Category: zsctykrvq

And the most speechless thing is,The Dai Zong ship they used to seize air supremacy,It was also captured from the South Korean military at Ye Ye。

Hu Lin will all this,Faithful record,And broadcast live to the entire chaos circle。
Her intention is very direct,The various tactics used by the Sandstorm City army,Can be understood by other human army,Then learn and imitate,It is likely to change the passive situation of other battlefields,Add up,Maybe this will affect the general trend。
One thousand two hundred and sixty-two chapters Decapitation
“Gao Dajin,You will be in full command of the next battle!Dragon Battlefield,Tu Shanming,Liu Yiqing,Strictly guard the copper,The four of you each bring a flying brigade,Let me disembark。”Lu Menglin solemnly ordered。
“what?You have to go down?Is it so fast?”Gao Dajin once again felt that his IQ was crushed,Although Boss Wu Hao gave the command to himself,But he has no sense of superiority。
“Ok,This is our first battle,Have to show momentum!Don’t miss the opportunity!”Lu Menglin replied。
“but,There are millions of monsters below!You brought too few people, right?”Gao Dajin has already faintly guessed what Wu Hao wants to do,I just think this person is too courageous,This is almost impossible to succeed.。
“So we only bring flying soldiers。”
Lu Menglin paused,Continue to tell:“You four listen,A group of Long Zhanye and Tu Shanming,Strictly guard the copper and Liu Yiqing team,I’m an independent team,We split up,Landed respectively in these three key areas where Lord Zuma may haunt,As long as I see the Lord Zuma,Signal immediately,The other two groups provide timely support,If you can’t kill the leader,We don’t have to come back,Understand?”
“understand!”Tu Shanming and Long Zhanye shouted in a deep voice at the same time。
Thousand Miles,Kill the enemy general,This for them,It’s already commonplace,Used to it。
Liu Yiqing didn’t say anything,He whispered in his heart,There are millions of monsters in the battlefield below,Just a few teams descended,It’s just like sprinkling sand in the desert,This way you can find the head of the monster?And can you kill the opponent??
He used to be Ye Korea’s super combat power,Of course I know the leader of the monster army,Individual combat power is very strong,Otherwise I can’t be the leader。
He himself is not sure to beat those monster leaders。
but,People under the eaves,Had to bow,He even handed over the lowest level authority of the Horned Dragon Battlegear on his body,This is equivalent to surrendering his wealth and life to Commander Wuhao,If the other party is unhappy,Can directly take over the authority of the Horned Dragon Battlegear,Whether it is cutting off the respiratory system,Or just let myself explode,There is only one end,Just can’t live。

A girl looked at Amei and said:“Ami,Are the clothes you are wearing too out of place?Don’t your parents say about you??”

