That hat black shadow has some skills,Strength should be between Rank 6 and 7 entering the Holy Realm,If you can make those spirit-eaters gather around,Fighting power will increase a lot。

This kind of people are outside of what they can control,Not particularly powerful in itself。
Xia Chenglong doesn’t want to talk nonsense with each other,So as soon as I open my mouth, I directly put forward what I want to know。
“Sorry,I can’t tell you all three!”
“court death?”
“You are strong,But this is not your battlefield after all,So you can’t kill me。”
Confidence comes at a price。
The Xiaotian Sword has hovered around Xia Chenglong,Turned into countless sword shadows in the black night,Mixed with the white flames of the forest,Become a respected dragon。
“Chiba Xianglong!”
No need to talk nonsense,He still implements his own ideas,You can use the sword to solve the problems。
The Devourer controlled by the opponent has already moved away from him,How to block his blow next?
The shadow of the hat saw the sword light in front of Xia Chenglong,Dare not neglect at this moment,The soaring earth aura transforms into a huge earth-eating queen bee above the body,Inciting the wings to face the stegosaurus。
Two martial arts collide,Make a huge roar,Let this world become dazzling。
“Everything fades!”
The power of artistic conception unfolds instantly,He doesn’t believe that the other party can live。
Being able to defend against the previous attack is already very difficult for the shadow of the hat,Seeing Xia Chenglong directly unfold the power of artistic conception,No desire to fight at all。
The methods used before reappear,The body turned into a mass of spirit-eaters in the explosion,Fly around。

Liu Chunlan was still full of emotions,After hearing Lin Feng teasing himself like this,I immediately blushed my face。

but,But Liu Chunlan couldn’t find any suitable words to refute her husband。
Regarding my previous attitude towards Xiao Fan,Liu Chunlan is really very, very regretful now。
Think about Xiao Fan’s ability now,Liu Chunlan is really even now,The whole person is also afraid。
Such a strong person,Back then,How can he endure his attitude towards him like that?。
to be frank,When Liu Chunlan saw Xiao Fan’s change so great at the beginning,She really worried that Xiao Fan would come to her to settle the bill!
but,Over time,Xiao Fan’s attitude towards her,It’s always been that way,I don’t want to blame her at all。
and so,Little by little,Liu Chunlan has never considered this issue at all。
And then,Liu Chunlan seems to have forgotten her previous attitude towards Xiao Fan,Slowly I became accustomed to the existence of such a son-in-law。
but,just now,Liu Chunlan’s husband mentioned this issue again in front of her。
Liu Chunlan suddenly thought of this question again。
And Lin Feng?
I seem to be aware of what I just said,Seems a bit too much。
after all,Liu Chunlan’s attitude towards Xiao Fan now,It is no different from yourself。
And I just mentioned the unhappy thing before。

Maybe because of the cold weather,Few people on the playground,Very few。

Lu Menglin and Jin Soyan walking in the snow,There is a squeaking snow under my feet。
“So beautiful!The snow here,Very clean!”Kim So Yeon looked at the snow scene in front of her,Can’t help but feel。
“Come,I take you to a fun place。”Lu Menglin is playing,Took advantage of Kim So Yeon’s little hand,Take her through the playground,Go to the opposite audience stand。
Kim So Yeon was holding her little hand,Pretty face reddish,Even breathing seems to be a little bit short。
If able to
Such a clean place,Stay with him for life,Grow old together,What a happy thing!Kim So Yeon thought to herself,A happy smile on my face。
The spectator stands in the big playground are built against the mountain,Behind the cement wall is the foot of the mountain,The mountain in front of you is not very tall,Not too dangerous,It can only be regarded as a very ordinary mountain。
Lu Menglin pulled Jin Soyan,I climbed up this ordinary mountain along the trail at the foot of the mountain。
Rugged mountain road,The path under your feet is surprisingly narrow,It’s a little difficult to walk alone。
Lu Menglin’s agility,Take care of Kim So Yeon behind every step,Lead her to climb up。
Uneven mountain,The slope is getting steeper,Plus the snowy road,Jin Suyan can only carefully follow Lu Menglin behind。
Fortunately, she has good physical fitness,Used to practice yoga,Physical strength and speed can barely keep up。
And every time Lu Menglin turned his head and stretched out his hand,Every pull,Can make Kim So Yeon feel the power,Is pouring into the body continuously,Not tired at all。
quickly,The two climbed up the extremely narrow mountain road,What appeared in front of us was a slightly flat terrain,exactly,Is a large bamboo forest。
“Do you know why the road we came up just now is so narrow?That’s not the way,That’s the bamboo slide!Farmers on the mountain fell the bamboo,Then slide down that path,Concentrate on processing。”Lu Menglin said cheerfully。
Kim So Yeon’s eyes blinked,Nodding。

