“Hahaha,I guess you don’t believe it,Please wait。”The old man smiled and shook his head,Got up and went to his desk to fetch a pile of documents,Pass it to Qiao Tianyu one by one。

“young people,You look,This is my letter to the European Banking Association Clearing Center,Ask them to close the international wire transfer business of the Union Bank of Siberia。”
“I gave these copies to Citibank、JPMorgan Chase Bank、UBS Group、HSBC Bank、Co-organizers issued by Bahrain Bank and other banks,Let them freeze all of Morgan Stanley’s trading funds。”
“This is my order letter to the Federal Reserve,Let them notify the New York Stock Exchange、Clearing centers of major exchanges such as Chicago Board of Trade,Freeze zero funds separately、Morgan Stanley、All trading funds of some Goldman Sachs trading accounts!”
“Oh,and this,It’s just that I asked the messenger boy to take out those Chinese women’s embroidered shoes from the Rothschild Museum,Just to humiliate you。”
“Old man,you!!!.”
There is a lot of hard evidence,Can’t tolerate Qiao Tianyu’s unbelief,But he doesn’t believe it,This unreasonable bastard turned out to be the kind-looking old man in front of him.。
“Haha,young people,Don’t get excited,sit,Sit down and speak slowly。”
The old man smiled and pulled Qiao Tianyu back on the sofa again to sit down,Pick up an apple from the table and stuff it into Qiao Tianyu’s hand,Let him eat some fruit to defeat the fire。
“young people,Do you think those things I did,Very incredible,Special bastard,right?”
“Kind of。”Qiao Tianyu curled his lips,Said dissatisfied。
“Haha,I like kids who tell the truth!”The old man reached out and gently touched Qiao Tianyu’s hair。
“young people,You have an old saying in China,It’s clear that people don’t do dark things,I won’t go around today,I just want to take the opportunity to force you out,Let you come see me!”
“what?”Qiao Tianyu looked at the old man dumbfounded。
What is this theory,Head of the Swiss branch of your famous Rothschild family,Made such a big bend,It was just to force me out?
If you say something,I, Qiao Tianyu, will definitely come over to see you,The face of the Rothschild family,Who dare not buy,Do you need to go around like this??

The weird thoughts of this magician,The giants in the city of God did not feel strange,Take it for granted。

and,The priest Lei Ji, who has the Guangming Dragon Temple, supports Wu Hao,Don’t worry about integrity issues。
I believe that in the near future,Each family will successively receive the magic works completed by Master Wu Hao。
of course,To protect Master Wuhao,Not only the six princes sent the three black blood masters,But those giants who invest in masters,Basically they sent elite family warriors to accompany。
but,The kind of bitter cold border,Presumably there is no danger too high,For the wonderful performance of Master Wu Hao in the seed competition,Many people still talk about it。
When Wu Hao brought this luxurious army from God City to Hongliu City,Of course it caused a sensation in the city。
Hongliu City Lord Mu and Beigongya, the Lord of the Beigong Clan, went out of the city to greet,Along with them are the famous celebrities in Hongliu City,When they saw this team from God City,I was so surprised that my jaw was about to fall。
“Oh my god!Are those all black blood guards??”
“Black Blood Guard,It’s really a black blood guard!Over a hundred invincible black blood cavalry,At least thousands of riders came!”
“Is it really Mr. Wu Hao here??Don’t be the previous City Lord Liu who doesn’t talk about credibility,Come to shovel Hongliucheng?”
“Look,Brother Wuhao is with Chengzhu Liu!The two of them came together!”
Don’t look at the morale of the Black Blood Cavalry in the God City,Be looked down upon,Came to a border place like Hongliucheng,The news of these people is blocked,In their eyes,The Black Blood Cavalry Guard is still the best army in the world,At the border and the dark race,Killed dimly,Corpses everywhere。
In the hearts of the people of Hongliu City,The Black Blood Cavalry is an invincible army,It is a symbol of the military might of God City。
And when they learned,Master Wuhao is now the highest leader of this powerful army,And this army will be permanently stationed in Hongliu City,They have a sense of security from the heart。
The commercial development of Hongliucheng during this period is very good,Because of the three chapters of the original golden covenant,Make Hongliucheng’s tax particularly low,Business activities are very active,Has become a business center for the entire northern border,The life of the military and civilians in the city has naturally risen,Getting richer。
And Mr. Mu is the Lord of Hongliu City,But dare not have any selfishness,Because he knows,Everything about myself is given by Wu Hao brothers,I’m just Wu Hao’s agent on the face。

“……What do you mean,Let’s be friends,I have to be a good person you think!”Wang Shuai is not angry:“Can you pull a little more?”

