Category: gajkwzyhl

In fact,One million is definitely not enough for the cost of an album。

Even without promotion,It’s all my own songs,The cost of the album will also be very high!
“When you are not famous,To release an album is a pure money-burning behavior,Meaningless。”
I told her that making small videos and live broadcasts is accumulating popularity,When the heat is enough, you can naturally release an album。
Bai Ze understands what I mean,Also feels reasonable。
“And don’t think it’s a low-end video broadcast on a platform like Snapshot,All stars will do this in the future,Don’t believe you just wait and see。”
I asked Bai Ze to go to Shangdu Brilliant Entertainment Branch tomorrow morning to sign an agreement。
There will be a direct component team to do her operation。
Bai Ze is gone too。
I signed two singers who felt very good in one night,It must be a good thing for Brilliant Entertainment。
Can be considered a surprise。
If nothing unexpected,Both Lu Feng and Bai Ze can become popular on the Internet!
Late at night,We came to rest in Tanghuang Yipin’s mansion。
“How much is it here?”
A classmate of Tang Long asked curiously。

Steel gun,Pulled the trigger at the monster statue。

boom!Bang bang!
Bang bang bang!
Bomb rain,Dense bullets focused on the body of the monster statue,Sputtering sparks,Exceptionally conspicuous in the rain。
Useless!Totally useless!
The power of rifle bullets,For that monster statue,No pain at all。Everyone was shocked。
At this moment,Several senior officers finally reacted,They are all mutants,Don’t rely solely on the power of firearms,There is also mutation ability to rely on。
Several self-reliant mutant officers rushed out of the room,The cooperation between them is very tacit,I guess I haven’t practiced much。
The officer who rushed the fastest,Is the leader of this company,His name is Wen Ye Shunji,28 years old this year,Is a power mutant,Just broke through the fifth rank,One of the young and strongest factions in the Eastern Army。
There are three people working with him,They are all Wen Ye Shunji’s most powerful subordinates,They are the fourth-order force mutant Nogio、Tier 4 Auxiliary Mutant Hisaishioka,The other is the mental mutant Kurosawa Chako。
Wen Ye Shunji rushed to the giant monster statue first,While rushing,Slash,The action is like flowing water,In one go。
The blade slashed hard at the bend of the monster’s knee,Rubbed a long spark。
Wen Yejun’s second-hand Toyo knife is made by a master,Excellent steel mouth,Usually cut iron like mud,Not to mention,But just now,But returned without success,I can’t cut that monster statue。

then,This Daoist Li Shixing stayed in the deep city for three more days,Passed a set of breathing and breathing techniques in Wudang Mountain’s inner family boxing to the three of Lu Menglin。