The latter smiled,“Do you think,We are the god-level powerhouses of China, are we really one mind??The age of war,Of course we fight the enemy together。But in the peaceful years,For rights,Maybe for ideas,There must be disputes and power grabs。Although we are not in the official power center now。But we have great influence。Simultaneously,There are still differences in some concepts。”

After listening to Jiang Min’s explanation,Qin
The wind just remembered,The whole world is actually the same。Regardless of the era or country, the regime is the same。
Even if you sit in the position of supreme leader,Are there still a few emperors who killed the founding heroes in ancient times??
Not only that,After the establishment of many foreign regimes,There are also a lot of internal struggles??
so,Even if Father Yuan Tu killed all the people in Skynet,But the idea may not be the same as Jiang Min’s meeting。
“This one.”Qin Feng felt bitter in the corner of his mouth。Because he doesn’t know how to describe his feelings at this time。
Jiang Min shook his head,“Don’t have too much psychological burden。In fact, even if it’s Father Yuan Tu,His idea is actually very simple。I just hope my offspring can sit in that position。But you also understand,Since the five big families have always stood at the commanding heights,So it’s normal for him to hold those in his hands。”
“Son of Yuan Tu?”Qin Feng was taken aback,But after thinking,Jiang Min has granddaughters,It’s impossible for Yuan Tu to be alone。
“That’s right,Didn’t you have a big conflict with Yuan Tu’s heir before??Palace Lord Yuan Zhendao,Did you forget?And your cousin Qin Tiannan,Didn’t you forget these people??”
What Jiang Min said,Qin Feng just remembered the things he had encountered in Demon City。But speaking,Since that time Qin Feng signed a contract with the Tan family,He never interacted with the people over there anymore。
Plus there are too many things happening later,Qin Feng didn’t even think about it at all。That’s why I forgot such a thing。
But he never expected,Palace Lord Yuan Zhendao is actually the heir of Yuan Tu。If you explain,It seems that many things can be explained。
The people of Hongmen want to make a king,So there is no intention to go all out in contact with the official,At least I want to continuously weaken the strength of the five major families。
“Will the Hongmen deliberately impose charges on the five major families??”Qin Feng thought of a terrible situation。
“rest assured,Even if we old guys are selfish, it makes sense。We can’t do anything like wronging people。We are all people who participated in the island war。We don’t want to be called traitors,Some principled questions,We won’t compromise easily。”
Since Jiang Min dared to say that,That’s because he has a deep understanding of Yuan Tu。
Besides, even the Chief Chief said,Father Yuan Tu must believe。After all, if the other party wants to do it,Don’t talk about the family owner,Even the heads of the other five families,Father Yuan Tu can kill them all。
Qin Feng shook his head,I didn’t let myself guess。

Seeing Chen Geng’s surprised eyes when looking at these two Chinese Garden Dog pups,The leaders of the delegation breathed a sigh of relief.:Became!