“Not that interesting,You really have questions,I’m telling the truth。Didn’t say it was a condition。”
“You are so funny!You said,I stare at a group of people every day,Pay attention to what they think,what do you need,Make them comfortable,What do i picture?I’m full?Gotta have some fun!”Wang Shuai is still innocent。
“I beg you to keep an eye on their needs?”Chen Wenjin’s mocking rhetorical question。
“You can’t stand up talking!”Wang Shuai said dismissively:“Give you my dad,Try if you don’t?I can’t learn this basic routine,That’s the waste rice bucket in my father’s eyes,Can i not do that?Used to it。”
Chen Wenjin can’t deny this,Just say:“You had no choice before,Are such a big person,Don’t rely on your father anymore。”
“I’m not to blame!The problem is so many years,I found that what he taught was correct,All right!”What Wang Shuai said,Consistent with his future ideas,He thinks so,Because he relies on these to be like a fish in water。
“He taught you to play around with people’s fate for fun?Your father doing similar things is a struggle for interests,You are picture happy。”Chen Wenjin didn’t expect Wang Shuai to say so much,Think about it for Wang Shuai,The heart should also be lonely for a long time,Because there is actually no peer around him who can speak his heart。It is clearly because of this,Suddenly popped out and made Wang Shuai feel like a roundworm in his stomach,It will inevitably be overjoyed。Wang Shuai, who is still a teenager, will be especially concerned about this,Not surprising。
“What did i do?I shot that stupid woman?I give a chance to choose there,She chose by herself,Those two people were also chosen by themselves。Like if I put money in my pocket,You have the opportunity to choose to steal or not to steal,If you choose to steal,Then I was caught, beaten and jailed,It’s not that you deserve to say I killed you?Blame me for putting money in my pocket?Even if I deliberately put it in my pocket to lure you,Or did you choose to steal??Why am I guilty!”Wang Shuai lowered his voice,But still with uncontrollable excitement。
“Don’t sophistry with me。You not only put the money there deliberately,Still deliberately encouraging others to take it,Still telling people that it’s okay to take it casually,You too。You are so encouraging,And you can leave yourself clean?”Chen Wenjin argues in a low voice。
From others’ perspective,Both of them are smiling,A calm expression,We drank coke together and we were chatting together。
“……What you want to say……”Wang Shuai thought for a while,Say:“Row,I think you are right,I did encourage。That’s it,And me,Don’t encourage,Just put money on purpose。Who took it himself,That’s what he deserves,You don’t have any reason to say anything about the sense of justice.?”
“If you don’t encourage me to just put money, I really have nothing to say,Although I still think you did it,Because it is deliberately testing humanity。”
“What’s the problem?What fun is there if you don’t test human life?They deserve it if they fail the test。”

And Jiang Yan doesn’t seem to realize this,Qin Feng didn’t know that Jiang Yan just wanted to tease him。And Jiang Yan didn’t know what she did,It was a huge puzzle for Qin Feng。

