Qin Feng’s first sentence was shocking,Tens of thousands of monthly income for each household?

What kind of concept is this?You know this is a big boss who can catch up with some companies。
“What do we need to do?”Huang Longwen knew that Qin Feng couldn’t find them just for this.。
Xie Zhiwei feels a little regretful,This is a step too late。
“What you need to do now is very simple,The first step is to clarify the villagers’ ideas,Then unify,Try not to take out the land here。”
Qin Feng knows that there are some things that cannot be forbidden,But he can only give some advice like this。
“Could it be that the company is going to acquire this place?”Huang Longwen said a little excitedly,He is really curious about this。
If it’s really such a big deal,I guess the people here are going crazy?
It’s not right to think about it,There is only 100 million capital injection,This money looks big,But so many people in the village,And one million per household,That was done by a hundred households,This money can’t be activated at all。
“Ugh,I think,But there is no such powerful force。”
Qin Feng also bowed his head and sighed,“I am going to plan all the shops here,Unified processing,I have to ensure that when everyone travels here,That kind of comfort won’t decrease。”
“This is really not easy。”
Huang Longwen also has a headache,Because chasing benefits is the mind of most people。
If you know that this side will be developed on a large scale,Those people are still willing to listen to Qin Feng’s words,That’s the hell。
Actually,Huang Longwen doesn’t understand,Why didn’t Qin Feng expropriate these lands directly before?。
When the dishes here are declining,If someone gives one million,They are also willing to sell all directly,At that time, what matters is not Qin Feng’s say?

“With your current mental power frequency,Not enough to increase control authority。Now enter the life potential scan mode,Please wait。”

After this sentence,The sweet voice never reacted anymore。
Lu Menglin had to wait patiently,I think I don’t know what scanning mode is taking up my 30 seconds,If you run out and haven’t scanned it,Then lose a lot!
now,Breeze gusts around,Shaky tree shadow,The howling of beasts in the distance,Virtual scene simulation is extremely real。
Just when Lu Menglin’s heart counted down to thirty seconds,The voice of the shipboard intelligence finally rang again。
“Scan far into,Life potentialelevel,Causalityalevel,Up to standard,Allow access to low management authority。”
Subsequently,Lu Menglin heard only a ding sound,The picture before me has changed again。
A huge hemispherical crystal porthole appeared in the front,Outside the window is the vast starry sky,From time to time there are burning meteors passing by,Magnificent scenery。
“Do you exercise low management authority?”Sweet electronic synthesis sound channel in the ear。
“of course!”Lu Menglin nodded,I was even a little excited。
“Low management authority,Can activate one gene bank warehouse,Does it start?”Electronically synthesized sound。
Lu Menglin was slightly taken aback,He doesn’t know what the so-called gene bank warehouse is,But if it ends just like this,Doesn’t seem right。
“Wait a minute,Can i ask a few questions first?”Lu Menglin Yang said。

“Welcome to join Super Seminary,The food is ready inside,Go in together!”Qiangwei is standing in front of the restaurant,Said politely,Except for a certain stare at Xin Zhao,,Nothing else bad。

As for Xin Zhao,His eyes are just like Qiangwei。
“Big sister head,I am back!”
Xin Zhao ignored Rose,I just ran in,Then I saw the eldest sister Lena standing there with a plain looking farmer,But the atmosphere is a bit weird。
“Yo,Big sister head,Lord Xin, I’m back!”Talking,Xin Zhao rushed towards Rena,Then he came back faster,Hung directly on the wall。
“This is Lena,The other is Cheng Yaowen!”Qiangwei as the first to arrive,Give the following introductions。After introducing Lena,Qiangwei introduced the newcomer“Lena,This is Rui Mengmeng、Qilin、Liu Chuang、Ge Xiaolun!”
Lena has read the information of these people,But you can’t say this at this time。
“Hello,I am Rayna of the Sun,Also your goddess and future captain!”
“Hello, Sister Lena,I am Rui Mengmeng!”
“Hi Rena,I am Qilin!”
“Hello, Sister Lena,I am Liu Chuang!”
“Hi Rena,I am Ge Xiaolun!”
Few people introduced,Lena waved“Have a meal,All sit down,Eat at will,I treat!”
Qiangwei asked the sky silently,She finally found out that Xin Zhao could get along with Lena,Not without reason。

Just when they think,Qin Feng smiled happily:“Why didn’t you speak anymore?Actually,I also know that everyone believes in the vegetables in the village,But I have been thinking,Will there be pie in the sky??No way?”