In these three days,Fat Dun and Chen Jiannan also asked Li Daochang about many fighting skills,He knows everything,Endless words。
Lu Menglin also learned this breathing technique very carefully,He knows that the Taoist master has real skills,The things taught are definitely good things,Even if you don’t use it to fight,Physical fitness,Refreshing is also good。
“This set of turtle and snake essence vomiting,Even if the three of you basically learned。If you can keep going,After all, they can live longer than ordinary people。”Li Shixing said with emotion。
After these three days of getting along,He is quite satisfied with the dispositions of these three teenagers,They are not bad in nature,And the understanding is not bad,Especially that Lu Menglin,Get it through,Worthy of being a living dead,Good material for natural monasticism。
“Li Daochang,If next time we meet a mutated guy like Master Sheng,Can you win?”Lu Menglin thought for a while,Asked。
Li Shixing was taken aback for a moment,This man squinted his eyes,As if lost in memory。
“Forget it,Let me teach you a trick to save your life!I usually use visualization,At the moment of crisis,Fascinating,Stimulate physical potential,Can gain great power in a short time。So it’s also called《Zhenwuju
Force》。”
“Also explosive potential,《Zhen Wu Ju Li Jue》It’s much better than using drugs to stimulate life potential.。But you remember,Cannot be used more than once a year,Preferably not more than nine times。I also have to work harder to visualize,Otherwise, life will be lost,Worry about life。”
Li Shixing really has something good,This set《Zhen Wu Ju Li Jue》It’s a powerful method,It’s much more than breathing and health care。
This set《Zhen Wu Ju Li Jue》Sounds mysterious,Actually it’s not complicated to practice,It is connected by three points in the body,Press forehead、Three big holes on chest and lower pubic area,focus,Sense the existence of these three places,Yun Shen。
Wait until these three places are very mental,Then take these three points as one,Visualize the prototype of Emperor Zhenwu in the body,Cooperate with turtle and snake essence vomiting,Through long-term visualization,Carry on,Further concretize the image of Emperor Zhenwu in the sea of knowledge。
Wait till the time of crisis,Take the initiative to wait and see the image of Emperor Zhenwu in the broken body,Three points to integrate the usual spirit into the body,Stimulate the explosion of life potential,Full of power。
The three were dizzy,Mysterious and mysterious,Vaguely feel feasible,But for a while, I can’t grasp the key。
“This visualization technique,Is it a bit like self-hypnosis??Normal self-hypnosis,Solidify this psychological suggestion,Then it’s the critical moment,Initiation of psychological cues,Enter self-hypnosis,Burst potential?”Lu Menglin asked carefully。
I thought Daochang Li would be furious,I didn’t expect him to be angry,Instead, staring at Lu Menglin with surprise。
“Kid,You can think so。But think so,It will only make your visualization more difficult。The so-called sincerity is spirit,You have a lot of distracting thoughts,Thoughts cannot be pure,Unable to reach the whole body,Mana naturally cannot be used。”Li Shixing shook his head and sighed。
“Ok,So i can understand。Maybe this is why I can’t cultivate!The things in my mind are too messy and messy。This is my problem。”Lu Menglin answered very seriously。

Let’s take a look,The god man on the top of the wave has disappeared without a trace,Let people know that it was an illusion,Still real。

“I have always had a great appetite,Are you Bao family really ready??”
Just when the charter king and all the people were frightened,A faint voice suddenly came from around。
Bao Yuqing suddenly turned around,But found out,My father didn’t know when to start,One more person。
This person wears a black robe,Long hair shawl,It’s the god Sauron Mei from Myanmar。
Sauron Mei’s eyes are like stars,Brilliant,The complexion is showing a strange snow white,And the most terrifying thing is that he came here clearly,My clothes are very dry,The corners of the clothes are not wet。
If you don’t know that this person is an old monster that has been rampant in Southeast Asia for decades,He and Bao Lao Chuan Wang are people of the same era,Just look at skin tone and appearance,I’m afraid I thought he was only about forty years old。
Ship King Bao meets Sommeron,I was shocked,Hug fist:“Hello master!The name of the god,See you today,really”
“I didn’t disappoint you,Is it?”Master Sommeron smiled,Laughed so that everyone present was frightened,I do not know what to say。
“Bao Yuqing,Have seen the master。”At this moment,Master Yuqing quickly bowed,Salute to the priest Sommeron。
Sommeron’s arrogant face,Just nodded slightly,Shen Sheng:“Bao Yuqing,I know you!From now on,You don’t need to pick up the feng shui business of the wealthy businessmen,Just leave it to my three apprentices。His methods are much better than you,You are not his opponent。”
Bao Yuqing was slightly surprised,But does not refute,Instead, he bowed his head cleverly:“Follow the decree of the gods,I will give all the resources on hand to your apprentice。”
“Ok,You are a smart person,I like to deal with smart people。Speak!Who is the person you asked me to deal with?where is he?”Sommeron said proudly。
All the Bao clan present heard the words of this priest Sommeron,Many people secretly complained for Master Yuqing,Feng Shui business on Hong Kong Island is not a small sum,Not only does Bao’s earn at least hundreds of millions every year,And the most important thing is to make many contacts,The resulting indirect benefits are even greater。
Now the other party can only rely on one sentence,Bao Yuqing has to hand over the Feng Shui business,It is impossible for anyone to agree。
however,Bao Yuqing doesn’t seem to have any objections,But plausible:“The priest is on,We have a common enemy with you。His name is Lu Menglin,It’s probably a Secret Medicine Venerable,He killed the Jade Prince,Took over the entire territory of Hong Kong Island,I heard that the Golden Triangle is also under his control。”
“what?Ha ha!This is impossible!There are several Venerables sitting together in the Golden Triangle,No one can dominate the rivers and lakes。As for the Jade Prince??He is just a small character,Hong Tairan is behind,It’s no big deal。”

