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Although I don’t understand why it happened so suddenly,But since it was an appointment with the cabinet minister,It’s impossible for Qin Feng and others to break their appointment,Because the other party just said a word,May affect the subsequent election results of the prime minister!

(End of this chapter)
Chapter One Hundred and Eighty One Cabinet minister
Sitting in the official conference building,Qin Feng felt uncomfortable。Because this place is for official staff,And it’s the kind of meetings held by powerful people who often show up on TV。
of course,More than one cabinet minister,But everybody is not small。
the most important is,He saw that in addition to the members of their Miyamoto family in the conference building,People from the Oda and Tokugawa families are here。
In addition to the members of these two families,Qin Feng saw a few foreigners,You don’t have to think about it or know that these white-skinned people are clergy and reformer organizations that fought before。
But Qin Feng hasn’t seen these people。I was relieved just after thinking about it,After all, those who work hard outside must be the younger ones,It’s the high-level people who are meeting here, or the high-ranking existence within the organization.。
Otherwise, they won’t be brought here by the two big families!
At this moment someone coughed,Then said,“All come in here。Sit down and talk slowly!”
Follow the lead of others,Everyone also entered a formal conference hall,But this conference hall looks very big,It’s like a room used by many people during cabinet meetings。
And after entering,Qin Feng saw a middle-aged man sitting in the first place,His eyes are very deep,It just reveals some sadness。
“Take your seats。”The man said lightly。
At this moment Futian whispered in Qin Feng’s ear:“This person’s name is Kurosawa Jiro,It should be the cabinet minister who invited us。”
Qin Feng is a little curious,After all, he didn’t understand why the cabinet ministers on the official side would invite them to the office.。It’s actually quite obvious here,It’s the building used by officials。And the surrounding security measures are done very well,It should be of the same nature as Zhongnanhai in China。
At this moment,The white man with a hooked nose looked disdainful,Then said dissatisfied:“What do we call for no reason?Don’t you know we are busy?Or,You also need a price tag,As long as the price is right,You openly support one of us?”

“tomorrow morning?can。”Lu Menglin thought for a while,Nodded。

“it is good!Then ten o’clock tomorrow morning,old place,See or leave!”Jiang Jinghong,Stretched out slender fingers,Seems to make an agreement with Lu Menglin。
Lu Menglin didn’t think too much,Palm out,How did you know that Jiang Jinghong changed his mind halfway?,Instead gave him a light palm,Then smiled and turned away,Not at all muddled。
Wait for Lu Menglin to return to the pavilion,Suddenly behind him came Jiang Jinghong’s clear voice like an oriole。
“Tomorrow i will wait for you in the old place,A word,Let’s see or leave!”
There is obviously a certain ambiguity in the shout of the temperament girl,And the object of her provocation,It doesn’t seem to be Lu Menglin。
Su Xuehen in the pavilion heard these words,Can’t help but frown,Lightly:“It’s late,Stop here today!I should go home too。”
“Ok!I’ll take you home!”Lu Menglin’s behavior in later generations,Replied casually。
“no need,We don’t go along!”Su Xuehen moves Ma Li to pack her schoolbag,Turn around and leave,Not at all muddled。
In a blink of an eye,Lu Menglin is the only one left in the small pavilion。He just realized,seem,like,This is something wrong!
text Chapter Twenty Chartered
Early next morning,Lu Menglin got up and washed,Then I went to the vegetable market opposite home for breakfast,In time for nine to fifty,Came to the game hall on the downhill side of the school。
Just arrived at the entrance of the game hall,I saw Xiaosiyan and a few familiar faces who often play arcades standing outside the door,Look a little depressed。
Lu Menglin stepped forward,Nodded at them,I said hello。
“what happened?Don’t you go in and play?”Lu Menglin asked casually。

So this time,Xiao Fan doesn’t need to be soft-hearted anymore,And I don’t know how Yiming and Chu Yao are doing things.,If it can be done。

