In the end, we arrested Ning Ge, who arrested Ning Ge, who were arrested, who were sorrowful, who were sorrowful, who were sorrowful, who were sorrowful, who were sorrowful侊紝浣嗘槸瑕佹敞鎰忕瀻涓嶈兘澶熷拰涓€浜涘惈鏈夌淮鐢熺礌c鐨勯鐗╀竴璧烽鐢ㄣ€?1銆侀钑夊拰铏捐兘涓€璧峰悆锛屼袱鑰呬箣闂存病鏈夊啿绐併€?2 銆 佌 栌 勄 卄 勋 員 卋 勋 卋 揜 揈 揈 揈 Mountain peaks and mountains and mountains and mountains and mountains and mountains and mountains and rivers and mountains and mountains and mountains and mountains and mountains and mountains and lakes and lakes are different from each other.鏃犳瘨鐨勪簲閽剧牱 浼氳浆鍙樹负鏈夋瘨鐨勪笁閽剧牱銆?3 銆 侀 鐢 ㄦ Treating the torch 椂 求 擂 擂 笉 侀 ギ 鐢 ㄥ ぇ Read the 閏 閏 掰 纴 钖 ﹀ 垯 揼 懼 懼 應 尾 尽 尶 氱 氱 氱 氱 氱 氱 氱 氱 氱 就 氱 就 就 氱 就 就 氱 氱 就 氂 氱 Adding to the problem戠棝椋庛€?銆佽櫨蹇屼笌鏌愪簺鍚湁闉ｉ吀鐨勬按鏋滐紝濡傝憽钀勩€佺煶姒淬€佸北妤傘€佹熆瀛愮瓑鍚岄锛屽惁鍒欎細鍒烘縺鑲犺儍锛屽紩璧峰憰鍚愩€佸ご鏅曘€佹伓蹇冨拰鑵圭棝鑵规郴绛夌棁鐘躲€?銆佽繃鏁忔€х値鐥囨偅鑰咃紝涓嶅疁椋熺敤銆?銆佹湁鐨偆婀跨柟銆佺櫍鐥囥€佺毊鑲ょ槞鐥掍互鍙婇槾铏氱伀鏃鸿€呬笉瀹滈鐢ㄣ€?銆佷竴鑸汉缇ゅ潎鍙鐢ㄣ€傚挨閫傚疁涓€佸勾浜恒€佸瓡濡囥€佸績琛€绠＄梾鎮ｈ€呫€佽偩铏氶槼鐥裤€佺敺鎬т笉鑲茬棁銆佽叞鑴氭棤鍔涗箣浜猴紱涓€佸勾浜虹己閽欐墍鑷寸殑灏忚吙鎶界瓔鑰呫€?銆侀钑変笉鍙互鍜岀墰濂朵竴璧烽鐢ㄣ€備竴璧峰悆鐨勮瘽锛屼細涓瘨銆?
銆 愯 タ 绾 ㈡ 熆 镄 姫 姛 堁 堜 嬌 欤 滤 銆 慱 瑗 Cross-children to borrow _ 鐩 婂
瑗跨孩鏌挎棦鏄按鏋滀篃鏄敩鑿滐紝钀ュ吇浠峰€兼槸闈炲父楂樼殑锛岃タ绾㈡熆鐨勯鐢ㄥ姛鏁堟槑鏄撅紝瀵逛汉浣撶殑浣滅敤鏇存槸涓板瘜銆傞櫎浜嗛鐢ㄦ晥鏋滐紝瑗跨孩鏌胯繕鑳界編瀹瑰吇棰滐紝涔熷彲浠ョ敤瑗跨孩鏌挎潵鍒朵綔闈㈣啘锛屾晥鏋滀篃闈炲父濂姐€?1.Ti Marriage cross-children and boasting arrogance 湶 橶 ч 勺 勭 Huai 熺 礌 C C 岃 兘 氶 熸 湁 揁 揺 揺 懦 燋 燤 燤 駋 繤 繤 燤岃偆锛涜€屼笖鍏朵腑鍚湁鐨勫叾浠栫淮鐢熺礌杩樿兘澶熷府鍔╁寮虹毊鑲ょ殑鐢熺悊鍔熻兘锛屾湁鏁堟敼鍠勮倢鑲ょ矖绯欍€佽€佸寲鐘跺喌锛岀粰鐨偆娣卞眰婊嬪吇鎶ょ悊锛岀粡甯稿悆瑗跨孩鏌胯兘澶熷府鍔╃編瀹瑰吇棰溿€?2.鍑忚偉鐦﹁韩瑗跨孩鏌胯兘澶熷府鍔╂湁鏁堝噺鑲ワ紝涓€鏄叾涓惈鏈夌殑鏈夋満閰哥瓑鎴愬垎鑳藉甯姪鍔犻€熷垎瑙ｄ綋鍐呯殑鑴傝偑锛涗簩鏄タ绾㈡熆杩樺叿鏈夋瀬浣庣殑鐑噺锛岃兘澶熸帶鍒朵綋鍐呯殑鐑噺Ning 姪 鐦 ﹁Han Zhi?.