“You want to die,Then i will fulfill you!”

Peng Peng said fiercely,But I don’t know how to catch Zhu Guosheng who is spinning around me。
“Like a loach!”
Peng Peng scolded again,But the sound hasn’t fallen yet,Zhu Guosheng’s arm is against Peng Peng’s chest,Gave a palm straight up。
The rapid friction made Peng Peng only feel a sharp pain,Then Peng Peng found,Bullets can’t help themselves,Zhu Guosheng’s palm not only made himself feel pain,Still blood flowing。

————
Chapter four hundred and ninety four foreign aid2
Seeing blood constantly flowing out of my nose and mouth,Peng Peng felt like he was drowning,I can’t breathe fresh air。
The pain of the bullet hitting my body is not as strong as the palm brought by Zhu Guosheng,Peng Peng coughed several times,In the blood that I coughed up,Peng Peng found his teeth by accident。
“I was wondering if I would fit my current identity by changing a mouthful of gold teeth,You help me!Really great!”
Peng Peng smiled angrily,There is still blood on the corner of the mouth,Looks a little scary。
After Zhu Guosheng succeeded in one blow,Did not choose to close,But continue to stand in place,It seems to be waiting for Peng Peng to attack。
Watching Peng Peng,I have to admit that what he said is not wrong,Compared to some young people,I am indeed old,Even Xiang Chen is younger than himself,But the storms of the old age have not passed yet!How can you give up so easily??Especially with so many children behind。
Maybe one day I will sit in a rocking chair and tease my grandson,Then openly admit that I am old,But this day will never be now!
“Come again!”

Yiling Pharmaceutical donated 1.48 million Lianhua Qingwen to support Italian epidemic prevention

Yiling Pharmaceutical donated 1.48 million Lianhua Qingwen to support Italian epidemic prevention
On March 12th, China ‘s first foreign aid and epidemic prevention expert group chartered a flight from Shanghai to assist Italy. On the aircraft were a group of 9 experts and about 9 tons of materials, including 100,000 boxes, sent by the Chinese government and the Chinese Red Cross to ItalyLianhua Qingwen Capsule donated by Yiling Pharmaceutical Co., Ltd. is also the third expert team sent by China after supporting Iran and Iraq.At present, Italy has become the country with the most severe new pneumonia outbreak except China.According to the latest data released by the Italian Ministry of Health at 18:00 on March 11th, local time, the total number of newly diagnosed new coronavirus infections in Italy was 12,462 cases, an increase of 2313 cases and 196 deaths from 18:00 on March 10th.Yiling Pharmaceutical donated 1.48 million worth of Lianhua Qingwen to the Chinese Red Cross to support the prevention and control of Italy’s new coronary pneumonia epidemic.Last week, Yiling Pharmaceutical also donated a value of 177 to the Chinese Red Cross.60,000 yuan of Lianhua Qingwen was used to support the prevention and control of Iraq’s new coronary pneumonia epidemic.After the outbreak of new pneumonia in China, Yiling Pharmaceutical also survived the outbreak of Lianhua Qingwen Capsule worth more than 10 million yuan.Figures / Corporate Photographs In this epidemic prevention and control, Chinese medicine has played an active and important role.Since the outbreak of the New Crown epidemic, the patented Chinese medicine Lianhua Qingwen Capsules (granules) produced by Ling Pharmaceutical has been recommended by the state and more than 20 provinces for the new crown pneumonia diagnosis and treatment plan, and it has been widely used in medical institutions such as Vulcan Mountain, Raytheon Mountain and Fang Cab.The team of academician Zhong Nanshan said at the Guangdong Epidemic Prevention and Control Conference that the research confirmed that Lianhua Qingwen had significant inhibition of the cytopathic effect of new coronavirus in vitro; it also affected the infection of new coronavirus cells and induced TNF-A, IL-6, etc.Overexpression of inflammatory factors has an inhibitory effect.Editor Wang Lu proofreading He Yan

