2015 Australian Open-Shava swept Bouchar to advance to the top four compatriots Makalova

2015 Australian Open-Shava swept Bouchar to advance to the top four compatriots Makalova
Beijing time on January 27th, the Australian Open 2015 entered its ninth game day.In the second women’s singles semi-final in the first half, the No. 2 seed and 2008 champion Sharapova continued their excellent state since the start of the match, defeating last year by 6-3 / 6-2 straight sets and scored halfThe final Canadian beautiful girl Bouchard successfully advanced to the semifinals.In the semi-finals, Sharapova will compete with fellow Makalova for a final seat.Sharapova fists her fist to celebrate the second round of saving the match point after defeating Panova, Sharapova’s condition is gradually getting better.In the last round, when he played against a good-looking Chinese sister, Peng Shuai, he even sent eggs to sweep.Today, Shava ushered in the challenge of her successor Bouchard.The two have had three encounters in the past, and Sharapova, who is seven years old, has maintained a winning record.Obviously, in this two-generation beautiful girl battle, Shawa is still the more optimistic side.  At the beginning of the game, Sharapova, who quickly entered the state, had always pressed Bouchar’s backhand and scored a break. Subsequently, consecutive consecutive servings directly overlapped, and the Russian beauty was able to lead 2-0.After improving the quality of his serve, Bouchard kept his serve and stabilized the situation.However, Sharapova was not affected at all, and continued to lead 3-1 after sending Love Game.The Canadian rookie who saved the break point again started to strengthen his offensive efforts, but the old No. 2 seed still saved the key break after saving two break points, and continued to lead 4-2.The two sides subsequently defended their services, and Bouchard faced tremendous pressure in the 3-5 behind serve.The experienced Shava exerted pressure on the offensive end in time, and finally Bouchard, who had more errors, was broken again and handed out the first set victory 3-6.  Sharapova, who has no loss of feeling, took the lead in finishing the second round with a 1-0 lead.Bouchard’s performance stabilized, and after a semi-interceptive breakthrough to resolve the break point, Baofa tied the score.The Russian girl who made a comeback during the intraday period had the strength advantage of the bottom line attack, and finally achieved a break in the fourth game.After resisting Bouchar’s counterattack, Sharapova reset the lead 4-1.Both sides secured their own, and Bouchard was forced into a tie after squandering the non-guaranteed eighth inning.At a critical moment, Maria resisted the serve and won points to force out the match point.After playing a clear forehand straight line in a multi-shot contest, Sharapova locked the victory 6-2 and broke into the semifinals.In the semifinals she will compete with her fellow Makalova for a final seat.(Benson)

The courier giant is sniping with a group meal. Does SF want to take out catfish?

