Zhongshun Jierou (002511): Obtained medical mask production and sales qualification and added new mask business

Zhongshun Jierou (002511): Obtained medical mask production and sales qualification and added new mask business

Event: On February 12, Yunfu Zhongshun, a wholly-owned subsidiary of the company, has obtained emergency medical device production and emergency medical device filing certificates issued by the Yunfu Market Supervision Administration, and has already produced and sold medical masks. The company will arrange as soon as possibleMouthweed production.

  Opinion: Obtain the valuable production and sales of medical oral army, and arrange the production of oral grass as soon as possible to ensure the supply of epidemic prevention materials.

  Affected by the epidemic, the overall daily mask demand exceeds 1.

500 million pieces, with a production of less than 20 million pieces, 南京桑拿网 is in a serious supply and demand range.

Faced with the current shortage of resources for national defense epidemics, such as mouth weeds, the company actively responds to the requirements of the local government, and will carry out the production and sales of medicine and military services.

On February 10, the company announced that it will produce 5 medical surgical oral production lines with a corresponding production capacity of about 350,000 pieces / used. It is expected to be put into production before the end of February.

After being put into production, the production line will be expanded according to demand, and the production capacity can be expanded to about 2 million pieces / day.

After the company obtains the qualifications for the production and sale of medical oral military, it will arrange production to ensure 杭州桑拿论坛 oral supply as soon as possible.

The production of the company’s oral products will return to the pressure of normal food demand, and at the same time contribute to the increase in performance.

  During the epidemic, the demand for paper towels and wipes increased rapidly, and the company’s short-term sales were better.

Tissue paper is essential for life during the epidemic period, home time is prolonged, domestic demand is increased, and the epidemic situation raises residents ‘health awareness, and daily use of paper towels and astringent towels will increase.

The company’s short-term sales are better, with soft pumping sales and e-commerce channels in first- and second-tier cities significantly improved.

At present, except for the Hubei and Zhejiang factories, all other factories have resumed work. At the same time, the raw material inventory is sufficient, and the production side is less affected.

The company’s Jingdong Cooperative Warehouse has sufficient stock to ensure online product supply.

At present, only part of the logistics is affected by the epidemic situation, and it will return to normal when subsequent logistics resumes.

  Earnings forecast and estimation: EPS are expected to be 0 in 2019-2021.





64 yuan, the corresponding PE is 30x.

26 times.

22X, maintain “Buy” rating.

  Risk warning: wood pulp price rises sharply, epidemic affects logistics and production

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

Berry Gene (000710) Semi-annual Report Comment: Steady growth in performance and early breakthrough in tumor screening project

Berry Gene (000710) Semi-annual Report Comment: Steady growth in performance and early breakthrough in tumor screening project
Event: The company released its semi-annual report, and its operating income in 2019H17.53 ppm, an increase of 16 in ten years.87%; net profit attributable to mother is 2.51 ppm, an increase of 71 in ten years.95%; net profit after deduction is 1.55 ppm, a ten-year increase of 9.35%.The company’s performance drivers are: 1. The improvement of domestic genetic testing industry policies, the full liberalization of the second-born child policy, and the enhancement of national health awareness have led to increased market demand and the rapid growth of the genetic testing market; The company is in a leading position in the domestic genetic testing industry. The market first-mover advantage and brand competitiveness can fully enjoy the market opportunities brought by policy dividends to ensure performance growth; 3. The company’s market share has grown steadily, and the market expansion in the early stage has continuously expanded the scale effect to drive performance growth.  We believe that the company is in a period of high performance growth, and has core competitiveness in many aspects, and actively extends to the field of big health and consumer-level 四川耍耍网 genetic testing. The company’s performance is expected to continue to grow in the future.  R & D investment increased, and the results in the field of early screening significantly promoted product segmentation. 2019H1 basic scientific research services achieved revenue1.370,000 yuan, an increase of 219 in ten years.37%, gross margin is 59.35%, an increase of 45 per year.18 pp; testing services achieve revenue 3.40 ‰, a decrease of 7 per year.65%, gross margin is 65.78%, an increase of 7 per year.2 pp; reagent sales realized income 2.40,000 yuan, an increase of 6 in ten years.30%, gross margin is 65.12%, a decrease of 4 per year.92 pp; equipment sales realized income of 0.48 ppm, an increase of 26 in ten years.50%, gross margin is 22.36%, an increase of 2 a year.2 pp.  In terms of period expenses, 2019H1 sales expenses, management expenses, financial expenses, and R & D investment are 1 respectively.4 billion, 0.55 ppm, -0.2 billion, 0.530,000 yuan, an increase of 27 in ten years.90%, 10.35%, -468.36%, 71.94%, the change in financial expenses was mainly due to the increase in revenue and exchange gains. The increase in research and development was mainly due to the continued expenditure on research and development of genetic testing projects, and the increase in related reagent supplies and labor costs.  The company’s R & D budget has increased. In March 2019, the PreCar project successfully integrated a classification model of liver cirrhosis and liver cancer based on NGS, and the determination of molecular markers and detection methods for early diagnosis and early screening is a critical moment for early screening of tumors.On March 30, a major breakthrough in the PreCar Early Screening Project for Liver Cancer: The data showed that in alternative detection tests for patients with liver cirrhosis and liver cancer, the detection sensitivity of liver cancer exceeded 97% in about 100% of cases.That is, the characteristics obtained through the targeting of plasma markers can accurately screen patients with cirrhosis who have cancer.The results are in a leading position in similar experiments at home and abroad.  Maintaining the “Hold” rating We continue to be optimistic about the company’s market leadership in the field of early diagnosis and screening of diseases, transform the industry chain, and continuously optimize the database, and the growth in the second half of the year can be expected.We expect the EPS for 19-21 to be 1.02, 1.34, 1.74 yuan / share, maintain “Hold” rating.  Risk reminders: the risk of lagging in technological innovation, the risk of intensified market competition, the risk of exchange rate changes and tariff changes, the risk of brain drain, etc.

