Category: xdsfbrjj

————
Chapter Three Hundred and Fifty meeting
Ye Qing walked straight to Kong Xi’s side in a professional outfit，Her face and temperament，Almost no different from daytime，As if this whole day’s work didn’t affect her at all，I have to admire her energy。
“Team Kong is also watching this video？”
“Can’t help it，Competition at sea is the highlight of the next stage，Can Warwick rise in a short period of time，Probably just watch this time。”
Kong Xi’s words are really not alarmist，Actually Warwick’s current situation，Already very severe。
City side，Before the start of the global war，Hardly any major changes，Even if，With Warwick’s current foundation，Can’t get better，therefore，The competition at sea is particularly important。
And maybe it’s really God Bless Warwick，Not long ago，Han Ming led the guild members in the process of continuously completing team tasks，I was lucky enough to get a canoe drawing。
This is probably the second one in China。
And this，It is a golden opportunity for Warwick。
After all, I believe in old guilds like the Warring States Period，Limited by Lu Zhe，The number of canoes is very limited，It is difficult to carry out a regular marine expedition，And the canoe has mileage and time limit，It is possible that none of them are gone now。
Warwick，But in the previous period，Hard to accumulate canoes，Ye Qing is very willing to spend money，Just the materials in the game，Already invested tens of millions of RMB。
And all this confidential work is done very well，No one knows so far，If Lian Lu Zhe didn’t have Wu Miao, this little spy,，No way to know。

“That number fourteen。I didn’t see anything when training alone，But in the team game，I just found out that he runs very well without the ball。”Yang Mingwei said。
Li Ziqiang first glanced at his daughter who bowed her head to eat，Then said：“You mean Hu Lai。”
“Correct，Just this weird name……”
“He is really talented，But his foundation is not good enough。In fact, he only started to get into formal football training when he joined the team in October last year.。”Li Ziqiang explained to his friend。
Yang Mingwei’s eyes widened：“What？”
“So actually he only played two games in my team，And both games are played off the bench。”
“Turned out to be like this……”Yang Mingwei leaned back in the chair，“A pity。”
“But he is improving quickly。”Li Ziqiang said。
Heard dad say that，Li Qingqing took a quick look at her father。
“You see, his performance in the team competition is not like a beginner, right?？”
Yang Mingwei recalled what he saw，Then nod：“Correct，He feels good in front of the door。but……Besides，There seems to be nothing dazzling，His talent is mainly reflected in running without the ball。”
“This is the performance that the foundation has not been firmly laid，After all, his exposure to football is too short。I plan to make him a surprise soldier in the national competition。Just like in the Anton Cup final，Let him play when the team can’t start the game。”

