Category: cktdpaq

otherwise,He alone wolf,But will be lonely,Although these world origins can enhance his strength,But his wife Red Wolf is the most important。

The reason why he desires power,Just want to protect everything he has,But only power,So that he can protect everything he has。
Chapter Three Hundred and Forty Seven Accompanied by longevity
“gift?Husband,what is this?Feels so beautiful。”
The Red Wolf looked at the light blue light that suddenly appeared in front of him,Curiously asked,She can perceive,After seeing the light blue light in front of me for the first time,Her heart is very eager to get the light blue light in front of her。
but,She is now,I won’t make trouble like before,Her husband finally came back,And brought her a gift,Seeing her husband’s solemn expression,This gift must be very valuable。
If this is what her husband has gotten by working hard in other worlds,Then she would rather not,Moreover,She lacks nothing now,Eat and drink,Life like this is pretty good。
“This is the origin of the world,The patriarch gave me just now,My current strength has reached its limit,Only break the limit,To become stronger,To see the scenery higher up。”
“And these world origins,Can improve your strength,Decades are too short,I want to live long with you。”
After hearing the question from Mrs. Red Wolf,Said with a smile,No concealment,He longs for longevity,But he also wants his wife to accompany him for a long life。
not to mention,The origin of these worlds is really given to him by the patriarch,If not for the patriarch’s arrival,I’m afraid he at the moment,Can only escape back to the territory of the monster race in embarrassment。
therefore,Big Big Wolf vowed to fulfill his family’s orders,Teach those demon kings,There is also the guy with pig,He wants to beat the pig gang hyena into the one that can’t be sunbathing for months。
He has to go all out to make magic weapons,And the army of millions of puppets,only if,So he won’t let down the kindness of his family grown up。

She wanted to pretend she didn’t see clearly,but,Her mobile phone is the latest Huawei model from her father,Pixels are as clear as a high-power lens。

A man sleeping with his eyes closed is so familiar,Sweet words still ring in my ears,I want to listen to the man who said that morning,Lying next to my sister。
Lu Xin is showing off,Is showing off;Where’s Huo Yunhe?You are with her,Is it revenge??
A little lie,Are you going to wipe out all her efforts??
If the counterattack against yourself is this,Then she has to admit,He won!
The phone under my feet rang again,No need to guess at all,It must be from Lu Xin,Dare to show off after doing such disgusting things,Really shameless!
The bell rang a few times and then it stopped,SMS alert tone。
Yangliu just came out of the bathtub,I only wear a short bath towel,The face that was originally steamed blush,There is no blood at the moment。
The undried water vapor was blown by the air conditioner,It’s a bitter cold,Cooler than hands and feet,Is her heart!
Lu Xin has been coveting Huo Yunhe,at last,Her long-cherished wish came true,They mix together,Still on-Bed,Has touched her bottom line,Unforgivable!
Huo Yunhe,She is my sister,Even if not close,Not to contact,But the relationship is still there,You marry me,But with her-bed,what is your purpose?
Can’t make a slap,Don’t say you are passive,This kind of thing,Men do not take the initiative,A woman can’t succeed。
Without your hint,Without your permission,How could Lu Xin succeed??it’s good now,Your revenge succeeded,Although my Yangliu is from a bad background,But my bottom line will not allow anyone to trample!
Yangliu’s eyes are all the picture of two people hugging each other,She wanted to lie to herself that it was posing,Huo Yun and revenge himself,They are not really together。
but,Luo Lu’s body on the photo,Only key parts are covered by sheets,The exposed body shows that they really don’t think about it。
She doesn’t want to believe,Impossible!