Gujing Liquor (000596): Scale effect appears and profits continue to be released

Gujing Liquor (000596): Scale effect appears and profits continue to be released

The profit in the third quarter of 19 exceeded market expectations, and the revenue was slightly lower than the market expectation.

3.0 billion, with a 21 increase.

3%, net profit attributable to mother 17.

4.2 billion yuan, an increase of 38.


Single third quarter revenue / profit growth of 11.

9% / 35.


The revenue was slightly lower than market expectations, mainly due to the lackluster market demand in the Mid-Autumn National Day and Anhui. The company actively controlled the distribution to keep the channel inventory healthy.

Earnings exceeded market expectations, mainly due to a year-on-year decrease in sales expense ratio of 7 in the third quarter.


  Development Trend The company is moving from a single pursuit of growth in revenue volume to a gradual growth.

In response to changes in market demand and 南京桑拿网 channel inventory, the company actively controlled the pace of delivery to keep channel inventory at 1 most of the time.

The benign level of 2 months, the actual sales price is also stronger than the past few years.

  The product structure and regional structure of revenue are continuously optimized.

1) The company’s strategy of focusing on the next high-end is more resolute. When the ancient 8 price of 200 yuan gradually became popular, it began to launch products of ancient 16 and ancient 20 and above 300 yuan, and continued to improve the brand grade of ancient well, firmly grasping the Anhui province.The price of mainstream banquets is escalating, and we expect revenue at this price to grow 70% to 13 this year.

900 million yuan.

2) The secondary development of key markets outside the province pays more attention to the consolidation of the market foundation and the sustainability of growth. Local markets such as Henan, Shandong, Jiangsu, etc. We expect revenue growth this year to reach 30% to 50%, and it is expected to continue.

  The effect of scale has begun to appear, and profits will still be released quickly in 2020.

The company’s selling expense ratio was 32 in 2016.

9% began to fall, but the decline was not obvious in 2017/18, mainly due to the company’s gradually changing advertising and promotion costs for sub-high-end prices and national promotion.

With the increase of the company’s scale and volume, the sales expense ratio and management expense ratio will continue to decline due to the effect of scale, and profits will also benefit. We expect the profit growth rate in 2020 to remain 27.


  Earnings forecast and estimate Due to lower sales expenses, EPS3 is raised for 2019/20.

4% / 1.

2% to 4.


55 yuan, maintaining a target price of 140.

5 yuan, corresponding to 32 in 2019/20.

4x / 25.

3xP / E, current price corresponds to 2019/20 24.

3x / 19.

0xP / E, the target price has 33% upside compared to the current price, and maintains an outperform rating.

  Risks If Anhui’s economic growth is obvious, the next high-end growth may not meet expectations.