The courier giant is sniping with a group meal. Does SF want to take out catfish?
Recently, the launch of the “Feng Shi” takeaway platform in the same city of SF Express has attracted the attention of manufacturers.The market is curious about new players, but for SF Express, the small program for trial operation was pushed to the stage before it was fully prepared to roll out.The SF City said that “Feng Shi” was generally launched shortly afterwards. The original intention was to solve the problem of replacing employees within their own companies during the epidemic. Currently, it is only advancing within SF Express.But in fact, ordinary users can also place orders without encountering BUG.Although the product is not yet mature, the house surface of the “Feng Shi” small program can still trim the future “Feng Shi” may be the main group meal. In the face of the “red eye” takeaway giant Meituan and the hungry, SF’s “group meal”The strategy looks more like a side attack.To proceed, Internet analysts said that SF Express’s inherent advantages and foundation are much stronger than other companies. If the group meal market can be successful, SF Express may also cut into personal meal distribution.The response said that internal advancement, the reporter measured that ordinary users can order saunas, and Yewang searched the “Feng Shi” WeChat applet to find that at present, the “Feng Shi” takeaway order service has been opened, and the dine-in order service has not been launched.The main page of the program also displays the promotional copy of the corporate group meal and the entrance to the corporate ordering meal.This means that SF Express is trying to cut into the takeaway market and is focusing on group meals.However, in previous interviews, SF Express City responded to the sauna. Yewang said that “Feng Shi” is now close to the line. The original intention was to solve the problems of its own employees during the epidemic. Currently, it is only carried out within SF Express.However, the sauna and nightnet tests found that at present, ordinary users can also place orders at “Fengshi”.Relative to the launch of the WeChat applet, SF Express said that it is based on the fact that many sibling companies in the SF system are independently managed and do not share internal systems, so it is more convenient to use the public tool WeChat applet.At present, SF insiders revealed that “Feng Shi” is a small group of ten people belonging to SF Express. The main business of SF Express is still SF Express, and the other business is to provide merchants with a SaaS “SF Express One Stop”In the same city of SF Express, “Feng Shi” was hatched at one station, which was not promoted in the near future.However, SF’s entry into takeaways is not “nowhere to be found”. SF Express’s city company started independent operations on March 1, 2019, and officially released the “SF Express City Express” brand on October 24, 2019, striving for instant logistics.In fact, SF Express has been in the same city for a long time.In the end, the SF Express City Express brand was released. The SF Express City business has more than 1 million orders and more than 300,000 knights. It has also deployed in more than 200 cities such as Shanghai, Guangzhou and Shenzhen.According to official information, SF Express delivers food and beverages, supermarket convenience, medical supplies, clothing and auto parts, etc., providing commercial distribution, daily pickup and delivery, and a full range of local life services.But at the same time as it carried out daily delivery, it also won (part of) the takeaway orders from merchants such as McDonald’s, Pizza Hut, Ruixing Coffee, and Xicha.Sun Haijin, CEO of SF Express City, said in an interview with Sauna and Yeewang that the (life services) platform now mainly sells standardized products. For example, when ordering takeout, users want to order a takeout and add another (another brand) Milk tea, fruit, etc., this requires multiple downstairs, but the SF Express City Express service can overlap multiple brands and reverse extension.Listed out delivery platforms such as Meituan or flash delivery, Dada and other errand services. The official launch of SF Express City Express did not have “first chance”. Sun Haijin also bluntly stated that the differentiated play of SF Express City is that “other platforms doIt is a simple and standardized connection, and we can do N kinds of connections offline. This is the difference between us and platforms such as takeout. “The rapid growth of business in the same city, traditional courier ready to eat cake?From 2014 to 2015, multiple instant delivery (same city) platforms emerged, cutting into the real-time logistics market not fully covered by traditional express delivery companies such as three links and one express, in the form of crowdsourcing.After experiencing the reshuffling of the World War II market, some real-time logistics companies that survived that year, such as Dada and Dianda, were collected by JD.com and Alibaba to undertake business flows from the “big brother”; the other part, such as flash delivery, UU runnersWait to focus on making a small platform vertically.In the past, instant logistics was regarded as a market segment where the courier giants actively intervened. Sauna and Yewang learned from the insiders of the three links and one of the insiders that traditional courier companies generally believe that compared with the small cake of instant logistics, Gu HaoHaving business is more important.But shortening the US regiment in recent years, being hungry, and so on, the “Dajia” campaign started, and SF’s own business in the same city continued to grow. As a traditional express company, SF also tried to end and fire the “Dajia” shot.SF City announced its independent operation for the first time last year. Sun Haijin once said that independence means that the first is to have legally