in memory,Hui gave him this wallet too,But time is not today。

“Good style,I would also like,That’s it。”Chen Wenjin wondered if his fate with this wallet is really not easy to cut off.!
When Hui was paying,Two girls passing by,Suddenly a girl pulled another girl wearing headphones and stopped,Then greeted Chen Wenjin:“Handsome guy!Meet again。what?Made up with your girlfriend?”
“What a coincidence,long time no see。”Chen Wenjin remembered,The girl with headphones is after meeting with Hui in the next year,He ate rice noodles,The one who borrowed someone’s headphones and listened to a song,The girl next to her who took the initiative to say hello was the one who was late at the time。
“Hi。”The girl with headphones smiled and greeted,Glance at Hui,I said to my friends:“gone,Stop disturbing others,I don’t know who we are。”
“Handsome guy,gone。See you next time,Keep the phone——”
“for sure!worship——”Chen Wenjin looked back and saw Hui looking at him questioningly and said:“They are?”
“Had a fate。”Chen Wenjin’s brief explanation,Hui folded her arms in front of you,Watching Chen Wenjin,An attitude of pretending to believe that he is lying,Nodded and said:“Ok,There are quite a lot of chats about one side,Quite deep。”
“Talk later,The coincidence is like making a movie。”Chen Wenjin thought about it,It’s really not easy to understand,It was a coincidence,So much so that he didn’t say,People guessed it naturally,Still remember Hui。
“Ok,Just give you time to make a story,Tell me when you make it up。”Hui got close to Chen Wenjin’s ear,I lowered my voice to prevent others from hearing,Suspiciously:“I used to think you were monopolized by me?”
Chapter Eighty Six friction、spark
“make up a story?If you deny my single-mindedness will make you feel better,I do not mind。”Chen Wenjin understands Hui’s idea,Deny those reasons,Is a shortcut to letting go,But you have to respect the facts,Otherwise, you are deceiving yourself。“otherwise,Maybe you think about Valentine’s Day carefully,The people in the rice noodle shop behind me,Probably remember something。”
too long,Hui remembered it seriously for a moment,At that time, after talking, I happened to meet Chen Wenjin from the rice noodle shop,For the people in the rice noodle shop behind him……She didn’t pay much attention to observation,But after Chen Wenjin left,As usual, she has noticed the girls with outstanding dress and beauty.,My eyes have stopped on the girl wearing headphones,So I have some impressions,Very surprised to say:“You met them when you ate rice noodles that day?”
“Yes,She happened to be listening to the first experience of love,I borrowed headphones and listened for a while。then……You know。”
Hui suddenly realized,Straighten out the situation,That doesn’t need Chen Wenjin to say anything。“What a coincidence……but,They are very impressed with you,Remember you for so long,Remember me by the way。”
“Maybe they are very impressed with you,And remember me by the way?”
Hui couldn’t help but smile:“That’s pretty nice……Forget it,Who made me a beautiful girl,Just accept your praise!”

After Cuckoo stopped to rest,This is Qin Feng walking to Gu Gu’s side。

“Qin Feng boss,What’s matter?”Gu Gu is really curious about Qin Feng’s situation,Because he also knows very well,If nothing happens,Qin Feng couldn’t come here on his own initiative。
Qin Feng also pondered for a while and said:“There are some things here,Do you know what Jiang Yunyun is like??How do I feel that she doesn’t need acting?”
Qin Feng asked directly,Are you doing nothing??
Mainly because he was also very irritated by Yunyun,Otherwise it would be impossible。
I heard Qin Feng’s words,Gu Gu is a bit loud:“You don’t know,How can I be qualified to manage someone like her??”
Her family is rich and powerful,I was invested by her,In this situation,You say what can i do?
“Oh,Doesn’t she have anyone to like??How do i feel,What she is doing is very inappropriate,You don’t know that she has affected my normal life。”
Qin Feng said helplessly,He really doesn’t want to say such words,But thinking of what I saw in the divine sense just now,He can’t say so much。
“Ugh,There is no way to do this,Unless it was handled in her house,But her family can’t care about such things。”Coo’s words mean that this is a matter of incomprehension。
Qin Feng is also very depressed,This matter is simply causing him trouble。
“Qin Feng boss,You don’t need to worry so much,You also know these rich girls,I haven’t experienced any setbacks,Hold on to you,This matter just passed。”
Gu Gu doesn’t know so much,So he said casually。
Of course,Such words are also kind。
Qin Feng sighed helplessly and prepared to leave。

And it stands to reason,Shouldn’t they leave?