Because Xiao Fan feels he has done his best to them,So evidence is not important anymore,The main reason is that Yiming and Chu Yao can safely return to him,As for the other Xiao Fan, I don’t care anymore,Xiao Fan also understood。
Sometimes you can consider others,Others may not accept your kindness,Just like Yiming and Chu Yao can understand Xiao Fan’s painstaking efforts,No matter what Xiao Fan does, they will understand,But others are different。
Others will think Xiao Fan is harming them,Not really want to help them,So at this point, Xiao Fan also wants to understand,Xiao Fan doesn’t want to waste his own,I really believe that his temperament has changed over the years。
Become warmer,Want to help others more,But this does not mean that he can let his sincerity be trampled on by others,He has done so many things for them over the years,But they don’t appreciate。
You must even impose some of your own harm on others,I even feel that I have difficulties,So everything I do is not wrong,At this point, Xiao Fan absolutely does not admit that they are correct。
No matter what happens,Xiao Fan thought they did something wrong,So for them,Xiao Fan will never do anything kind to them anymore,I won’t think about them anymore。
Because all these years Xiao Fan has done,If there is anything else to do,Then Xiao Fan felt that they were to be brought to justice,Give everyone a fair,Give justice to those who have been harmed for no reason。
Instead of continuing to protect them,Or to compensate those people through their own means to atone for them,Xiao Fan is not qualified,And don’t have the obligation to do something for them。
So the safety of Yiming and Chu Yao is the most important at this moment,Xiao Fan even regretted sending them this task,But then I thought I was training them。
I hope they can learn more about some things through such a mission this time,In this way, we can also accumulate some experience,If there is another task like this next time,They can’t escape。
Anyway, the two of them are the two most powerful assistants under Xiao Fan,No matter what happens, they need to be first,And I believe very much in their strength。
I think if they can do what they should do well,Their future must be immeasurable,Over the years, they have proved to Xiao Fan that Xiao Fan did not misunderstand the person.,They have worked very hard for so many years。
And work diligently,There is no slack,No complaints,Or do some other bad things,They can remember some of their first dreams。
This is the most precious thing for Xiao Fan,Sometimes people forget their own minds when they do something,Then you will do something that hurts the world and will be blinded by all the benefits.。
I can’t understand what I should do,So I hope everyone under me can remember his own nature。Never forget what I wanted to do in the first place。

Lu Menglin cursed secretly in his heart,What kind of ghost mission is released by the system??Actually let himself seize the authority of Red Willow City?Isn’t this an international joke?These three old things are tyrannical,You can send yourself to the next life with a single blow,How to seize power?Wait till they all die of old age??

if we assume,Face those thirty-level fighters,Lu Menglin still has a chance to rely on his hole cards to win,Even if you encounter a forty-level warrior like Hu Su,I also have a certain chance to escape,But facing the three old guys from the city government,It’s very likely that the other party has a thought,It is estimated that the battle will be over after a meeting。
“Humph!Nephew husu,Don’t you do your business well,Did you come here to make trouble??”One of the old men coldly hummed。
The talking old man is dressed in a black robe,No weapons in hand,Lu Menglin couldn’t see for a while which one of the three legendary professions he was.。
“Hu Su,You have this nosy time,It’s better to practice first level?Not enough strength,Not qualified to speak!”Another old man in a green robe carried his hands on his back,Said slowly。
Hu Su faces the question of two elders,Haven’t spoken yet,The beads of sweat on my forehead have already rolled down。
“Come all here,Just listen to him?Hongliu City is not the only place where the city government has the final say。”The last old man has a hoarse voice,Sounds sick,But if anyone really thinks this old guy is a bully,I’m afraid I don’t know how to die。
“Okay!Hu Su,Tell me,A few meanings?”The black-robed old man yelled strangely。
Hu Su settled down,Grit your teeth,Said:“I listened to General Xu,Said Qin Chusheng is protected by the Childhood Law,Impunity,I can’t wait,Please take back the three yas!”
This remark,The people of the gods all around gave up thumbs up for Boss Hu in their hearts。
Facing the three elders,It’s not that anyone has the courage to speak,Not to mention asking them to take their lives back,Which means challenging their authority。
really,The black-robed old man snorted heavily in his nose,Seems very dissatisfied。
Hum out,The surrounding atmosphere suddenly became a lot more serious,All around is silent。
“The children’s code is clearly recorded,Make mistakes under fourteen,Impunity。And the Qin family has already stated its attitude,Will keep that kid in the house for three years,Respect。”The green-robed old man slowly said。
This remark,There was an uproar all around。
It turns out that General Xu’s message is true,Qin Chusheng is indeed protected by the Childhood Law,Without penalty,As for three years of staying home,Is this a punishment??
Hu Su frowned,About to speak,Mrs. Nan on the side spoke first。
“The three elders,My daughter Xiaoyu is only eight years old,Died so tragically!That little beast has no humanity,How can you not be punished?”

