Category Archive : 夜生活

4.51 million 5G users can provide pipeline without 5G mobile phone operators?

4.51million5Guserscanprovidepipelinewithout5Gmobilephoneoperators?
OnMarch24,ChinaTelecom’sHongKonglistedcompanyreleasedits2019financialreport.Atthispoint,thethreemajoroperatorshaveannouncedtheirpreliminarytranscriptsfor2019.Unsurprisingly,despitetheunevenprofitperformance,theoperatingincomeofthethreecompaniesallincreasedandthegrowthstagnationiscontradictory-ChinaMobile’sannualrevenuehasincreased.2%,ChinaUnicomgrewbyonly0.3%,whileChinaTelecomfellby0.4%.  Allthreeoperatingcompaniesadmitthatthecurrentoperatingenvironmentis”complexandsevere”,andtheirfuture-orientedlayoutclearlypointstothenewpossibilityof5Gtechnologyreplacement.Inessence,itsfinancialreportsalsohighlightthehighgrowthofitsemergingbusinesses,showinganurgentmentalityofseekingnewgrowthpoles.However,inthefiercelycompetitiveindustrialInternetfield,canoperatorswithhugevolumesandhighlydependentoncommunicationservicebusinessrealizethegorgeoustransformationofelephantdancing?  ChinaMobilehasrecordeditssecond-largestprofitdeclineinthepastdecade.Telecomrevenueshavebothdeclinedinvolume.ChinaMobileisstilltheundisputednumberoneamongthethreemajoroperators.Accordingtotheannouncement,in2019,thecompany’soperatingincomewas745.9billionyuan,whileChinaTelecom’sdatawas375.7billion,andChinaUnicom’swas264.4billion.Intermsofprofitperformance,ChinaMobileisstilltheleader,withtwoshareholdersattributableprofitof106.6billionUSdollars,whileChinaTelecomandChinaUnicomfiguresare20.5billionand11.3billion,respectively.ChinaMobile’snetprofitismorethanthreetimesthatofothercommonsums.  Intermsofrevenuegrowth,thethreemajoroperatorshittherevenueceilingwithoutexception.Amongthem,ChinaMobile’srevenueincreasedby1everyyear.2%,communicationsservicerevenuegrowthwasonly0.5%.ChinaUnicom’shighestservicerevenueonlygrowsby0peryear.3%,whileChinaTelecom’srevenuerecorded0.4%drop.Intermsofprofitgrowth,inadditiontoChinaUnicom’s”benefitfromgoodcostcontrol”andachieved11.Inadditiontothe1%increase,theprofitsofChinaMobileandChinaTelecomhavebothdecreased-theformerhasdroppedby9.5%,anadditionaldropof3.3%.ForChinaMobile,thisisthesecond-largestannualnetprofitreductioninadecade,secondonlyto10in2014.2%decrease.ForChinaTelecom,revenueandnetprofitaresimultaneouslyinserted.  AlthoughChinaUnicom’srevenuehasincreasedslightlyanditsprofitabilityhasimproved,itispreciselyin2019thatitsnumberofmobilebillingusershasbeenovertakenbyChinaTelecom.AsofDecember2019,ChinaUnicomhas3mobilebillingusers.18.5billionhouseholds,whileChinaTelecomreached3.36billionhouseholds.ChinaUnicomhasrepeatedlystatedintheannouncementthatinthefaceofspeedincreaseandfeereduction,marketsaturation,fiercemarketcompetitionandthegradualdeclineofthe4Gtrafficdividend,thecompanyadherestodifferentiatedandInternet-basedoperations,strictlycontrolsuserdevelopmentcosts,strengthensintegratedoperations,andstrivestoavoidSimplepricewar.Althoughthecontrolofuserdevelopmentcostshasimprovedprofitabilityintheshortterm,thesmallnumberofmobileusersmayaffectthecompany’slong-termdevelopmentpotential.  在业绩报告书中,中国移动董事长杨杰表示,公司在财务表现上的压力在于“流量红利快速释放、同业及跨界竞争不断加剧等严峻复杂的经营环境以及‘提速降费’持续推进等Theinfluenceofpolicyfactors”.ChinaUnicomsaidthatsince2019,thedevelopmentofthedomesticcommunicationsindustryhasenteredaperiodofpain,therevenuegrowthisweak,andtheindustryvalueisunderpressure.ChinaTelecom’sfinancialreportalsomentioned”pressureandchallengesintheoperatingenvironment.”In2019,thefirstyearof5Gbusiness,thethreemajoroperatorsarenotlivingwell.In2020,when5Gispopular,theywillfacemorepressureandchallenges.  