Luyang Energy Conservation (002088): Performance Exceeds Expectations, Operation Quality Continues to Improve

Luyang Energy Conservation (002088): Performance Exceeds Expectations, Operation Quality Continues to Improve
Key Investment Events: The company disclosed its 2018 annual report and reported a series of realized operating income.4.2 billion, an annual increase of 15.45%; net profit attributable to mothers3.07 million yuan, an increase of 43 in ten years.71%; net profit after deduction of non-return to mother 3.04 billion, down 45 every year.18%, basically 0 benefits.85 yuan.The company plans to distribute a cash dividend of 6 to every 10 shares for all shareholders.5 yuan (including tax).The total cash dividends accounted for 76 of the net profit attributable to the mother.59%, dividend yield 4.76%.  The company disclosed the 2019 first quarter report, which can realize operating income4.570,000 yuan, an annual increase of 48.24%; net profit attributable to mother is 0.72 ppm, an increase of 34 in ten years.51%; net profit after deduction is 0.710,000 yuan, an increase of 39 in ten years.75%, basic profit returns 0.20 yuan / share.  Opinion: The single-quarter growth rate continues to improve, and the business continues to improve.The company’s operating income in 2018 was 18.42 ppm, an increase of 15 in ten years.45%, net profit attributable to mother 3.07 million yuan, an increase of 43 in ten years.71%.In terms of quarters, the growth rate of operating income for Q1-Q4 in 2018 was 15 respectively.24%, 16.79%, 4.86%, 24.34%, of which the rapid growth in the fourth quarter was significantly improved in the first three quarters, mainly due to the company’s gradual resolution of its market share and rapid growth in market share.In Q1 19, the company’s revenue growth accelerated again, with an annual increase of 48.24%, the operating inflection point has been confirmed.  The continued high profits are due to the company’s falling costs and an increase in the proportion of high-end products, which are continuous.In 18 years, the company launched the “Double Lift and Double Drop” activity, and carried out multi-channel development of the market, centralized bidding, strict control of procurement of raw materials, combined with the increase in production capacity of various 北京夜网 products, fixed cost dilution, and continued improvement in comprehensive gross margin, reaching 42.1%, a substantial increase of 4 per year.6 points.  The impact of equity incentive fees and management expenses will increase, and the impact will be weakened in 2019-2021.The company’s 18-year expense ratio (including taxes and surcharges) 23.9%, an increase of 2 per year.5pct, at the middle level of history.  By item, sales, management expenses, R & D expenses and financial expense ratios reached 12 respectively.6%, 7.2%, 2.9% and -0.3%, change 0 each year.5 pcs, 3 pcs, 7 pct, -0.8 points and -0.6 points.Of which 18 years management costs1.32 ppm, an increase of 38 per year.31%, mainly due to the provision of 29.79 million yuan in equity incentive expenses (33 million, 15 million, and 6.57 million in 2019-2021, respectively). If the 南京夜网论坛 allocation of incentive expenses is not considered, the management expense ratio is 5.7%, reduced by 0 every year.3 points.  Profit forecast and investment advice: We adjust the profit forecast and expect the company’s net profit attributable to the parent to be 3 in 2019-2021.8.9 billion, 5.10 billion and 6.32 trillion, the closing prices on May 21 correspond to PE of 2019-2021 respectively.1, 10.2 and 8.1. Key recommendations.  The company’s self-operated positions exceed 1%. Investors should pay attention to the risk warning: the expansion of new application areas is less than expected, the policy implementation is less than expected, and the industry’s competitive landscape has deteriorated