If the publicity album on the album just makes her feel amazing,So now when Lin Yoona is really in this villa,Lin Yoona was really attracted by the beauty here。

Chapter 635 apologize
“OK,Put away your saliva,Let’s go quickly!”Xiao Fan said with a smile。
Fortunately, there are only two of them now,If this is what Lin Yuna looks like now,If I was seen by those two people before,Well, I don’t know what that person will be able to say.!
Just when Xiao Fan thought like this,A couple of men and women appeared in the sight of Lin Yuner and Xiao Fan。
Yes,It’s the man and woman who spoke harshly to Lin Yooner outside the villa。
to be frank,When I saw this couple,Xiao Fan’s face has changed slightly,Because he didn’t want the good atmosphere that Lin Yoona and him had so hard to cultivate and was destroyed by those two people again.。
Not to mention Lin Yuna,Because before,She was ridiculed by the couple because she praised the beauty of this place“Soil buns”,but,My expression just now is compared to when I first came to the villa,It can be said that there is no less!
so,Lin Yoona is really a little bit ashamed that the man and woman will come back and provoke!
only,Obviously things are not as bad as Lin Yuna and Xiao Fan imagined。
Because when Lin Yuner and Xiao Fan saw the couple,The couple also noticed Lin Yuner and Xiao Fan。
and,After seeing Lin Yuner and Xiao Fan, the two people,He came directly to the two of them excitedly。
“Mr,thank you,Me and my girlfriend just now,I’m still thinking about where I can see you,Really did not expect,We met again so soon。”After the man came to Lin Yuner and Xiao Fan,He just started talking to Xiao Fan excitedly。
only,It’s their expression of excitement in Xiao Fan’s eyes,That’s more or less unconscious,What is this scenario?