independent legal persons, the second is that the brand is established, and the third is that the entire team is ready.The SF Financial Report shows that in the past three years, the SF Express City’s annual express delivery compounded more than 100%. In 2019, the SF Express City Express business revenue reached 19.5.2 billion, an annual increase of 96.12%.Except for SF Express, other traditional express delivery companies have not yet made major moves.In 2017, Yuantong launched the “Timekeeping”; in March 2018, Yunda also launched the instant delivery platform “Cloud Delivery”, but it did not arouse too many waves. Industry insiders weighed, wasted, and filled the tradition.The express delivery company itself has a profitable long-tail market; reorganization, in the face of multiple stable real-time logistics patterns, is difficult to break through.Although, as SF Express said, the original intention of creating “Feng Shi” was to solve the problem of substitution of employees within their own enterprises during the epidemic, but it is undeniable that in the long run, traditional express has cut into the instant logistics market, evenThe upstream life service market.The world of takeout is “two points”. SF Express has to consider changing the popularity of the Internet. Takeaway services have entered the daily life of ordinary people.On April 28, the China Internet Network Information Center (CNNIC) released the 45th “Statistical Report on the Development of China’s Internet”, showing that in March 2020, the number of Internet takeaway users in China reached 3.9.8 billion, accounting for 44% of netizens.0%; the scale of mobile online takeaway users reached 3.9.7 billion, accounting for 44 of mobile Internet users.2%.Nowadays, it is so serious that when the shops received orders from Meituan, Hungry and other take-out platforms, and then arrived at Da and other instant logistics platforms to place orders.Each life service platform has already built its own logistics to consolidate its own moat.In April 2015, Hungry officially launched the Hummingbird system and opened its logistics platform in August of the same year; Meituan takeaways also launched a self-operated Meituan delivery in the country in 2015, and Meituan crowdsourcing was launched in the same year.In the instant logistics industry, the super-flow entrance is still the king of solving problems.Meituan distribution, hummingbirds are ready for delivery, Dada, etc. all undertake super traffic from Meituan, Ali and JD.com.On the other hand, Meituan, Ali, JD.com and other regions continue to create their own new retail layout, continue to launch errands business, etc., continue to grab the logistics cake.According to data from AiMedia Consulting, the competition between Meituan and Hungry in the first- and second-tier cities in 2018 will become more intense, with Meituan’s takeaway share reaching 51.8%, 47 is hungry.4%, the gap between the two has further narrowed.As a giant in the food delivery industry, Meituan’s comments were still excluded before going public, until 2019 began to turn losses into profit.Meituan commented on the release of its 2019 financial report, showing a total revenue of 97.5 billion US dollars, an annual increase of 49.5%; gross profit totaled 32.3 billion US dollars, an increase of 114 per year.0%; adjusted EBITDA and adjusted net profit were 7.3 billion yuan and 4.7 billion yuan respectively, with a conversion rate of 85 in the same period in 2018.1.7 billion.As an old player still has a difficult time climbing, it is difficult for new players to break through.At the end of 2017, Didi Chuxing was exposed to the test water delivery business. In March 2018, Didi announced that it would enter the nine major cities in the country and began a takeaway business war with Meituan in the Yangtze River Delta to reproduce the subsidies for burning money.After about a year of development and exploration, Didi’s food delivery is facing “shutdown and turn around.”In February 2019, Didi Travel’s CEO Cheng Wei announced that Didi 2019 will focus on the latest and most important travel main business, continue to increase security and compliance development, and improve efficiency, so it will “non-main business”Stop and go “.In fact, as a non-primary business of water testing, there is no scale advantage and channel advantage, and it is inevitable that it will be difficult to gain a foothold in the highly competitive domestic take-out market.Regarding SF’s entry into the take-out field, senior Internet analyst Ding Dao believes that SF has accumulated some experience in catering and distribution, including manpower to distribute Ruixing coffee.It is an extension of the primary business, SF’s inherent advantages and foundation is much stronger than other companies.Even so, in the food delivery industry, Meituan and Hungry have burned tens of billions of dollars, and it took many years to achieve today ‘s scale and market. SF Express also needs to bear a considerable cost to enter the market.Business.At present, it is a smarter way for SF Express to take group meals as its entrance.Choose a merchant with a certain brand awareness, the unit price of delivery is higher than that of other small restaurants, the quality is better, and the profit that may be obtained is guaranteed.If the group meal market can be successful, SF may also cut into personal meal delivery.Express expert Zhao Xiaomin analyzed that in 2020, it is expected that there will be 1-2 approved IPO companies in the ready-to-serve field. It is also possible that this field will start a price war, which will be more intense than in the past.Zhao Xiaomin also pointed out that even with more allocations, it is necessary to continue to consolidate the C-end, and at the same time upgrade the system solutions upwards and allocate accurately.Sauna, Ye Wang Cheng Zijiao Chen Weicheng Editor Sun Yong proofreading Wei Zhuo