閫€鐑В姣掕タ绾㈡熆鏈韩鏄睘浜庡瘨鎬э紝鍏锋湁寰堝ソ鐨勬竻鐑В鏆戜綔鐢紝涔熻兘澶熷府鍔╄В姣掓帓姣掋€傚湪鍙戠儹鏈熼棿鍚冭タ绾㈡熆鑳藉甯姪鏈夋晥椹辫蛋浣撳唴鐑皵锛屽府鍔╅€€鐑€?4.Sister Sui Lu 瑵 cross-children praising and sorrowing fan reading and violently violently rushed to go to go to the country to borrow and borrow, squirming the pickaxe, picking up, picking up, and picking up the chain.揿唴冻澶熺殑阃犺鐗╄川棰勯槻璐鐨勫悓鏃惰繕鑳藉甯姪鍏诲嚭濂芥皵鑹层€?.闃叉涓殤瑗跨孩鏌挎€у噳锛屽彲娓呯儹瑙ｆ瘨锛屽叿鏈夊緢濂界殑娑堟殤娓呯儹鏁堟灉锛屽澶╁悆瑗跨孩鏌胯兘澶熷府鍔╅槻姝腑鏆戙€傞槻姝腑鏆?.Qi Taiyuliangjian Yuan Cross-child Mokuafuyang Chi Feijuanchilian Hongmiejianjie rather nephew Chi Tai Yuhuhechang Kengjudongxi ュ Qiangjianxiedong Feifanheping JirenhuankuaHan 憋 熸 澶 у 镄 勫 啓 镞 introduced by Qi 冭 繘 啑 寑 寲 劲 銆?.It ‘s not a good idea, but it ‘s not a good idea. It ‘s not a good idea. It ‘s not a good idea. It ‘s not a good idea. Do you want to take a look at it?This is a cross-children’s crotch and a child’s crotch. It’s a disability. It’s a disability. It’s not easy to go to the house. It’s a good place to go.銾 銆?
楣呰泲鐨勫仛娉曢潪甯哥殑澶氾紝瑕佹兂鍋氱殑楣呰泲姣旇緝绠€鍗曪紝鑰屼笖闈炲父鐨勭編鍛筹紝鍙互鍋氭垚鐓庤泲锛岄潪甯搁€傚悎鍦ㄦ棭椁愭潵鍚冿紝鍋氱殑鏂规硶姣旇緝绠€鍗曪紝闈炲父鐨勮妭鐪佹椂闂达紝姣旇緝閫傚悎骞虫椂宸ヤ綔姣旇緝蹇欑殑浜烘潵鍒朵綔锛屽彧闇€瑕佸噯澶囬€傞噺鐨勯潰鍖呮福鍜岃渹铚滃氨鍙互鍒朵綔浜嗭紝鍙﹀涔熷彲浠ョ敤鏉ュ仛铔嬬倰楗紝杩欏拰楦¤泲鍒朵綔铔嬬倰楗殑鏂规硶澶у悓灏忓紓銆傞箙铔嬫€庝箞鍋氬ソ鍚冨張绠€鍗曠涓€绉嶏紝鑻忔牸鎷夌厧铔嬨€傚皢铔嬬叜鐔?鍘荤毊,瑁逛笂涓€灞傞潰鍖呮福,鍦ㄦ穻涓€灞傝渹铚?鐒跺悗瑁逛笂涓€灞傝倝鏉?It ‘s a lot of time, it ‘s a good thing, it ‘s a good thing, it ‘s a lot of time, it ‘s a lot of time, it ‘s a squeeze, it ‘s a tweezer, it ‘s a bitter, it ‘s a bitter, it ‘s a bitter, it ‘s a bite, it ‘s a bite, it ‘s a bite.庤泲銆傜浜岀锛岀編鍛宠泲绋€楗€傜敤鐮傞攨鐓█楗?姘村揩骞叉椂鏀惧叆铔嬮粍(鍔犲叆鑹叉媺娌瑰拰灏戣姘寸粸鎷屽潎鍖€),鐩栦笂鐩栧瓙鏀惧叆寰尝鐐夐珮鐏 姞 鐑?-2 闒 嗛 挓, 揙 計 嵁 锽 滃 ソ 锷 珲 璋 咨 冨 揗 揂?It’s so beautiful.