before this,Many people still have fierce opposition to giving Chen Geng such two ubiquitous puppies as gifts.,Even if this is Chen Geng repeatedly begging domestic comrades for help before returning to the United States,Their reasons are irrefutable:The puppy must help Chen Geng find,I want two puppies,Don’t we give it?Not only looking for,Also look for the purest Chinese pastoral dog,And we have to go through all customs clearance procedures for these two puppies,So that Mr. Chen Geng can raise these two puppies legally,but!
First237chapter Has a relationship with the military?!
Everyone chatted for a while,Ding Haijun can’t help but curiosity in his heart(And Hu Liang and other delegation members winked over),Ask Chen Geng:“Chen Dong,When we just came,I saw a weird-looking plane parked at your company,That is your company’s new product?”
“You said that power delta wing,”Chen Geng casually responded:“Ok,Is our new product。”
That big kite-like thing is called a power delta?Ding Haijun is a good general“This kite-like thing can really fly?”This sentence says bald mouth。
The same idea also exists in the hearts of all delegation members present:This big kite-like thing can really fly?Are you sure you are not joking?
No wonder they have this idea,They are not from the aviation system,Does not have basic knowledge of aerodynamics,I have never heard of unpowered delta gliders,Just instinctively feel that the plane has to be a fighter—5、Annihilate—6、Luck—5And the Boeing I took when I came to America707Wait for these planes,There are a pair of big metal wings on the fuselage,This is the plane,But this big kite in front of me……Power delta wing is really crude and outrageous,Just a few steel pipes(Actually not steel pipe,But aviation aluminum tube)A triangular piece of cloth,This thing can fly?!
They have a big question mark in their hearts。
Even Professor Song Jingying and Harbin Institute of Technology in the delegation、Several professors from Xi’an University of Technology,Although they are professors of science and engineering,But after all, it’s not an aviation professional,Although with my rich knowledge, I think this thing should almost be able to fly,But there is also a question mark in my heart,And they have never seen an unpowered hang glider——Although it is said that the power delta is in70First appeared in Europe at the end of the decade,But the first power delta that can be tested is1982Just appeared,They haven’t heard of this stuff and it’s normal。
Who is Chen Geng?,Of course, the suspicion in everyone’s eyes cannot be hidden from his eyes。But he is not angry or irritated,Smiled and nodded:“Although this thing is a bit simple,But it can really fly,Still flying……Anderson,You arrange,Let our Chinese friends take a look。”
Although he doesn’t mind flying by himself,But this time,Chen Geng’s identity determines that he can’t fly。
But no one stopped,Everyone is really curious:Such a simple thing,How could it fly?then……

When the nurse saw this, he ran over quickly,Support the real dragon,Homeopathy also promoted another operating room。

Real Dragon and Xia Chenglong,The national backbones of these two great Chinese nations,Are performing operations in two operating rooms respectively,In this small hospital,Carrying the hope of this nation。
It’s no exaggeration to say,If one of them falls,Great China may all fail,May become a colony of others。
The operation went on for a day and night,The surgeon dared not panic the slightest,Have always maintained full vigilance,All the doctors who are operating on these two people,Since the moment I entered the operating room,Although the operating room is very cold,But their backs are always wet。
Till the end,When the doctor finished the last stitch,At this time, he let out a long sigh of relief,The operation was finally completed without any risk。
And the two operations performed simultaneously are very smooth,In fact, even the doctors who performed the operation are also lamenting Xia Chenglong’s injury,Because his body is terrible,Countless blood vessels have burst open。
And at this time Xia Chenglong’s internal organs,Almost all internal organs have been damaged to varying degrees,His body is also overloaded,If it wasn’t for his strong desire to survive,I’m afraid it’s already dead。
The doctors present were also moved,Feeling Xia Chenglong’s strong desire to survive,I also sigh with the will of this iron man。
Among them, a little girl cried directly,She felt sorry for the one standing in front of Xia Chenglong。
Actually, it’s not just that little girl,Some people’s eye sockets are basically moist,They are feeling how much this iron man has paid for Dahua。
At this time, Xia Chenglong was plunged into darkness,That darkness,Bottomless,Out of sight,He ran like crazy,But not a trace of light,He doesn’t know where to go。
So he can only run crazy in one direction,But he didn’t know how long he ran and didn’t find the right direction,At the end he was desperate。
One thousand one hundred and eight chapters wake
Xia Chenglong sighed quietly at this time,And at this moment,He suddenly saw a ray of light in the distance,When he saw the glimmer of light,It’s like grabbing a straw for life,At this moment he desperately ran towards that place。