The reason why Qin Feng dare not act rashly is because he understands Jiang Yan,If there is no idea, Jiang Yan wouldn’t be so abnormal,Could it be that there was a problem with the wine yesterday?Qin Feng muttered in his heart。
“You still know you have a wife?”Jiang Yan continued to move on,Deliberately asked。
“of course I remember,Have a wife,How dare to forget!”Qin Feng tried his best to restrain himself from watching,Don’t think about it。
“Now that I know,Before you go home next night,Can you say hello?”Jiang Yan at this time is like a little daughter-in-law looking forward to her husband coming home,That’s very pitiful。
“I do not have it,I came back last night。”Qin Feng smiled bitterly,Could it be that Jiang Yan’s drunkenness and abnormal behavior today are because of her late return?。
Thinking of this Qin Feng shook his head,This has exceeded his knowledge of Jiang Yan,He also firmly believes,Jiang Yan will never act like that because of this。
“is it?What time did you come back last night?”Jiang Yan continued to ask,In fact, she herself doesn’t know why she asked these questions,But she just couldn’t help but ask。
“It’s one o’clock in the morning。”Qin Feng didn’t see when he came back,It’s just that when he helped Jiang Yan up,Shunbian glanced at the clock in the living room,Less than two o’clock in the morning,So I just said something。
“Go home early in the morning,I’m not going back, right??”Jiang Yan asked coldly。
“My wife,I must change my past,Try to stay overnight,For special reasons,Must report in time
Qin Feng continued to say with regret:“And my wife, what do you want to do?,Please speak directly,I really can’t stand you like this。”Qin Feng said in a pleading tone。
If this woman is not Jiang Yan,If this goddess is not his wife,Qin Feng had already rectified her on the spot,And suffer this crime with her。
Thinking that Qin Feng wouldn’t laugh at himself again,His wife Qin Feng has nothing to do with her。
“I didn’t want to do anything,I’m going to get up,My head hurts。”Said Jiang Yan and got off。
“what,My stock hurts!”Jiang Yan didn’t know if it was the reason for sitting for too long,I feel so painful when I wake up。

“One hundred tickets per person,You can eat or drink snacks and water。”Chen Wenjin knows that Di will not be as close as Abao,Just buy more and eat together,One meal at noon, one meal at night,One person pays once,Leopard only treated it as no chance to pay,Won’t let him lose face。

“Can i go alone?”Abao thought for a while,Calculating:“Tickets are too expensive。I still have money to drink,Not willing to spend so much money on Taozi。I plan to do it with her in the future,Don’t want to spend money in a hotel,And invited her to the playground?”
“You are amazing!Fen、You said you weren’t pretty enough and you were angry and didn’t let you feel that the money was wasted,Peaches are obedient and make you look beautiful,But you are not willing to spend a penny on her。You are the money to go bankrupt when you are forced,If you don’t force you, you have to take advantage of others.!People with this kind of thinking are basically destined to be unlucky, tell you——I don’t know what I have,Destiny nine times out of ten is reluctantly working hard to squeeze you,Unscrupulously hurt and trample on people who understand you and love you。It’s a crime!”Chen Wenjin can’t stand Abao’s cognition anymore。
“……It seems to make sense……”Leopard thought for a while,Said again:“Then the aliens will give the number next time,You tell me too,Or i’m so poor。”
“Are you keeping the money to buy the lottery ticket??Just say no,I will lend you two hundred to buy。”Chen Wenjin has to control the total number of wins when buying lottery tickets,Of course there is the overflow part to lend to Abao。
“Not really,Who knows when the aliens will tell you the number?I just want to keep drinking,I don’t go to high school anymore,I can’t follow Brother Chen,But there is always a chance to eat with Brother Hai?Then don’t invite him to drink?”Abao explained,Said again:“As for the peaches,I think she is too low-level,Look down on her,So I don’t want to spend money for her。You said,I just met her,I’ve spoken twice on the phone and met for the second time,She would let me do it,She is also willing to change someone else!So casual,How to be worthy of?”
“Maybe she saw you outside the school,I’ve long been conquered by your charm,I’ve been in secret for a long time, so I didn’t resist?otherwise,Why is it your turn to pick peaches??”Chen Wenjin thought that the logic of Abao might be established if it is replaced by Huo sister who always plays outside.。
This logic is unreasonable when applied to Taozi,People are too timid at best,How can you say that you don’t respect yourself?Abao, isn’t this the kind,After the assault, he said that the victim took the blame,Is it the logic that deserves it?
“is it?”Abao’s eyes lit up,Suddenly the whole person was refreshed,Brushed hair,Pulled the collar,Examine myself and say:“You are right!Although I don’t have you and Di Shuai,But good figure,Taller than you,Cool temperament,At most it’s a little bit worse than you were before,There are always beauties who will be attracted to me!Ok……Take a chance to explore Taozi’s tone,If she had a crush on me,That’s different。”
Chen Wenjin has seen a psychological argument before,Said that a person’s self-confidence has a decisive relationship with his appearance。
A Leopard’s confidence is largely affirmed by the opposite sex,And even if Chen Wenjin meets the opposite sex who thinks he is not very handsome,Don’t care,I just feel that it’s normal for people to like different types。
If Abao is habitually lacking confidence in his appearance,And Chen Wenjin’s habitual self-confidence words,Obviously yes。
“You’ll know after asking。”Chen Wenjin hopes this is a good thing,In my memory, the girlfriend Abao met a few years later got along very well,At that time Abao just realized that there was no good way out。
Can Abao and Taozi last forever?,There are too many variables,But Chen Wenjin believes,For peach,It’s definitely not a good experience to throw away after being taken advantage of。If you have a better relationship with Abao,Even if I broke up later,There is also a sweet memory。
Not much time between classes,After chatting for a while, they went back to class。