绗笁绉嶏紝娴囨眮铔嬨€傜寷鐏偢铔嬶紝澶栫劍閲屽锛屽枩娆㈠悆浠€涔堝懗閬撴祰浠€涔堟眮锛屾劅瑙夎タ绾㈡熆姹佹渶濂藉悆銆傜鍥涚锛岃泲鐐掗キ銆傛潗鏂欙細绫抽キ鍗婃枻锛岄浮铔嬩袱涓紝棣欒懕涓夋牴锛岀尓鑲変竴涓わ紝鐏吙涓€涓わ紝鑳＄綏鍗滃崐涓わ紝姘村彂棣欒弴鍗婁袱锛屾捣绫冲崐涓わ紝鍖呰彍涓€涓わ紝鐩愩€侀浮姹ゃ€佺尓娌广€佸懗绮俱€佽儭妞掔矇銆侀叡娌广€傚仛娉曪細1. 灏嗙尓鑲夈€佺伀鑵裤€佽儭缃楀崪銆侀鑿囧垏鎴愬皬鏂逛竵锛岃倝涓佹拻灏戣鐩愭悈鎷岋紝鍖呰彍鍒囨垚2cm鐨勭煭涓濓紝棣欒懕鍒囨垚灏忔锛岄浮铔嬬浜虹鍐咃紝鍔犵簿鐩愩€佽懕鏈悈鎵撳潎鍖€銆?。 灏嗛攨缃伀涓婏紝鑸€鍏ュ皯閲忕啛鐚补鐑х儹锛屽€掑叆楦¤泲娑茬倰鎴愰浮铔嬩竵锛屽皢鐐掑ソ楦¤泲涓佸€掑叆纰椾腑銆?. 閿呬腑鏀鹃€傞噺鐨勭尓娌圭儳鐑紝鍏ヨ懕鑺辩倰鐗囧埢锛屽姞鍏ヨ倝涓併€佺伀鑵裤€佽儭缃楀崪銆侀鑿囥€佹捣绫炽€佸寘鑿滅吀鐐掔墖鍒伙紝鍔犲叆灏戦噺閰辨补鍛涢攨鍐嶅€掑叆鐐掑ソ鐨勯浮铔嬪拰绫抽キ鐐掑寑锛屽€掑叆灏戦噺楦℃堡锛屽姞鐩愩€佽儭妞掔矇缁х画鐐掑寑锛岃捣閿呭墠鍔犲皯璁稿懗绮剧炕鐐掍竴涓嬪嵆鍙€?
]_ Lactation period _ can you eat
[Can you eat golden cicadas during lactation?
]_ Lactation period _ can you eat
Maybe many people have never eaten golden cicada. In fact, this is a very high nutritional value. Some golden cicadas are rich in high-quality protein. In addition, they are also rich in a variety of amino acids needed by the human body, especially calcium phosphate.And other trace elements, so eating Jin Chan has many benefits to human health, so can women eat during breastfeeding?
Can I eat golden cicada during lactation?
Jin Chan has high protein, high nutrition, pure natural, pollution-free, pure green and other characteristics of wild nourishing poles: suggestions: And Jin Chan body is rich in amino acids, proteins and trace elements, the human body essential amino acids account for 46 amino acids.
Breastfeeding mothers can eat.
Jin Chanhua’s main role is to clear heat and detoxify.
There are many drugs in this area.
Suggestions: It is necessary to consider the concentration of the drug in breast milk and its possible impact on the baby.