Fuanna (002327): Bright online performance and significant improvement in cash flow

Fuanna (002327): Bright online performance and significant improvement in cash flow

Investment Highlights Event: The company announced an interim report, and its revenue in 19H1 dropped by 3 as well.

6% to 11.

0 million yuan, net profit attributable to mother dropped by 16.

2% to 1.

At US $ 5.5 billion, operating cash flow has improved from the same period last year, with a year-on-year growth of 583% to 4.

870,000 yuan; specific to the second quarter, revenue fell by 1.

8% to 5.

8.3 billion yuan, net profit attributable to mothers declines by 16 each year.

1% to 73.81 million yuan.

Online business became the biggest highlight.

E-commerce revenue increased by 23% annually to nearly 400 million U.S. dollars in 19H1, accounting for 36% of the company’s revenue. The company’s attention to e-commerce channels continues to increase. In the future, it will further develop a rich e-commerce product matrix through product development and category expansion to ensure thatThe rapid growth of e-commerce business maintained a high level of gross profit margin.

Offline channel optimization continued.

In 19H1, the overall retail environment was under pressure, and the company’s offline direct sales revenue dropped slightly by about 2%. The franchise business has changed the bonus assessment indicator from picking up instead of repaying to promote the business team to help the dealers destock, and the income has a short-term fluctuation.However, in the long run, this step will be conducive to more scientific, effective management of channels, and to ensure the sustainable and healthy growth of business.

The company has continued to optimize terminal stores in the past two years. As of 2019H1, it has a total of 1350 stores, of which 60% is larger than 150㎡, 25% is larger than 300㎡, and the terminal layout in first- and second-tier cities is greater than 50%. It will continue to increase in the future.The major Yangtze River Delta, the Pearl River Delta’s main first- and second-tier cities are deployed, and the third- and fourth-tier markets are radiated through e-commerce.

In management, the company completed the unified POS system of all stores in 19H1. The headquarters can monitor the purchase, sales, and inventory of all direct and franchised stores, which will be used for subsequent data precipitation, further improving the efficiency of product development and the efficiency of supply chain organization, thereby improving retail.Laid the foundation for performance, we expect 19H2 direct sales and franchise performance will be carried out in the first half.

After strengthening the franchise control, the turnover improved significantly, and cash flow improved significantly.

In terms of financial performance, Q2’s distribution business with higher profit margins was affected by changes in the internal assessment system, accounting for a decrease in revenue of 10pp to 23% compared to the same period last year, resulting in the company’s Q2 net 四川耍耍网 interest rate increasing by 2pp from the same period last year, resulting in profitThe reduction was greater than the revenue growth rate, reaching 16%; but benefiting from the decrease in channel inventory brought by changes in the distribution assessment method, the company’s Q2 receivables and inventory scale changes decreased by 31% / 9%, driving operating cash flowImprovement, from negative to positive.

7.3 billion.

Profit forecast and investment grade: We expect the company to continue high online growth in 19H2 and continue to expand its stores steadily offline. It is expected that the net profit attributable to mothers will increase by 5 in 19/20/21.

1% / 12.

7% / 10.

5% to 5.



1 ppm, corresponding to PE11 / 9 / 8X, converted according to the 79% cash dividend ratio in 2018, the corresponding distribution ratio in 19 years exceeded 7%, underestimated the high dividend home textile leader, and maintained a “buy” rating.