“What do they do?”May disagrees extremely,She and the people around Wang Shuai,Try to break free of your parents,Is their common perception is correct,At this moment, it is only natural to continue:“You should also get rid of the shackles of your parents,Be yourself。Parents ask us this request that,But are we allowed to ask?Will they care about our request??I just want to understand,My parents make me sensible all day,obedient,What if i did everything?They still don’t see people every day,Busy with their big business,I’m like a pet left at home,When they rarely come back,I have to accompany them,Excitedly grateful for the poor company they gave。When i need their company?‘sorry baby!Mom and Dad love you very much,But we can’t come back now,We must run a good business for your future,And you must learn to be independent。’I am independent now,Do not need their company,Anyway, I only met once in two or three weeks,Can’t stay with me。”
Several girls think Amei’s ideas are a bit too extreme,One girl said:“May your situation is like this,But your parents don’t want it either,No way they!I can’t tell you to leave the business alone?”
“I never said that they need to make so much money,They said it was for me,Then I don’t want them to make so much money,As long as they live around?They won’t agree,What I said is for me,Actually they need to make more money,Obviously it is their own pursuit,Have to force me to buckle my head,It seems I forced them to make money!”Ami thinks she was too stupid when she said it,Always thought sensible,be good,Met the parents’ request,I will get the same love from them in the future。
but,Over time,May realized that it was impossible。She is sensible and good,It just reduced her parents’ trouble,So that they can be more at ease in their business,Don’t worry about her。
“Ami,Maybe we don’t know the importance of money yet?Like me and you,I’ve been envious of your rich family since I was a kid,I need to bite my teeth to buy brand sneakers,Wear whatever you like,You don’t want to repair it if you have degummed and cracked edges.。I used to have double brand sneakers,It’s not worth mentioning to you,But I love it,Repeated glue repair,Throw it until the hole is broken。Every spring outing and autumn outing,The snacks you brought are so many and delicious,Some of them are what I usually want to eat but the price is too low.。Especially in the fourth grade,The chocolate your parents brought back from abroad,I still remember the taste!because this,I secretly decided that I must travel abroad in the future,I bought a lot of chocolate,Put in the refrigerator,Eat till you get tired!”The girl’s face is full of admiration,At the end:“But my little ideal is for you,Already achieved。You have eaten well and dressed,Get used to it,Even disapproving。”
“But I don’t think those are important,I have always envied you to be with your parents。”May I didn’t expect friends to care about this、She didn’t care about sneakers and chocolate at all,Is she not aware of the importance of money??
“Ami,Maybe it’s because you rarely see your parents,So they are not willing to criticize you or scold you when they meet,Every time you feel so happy and happy,Would envy us?Actually being together every day,We didn’t think it was very happy,Sometimes I want to be free,Sometimes they feel that they are in a bad mood and make us angry,Sometimes they think they criticize us too much for small things。Anyway,Even if we meet every day,There are still few particularly good memories of getting along,Mostly normal,And it’s as good as the quantity、Even more bad memories。But your parents never beat you,I rarely criticize you,Of course the memories you get along with them feel very happy。”The other girl also said her opinion。
Another girl said:“I also think we still don’t know the importance of money,So although I don’t understand my parents working overtime,,Things like business trips,But I think I should be considerate and accept。I’ll be big later,Should understand。”
“Actually, I don’t mean they have to ignore everything,But they are pursuing the money and career they like,Don’t always say it’s for me,That makes me feel so hypocritical and absurd。If they say‘baby,We love you,But we must pursue our own business,I can only give you so much company。’If they say so,I’m not expecting to think I’m behaved,Meet their requirements,They will stay with me more,I won’t feel like being cheated。I just hate them under the guise of loving me the most!”Amei finished in one breath,Ease the mood,Said again:“Actually they love themselves the most。But it doesn’t matter at all,It’s normal for people to love themselves the most,Why do you want to say so beautiful?Lie to me or lie to themselves?They love themselves right,I love myself,So i want to open it now,Like them,My favorite is myself,Then we consider their feelings,Just like they did。It’s fair!What kind of love they give me,What kind of love i give them。I am willing to give them money in the future,But no time to be with them,But I don’t know what they say,Earn money for them。”
Those girls have nothing to say for a while,I think Amei has said something to death。Logically,May’s words are not contradictory,Then there is no way to make sense。
just,They think Ami’s words make sense,But I always feel that this is not the case,But don’t know how to persuade,Or,I feel that there is no need to persuade。
May and them,Really different。
Ami now dyes her eye-catching hair,Dress not suitable for age、Overly mature clothes,At first glance,It’s not like students of their age at all,even——Even more extraordinary than the bad students they think。
Amei also feels she can’t talk,In her opinion,These friends are when she usually mentioned it to the people around Wang Shuai,Mocking:A fool who lives under parental control and deception。
A girl lifted her clothes and shoes after silence,So broke the strange cold field。

“The place is chosen by the Korean police officer,As long as it’s not too expensive,Thank you Officer Han for giving me this opportunity to bribe,It’s a pity that I’m relatively poor now。”