When the mother is taking medication, it is best to consider suspending breastfeeding and wishing for health.
This is useful, you can pay attention to dietary habits for conditioning. Eat more soups that promote milk secretion, such as trotter soy soup, tofu catfish soup, Wang Bu Liu Xing egg soup, grass water, etc., Promote the secretion of milk, it is estimated that letting the baby suck more can also increase milk.
As long as it is non-allergic during lactation, it can be taken in small amounts. Jinchan not only contains protein and traces, but also contains multivitamins and trace elements necessary for the human body. It is good for the human body. The diet during lactation is light and eat more nutritiousStuff, drink plenty of water and wish a happy life.
Experts ask “Can pregnant women eat golden cicada?
“Expert expert one: Jin Chan is a nutrient-rich food that pregnant women can consume appropriately. It has no effect on vitamins.
(Can pregnant women eat Poria?
) Expert 2: Jin Chan is rich in relatively rich protein. It can be eaten properly, but at the same time, it is relatively cold, so it is not suitable to eat too much.
Expert 3: Pregnant women can eat golden cicada. Golden cicada contains a lot of protein, which plays a very good role in fatty acid development, as long as it is hygienic enough.
[How to make char-grilled egg fried rice]_Home-made method of char-grilled egg fried rice_How to make char-grilled egg fried rice_How to make
In life, everyone can’t live without the word “eating”. This is the most basic need for our survival.
In order to meet this demand, many people are looking for a variety of foods, but they don’t know that health is gone.
But if you can make some “showy” food yourself, you will not only be able to eat happily, but you will also eat healthy.
Then, let’s introduce the practice of pork fried egg fried rice.
2. Break up two eggs, add an appropriate amount of oil to the pot, and pour in the egg liquid; 2.
12 Fry into pieces and serve for future use; 3.
21 barbecued pork cut into pieces; 4.
Pour the char-grilled pork into the pan and fry slightly; 5.
Add scrambled eggs; 6.
Add rice; 7.
Stir fry evenly; 8.
The char-grilled egg fried rice is not complicated to make. I believe that if you read the above carefully, I believe you should gain something.
Of course, if you want to taste your craft, please try it.
Qijiang Hydropower (600131) 2019 Third Quarterly Report Review-Single Quarterly Performance Disrupted and Major Reorganization Steady Progress
The third-quarter performance was disturbed by natural disasters and it is expected to recover ahead of schedule in the fourth quarter. Major asset restructuring is steadily advancing. It is optimistic that the company is expected to transform the advantages of cloud-network integration in the future, deeply grasp the Dongfeng upgrade of the power grid industry, and maintain the EPS forecast for 2019-2021.
31 yuan, maintaining the “overweight” level.
Disturbed by natural disasters, the third quarter results fluctuated.
The company achieved operating income in the first three quarters of 20197.
05%), to achieve net profit attributable to mother 1.
19 ‰ (ten years +8.
72%); single quarter revenue in the third quarter2.
570,000 yuan (at least -13.
47%); the company’s power generation in the first three quarters was 5.
When 8.6 billion tens of billions, the amount of 淡水桑拿网 electricity on the Internet was 5.
8.4 billion kilowatt hours, respectively, slightly decreased by 2 temporarily.
59% / 2.
The fluctuations in performance were mainly due to the impact of natural disasters caused by heavy rainfall in Aba Prefecture on August 20, which caused blockages to some of the company’s subordinate power stations, and caused disturbances to the company’s single quarter operation.
On October 23, the company announced that Shapai Power Plant will resume power generation, and other power plants are expected to resume grid connection one after another. It is expected that the company’s production and operation will return to normal in the fourth quarter.
Major asset reorganizations have advanced steadily, and deeply grasp the development potential of cloud-network integration.
The company’s major asset replacement and issue of shares and payment of cash to purchase assets have progressed steadily. At present, the matter has been approved by the State-owned Assets Supervision and Administration Commission, the company’s first extraordinary general meeting in 2019, and approved by the State Administration of Market Supervision and Administration.
The main target assets are CLP Feihua, Jiyuan Software, CLP Puhua, and CLP Kaixing. The products and services have covered cloud-network integration infrastructure, cloud platforms, cloud applications (ERP, enterprise portal, power marketing, etc.) and other conversions.In the future, the company will be able to provide integrated services through integration and create one-stop solutions.