Xiao Fan knew someone wanted a necklace，But no one really has the ability to take the necklace from him，No one can hurt Xiao Fan，Xiao Fan is not worried about these people，He will not let anyone hurt him easily now。
Gu Jin called Xiao Fan yesterday，Said Xiaonian Gao missed him，I might go to see Xiao Fan these days，Xiao Fan smiled helplessly，I missed him after only a few days away。
Xiao Fan asked Xiaonian Gao to answer the phone，The small nian gao babbled at the other end called Uncle Xiao Fan，Listening to his little milk voice, Xiao Fan felt that he missed him a little，Just tell Gu Jin and the others to be careful on the way。
Xiao Nian Gao knew that he could see Uncle Xiao Fan again，So very happy，Gu Jin pretended to be angry and said that he liked Uncle Xiao Fan more than Dad。Little nian gao seems to understand，Put a kiss on Gu Jin’s face。
Gu Jin couldn’t get angry right away，no way，Who makes this kid so smart and cute。Bai Chen will also go this time，After all, Gu Jin can’t bring a child by herself。
Su Ran told Shen Lin to let him take over the new base.，Be careful about everything，Shen Lin touched her head and said she was a small housekeeper，Su Ran smiled and wanted to hit him。
In fact, little trouble in life is the simplest happiness，Like Su Ran and Shen Lin，Although the two are young，But there are so many things we experienced together，Although not so romantic，But there is a real sense of happiness。
Yiming had a great time at Greenwood Villa this time，Now the base is well managed，The company is operating normally，Boss Xiao Fan is back，He thinks his life is complete，Besides being a single dog。
But what Yiming doesn’t know is，I’m about to meet true love soon，I’ll be single soon，Our Yiming life is really a complete success。But he still has to work for Xiao Fanxiao’s boss。
But for Yiming，Helping Xiao Fan is his most successful place，This is unconditional support，No matter what, Xiao Fan has a diehard fan of Yiming。Loyalty。
Why do you feel so comfortable，Because someone supports you unconditionally，This sentence is most suitable for Xiao Fan，But actually the good is mutual，Xiao Fan is also good to Yiming。
Yiming is backcbase，Xiao Fan and Lin Yuner returned to Lin’s house，Shen Lin sends Su Ran backAbase，Then go to the new base，The new base is called the new base without a code。This is also special。
Xiao Fan and Lin Yuner returned to the Lin family，When I went back, Liu Chunlan and Lin Feng were sitting in the living room and chatting，Saw them back，Happy to let them sit down and rest。
Xiao Fan and Lin Yoona sat down，Two people are as loving as before，Liu Chunlan and Lin Feng looked happy，Nothing is more important than the happiness of your daughter。
Xiao Fan feels tolerated by everyone，Lin Yuner thinks Xiao Fan tolerated her，Therefore，The relationship between two people is so good，I always feel that the other person treats me better。

Whether Shen Congxin is alive or dead，With current technology，You can find everything about him，This is a fact that cannot be changed，Xiang Chen is not the savior，Can’t save every poor person。
Bow and leave，The cost of watching the excitement is not great，Just a waste of time。
No one stopped Xiang Chen，Xiang Chen’s departure is naturally unimpeded，But out of the fire，Han Yuxiang chased up panting。
“Are you still angry about Tian Dazhuang?？”
Just experienced a thrilling scene，Han Yuxiang doesn’t think there is anything，Just trot to catch up with Xiang Chen，Han Yuxiang feels a little tired。
A pair of star eyes kept staring at Xiang Chen，As if telling him，Don’t just think of an answer and just perfunctory。
“Shouldn’t i be angry？”
Xiang Chen asked back，Want to turn around and leave，But Han Yuxiang began to show her persistence again。
Say nothing，Just not let Xiang Chen leave。
“Officer Han，We are all adults，Don’t be playing such a naive game！”
Xiang Chen said helplessly，And then bypassed the Korean Xiang。
Korean Xiang still doesn’t speak，Even if Xiang Chen didn’t mention a word，But when I spoke upright，But everything in my mind is the shadow of Tian Dazhuang。
Dressed coarsely，Self-deprecating smile on his face，Han Yuxiang looks down on himself a little bit，Obviously he was upright in dealing with Shen Congxin’s incident，But in Tian Dazhuang’s case，Restricted everywhere，Fearful。
It’s not Korean, Xiang doesn’t want to explain to Tian Dazhuang，But how can one person fight against a group?？The helplessness in my heart wants to roar，But no one can talk。
“You appeared long ago，Never did it，Do you just want to see me panicking？”
Silent for a long time，Han Yuxiang lowered his head，The voice of speaking is also low。
I heard the question from Xiang in Korean，Xiang Chen couldn’t help but grimaced，Frowned，I don’t know what the woman in front of me is thinking，Thinking so big。
Shook his head，Xiang Chen said with a wry smile：“After I got in，I wanted to do it，But in this person I found something unnatural，So just waited a while！”
Sighed helplessly，Xiang Chen’s voice is also a little helpless，“I didn’t notice at first，Just instinctively，This person is dangerous，The moment he lost the lighter，I found out that he should be helping with explosives，Only after I caught the lighter，There is no way to do anything else，I can only use the opportunity to return the lighter to him，Unplug the detonating cord。”