Xiang Chen wants to change a comfortable posture,But found that the pillow behind him had been requisitioned by the Korean language Xiang。
“You are still poor,Almost one person monopolized the food delivery business of Wanghai University,You dare to cry poor in front of me?”
“I just rely on my hands,Create a world for yourself,People want to live,So there must be a career。”
“Your complaint has been piled up in my office,And today I received another report,These are all you hit with your hands。”
“What would Police Officer Han want?,Don’t save me money。”
“Then give you a chance to buy me!”
Seeing Xiang Chen subdued again,The smile on Han Yuxiang’s face makes people see a little brilliant。
Chapter Fifty-Three At home
In the hospital,After having a bargain with Xiang Chen, Xiang and Yan Yue in Korean,The two set the dinner table at the most famous Xiaojin Cave in Wanghai City——At home。
Walk in the door,Xiang Chen took a look,Even if I jumped up with all my strength,There is absolutely no way to touch the door。And look into the home away from home,Luxuriant,Remove the splendor,Xiang Chen can’t find other more appropriate words to describe all this with his eyes.。
Equal distance vase,Is it Antique Xiangchen can’t infer,But after a closer look,How Xiang Chen feels like his fourth uncle Bai Fengyu’s collection。Look up,Mural flying,Xiang Chen believes that this should not be the handwriting of the famous master,But drawing these flying people,After death, he will be a master in the book。
As for the handsome men and women on the left and right,Xiang Chen seriously suspects that the boss here kidnapped a certain model agency to serve him。There are hanging chandeliers,Xiang Chen has seen the same style in Europe,I even broke two of them,I heard that a certain rich man has been heartbroken for two months。

Even the flying soldiers of the Iron Qin Kingdom suspended in mid-air,Also all landed。

In an instant,Two electromagnetic storm vehicles hidden in the middle of the tank,At the same time make a sharp and piercing whistle,The compressed energy reactor loaded in the car body began to produce a sharp energy change。
In a blink of an eye,The body of the two electromagnetic storm cars revealed a red light,As if it will fall apart in the next second。
at last,Two electromagnetic storms that are invisible to the naked eye spurt out at the same time,Formed positive and negative poles in mid-air,Constant high-speed rotation,Finally formed a terrifying electromagnetic energy storm。
The human body is in this electromagnetic energy storm,Only slight discomfort,But this special pulse current,But quickly filled the entire space,Power covers a radius of hundreds of kilometers。
Within the influence of this storm,All the electronic devices are malfunctioning,Become uncontrollable,unpredictable。
Even if the easy mode is turned on,There are still some weapons and equipment of the Tieqin Kingdom affected,Such as the main gun control system of a tank,Presents a state of disorder,In this state,No one dared to open fire rashly,Because you don’t even know where the cannonball is going,It’s even possible to directly turn on the self-destruct setting of the tank。
Under the strong interference of electromagnetic storm,Drone swarm in mid-air,Should be the biggest victim。
really,Fighting drone swarms in Korea at night,The number visible to the naked eye is declining,The soldiers of the Tieqin State from below couldn’t help letting out cheers。
In the past battles between the two countries,This unmanned combat aircraft is one of the most troublesome enemies for infantry。
Regardless of the fierce firepower of this thing,It has no life,Just a bunch of steel facts,Will make many soldiers feel like they are playing with this kind of thing,Not worth it。
Unfortunately soon,The commander of the Tieqin army on the ground found something wrong。
Although the number of drone groups in the air has decreased,But the crashed drone was not found on the ground,Few drones fell,Compared with the number of disappeared,Has a serious deviation。