In the first year of ubiquitous network industry, ICT procurement has successively landed, and the assets advantage of the State Grid System has become prominent.
Since September, the recruitment of the State Grid Information Industry has continued to be implemented and supplemented, and the ubiquitous special procurement of some provincial network companies has begun.
As the implementation of GM’s network construction, the network layer and the platform layer, the State Grid ICT procurement has the guiding role of upgrading the grid format, while maintaining the core requirements of grid security.
Therefore, in the above-mentioned fields, the power grid department has complete qualifications and relevant assets with deep experience, and its strengths are stable. The Group’s overall market share in the telecommunications equipment sector (including the planned injection of Qijiang Hydropower Assets) exceeds 40%. Risk factors: The progress of major asset reorganizations has fallen short of expectations, the ubiquitous electric power Internet of Things construction has fallen short of expectations, transmission fluctuations in grid investment have occurred, and industry competition has intensified.
Investment suggestion: It is expected that the traditional main business is expected to resume in the fourth quarter. Waiting for the major asset restructuring to advance, the company gradually deepens into the industry wind of the power grid industry and upgrades, maintaining the 2019-2021 net profit forecast as 1.
540,000 yuan, the corresponding EPS is 0.
At 31 yuan, the current expected PE is 71x / 69x / 67x; after considering new equity and asset reorganization, the pro forma performance EPS is 0.
44 yuan, maintaining the “overweight” level.
Nangang Iron & Steel Co., Ltd. (600282) 2019 Third Quarterly Report Review: Product Price Sustained and Sustained Profitability Replaces Industry
The robustness of the company’s performance in the first three quarters of this year stemmed from the increase in production and sales and the replacement of product prices. The decline in its profit was significantly smaller than the industry average.
The company is currently estimated to be in a recession, giving it a target price of 4 at 6 times PE estimates in 2019.
19 yuan, maintain “Buy” rating.
The company’s growth in the first three quarters was relatively small, showing more resistance to interference.
The company achieved revenue of 367 in the first three quarters.
3.1 billion, an increase of 9 previously.
18%; net profit attributable to mother 23.
7.5 billion, down 30 previously.
The company’s Q3 single quarter realized operating income of 126.
3.6 billion, an annual increase of 5.
13%, realizing net profit attributable to mother 5.
3.4 billion, exceeding the actual value of 53.
On the whole, the overall decline of the company’s performance was significantly smaller than the industry average, showing the expected anti-destructiveness.
The output growth is obvious, and it is expected to smoothly achieve this year’s operating goals.
The company’s output increased significantly in the first three quarters of this year, achieving 827 crude steel output.
02 for the first time, growing by 7 per year.
10%; realized steel output of 756.
09 for the first time, with an annual increase of 7.
The output of pig iron, crude steel, and steel products completed 77%, 78%, and 80% of the annual plan respectively.
The company is expected to successfully achieve its output target this year.
The long-term performance advantage is mainly due to the sufficient price of products and the increase in production and sales.
In the context of the overall growth rate of steel prices, the company’s revenue in the first three quarters has still achieved steady growth, mainly due to the reasonable price of products and the continuous increase in production and sales.
With the continuous optimization of the company’s product structure, the company’s product prices as a whole have shown stronger resistance to recession.
In the first three quarters of the company’s leading products, the average minimum excluding tax for the first three quarters was 4,188 yuan / ton, an increase of 1 per year.
04%, while the plate price index fell 8 in the same period.
5%, the company’s performance is significantly stronger than the industry average.
The minority equity is settled soon, and profitability is expected to improve significantly.
In April this year, the company announced that Nanjing Steel United, the controlling shareholder, acquired the relevant shares of Nangang Development and Jinjiang Furnace held by Jianxin Investment. The company plans to acquire Nangang Development and Jinjiang by issuing shares to Nanjing Steel United.料 料 38。 Each 38.
72% equity, of which Nangang Development is the company’s operating entity, and Jinjiang Furnace Charge is mainly responsible for sintering, coking and other transformations.
After the completion of the acquisition, the company’s performance is expected to increase.
Risk factors: The supply side releases more than expected; terminal demand exceeds the expected range; asset restructuring falls short of expectations.
Investment advice: The overall profit base of the industry this year exceeds last year, and the price of iron ore has risen significantly, which has significantly increased the cost of raw materials for steel companies.