Scavengers basically won’t stay in one place for too long,After all, their task is to eliminate the traitors inside。Since Chen Wensen was beheaded,Then their task has been completed。
It should have been a long time.。
Who would have thought that the Luo brothers would find it?,Inside,Really no trap or something?Or just waiting for him Qin Feng to appear?
Although Qin Feng felt that Skynet hadn’t noticed him yet,But who can guarantee this??
the most important point is,If Long Qianyuan of Shenglong Group is a member of Skynet,It’s no surprise that he entered the list of Skynet surveillance or killing。
Unfortunately,Now Qin Feng has too little information and clues,So that he can’t connect them together,I can’t guess the purpose and ideas there。
At this time, Zhou Mian saw Luo Cheng speak so hard,Had to help。
“Luo Cheng found some people to follow them after he left,Now we still have a signal,of course,Just hanging behind them。Because we don’t have the main combat power!And afraid to expose the escaped relationship,Dare not use thermal weapons to attack!”
Zhou Mian explained clearly,I’m afraid that once they startled the two with a gun attack and then the two escaped, they won’t have a chance to trace the clue.。
“Your people can keep up with him?”
Qin Feng laughed when he heard this,“This is obviously a trap,At least at my level,If someone behind me stares at me for more than two seconds,I will find out immediately。So it’s hard to track people at our level。
of course,The Xuan-level Scourer can’t compare with me,But I don’t think your people are so powerful that they can’t be discovered。They are not ordinary people,Don’t treat them as ordinary thugs。
Did you find them through Long Qianyuan’s clue??”
Is it a trap? Qin Feng won’t discuss it first。At this time, he has a lot of questions to ask clearly。
“Yes indeed,Tell us about Shenglong’s situation,Of course we will investigate,Then find the person behind Long Qianyuan。We think Long Qianyuan is just a small fish and shrimp,Just checked their company,The source and destination of some accounts in their company are unknown.。
Then we followed,Found a lot of things。We originally wanted to review Long Qianyuan’s,But we are not formal institutions,Of course there are no formalities,Who can think of,The person who appeared suddenly saved Long Qianyuan away。And wounded many agents and guards。

National Grand Theater and Beijing TV Station launched an online concert to pay tribute to medical staff

National Grand Theater and Beijing TV Station launched an online concert to pay tribute to medical staff
On the occasion of the May 12th International Nurses Day, the National Grand Theater and Beijing Radio and Television jointly produced “A tribute to the most beautiful retrogrades singing for you”-The 2020 International Nurses Day theme concert will be specially planned and will appear in the Grand TheaterThe “Sounds like Summer Flowers” series performed online.It is reported that the concert will be broadcast simultaneously on May 12th at 19:30 on Beijing Literature and Art Channel, the National Grand Theater Classical Music Channel and other extensive network platforms, and Beijing Music Radio will be broadcast simultaneously on audio.Concert scene.The International Nurses ‘Day on May 12 is a festival commemorating the founder of modern nursing discipline Florence Nightingale in 1912. Its basic merit is to advocate fearlessness and hardship, be willing to dedicate, save lives and bravely devote ourselves.spirit.During the New Coronary Pneumonia Epidemic in 2020, more than 340 medical teams from all over the country and the military, 4.More than 20,000 medical and nursing staffs assisted the front line of Hubei’s “war epidemic”. They raced at the same time, battled the disease and disease, worked hard, and fought day and night to become the “most beautiful retrograde” in the new era.This year’s International Nurses’ Day, the theme previously established was “To pay tribute to the nurse team and work together to defeat the epidemic.”To commemorate the medical staff’s efforts during the anti-epidemic period, the National Grand Theater and Beijing Radio and TV jointly planned this theme concert named “Salute to the Most Beautiful Retrogrades for You”.The theme concert is divided into two chapters: “The Most Beautiful Retrograde” and “Spring Warm Flowers”, focusing on the outstanding literary and artistic works created by the National Grand Theater and Beijing Radio and TV during the epidemic, and inviting Beijing medical staff and reporters who have traveled to WuhanDelegates came to the scene to share the story of anti-epidemic.Medical staff share stories of anti-epidemic.In just over two months from January 30th to April 8th, the National Grand Theater has created 10 Acura Heroes and Acura Life’s anti-epidemic literary works.In this concert, the National Grand Theater selected five of its works “We Are Together”, “Angel Tells Me”, “Angel’s Figure”, “Sister Brothers”, and “China Must Be Strong”.68 artists from the Grand Theater Chorus and Orchestra performed.Among them, the chorus “The Figure of the Angel” was first released on February 2 during the most difficult period of the epidemic. In the first video, the singers faced the masks and sang to the empty theater.In this concert, they will take off their masks and join the audience to pay tribute to the angel in white.Another choral work “Angel Tell Me” was first released on March 18th. The song was written by Wang Ning, the dean of the National Grand Theater, and composed by Wang Liguang, the dean of the China Conservatory of Music. The form of symphonic chorus was used in music processing.Medical staff’s firm will, and the trust and protection between them and the general public.Liu Tao and Huang Xiaoming.At this concert, Beijing TV host Chun Ni and Tan Jianghai will recite the touching “Spring Rain Wandering”, and the scene will revisit the two classic songs of “Wuhan Wuhan” and “Love Has Power”, singer Liu Tao,Huang Xiaoming also found his mood and sentiment for participating in song recording through video connection, expressing his emotions and blessings for medical staff.Sauna, Ye Wang Zhang He editor Wu Longzhen proofreading Li Ming