“I really suffered internal injuries,Bone fracture plus you…”

Xiang Chen called Bai Lu,Not finished yet,Bai Lu has helped Xiang Chen。
Bai Lu didn’t believe it at first,But only helped Xiang Chen,I saw his cold sweat,Bai Lu also believed a little。
Close your eyes tightly,At this moment, Bai Lu can’t wait to turn off her hearing!
Tossing for a long time,To help Xiang Chen get dressed,When Bai Lu gets dressed herself,Both are sweating profusely。
Xiang Chen leaned at the door,Watching Bai Lu’s various shades and packing,Can’t help but feel funny。
Bai Lu sorted things silently,That white bed sheet is also the top priority for her。
Suddenly laughed,Don’t remember where I saw it,But deep memory:later,Someone gave you 30 yuan a rose,Three hundred yuan a lipstick,A coat of 3,000 yuan,30,000 yuan package,But the first love started with a bottle of drink for three yuan。
“Does cleaning up the housework make you happy?”
Leaning at the door,Xiang Chen looked at Bai Lu suspiciously,I don’t know why she laughed。
“Just find it ridiculous,I don’t know how many girls in this world are like me,I gave my body to others in a hotel of dozens of yuan,But you have to care about another man and a 100,000 yuan gift!”
When Bai Lu straightened up,,Another pain in the lower abdomen,Make Bai Lu’s forehead sweat。
A stagger,Bai Lu almost fell,Fortunately, Xiang Chen held her waist in time。
Haven’t spoken yet,Xiang Chen let out a sigh of relief first,Then he said slowly:“Although there are some coincidences,But what i did,Will be responsible to the end!”
Help Bai Lu downstairswww.dfzhifu.,Xiang Chen’s internal organs are also burning with a burning feeling。
Under the completely ambiguous eyes at the front desk of the hotel,Xiang Chen and Bai Lu finally understand,Why did the two go so long,Not only did not return to the city,I also came to this boundary where I don’t know where。

Successfully run (000606): high performance growth and increase holdings to optimize corporate governance