However, the actual price of converted iron ore has fallen, and it is expected that the company’s fourth quarter profitability will usher in a certain improvement.
We maintain the company’s EPS forecast for 2019-21 of 0.
76 杭州夜网论坛 yuan.
The company is a leading domestic heavy plate company, and has obvious anti-cyclical ability in the industry’s down cycle. Based on 6 times the PE in 2019, it is given a target price of 4.
19 yuan, maintain “Buy” rating.
Koboda (603786) New Shares Research Report: Headlight Control Leader Global Athletics
Key points of investment: Koboda: Deep plowing the field of car light control, global competition.Keboda was established in Shanghai Zhangjiang Hi-Tech Park in 2003. Its core products cover automotive lighting control systems, motor control systems, energy management systems, and on-board electrical appliances and electronics.Le, Jaguar Land Rover, Ford, BMW, Renault and other global mainstream manufacturers supply chain systems are very high-quality and pure global automotive 深圳桑拿网 electronics suppliers. The control of the light source of the car is gradually intelligent, and the voice of the supplier is raised.The intelligent control of the headlights is the direction of the automotive lighting industry in the next few years and decades. It echoes the assisted driving technology, improves the driver’s driving experience, and the improvement of technical requirements further raises the voice of automotive suppliers.Koboda’s matrix LED main light source controller LLP is one of the most advanced vehicle light controllers currently available for mass production of FAW-Volkswagen and Volkswagen Group. Horizontal expansion, the field of execution control.Based on its significant advantages in the field of vehicle light control, Koboda has expanded its product category to small and medium-sized motor control systems. It has developed electronic fuel pump controllers and air-conditioning blower controllers for SAIC Volkswagen, both of which have achieved scale support and contributed core profits to the companygrowth point.We believe that the electronic trend of the execution end will be determined in the future, the overlapping control accuracy requirements will be repeated, and the industry has ample space for import substitution. Koboda: Future development is expected.The company’s IPO plans to issue no more than 40.1 million shares, and the raised funds are planned to be invested6.7 million LED light source controllers, fuel pump control systems, blower control systems and other main product capacity expansion, 1.Construction project of a new energy automotive electronics R & D center of 700 million US dollars. Earnings forecasts and investment advice.As the absolute leader of domestic vehicle light controllers, Koboda is a horizontal expansion motor control system, automotive electronics and electronics and other fields. It is deeply bound to the overall system, and its simultaneous research and development capabilities and mass production experience have been fully verified.We expect the EPS for 2019-2021 to be 1.33 yuan, 1.49 yuan, 1.69 yuan. Considering that the company is the leader of domestic car light controllers, the customers are of high quality, and the horizontal layout of future products and the space for customer development are broad. It is given 25-30 times PE in 2019, with a reasonable value range of 33.25-39 years old.90 yuan, it is recommended to purchase. 南宁桑拿 risk warning.The prosperity of the automotive industry fluctuated; the customer expansion of lighting control systems was slower than expected; the capacity expansion progress of the raised projects was lower than expected; and the customer dependency of the single system shifted.
Vanke A (000002) 2019 Semi-annual Report Comments: The semi-annual settlement performance increased by nearly 30% as expected
Event: Vanke A (000002) announced the 2019 semi-annual report showing that it achieved operating income of 1393.
20,000 yuan, an increase of 31 in ten years.
47%; Net profit attributable to shareholders of listed companies was 118.
40,000 yuan, an increase of 29 in ten years.
79%; Basically profitable1.
Comments: In the first half of 2019, nearly 30% of the performance growth was in line with expectations.
In the first half of 2019, the group achieved operating income of 1393.
2 ten percent, an increase of 31 per year.
47%; Net profit attributable to shareholders of listed companies was 118.
4%, an increase of 29% per year.
79%; Basically profitable1.
Monthly growth of 24.
9%; Fully diluted net asset 武汉夜生活网 income increased by 7.
35%, an increase of 0 from the same period in 2018.
The settlement gross margin for the real estate business was 28.
3%, an increase of 1.
The steady growth in sales led the overall solid.
In the first half of 2019, the Group’s sales area reached 2,150.
10,000 square meters, with sales of 3,340.
0 billion, up 5 each year.
6% and 9.