Risk warning: Online business category expansion is less than expected, offline extension stores are less than expected, and the scale of the home business is enlarged

Yuantong Express (600233): Revenue and Cost Matching High Single Volume Growth Drives Upward Performance

Yuantong Express (600233): Revenue and Cost Matching 深圳spa会所 High Single Volume Growth Drives Upward Performance

Net profit attributable to mothers increased by 15 per year in the first quarter of 19th.

7%, in line with expectations.

Yuantong Express achieved revenue of 64 in 1Q2019.

4 billion (+20.

7%, year-on-year), net profit attributable to mother 3.

700 million (+15.

7%, year-on-year), deduct non-attributed net profit 3.

6 billion (+19.

4% year-on-year).

Q1’s business volume is leading the industry, and the decline in single tickets is more than due to settlement policies.

Unit data: 1Q2019 YTO Express business volume reached 16.

600 million pieces, an increase of 39 every year.

6%, compared with 121 express delivery volume across the industry.

500 million pieces, an increase of 22 every year.


Single ticket income: 1Q2019 single ticket average 武汉夜网论坛 income 3.

35 yuan / ticket, minus 10 for ten years.


Business revenue: 55 in the first quarter of 2019.

5 billion, an increase of 24 a year.


Market share: The company’s total parcel market share at the end of March was 14.

5%, an increase of 1 at the beginning of the year.

4 pct.

We judge that Yuantong Express adjusted some supplementary settlement policies in the second half of the year and the actual price of single tickets was adjusted during the Spring Festival. Therefore, the actual single ticket revenue decreased by a larger margin than the top 10.

8% is lower.

Revenue and cost match, and high single volume growth drives upward performance.

The company realized revenue of 64.

400 million (+20.

7%), operating costs 56.

600 million (+20.

Growth of 9% year-on-year, gross profit margin of 12.

1% (-0.


In terms of three fees, the selling expenses are zero.

14.6 billion (+42.

5% YOY), management fee 2.
6.8 billion yuan (+15.
2% YOY), financial expenses 0.

2.3 billion (+206.

9% YOY), a total of 3.

0.6 billion (+22.

0% year-on-year).

Finally realized net profit attributable to mother 3.

6.5 billion (+15.


The core strategy is “westward, downward, and extension.”

In 2019, the company’s strategic goals are “westward, downward, and beyond”. After continuous action, it is expected that the number of pieces in the express delivery industry will continue to increase steadily in 2019 and will actually outperform the industry average.

As the franchisee network continues to be optimized and infrastructure such as transfer centers and automation equipment will be further strengthened, listed companies will have greater control over the core assets of the network, reducing costs and increasing efficiency will be conducive to the release of performance.

Investment strategy: It is expected that the express delivery industry will grow by more than 20% in 2019. The strategic layout of the leading companies will make the first echelon accessible and SF will be differentiated and continue to widen the gap with the second and third echelons, taking into account the express deliveryMoving westward, downwards, and beyond “internationalization, single-piece growth due to significant improvements in aviation parts and current management, we expect the company’s EPS in 19/20/21 to be 0.



08 yuan.

Maintain “Highly Recommended-A” rating and give 25 for 19 years.

6XPE, 6-month target price of 20.

0 yuan.

Risk Warning: The growth rate of e-commerce GMV fluctuates rapidly, price wars, new business development is less than expected, and franchisee outlets are variable

China National Travel Service (601888): Shanghai, Baiyun, Capital Airport Tax Free Booking

China National Travel Service (601888): Shanghai, Baiyun, Capital Airport Tax Free Booking

The profit forecast and rating should be extended after the fifth quarter of this year, and the company’s May performance growth rate is expected to improve on a quarter-on-quarter basis. In 2019, it is expected that while the performance of the existing business segment is growing steadily, a large number of increments will follow: (1) NewSupplying Hai Duan business with huge profits; (2) Merging Hai Duan into the company; (3) Sanya Hexin Island Phase II project opened; (4) Daxing Airport Duty Free Project goes online; (5) Shanghai Airport Satellite Department Duty Free ShopOpening; (6) Baiyun Airport Terminal T2 opened “offline booking and returning to the country for pickup” business; (7) opening of duty-free shops in five cities in the city; (8) or merger and acquisition of industry chain related targets and so on.