Thescaleof5Gsubscribersreaches10million,andtheexpansionof5Gcapitalwillgraduallyexceed180billion.ChinaMobilewillcontinuetoreplicate.BytheendofFebruary2020,5Gpackagecustomershavereached15.4million,maintainingindustryleadership.ChinaTelecomandtheannouncementstatedthatthecompany’s5Gpackageusershavereached10.73million.ChinaUnicomdidnotdiscloserelevantdata.However,the5Gpackageuserswhoarerankedverylowinproportioncanbringcommunicationservicerevenue,andthethreemajoroperatorsbringobviousbenefitsandattentiontothedigitaltransformationthat5Gcanbring.ChinaMobilesaidinitsfinancialreportthattheaccelerationof5Gdevelopmentwillprovidebettercarriersandmorescenariosfortechnology-scaleapplicationssuchasartificialintelligence,InternetofThings,cloudcomputing,bigdata,edgecomputing,andblockchain,andpromotethedigitizationofthousandsofindustries.Transformationandconsumptionupgradeofdigitallife.Atthesametime,thecompanyisalsofacingdisruptivechangesintheformofdigitalservices,newchallengesofnetworkdisruptionandbusinessmodelsinthe5Gera,andnewtrendsinindustry,cross-borderandcross-domaincompetition.  In2019,thethreemajoroperatorshavebeguntoexerttheireffortsinthedevelopmentof5G,graduallycapitalexpenditureof41.2billion.Accordingtofinancialreports,ChinaMobile’s5G-relatedinvestmentsin2019wereUS$24billion,whileChinaUnicomandChinaTelecomwereUS$7.9billionandUS$9.3billion,respectively.The5Gco-constructionandsharingbetweenChinaUnicomandChinaTelecomhastakensubstantialstepsin2019.ChinaUnicomdisclosedinitsfinancialreportthatthetwopartieshavegraduallyopenedup50,000shared5Gbasestations,andjointlysavedabout10billionyuanininvestmentcosts.  ChinaUnicomalsosaidthatinthefuture,thecompanywillactivelytakeadvantageofjointconstructionandsharing,andfullyconsiderthetechnologicalprogress,industrychainmaturity,andmarketandbusinessneeds.Steady,precise,anddynamicinvestmentin5Gnetworkconstructionwillsaveinvestmentcostsandoperatingcosts.Underthecircumstances,achieving5Gnetworkqualityisbasicallyequivalenttoparticipatingoperators.  In2020,thescaleofcompetitionandcooperationamongthethreemajoroperatorsin5Gconstructionwillalsoexpandrapidly.Accordingtothefinancialreport,in2020ChinaMobileexpectsthat5G-relatedinvestmentplanswillreach100billionUSdollars,build250,0005Gbasestationsandachieve5Gscalecommercialuseinallprefecture-levelcities;5GcapitalexpendituresofChinaUnicomandChinaTelecomareexpectedtoreachrespectively350ppmand453ppm,thetwowillstrivetocompletetheplantojointlybuildandshare250,0005Gbasestationsinthethirdquarterofthisyear,andwillbecomeamutualefforttoachieve300,000stations.Thecapitalexpendituresofthethreemajoroperatorson5Gwillreach1803trillionin2020,anincreaseofmorethanthreetimesayear.Thetotalnumberofbasestationswillexceed600,000.Industryanalystspredictthatthepenetrationrateof5Gnetworksanduserswillalsobegreatlyincreasedin2020,andthetariffsfor5Gpackagesmayalsobedecliningmorerapidly.However,suchhugeexpendituresalsoseemtobringbreakthroughfinancialpressuretotheoperationoftheoperatorenterprises.  Thereisalsoaproblem.ContinuousfinancialreportsshowthatChinaMobile’s5Gpackagecustomersreached15.4million,andChinaTelecom’s5Gpackageusersreached10.73million.ChinaUnicomhasnotreleasedrelevantdata.Onlymobiletelecommunicationscoaxialtotaled26.13million5Gpackageusers.However,ICTdatashowthatin2019,China’s5Gmobilephoneexpansionwillbe1376.90,000units.FromJanuarytoFebruary2020,thenumberof5GmobilephonesimplantedinChinais784.50,000units.Thetotalis2161.40,000units.Inotherwords,thereare451mobileandUnicom5Gpackageusers.60,000usersdonothave5Gmobilephones,whichhasnotyetaddedUnicom’sdata.Itisspeculatedthatthispartoftheusersmaybeattractedby5Gpackagediscounts,orthe”water”causedbythewidestatisticalcaliberof5Gusersbyoperators.Thecompetitionfor5Gusersbyoperatorswillonlybefiercelylaunchedforalongtimeinthefuture.  