Something that didn’t exist for so many years,Suddenly this year,This is the favor of the gods?Do you believe?I don’t believe it anyway,So i dare not do anything。
Many people reacted to Qin Feng’s words,They were still wondering at first,Why did Qin Feng insist on asking for ten yuan a catty?,Now they reacted。
Qin Feng, this is a rainy day,If it’s ten yuan a catty,At most, it’s a part of being expensive by the market,Although a little unacceptable,But it won’t turn into a big thing。
Now they are so greedy,If this matter is not good,Which one can be kind?
“Qin Feng,We are all from the village,Can you help us say something?”
“These bosses,What do you want to do now?To know,So many of us here,You are really going to come here indiscriminately,That’s definitely illegal。We have something to say,If you need compensation,We just need to compensate。”
“So many bosses are not the kind of people who have no brains.?If it becomes a bloodshed,Everyone won’t do any good,I think you all admit it?”
Sunshine and Zhuang Kai quickly persuaded them,As for Chen Da’s head dizzy,He even wanted Qin Feng to speak for them。
Qin Feng is not a fool,He had nothing to do with these,What does he care about?
But Qin Feng is also a very grudge,He still has one thing hidden in his heart,He also has to wait for the meeting,Wait and see,I’ll talk about other things later。
“Haha,Now it’s time to make money with harmony?But before, you broke my ten yuan road behind my restaurant,What kind of statement is that??”
This is a previous purchase with Qin Feng
The boss who bought vegetables,He always remembers this thing,Later, I went to Zhuang Kai to buy groceries.,It doesn’t mean that he will forget this kind of hatred。
The rest of the people also stood up,Today they want Zhuang Kai to give an explanation,Or hand over those dishes,Or lose money。

Can make the warrior of the extraordinary peak willing to die,The identity of that old man is not simple,Xia Chenglong looked at the old man who left,Whispered in my heart。

But the other party is pretty good,He actually helped pay for the meal when he left,This is not the bottle of peach blossom stuffing that blinded him in vain!
Out of the hotel,It’s already night,Busy day,I can finally go back。
But even though this is also High Peak City,But there is still some distance from the city where they live,At least three hours’ ride,Think about how big Lingxiao City is。
And when they go back peacefully,There are many people who are irritated by memories of what happened today。
“Snapped!”
Yuan Family Hall,The man sweeps the teacup on the table to the floor,Someone dared to attack his son,Also seriously injured,This kind of thing is never allowed in Lingxiao City。
“Patriarch,It seems to be caused by the third son,He takes people to provoke others。”The people below tell the truth tremblingly。
“Even if Huaer is at fault,A group of people,Don’t need to be like this!”
Yuan family’s famous guardian,This matter must be a big fight。
“Did you find out who that person is??”
Head down:“This one……I only know that the other party is called Along,Dress plainly,There should be no background!”
“should?”The man asked rhetorically,“I don’t want to hear such words,Go check it for me,Even if it’s digging the ground, I have to find it out for me。”
“Yes!”

Alex nodded,Asked after thinking about it:“how about you?Do you want to stay here?”

Lu Menglin shrugged,Smiled:“Do not,I still want to continue to see。But don’t come down,The following will be more dangerous,I’m afraid I can’t take care of you。”
Alex nodded again,Tao:“Yes。I know!The environment below will only be worse than here,But what is worse than the environment is the human heart。I won’t be your burden。I will wait for you。”
“Well!You go up first,I will definitely come back to find you。We will leave here together。”Lu Menglin said seriously。
Alex nodded,Waiting to leave,Suddenly turned around again,Said seriously:“land,I have an opinion,I hope you can accept it humbly。”
“Oh?”Lu Menglin was a little surprised,This foreigner still has opinions?I don’t know what he wants to say,So nodded。
Alex hesitated again,Still speak boldly:“I watched all your battles just now,I think your kung fu is great,But there are still some small problems。”
“Nothing,Just say it straight,I didn’t practice Kungfu for long。”Lu Menglin was slightly taken aback,Still very humble answer。
A smile on Alex’s face,He thinks his master is really great,There is no arrogance or prejudice in him,Get along with people like him,It’s really a very pleasant thing。
People like Alex,Actually not many friends,Because they spend most of their time and energy on dedicated careers,So the heart is still pure,Also very sensitive to people’s hearts,Is a person a good person,Kind enough,They can easily judge。
“When you moved just now,Speed can actually be faster。But you didn’t step on the most accurate point。Can you understand what I said?”Alex asked with a smile。
Lu Menglin was slightly taken aback,Seems to feel a bit,But can’t hold it for a while。
“such,The distance from here to the edge of the cliff,You run as fast as you can to show me。”Alex says。
Lu Menglin nodded,Suddenly burst out underfoot,Rush out like an arrow,Mention one,The toes only stepped on the ground twice,Fell steadily to the edge of the cliff。
His body method is based on the post,Grab the ground with ten toes at every step,Under a sudden force,Extremely fast action,There is already a feeling of shrinking in it。