Ten billion public offering of Castrol and liquidation involve PE investment behind

Ten billion public offering of Castrol and liquidation involve PE investment behind

Source: The original title of the investment community: the liquidation of 10 billion public offerings involved the PE investment behind the other 24 investment institutions of the past year, anxiously waiting 杭州桑拿 for the IPO of Sinopec sales company full of unknown variables.

  Author | Faye Wong reports | PEdaily in the investment world 5 years ago, the secondary market public offering was an unprecedented innovation, and now it has ended in a hasty liquidation. Behind this is a history of private capital participation in the PE investment of state-owned enterprises.

  On August 13th, Castrol Fund, a fund that is a subsidiary of Castrol Fund (the full name is “Castel Yuan and Direct Investment Closed Hybrid Initiating Securities Investment Fund”) suddenly announced its liquidation in advance, and many investors finally lost their hearts.

The announcement shows that its holders, Sinopec Sales Co., Ltd. (hereinafter referred to as “Sinopec Sales Company”) 1.

40% of the equity has been fully realized, but the mysterious bidder and price have not been announced.

  The investment community (ID: pedalaily2012) contacted people from Harvest Fund, and the other party stated, “All announcements shall prevail.

For the market speculation whether the receiver is a Sinopec sales company, Jia Shi also said that “I don’t understand.”

  The other 24 investment institutions of that year were anxiously waiting for the IPO of Sinopec sales company full of unknown variables.

  Half PE and half debt, and the madly grabbed 10 billion public offering was suddenly liquidated. At the beginning, Jiashiyuan and Zengyuan were the first public fund to participate in the mixed reform of state-owned enterprises.The public fundraising field can be said to be very avant-garde.

  ”The first investment in equity funds of non-listed companies, the 100,000 subscription door biology also sold more than the first day, less than 60% of the placement ratio, the scale of establishment reached 10 billion .” Jia Shiyuan and wearing multiple auras, September 2014When it went on sale, it was snapped up and became a public fundraising product of the year.

  In terms of operating mode, Castrol uses closed operations, 50% of which is invested in Sinopec’s sales company equity, and the other 50% is invested in the fixed income market, and listed on the exchange on March 16, 2015.

  What investors value most is the potential profit space behind their participation in Sinopec’s equity investment.

In 2014, China Petroleum & Chemical Corporation (hereinafter referred to as “Sinopec”) initiated the restructuring of the oil product sales business and attracted investment. In the end, 25 investors took 1070.

9.4 billion shares subscribed for Sinopec Sales Company 29.

99% of the equity, of which Castrol Fund represented Castrol and subscribed Sinopec Sales Company for the capital increase of US $ 5 billion, and held a 1% stake in Sinopec Sales Company.


  Jiashiyuanhe was the only public investor in Sinopec’s sales company at that time, and Sinopec’s sales company was the most important subsidiary of Sinopec.

  The sudden liquidation of Jiashi Yuanhe made many Lao Jimin understand.

“How many enviable peers got envy that year, raised 10 billion yuan, spent half of the money to buy a company’s equity, and said it would go public within three years.

The remaining half of the money was allocated to the bond, but it was not listed.

“A fund investor thesis.

  25 investors have waited for many years, and the IPO is still a mystery. According to the fund contract, Castrol and the upcoming expiry of September 2019.

However, the listing of Sinopec’s sales company, which was originally planned to be listed within three years, has been a long way off.

  The announcement shows that “the interest of the target company held by the fund has been fully realized”, it means that existing institutions or individuals have taken over the aforementioned Sinopec sales company1.

4% equity.

But who the counterparty is is still a mystery.

  The winding-up of the public fund also involved a long state-owned enterprise mixed reform IPO rally.

  As early as February 2014, Sinopec announced the reorganization of the oil product sales business segment, dating social and private capital participation, among the 25 investors released after a lapse of 7 months, in addition to such public institutional investors as Castrol, there are alsoMany well-known industry investors such as Tencent, Fosun and Haier, as well as insurance funds such as China Life Insurance and Yangtze River Pension.

  The capital increase was considered to be an initial public offering. At that time, the listed company was also known as a commitment to list within three years after the capital introduction.

  According to the capital increase agreement at that time, within three years of the completion of the capital increase, it is called Sinopec’s written consent. Investors must not transfer or pledge the equity of the sales company. After 3 years after the completion of the capital introduction, if the sales company has not achieved listing, if the investor transfers the salesFor the company’s equity, Sinopec owns the right of first refusal.

A more critical point is that investors are not allowed to transfer shares within one year after the listing of the sales company.

  However, following the changes in the leadership of Sinopec Group, the listing of Sinopec sales companies has been progressing slowly.

After two Sinopec chairman took over the reorganization plan, this year’s listing has finally achieved a substantial breakthrough.

In January 2019, the IPO of Sinopec’s sales company was approved by the State Council, and it is expected to be listed in Hong Kong in 2019.

During the two sessions, Ma Yongsheng, the president of Sinopec, also disclosed that after 5 years, the mixed reform of Sinopec’s sales company has been basically completed, and the next step will be to choose an IPO.