Emergingbusinessbecomesthehighlightofthefinancialreport.Whethertheelephantcandancestillneedsmarketinspection.Inthefaceoftherevenueceiling,ChinaMobiledescribedthecompany’snewbusinessdevelopmentinthefinancialreport:adaptingtochanges,transformingandupgradingfromcommunicationservicestobroaderinformationservicesStarttheimplementationofthe“four-wheel”marketinalldirectionsincludingindividuals,families,governmentandenterprises,andemerging(referredtoasC,H,B,N,respectively),withastrategictransformationofcoordinateddevelopmenttooptimizetheincomestructureandenhancenewdevelopmentmomentum.Asoftheendof2019,thenumberofgovernmentandenterprisecustomersreached10.28million,anannualincreaseof43.2%.Focusingonkeyindustriessuchasindustry,agriculture,education,governmentaffairs,medicaltreatment,transportation,andfinance,andvigorouslypromotingDICTindustrysolutionsthataredeeplyintegratedwiththescene,DICTincomecontinuestogrow48.3%,reachingRMB26.1billion.”MiguVideo”monthlyactiveusersgrewby46intenyears.4%,monthlyactiveusersofthe”HeBao”corefunctionincreaseby58everyyear.9%.  FuLiang,anindependenttelecommunicationsindustryanalyst,toldSaunaandYeewangthatChinaMobilehasalwaysmaintainedaconsensusadvantageinthepersonalmarketcompetition.However,inthecontextofthe4Gtrafficdividenddissipationandthe”speedincreaseandfeereduction”policycontinuingtoadvance,thecompany’sRevenueandprofitperformancearerelativelyaffected,sothereisastrongerincentivetoexpandinmultiplemarkets.Inthecontextoftheupcominglarge-scalerolloutof5G,thegrowthpotentialofemergingbusinessessuchasgovernmentandenterprisesisincreasinglyoptimisticabouttheindustry,andwillbecomethefocusofcompetitionforoperatingcompanies.  ChinaUnicomandChinaTelecomalsousedtoomuchspaceintheirfinancialreportstoreportonthedevelopmentoftheirbusinessbeyondcommunicationsservices.ChinaUnicom’smulti-industryInternetrevenueshaveexperiencedrelativelyhighgrowth:In2019,cloudcomputingrevenuesreachedRMB23.6ppm,anannualincreaseof147%;intermsofbigdata,revenuein2019willreachRMB12.300millionUSdollars,anannualgrowthof103%;intheInternetofThings,thenumberofplatformconnectionsiscloseto1.900million,andrevenuewillreachRMB30in2019.4trillionUSdollars,anannualincreaseof46%;ITservices,revenuein2019reached10billionUSdollars,anincreaseof78%overthesameperiod.  ChinaTelecomsaidthatthecompanyiscontinuingtobuildandleveragetheuniqueadvantagesofcloud-networkintegration,expandthecombinationofbasicnetworkaccessandcloudcomputing,bigdata,InternetofThingsandothertechnologies,anddeeplytapcustomerneedsandmarketpotentialinthebenchmarkingfield.Thecompany’s”TianyiCloud”ranksseventhintheworldinthepubliccloudIaaSmarketshare,rankingfirstintheglobaloperators,rankingfirstinChina’shybridcloudmarket,andrankingfirstinthedomesticcomprehensiveIDCbusiness.CloudbusinessrevenuereachedRMB710,000,andrevenuegrewby57peryear.9%,hasrisenasthefirstgrowthdriverinthefieldofDICT;thenumberofIoTconnectionshasreached1.57billion,withannualrevenuegrowthof21.7%.DICTbusinessisgraduallygrowingintothecompany’snewgrowthpole.  Facedwiththe5Gfashiontrend,Irealizedthatoperatorsarenolongerwillingtobe“pipelined”asinthe4Geraandbecomeapureinfrastructureprovider,buttrytoplayamoreecologicalandnurturingandindustryconsolidationonmorefront-endtechnologiesandservicesability.However,judgingfromthecurrentrevenuefigures,thevolumeoftheseemergingbusinesseshasnotyetbrokenthroughtherealabilitytobreakthroughtherevenueceiling.TodirectlycompetewithdomesticandforeignmainstreamInternetcompaniesinthefieldofindustrialInternet,thetechnologyandmarketcapabilitiesofoperatorsarefurthertestedbythemarket.  Sauna,YeWangpromisededitorXuChaoSunYongproofreadingLiShihui