Chen Wenjin hasn’t answered yet，Xiao Xiao smiled and said：“He may think smoking is easier，It’s harder not to smoke, right。”
“What do you mean？”May be confused，Unknown so。
Chen Wenjin smiled，Pointed out：“I’ll go to the rain to cool down。”
“Won’t it be cold？”Xiao Xiao and Amei feel strange。
“May be used to it。”Chen Wenjin talked about walking，I heard Amei say：“really interesting，Your ex-girlfriend and Xiao Gao also went out in the rain，You and her didn’t know each other when it was raining？”
“……you’re so smart，I guessed it。”Chen Wenjin smiled and waved goodbye，Walk into the rain。
Chen Wenjin doesn’t think it’s too interesting to do anything now，Game bar，I have played all the fun in this era；Movie bar，I’ve seen all the good-looking ones。Two great entertainments are gone，He doesn’t like drinking and dancing anymore，Playing cards is too tired，Or waste brain cells，Or just send money to be happy with others。
Walking in the rain，Chen Wenjin thinks about the future，I feel this way to live again into the future，It’s still a few years，I have to have some fun……
‘What Justice League of Wang Shuai……If the main purpose is to punish evil，It’s interesting……’Chen Wenjin wondered，I think I can really think about it。
When Wang Shuai first mentioned it，He tried to guide Wang Shuai to shift the fun to the direction that has the least impact on the kind and innocent people.，So I didn’t say rejection，Now I feel，I’m still a little bit on this matter，Can also make sense。
Small beach by the sea at night，Almost submerged by the waves coming up。
When Chen Wenjin approaches，Saw two figures，It’s probably Huihe Xiaogao，So he changed direction，To a reef，So as not to disturb them。
The rain almost stopped，Chen Wenjin sitting on the rock，Listen to the waves，Howling wind。
The sound of nature to man，It doesn’t seem to be noise anymore，Obviously so loud，But can instead focus on thinking problems。
It’s about people in the reproduction of generations，I’m used to the background sound created by nature.。
In the dark，Amei came with Xiao Xiao，Saw the figure on the reef，Recognized for a moment，It’s basically Chen Wenjin。
May said：“Then i’m going back，Remember not to say that I came with you。”

Zhejiang Dingli (603338): The results of the third quarter report slightly exceeded our expectations

The 3Q19 performance declined slightly. We expect Zhejiang Dingli1?
3Q19 revenue 14.

4.5 billion, +9.

The year-on-year increase was 0%, and the net profit attributable to the parent company was 4.

4.4 billion, +12.

Increased by 0% year-on-year.

Revenue in the third quarter of 19 5.

97 thousand yuan, +10.

The year-on-year growth was 4%, and the net profit attributable to the parent company was 1.

830,000 yuan, -3.

The year-on-year rate of 9% was slightly lower than our expectations, mainly due to the decrease in the decrease in gross profit margin.

　　In the third quarter of 19th, revenue grew steadily, but the growth rate of gross profit margin was extended.

In the third quarter of 19 years, the revenue growth rate was 10 in ten years.

At 4%, we estimate that the domestic revenue growth rate is faster than overseas, especially the US market is affected by the Sino-US trade friction and caused a high base in the same period last year, which is estimated to cause a drag on the overall growth rate.

Looking at the first three quarters, we estimate that the scissor slightly overlaps, and the arm type maintains rapid growth.

In terms of gross profit margin, taking into account the imposition of tariffs on U.S. export products, and we estimate that the company’s average discount to the U.S. distributors in the third quarter reached 8
10%, the margin dragged down the gross profit margin.

Gross profit margin fell in the third quarter of 194.

0ppt to 39.

6%, 1?
3Q19 gross margin margin increased slightly by 0.