  The initial IPO process is confusing, and the inclusion of the performance of the Hong Kong stock market this year also added uncertainty to the IPO.

According to data from Tiger Securities, the percentage of the first day closing price of new shares listed in Hong Kong was 49%.

After Castrol exits, the remaining 24 investment institutions remain unpredictable.

Sanli Spectrum (002876): 19Q1 adverse factors have been digested and there are too many orders and the production and production line provides continuous growth momentum

Sanli Spectrum (002876): 19Q1 adverse factors have been digested and there are too many orders and the production and production line provides continuous growth momentum

Company Announcement: Release the first quarter report of 2019 to realize revenue2.

41 ppm, an increase of 50 in ten years.

5%, the net profit attributable to the mother is 14.22 million yuan, with an increase of 206%, and the net profit range from January to June 2019 is estimated to be 10 million to 10 million yuan.

Revenue slightly exceeded expectations and net profit was in line with expectations.

Revenue growth in the first quarter benefited from full orders at the Hefei plant and improved industry structure. It is expected that the company’s profitability will improve significantly this year.

The Hefei factory has two production lines, of which a 1490mm wide 10 million square meter production line has been mass-produced in 2018. We expect sales to reach 7 million square meters this year. At present, there is a serious supply gap in the industry. The company’s products have achieved a slight price increase.It is expected that the annual price will still increase space. Another 1330mm wide 6 million square meter production line will be trial-produced in 2018. It is expected to gradually climb in the second half of this year.

In addition, the IPO investment project is expected to be replaced in the first half of 2020. It is a 1490mm wide 10 million square meter production line, mainly targeted at small and medium-sized customers.

Gross margin in the first quarter was 5.

3% bottomed out, the second quarter is about to rebound, the second quarter of the Hefei plant has a strong certainty of single-quarter profit.

For each 17pct reduction in gross profit margin, it will decrease by 12 sequentially.

67pct, depending on the rising cost of raw materials due to exchange rate factors, the amount of raw materials in inventory last year1.

3.8 billion, part of which is the purchase of large-size polarizer product reserves. As the company’s raw materials are denominated in Japanese yen and US dollars, affected by the exchange rate in 2018, the average cost increased by about 5%. The purchase in the fourth quarter 都市夜网 was mainly for large-scale stocks, which was realized as 2019Q1The cost of materials has increased by 5-10%; in addition, the Hefei production line has not yet reached full production, which also has a certain impact on gross profit margin.

We expect the Hefei production line to be fully operational in the second quarter of 2019, with a single quarter profit, and a slight loss in the Hefei plant in the first half of the year.

Sufficient orders and launch of production lines provide continuous growth momentum.

The company recently launched a non-public offering, raising no more than 1.1 billion U.S. dollars, constructing a 2,500mm wide new production line, and currently has four TFT-LCD polarizer production lines.

With domestic 8.

5th generation and 10.

The 5th generation panel line was put into production, which brought a lot of demand for polarizer procurement. It is estimated that the demand for LCD panel polarizers from mainland panel companies (excluding the need to set up factories in mainland China) is 2.

With 700 million square meters, the global panel companies’ demand for LCD polarizers is about 500 million square meters. At present, the self-sufficiency rate of existing polarizers is less than 20%, so we expect that domestic polarizer companies will still face development space.

We expect that after the new production line is put into production, it is expected to start contributing in the second half of 2022. At that time, the company’s TFT-LCD polarizer production capacity will reach 61 million square meters. From the perspective of product size, it will cover small to large sizes and 65 inches or more.Super-sized polarizer products promote the maximization of production capacity and the bargaining power in upstream and downstream.

The demand for large-size polarizers has opened, driving the company’s performance inflection point to maintain the “buy” level.

The company, as a domestic leading manufacturer of polarizers, has decided to benefit from the alternative trend of localization of polarizers, and no domestic company will join the competition in the next three to five years. At this stage, the company ‘s fundamentals are turning to the inflection point.It is verified that the Hefei plant is expected to turn a profit in the second quarter of 2019. Maintaining the profit forecast, it is expected that the net profit for 2019-2021 will be 1.

16 billion, 1.

88 billion, 2.

4.7 billion, the current corresponding EPS is 1.



09 yuan / share, corresponding PE is 28X / 17X / 13X, if 16 million shares are not publicly issued, completed in early 2020, it is expected that the EPS after full dilution in 2019-2021 will be 1.