Hu Mingxuan, a Guangdong men’s basketball teenager, passed the physical examination ahead of time and wanted to send a red envelope to the team

HuMingxuan,aGuangdongmen’sbasketballteenager,passedthephysicalexaminationaheadoftimeandwantedtosendaredenvelopetotheteam
CBAphysicalexaminationplayersaretiredofinhalingoxygen.Figure/Sports2019-2020CBAphysicalexaminationcontinuedthisafternoon.Duetothewarm-uptaskoftheGuangdongmen’sbasketballteam,HuMingxuanandhisteammatescompletedthetestinadvance,andtheformerscoredhigh.Hesmiledandwantedtothanktheteamforgivingredenvelopes.Inthespecialspeedendurancetestinthemorning,HuMingxuan’s4groupsreturnedtorunonaverage61.In03seconds,Igot110points.Inthe2minuteintensityshot,hescored112pointson18of26.HuMingxuanparticipatedintheCBAconferenceonWednesdayasaplayerrepresentative,andarrivedinBeijingonthe22nd.Systemtrainingwasaffected.AstheGuangdongteamhasawarm-upmatchtasktomorrow,aspecialapplicationforthetwoteammemberstotesttheweight-bearingsquatsandbenchpressestomorrowwillalsobeapproved.HuMingxuaneasilycompleted20squatswithaweightof100kgandgotaperfectscoreof150points.Withtheexcellentperformanceofthefirstthreeitemsasabasis,hehasnopressureinthebenchpresstestattheend,andthetotalscoreof400pointsisapass.HuMingxuanfoundinaninterviewthathefoundthathehadbeentargetedforphysicalexercisesafterbeingselectedforphysicalexamination.”Aftertrainingeveryday,Iwillpracticeagain,runforawhile,dostrength,andshoot.”Thewholeteamalsofeltthathepassedwithoutproblems.XiaoHuexpressedthathewouldliketoexpressaredenvelopetoexpresshisgratitude:”Thisiscertain,thankyouteammatesfortheirsupport.Eachplayerhas2chancesfora2-minuteintensityshot,andtheinsideplayershaverequestedtoshootandhitthebasketnolessthan29times.LiJiayi,theShougangmen’sbasketballteam,failedtoreachthestandardinthenumberofeffectiveattemptsintwotrialshots.Therewerenoscoresbefore.Tomorrow’ssquatandbenchpresswillfacegreatchallenges.

[Can egg tarts be made without egg tart skins?

[Can egg tarts be made without egg tart skins?

There are still not a few people who love egg tarts in life, because egg tarts taste particularly good. Both elderly and young children are more suitable. Egg tarts are made from pure eggs. Its nutritional value is also high, butGenerally, when making egg tarts, you need to use tin foil egg tart skins. If the egg tarts made without egg tart skins may not be formed, can the egg tarts be made without egg tart skins?

How to make red bean cake with egg tart skin Step 1.

Prepare all the main ingredients, one bowl of red beans, half bowl of caster sugar, and 7 tart crusts.

2.

Wash the red beans, add to the pressure cooker, and add an appropriate amount of water.

The amount of water must not exceed the depth of the knuckles of the red beans.

My red beans are not foaming. If you brew the red beans well in advance, use less water.

Turn to low heat and simmer for about 18 minutes.

I use an old-style pressure cooker. After the pressure cooker automatically deflates, open the lid and take out the red beans. At this time, the red beans are cooked but not blooming, and there is still a little water after the water is absorbed by the red beans.

3.

A layer of red beans and a layer of white sugar are stored in a sealed container, and the honey red beans are completed.

It can be used to make a lot of snacks, make taro balls, make bread, make steamed buns, etc., or boil a little water and cook it to make a bowl of delicious red bean soup.

4.

Take an egg tart crust and add the right amount of honey red beans.

5,

Fold the custard in half, remembering to fold it with the foil outside.

Squeeze the pinch tightly or squeeze it with a fork.

6.

After all is done, add it to the Supor lift pan roaster. The pan can be removed for easy cleaning.

7.

Close the upper lid and turn the middle knob to a thickness of 35 mm to activate the pot helmet function.

After setting, remember to remove the tin foil and color the egg tart skin. If the color is not enough, you can extend the baking time appropriately.

8.

The crispy and delicious red bean cakes are ready.

9.

The crust is crispy and dregs, and the filling is sweet and delicious.

10.

Both adults and children love it, and it’s not difficult to learn. Have you learned it?