李洋洁案主犯获最重刑罚 李洋洁父母:感到欣慰

李洋洁案主犯获最重刑罚 李洋洁父母:感到欣慰
­  中新网8月5日电 据外媒报道,历时八个月的李洋洁案庭审4日落下帷幕。德绍地方法院一审判决男被告Sebastian F. 终身监禁、不得假释。李洋洁父母对这一判罚感到欣慰。­  此案中的女被告Xenia I. 也获刑5年零6个月。法院还判决两名被告向遇害者家属赔偿6万欧元的精神损失费。主审法官在宣判词中也陈述了理由。她指出,两名被告犯下的是“难以想像的罪行”,他们为了满足自己的性幻想,而留学生李洋洁却付出了生命的代价。­  当地时间6月5日下午,德国首都柏林约200名华人自发在柏林标志性建筑勃兰登堡门前举行集会,沉痛悼念不幸遇害的中国籍留学生李洋洁。一些德国友好人士也参加了此次悼念活动。 彭大伟 摄­  法庭认定,男被告Sebastian犯有强奸、谋杀两项罪名,且情节特别严重,因此他不能像一般的终身监禁囚犯一样在服刑15年后申请假释。对于女被告,法庭认可了心理鉴定师作出的“心智尚不成熟”之认定,因此按照教化为主、惩罚较轻的青年刑法来量刑;而且,法庭只认定女被告Xenia I. 犯有“性虐待罪”,因此仅获刑五年半。­  本案的两名被告,原先是一对情侣。2016年5月11日晚,女被告在街上谎称需要人帮忙搬箱子,将慢跑归来的李洋洁诱骗入住宅中,随后与男被告一同虐待、抢劫这名中国女学生。男被告此前曾多次要求女被告物色人选进行三人性行为,后者担心被分手,曾经就此问询过多名亲友,在被拒绝后遂直接在街上诱骗路人。李洋洁被虐待数小时后,身受重伤;而男被告Sebastian F. 最终则将她搬运到公寓楼的后院的一棵松柏树下遗弃。法医认为,李洋洁有可能在搬运之前死亡,也有可能是在搬运过程中死亡。法医鉴定显示,李洋洁全身多处骨折,进行了“数个小时的痛苦垂死挣扎”。­  此前,在对男被告的量刑建议上,检察官以及陪诉方律师都要求判处终身监禁、不得假释,辩方律师则建议判处其10年或12年监禁。而对于女被告,检察官要求判处8年监禁,陪诉方律师建议深圳SPA会所判处10~15年监禁,辩护律师认为应当判处3年徒刑。­  李洋洁父母:感到欣慰­  中新社记者 彭大伟 摄” />当地时间6月5日下午,德国首都柏林约200名华人自发在柏林标志性建筑勃兰登堡门前举行集会,沉痛悼念不幸遇害的中国籍留学生李洋洁。李洋洁生前就读于德国安哈尔特应用技术大学Dessau校区。中新社记者 彭大伟 摄­  在周五宣判后,李洋洁父母的律师派茨纳(Sven Peitzner)对德国之声说,他完全认同法庭对男被告Sebastian F. 的判决:“终身监禁、不得假释,这是德国刑法里的最重刑罚。但是,对于女被告Xenia I. 刑期,我有不同意见。我们认为,她不仅仅是强奸从犯,也参与了事后的掩盖罪行的行为。”­  派茨纳在4日下午还将一审判决结果告知了身在中国的李洋洁父母。他对德国之声透露,父母对法庭判处男被告终身监禁的决定表示赞赏,“他们感到欣慰,因为这个判罚可以令凶手不再能伤害其他人。”而对于女被告仅因“性虐待罪”获刑5年半,李洋洁的父母已经决定要提起上诉,“而我和谢夫纳(Tilmann Scheffner)也将继续担任李洋洁父母的代理律师。”­  男被告的辩护律师贝内维茨(Marco Bennewitz)则对德国之声表示,按照法律规定,控辩双方都可以在一周内提起上诉:“目前,我们还没有作出决定,将首先审视所有可行的法律手段。我估计,我们很有可能也会提起上诉。”­  主犯毫无悔意­  值得注意的是,男被告在全部庭审中都保持了沉默,只是在今年1月时,他当庭对一名警方证人咆哮“老兄你给我闭嘴!”而在本周二最后一场庭审结束前,他简短地开口表示:“我完全同意我的律师对我的辩护。”­  据旁听了每场庭审的《中德意志报》记者透露,男被告在庭审全程中,都未曾流露出任何悔罪、遗憾的神情。而在周五宣判时,他也面无表情。­  辩护律师贝内维茨则对德国之声说:“我能够确证他的面无表情。但是至于他在和我们辩护律师团队交谈时是否流露出悔罪之意——对不起,按照法律规定,我不能将当事人的私下谈话公开。” 责任编辑:曾少林

BTG Hotel (600258): Demand is still under construction due to macro impacts, results stabilized or boost expectations