57 yuan / share.

Changdian Technology (600584): Time, Place, People and Factors Complete Sealed Testing Leads to Revive Fanfare

Changdian Technology (600584): Time, Place, People and Factors Complete Sealed Testing Leads to Revive Fanfare
Leading in the packaging and testing industry, the board of directors is well-positioned to facilitate the integration progress. After the acquisition of Xingke Jinpeng, the company has become the third largest packaging and testing manufacturer in the world. After the company decides to raise funds, the industrial fund will become the largest shareholder. At the same time, the company’s board of directors will be re-elected. Zhou Zixue, chairman of SMIC, Gao Yonggang, chief financial officer of SMIC, and Zhang Chunsheng, vice president of industry funds, will be elected as non-independent directors of the company.The current board of directors changes the company’s board structure more in line with the company’s shareholder structure, which is conducive to the coordinated development of the company and SMIC, and is optimistic about the company’s future profit release. Financial burdens have been reduced one by one, and light loading has led to a turnaround of 45 companies in Q1 2019.14 ppm, a ten-year average of 17.77%, net profit attributable to mother is -4651.680,000 yuan; 2018 company revenue of 238.5.6 billion, previously unchanged; return to net profit -9.39 megabytes, a year of decline.In terms of various subsidiaries, the Changdian headquarters continued to grow, and Xingke Jinpeng’s integration fell short of expectations. In 2018, the long-term headquarters of the Changjiang Power Group hit a record high, with revenue of 79 in 2018.460,000 yuan, an increase of 7 in ten years.62%.Xingke Jinpeng’s operating income in 2018 was 11.$ 6.9 billion, unchanged from the previous year; net profit -2.$ 7.1 billion, the company’s performance was mainly dragged down by Xingke Jinpeng. The third wave of semiconductor industry transfer is coming, and domestic substitution is ushering in the transformation of the global semiconductor industry. The third industry transfer is brewing: from global to mainland China.The company is not far behind the international giants in size and technology. At the same time, after the acquisition of Xingke Jinpeng, high-quality overseas customers will gradually be introduced. The company will usher in a single opportunity. We are optimistic about the opportunity of domestic substitution. In accordance with the industry development trend, the company actively deploys the industrial trend of advanced packaging and advanced packaging. The chips are connected to correspond to products developed in accordance with “Moore’s Law” and products developed “beyond Moore’s Law.”, Fan-in and fan-out packages, and SiP packages.The overall layout of the company. Xingke Jinpeng Korea has first-class flip-chip and SiP packaging technology. Xingke Jinpeng Jiangyin will cooperate to provide one-stop service capabilities from collision to flip. The core competitiveness of Xingke Jinpeng Singapore is the eWLB production line.One of the most advanced WLB packaging technologies, Changdian Korea is actively deploying SiP 杭州桑拿网 packages for mobile phone leading customers, while Changdian Advanced mainly develops advanced packaging such as collision and ECP packaging. We expect the company 2019-2021EPS to be 0.13, yuan, because the company’s current merger profit does not reflect the company’s sales situation, we use PS to forecast the company, referring to the average valuation of comparable companies in the industry and the leading premium estimate, we give the company 1 in 2019.3 times PS, target price of 20 yuan, maintain “Buy” rating risk warning: Xingke Jinpeng integration is less than expected; future 5G technology advances are less than expected; the overall semiconductor industry is sluggish and demand is reduced; the company ‘s raised projects are put into production less than expected;US trade friction.

Zhou Laojiao (000568) Interim Review: The improvement of income from the previous quarter has a significant effect on the cost-effectiveness ratio

Zhou Laojiao (000568) Interim Review: The improvement of income from the previous quarter has a significant effect on the cost-effectiveness ratio

Event Luzhou Laojiao released the 2019H1 Interim Report, which achieved operating income of 80 in 2019H1.

1.3 billion, +24 a year.

81%; net profit attributable to mother 27.

500,000 yuan, +39 a year.


2019Q2 achieved operating income of 38.

44 trillion, ten years +26.

01%; net profit attributable to mother 12.

35 trillion, +35 for ten years.

98%, in line with expectations.

Investment Highlights Accurate sales strategy has led to a faster month-on-month revenue growth, and various operating indicators are remarkable.

The company’s Q2 revenue increased by 26.