[Can I lose weight by eating raw cucumbers]

銆 愮 敓 钖 嬚 鐡 滃 彃 彲 浠 ュ 噺 鑺 鋧 銆 慱 鐦 ﹁韩 _ 鏁 堟 灉 濡 备 綍
The world’s economy, the world economy, and Zhang Zhang’s brothers and sisters are all about the world, and the world’s best is the best way to go.This is the most important thing in the world. It ‘s just a lot of time.The father and mother are in the middle of the world. By the way, the mountain peaks, the mountains and the mountains, the sky, the sky, the sky, the sky, the sky, the sky, the sky, the sky, the sky, the sky, the sky, the sky, the sky, the sky, and the sky.Tweezers, tweezers, thinner, thinner, thinner, thinner, thinner, thinner, thinner, thinner, thinner, thinner, thinner, thinner, thinner, thinner, thinner.(1) The hazelnuts are the same as those in the helium village, the villages in the village, the village, the village, the village, the country, the emerald, the negative, the plate, the plate, the plate, the plate, the plate, the frame, the plate, the plate, the plate吂鎰燂紝鑰屼笖榛勭摐鎵€鍚殑澶ч噺绾ょ淮寰堝鏄撳府鍔╄偁鑳冩尓鍔紝鎺掗櫎浣撳唴姣掔礌銆傝嚜鐒跺鏄撹揪鍒板噺鑲ョ殑鐩殑銆?2) How to use the hacker’s guideline?6% -98%: The most important thing is that it ‘s a good idea. It ‘s very easy to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?彛娓撮】瑙o紝鐢樺噳婊″彛銆傞粍鐡滀腑鎵€鍚殑涓欓唶浜岄吀锛屽彲鎶戝埗绯栫被鐗╄川杞彉涓鸿剛鑲€?3)椋熶箣鑳戒績杩涙帓娉勮偁鍐呮瘨绱犮€傚悆榛勭摐杩樺彲闄嶄綆琛€鑴傘€傛澶栵紝榛勭摐涓殑绾ょ淮绱犲淇冭繘浜轰綋鑲犻亾鍐呰厫璐ョ墿璐ㄧ殑鎺掗櫎鍜岄檷浣庤儐鍥洪唶鏈変竴瀹氫綔鐢紝鑳藉己韬仴浣撱€?4)榛勭摐鍚按鍒嗕负98%锛屽苟鍚湁灏戦噺鐨勭淮鐢熺礌C銆佽儭钀濆崪绱犮€佽泲鐧借川銆侀挋銆佺7銆侀搧绛変汉浣撳繀闇€鐨勮惀鍏荤礌銆傞粍鐡滅敤浣溾€滃噺鑲ョ編瀹圭殑浣冲搧鈥濓紝闀夸箙浠ユ潵涓€鐩村彈The Chinese national flag is the same as the national flag ┒ 璁 や negative.What’s the difference? It’s hard to be sorrowed, it’s hard to hide, and it’s hard to set up.(5) The most important thing is that the Chinese people are stunned, the Chinese people are stunned, the Chinese people are stunned, the Chinese people are stunned, the Chinese people are stunned, the Chinese people are drawn, and the children are drawn.Mahogany?鍙堟病鏈夌氦缁寸礌,鎵€浠ヤ笉鑳介暱鏈熷ぇ閲忕殑鍚冪敤(鍙富瑕佷互瀹冧负鐢?, 抩 扱 浼 Arg  Tweeting and chatting?涓ラ噸鎹熷潖鑷繁鐨勮韩浣撱€?

[Can I eat kelp to lose weight]_ kelp _ weight loss _ how to lose weight

[Can I eat kelp to lose weight]_ kelp _ weight loss _ how to lose weight

Kelp is actually a kind of food that is easy to come into contact with in our lives. It also contains more trace elements and higher iodine content. For people with iodine deficiency, you can eat more kelp, and it also helpsLose weight, but also pay attention to a reasonable diet mix, coupled with scientific exercise.

1. Kelp is a common food in our daily life. It is rich in trace elements, especially high in iodine.

But few people know that kelp is still a particularly good weight loss food?

So can eating kelp lose weight?

Of course, kelp is rich in nutrients, but the content is low. If you can eat more, you can not only supplement the energy in the body, but also achieve weight loss.

2. Precautions When eating kelp, we should not only consider its weight loss effect, but ignore the problems that should be paid attention to.

Because kelp is rich in iodine, it also overlaps with the present iodized salt, so when we eat kelp food, please put less salt.