Chen Geng raised his eyebrows,Motion to little MacDonald to continue,What’s wrong with Lockheed?
Little MacDonald smiled bitterly:“Boeing quoted Lockheed,They out20One hundred million U.S. dollars,Hope to buy Lockheed’s civil aircraft business as a whole,Including those working with McDonnell DouglasMD-12project……”
So much!
Chen Geng finally knows where the problem is:This one20Quotation,Definitely just a tentative offer from Boeing,Just to see if Lockheed intends to sell their civil aircraft business,As long as Lockheed is interested in the hidden meaning of Boeing’s offer,Will definitely respond——After all, Lockheed’s original intention was to package and sell its civil aircraft business to Boeing.,Pit Boeing fiercely once。
PS:Brothers sorry,Please wait a few minutes。
Little MacDonald did not answer right away,But was silent for a while holding the teacup,Seems to be organizing words,A moment later,He looked up at Chen Geng and said:“Fernandez,You feel……Is it possible to make a fake show??”
Chen Geng reacted immediately:“you are rightMD-12?”
Little MacDonald nodded。
“why?”Chen Geng doesn’t quite understand。
“last week,Lufthansa contacted me。”
Chen Geng’s brain turned slightly,I immediately understood what little MacDonald meant:“It’s time for you,LufthansaMD-12Interested?”

2016 Snooker British Championships Today’s latest match live video Selby vs Murphy Live

2016 Snooker British Championships Today’s latest match live video Selby vs Murphy Live
In the 2016/2017 season, the Snooker British Championship continued. In the quarter-finals, the world’s first Selby started with a 3-0 lead, and then was overtaken by Higgins in a four-game winning streak and took the lead to get the match point.Selby saved two match points in a row and eventually reversed the lore Higgins 6-5.In another game, the magician Murphy was in a state of bravery, completing one shot and breaking three hundred and 50+, and finally swept the Belgian star Brecher 6-1, and then reached the semi-finals of the British Championship after four years.  The total prize money of the 2016 Snooker Championship is £850,000, and the championship prize is £170,000.Selby (information map) Murphy (information map) 2016 Snooker British Championship semifinals, Selby vs Murphy game time reopened at 21:00 Beijing time antique on December 3rd.Game live video address: click to watch

Li Xunlei: Without short-selling mechanism, the constraints on listed companies are limited

Li Xunlei: Without short-selling mechanism, the constraints on listed companies are limited
On May 24, Sauna Night held a series of salons focusing on capital market reform in the nationwide “Two Sessions Economic Policy”.Li Xunlei, chief economist of Zhongtai Securities, said that the A-share market is not mature enough, and it has only made 30 years of development. It has made great progress, but compared with mature markets, such as the US stock market has more than 200 years of history, A shares still haveMany shortcomings.Li Xunlei is cutting-edge, and needs to be further improved in terms of trading system, market rules, and the richness of products and tools.The registration system loosened the restrictions on the rise and fall, but T + 0 has not been implemented, and there are not enough short selling mechanisms.He said that conventional budget research institutions basically have no short-term research reports, which is still a significant gap from the mature capital markets such as the United States. If they dare not write short-selling reports, the restrictions on listed companies will be limited.In addition, the issue pricing should be market-oriented. The main board has not yet implemented a registration system. Many A-share companies are still issuing on the main board. If the pricing is not market-oriented, investment banks will not be able to fully compete and mature.At present, foreign countries are constantly coming in as they are opening up more.In the past, foreign participation in capital markets, especially overseas investment banks, was relatively small. The standard practices of some foreign investment banks in mature markets have not been fully reflected in A shares.We should also give these institutions room for fair competition, and also promote the capital market and intermediary institutions to develop together and make progress together.Sauna, Ye net Gu Zhijuan editor Chen Li proofreading Xue Jingning

China National Travel Service (601888): Strong tax-free growth policy to help expand

北京桑拿洗浴保健 China National Travel Service (601888): Strong tax-free growth policy to help expand

Event: China National Travel Service released its 2019 Interim Report, and the company achieved revenue of 243 in 19H1.

44 billion / + 15.