2015NBA Finals Sixth Game Latest Warriors Vs. Cavaliers 4-2 Championship

2015NBA Finals Sixth Battle Latest Report Warriors Win Cavaliers 4-2 Championship
The Golden State Warriors (67-15) won the championship.Although LeBron had 32 points, 18 rebounds and 9 assists, Curry had 25 points and 8 assists, Iguodala had 25 points and 5 assists, Green sent a triple-double, and they led the team to rely on one and threeThe climax of the festival established the advantage, and the Warriors defeated the Cleveland Cavaliers 105-97 (53 wins and 29 losses) as a guest in Game 6 of the Finals.The Warriors defeated the Cavaliers 4-2 to win the championship. This is when they won the championship after 1975.Curry was caught shortly after halftime.LeBron’s back. Warriors Curry scored 25 points, 8 assists, 6 rebounds and 3 steals, Iguodala scored 25 points, 5 rebounds and 5 assists, Green scored 16 points and 11With rebounds and 10 assists, Ezeli had 10 points and 4 rebounds, Livingston had 10 points and Barnes had 9 points.The Cavaliers’ LeBron had 32 points, 18 rebounds, 9 assists and 6 turnovers. Smith had 19 points and 5 rebounds. Mozgov had 17 points, 12 rebounds and 4 blocks. Thompson had 15 points.With 13 rebounds, Schubert had 8 points and 3 rebounds.  The Cavaliers at home started well, and they quickly led 7-2.Curry returned to the offensive state. He broke through three times and scored three points. He led the team to respond quickly to the 11-1 small climax. The Warriors successfully overtake.After the two sides each scored a few points, the Warriors feel better on the perimeter. Green, Iguodala and Barnes made three points respectively. At the end of the first quarter, the Warriors led 28-15 with 13 points.  Jones played a role after the start of the second quarter. He scored 6 consecutive points and the Cavaliers narrowed the points.Barbosa returned a three-pointer, Mozgov played an important defensive role on the field, the Cavaliers took the opportunity to counterattack again, they played a 6-1 counterattack wave, the Cavaliers trailed 27-32 at 6 minutes and 35 seconds before halftime.Barnes countered with a three-pointer, but the foul trouble brought a lot of impact to the Warriors. Thompson and Iguodala had three fouls on their backs and could only sit on the bench.LeBron scored 6 points in an offensive effort. He also assisted Thompson for a layup. The Cavaliers chased 41-45 in the first minute before halftime.Barnes missed a jumper, Thompson made a supplementary deduction, and the Cavaliers were 43-45 behind by 2 points.  The Warriors’ Curry scored 11 points in the first half, Iguodala scored 10 points and Green scored 9 points; the Cavaliers’ LeBron scored 15 points and Thompson scored 11 points.  After the start of the third quarter, the Cavaliers scored 4 points, the Cavaliers 47-45 overtake 2 points.Barnes’ three-pointer stabilized the situation, the Warriors fired again from the outside, Green hit a three-pointer, Iguodala succeeded twice, they led the team to play a small climax of 11-2, the Warriors re-started with 56-497 points ahead.LeBron broke through and scored, Iguodala scored 3 points with consecutive shots, Livingston also succeeded in two offenses, the Warriors pulled the advantage to double digits.The two sides then scored several offenses, and the Warriors led 12 points with 73-61 at the end of the third quarter.  Barbosa broke the layup to open the fourth quarter, the Cavaliers did not retreat set off the counterattack, LeBron scored 4 points and played a 7-0 counterattack wave, they chased to 68-75.The Warriors immediately stopped. They returned to the field to rely on the outside line to stabilize the situation. Curry hit two three-pointers. Iguodala and Thompson also scored a three-pointer. The Warriors had 6 minutes and 45 seconds in the fourth quarter.Leading 14 points with 89-75.The two sides each scored two offenses, Smith made two free throws, LeBron broke through to score, and the Cavaliers narrowed the gap to 11 points.Green made two free throws to stabilize the situation, Curry also broke through, and the Warriors led 98-85 with 1 minute and 50 seconds left in the fourth quarter.  The Cavaliers still did not give up, Delaware made two free throws, Smith made three points, the field difference was reduced to 9 points.Curry made two free throws, Smith made another three points, and the Cavaliers trailed 92-100.Green missed two free throws, LeBron broke through to score, Curry made one free throw, the Warriors led 101-94.After the Cavaliers timeout, Smith made another three points, Curry made two free throws, Smith missed a three-pointer, Iguodala scored a rebound, Thompson quickly fouled, made two free throws, 21 seconds in the fourth quarterThe Warriors led 104-97.LeBron missed a 3-pointer. Iguodala got a rebound and was fouled. The Cavaliers replaced LeBron. Iguodala made two free throws. The Warriors won 105-97.  Warriors starting lineup: Curry, Thompson, Barnes, Iguodala, Greene Cavaliers starting lineup: Delavedova, Schubert, LeBron, Thompson, Mozgov

Sun Yang’s hearing process announced, this arbitration is still not the final result

Sun Yang’s hearing process announced, this arbitration is still not the final result
Sun Yang will face this hearing confidently.Picture / Sports In the afternoon of November 15th, Beijing time, the International Sports Arbitration Tribunal (CAS) heard Sun Yang ‘s “violent resistance” hearing in Montreux, Switzerland.CAS recently announced the list of arbitration teams and the specific process of the hearing.Judging from the published list of arbitration panels, Judge Franco Fratini from Italy is the chairman of the panel, and there are two people with extensive legal work experience: legal advisers Romano Subioto and Philip· Sanders.According to relevant procedures, the hearing will be announced at 16: 5 on November 15th, Beijing time, and Sun Yang will appear in 10 minutes.At 17:45, the appealer will submit witness testimony.Between 19:45 and 20:45, the recess time, the first switch after the recess is witnesses from the World Anti-Doping Agency.At 0:35 on the 16th, Beijing time, the hearing will be handed over to the various settlement and debate procedures. At 3:00 on the 16th, Sun Yang will complete the final insertion. This is the last interval of the hearing.According to CAS, this time flow may be adjusted according to the situation on site.The Air Force CAS once announced that no decision will be announced at this hearing. After the arbitration panel is reopened, the decision will be announced later.It is worth mentioning that this ruling is still not the final result. CAS stated in the announcement, “For the arbitration judgment made by CAS, you can appeal to the Swiss Federal Supreme Court, and the recognition period is 30 days.”