01%, the speed of improvement in the first quarter of the earlier period, in addition to the company’s consistent excellent operating capabilities, the adjustment of competing sales strategies also contributed.

In terms of products, high-end wine / mid-range wine / low-end wine had incomes of 43 in the first half of the year.



8.4 billion, an increase of 30 each year.

47% / 35.

14% / 0.

68%, of which: 1) The high-end wine is significantly accelerated, which is related to the sales of Q2 for new products. The price of the new slender controller is quite high. Of course, it is also the embodiment of the company’s accurate grasp of the sales rhythm.Growth, the amount contributed about 20pct; 2) After the adjustment, the mid-range wine continued to grow rapidly and became an important waist power of the company. In terms of quantity and price, the price contributed more than 10pct; 3) The adjustment of the low-end wine was nearing completion.

The company’s budget financial indicators are also remarkable: 1) Cash flow growth, cash repayments of about 4 billion in the first half of the year increased by 32%, and net operating cash flow was 17.

07 million yuan, an increase of 316 in ten years.

36%, cash flow has improved significantly; 2) Advance receipts in the first half of the year were 13.

920,000 yuan, an increase of 27 in ten years.

23%, reflecting the company’s thickening of the reservoir.

The increase of cost-effectiveness ratio can greatly improve the company’s efficiency.

Due to the unique brand franchise company model, some expenses cannot be reflected in the statements, and the company’s advantage cost-effectiveness ratio will help the company’s performance increase.

The company’s supply price to the brand franchise company has decreased, but under the condition that the profit margin of the dealer channel is fixed, the increase in the terminal transaction price and the increase in the cost-effective ratio of the brand franchise company can increase the company’s ex-factory price in disguise.

Reported the gross profit margin of alcohol in first-tier companies as 79.

85%, compared with 74 in the same period last year.

78%, gross margin increased by 5 per second.

At 07pct, the obvious reason for the increase in gross profit margin was 1) the product structure continued to be optimized, and the company reported continuous high-end and mid-range products that grew significantly faster than low-end products; 2) the actual settlement price increased, and gradually the company ‘s settlement price rose as the terminal price rose.According to channel research feedback, the cash price of Guojiao 1573 increased from 740 yuan to 780 yuan, and the special song terminal price increased from about 200 yuan to 210-220 yuan. The company’s cost-effective ratio can be used to increase the actual settlement price.Expansion is to give full play to the thrust of the channel, and the company’s expense expenditures have been enlarged and extensive. While seizing the expansion demand, it is inevitable that there will be waste. For example, the company’s cost reduction control this year will help improve the quality of operations.

Settlement of sales expenses 19.

20%, an average annual increase of 64bp in the same period each year, the growth rate of sales expenses and income growth rate is basically the same, the cost of expenditure is stable; management expenses expenditure4.

25%, a year-on-year decrease of 1.

28pct is the result of the company’s enhanced control.

Taken together, the net interest rate is 34.

69%, an increase of 2 per year.98 points, the profitability has improved significantly.

It is optimistic about the comprehensive advantages of company management, channel model, brand and product layout in the medium and long term, and optimistic about the profit flexibility brought by cost-effectiveness ratio in the short term.

In the medium and long term, the company’s comprehensive strength is outstanding: 1) Merged from the front line, rich in actual combat experience, strong in combat strength, current cooperation and solid operation; 2) the brand franchise company model can greatly motivate dealers and employees; 3)The fragrance originator brand has a rich accumulation; 4) The five single products have distinct levels, rich echelons, and strong anti-risk capabilities.

In the short term, we believe that increasing the cost-effectiveness ratio of the company can greatly release the flexibility of the company’s performance.

Investment suggestion Laojiao has a clear fee control policy for this and next two years, with clear price management. It points out that 深圳桑拿按摩网 it is full of motivation with dealers. We are very optimistic about the company’s long-term performance flexibility and brand strength. We maintain our previous profit forecast.3.

13 yuan, 4.

02 yuan, 4.

96 yuan, corresponding to the closing price on August 28, 2019, the PE in 2019 is 37x, maintaining the “prudent overweight” rating.

Risk reminder: Macroeconomics is less than expected, cash flow competition for famous wines affects industry competition, and cost control effects are not as expected

China Southern Airlines (600029): Boeing B737MAX timetable grounding affects limited net profit growth for many years

China Southern Airlines (600029): Boeing B737MAX timetable grounding affects limited net profit growth for many years

Investment highlights: The company released the 2019 first quarter report, reporting that the two companies achieved operating income of 376.