2ppt to 40.

9%.

　　During the period, the expense ratio decreased, investment income decreased, and net profit margin decreased.

In the third quarter of 19, the company’s sales / management (including R & D) / financial expense ratios continued to decline.

9/0.

4/1.

2ppt, we estimate that this is mainly due to the increase in scale effect and the company’s ability to reduce costs and control costs.

In 3Q19, investment income decreased by 90% year by year.

5%, mainly due to the sale of financial assets in the third quarter of last year, a long-term equity investment generated long-term investment income generated a high base.

In the last 3 quarters, the 19 net profit margin decreased year by year.

6ppt to 30.

7%.

　　Operating cash flow declines every year.

As of the end of the third quarter, the company’s inventory / receivable balance increased by 2 compared with the beginning of the year.

1 trillion / 46.46 million yuan, the balance of accounts payable decreased by 19.04 million yuan compared with the beginning of the year.

Net cash inflows from operating activities in the third quarter of 192.

72 ppm, a decrease of 1 per year.
04 billion.

　　The development trend looks forward to the volume of new arm products next year.

The company’s growth in 2019 is facing heavy pressure. Overseas is affected by Sino-US trade friction, while domestic is affected by the impact of new entrants on the market.
Looking forward to 2020, we believe that under the low 北京夜生活网 base of 2019, the drag on the overall growth rate will shift, and the volume of new arm-type products will bring growth elasticity.

And after the new production capacity matures, we predict that the gross profit margin of the arm type will also have a shift to improve, and Zhejiang Dingli’s profit scale is expected to reach another level.

　　Earnings forecasts and estimates Taking into account the slightly higher-than-expected third quarter report, we lower our EPS for 2019 / 20e.

6% / 9.

7% to 1.

57/2.

19 yuan.

The current sustainable correspondence for 2019 / 20e 40.

2x / 28.

7x price-earnings ratio.

Considering that we have lowered our profit forecast, we have reduced our target price by 9 accordingly.

7% to 76.

74 yuan, corresponding to the target price-earnings ratio of 2020e 35x, with a potential increase 南京夜网 of 21.

8%.

Maintain “Outperform” rating.

　　Risks The volume of new products fell short of expectations, and Sino-US trade frictions escalated.

[Eating grapefruit in early pregnancy]_Grapefruit_Early pregnancy_Can you eat

Women who want to conceive must supplement folic acid before pregnancy until the first three months of pregnancy. They can also eat foods high in folic acid, such as grapefruit, and also prevent pregnant women from anemia. At the same time, pregnant women need to know that certain fruits are notGood to eat.

First, can pregnant women eat grapefruit grapefruit also contains natural folic acid.

Folic acid is not only important for early pregnancy, it is also essential throughout pregnancy.

During pregnancy, the body tissues of pregnant women grow rapidly, and pregnant women need a large amount of folic acid to meet the needs of the fetus.

Folic acid deficiency continues to increase in pregnancy-induced hypertension, and the increased incidence of placental abruption will lead to pregnant women with megaloblastic anemia, intrauterine growth retardation, premature birth and low birth weight.

Therefore, grapefruit is also the fruit of choice for pregnant women.

Second, pregnant women can not eat any fruit 1, persimmon: cold persimmon, has heat, lungs, Shengjin, thirst, antitussive, expectorant and other effects, suitable for the treatment of hypertension, chronic bronchitis, arteriosclerosis, hemorrhoids and blood in the stoolStool dry embolism.

Its nutritional and medicinal value are suitable for pregnant women.

In particular, pregnant women with pregnancy-induced hypertension can “get two for one”.

The persimmon pedicles and leaves are both Chinese medicine.

Shidi can reduce adverse qi, stop nausea, treat hiccups, belching and so on.

Persimmon leaves have antibacterial, anti-inflammatory, hemostatic and antihypertensive effects, and are commonly used in folk medicine.