Sunsea Intelligent (002313) Semi-annual Report Review: Integrating the IoT Cloud + End Ecology to Layout the AIOT Industry

Sunsea Intelligent (002313) Semi-annual Report Review: Integrating the IoT “Cloud + End” Ecology to Layout the AIOT Industry

Investment highlights: The company’s interim results have fallen slightly. The company recently released its semi-annual report for 2019 and achieved operating income of approximately 23.

68 ppm, an increase of 29 in ten years.

51%; Net profit attributable to shareholders of listed companies is approximately 4,319.

400,000 yuan, down 12 every year.

11%; the net profit of alternative non-recurring gains and losses attributable to shareholders of the listed company is approximately 3472.

30,000 yuan, down 18 every year.

82%; basic profit income is 0.

1384 yuan.

The company’s first half profit was in line with market expectations.

The adjustment of the company’s business structure was completed, and the growth of the Internet of Things business was obvious. In the first half of this year, thanks to the rapid growth of the Internet of Things business, the company’s main revenue and costs maintained a synchronous increase of about 30%, and the overall gross profit rate was 16.

8%, down by 1 every year.

4 units.

In terms of expenses, the sales expenses increased by 27%, the management expenses remained the same as the previous period, and the research and development expenses were 64.53 million, an increase of 44% each year. The main reason was that the company increased the research and development expenses of AI intelligent products and new module products, and the financial expenses increased by 133%.Mainly due to the increase in interest on bank borrowings.

As the industry settlement is expected to affect the company’s current operating cash flow of -59.18 million.

As for the specific business of the company, the company’s main business currently includes the Internet of Things business and communication service business.

The main products and services of the IoT business include IoT large and medium-sized platforms, intelligent communication equipment, intelligent terminals and IoT solutions, which are mainly used in public utilities, smart cities, transportation and logistics, connected cars, and smart homes.

In the first half of the year, the company’s IoT business revenue was 13.

USD 5.6 billion, an annual increase of 137%, the business accounted for 57% of revenue, the relative proportion increased by 25 percentages, the industry gross margin reached 14.

8%, an increase of at least 3 percentage points; the main products and services of the communications service business include wired broadband, data centers, wireless stations, small base stations and communications engineering services, mainly for the three major domestic telecommunications operators, communications equipment manufacturers andThe end user provides a complete set of solutions for physical connection, wiring, protection and comprehensive wiring of the communication network.

In the first half of the year, the company’s communications business income was 10.

1.2 billion US dollars, a year-on-year decrease of 18%, the business accounted for 43% of revenue, the relative proportion fell by 15 units, the industry gross margin was 19%, but fell by 1.

8 units.

The change of the company’s business proportion is mainly based on the company’s business strategy tilting towards the IoT field. The completion of the transformation to the IoT company through mergers and acquisitions has led to an increase in IoT product revenue, while the decline in the communication network equipment product business is the response of the company to operators.The impact of declining investment and fierce price competition in the bidding model has streamlined product lines and adjusted product strategies.

Therefore, the Internet of Things business will become the company’s main development direction in the next two years.

Seize the development opportunities of the Internet of Things industry and comprehensively deploy the Internet of Things industry chain. Mobile communication networks are developing from communication between people to data exchange between people and things, things and things.

According to the plan of the Ministry of Industry and Information Technology, by 2020, the scale of the Internet of Things industry will exceed 1 per year.

5 trillion.

According to GSMA forecast data, the number of global Internet of Things terminal receptions will reach 10 billion levels by 2025.

At the same time, the commercial development of 5G technology drives the rapid development of personal and industry mobile applications. 5G networks provide users with flexible, reliable and efficient connections, providing a broader application prospect for the smart Internet of Things, promoting consumer Internet of Things, smart city Internet of Things and production.The rapid development of application areas such as the sexual Internet of Things.