Successfully run (000606): high performance growth and increase holdings to optimize corporate governance
The company’s 2019Q1 performance increased by 93%, and the chairman plans to increase its holdings of 100 million to 200 million. The company will release the 2018 performance report and 2019Q1 performance forecast.The company expects to achieve revenue 7 in 2018.3.9 billion, an annual increase of 43.15%, excluding manufacturing industry growth for many years under the same caliber 122.46%; net profit attributable to mother 1.8.4 billion, an increase of 187 in ten years.25%, slightly lower than the performance forecast.In Q1 2019, it is estimated that the net profit attributable to mothers will be about 80 million yuan, and the value added will be 93 in the future.36%, in line with expectations.At the same time, the chairman Peng Cong announced that based on his confidence in the future development, he planned to increase the company’s shares in the amount of 100 million to 200 million US dollars within 6 months.The company’s EPS for 2018-2020 is expected to be 0.24, 0.55, 0.73 yuan, to maintain a buy. The company’s beautiful financial data is gradually verifying the company’s business development logic. The performance data in 2018 is lower than the performance forecast. The main reason is that the company’s labor dispatch business income in the human capital business was confirmed by the merger method instead of 南京夜网 the net method. As a result, the companyThe human capital business is mainly a flexible employment business, so it will have little impact on revenue in 2019.The net profit attributable to mothers is lower than the advance notice, which is mainly due to the company increasing the ratio of R & D expenditure expense according to the principle of caution.On the whole, the company’s 2018 annual report and 2019Q1 performance have achieved high-speed growth, which also validates our point of view: based on the company’s huge offline hundreds of cities and thousands of stores channels, the company grasps the national fiscal and tax reform dividends, and human capital and consulting services welcomeHigh growth. It is expected that high growth will be maintained in 2019. The turning point of business and performance, the company is 北京保健按摩 expected to usher in Davis double-click. The company’s core value is based on the huge offline channel flow throughout the country, providing small, micro enterprises with human, financial, tax and other value-added services, and continuously increasing the ARPU value of small and micro enterprises.At present, the company’s development of consulting and human capital value-added business has achieved rapid growth, which is the basis for high growth potential in 2019 performance.In the long run, the company will gradually develop financial insurance, individual tax declaration, and enterprise service intermediary platforms.One of the tax declaration services belongs to the blue ocean market, with potential potential.According to IRS statistics, the size of the US tax declaration market in 2016 was approximately $ 11 billion.The top tax service giants of H & R Block and Intuit were born, with a total market value of more than 60 billion U.S. dollars.The company, as the leader of domestic bookkeeping, extends its advantages from small and micro enterprises’ tax reporting to individual tax declaration first-mover advantages, and is expected to seize the opportunity of individual tax declaration services in the blue ocean market. Chairman increased holdings, former controlling shareholders reduced holdings, and corporate governance structure is being optimized. Announced last week: 1. Former controlling shareholder Tianjin Teda plans to reduce its 4% stake; 2. Shareholder Lian Lianggui (former chairman of Qinghai Gelatin, holding 16.78%) announced the termination of its concerted action relationship with Tianjin TEDA; 3. Shareholder Zhi Shangtian (holding 2 shares.88%) entrusted Peng Cong (the current chairman) to exercise all the voting rights of the shares. Peng Cong’s actual disposable voting rights of the company’s shares totaled 19.06%, becoming the company’s largest shareholder; 4, Peng Cong promised to hold 10 shares directly.20% statutory extension of the lock-up period until July 2, 2020; 5, this week announced that Peng Cong intends to increase holdings of 1 ppm to 200 million.The above series of announcements indicate that the current chairman is gradually grasping the actual control of the company and the corporate governance structure is expected to be optimized. High performance growth, low estimate, maintain buy rating. Considering that the company may reduce market profit margins in order to seize market share this year, it lowers the company’s net profit attributable to its parent from 2019 to 2020 to 4.2.3 billion (down 9).6%), 5.6.1 billion (down 6).7%).The company’s EPS for 2018-2020 is expected to be 0.24, 0.55, 0.73 yuan, corresponding to PE is 33, 14, 11 times.The average PE of comparable companies in the industry in 2019 is 26 times. As the company’s goodwill breakthrough suppresses conversion, the company’s target PE for 2019 is 20-26 times, and the corresponding target price is 11.0-14.3 yuan, gradually verified through the company’s business logic, the company’s expected expectations gradually improved, maintaining a buy. Risk reminders: 1. Intensified competition in the finance and tax industry; 2. Risks of the company’s goodwill spreading and impairment of goodwill.

Hangcha Group (603298) Third Quarterly Report Review: Forklift Demand Increased, Company’s Third Quarter Cash Flow Outstanding

Hangcha Group (603298) Third Quarterly Report Review: Forklift Demand Increased, Company’s Third Quarter Cash Flow Outstanding

Event: The company released three quarterly reports, and the first three quarters of 19 revenue 67.