Jiangsu Satellite TV Spring Festival Gala announced the preliminary, Fan Chengcheng Ouyang Nana Zheng Yunlong and others joined

Jiangsu Satellite TV Spring Festival Gala announced the preliminary, Fan Chengcheng Ouyang Nana Zheng Yunlong and others joined
In 2020, Jiangsu Satellite TV ‘s Spring Festival Gala announced the star lineup. This year ‘s Spring Festival Gala audience can see Pan Changjiang, Gong Hanlin, Tengger, Jiang Dawei, Guan Mucun, Luo Zhongxu, Xie Xiaodong, Yang Yuying and other performing arts circles “Evergreen Tree”, as well as Phoenix Legend, Zhang KailiThe backbone of Jia Bing, Hu Xia, Yu Kewei and others joined in to surpass Fan Chengcheng, Ouyang Nana, Liu Yuning, Zheng Yunlong, Huo Zun, SNH48 and other new generations.It is reported that the Spring Festival Gala of Jiangsu Satellite TV will be broadcast at 19:30 on January 25, 2020.This year Jiangsu Satellite TV ‘s Spring Festival Gala invited many Spring Festival Gala “evergreen trees”, among which Pan Changjiang and his team will bring the sketch “Come on for Dreams”. This time he focused on “Anti-Internet Fraud” and caused an inspirational struggle story of an internet anchor;Gong Hanlin and his son Gong Tiankuo starred in the sketch “Express Happiness”, and once again cooperated with the students of Teacher Zhao Lirong for the first time.Tengger has been on the Jiangsu Satellite TV Spring Festival Gala for three years in a row, and every year his cover songs attracted much discussion.This year, Tengger revealed ahead of time that he would cover Guo Fucheng’s “Endless Love for You”.Singer Luo Zhongxu and Yang Yuying are ready to take the audience to the time machine of singing and sing “Chinese Stars”, “Tell You Lightly” and other Chinese golden songs.In the CCTV Spring Festival Gala in 1995, Xie Xiaodong had a song “Today’s Really Happy” that became a household name. This time he will perform the suites “Today’s Really Happy”, “Calorie” and “Health Song” together with Zhao Lusi.The Forces nouvelles will also contribute brilliant performances.Ouyang Nana and Fan Chengcheng will jointly present the annual “Healing Divine Comedy” “The Beauty of the World is Linked to You”; and Liu Yuning and Han Tiantian who once sang a song “Beyond Light Years” in “The Variety”Continue the “most adorable height difference” combination to bring “Under the Flying Cloud”.Zheng Yunlong will join hands with the Dunhuang Dance Troupe to bring the song and dance performance “Zi Zi Tian”.Sauna, night net editor Zhang He Tong Na proofreading

The People’s Congress will formulate a number of legal budgets

The People’s Congress will formulate a number of legal budgets

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Securities law should be the source of investor protection law: Beijing Commercial Daily is about to adopt a series of laws and regulations, including the draft amendments to the securities law, at the fifteenth meeting of the 13th National People’s Congress Standing Committee on December 23-28.