Although persimmon has good nutritional and medical effects, it also has shortcomings.

Persimmons have astringent taste. If you eat too much, you will feel astringent and have a strong astringent effect.

It can agglomerate when it meets acid, and it will precipitate after binding with protein.

Therefore, you should stop eating persimmons.

So pregnant women can eat persimmons but not more.

2. Kiwi: Kiwi is rich in nutrition and known as the “King of Fruits”.

The pregnant mothers who love beauty can eat more kiwi, so there is no need to worry about their white faces being “invaded” by their chloasma during pregnancy.

Kiwi is rich in vitamin C to keep your skin fair.

Also, kiwis are good, but not everyone.

Because kiwi is cold, those with spleen and stomach deficiency should be cautious, and those with frequent diarrhea and frequent urination should not eat it.

It is appropriate to eat 1-3 hours after a meal. It should not be eaten on an empty stomach.

Pregnant moms with threatened abortion should never eat kiwi.

3, pineapple, banana, rose grapes, pomegranate and apricots: eat these fruits in moderation.

Fruits such as pineapple, banana, and muscat grapes are high in sugar content, obese, and pregnant women with a family history of diabetes should also eat less, so as not to consume excessive polysaccharides.

If pregnant women have anemia, you should also eat less pomegranate and apricots.

4, hawthorn: promoting blood circulation and stasis and pass through the menstruation, have a certain role in stimulating uterine contraction, should pay attention to eat a small amount in early pregnancy, pregnant women with a history of abortion or symptoms of abortion should not eat, even hawthorn products are no exception.

5, litchi, longan: from the perspective of traditional Chinese medicine, after pregnancy, women’s constitution is generally hot, Yin blood is often insufficient.

At this time, some hot fruits such as lychee and longan should be eaten in moderation, otherwise constipation, tongue sores and other symptoms of fire are prone to occur, especially pregnant women with threatened abortion should be cautious, because hot fruits are more likely to cause fetal disturbances.

China Shenhua (601088): The decline in performance was mainly due to the increase in the cost of self-produced coal and the transfer of “three supply and one industry”

Key Investment Events: The company released its 2018 annual report and achieved operating income of 264.1 billion U.S. dollars, a year-on-year increase of 6.

2%; net profit attributable to mother 438.

700 million, down 2 every year.

6%; net profit attributable to non- mothers is 460.

7 ppm, a 10-year increase2.

1%; operating net cash flow of 8.88 million yuan, a year-on-year decrease of 7.

3%; basic income 2.

21 yuan.

Dividend 0.

88 yuan / share (including tax), 40% of dividends.

Comment: The decline in 2018 results was mainly due to the decline in the profit of the coal sector and the net profit of 438 returned to the mother by the “three supply and one industry” company in 2018.

700 million, down 2 every year.

6%, initially including: First, the profit growth of the coal sector has fallen, that is, the profit of the sector with a large proportion of equity has fallen. The operating income of this sector has been US $ 41.4 billion, which has gradually declined4.

4%; Second, non-operating expenses increased sharply, the current period was 3.5 billion US dollars, an annual increase of 177.

7%, mainly due to the transfer of “three supply and one industry” and external donations; the third is that investment income has dropped significantly, 5.

93 trillion, down 55 a year.

1%, mainly due to the decline in investment income of associates; fourth, other incomes fell sharply, 3.

1.7 billion, down 20 a year.

9%, mainly due to the reduction of government subsidies for gas power plants.

In 2018, the profit of the coal segment declined, mainly due to the increase in the unit production cost of self-produced coal. The company’s operating income of the coal segment in 2018 was US $ 41.4 billion, which gradually declined4.

4%, the first is the added value of unit cost of self-produced coal, which was 113 in 2018.

4 yuan / ton, up 4 before.

9 yuan / ton, an increase of 4.