Great Wall Motor (601633): New energy pragmatic pioneer technology accumulation has never stopped

Great Wall Motor (601633): New energy pragmatic pioneer technology accumulation has never stopped
Be pragmatic, and target the post subsidy era directly.On the surface, the company’s new energy strategy and planning are 杭州夜网论坛 slightly passive and slow, but in fact, the company’s layout in this area has always been based on economic work. It has no intention of making up for supplementary profits, and directly aims to achieve profitability without relying on compensation.Precise. In the post-subsidy era or after the cancellation of supplements, the company’s layout and strength will be discovered in advance and recognized by the market. Euler’s power consumption indicators are leading, and A00-class cars are still on the market.Compared with the technical indicators of the A00 class aircraft of the same level, the Euler R1 index is leading, and the power consumption most concerned by the market is the lowest in the same class, and the power consumption per 100 kilometers is less than 10 degrees. This technical indicator also strongly indicates that the company isThe research and development and accumulation of energy vehicle technology and lightweighting have never stopped.In addition, we believe that the market is still biased towards A00 models and demand, which is mainly affected by the subsidy policy of 2018 and the fraudulent behavior of some car companies in the early stage, which has caused a large number of inferior products to flood the market and subsequently spread to Great Wall Euler, etc.With the continuous launch of high-quality models, the real demand for A00-class models will gradually be released. Great Wall BMW is worth looking forward to, and the hydrogen fuel layout is one step ahead.The company strategically cooperated with BMW to produce pure electric MINI models in the initial stage. In addition, we believe that in other areas such as new energy technology, battery technology, and intelligent networking and autonomous driving related technologies can achieve win-win cooperation.At present, a hydrogen fuel cell team of more than 600 people has participated in various technology development and model planning. The layout of domestic OEMs has been one step ahead. In the future, the hydrogen fuel industry chain will gradually mature, and the company’s forward-looking layout advantages will gradually be realized. Investment suggestion: The company’s new energy strategy directly targets the post-replenishment era in order to achieve profitability without relying on supplementation. Cooperation with BMW can bring double promotion of brand and technology. At the same time, the forward-looking layout of hydrogen fuel cells will rapidly develop in the future.The process will fully benefit.We are optimistic about the company’s development for a long time, and gradually recommend strategically in 2019.It is estimated that the net profit attributable to mothers in 2018/19 will be 53.54 ppm / 60.31 trillion, currently expected to correspond to 14 times / 12 times PE in 18/19, giving a “buy” rating. Risk warning: Passenger car sales fall short of expectations

Suning Tesco (002024) Interim Review: Continue to promote all-scenario retail and enhance the professionalism of all categories

