19th, the three major A-share indexes are at their lowest levels in the past two years. So, is it an opportunity for investors to make a bottom?

  The BOCI International strategy team has a more optimistic view. The agency believes that the valuation of the A-share market is reasonable, and the asset price has fully reassessed the risks.

Judging from the policy curve, it is currently at the top.

From an emotional point of view, pessimistic consensus has been formed.

From historical experience, it is currently a bottom feature.

The agency recommends that investors change their attitudes and be positive.

  Judging from the data, the Shanghai Composite Index is currently at 3021 points, which is a distance of 42% from the previous peak of 5178 points in June 2015. From the perspective of the forecast, the number of stocks estimated at 0-40x is 51%;Sentimentally, the average handover count last week was 0.

81%, already at the bottom level in history.

  Regarding the Sino-US trade friction, 苏州桑拿网 the agency believes that the scale of 50 billion yuan in taxable goods accounts for about one-tenth of exports to the United States and about 2% of China’s total exports.

2%, about 0% of GDP.

4%, the impact is relatively controllable.In the short term, the heating up of the conflict may exacerbate the recent pessimism, pushing the market to continue to explore.

However, due to the controllable impact of tariffs on China’s economic growth, and the overall market estimate is reasonable, there are more undervalued stocks, and there is no basis for a significant decline.

  Monita ‘s research on Pringle ‘s quick review is otherwise pessimistic. He believes that the Shanghai Stock Index fell below the 3,000 mark on Tuesday, and the situation is worrying. With the increase in trading volume, the market ‘s selling pressure is 南京夜网 heavy, so it may take several daysCan only be digested.

He believes that before the Shanghai Stock Exchange returns to 3050 points, the A-share market is still in a weak position.

  Dongguan Securities believes that on the whole, the broader market continues to be weak in terms of technical strength and sluggish popularity. The selling pressure in the market is still to be moderately released. It is expected that the short-term shock will continue to fluctuate and wait for moderate stabilization.

Moderate caution is recommended in operation.

   Many companies have sounded the alarm for closing positions due to pledges Recently, many companies have sounded the alarm for closing positions.

  On June 19, Career announced the suspension of trading, and Ren Fei, the actual controller of the merged company, received Wang Wang’s “Post-Market Recovery Notice” from Shanxi Securities. The accounts of the two have reached the liquidation line. If the guarantee cannot be added on timeStocks will be forced to liquidate.

  That night, Yu Diamond issued an announcement that part of the pledged shares of Guo Liuxi, the actual controller of Henan Huajing Superhard Materials Co., Ltd. (hereinafter referred to as Henan Huajing), the controlling shareholder of the company, touched the liquidation line, leaving a risk of liquidation.

Di Wei Xun announced on the same day that all the company’s shares pledged by the controlling shareholder Beijing Ance had reached the liquidation line, and there was a risk of liquidation, accounting for 40% of the company’s total share capital.


  In addition, Oriental Ocean, Lianjian Optoelectronics, Zhongnan Culture, Huayi Jiaxin and other companies have issued announcements recently that the company’s controlling shareholders and other executives are holding shares to face the risk of liquidation.

  In fact, equity pledge is already common for A shares.

According to statistics from Flush i, the number of stocks with a cumulative pledge ratio of more than 10% has reached 2,479.

  Multi-company shareholders or executives announce increased holdings At the same time as multi-company outbreaks of the liquidation crisis, there are also shareholders of most companies or executives announced an increase in holdings.

On June 20, Changal Aluminum issued an announcement that the company’s controlling shareholder, Changshu Aluminum Foil Factory Co., Ltd. plans to gradually increase its holdings of the company’s shares to not less than 1 million shares within the next 6 months from June 21, 2018.2 million shares.

  June 19, Asia-Pacific Science and Technology News.

01 yuan, has been falling.

Asia-Pacific Technology announced on the 20th that the company’s actual controller, Zhou Ji, plans to increase the amount of its own shares by no less than 20 million and no more than 200 billion U.S. dollars in the next 6 months.The company’s shares will not be reduced during the legal period.

However, this announcement announces the recovery of the reduction in Asia Pacific technology.

As of the close of June 20, Asia Pacific Technology Stocks was reported at 5.

48 yuan, down 8.


  United Zhongzhuangzhuang announced on the 20th that some of the company’s management personnel plan to increase the company’s shares in the next 6 months, the increase is expected to be no less than 200 million yuan.