According to the forecast of the ICT Institute, telecom operators will invest more than 2200 trillion in 5G network equipment in 2020, and spending on 5G equipment in various industries and fields will exceed 520 billion US dollars in 2030.

The company has seen the broad prospects of the Internet of Things application market in the 5G era, positioning itself as an emerging intelligent Internet of Things (AIoT) company, with the goal of becoming a leader in the domestic artificial intelligence Internet of Things.Xinxuntong and Longshang Technology, using modules as the fulcrum, began to fully penetrate into the field of IoT, and then invested in the world’s leading IoT cloud platform company, the United States of America Ella, to establish a joint venture company in China and quickly own the leading IoTCloud platform technology and operational capabilities.

Based on the “cloud + end” technology architecture, layout of three major product lines: large, medium and large platforms, AIOT smart devices and smart terminals, has successively launched 5G modules, AI neural hub platforms and various types of smart terminals, smart devices and other innovative products.And obtain applications in multiple cities such as smart cities, smart suites, smart logistics.

In terms of product innovation, the company launched a 5G module at this year’s MWC conference and released a 5G module for real network testing in June. It has cooperated with a number of industry application companies to jointly launch 5G CPE (home gateway) and 5G industry.5G products such as routers, 5G gateways, 5G small base stations, etc. In software technology, the company released the first AI city nerve center-AI perception platform, supporting the integration of equipment, data, and applications with new technologies of large, medium and large platforms.It also integrates various downstream intelligent terminals, connects systems, and shares applications, and provides unified and enhanced support through AI smart boxes.

Play a core supporting role in multi-level scenarios such as smart cities, parks, communities, 都市夜网 and buildings.

At the same time, the company gradually implemented the Internet of Things to realize the intelligent upgrading and transformation of traditional industries. Through the intelligent transformation of traditional communication equipment products, it has successively introduced smart products such as smart ETC cabinets, smart street lights, and intelligent optical interlocking.In order to improve the market competitiveness of the company’s communication products; continuously expand the application scenarios of smart terminal equipment, the company independently developed or jointly developed a number of direct-to-consumer smart terminal products, such as smart smoke sensors, smart manhole covers, and smart door locks.Intelligent water meters, intelligent management equipment for electric vehicles, 5G drones, 5西安桑拿G robots, etc. complete the industrial chain.

With the introduction of the early AIOT concept, the company continued to make efforts in the field of AIOT. It has developed AI smart boxes, AI video edge computing terminals, and AI vehicle edge computing terminals. The AI smart box is the core foundation for collecting and processing large amounts of data.Added to the cloud platform database combined with AI machine learning to improve the behavior feature database.

In terms of industry applications, the company cooperated with China Telecom Tianyi Internet of Things company’s smart smoke detection SaaS platform has been launched, providing Guangdong Unicom with a series of Internet of Things services such as smart buildings, smart smoke detection, and smart transportation.

The profit forecast considers the comprehensive and good layout of the company’s business in the Internet of Things. The business structure has basically completed the transformation to the Internet of Things field. The company will gradually transition to the rapid development of the Internet of Things industry in the next two years to achieve rapid business growth. We expect the company in 2019?2021 revenue will reach 64.
09 billion, 86.

5.2 billion and 112.

48 ppm, corresponding to a return to net profit of 1.

01 billion, 2.

01 billion and 3.

1.7 billion.

Give the company an “overweight” rating.

Risk reminder: The development of the Internet of Things industry is less than expected, and the company’s communications products continue to decline in gross profit.

Zhenhua Technology (000733) in-depth report: Focus on military electronics boosting benefits External IC assets promote integration

Zhenhua Technology (000733) in-depth report: Focus on military electronics boosting benefits External IC assets promote integration

Investment points The company has inherited the superior assets attached to the military electronics base—083 base, and is gradually the main supplier of basic components for military electronics equipment (military market share: more than 75% of capacitors, including 98% in some aerospace fields; diodes 40%; Resistance 85% or more).

Looking forward to the next ten years, the company’s high-tech electronic segment is expected to maintain a rapid growth of more than 10% for a long time through the accelerated advancement of the electronic information construction of our army and the completion of the company’s fund-raising projects.