Suning Tesco (002024) Interim Review: Continue to promote all-scenario retail and enhance the professionalism of all categories
Investment highlights: The company announced its semi-annual report for 2019, and its performance was in line with market expectations: (1) 19H1 achieved revenue of 1355.7.1 billion, an annual increase of 22.49%; net profit attributable to mother 21.3.9 billion, a ten-year increase of -64.36%.2Q19 revenue was 733.3 billion, an increase of 20 in ten years.10%; net profit attributable to mother 20.04 billion, a ten-year increase of -65.99%.The overall GMV is 1842.1.3 billion, an annual increase of 21.80%.(2) We estimate that after deducting the profit and 上海夜网论坛 loss of Suning Store in 19H1 and the gains from the sale of Ali shares in 18H1, the company’s net profit attributable to its mother in 19H1 increased 89.3%.In 19H1, excluding the increase in net profit brought by the operating status of Suning’s small stores and its share allocation, the net profit attributable to the mother was 7.6.1 billion. The net interest rate increased significantly month-on-month, and the expense ratio increased and improved.19H1: (1) Gross profit margin 14.04%, down 1 from the previous quarter.86 points; net interest rate 1.54%, an increase of 1 over the first quarter.37 points.The decrease in gross profit margin was mainly due to the company’s efforts to implement active price competition strategies in the promotion peak season, increase the promotion of new categories, and actively expand the sales impact of government and enterprise customers.(2) The 南宁桑拿 expense ratio is 16.55%, an increase of 2 in ten years.66 points.Sales / management / R & D / financial expense ratio 12.34/2.02/1.09/1.10%, increase by 1 every year.75 / -0.21/0.27/0.85 points.The increase in expenses mainly includes an increase in the personnel expense ratio, an increase in the lease expense ratio, a periodical increase in logistics expenses, an increase in the demand for operating funds, an increase in the scale of expenditure, and an accrual of 18 years of corporate debt interest. Online: Form a social operation matrix and strengthen the construction of online product categories.(1) The GMV on 2019H1 is 1,121.50 billion, an annual increase of 26.98%, self-operated GMV was 796.9.5 billion, an annual increase of 25.60%, the platform GMV is 324.55 billion, an annual increase of 30.50%.(2) Focus on social operation, strengthen the innovation of Suning’s push-to-buy, Suning push, Su Xiaotuan and other operating products, integrate commodity supply chain and logistics, financial service resources, and assign value to the output of emerging channels such as communities, communities, social e-commerce, etc.can.(3) Through strengthening the introduction of new products and tide products, the SKU and brand richness will be enhanced, supporting bonded warehouses and overseas warehouse layouts will be enhanced, and overseas purchase and development will be strengthened.The promotion of fast-moving consumer goods, clothing, daily necessities and other goods was strengthened through the “Suning rush purchase” and “Suning sale”. Offline: Continuously improve the omni-channel layout, optimize storefronts, and product structure.2019H1 offline GMV328.2.0 billion, a 10-year increase of 10.97%.(1) Promote the layout of the entire scene.As of June 30, 2019, there were 3362 retail cloud franchise stores, 5368 Suning stores and Diya Tiantian self-operated, Diya Tiantian joined 42, and a total of 4,141 other self-operated stores.1746 stores, 2110 specialty stores, 172 Red Kids stores, 9 Sun Xiansheng, 54 Suning Tesco Plaza, 8 Suning Tesco Plaza projects, 67 non-mainland stores (28 in Hong Kong, Japan39). (2) The growth rate of specialty stores, directly operated stores, and red children’s stores increased by -5.66%, -6.27%, 16.84%. Maintain profit forecast and maintain “Buy” rating.The company further enriched the layout of smart retail scenarios and accelerated the development of FMCG categories.Retail cloud empowerment has deepened, accelerating the sinking of low-tier cities and township markets, logistics and finance, and other businesses to improve the ecological closed loop and improve overall profitability.We expect the company to return 185 net profit for 2019-2021.77/30.21/34.2 billion, corresponding to an EPS of 2.00/0.32/0.37 yuan, corresponding to the current expected PE is 5/34/29 times. Maintaining the “Buy” rating risk reminder: industry competition has further intensified, online growth has been outstanding, and offline exhibition stores have fallen short of expectations.

Zoomlion (000157): Confidence in the next cycle to benefit the underlying equity incentive show

Zoomlion (000157): Confidence in the next cycle to benefit the underlying equity incentive show

Core products benefit from the post-cycle of infrastructure and real estate. Fair incentives highlight solid growth confidence. Infrastructure-related policies have continued to increase over the past 10 months. Real estate investment shows that there is room for more post-cycle varieties such as cranes and 上海夜网论坛 concrete machinery.

The competitiveness of the company’s core products has been enhanced, and a new round of equity incentives has shown steady growth confidence, and the performance growth rate continues to lead the industry as a whole.

Maintain profit forecast, EPS is expected to be 0 in 19-21.

54/0.

63/0.

72 yuan, PE is 11.

4/9.

7/8.

5 times.

  Maintain “Buy” rating.

  Infrastructure construction is gradually strengthened, land revenue is outstanding, and cranes and concrete machinery have additional growth space. From January to October 19, domestic infrastructure investment growth has increased.