  Beijing News reporter Wang Quanhao Lin Zi Liang Chen

Guizhou Moutai (600519) Tracking Report: Large price gap between factory approval and future volume and price increase

Guizhou Moutai (600519) Tracking Report: Large price gap between factory approval and future volume and price increase
Quarterly results may be slightly lower than expected.The company announced that it achieved a total operating income of about 75 billion yuan in 2018, an increase of about 23% per year; a net profit attributable to shareholders of listed companies of about 34 billion yuan, an increase of about 25%, and its 2018 performance was successfully concluded.In order to avoid the phenomenon of “rent-seeking”, in the second half of 2018, the company proactively cut off more than 100 dealers. The extra replacement and replacement of the direct management, through the increase of online and commercial direct supply to meet market demand, but in thisIn the process, the docking of direct supply channels has not been smooth and complete.This aspect is that the progress of the “new retail” online distribution model launched in 2016 was less than expected, mainly due to the elimination of online / offline arbitrage opportunities; replacing the direct supplier super channel requires the company’s own warehouse and logistics.The company also needs to prepare in advance.Due to the cut-off of 100-inch dealers, the supply of dealer channels decreased, and at the same time, the direct supply channels had not been fully followed up, leading to a reduction in the supply of Moutai in the entire market before the Spring Festival. Some regional markets suffered out-of-stock outbreaks and breakthrough prices.Growth (Feitian Maotai rose from 1600-1700 yuan / bottle to 1800-2000 yuan / bottle).At this stage, Moutai’s ex-factory price has not been adjusted (the price increase bonus at the end of 2017 has disappeared) and supply has decreased. Therefore, we expect that the growth rate of Moutai’s performance in Guizhou in the first quarter of 2019 may be slightly lower than expected. There is a large price gap between factory approvals, and there is still room for heavy volume 杭州桑拿网 and price increases in the future, and heavy volume may be given priority consideration.At present, the price of Feitian Maotai is 1700-1800 yuan / bottle, while the ex-factory price is 969 yuan / bottle, and the difference between the ex-factory price and the collective price is 700-800 yuan / bottle. The resulting difference replaces the channel profit.As an important tax enterprise in Guizhou Province, Guizhou Moutai, the government requires Guizhou Moutai to continuously improve performance and increase tax revenue is a high probability event. Therefore, due to the large difference in factory approval price, Moutai manufacturers may have volume and price increases in the future.However, based on the regulatory requirements of the NDRC on the control of product price requirements, Guizhou Moutai has a large number of base wines (the company announced that the production of Moutai base wines in 2018 will be about 4.97% growth rate, 16% per year).The company announced that the sales volume of Moutai in 2019 is 3.1 Initially, the base wine reserve is equivalent to 1 sold in 2019.6 times, equivalent to a compound annual growth rate of more than 12% in the next 4 years from 2020-2023.Therefore, our analysis believes that the heavy-volume strategy adopted by Guizhou Moutai manufacturers to achieve performance growth should be the first consideration. On the basis of the heavy-volume, if the collective price can still stabilize, appropriate price increases may be considered.And if Moutai is heavy, and the cluster price goes down, it will have a certain impact on the performance of Wuliangye, Guojiao 1573 and below.The liquor industry as a whole will benefit from the opportunity for plate price increases and structural upgrades brought about by the Maotai colonial price, and it will be difficult to reproduce in the short term, and the liquor industry has begun to run into run-on growth. Earnings forecast and investment rating: Maintain the rating of “Based on the existing Feitian Moutai factory approval price gap, the future volume and price increase space, the company ‘s medium- and long-term performance sustainable growth without worry” rating.The company’s EPS for 2018/19/20 is forecast to be 27.48/32.16/36.69 yuan, corresponding to 28 in 2018/19/20 PE.28/24.17/21.19 times, maintain “Buy” rating. Risk warning: the macroeconomic downturn, the purchasing power of enterprises and residents decline, the company’s capacity release is not up to expectations, and food safety.