46%, net profit attributable to mother 32.

7.9 billion / +70.

87%, deducting non-net profit 25.

00 billion / + 30.

86% (non-recurring gains and losses are mainly from the investment income confirmed by the alternative China Travel Service); Q2 achieved revenue of 106 in a single quarter.

53 billion / -12.

94% (effect of divestiture of China National Tourism Administration), net profit attributable to mother 9.

7.3 billion / + 28.

21%, deducting non-net profit 9.

10 billion / + 20.


Opinion: The growth of the main business of tax exemption is strong.

Revenue: 19H1 company revenue 243.

44 billion / + 15.

46%, of which tax-free / taxable / tourism services respectively achieved revenue of 229.

0.8 billion / 6.

19 billion / 5.

9.9 billion, an increase of 53.

26% / 21.

14% /-88.

98% (China National Tourism Administration has ceased to consolidate since February).

Sanya Haitang Bay achieved revenue 53.

29 ppm / + 28.

72%, of which 51 is tax-free income.

81 ppm / +28.

50%; Shanghai Airport (Pudong + Hongqiao) contributed 73.

7.7 billion / + 92.

41% (consolidated from March 18); Capital Airport (T2 + T3) contributed revenue 43.

6.5 billion / + 25.

54%; Hong Kong Airport realized tax-free income12.

9.6 billion / + 36.

13%; Guangzhou Airport realized tax-free income8.

44 ppm / + 193.


Profit side: 19H1 company realized net profit attributable to mother 32.
7.9 billion / +70.
87%, of which Sanya Store / Shanghai Shanghai / Sunrise China contributed 8 respectively.

3.3 billion / 3.

2.1 billion / 95.17 million, respectively increased by 5.

63% / 49.

44% / 71.


Profitability: The company’s comprehensive gross profit margin was 51 in 19H1.

05% / + 9.

83pct, mainly due to the increase in the proportion of goods sold by the China National Tourism Administration and the higher gross profit margin (from 18H1 to 73).

99% increased to 97 in 19H1.


The gross profit margin of the 19H1 commodity sales business was 51.

76% /-0.

09pct (tax-free 52.

29% /-0.

20 pct, with tax 32.

10% / + 4.

48pct), mainly for cost savings brought about by scale effects.

19H1 company net profit margin 13.

47% / + 4.

37 pct; from a breakdown perspective, the net profit margins of Sanya Haitang Bay / Sunrise China / Sunrise Shanghai are 15 respectively.

62% / 4.

95% / 8.

13% each year -3.

42pct / -2.

60 pct / + 1.

68 pct.

Expense rate: The period expense rate is 32.

66% / + 6.

96pct with a sales expense ratio of 30.

29% / + 7.

24pct (Shanghai and Shanghai consolidated tax & airport duty-free lease expenses and expenses increase), management expense ratio 2.

32% /-0.

39 pct, financial expense ratio 0.

05% / + 0.

11pct (increased financial handling fees due to tax-exempt business growth).

Favorable policies & economies of scale, the growth of tax-free leaders is expected.

Outlying islands tax-free benefited from the policy of increasing quotas and expanding categories. In the future, Haitian Free-Injection and Haikou Duty-Free City will bring new attractions.

Airport tax-free preferential traffic advantage, the company operates a number of important airport duty-free shops (Capital Airport / Shanghai Airport / Hong Kong Airport / Baiyun Airport / Beijing Daxing Airport, etc.), the scale effect helps to improve gross profit margin.
Duty-free Beijing / Dalian / Qingdao / Xiamen 杭州夜生活网/ Shanghai stores have been opened in the city. Among them, Shanghai stores can provide duty-free booking services for people who are about to leave China.
In 2018, China Immunity ranked among the top four global travel retailers, and its international influence has further increased. New leadership has been injected into the senior management, and the company’s future development is expected.

Investment suggestion: The company’s operating income is expected to be 440 in 2019-2021.