This is also the fourth replacement of the draft amendments to the Securities Law since its review in early 2015.

How to increase illegal costs and protect the interests of small and medium-sized investors has become the most concerned double of securities law substitution.

  According to the “three-trial” 上海夜网论坛 draft, a special section was established for the registration system of the Science and Technology Innovation Board, with depositary receipts replacing the scope of securities, increasing the crackdown on securities illegal acts, and other supplementary content, reflecting the expectations of the capital market development for advancing with timeIn response to the calls of investors, especially the majority of retail investors.

  In the capital market, small and medium investors have always played the role of weak.

The objective information asymmetry between an investor and a listed company or issuer makes investors vulnerable to fraudulent issuance, manipulation of the market and insider trading, etc. If there is no strict legal constraint,Institutional investors can easily hurt small and medium investors.

When listed companies 南宁桑拿 use a variety of methods and methods to damage the interests of investors, due to the lack of a reasonable budget mechanism and channels, the cost of defending rights remains high, there are no complaints, and inability to provide evidence to waste small and medium investors.

  The source of investor protection lies in raising the cost of breaking the law.

In the capital market, a violation may bring a high amount of “returns”. If the cost of violations cannot be “increased,” it will be difficult to form a real constraint. Naturally, listed companies will be tempted to take risks by tempting huge profits.

Basically it lies in a perfect compensation mechanism, taking securities law as a breakthrough point, promoting the amendment and improvement of the civil procedure law, administrative arbitration law and other related laws, and the corresponding judicial interpretation is updated in a timely manner to effectively ensure that compensation to investors can be implemented.

  In terms of investor protection, the current draft of the Securities Law is in line with the existing securities laws and regulations, and has added a number of provisions in restricting violations of laws and regulations and improving the investor compensation mechanism. It has also added an investor protection chapter.In addition, investor protection has been strengthened in aspects such as gender, cash dividends and advance payment.

  Passing laws to protect small and medium investors and maintaining fair transactions in the capital market has always been the legislative legislation of securities laws in various countries.

The rapid development of China’s capital market is complicated and changeable, and it is naturally important to realize excellence.

The delisting mechanism is not working, there is no shorting mechanism, no class action, and the “shell” power of the local market often provides arbitrage space for companies with poor performance.

If the problematic listed companies are not thoroughly rectified and cleaned up, the various accumulation defects in the market will eventually lead to bad coins driving out good coins.

  A good capital market can achieve efficient allocation of financial resources, good money can drive bad money out, and a good listed company can be cultivated for the benefit of investors.

Letting the securities law truly be a small and medium-sized investor protection law means that the road to amending the law in five years has come to a successful conclusion.

  Revising the law is a rare period of reform potential and a difficult period of interest games.

The capital market is chaotic, and the eradication of accumulated soil is in urgent need of legislative amendments and institutional replenishment.

The amendment of the securities law has been brewing for many years, proving that all parties in the market have long agreed, but the dispute still exists.

Through key institutional innovations to reshape the capital market ecology and build a new capital market, the most urgent task is to find the largest common divisor and work together to promote the new securities law as soon as possible.

Wanneng Environment (002034): Deducting non-net profit increases by 70% per year

Wanneng Environment (002034): Deducting non-net profit increases by 70% per year

This report reads: The company’s 2019H1 deducts non-attributable net profit2.

4.0 billion, an annual increase of 70%, the actual interim report performance is close to the upper limit of the forecast, and the performance is in line with expectations.

Non-net profit deductions for the second quarter of 20191.

41 megabytes, an increase of 101% a year, faster than capacity growth.

  Investment points: investment advice.