Shiji Information (002153) Interim Report Comments: Interim Report Meets Expected MRR Continued Growth

Shiji Information (002153) Interim Report Comments: Interim Report Meets Expected MRR Continued Growth
Interim report data and major financial data analysisThe company released the 2019 interim report, and the company achieved operating income15.16 billion, an annual increase of 20.76%; net profit attributable to mothers2.0.8 billion, an annual increase of 2.12%; net profit after deduction to mother 2.3.0 billion, a ten-year growth of 7.18%.Company revenue increased by 20.76%, the core business has achieved growth except for catering, which is also affected by the consolidation of new business.In terms of subregions, the business of “countries and regions outside mainland China” achieved revenue1.6.3 billion, an increase of 79 in ten years.78%, which shows that overseas cloud business has made good progress.Current R & D expenses2.5 ‰, an increase of 51 per year.4%, R & D investment continues to increase.  The balance of accounts receivable at the end of the period was 6.5.5 billion, 苏州桑拿网 an increase of 41% over the beginning of the period, mainly due to Hisense’s smart consolidation.Net cash flow from operating activities was 1.3.2 billion, an annual increase of 51%, total cash inflows from operating activities18.4.5 billion, an increase of 10 years.14%.  MRR continues to grow and continues to focus on the implementation of core cloud products. According to the interim report data, in June 2019, the company’s SAAS business realized a monthly repeatable subscription fee (MRR) of 19.81 million yuan, which was about one increase in June 2018.118.8%. In December 2018, the MRR was 17.05 million. MRR is a relatively more realistic data indicator for assessing the quality of cloud revenue. The continued growth of MRR proves that the company’s cloud business continues to advance.Shijiyun’s POS system has been verified by 南京夜生活网 the hotel group at the top of the merger, and subsequently the number of online hotels will increase, and cloud revenue will be more fully reflected.With the end of cloud selection of non-core systems such as POS, we think that some hotel groups are expected to continue to choose cloud PMS, and continue to pay attention to the implementation of cloud PMS.  Geographical location, Shiji has demonstrated certain competitive advantages in terms of product technology routes and ecological creation. The landing of cloud POS products at the head hotel group has also verified the company’s competitiveness in the global market, and continues to be optimistic about the company’s global hotel cloud businessopportunity.The company’s 2019 EPS is expected to be 0.52 yuan / share, the corresponding PE calculated from the latest closing price in 19-21 is 61, 50 and 40 times respectively.  Considering that the company is expected to open up market space through cloud transformation, it is optimistic about the company’s medium and long-term development potential and maintains the company’s reasonable value at 36.4 yuan / share, maintaining the “overweight” rating.  Risks indicate the impact of external non-market factors on the expansion of cloud business in overseas markets; the transition to data-driven platforms is still in the exploratory period.

US scientists unveil shyness

US scientists unveil shyness

Basically, there is a kind of shy grass in the plant world. If you touch it lightly, its leaves will immediately close, and then it will slowly return.

Why is this amazing plant “shy”?

It turns out that there is a drum bag called “leaf pillow” under the leaf handle of mimosa, which contains a lot of water. When you touch its leaves with your hands, the water in the leaf pillow immediately flows to both sides.
  In human society, some people will feel shy for doing wrong things. Isn’t human beings also shy about “leaf pillow”?

Recently, American scientists have revealed the secret behind human shyness.

  An old and outdated soap bubble experiment can distinguish kids who like to explore and shy.

  In the Bowden College lab, children are playing an old and outdated soap bubble game. Is this psychologist Sam?

Putnam’s experiment, this game can distinguish children who like to explore innovation from those who are shy.

  Although the experimental props are very common, only the soap bubbles bought from cheap goods stores and the horror masks used only for Halloween, the experiments themselves are easy to accumulate.

In the laboratory, the children did behave differently when staff wore skull masks.

Some children yelled happily and rushed towards the soap bubbles happily; while others quietly hid behind the door and watched others go crazy and frantic; others were frightened and burst into tears.

  All these performances were recorded one by one by the psychologist Putnam.

The essence of his research is to find out why some of us like new things, while others like to adhere to stereotypes; why some people are brave enough to innovate, while others are looking for comfort.

  Many scientists believe that the mystery of shyness may exist in these elusive personality differences.

A shy person usually has a detached look, always shrugs and stays away from the crowd. This is a state that looks painful and bad.

Professor of Pediatrics William?

“I see shyness as part of the normal range of human temperament,” Gardner said.

“But in the eyes of scientists and those who try to avoid society, their perceptions of the normal scope of shyness are very different.

What are the main factors that determine whether a person is shy?

How should we face this problem?