BTG Hotel (600258): Demand is still under construction due to macro impacts, results stabilized or boost expectations
This report is a guide: in the first half of the year, macroeconomic fluctuations have continued to weaken operating data to build a bottom, and price adjustments have boosted the mid-to-high end. The company is working on product upgrades and mid-to-high-end layout to increase profitability. Investment Highlights: The performance is in line with expectations, and the holdings are increased.Considering that the company is affected by economic fluctuations and store closures, the EPS for 2019/20/21 is reduced to 0.95/1.11/1.32 (-0.01 / -0.01/0.00) yuan / share, given the industry average of 25xPE in 2020, maintaining a target price of 28.03 yuan. Brief description of performance: 2019H1 achieved revenue of 39.90 billion / -0北京桑拿洗浴保健.33%, net profit attributable to mother 3.6.7 billion / + 8.14%, deducted non-net profit attributable to mother 3.36 billion / + 6.twenty two%.Of which hotel business revenue was 37.400 million / -0.48%, such as 19H1 revenue 33.1.2 billion / -0.57%, net profit 3.55 billion / + 6.66%. Weak demand data is still bottoming out, and price adjustments have boosted mid- to high-end occupancy rates.① The overall RevPAR-1 in 19Q2.5%, about 19Q1 (-0.5%) continue to compete; same-store RevPAR-3.6%, accounting for 19Q1 (-3%). Demand is weak due to macro influences. The company is trying to ease the pressure on the occupancy rate by adjusting the price. ② The mid-to-high-end Q2 performed better than expected, and the direct / franchise occupancy rate was -2.7 / -0.8pct, the reduction ratio Q1 narrowed; ③ mid-range improvement and statistical caliber adjustment, related to the merger of Home Inn and BTG, but also related to the promotion of promotion, the mid-to-high end is still the best hotel industry to undertake high-end downgrade and low-end upgrade demandRace track. The speed of opening a store is the same as that of the same period last year, and the upgrade will improve profitability in the future.① Newly opened 159 stores in 19Q2 (75 in Q1), and 112 new hotels in the H1 mode in 2019, a slight increase from 105 in the same period last year; ② Product upgrades and mid-to-high end are strategic priorities, and 236 economic direct sales have been completed(33 of all direct sales.6%); ③ The company’s transformation efforts will be strengthened in 2019, with capital expenditures 4.6.3 billion (the same period last year 3.400 million), the above upgrade and brand promotion will bring stronger profitability and performance flexibility in the future. Risk reminder: the risk of macroeconomic fluctuations, store growth is slower than expected.

Marubeni Co., Ltd. (603983): Revenue performance accelerated month-on-month, steady growth in all channels

Marubeni Co., Ltd. (603983): Revenue performance accelerated month-on-month, steady growth in all channels

Summary: The company’s 2019 Q1-Q3 realized operating income12.

12 ppm, an increase of 14 in ten years.

77%; net profit attributable to mother is 3.

590,000 yuan, an increase of 52 in ten years.


Among them, 2019Q3 revenue was 3.

97 ppm, an increase of 21 in ten years.

28%; net profit attributable to mother is 1.

150 euros.


Revenue: 2019Q1-Q3 realized operating income12.

12 ppm, an increase of 14 in ten years.


Among them, 2019Q1 / Q2 / Q3 revenue was 3.



97 ppm, an increase of 8 each year.

88% / 14.

38% / 21.

28%, 青岛夜网 revenue increased faster than the previous quarter.

Profit side: The company’s gross profit margin has been steadily maintained at a relatively high level of 66% -70%.

The company’s gross profit margin for Q1 to Q3 2019 was 67.

95%, zero for one year.

25pct, of which the gross profit margin in 2019Q3 reached 66.

98%, an increase of 0 a year.

07 points.

The company strictly controls reasonable expenses, and the company’s period expense ratio (including research and development expenses) in Q1 to Q3 of 201936.

20%, minus 5 a year.

63pct; of which the selling expense ratio is 30.

18%, minus 4 a year.

82 points; management expense ratio 5.

17%, an increase of 0 a year.

26 points; financial expense ratio -1.

46%, minus one year.

01pct, mainly due to the increase in interest income from bank deposits in the current period.

Operating end: The company’s net cash flow from operating activities in Q1 to Q3 of 20192.

8.4 billion, an increase of 10 in ten years.

84%, mainly due to income growth and receipt of bank deposit interest, net cash flow from investment activities -8.0.5 billion.

The company has abundant monetary funds, and the monetary funds at the end of September 201918.

3.3 billion yuan, an increase of 17 from the end of 2018.

twenty four%.

Unseen points: TP companies collaborate to gradually establish a Tmall platform to accelerate growth; new brand Marubi Tokyo improves brand tone and layout is more sophisticated; eye cream / anti-aging track continues to grow.