Eating more salt is not good for weight loss and will cause some cardiovascular and cerebrovascular diseases.

Kelp can be stewed or cold, but from the perspective of weight loss, the effect of cold salad can actually be better.

3, reasonable mix even if eating kelp can lose weight, if you only eat kelp for many years, I believe that not many people can survive.

This involves a matching problem. Here we introduce to you one kind of food that best matches kelp, which is fungus.

In fact, fungus also has a detoxifying effect. When paired with kelp that can lose weight, it can be described as a pearl-like combination. It is delicious and nutritious to lose weight. It is impossible to say that the effect is good.

4, modern people are particularly able to eat, but also especially eat, but turned a blind eye to the kelp food that can lose weight.

Can eating kelp lose weight, now this problem is no longer a problem, let those who are obese eat kelp food under the guidance of experts, but if some people ca n’t eat and take it, do n’t use this method.

[How to clean the pig’s belly?】 _How to wash_How to wash

銆愮尓鑲氬瓙搴旇鎬庢牱娲楀共鍑€鍛紵銆慱濡備綍娲梍鎬庝箞娲?
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[How to do if the porridge is boiled]_ Congee _ How to solve _ Solution

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China National Travel Service (601888): Focus on the rapid expansion of sales of duty-free goods

China National Travel Service (601888): Focus on the rapid expansion of sales of duty-free goods

Event: The company announced the 2018 annual report and 2019 first quarter report.

In 2018, the company achieved total operating income of 470.

10,000 yuan, an increase of 66 in ten years.

21%; net profit attributable to mother 30.

9.5 billion, an annual increase of 22.

29%; deducted non-net profit 31.

44 ppm, an increase of 27 in ten years.

82%.

The company’s fourth-quarter operating income was 129.

0.6 million yuan, an increase of 71 in ten years.

21%, net profit attributable to mother 3.

90 ppm, a ten-year increase of -37.

40%; net profit after deduction to mother 4.

52 ppm, a -20-year increase.

70%.

In the first quarter of 2019, the company’s operating income was 136.

92 ppm, an increase of 54 in ten years.

72%, net profit attributable to mother 23.

0.6 million yuan, an increase of 98 in ten years.

80%, net profit after deduction is 15.

89 billion, an annual increase of 37.

37%.

Core point of view: Spin-off of China National Tourism Organization, focusing on duty-free sales business in 2018, the company’s tourism revenue 122.

9 billion, gross margin of 10.

01%; product sales income 343.

3.5 billion, gross profit margin 52.

twenty four%.

In 2018, China National Travel Service’s operating income was 123.

8.8 billion yuan, net profit attributable to mother-0.

4.4 billion.

On January 17, 2019, the company’s shareholders’ meeting approved the transfer of 100% of the shares of Guoguo to the controlling shareholder China Travel Group; on February 19, 2019, the official change of business registration was officially completed.

The company divested the China National Tourism Organization, which does not generate profits, and concentrated on the sales of duty-free goods, further clarifying its business direction.

The business expansion was smooth, and the high growth in the first quarter was related to the consolidation of Shanghai and Shanghai in 2018. In 2018, China and China exempted companies achieved a total operating income of about 34.5 billion US dollars, of which Sanya International Duty Free City achieved 80 billion in operating income, Shanghai 105 billion, and China6.7 billion, accounting for 73% of the total.

China Exempted Company achieved a total of 30 net profits attributable to its parent.

7.8 billion, of which Sanya is exempted from taxes by 11.

0.6 billion, Shanghai on the day 4.

6.7 billion, China on the 1st.

7.6 billion, accounting for 56 in total.82%.

Through the acquisition of Nisshang Duty Free (Shanghai) Co., Ltd., the company consolidated and optimized the existing tax-free business on outlying islands and launched tax-free business in the Capital Airport and Hong Kong Airport, resulting in an increase in operating income 173.

4.9 billion.

The development of Shanghai Duty Free Shop is relatively mature. The increase this year mainly comes from the consolidation of Shanghai Duty Free Shop.

In the first quarter of 2019, the two-year consolidated revenue of Shanghai, Shanghai and Shanghai increased by approximately US $ 2 billion. After the replacement, the company’s tax-exempt 南京夜网 business income increased by approximately 30% and profits increased by approximately 20%.

Hainan’s Sanya realized tax-exempt business income of about US $ 8 billion, bringing about an increase of tax-free business income of about US $ 1.9 billion, an annual increase of 31.

66%.

The revenue of Hainan Duty Free Shop is about US $ 700-800 million / month, slightly more than that of Beijing, but far less than that of Shanghai.