Yuntianhua (600096): Asset-liability ratio declines steadily

Yuntianhua (600096): Asset-liability ratio declines steadily

The company released the first quarter report of 2019, and the performance was in line with expectations.

In the first quarter of 19, the company achieved operating income of 137.

RMB 870,000 (+35 compared with the same period last year).

89% in the 15th quarter.

2%), net profit attributable to mother is 1.

120,000 yuan (+119 compared with the same period last year).

05%, QoQ-180%), basically in line with expectations.

Of which, non-recurring gains and losses were 77.97 million yuan, an increase of 56.66 million yuan each year, including a transition period gain of 3029 for the acquisition of Dadi Yuntianhua.

730,000 yuan and 2483 government subsidies.

260,000 yuan, etc., net profit after deduction to mother is 3445.

30,000 yuan, an increase of 14 every year.

8%.

The main reason for the increase in net profit was the increase in prices and production and sales of phosphate rock and diammonium phosphate.

Benefiting from the continued prosperity of the phosphorus chemical industry chain, the prices of diammonium phosphate and phosphate ore have continued to rise, the volume and price of urea have risen, and the price of polyformaldehyde has replaced.

In the first quarter of 19th, the prices of the company’s diammonium phosphate and phosphate ore continued to increase by zero.

59%, 15.

98% to 2548, 254 yuan / ton, but the price of monoammonium phosphate has improved due to the weakness of the compound fertilizer industry, and the price of 1Q19 monoammonium phosphate has declined.

88% to 2178 yuan / ton.

The sales volume of diammonium and monoammonium increased by 14 each year.

9%, 3.

3% to 87.

56, 27.

39 minimum tax rate, supplementary supply-side reforms of environmental protection measures, small and medium-sized phosphate fertilizer enterprises accelerated their elimination, and the market continued to move closer to the top.

At present, the Ministry of Ecology and Environmental Protection stated that it will continue to revise and improve the work plan for the special investigation and rectification of the “Three Phosphorus” of the Yangtze River and issue and implement it as soon as possible. Through the improvement of environmental protection in the country, the domestic supply of phosphate ore and phosphate fertilizer will continue to shrink in the future, and from a global perspective,Looking at the increase in production capacity of phosphate fertilizer in 19-20 years, the growth rate of demand is less than the growth rate of demand, so we judge that the prosperity of the phosphate industry will continue, and the company’s integration of mineral fertilizers will fully benefit from the continued prosperity.

Urea maintained an upward trend, and the company’s 杭州桑拿网 cost advantage was extremely strong. In 1Q19, the urea price and sales volume increased twice.

81%, 17.

5%, and the price of polyoxymethylene dropped continuously due to the drag on demand8.

9% to 11,128 yuan / ton.

At the same time, the company continued to strengthen the centralized procurement of bulk raw materials, and the procurement costs have dropped. It has paid close attention to the long-term operation of production units and reduced the unit fixed cost of products.

55%, 2.

63%.

Continue to optimize and control expenses, and the improvement of the balance sheet will bring the elasticity of the income statement.