26%, transportation, environmental protection and other shortcomings continued to increase investment, investment growth rate ahead of the overall infrastructure investment growth rate.

The State Council reduced 北京夜网 the minimum capital ratio for some infrastructure projects on November 13. The strength of infrastructure construction in 2020 will benefit from the increase in financial support and the “steady growth” underpinning effect.

Real estate investment showed expected growth, with an average domestic growth of 10 in 1-10 months.

3%, of which the growth rate of new starts in October picked up, and the growth rate of completion improved.

We expect that the market for crane equipment and concrete equipment will have more room for growth in the next 2-3 years, mainly due to infrastructure shortcomings, new rural construction, stock renewal, environmental protection elimination and renewal, and artificial substitution effects.

  The performance evaluation target is relatively stable, focusing on long-term incentives and constraints. The company launched a new round of equity incentive budget on November 15, and plans to recruit 1,200 employees, including 16 supervisors.

We estimate that the performance evaluation base for this incentive is expected to be 25.

28ppm (average net profit attributable to mothers in 17-19 years), corresponding to a target net profit of 20-22 years is 45.

45/47.

97/50.

490,000 yuan, three-year performance growth rate of 8% / 6% / 5% in ten years; three-year net profit totaled 143.

910,000 yuan, if the share payment fee is added, the total is 156 in three years.

4.6 billion.

The assessment targets show the company’s confidence in the steady growth of its performance in the next three years.

The existing compensation structure of the company’s core operation and management team is single, and the implementation of the effective 17-year distribution incentives is conducive to the long-term incentives and constraints of the core team.

  In the first three quarters of 19, the performance increased rapidly, and the profitability increased rapidly. From January to September of 19, the company achieved operating income of 31.8 billion yuan / + 51%, which was attributed to its parent net profit of 34.

800 million / + 167%.

The high performance benefited from: 1) the company’s continuous increase in orders and sales of concrete equipment and lifting equipment; 2) pump trucks, tower cranes, engineering cranes, etc. 4.

The market coverage of 0-series core products has increased, and product competitiveness has increased.

Gross profit margin was 29 from January to September.

8% / + 3.

45 pct with a net interest rate of 10.

9% / + 4.

78 pct, the profitability increased due to: 1) the improvement of the core product structure of lifting machinery and concrete machinery; 2) the cost control was good, and the cost rate decreased during the period.

  Maintain profit forecast and “Buy” rating. Net profit attributable to mothers is estimated to be 42 in 2019-21.

2/49.

6/56.500 million, EPS is 0.

54/0.

63/0.

72 yuan, PE is 11.

4/9.

7/8.

5 times.

The average PE value of domestic companies in the same industry for 20 years is 8.

9x, overseas leading CAT and Komatsu PE average of 12 years.

4 times.

We predict that the construction machinery industry is expected to develop steadily in 2020. The company’s crane and tower crane business is expected to grow rapidly, and the performance growth rate is expected to continue to lead the industry as a whole.

Give company 2020 PE estimate 11x?
12x, corresponding to the target price of 6.

93?
7.

56 yuan, maintain “Buy” rating.

  Risk reminders: The domestic economy is down faster than expected; the growth rate of infrastructure investment has not increased as expected, and real estate investment has continued to narrow; the industry’s competitive environment has deteriorated; the market for new products has not expanded smoothly; the impact of impairment losses

Spring Airlines (601021) Investment Value Analysis Report: Cost Advantages Strengthen Performance and Accelerate Cashing

Spring Airlines (601021) Investment Value Analysis Report: Cost Advantages Strengthen Performance and Accelerate Cashing

Accelerating demand for aviation mass penetration penetrates the third and fourth tiers, and the company’s turnover may reach nearly 4 in 2025.

5%, market share continues to increase.

Cost advantage Integrated moat, Q1 company unit cost is 35% lower than the three major airlines.

Industry operation and investment growth forecast, Shanghai, Japan and South Korea demand boom upward, it is expected that the company’s passenger revenue in 2019 may increase by 2%.

The impact of foreign exchange is minimal, and the risk of volatility is basically negligible. Jet fuel prices have fallen by 1% or increased performance by 40 million.

The diameter aviation leader, the unit cost is 35% lower than the three major airlines, put into operation Daxing Airport to improve the route 深圳桑拿网 network.