6%, the sales amount of development business in 41 cities ranked among the top three in the local area.
Among the products sold by the Group in the first half of the year, residential units accounted for 87.
8%, commercial office accounted for 9.
0%, other supporting ratios are 3.
Among the residential products, 90 are small and medium-sized units of less than 144 square meters.
Achieved settlement area of 846.
30,000 square meters, an increase of 20 per year.
7%; realized settlement income of 1,329.
90,000 yuan, an annual increase of 32.
2%; the average settlement price of real estate business is 15,715 yuan / square meter.
As of the end of the reporting period, the scope of the Group’s consolidated statements was 4,403.
The 70,000 square meters of resources sold have not been settled, and the total contract amount is approximately 6,215.
500 million US dollars, an increase of 18 over the end of last year.
7% and 17.
The initial completion of the new construction is in line with expectations.
In the first half of the year, new construction area of 19.53 million square meters was realized, which decreased by 15 each year.
9%, accounting for 54 of the previous start-up plan.
1% (first half of 2018: 65.
5%); completed 10.6 million square meters, an increase of 15 per year.
6%, accounting for 34 of the initial completion plan.
5% (first half of 2018: 34.
It is expected that the initial completion area will be basically the same as the initial plan.
The project obtains stable overall resources.
In the first half of the year, 54 new projects were acquired, with a total planned construction area of 1372.
80,000 square meters, equity planning area 941.
80,000 square meters, the proportion of Vanke’s planned construction area to the total planned construction area is 68.
The equity land price budget for the above projects is approximately 649.
80,000 yuan, with an average price of 6,900 yuan / square meter.
Calculated by construction area, 82.
0% of the newly added projects are located in first- and second-tier cities; calculated based on the amount of equity investment, 88.
4% are located in first- and second-tier cities.
The total construction area of the Group’s projects under construction and planning at the end of the final period is approximately 15,340.
20,000 square meters.
The total construction area of the projects under construction is about 9867.
60,000 square meters, with a building area of approximately 5,869.
20,000 square meters; the total construction area of the project under planning is about 5472.
60,000 square meters, with a construction area of approximately 3423 calculated by Vanke’s equity.
50,000 square meters.
In addition, the Group also participated in a number of old city reconstruction projects. According to the current planning conditions, Vanke’s equity construction area in such projects totaled approximately 341 at the end of the reporting period.
40,000 square meters.
Reasonable debt level and relatively abundant liquidity.
As of the end of the period, the Group’s finances were stable, with 1,438 monetary funds held.
7 trillion; net debt ratio (interest-bearing debt for currency funds divided by net assets) is 35.
Interest-bearing debt is RMB 2253.
20,000 yuan, a decrease of 358 yuan from the beginning of the year.
9 trillion, accounting for 14 of total assets.
Among interest-bearing debt, short-term borrowings and interest-bearing debt due within one year totaled 666.
500 million, accounting for 29.
6%; interest-bearing debt of more than one year is RMB 1,586.
700 million, accounting for 70.
Among them, bank loans accounted for 59.
2%, bonds payable accounted for 25.
7%, other loans accounted for 15.
Monetary funds held 1,438.
7 ppm, which is much higher than the sum of short-term borrowings and long-term long-term debt within a year 666.
Property services are developing well.
In the first half of the year, Vanke Property achieved revenue of 52.
80,000 yuan, an increase of 27.
Vanke Property actively develops project resources and supplements the project’s contracted saturated income (referring to the property service fee income in a full year as agreed in the project contract) 21.
64 ppm, an increase of 113 in ten years.
8%; of which, residential property services added saturated income13.
33 ppm, an increase of 84% in ten years; commercial property services added new saturated income8.
310,000 yuan, an increase of 189% in ten years.
At the same time, Vanke Property vigorously develops service content, starting from the interests of owners, and directly introducing comprehensive asset service plans around the transaction, management, supporting, and value-added of housing assets.
Business outside the land continued to improve.
The Group adheres to the pain points and needs of leasing customers and improves its product and service capabilities.
The main product line of the youth long-term rental apartment brand “Bo Yu” won the title of “Top Ten Operators of China’s Centralized Long-term Rental Apartment of 2018-2019”.
The leased residential business opened 101 new projects in the first half of the year, for a total of 2.
06 thousand rooms.