The amortization of equity incentive expenses is expected to be approximately 1 billion in 2019 and approximately 25 million in 1Q19.

In the first quarter of 19, the asset-liability ratio 淡水桑拿网 dropped by 0 compared with the end of 18th.

03 good to 90.

74%.

However, due to the increase in interest rate uplinks and short-term borrowings, the financial costs of the company decreased significantly.

1.5 billion, an annual increase of 9%.04%, 5.

13%, short-term loans increased by 22.
.

82 to 260.

900 million.

In the future, the company will continue to optimize and control the controllable expenses and strive to reduce costs.

Careful analysis reveals that the peak period of capital expenditure has passed, and the construction in progress has basically been solidified, with only 8 remaining in construction at the end of 1Q19.

1.5 billion, the business layout is getting better, and operating cash flow continued to increase in 1Q19.

3 to 9.

81 trillion, currency and cash increased by 17.
.

5.3 billion to 143.

89 trillion, very abundant.

The company is actively optimizing its asset structure, reducing leverage, and improving overall profitability.

Profit forecast and investment rating.

Maintain the profit forecast. It is expected that the company’s net profit forecast for the mother from 2019-2021 will be 5.

12, 6.

40, 7.

800,000 yuan, EPS is 0.

36, 0.

45, 0.

55 yuan, the current market value of the corresponding PE is 21X, 17X, 14X.

Selected as a “Double Hundred Enterprises” to welcome the historical opportunities of state-owned enterprise reform, fair incentives to demonstrate the reform decision and confidence in the future operation, mineral integration will enable it to fully benefit from the continued prosperity of the phosphorous chemical industry, and through the progressive development of the company’s asset-liability structureImprove, performance is expected to usher in an inflection point, and maintain overweight rating.

Hualu Hengsheng (600426): Product prices are still at the bottom of the cycle and growth can be expected

Hualu Hengsheng (600426): Product prices are still bottoming out and growth can be expected-Hualu Hengsheng 2019 Interim Report Review

The company releases its semi-annual 重庆耍耍网 report for 2019, and its net profit starts from zero until the company releases its 2018 annual report, achieving an operating income of 70.

76 ppm, an increase of ten years.

12%, achieving net profit attributable to shareholders of listed companies.

09 million yuan, a ten-year average of 22.

09%.

Q2 achieved operating income of 35.

33 ppm, with a ten-year average of zero.

72%, net profit attributable to mothers6.

67 ppm, a ten-year average of 29.

53%.

The company enters sales expenses1.

8.9 billion, with a revenue share of 2.

67%, an increase of 1 per year.

06 pct; management costs 0.

64 trillion, the expense ratio is 0.

91%, zero for ten years.

35 pct; financial expenses 0.

87 trillion, expense ratio 1.

22%, zero for one year.

03 pct.

In terms of operating data, fertilizer sales were 122.

38 for the first time, growing 55 per year.

4%, income 18.

25 trillion, the average sales price of 1491 yuan / ton, every two years.

6%; organic amine sales 17.

43 for the first time, growing by 3 per year.

9%, income 8.

60 trillion, the average selling price of 4934 yuan / ton, twice every ten years.

8%; adipic acid and intermediate sales 11.

41 for the first time, growing 9 per year.

2%, income 8.

40 trillion, the average sales price of 7362 yuan / ton, every 23 times.

1%; sales of acetic acid and derivatives 30.

85 for the first time, with an annual increase of 0.

1%, income 8.

09 million yuan, the average sales price of 2622 yuan / ton, 36 every ten years.

7%; polyol sales 33.

05 for the first time, growing by 180 per year.1%, income 15.

56 million US dollars, the average sales price of 4708 yuan / ton, once every ten years31.

2%.

The downstream price of products has affected the gross profit. The prices of some products have rebounded. According to our model, the current average price of urea in the third quarter is expected to be 1902 yuan / ton, or -2.

8%, twice -2.

18%; the average price of adipic acid in the third quarter is expected to be 8368 yuan / ton, +5 month-on-month.