The business of Hainan Duty Free Shop is continuously expanding. The sales volume of Haitang Duty Free Shop is on the rise. Sanya and Haikou Duty Free Shop are under construction.

It is expected that the tax-free business increase of Hainan Island in 2019 can be expected, which has increased by more than 30% in the previous year.

The scale expansion and quality development formed a 天津夜网 virtuous circle for 3 months. The China Exempted Company won the bid for the tax-free business of Daxing International Airport and continued to expand the scale of tax-free business.

With the expansion of the scale, the company’s ability to negotiate with suppliers has improved, the quality of supplies has improved, and the bargaining power has been enhanced. The gross profit margin has been stable and good, and better quality sources have further increased the existing tax-free business.

Earnings forecast and investment rating We expect the company’s EPS for 2019-2021 to be 2 respectively.

50 yuan, 2.

83 yuan and 3.

60 yuan, the corresponding dynamic price-earnings ratio is 31.

94 times, 28.

30 times and 22.

24 times.

Give a “cautious recommendation” investment rating.

Risks suggest changes in tax-exempt license policies; upward pressure on costs caused by the depreciation of the yuan against the dollar

Huadian International (600027): Net profit attributable to mothers increased by 294 in 2018.

16% profitability continues to be repaired

Huadian International (600027): Net profit attributable to mothers increased by 294 in 2018.

16% profitability continues to be repaired

Event: On March 28, Huadian 杭州夜网 International announced its 2018 annual report, and the company achieved operating income of 883 in 2018.

6.5 billion, an increase of 11 in ten years.

84%, net profit attributable to mothers16.

950,000 yuan, an increase of 294 in ten years.

16%; the company’s ROE reached 3 in 2018.

65%, an increase of 2 per year.

63 units.

Comments: Operating income increased by 11 in ten years.

84%, the number of coal machine utilization hours increased. The company completed 2,098 power generation in 2018.

5.4 billion kWh, an increase of about 9 compared with the same period in 2017.

46%, the previous average on-grid price was 407.

27 yuan / MWh, an increase of 8 per year.

At 89 yuan / MWh, both volume and price rose to achieve the company’s revenue11.

84% growth.

Among them, Q4 2018 achieved revenue of 240.

51 ‰, a year-on-year growth of 15%, single-quarter revenue growth rate is only slightly lower than Q1, in Q4 the company’s power generation in 546.

6.3 billion kWh, an increase of 10.
.

39%, the average on-grid price in the fourth quarter was 412.

21 yuan / MWh, an increase of 9 per year.

76 yuan / MWh.

The utilization hours of coal-fired generating units increased. In 18 years, the average utilization hours of the company’s generating units were 4264 hours, with a longer growth of 273 hours. Among them, the coal-fired generating units had 4,849 hours, an increase of 347 hours.From 70 to 80 hours, only photovoltaic power utilization hours decreased by 115 hours.

Gross profit margin increased by 1.

81 units, fuel costs increase by 13 per year.

47%.

The company’s operating cost in 2018 was 774.

500 million, an increase of 9 in ten years.

58%, lower than the growth rate of operating income2.

The growth of 22 units of electricity and electricity prices has resisted the cost of some coal price increases, causing the company’s 18-year gross profit margin to reach 12.

35%, an increase of 1 from last year.

81 units.

Fuel costs in operating costs were 449.

80 ppm, an increase of 13 per year.

47%, the first is the increase in power generation leading to increased coal consumption and the impact of rising coal prices.

After calculation, the company’s unit price of standard coal into the furnace increased by 3.
.
05%, in 2019 coal supply and demand have been loose, coal prices have dropped significantly, pushing the company’s gross profit margin to continue to repair to a reasonable range.

Significant results have been achieved in reducing interest rates, and comprehensive financing costs rose by 0.
46 units.

The company’s interest rate reduction has achieved remarkable results. By the end of 2018, the company’s assets and liabilities had been restructured70.

40%, a decline of 3 per year.

92 units, with interest denial scale of 1175.

29 trillion, down 57 a year.

7.7 billion.

However, due to the tight liquidity in 2018, the company’s comprehensive financing costs increased by 0 every year.

46 averages, with interest payments up to 51 in 2018.

50 ppm, an increase of 2 per year.

7.5 billion yuan, with gradual easing of liquidity, and comprehensive financing costs in 19 years are expected to fall.

Total depreciation budget decreased by 2.

5.5 billion, asset depreciation has entered a downward cycle.

The peak of the company’s asset depreciation scale was in 2016, and the accumulated depreciation reached 100.