Through behavioral studies, brain scans and even genetic tests, researchers have gradually learned that shyness is a complex state.

  Shy people may be introverts, but introverts are not all shy people.

  People are shy, and there must be a reason.

It’s not just an introvert.

Harvard psychologist Jerome?

“When we’re with strangers, shyness is stronger than normal tension or doubtful worry.

Shy people may be introverts, but introverts are not all shy people.

“The difference between a shy person and a person may be a variation of this rich form.

If this is indeed the case, should parents be careful not to let the child’s shyness develop in a lonely way?

Some studies have shown that parents do need to do this, and even that it is essential.

Putnam’s experiments in soap bubbles found that children who are resistant to the new environment are more willing to hide their emotions in their hearts. This indicates that they are more likely to have depression and tension in their future lives.

At the same time, shy children are at higher risk of developing social phobia, which is a serious disorder and half of Schwartz and Kagen’s subjects are suffering from the disease.

In addition, a 2003 study conducted by the University of California, California on HIV-positive carriers showed that unwillingness to socialize and irritable patients to separate from those with a calmer mindset may lead to slower recovery and viral load.8 times.

Although it cannot be simply assumed that this result is also applicable to HIV-negative virus carriers, the study confirms that shyness may be damaged by the immune system.

  For those children who feel depressed because of shyness, first of all, parents should send an amazing signal to the children, for example, “This problem is more difficult to handle.

I will help you overcome it. ”

And be careful not to equate your child’s concerns with bad behavior.

For those shy adults, cognitive personality therapy can effectively alleviate their anxiety, minimize social barriers, and reduce the fear of social connection.Behavioral therapy can also effectively treat social phobia. By letting patients slowly contact the society, they are gradually relieved from the uncomfortable social environment.

  Is David, a social work professor at the University of Washington?

“There are risk factors for shyness, but it also has a protective quality,” Hawkins said.

“Shy children may have fewer friends than cheerful children, but they are more likely to be involved in violent or gang crime.

Research shy scientist states that Abraham?

Lincoln, Mohandas?

Gandhi, Nelson?

Great personalities such as Mandela are very reserved, and if their character is not like this, they may not achieve such remarkable achievements.

The latest release of authoritative journals: weight loss net red food actually led to liver cancer

The latest release of authoritative journals: weight loss net red food actually led to liver cancer

Recently, CELL published a new study, the sword refers to the appropriate supplement fiber, which can lead to liver cancer – CELL report title This study has made some of the people who are using fiber reduction or “health” to eat gradually disappeared.
.and also some questions, some, some arithmetically acceptable supplemental fibers?

How many doses are safe?

Let’s take a look at what this study calls.

Insoluble dissolved fiber does not have this problem. First, the article is published in the abstract, and the carcinogenic effect is soluble substitute fiber. The insoluble one did not find this problem.

Precipitated fibers are classified into soluble and insoluble, also called quantitative and non-coarse.

The latter name is more commonly used in many commercial advertisements, and some beverages will be added with “placement replacement fibers.”

One of the following – the “healthy” soda of a famous beverage manufacturer, apart from this self-identification, how is the difference?

Soluble glucose fibers include β-glucan (β-glucan), pectin (pectin), plant gum (Gums), plant glue (Mucilages), oligosaccharides (Oligo sugars), inulin (inulin)). Finally this was translated into “inulin”, one of the protagonists of CELL’s article.

Insoluble fibers include hemicellulose, cellulose, and lignin.

It should be noted that part of the hemicellulose is also soluble.

In natural foods, many of them contain both soluble fiber and insoluble fiber. For example, mango, the two fiber contents are relatively close.

Foods containing insoluble dietary fiber content soluble dietary fiber are: bitter gourd, wheat bran, glutinous rice, wheat germ, millet, wheat flakes, lentils, broad beans, spinach, green peas, apples, kiwi, almonds, etc.

In addition, various mushrooms are also foods in which insoluble fibers are dissolved.

Bitter melon contains soluble fiber. The foods with high dietary fiber content are: psyllium husk powder (common additives in many foods, such as ice cream, jam, etc.), green plantain, blackberry, grapefruit and so on.

What is the degree of carcinogenicity?

The experimental design is more complicated because of the factors to be excluded.

First, the researchers designed a group of mice fed a diet of soluble dietary fiber, with soluble fiber (inulin) accounting for 7.

5%, another 2.

5% fiber.