500 million, an annual increase of 4.

47%; net profit attributable to mother 4.

8 ppm, an increase of 11 in ten years.

2%; of which Q3 single quarter revenue was 21.

400 million, down 10 from the previous month.

94%, a slight increase of 0 in a year.

8%; net profit attributable to mother 1.

300 million, down 36.

39%, an annual increase of 13.

3%, basically in line with expectations.

Opinion: The pressure on manufacturing investment has led to a drop in demand for forklifts. The company’s market share has increased and its revenue has declined.

500 million, an annual increase of 4.

47%; net profit attributable to mother 4.

8 ppm, an increase of 11 in ten years.

2%; of which, Q3 single-quarter revenue was 21.

400 million, down 10 from the previous month.

94%, a slight increase of 0 in a year.

8%, which distorts the downward trend in the second quarter of a single quarter, in line with expectations; net profit attributable to mothers1.

300 million, down 36.

39%, an annual increase of 13.

3%, the growth index Q2 has improved, basically in line with the expected 10% (1.


The quarter-on-quarter decline in the single quarter was mainly due to the off-peak season and the second quarter was a small peak in initial equipment sales.

The company’s ROE for the first three quarters was 11.

92%, stable at a relatively high level in the industry.

As expected, the forklift industry demand forecast is the initial cause for the company’s revenue growth to slow down, changing the overall economic trend and the impact of the trade war on manufacturing exports. Manufacturing investment is under pressure.The consequences have come down.

Among them, the growth rate under the high base exceeded the decline, and the impact of the trade war was a variable factor, 南宁桑拿 which also brought certain uncertainty to the decline in downstream capital expenditure.

The downstream impact of export taxation has been apparent since the third quarter, leading to a reduction in investment demand and an increase in the company’s forklift revenue growth, basically in line with our expectations.

According to the data of the Industrial Vehicle Association, the total sales volume of the industry from January to August was about 40.

10,000 cars, a high base point of 1 a year ago.

97%; of which overseas exports gradually9.

60,000, 12 in the past ten years.

8%, domestic demand remains stable, with cumulative sales of 30.

50,000 units, an increase of 2% a year.

In terms of products, electric storage rack storage vehicles are up and down 22.

6%, a decrease; sales of pedestrian storage vehicles increased by 3 due to price increases.

4%. Under the influence of promotional factors, the gross profit margin decreased slightly from the previous month. The cash flow optimization doubled the increase in cash flow optimization. From the perspective of profitability, the company’s Q3 single quarter gross profit margin was 20.

8%, the gross profit margin slightly lower than the previous month was mainly due to the influence of promotional factors, but dozens of slightly increased 0.

57 pct, the scale effect is reflected, in line with expectations.

Since the end of July, due to the slump in overall sales, the industry has generally adopted some promotional measures.

Third-quarter company selling expenses 6.

9% year-on-year growth of 0.

69 averages, the highest point in the past 3 years.

Due to the continuous heavy volume of the company’s high-end products and the price of raw materials still at a certain level, the company’s gross profit margin level will remain stable.

Hangcha achieved sales growth in the first three quarters on the first-price, first-class vehicle products with the highest technical requirements. Therefore, it is expected that with the successive launch of the company’s high-end series of products, the company’s comprehensive profit advantage will further increase, and the fourth quarter gross margin is expected.The level is not much different from the current one.

At the same time, Hangcha’s cost control effect is obvious. The number of personnel and labor costs are lower than the level of a company of the same size. The use of outsourcing methods for the processing of equipment parts and components has effectively reduced fixed costs.

The company’s stable operation and optimized payment recovery have achieved net operating cash flow in the first three quarters.

30,000 yuan, an increase of 110 in ten years.

7%, of which Q3 net operating cash flow in a single quarter is about 3.

700 million US dollars, mainly due to sales expansion, increased margin recovery and government subsidies and other factors.

In the downward environment of the industry, the company’s cash flow continued to grow rapidly, reflecting the company’s continuous bargaining power in the upstream and downstream of the industry chain.