98 megabytes, but the impact of depreciation was stopped through the expiration of some components. Although the installed scale is still growing slightly, the depreciation scale has begun to enter a downward cycle. In 2017, the asset depreciation reached 99.

3.2 billion, down by 1 every year.

660,000 yuan, the accumulated depreciation of fixed assets in 2018 reached 96.

7.7 billion, down 2 from the previous year.

55 billion.

Profit forecast and estimation: The company is expected to realize net profit attributable to mothers from 2019 to 2021.

32 billion, 45.

9.4 billion and 48.

58 ppm, an 108-year increase.

33%, 30.

05% and 5.

75%, achieving an EPS of 0.

36 yuan, 0.

47 yuan and 0.

49 yuan, corresponding to PE is 12.

18, 9.

36 and 8.

85 times.

The company’s dividend rate over the years is about 40%, and 厦门夜网 it is expected that the cash dividend for 2019-2021 will be 0.

14, 0.

19 and 0.

20 yuan / share, corresponding to an integer of 3.

29%, 4.

27% and 4.

52%.
In 2019, coal prices began to fall, power supply and demand improved to continue to increase utilization hours, and the company’s profitability will continue to be repaired. As a national high-quality thermal power company, Huadian International has strong performance elasticity and is nearing the bottom. Maintaining a highly recommended rating.

Risk reminder: the risk of lowering electricity prices, the risk of a sharp rise in coal prices

Shuijingfang (600779): Improved cost efficiency favors significant increase in net profit margin

Shuijingfang (600779): Improved cost efficiency favors significant increase in net profit margin

1.

Event Suijingfang released the third quarter report of 2019.

In the first three quarters of 2019, the company achieved total operating income of 26.

51 ppm, an increase of 23 in ten years.

93%; net profit attributable to mother 6.

390,000 yuan, an increase of 38 in ten years.

13%, net of non-return to mother’s net profit 6.

180,000 yuan, an increase of 25 in ten years.

99%.

2.

Our Analysis and Judgment (I) In the third quarter, the return to 武汉夜网论坛 the mother’s profit in the third quarter achieved a growth rate of 53%.

From the single quarter data, the company’s operating income for the first three quarters of 2019 was 9 respectively.

30, 7.

60, 9.

61 ppm, with annual growth rates of 24.

25, 29.

30, 19.

71%; net profit attributable to mothers is 2.

19, 1.

21, 3.

00 ppm, the annual growth rate was 41.

16, 7.

46, 53.

41%; net profit after deducting non-attribution is 2.

18, 1.

22, 2.

7.8 billion, the previous growth rate was 46.

54, -16.

83, 42.

63%.

(II) The advance receipts in 19Q3 continued to increase on a monthly basis. The company’s advance receipts continued to increase on several occasions, and reached a new record.

In 19Q3, the company’s balance of advance receipts was zero.

810,000 yuan, an increase of 0 from Q2.

21 深圳桑拿网 ppm, an increase of 120 in ten years.

80%, five consecutive quarters of negative growth since the end of the second quarter of 2019.

Company Q3 received a sales rebate of 10.

94 ppm, net operating cash flow was 2.

15 ppm, net cash flow / net profit ratio from 213 in 19Q2.17% dropped to 71 in 19Q3.

73%, compared with 81 in the third quarter of last year.

15%.

(3) The increase in cost efficiency has obviously helped increase the net interest rate2.

The company’s gross profit margin for the first three quarters of 48PCT2019 was 82.

50%, rising by 0 every year.

93PCT.

The company’s sales rate for the first three quarters of 2019 was 28.

72%, down by 1 every year.

69PCT; management fee rate 7.

23%, down by 1 every year.

98PCT, the company’s cost efficiency has improved significantly.

Especially in the third quarter, the selling expense ratio was 22.

95%, down 5 per year.

85PCT, a record low of ten quarters since the fourth quarter of 2016.

Benefiting from the increase in gross profit margin and the marked improvement in cost efficiency, net profit margin increased by 2.

48PCT to 24.

12%.

3.

Investment advice is expected to show the company’s operating income in 2019-202134.

86, 41.

53, 48.

8.3 billion (yoy23.

67, 19.

13, 17.

57%), net profit attributable to mother 7.
.

62, 9.

55, 11.

5.3 billion (yoy31.

52, 25.

37, 20.

69%), the corresponding EPS is 1.

56、1.

96, 2.

36 yuan (the current PE multiples are 36, 29, 24), maintaining the “recommended” level.

4.

Risks indicate food safety risks; the risk of weak downstream demand.