5%, mainly due to the increase of earth replacement consumables such as Harwusu and the increase in the size of excavation of wells and mines, as well as the increase in labor wages of some production units.

From the perspective of production and sales volume and coal tungsten carbide, it contributes positively to the performance of the coal segment, of which commercial coal production is 296.

6 million tons, up 0 before.

4% of coal sales were 460.

9 million tons, up 3 before.

9%, coal average formaldehyde 429 yuan / ton (excluding tax), an increase of 0 over the past.

9%.

In 2018, the profit of the power sector increased, mainly due to the increase in volume and price and the decrease in unit costs. The company’s operating income of the power sector in 2018 was $ 12.7 billion, an increase of 71.

9%, including: First, the generation and sales of electricity increased by more growth, the current total generation of 285 billion kWh, an increase of 8.

5%, total sales of 268 billion kWh, an annual increase of 8.

7%, mainly due to the maximum growth of the whole society, so the company ‘s average unit utilization hours were 4877 hours, an additional 194 hours; the second is the increase in electricity sales prices, the current average electricity sales price of 318 yuan / MWh, more than 6Yuan / MWh, an increase of 1.

9%; Third, the cost of electricity sales has dropped, and the average cost of electricity sales during the period was 253.

8 yuan / MWh, a decrease of 5 per year.

7 MWh, a decrease of 2.

2%, mainly due to the increase in electricity sales, unit labor, depreciation and amortization costs fell. The profitability of the transportation sector in 2018 is strong or weak, mainly due to the increase in unit cost. The company’s 2018 railway, port, and restructuring sectors have different profitability, with operating income of 17.7 billion and 23, respectively.

300 million, 7.

23 ppm, with annual growth rates of 0.

9%, -7.

4%, 9.

4%.

The profit growth of the three sub-segments increased in the first half of the year, and the performance in the second half improved. The first was the increase in transportation unit costs, of which railway unit costs were zero.

052 yuan / ton-kilometre, an annual increase of 4% (fuel and labor costs increase), and the unit cost of the port is 10.

7 yuan / ton, an increase of 13 in ten years.

8% (increasing dredging costs due to weather), conversion unit cost is 0.

035 yuan / ton 深圳桑拿网 nautical miles, an increase of ten years.

7% (chartering costs and fuel costs increase).

The integration of thermal power assets started, and the company size of the industrial chain synergy is worth looking forward to. On August 29, 2017, the SASAC issued a news announcement that the company’s controlling shareholder, China Shenhua Group, would be renamed National Energy Group and merged with China Guodian Group. February 2018On the 5th, National Energy Group and Guodian Group formally signed the “Merger Agreement”, a listed company framework, the company will take out some power assets (19 thermal power companies and 3 associates), and set up a power joint venture with all power assets of Guodian PowerThe two parties respectively hold 42 shares.

53%, 57.

47%, which is held by Guodian Power. This will play a synergistic effect on the upstream and downstream industry chains. As of January 31, 2019, the relevant assets have been transferred and transferred. The company’s future power generation assets will be replaced. The long-term equity investment will increase accordingly, and the income statement will reflect more.Investment income.

Earnings forecast: EPS for 2019-2021 is 2.

26, 2.

42, 2.

At 50 yuan, we expect the future trend of coal prices, the increase in production at the Harwusu Mine, the resumption of production at other coal mines, and the successive launch of new company projects. The company’s future performance may further improve.

It is estimated that the EPS for 2019-2021 will be 2.

26, 2.

42, 2.

50 yuan, currently 21.

13 yuan, corresponding to PE for 2019-2021 is 9 respectively.

4X / 8.

7X / 8.

4x, maintain the company’s “Buy” rating Risk reminder: Macroeconomics is less than expected, supply-side reforms are less than expected

9% year-on-year growth in gross profit margins across industries highlights channel value

Baby-loving room (603214) quarterly report comment: deduct non-net profit +24.