The company is the leader in aviation with the highest budget. As of the end of 2018, the fleet size was 81, with 173 routes, and 19.52 million passengers at destination.

The Shanghai base will be formed, and 7 mature regional bases including Shijiazhuang and Shenyang will be rebuilt one after another. The Lanzhou base will be newly opened in 2019.

Beijing Daxing Airport may be launched in 2020, which is expected to radically improve the structure of the route.

Assume that one pair of Beijing-Shanghai time is added each day, and it is expected that the gain of seat km will be zero.

About 5%.

Adhering to the business model of two orders, two highs and two lows, the cost per unit kilometer of Q1 may be about 35% lower than that of the three major airlines.

The popularization of aviation is accelerating. The market size will be nearly 100 billion in 2025, and the company’s turnover may increase to nearly 4%.

5%.

The number of domestic flights per capita in 2018 was 0.

44 times, benchmarking overseas naval aviation penetration rate has at least doubled the space.

In 2018, the annual low-cost airline market share was only 11%, significantly exceeding the global 33% level. The acceleration of the popularization of aviation has penetrated the third and fourth lines, and the market share has continued to increase.

We estimate that the size of the aviation market will be reduced to 983 trillion by 2025, and the company may benefit from industry growth dividends.

Assuming that the company’s ASK growth rate will be about 15% in the next 6 years, the company’s market share in 2025 is expected to be nearly 4%.

5%, continuous improvement.

Passenger revenue may increase by 2% in 2019, and ASK may return to more than 15% in 2020. The impact of oil exchange risk is minimal.

In 2017 and 18, domestic passenger revenue increased by 16% and 8%. Supply and demand improved or promoted the company’s passenger revenue increased by 2% in 2019, and revenue continued to rise.

The only introduction of 5 aircraft last year affected the short-term growth rate of operational investment. At the end of the first half of the year, the 5 aircraft appointment plan has been completed. If 10 aircraft are successfully introduced in the second half of the year, the growth rate in 2020 and 21 is required to return to more than 15%.

For every 1% fluctuation in the exchange rate of RMB against the US dollar, the impact on the company’s net profit in 2018 was 580,000. The exchange rate had the smallest impact, and the risks were basically negligible.

On May 30, cloth oil was downgraded by 9 from the beginning of the month.

For every 5% reduction in jet fuel price, the company’s profit is expected to increase by about 40 million yuan, and oil prices can increase the company’s performance.

The cost management and control advantages have been strengthened, and high revenue from auxiliary income has continued to contribute to performance.

In 2018, the company’s unit cost was nearly 30% lower than the average level of the three major airlines. The unit sales expenses and management costs were only 30% and 50% of the three major airlines.
60%.

Compared with Southwestern United States, the company’s cost control is more excellent.

The unit cost of Q1 company is 35% lower than the three major airlines. The cost advantage has been expanded from last year (30%), and the cost advantage has established higher competition barriers.

In 2018, the company’s auxiliary gross profit margin was 64%, and its profitability far surpassed its main business, becoming an important performance support.

Overweight baggage and air sales revenue contributed 68% of this.

Decreasing commissions weighed on auxiliary income, and it is expected to stabilize and recover in 2019.

Risk factors: Macroeconomic growth forecast, rapid oil price growth, aircraft introduction less than expected.

Investment suggestion: Accelerate the demand for mass aviation to penetrate the third and fourth tiers, and the company’s turnover may reach nearly 4 in 2025.

5%, continued to improve.

Cost advantage Integrated moat, Q1 company unit cost is 35% lower than the three major airlines.
Passenger traffic in Shanghai accounted for more than half of the company’s overall. Considering the growth rate of industry operation and investment, the demand boom in Shanghai, Japan and South Korea increased. It is expected that the company’s passenger revenue may increase by 2% in 2019.
We maintain the company’s EPS forecast for 2019/20/21 to 2.

02/2.

38/2.

76 yuan, corresponding to 22/18/15 times the PE.

Considering that the company’s market share continues to increase, the cost advantage is strengthened, and the revenue continues to rise, the company’s net profit will increase by 23% in 2019.

The growth is highly certain and given a certain estimated premium, we believe that the company reasonably estimates about 25 times and gives a target price of 51 yuan (corresponding to 25 times PE in 2019).

Maintain “Buy” rating.