  At present, the market has some differences on whether the company’s tax-free business in the city can attract consumption. We believe that the company has the ability to make the city’s tax-free business bigger and stronger: (1) Passenger flow: 1/3 of outbound tourists will still choose to follow the groupWith reference to the company ‘s experience in duty-free business in Cambodia, Sanya Store and Baiyun Airport, the company can cooperate with travel agencies to attract a large number of passengers; (2) Purchase rate: With reference to Baiyun Airport, customers can pay the full deposit in advance and return to the country for pickup.The full deposit and return procedures are tedious (especially offline booking), and the real purchase rate is expected to increase (real purchase rate = nominal purchase rate * (1-return rate)); (3) customer unit price:The space is wider, the experience is more comfortable, and the categories will be more abundant, especially the clothing, bags, watches, jewelry, etc. that need to be tried on and have a higher unit price. Therefore, the unit price of passengers is expected to increase compared to the airport.

  China National Travel Service is the leading white horse leader in the tourism sector that we have recommended from the end of 2016 to the present. The city ‘s tax-free policy is gradually liberalized, and overseas tax-free consumption is gradually accelerated. As a tax-free giant with a market share of over 85%, the company will fully benefitWe continue to be optimistic about the company’s future development.

  We expect the company’s attributable net profit for 2019-2021 to be 47.



79 trillion, EPS is 2 respectively.



01, corresponding to the closing price of PE on June 21 is 34.



2 times for a period of “prudent increase” level.

  Risk reminders: (1) systemic risks; (2) exchange rate fluctuation risks; (佛山桑拿网3) the rate of tax exemption in the city is less than expected; (4) intensified market competition.

China Merchants Highway (001965): excellent corporate governance, performance is both stable and growth

China Merchants Highway (001965): excellent corporate governance, performance is both stable and growth

Investment Highlights Event: China Merchants Highway released its 2019 Interim Report, and the company achieved operating income of 36 in the first half of 2019.

880,000 yuan, an increase of 35 in ten years.

18%; net profit attributable to mother 23.

10,000 yuan, an increase of 14 in ten years.

38%; net profit after deduction to mother 22.

580,000 yuan, an increase of 13 in ten years.


Among them, the net profit attributable to the mother in the second quarter was 12.

$ 7.4 billion, an increase of 12 per year.

41%, an increase of 12.


Basic income is 0.

3725 yuan, an annual increase of 14.


Performance 深圳SPA会所 is in line with our expectations.

  Comment: Outward mergers and acquisitions have resulted in increased expressway revenue and operating profit growth of 24%: The investment and operation segment is the company’s main contribution point in revenue and profits. The company’s expressway operation segment consolidated toll revenue in the first half of 2019 was approximately 24.

1 ppm, an increase of 28 in ten years.

The revenue growth was mainly at 6% in April 2018. In July and July, the company consolidated the Yuqian, Shanghai-Chongqing Expressway, and Fufu projects, leading to an increase in toll revenue in the first half of 2019 compared to the same period last year4.

600 million US dollars, excluding this factor, the company’s constant toll revenue from property production increased by 3.


In the photovoltaic 苏州桑拿网 sector, each photovoltaic power generation achieved grid-connected power in the first half of the year.

2.5 billion kWh, revenue from power generation1.

90,000 yuan, an increase of 3 in ten years.

1%, 2.


On the whole, the investment and operation segment realized operating profit.

7 ppm, an increase of 24 in ten years.

3%, an increase of about 3 per year.

1 ppm, which supplements and consolidates the items in Table 3 to increase operating profit2.

50,000 yuan, constant high-speed and photovoltaic projects increase operating profit by about 0.

6 ppm, an increase of 5% in about ten years.

  Risk Warning: Changes in the highway industry policy, new acquisitions are less profitable than expected, and the macroeconomic downturn affects toll income.