9% year-on-year growth in gross profit margins across industries highlights channel value

1Q1 revenue 5.

4.5 billion, net profit attributable to mother 0.

18 billion.

1Q1 revenue 5.

45 billion, +13.

21% year-on-year; net profit attributable to mother 0.

18 billion, +46.

A year-on-year increase of 44%; net profit after deducting non-attribution is 0.

14 billion, +24.

Year-on-year growth of 91%; EPS is 0.

18 yuan / share.

Non-recurring gains and losses are mainly income from wealth management products, contributing 279 million in the current period; government subsidies included in the current profit and loss of 1.58 million yuan.

In terms of stores, six new stores opened in 19Q1, 1/1/4/0 in Shanghai / Zhejiang / Jiangsu / Fujian, and another 19 have been signed and are expected to open in the next three quarters, and Shanghai / Zhejiang / Fujian will be 13/4/2 5 stores closed in 19Q1, with a total of 224 stores at the end of the period.

E-commerce business income is 0.

1.3 billion, an increase of 84% in ten years.

In terms of revenue, by type, 19Q1 store sales revenue4.

9.8 billion (accounting for 91.

31%), an annual increase of 16.

54%, e-commerce revenue is 0.

1.3 billion (accounting for 2).

47%), an annual increase of 84.

18%, wholesale income 0.

0.8 billion (accounting for 1).

41%), a year-on-year decrease of 63.

89% of the baby’s touching income was zero.

0.4 billion (accounting for 0.

67%), a decrease of 2 per year.

85%.

Food sales income is 0.

40 billion (accounting for 7).

34%), an annual increase of 20.

15%.

1Q1 income of the first category of milk powder2.

6.2 billion (47%).

97%), an annual increase of 18.

73%, income from supplies1.4 billion (accounting for 25.

61%), an increase of 10 in ten years.

57%, cotton spinning income is 0.

4.9 billion (9%).

04%), an increase of 13 in ten years.

93%, food income is 0.

40 billion (accounting for 7).

34武汉夜生活网%), an annual increase of 20.

15%, toy income 0.

2.5 billion (accounting for 4).

68%), an increase of 17 in ten years.

20%, the lathe category income is 0.

3.0 billion (accounting for 0.

56%), a reduction of 72 per year.

01%, income from baby touch service is 0.

0.4 billion (accounting for 0.

67%), a decrease of 2 per year.

85%.

Zhejiang’s revenue has grown rapidly, with 19Q1 revenue growing 41 year-on-year.

2% reached 0.

9.3 billion.

1Q1 Shanghai revenue 2.

6.7 billion (accounting for 51.

11%), an annual increase of 3.

78%; Zhejiang income is 0.

9.3 billion (17%).

76%), an increase of 41 per year.

19%; Jiangsu’s income is 0.

8.1 billion (15%).

41%), an increase of 18 in ten years.

50%; Fujian revenue is 0.

8.2 billion (15%).

71%), an annual increase of 20.

01%.

Profit-side analysis: 19Q1 gross profit margin 26.

46%, ten years +1.

32pct; net interest rate 3.

56%, ten years +0.

70pct.

Period expenses total 1.2 billion, previously +20.

09%, period expense ratio 22.

01%, ten years +1.

29 points.

Of which: Sales expense ratio is 19.

90% for ten years +3.

18pct, mainly due to the newly opened stores and property management fees, increased labor costs; management expense ratio 2.

34% a year -1.

32pct; financial expense ratio -0.

23%, -0 per second.

56 points.

Maintain profit forecast and give Buy rating.

We expect the company’s EPS to be 1 in 19-21.

47 yuan, 1.

77 yuan, 2.

2 yuan, corresponding PE is 28xPE, 23xPE, 18xPE.

Risk warning: New store advances less than expected; chain retail model has risks such as rising rents.