Maintain profit forecast: Net profit for 2019-2021 will be 4 respectively.



3.1 billion with an EPS of 1.



51 yuan.

Maintain target price of 25.

13 yuan, maintaining the “overweight” level.

Performance is in line with expectations.
2019H1 revenue 5.

6.8 billion, an increase of 49% over the same period; attributable net profit2.

07 billion, an annual increase of 67%; Interim results are close to the upper limit of the forecast.

Attributable net profit for the single quarter of 20192.

4.3 billion.

It is predicted that the net profit in the first three quarters of 2019 will increase by 30% -47% each year, in line with expectations.

  The release of reserve capacity is the core logic of growth: 1) The progress of existing projects is in line with expectations.

① Panzhihua Wangneng (800 tons), Hechi Wangneng (600 tons), South Taihu Environmental Protection Phase IV (750 tons) projects will be 北京夜网 put into production in 2019H1 as scheduled.

② Xuchang Wangneng (2250 tons) entered trial operation in June 2019.

③Huaibei Wangneng, Zhoushan Wangneng Phase III, Taizhou Wangneng Phase III, Deqing Wangneng Expansion, Public Security Wangneng, Qingtian Wangneng and other projects are progressing normally.

④Complete the pre-examination and approval of Deqing Expansion Project, Qingtian Wangneng Project and the comprehensive acceptance of Lanxi Phase II.

2) Progress has been made in the development of new projects.

① The company announced the start of the third-phase expansion project of Chenghai (750 tons) in Shantou, with a total investment of 3.

500 million.

② There are currently 18 new projects continuing to follow up, and we look forward to breakthroughs in the second half of the year.

  Steady operations, 深圳桑拿网 high profit margins and smooth cash flow.

1) The company’s 2019H1 projects have completed a total of 203 insertions of domestic garbage storage. With the climbing of new production capacity and the release of reserves, the storage of replacement garbage may exceed 400 tons.

2) Profit margins remain high.

The company’s gross profit margin and net profit margin remained at a relatively high level, with a gross profit margin of 52 in 2019H1.

4%, net profit margin is 37.


Management expense ratio (plus R & D expenses), financial expense ratio decreased by 1.

66%, 0.47%.

3) The company’s cash flow is good.

2019H1 cash ratio is 131.

6%, net present ratio is 88.


  Risk reminder: Changes in the subsidy policy of the waste incineration industry, and the project’s production progress exceeds expectations.

Anjing Food (603345) First Quarterly Report Review: Steady Revenue Growth and Better-than-Expected Performance

Anjing Food (603345) First Quarterly Report Review: Steady Revenue Growth and Better-than-Expected Performance

Event Anjing 成都桑拿网 Food announced the first quarter report of 2019, and the company achieved revenue of 10 in 19Q1.

96 trillion, ten years +14.

61%, achieving net profit attributable to mother 0.

65 ppm, +19 a year.

6%, deducting non-net profit of 0.

600,000 yuan, +23 a year.

42%; budget benefit is 0.

30 yuan.

Investment Highlights The swine fever incident has a short-term impact on revenue performance, and capacity release will still drive growth.

The company achieved revenue of 10 in 19Q1.

9.6 billion, +14 per year.

61%, a growth rate of ten years -4.

32pct, ring than -16.


The rapid growth of revenue was mainly affected by the early swine fever incident. The sales scale in January was basically the same; the company’s sales volume has returned to normal in February-March, and the growth rate is expected to be in the 15-20% range.

In terms of categories, the company’s noodle products / meat products / surimi products / substitute products are added +34 respectively.

43% /-4.

29% / + 16.

11% / + 22.

41%, of which the increase in production of high-additive production of noodle products was driven by releases, at least, also due to the increase in supply required by the Supermarket before the implementation of the new replacement rate on April 1.

Negative growth in meat products was mainly affected by the swine fever event.

From the perspective of channels, the company’s distribution / supermarket / special / e-commerce are separated by +10.

87% / + 25.

05% / + 40.

02% / + 65043.