As of the end of the reporting period, the leased residential business covered 35 major cities and gradually opened for business8.
20,000 rooms, 74% of which are located in 14 core cities including Beijing, Shanghai, Shenzhen, Guangzhou, Hangzhou, Tianjin, Chengdu, Xiamen, Qingdao, Nanjing, Suzhou, Wuhan, Xi’an and Jinan.
The average rental income of mature projects (opened half a year or more) was 91%.
The group uses the Printronix Group as its business development and operation platform.
As of the end of the period, the total construction area of the Group’s commercial projects under management exceeded 13.5 million square meters.
Among them, SCPG Group manages 110 commercial projects with a management area of 9.15 million square meters and an area of 6.43 million square meters (90% of which is a shopping mall).
With “Wanwei Logistics” as the logistics warehousing service platform, after nearly four years of development, it currently serves more than 800 customers, covering various fields such as e-commerce, express delivery, manufacturing, catering, and retail super.
In June 2019, at the 14th China Warehouse and Distribution Conference held by the China Warehouse and Distribution Association, Wanwei Logistics was elected as the “Top 10 National Warehouse Real Estate Enterprises in 2018”.
In the first half of the year, Wanwei Logistics acquired 9 new projects with a total construction area of approximately 740,000 square meters of leasable properties.
By the end of the period, Wanwei Logistics had settled in 44 cities, acquired 127 projects, and the construction area of leaseable properties was 9.96 million square meters.
A total of 64 projects were operated (including 55 high-standard library projects and 9 cold chain projects), of which 92% of the average rental income of high-standard library stable operation projects.
Earnings forecast: forecast 2019 to 2020 EPS is 3 respectively.
68 yuan and 4.
35 yuan, corresponding to the current low estimate, maintain the company’s “recommended” investment rating.
Tighter policies and liquidity lead to lower-than-expected sales
China World Trade (600007) Company Tracking Research Report: Mall Revenue Steadily Improves Operating Efficiency and Continuously Improves
The continuous improvement of mall rental levels is the driving force for the company’s future rental growth.
In the first three quarters of 19, China World Trade’s main business income was 26.
0 million yuan, an increase of 11 in ten years.
4%, net profit attributable to mother 7.
4 ‰, an increase of 25 per year.
The company’s 19-year business plan is expected to maximize profits10.
7 trillion, the company’s operating plan for the earlier 18 years increased by 15%, until the end of September 19, the company has achieved a profit margin of 9.
90,000 yuan, 92% of the long-term profit target.
1%, the expected performance is expected to exceed the performance of the business plan.
The company’s Donglou shopping mall was completed and opened in July 18, and it contributed about 1 to the company’s rental income in the first three quarters of 19 years.
75 ppm, an increase of more than a decade.
27 ppm is the main support for the company’s revenue growth.
The 杭州夜生活网 rapid increase of the rental level of the company’s mall is an important driving force for the company’s future rental growth.
Operating efficiency continued to improve, and operating cash flow continued to grow.
The company’s gross profit margin continued to increase, and the gross profit margin increased by 1 every quarter in the first three quarters of 19 years.
For the three units, considering the continuous growth of the company’s stalls to be depreciated, the increase in gross profit margin was mainly driven by non-depreciation and amortization of operating cost control.
In terms of expense ratio, as the company’s project completion has gradually matured, the three fee levels in the first three quarters have gradually dropped to zero.
In the third quarter of 19, the company realized a net operating cash flow inflow.
0 billion, a record high in a single quarter since listing.
It is expected that the company’s EPS in 19 and 20 will be 0.
04 yuan, maintain “Buy” rating.
It is estimated that the company’s net profit attributable to the mother for 2019-2021 will be 9 respectively.
20,000 yuan, the current EV corresponds to 19 years 8 years.
69X EV / EBITDA, July 20th.
EV / EBITDA is 74 times.
We believe that the current company’s estimated earnings, the expansion company will gradually develop into a pure cash flow high dividend company, there is room for improvement, and the current valuation of the replacement company must exceed its historical estimated center level (13X EV / EBITDA), we believeThe company’s reasonable valuation is October 19th.
0X EV / EBITDA, with a reasonable value of 19.
82 yuan / share, given a “buy” rating.
The leasing progress of newly added properties is gradually lower than expected, and the average rent and occupancy rate have slowed down or declined.