Lanyan Holdings (000968) Annual Report 2018 and 2019 First Quarterly Commentary: Endogenous officially enters the pre-production period and benefits from the reorganization of the pipeline network and the reform of Shanxi
Core point of view 2019 is expected to become the first year of the company’s capacity growth again. Natural gas demand has maintained rapid growth. Under the background of Shanxi state-owned assets reform and integration of the gas platform, the company’s revenue and profit scale have great growth potential.Maintain “Buy” rating. 2018 performance was in line with expectations, and the first quarter of 19 slightly exceeded expectations.The company’s 18 years of revenue and net profit return + 23% and + 39%, Q1 19 years of revenue and return to net profit + 18% and + 15%, the company’s 18-year performance in line with expectations, 19-year Q1 performance exceededExpectations are mainly due to the company’s three rates and interest rates in 19Q1 were lower than our expectations. CBM planning goals are still far away, and policies and reforms have pushed the industry into an accelerated path. The top-down policy removes obstacles to the development of coalbed methane.In 2016, some coalbed methane exploration and exploitation approvals within the administrative region of Shanxi Province were directly replaced and approved by the Ministry of Land and Resources to be implemented and approved by the Shanxi Provincial Department of Land and Resources.In November 2017, Shanxi Province first publicized the exploration rights for 10 coalbed methane blocks to the whole country, and the company obtained the exploration rights for 4 blocks. The current scale of coalbed methane is far from the target space.The National Energy Administration and Shanxi Province respectively plan to extract 10 billion cubic meters and 19-22 billion cubic meters of coal-bed methane from the country by 2020.Shanxi Gas Group (the parent company of Lanyan Holdings) plans to form 3 to 5 billion cubic meters of new production capacity by 2022, and to draw 4.3 billion cubic meters in 2020.In 2018, the national surface coalbed methane production was 54.1.3 billion cubic meters, the output of Shanxi Province is 50.400 million cubic meters, the company’s output is 14.6.4 billion cubic meters, which is still far from the planned goals. Under the background of the national strategic prospects of coal-to-gas and natural gas improvement, it is inevitable that the development of coalbed methane will accelerate. The reform of Shanxi state-owned assets promoted the rapid development of Lanyan Holdings.According to the gas group’s restructuring and integration implementation plan, the gas group will gradually take the coal-bed methane as the core and gradually build a gas industry chain.As their 都市夜网 respective sole listing platforms, the company will benefit from the formation of the Gas Group and accelerate its development.At present, the first phase of the Gas Group’s capital increase and share expansion has been initially completed. The rapid development of the company’s new district has been carried out step by step, and it is expected to take effect in 19 years.In 2018, the company initially mastered the geological conditions of the new blockchain and clarified the occurrence status of the target reservoirs. Three of the four blockchains have successfully ignited gas, which is the first batch of ten coalbed gas displayed in Shanxi Province.The exploration progress in the exploration blockchain is accelerating.Construction in progress related to production capacity construction has remained at 7 since 2016.Above the scale of more than 100 million yuan; construction business income recovered to its historical high level in 2013 in 2018, indicating that capacity is under construction.Combined with the outgas of new projects, we expect the company’s production capacity / output to increase significantly in 2019. Risk factors.The project progress of the company exceeded expectations, and output was expected to be lower than expected; natural gas prices fell; the progress of Shanxi’s state-owned assets reform progress was lower than expected; the company’s resource quality exceeded expectations, resulting in insufficient long-term potential. Investment Advice.2019 is expected to be the first year of the company’s capacity growth again. Natural gas demand has maintained rapid growth. Under the background of Shanxi’s state-owned assets reform and integration of the gas platform, the company’s revenue and profit scale have increased growth potential.Increase the company’s EPS forecast for 2019-20 to 1.05/1.35 yuan (was 0).80/0.90 yuan), supplementing the forecast for 2021.At 83 yuan, the current expected PE is 12/10/7 times. According to 19 times 15 times PE, the target price is 16 yuan. Maintain “Buy” rating.