Profit forecast and forecast The company is expected to achieve revenue of 99 in 2019-2021.

5.3 billion, 112.

1 billion and 123.

40,000 yuan, an increase of 17 years.

88%, 12.

64% and 9.

76%, net profit attributable to mothers6.

5.7 billion, 7.

5.9 billion and 8.

4.9 billion, an annual increase of 20.

15%, 15.

55% and 11.

89%, with an average annual compound growth rate of 20%, corresponding to the current continuous PE of 11 respectively.

46 times, 9.

92 times and 8.

87 times.

As one of the domestic double-headed forklifts, the company is expected to take advantage of advanced product layout and market expansion to achieve continuous growth under the trend of intelligent and electrified industries.

Since the beginning of this year, under the fluctuation of downstream demand and the downward pressure of the industry, the company’s profitability and cash flow performance have been outstanding, it is estimated that the advantages are obvious, and both the stability and growth.

We maintain the company’s “Buy” rating.

Risks include risks such as rising steel prices, a downturn in the macro economy, and significant changes in international trade policies and exchange rates.

Zhongju Hi-tech (600872) 2019 Interim Report Review: Steady Increase in Incentives for Main Business Profits

Zhongju Hi-tech (600872) 2019 Interim Report Review: Steady Increase in Incentives for Main Business Profits

The performance of 19H1 seasoning was in line with expectations.

19H1 company achieved total operating income23.

9.2 billion, +10 in ten years.

03%, of which the delicious fresh revenue was 22.

62 trillion, +15 for ten years.

26%, the headquarters / real estate / Seiko revenue of 0.



420,000 yuan, at least -1.

02 / + 0.

21 / + 0.

00 million, the revenue of the headquarters dropped sharply. H1 sold assets resulting in a high base.

Realize net profit attributable to mother 3.

6.6 billion, a high base +7 in the next decade.

99%; net cash inflow from operating activities 6.

74 trillion, +63 for ten years.

59% was mainly due to the increase in the payable items and the decrease in inventory and receivable items, achieving a healthy growth.

Revenue from delicious freshness continued to grow, and profits remained stable.

Delicious fresh 19H1 revenue 22.

62 trillion, +15 for ten years.

26%, of which the soy sauce and sauce in the condiment grew steadily, increasing by +10 respectively.

44% / 12.

01%, oyster sauce, cooking wine continued to increase due to the growth of the industry and active expansion, respectively +60.

93% / 65.

63%, edible oil, bean curd growth rate exceeded 25%; net profit attributable to parent company3.

62 trillion, ten years +20.


The product gross profit margin reached 39.

61% every year -0.

38pct, mainly due to the high prices of some raw materials such as glutamic acid and packaging materials, and the increase in the proportion of non-soy sauce products, but it has still increased by about 18 years.

41pct; expense ratio 18 in the first half.

79% per year.

41pct, of which sales expenses / administrative expenses increased by 7% / 19%, respectively, due to the increase in sales staff salaries, freight and business expenses, advertising costs did not increase; management personnel expenses, employee social security expenses, etc. also increased, the expense ratio fellRaise net interest rate to 17.

64%, ten years +0.

62 points.

Looking at the second quarter alone, delicious fresh realized income of 10.

95 trillion, ten years +15.
26%, net profit attributable to mother 1.
76 trillion, +7 for the next ten years with a high base.

98%, net interest rate 17.

53% a year -1.


National expansion has accelerated, and incentives have increased.

The company plans to achieve the double hundred goals by 2023, and the current progress reflects strong execution.

1) National expansion accelerated: 19H1 Eastern / Southern / Midwestern / Northern regions income +12 for ten years.

13% / 11.

87% / 24.

49% / 20.

78%, the total number of dealers reached 975, a net increase of 111 dealers, of which 44/55 were added in the central and western regions and the north, of which 15 were developed as blank prefecture-level cities, and the prefecture-level city development rate reached 81%.