We expect the company’s net profit to be 4 in 19-21.



120,000 yuan, corresponding to PE of 60/50 / 42X, maintaining the buying level.

Risk Warning: The effect of channel layout is not up to expectations, single-brand stores are developing less than expected, and market competition is fierce

Weir Shares (603501) 2018 Annual Report Review: Self-developed distribution goes hand in hand with M & A Howell achieves scarce leader

Weir Shares (603501) 2018 Annual Report Review: Self-developed distribution goes hand in hand with M & A Howell achieves scarce leader
Core View Weir’s existing IC design business and distribution business complement each other, and high-quality sales channels and customer resources provide penetration space for the growth of the design business.It is planned to acquire Howe Technology, the world’s third largest image sensor (CIS) manufacturer. If successful, it will become the leader of A-share scarcity.At present, the progress of the acquisition is steadily advancing, and the probability of success is breakthrough. Assuming that the acquisition is completed in 2019, the corresponding EPS forecast for 2019/2020/2021 is 1.11/1.杭州桑拿网57/1.92 yuan, with a target price of 59 at 54 times PE in 2019.94 yuan, maintaining the “overweight” level. Performance growth was in line with expectations and continued to increase R & D investment.The company achieved total operating income of 39 in 2018.64 ppm, +64 a year.74%, mainly benefited from the continued strong demand of the semiconductor distribution business in 2018 and the growth in the background of rising prices; in 2018, net profit attributable to mothers / non-net profit deduction1.39/1.33 trillion, +1 a year.20% / + 9.94%.Excluding the impact of the company’s 2017 expansion of the stock equity incentive plan in 2018, the net profit attributable to shareholders of the listed company’s non-recurring gains and losses is 3.46 trillion, ten years +117.64%.The company continued to expand R & D investment, and the company’s semiconductor design business R & D investment accounted for 9 of the corresponding business revenue in 2016-2018.58%, 14.04% and 15.24% (R & D investment in 2018 1.6.7 billion, previously +65.07%).Three fees for half a year +124.59%, of which management cost is +230 for ten years.55%, mainly due to the increase in sales scale and amortization of the company’s equity incentive plan expenses. Self-developed distribution goes hand in hand to bring business synergy into play.In 2018, the company’s IC design business revenue was 8.310,000 yuan, accounting for 20 of the main business income.99%, +15 per year.19%; distribution business revenue 31.2.8 billion, accounting for 79 of the main business income.01 %%, +86 throughout the year.73%.The company’s IC design business category is comprehensive, covering discrete devices (TVS, MOSFET, Schottky diodes), power management ICs, live satellite, radio frequency, MEMS microphones, etc. In 2018, a large number of domestic superior products in various fields were launched, and the business grew steadily. In terms of distribution business, the company mainly represents original manufacturers including Panasonic, Samsung, South Asia and other manufacturers, and has distribution channels all over the country’s mainstream mobile phone brand manufacturers and solution providers.In addition to revenue contribution, the company’s strong distribution system has outstanding advantages for the IC design business to grasp market demand trends in real time.Due to the company’s continuous investment in research and development, complementary main business and customer channel advantages, the fundamentals of the company’s core business are expected to continue to strengthen. The target area of the Haowei technology market is significant, helping the company to overtake in the corner.The company announced that OmniVision, which intends to acquire specimens, takes the CMOS image sensor business as its core and is the third largest CIS manufacturer in the world after Sony and Samsung.Howell excels in various application fields, the mobile phone CIS business (accounting for 61% of revenue) has the third market share (20% share), customers cover Huawei, Xiaomi, OPPO, vivo, etc .; security CIS (16% of revenue)No. 1 market share (56% share), customers cover Hikvision, Dahua; automotive CIS (13% revenue share), second share (29%), customers include BMW, Mercedes, Volkswagen, Toyota, etc.The company quickly deployed CIS market opportunities through mergers and acquisitions.According to Yole, the CAGR of the global CIS market will remain at 10 from 2016 to 2022.About 50%, it will reach about 21 billion US dollars in 2022. If the company succeeds in mergers and acquisitions, it will create A-share scarcity, the world’s leading IC design target, and is optimistic about the future prospects. Risk factors: intensified competition in the CIS market; less-than-expected acquisition integration; lower-than-expected demand in the downstream market.

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.