The preliminary food does not contain soluble dietary fiber.

After feeding for a while, they found that 40% of mice eating inulin did have a lower incidence of metabolic syndrome, a lower incidence of obesity, but a suspicious increase in serum bilirubin.

The circled mice with elevated bilirubin, next to serum, the researchers said that their serum “sprayed suspicious fluorescent yellow” insisted that after 6 months of feeding, the experimental group of mice with elevated bilirubin appearedHepatocellular carcinoma, bilirubin did not appear elevated, and the rest did not.

Therefore, the researchers also mentioned that early bilirubin elevation is a precursor to liver cancer caused by soluble metabolic fibers.

In a complementary experiment, they found that in these mice, which eventually developed liver cancer, bilirubin could increase from 2 weeks to 6 months (end of experiment).

The number of tumors was counted in the liver of each mouse, and the green bar was in the high bilirubin group.

In addition, if you adjust your diet to a high- and high-weight diet, add 7 again.

With 5% inulin, the incidence of liver cancer will increase from 40% to 65%.

Thereafter, in order to test the carcinogenic problems of other soluble precipitated fibers and insoluble fibers, a group using fructose and oligofructose (also a soluble filler fiber) and a group using insoluble fibers were designed.

The results showed that the fructose group and the oligofructose group still caused hepatocellular carcinoma, and the insoluble plasma fiber group did not.

In order to find out whether the carcinogenic effect was affected by the dose, the researchers reduced the proportion of soluble doping fiber to 2.

At 5%, the results showed that liver cancer could still be triggered (4 of 22 mice showed hyperbilirubin and liver cancer).

Therefore, the researchers concluded that in the face of current carcinogenic results, we should be cautious about diets containing large amounts of digestible fiber.

How did it cause liver cancer?

Through the intestinal flora.

The researchers found that mice that consumed soluble dietary fiber had altered flora in the body.

Even the wild-type mice and the experimental group were kept together to eat the dietary fiber diet. Finally, the intestinal flora of the wild-type mice changed together, and hepatocellular carcinoma also appeared.

While sterile mice and mice that took antibiotic-controlled intestinal flora even ate the same soluble replacement fiber, no liver cancer eventually occurred.
How to do?
As the author of this article puts it, it is a more viable option at this stage to be cautious about the viable dietary structure of the supplemental fiber.

In our daily diet, there may be some alternative fibers. Therefore, don’t deliberately add or use some of the “slimming products” under this banner to maintain an alternative replacement status.

Article source: Medical circles / Jiang Feixiong

7 Do not forget to open the window

7 Do not forget to open the window

The weather in spring is changeable, and closing windows and doors is a matter of course, but closing doors and windows continuously can also bring health risks.

Today, I will remind you here. The following 7 time points should be opened and ventilated.

  The indoor space is often closed when you wake up early. After a whole night of breathing and breathing, the air in the bedroom is often a little bad. Not only does it accumulate a lot of carbon dioxide, but the oxygen becomes very thin.Tiny may float in the air.

At this time, opening the window for ventilation is particularly important.

However, the window opening time should not be too early, especially in the city. The critical concentration of air in the air is still high at 6 and 7 in the morning. It is best to wait until the dirty air deposited on the ground rises and then open the window for ventilation.Open the window around 8 o’clock, at this time the temperature rises and the air quality becomes slightly better.

It should be reminded that patients with cardiovascular disease are extremely susceptible to cold air and other irritation. Therefore, you must wear more clothes after getting up, and open the window after adapting to the temperature.

The indoor space is often closed when sleeping. Quilt worms like warm, penetrating environments. Quilts are their favorite homes.

The quilt will be stained with the sweat of the human body, and it will be slightly moist. At this time, the temperature and humidity are most conducive to the survival of insects.

In the south, air is humid and quilts are more common.

Window ventilation is a good way to keep the quilt dry.

After getting up, don’t fold the quilt in a hurry, it is best to turn the quilt upside down, and then open the window to allow the quilt to breathe, to promote the evaporation of water vapor in the quilt, and to avoid the breeding of microorganisms and mold.

  Chinese cooking methods such as frying and frying during cooking will produce a lot of oil fume, and many harmful substances will be volatilized at high temperatures. It has a strong irritation to the nose, eyes, and throat mucosa, which can cause rhinitis, sore throat, and bronchitis.Respiratory diseases, and gas and gas may release harmful gases such as carbon monoxide.