1% a year -17.

6%; the average price of acetic acid in the third quarter is expected to be 2816 yuan / ton, +5 month-on-month.

3% for the whole year -35.

79%; the average price of glucose in the third quarter is expected to be 4381 yuan / ton, -1 month on month.

8% for the whole year -41.

95%.

Continue to be optimistic about cyclical growth stocks. After the coal granulation and melamine projects are put into operation, the company will push forward the scale investment plan.

The company plans to invest 15.

USD 7.2 billion to build a refined adipic acid quality improvement project. The construction period is expected to be 24 months, and annual operating income will be realized after completion.

860,000 yuan, profit 2.

9.6 billion.

At the same time the company plans to invest 49.

800 million to build amide and nylon new material projects.

After putting into production, it is expected to achieve an annual output of 30 caprolactam (20 of which are inserted for own use), 20 formic acid, 20 heads of nylon 6 slices, and sulfur 48 replacement.

1.3 billion, profit 4.

4.6 billion.

We are optimistic that the company will go beyond excellent cost control to build a moat, continue to launch new projects, and continue to grow in the cycle.

Investment suggestion: We expect net profit attributable to mothers to be 24 in 19-21.

3.3 billion, 26.

74 ppm and 29.

3.5 billion, with EPS of 1.

50, 1.

64 and 1.

80 yuan, PE is 10.

55, 9.

60 and 8.

75 times, maintaining the “highly recommended” level.

Risk reminder: the risk of production risk, the price of products has increased significantly, and the progress of new projects has fallen short of expectations.

Turkish police: smuggling of Europeans through soil increased significantly in 2018

Turkish 北京桑拿网 police: smuggling of Europeans through soil increased significantly in 2018

Xinhua News Agency, Terrorism, January 4th (Reporter Yi Aijun) The latest data released by the Turkish Coast Guard on the 4th showed that in 2018, the number of illegal immigrants trying to relocate Turkish seas to the European continent has greatly increased.

In fact, more and more Syrian refugees in the Turkish territories are also seeking to make a living through illegal channels.

  Statistics show that 26,678 illegal immigrants attempting to smuggle into continental Europe were arrested in Turkey last year, an increase of 4,741 from 2017.

Among them, more than 25,398 people chose the Aegean route, and others chose the Black Sea and the Mediterranean Channel.

  Data show that due to bad weather, poor ships, poor sailor skills, and many other factors, these illegal immigrants’ journey to Europe is full of risks. In 2018, about 96 people, including women, children and 重庆耍耍网 babies, lost their lives in the sea.

  As the country with the largest number of refugees, Turkey signed a long-term refugee control agreement with the EU in March 2016 in exchange for commitments such as EU economic assistance and reopening of the EU negotiations.

That year, Turkey intercepted at sea3.

More than 70,000 illegal immigrants.

  Turkish scholar Jurkudoanai, who studies refugee issues, told Xinhua reporters that preventing illegal immigrants from leaving Turkey to Europe is not always possible.

Due to the deteriorating economic situation in Turkey and increased hostility towards refugees in the society, most refugees do not see the future in Turkey and try to flee the country through various channels.

Original title: Turkish police: European smuggling increases sharply

Hetai (002402): Better than expected performance, healthy cash flow, main business resume high-growth RF chip development

Hetai (002402): Better than expected performance, healthy cash flow, main business resume high-growth RF chip development

The event company released the 2019 first quarter report, and the company achieved revenue 7 in 2019Q1.

69 trillion, net profit attributable to mother 0.

600,000 yuan, net of non-attributed net profit of 0.

570,000 yuan, net operating cash flow1.

98 ppm, with a one-year average of 41.

4%, 23.

1%, 29.

1%, 945.

6%.

Brief Comment 1. The company ‘s original main business intelligent controller ‘s gross profit margin rebounded, and its actual performance exceeded expectations.