57 billion / 510.

27 billion / 597.

9.8 billion, net profit attributable to mother is 45.

6.9 billion / 48.

5.3 billion / 57.

2.7 billion, an increase of 48% / 6% / 18%; corresponding P / E is 41 times / 38 times / 33 times, maintaining the “Buy” rating.

Risk reminders: tax exemption policy risk, exchange rate fluctuation risk.

Rainbow Group (002419): Same store performance is better than new store contribution performance increase

Rainbow Group (002419): Same store performance is better than new store contribution performance increase

Event description The company disclosed its annual report: the company achieved operating income of 191 in 2018.

380,000 yuan, an annual increase of 3.

25%; Attributable net profit 9.

40,000 yuan, an increase of 25 in ten years.

92%; realized non-net profit 7

92 ppm, an increase of 24 in ten years.

76%; achieve EPS of 0.

7535 yuan / share.

At the same time, a cash dividend of 4 yuan (including tax) will be distributed to all shareholders for every 10 shares, no bonus shares will be given, and the capital reserve will not be converted into capital.

The effect of the event review reform continued to expand with the same store performance, and the new business of community shopping centers gradually contributed to the increase.

The company achieved operating income of 191 in 2018.

380,000 yuan, an annual increase of 3.

25%, comparable store revenue increased by ten in ten years.

58%, comparable gross margin increased by ten in ten years.

31%, maximizing comparable profits grows 17 per year.

07%, of which the comparable store operating income increased 5.

55%, maximizing comparable profits grows by 64 per year.


The company’s operating income in 2018Q4 decreased by 5 year-on-year.

25%, mainly due to the higher actual revenue recognition base in the same period of 2017 and the closure of the Shenzhen Junshang Center Store by the company in October 2018 due to the expiration of the contract for the business premises. Excluding the impact of the real estate business, the company’s operating income in 2018 increased by 4%.

45%, profits increase by 30 per year.

58% in the fourth quarter of 2018, operating income fell 0 year-on-year.

64%, profit growth for the whole year increased 24%, plus the same-store gross profit of the company in the fourth quarter of 2018 is estimated to increase by 4.

21%, performance peers.

According to further calculations, the company’s same-store gross margins increased by 55.15 million yuan and 44.67 million yuan in 2018Q3 and Q4, respectively. After excluding real estate impact, the incremental gross profit contribution of the new business was 76.51 million yuan and 42 million yuan (including gross margin due to store closure(Decrease), it can be seen that the incremental contribution of the company’s new business gross profit has continued to exceed the incremental contribution of the same store gross profit for two quarters, gradually transforming new and old growth momentum.

On the basis of the company’s continuous growth period, the company will push for new business layouts to build a long-term sustainable growth base.

The company’s department store stores implemented block adjustments to achieve obvious results, promote thematic display and thematic editorial marketing, and increase the sales contribution of related brands.


At the same time, we are accelerating the development of stores. We focus on four shopping mall stores. We have set up four new direct-managed stores, one management outlet, one franchised store, and 13 shopping mall stores. At the same time, the company’s newly developed reserve stores include: 17 shopping malls andDepartment store projects and 13 independent supermarket projects provide a good foundation for the company’s continued growth.

Investment suggestion: The company promotes the reform of the department store’s main business, continues to travel with the same store, and accelerates the new business layout of the community shopping center. We expect the company’s EPS in 2019-2021 to be 0.



31 yuan / share, corresponding to PE, 14 times, 12 times and 10 times. 厦门夜网At the same time, the company launched the second phase of employee equity purchase plan, optimized management mechanism, and maintained a “buy” rating.

Risk Warning: 1.

The pressure on the consumer side under the background of derailing, and the effect of the company’s main department store reform;

The development of community shopping malls has been burdened by local policies.