Therefore, when cooking, always turn on the range hood and open the window for ventilation. It is best to allow the air to convect. After cooking, you must continue to open the window for at least 10 minutes to prevent oil fume from depositing at home.

The range hood should be turned on early and late, that is, turn on before cooking, and turn on for 5 minutes after cooking.

  After taking a shower, the water vapor in the bathroom condenses, the humidity is very high, and it must be ventilated and dried in a timely manner, otherwise a large amount of mold is easily generated and threatens health.

If the bathroom has windows, open the windows in time after bathing and open the bathroom door to ensure air convection; if there are no windows, you must install a high-power, high-performance exhaust fan.

Water vapor condenses in the bathroom after taking a shower, and the humidity is very high, so it must be ventilated and dried in time.

  Formaldehyde is the number one killer of indoor pollution after renovation.

After decoration, parts such as wardrobes and cabinets that use sheet materials will continue to release impurities such as formaldehyde into the room for decades.

If there is a strange smell in the cabinet at home, you can open the closet, cupboard, bookcase, drawer, etc. when you go out during the day. At the same time, open a small slit in the window to allow it to be fully released.

If you think the indoor pollution is serious, you can open the kitchen door, open the ventilation fan, the range hood or air-conditioning ventilation function to accelerate the diffusion.

  When cleaning the room, it is the time when the impurities in the indoor air are most dense.

When you clean a sofa, mattress, or carpet, a large amount of bacteria, dust mites, and dandruff hidden in it will float in the air, and may be raised when using a vacuum cleaner.

At this time, it is best to wear a mask and ensure that the window is open to prevent inhalation of fine particles.

When cleaning, it is best to perform wet cleaning first, and some first wipe the desktop and cabinet surface with a wet rag to reduce floating objects in the air.

  Before going to bed, you can open the window for 15 minutes every half an hour before going to bed. It is best to keep the air convection. It can not only avoid car exhaust during the day, air pollution produced by the factory, but also increase oxygen in the air, which is good for sleep.

When opening a window, the elderly and children try to move less by the window.

When sleeping, do not close the bedroom doors and windows tightly to prevent hypoxia from affecting sleep. You can open a small gap in the door or window to allow fresh air to enter the bedroom.

If the window is facing the head, it is best to cover it with curtains, etc. to avoid direct blowing.

  Opening a window can completely refresh the “foul” air in the room in time, and can prevent the occurrence of certain diseases, especially in the above seven moments.

The most favorite slimming midnight snack for white-collar workers

The most favorite slimming midnight snack for white-collar workers

Introduction: Nowadays, due to the high work intensity, modern people often stay up all night and even complete some tasks or tasks overnight. If dinner and sleep time are more than four hours apart, you can eat midnight around ten to eleven, becauseAllow food to digest for an hour and reduce the chance of aunt accumulation.

  Experts suggest that you should choose a sugary or cellulose-rich food for midnight foods, because sugary foods can make you fall asleep more easily, and high-fiber foods are easy to fill up and become fat!

Here are three recommended slimming snacks.

  High-fiber wheat husk plus skimmed milk three tablespoons wheat husk + half a cup of skimmed milk / 170kcal There are a lot of sugars on the market, so you must choose carefully.

Choose sugar-free and milk-free wheat husks. In addition to being nutritious, the fiber has 2 grams of fiber, which is easy to fill your belly and make you eat other foods.

In addition, milk contains an amino acid called serotonin, which can cause the brain to rest, relax and make you sleepy.

  One calm banana emperor banana / 50kcal. Most people mistakenly think that eating bananas will be fat. In fact, a banana contains only 100kcal, which is half less than rice, and fiber is one to one more than rice.

However, nutritionists point out that eating a banana is too much, it is recommended to eat an emperor banana, and the banana contains potassium; potassium is mineral, no waste gas, can maintain normal nerve transport, normal heartbeat, moodPeace.

  1 bowl of full-bodied fish fillet porridge / 160kcal. Street food to fish fillet are mostly catfish or big fish. These two kinds of fish are low-fat fish and contain unsaturated aunts and low cholesterol, which are good for the heart.

And 4 fish fillets is only 80kcal, which is much lower than 4 fat beef (200kcal).

Grains contain sugar, and sugar has a stabilizing effect on the brain, so drinking porridge water can relax and help you fall asleep.