Thanks to the steady decline in the prices of raw materials, the company’s smart controller business gross margin started to rebound, which was an increase of 1 from Q4 2018.

63 points.

However, due to the consolidation of the Italian subsidiary, the earnings and losses have just been balanced, and the company’s management expenses, research and development expenses, and financial expenses have increased by 66 each year.

5%, 75.

6% and 84.

1%, both higher than the revenue growth rate, resulting in the company’s net profit growth rate is lower than the revenue growth rate.

We estimate that in Q1 2019, the consolidated revenues of subsidiaries NPE and Kunchang Technology will be approximately 1.

3 trillion, consolidated net profit of about 8 million yuan, so after deducting the impact of the consolidation, the original main business income increased by about 18%, net profit increased by about 7%, but taking into account the company’s first quarter 2018 government subsidies and other non-recurring incomeIt was 4.68 million yuan, and the centralized settlement historical supplier rebate (there is no such item in 2019Q1), so the company’s original intelligent controller and intelligent hardware and other services in 2018Q1 achieved net profit attributable to the mother.

3.5 billion, under the same caliber, the company’s original main business contribution in Q1 2019 was 0.

$ 4.9 billion, an average of 40% a year.

Therefore, the main business recovered well and the performance exceeded expectations.

2. The consolidation led to an increase in the expense ratio during the period and a healthy cash flow, reflecting a stable operation.

2019Q1, the company’s period expenses 11.

15%, an increase of 1.

1pct.

Among them, the company’s selling expenses1.

49%, a decrease of 0 per year.

7 points, mainly due to the company’s major customer strategy and the financial statistics of the subsidiary NPE; management expense ratio 3.

69%, R & D expense ratio 3.

97%, financial expense ratio 2.

00%, increase by 0 each year.

56 pieces, 0 pieces

77pct, 0.

47pct is basically the increase in personnel and more due to consolidation, and exchange losses.

In 2019Q1, the company’s long-term borrowing was 1.

1.4 billion, short-term borrowing is 2.

1.1 billion US dollars, only short-term loans in the same period last year.

1.1 billion.
The company’s operations are stable and its net cash flow is.
98 ppm, 3 of net profit attributable to mother.

3 times.

We expect that through the continued improvement of the company’s operating net cash flow and the issuance of convertible bonds, the company’s additional size is expected to decrease, which will reduce the company’s financial costs.

3. The subsidiary, Changchang Technology, has grown rapidly, and its long-term performance is worth looking forward to.

The subsidiary, Changchang Technology, specializes in microwave millimeter wave radio frequency chips, mainly for the military market, which can support 40GHz and below. The products involve power amplifiers, low-noise amplifiers and other chips.

The revenue in 2019Q1 is about 30 million yuan, which has reached almost one-third of most of 2018, reflecting that the company’s orders are full. Considering that the 武汉夜生活网 first quarter belongs to the off-season of military industrial enterprises, and that by the end of 2018, Kunchang Technology is expected to be completed in 2019.Order in hand is about 1.

2 ppm, to supplement the supplementary orders in 2019, we expect that Changchang Technology will still maintain a rapid growth momentum in 2019, with a high probability that it can complete the performance commitment of 6,500 million.

Earnings forecast and grade: We expect the company’s revenue for 2019-2020 to be 35.

6.9 billion, 46.

20 trillion, considering the uncertainty of foreign exchange loss gains and losses, and the possibility of increasing R & D investment this year, we adjusted the company’s net profit attributable to mother to 2019 to 3.

100 million, 4.

400 million, EPS is 0.

36 yuan, 0.

51 yuan, corresponding PE is 27X, 19X, the company’s historical average PE (TTM) 65.

67 times, currently 38.

74 times, maintain “Buy” rating.

Risk warning: the demand for intelligent controllers is lower than expected; the prices of upstream raw materials continue to increase; the company’s market share has expanded; Kunchang Technology has failed to meet expectations.