After the expansion 深圳spa会所 of the mobile phone foundry business revenue in 2018, the company’s dedicated machines and core components, which are not profitable, will continue to shrink or even divest, further focusing on the development of high-tech electronic sectors, and significantly improving the company.Overall asset quality and return on equity.

The company, as the controlling shareholder of China Zhenhua, is the only listed platform of each company, and the in vitro integrated circuit assets are scarce: Chengdu Huawei Technology is one of the leading FPGA chip companies in China; Zhenhua scenery is driven by high voltage and high current power and RDC (shaft angle converter)The field is at the domestic leading level, and the products are widely used in various fields of national defense.

Following the injection in 2014/2016, continuous integration of high-quality integrated circuit 杭州夜生活网 assets such as Chengdu Huawei Technology, Zhenhua Scenery, and other subsidiaries of the Group, especially the Group’s holdings, is expected to continue.

In December 2018, the company plans to start with 11.

The exercise price of 92 yuan / share was granted to 417 people (including 10 directors and executives, and 407 other core employees) for a total of 9.38 million stock returns, accounting for 2% of the company’s total share capital. According to the company’s stock incentive performance evaluation target, The company will achieve at least a net profit in 2019, 2020 and 2021.

700 million, 3.

1.2 billion, 3.

6.4 billion.

We expect the company’s 2018-2020 EPS to be 0.



66 yuan / share, corresponding to the closing price of PE on March 15 is 31/26/22 times, the first coverage, given a “prudent increase” rating.

Risk warning: The compression and replacement of the whole machine and integrated circuit business are less than expected; the profit improvement of the new energy battery business is better than expected; and the injection of external assets is uncertain.

Huadian International (600027): Electricity prices and fuel costs expected to continue to help profit recovery in the third quarter

Huadian International (600027): Electricity prices and fuel costs expected to continue to help profit recovery in the third quarter

The company’s recent situation Huadian International announced the first three quarters of 2019 operating data: the first three quarters of 2019, the amount of power generation, sales growth increased.

0% / 2.

1% to 1,582 / 148 billion kWh; average electricity prices continue to increase2.

0% to 414 yuan / megawatt-hour; market-based transaction electricity is 76.5 billion kilowatt-hours, accounting for 51.

7% (up from 12 decades ago).

Comment on the third quarter electricity prices continued the previous upward momentum, better than expected.

The company’s tax-included electricity prices increased in advance in the first three quarters2.

From 0% to 414 yuan / MWh, we estimate that the tax-included electricity price in the third quarter may increase by 2 every year.

7% to 412 yuan / MWh, a further increase from the second quarter.

Taking into account the reduction in yield, we expect that the deducted electricity price in the third quarter may exceed 5%, which is expected to drive the company’s revenue increase, slightly higher than expected.

At the same time, we estimate that the market electricity ratio in the third quarter may increase by 11/2 per annum to 56 instead of 56 per year.

5% level, and the narrowing of market electricity discounts or offsetting the pressure of electricity prices caused by increasing market power.

Electricity fluctuated slightly in the third quarter of 19, in line with expectations.

We estimate the company’s power generation in the third quarter every three times.

8%, mainly due to the annual reduction in thermal power generation4.

9%, of which the wind power output of Shandong province units decreased by about 20%, we think it may be related to foreign power entering Shandong.

At the same time, the company’s hydropower generation volume has grown significantly by 30% each year.

Downward fuel costs pushed the company’s third quarter earnings to increase significantly.

Based on the trend of coal power in the third quarter, we expect Huadian International’s unit fuel cost is expected to decrease by about 4%, which will drive the company’s profit to US $ 1 billion, which is 5% higher than the same period last year.

400 million more than 80%.

Estimates suggest that we keep our earnings forecast unchanged.

Huadian International-A / H is currently trading in September 2019.


2x P / E ratio and 0.


5x P / B.

Maintain Huadian International-A / H Outperform rating with target price of RMB 5.

3 yuan / HKD 4.

59 yuan, corresponding to the current budget has 48% / 53% of upside.

Huadian International-A / H target price implied 2019 14.


4x P / E ratio and 1.


7 times P / B ratio.

Risky coal prices were higher than expected, 杭州桑拿网 and power demand was lower than expected.