From the follow-up point of view, from 2019 to 2020, the company’s supplementary production capacity will be released intensively, and the throughput increase is expected to reach 5 and above 10 respectively. Therefore, the company’s product demand is currently good, and there is still an order gap in the peak season. It is expected that the market will fully absorb the company’s new capacity, Revenue growth is expected to remain stable.

Reduced sales discounts and product structure adjustments to hedge pressure on raw material costs.

The company’s 19Q1 gross profit margin was 26.

36% every year -0.

59 points, -0.

63 points.

The company’s gross profit margin decreased slightly, mainly due to the increase in the price of pork raw materials (affected by domestic swine fever fermentation, the company began to purchase all imported pork in December 18, the price interval + 15%); but the decline in gross profit margin can be controlled, mainlyDue to cost pressure, the company reduced the discount rate of the product in two batches in early October and December of 18 (the two price increases in disguise are expected to be 2-3% and 1-2%, respectively, involving 50% of productsThe company also adjusted the product formula to reduce the proportion of pork products (expected to decrease from 20% to about 10%).

The expense ratio decreased and profitability improved slightly.

The company’s net profit attributable to its mother was 0 in 19Q1.

6.5 billion, +19 per year.


19Q1 company expenses 18.45%, -0 per year.

85 points.

Among them, the sales / management / finance / R & D expense ratios are 14 respectively.

04% / 2.

66% / 0.

42% / 1.

33% each year -0.

84pct / -1.

71pct / + 0.

37 points.

We judge that the optimization of the company’s sales expense ratio is due to the adjustment of the channel structure. Since 18 years, the company has reduced the proportion of supermarkets and increased the proportion of distribution channels, which is beneficial to the improvement of profitability.

The company’s 19Q1 net profit was 5.

92%, ten years +0.

25pct, ring than +0.

32pct, profitability keeps high in the industry.

Mid- and long-term highlights: The medium-term sale of real estate nationwide is about to be completed, and the market share is expected to continue to increase.

The company’s overall main factories are mainly concentrated in the eastern coastal areas (2 in Xiamen, 2 in Jiangsu, 1 in Liaoning, and 1 in Sichuan). It plans to expand with the “sale of real estate” model. The capacity of the Sichuan Ziyang plant will be gradually released in 2019. It is expected thatAt the end of 19, the company’s total designed production capacity is expected to reach more than 40; in 2020, the company’s North China Tangyin factory is also expected to be put into operation (an annual design output value of 1 billion US dollars, an annual output of 10 tons of production scale), when the company will form 7 production bases,The nationwide layout of the 9 factories is expected to fully release the production capacity, and the total throughput is expected to reach more than 60 inches.

Facing the strong demand for hot pot in central China, the company has been actively expanding its channels. It is expected that after the nationalization of production capacity is completed, the revenue volume will reach more than 6 billion US dollars in 2020, and the city’s share will promote continuous increase.

Long-term-Profitability may gradually become apparent after sharing stability.

In the process of expanding the city’s share of the budget, the budget company moderately reduced the price when the cost was low, and was relatively cautious about raising the price when the cost was high, and obtained an increase at the cost of losing some of the net interest rate, resulting in fluctuations in performance.

With the expansion of the company’s scale, the cost advantage brought about by the emergence of scale effects will become more prominent. Under the condition that the pricing is lower than that of the industry, the company can also enjoy higher profits. Then, in the face of cost fluctuations, performance stability is expected.Better than the industry, it is expected to achieve a virtuous circle of the leading strong Hengqiang.

Profit forecast and investment recommendations: The company is currently in the mid-term of cumulative release + nationalized layout. In the future, it will change its brand rating and channel sinking, the industry penetration rate will continue to increase, and the scale effect will continue to appear.

We expect the company’s revenue and net profit to be 50 in 2019.

08 thousand yuan (+17.

6%) and 3.

1.9 billion (+17.

9%), corresponding to the closing price on April 25, 2019, the company’s PE in 2019 is 28x.

Maintaining the level of “prudent increase in holdings”, it is recommended to pay active attention.

Risk reminders: macroeconomic fluctuations, raw material cost fluctuations, increased industry competition, and food safety issues