Quanzhu Shares (603030) Annual Report Comments: Performance Growth Meets Expected Operating Cash Flow Improvement

Quanzhu Shares (603030) Annual Report Comments: Performance Growth Meets Expected Operating Cash Flow Improvement

The performance growth was in line with expectations, and the company’s profitability increased to achieve operating income for 65 years.

20,000 yuan, an increase of 41 in ten years.

0%, to achieve net profit attributable to mother 2.

60,000 yuan, an increase of 58 in ten years.


By quarter, the company’s Q1-Q4 achieved revenue of 10 respectively.




USD 800 million, with annual growth of 123% / 32% / 44% / 22% respectively; Q1-Q4 achieved net profit attributable to mothers respectively 0.




34 ppm, a year-on-year increase of 119% / 305% / 138% / 15%, Q4 performance growth rankings are mainly affected by high base factors in the same period of 17 years.

The company’s 18-year gross margin / net margin were 14 respectively.

5% / 4.

4%, an increase of 1.


7pct, the company’s profitability has increased, or it can benefit from the increase in the proportion of 杭州夜生活网 custom hardcover business (custom hardcover business eventually faces individual small owners, so the business’s capital flow and profit margin are better than the full decoration business), and it is expected to continue to improve in the future.

Operating cash flow improved, debt ratio increased The company’s net operating cash flow for 18 years was 1.

9 trillion, an increase of 3 over the same period last year.

700 million, the company’s previous period of 5 consecutive years of net cash for operating cash.

Because the company’s downstream customers are mostly large real estate developers such as Evergrande, the company’s bargaining power is poor, and the pressure to withdraw funds is under pressure.

The company has achieved positive operating cash flow for 18 years while maintaining orders and continuous 杭州桑拿网 growth in revenue, demonstrating the company’s ability to control and repay.

As of the end of 2018, the company’s assets and liabilities decreased by 76.

1%, an increase of 8.

3 points.

New single items have maintained a high growth rate. As a leader in full renovation, the company is expected to benefit from the policy to promote the company to be a leader in the field of residential full renovation, and continue to promote the strategy of major customers. Recently, new single items have maintained rapid growth.

According to the company’s operating data announcement, the company’s new extension order 107 for 18 years.

80,000 yuan, an increase of 39% in ten years.

According to statistics from the China Building Decoration Association, the average percentage of fully renovated houses previously was around 10%, and that of new houses in first-tier cities was 50%. However, the percentage of fully renovated houses that are 80% away from Europe, America, and Japan is different.A lot of upside.

The construction industry ‘s “Thirteenth Five-Year Plan” clearly stated that “the area of newly completed fully-renovated residential buildings will start to reach 30% in 2020.” The final deadline is gradually approaching, and the proportion of fully-renovated buildings will increase significantly. The company ‘s future orders will promote rapid growth.And the company’s current order revenue ratio is about 1.

7 times, also ensure the steady growth of future income and performance.

Profit forecasting and investment rating company is a leader in the field of complete renovation of the house, and continues to promote the strategy of major customers, deeply binding real estate leaders.

In addition, the company actively expanded its custom hardcover business, with a single-year growth of 39% in the new year 2018, supporting the company’s future revenue and performance to grow steadily.
It is expected that the company will realize net profit attributable to mothers in 19-21.


3.3 billion.

The company’s current PE (TTM) is 17 times, and the average PE (TTM) of other decoration companies in A shares is about 25 times. The company’s expected earnings are estimated to be deposited in the repair space.

We predict that the company’s EPS in 19 will be 0.

63 yuan / share, forecasting a compound annual growth rate of 27% in the period of 19-21, giving the company a 16-year PE estimate for 19 years, corresponding to 0 for PEG.

59. Reasonable value is about 10 yuan / share. Maintain “Buy” rating.

Risk reminder: The company’s pressure for repayment increases; the downside risks of real estate plus the prosperity of the substantial decoration industry drift; the company’s new breakthrough single growth rate replacement.