Advancement of nationalization progress; 2) High growth rate of catering channels: The company reorganized the dealer structure and updated the distribution standards of dealer resources. At the same time, it used the Kitchen Chef Club as a platform to pass the Super Cold Food Awards and top chef training camps.The event, in conjunction with the promotion of the terminal, achieved rapid growth in the catering channel, and finally the sales time of catering products in the first half of the year was +41.


At the same time, the development of e-commerce and export channels was accelerated, and mainstream direct-operated platforms, new retail platforms were set up and developed, and the number of exporting countries increased to 7; 3) Product upgrades: 19H1 completed light salt, small naughty low-soy sauce andUpgrade of seafood, steamed fish flavor soy sauce, and completed the “2019-2023 Preliminary Product Development Plan” for other multi-category products, increasing product development efforts; 4) Growth of incentives: the company continues to expand the incentives of employeesIn order to increase the weight of the assessment of income indicators, bonuses are tilted towards middle-level backbones, and the ratio of excess rewards is increased.

In addition, the company plans to build a food science and technology industry incubation zone, with health food as a breakthrough, to achieve resource integration.

Profit forecast, estimation and investment recommendations: The company’s condiment business is in good condition, and there is room for growth in the development of a nationalized market, the development of catering channels and category outreach, and the EPS forecast for 2019-2021 is reduced by 0.



38 yuan, after considering the improvement of the mechanism, the performance is expected to continue to grow well, maintain the target price of 50 yuan, and maintain a “strong push” rating.

Risk Warning: The growth 厦门夜网 of condiments is not as expected, and the effect of improving the mechanism exceeds expectations.

Qixin Group (002301) 2019 First Quarterly Report Review: Revenue Growth Exceeds Market Expectations, Large Clients Arranged Steady Progress

Qixin Group (002301) 2019 First Quarterly Report Review: Revenue Growth Exceeds Market Expectations, Large Clients Arranged Steady Progress
This report reads: Utilizing the advantages of product and supply chain integration, service capabilities, and information technology, the company is rapidly advancing in the layout of major customers and gradually entering the harvest period from the input stage. Cloud video conferencing will form an alternative synergy with office procurement. Investment Highlights: Maintain target price of 13.12 yuan, maintain overweight rating.With the advantages of product and 杭州桑拿 supply chain integration, service capabilities, and information technology, the company’s layout of major customers will rapidly advance, gradually entering the harvest period from the initial investment period, and the cloud video conference field is expected to form complementary synergies with office procurement business.Do we maintain the company 2019?The EPS forecast for 2021 is zero.44/0.58/0.74 yuan, maintaining a target price of 13.12 yuan, corresponding to about 30 times the PE in 2019, maintaining an overweight rating. Revenue growth exceeded market expectations.The company achieved operating income in the first quarter of 201910.7.5 billion, an increase of 53.75%, net profit attributable to 3905.50,000 yuan, an increase of 30.84%, realizing deduction of non-attributable net profit of 3466.20,000 yuan, an increase 无锡夜网 of 62.81%, due to the rapid development of B2B sales business, revenue growth exceeded market expectations, gradually increasing the number of large customers landing, B2B business scale is committed to maintaining a rapid growth trend. The office business has accumulated a lot, and the scale of revenue has achieved rapid growth.The company’s office business is gradually extending towards the direction of service providers. After years of accumulation and precipitation, product and supply chain integration, service capabilities and information technology advantages continue to be highlighted, and the accumulated service capabilities in the early stage have become prominent in the bidding of major customers.Highlighting that customer orders in reserve will gradually turn into revenue contributions. The strategic layout direction of “hardware + software + services” is advancing steadily, and the synergy effect is constantly exerted.With the introduction of the Group’s resource advantages, the company integrated the comprehensive integration of the products of the Shitong conference industry and launched the Cosmopolitan Mall, and launched multiple government procurement systems. Customers can purchase directly, and the integrated development of the Group’s resource customers continues to advance.With the further release of synergy between office collection and software services, the company will further strengthen its ability to serve major customers, increase customer stickiness and fully meet customer needs. Risk reminder: the risk of intensified competition in the office procurement industry, cloud video business expansion is less than expected