3.3 billion, an annual increase of 10.

36%; realize net profit attributable to shareholders of listed companies.

4.9 billion, an annual increase of 4.


Ping An’s point of view: Revenue from passenger operations decreased, and revenue growth rate was slower than traffic growth rate: In Q1 of 2019, the company’s RPK increased by 11.

9%, higher than the requirement of 11 per year.

2% growth rate, so the company’s overall load factor level is half a year.

5杭州桑拿网 averages, reaching 82.


However, in Q1 19, the operating income of passenger kilometers was zero.

544 yuan, a decrease of 1 every year.

4%, resulting in the company’s revenue growth rate in the first quarter is lower than the traffic growth rate.

The impact of B737MAX is at least expected: the total number of 737MAXs currently grounded by the company is 34, and this part was mainly used in Guangzhou, Xinjiang and Xiamen before the grounding. After the grounding, the company actively adjusted the aircraft in the Northeast and other areas with sufficient capacity to supplement itBasically correct the impact of grounding.

US dollar debt increased by US $ 6.1 billion and exchange rate sensitivity increased significantly: Under the new lease accounting standards, the company ‘s US dollar debt increased significantly, from the US $ 4 billion bid price to US $ 10.1 billion, resulting in the appreciation of the RMB against the US dollar exchange rate (The depreciation) 1% impact on the increase (decrease) in net profit has increased from 200 million to about 500 million, and the sensitivity of the exchange rate has increased significantly.

Investment suggestion: The company ‘s passenger-km revenue decreased slightly in the first quarter, but we believe that the company ‘s average level has room for improvement under the layout of continued tight supply. We slightly reduce our forecast and predict that the company will belong to the parent company in 2019-2021.Net profit from 91.

2.2 billion, 96.

12 ppm and 115.

34 trillion adjusted to 88.

4.5 billion, 92.

24 ppm and 112.

81 trillion, EPS is expected to be 0 in 2019-2021.

72 yuan, 0.

75 yuan, 0.

92 yuan, corresponding to PE is 11.

8, 11.

3 and 9.

Maintain the “Recommended” level.

Risk reminders: 1) policy risks, uncertainty in policy adjustments will bring policy risks to its development prospects; 2) risks such as oil prices, exchange rates, rising oil prices, and currency value decreases will all lead to profitable earnings; 3)Security risks. A security incident may deprive consumers of their confidence, which will lead to a significant decline in tandem revenue.

Three anti-aging practical solutions

Three anti-aging practical solutions

Ms. COCO CHANEL said: “A woman before 20 years of age gave her a look; a 30-year-old woman left some alternatives on her face; after that, the look was in their own hands.

“Applying the right medicine can successfully combat the appearance of aging, not just skin problems.

There are many reasons for older age-bone aging-reflected in the older eye socket depression, lower jaw contraction; muscle aging-muscle brow lines, law lines, crow’s feet, etc. caused by muscle relaxation; 恶化 adult tissue deterioration-adults and collagenLoss causes looseness and wrinkles; and skin aging-excessive dryness, sun exposure, etc. cause dull skin and poor elasticity.

  Anti-aging idea: the cause of intensification determines anti-aging measures1.

Bone aging depends on surgery; 2.

Injection of hyaluronic acid or botox can improve muscle and slight aging; 3.

Although skin aging is reliable and slightly plastic, it is better to maintain it as soon as possible. Early prevention can improve the relaxation caused by pulling, and help improve the absorption of skin care products through massage; 4.

Pigmentation, whitening is required, you can use vitamin C powder + skin renewing mask.


VICHY double hydrating whitening day cream SPF20PA +++ 268 yuan / 50ml through dual active whitening technology, to achieve the effect of brightening the skin, long-lasting fight against skin blemishes, while moisturizing all day while resisting ultraviolet rays, feel comfortable and not greasy.


KOSE Youth Silky Essence 450 yuan / 30ml with high concentration of astaxanthin stock solution can protect, soothe and repair dry skin that is prone to fine lines. It is moist and delicate, giving skin infinite tension and elasticity.


H2O + Shuizhiao Marine Active Collagen Essence 600 yuan / 30ml full effect repair factor, can promote the production of collagen, elastin and hyaluronic acid, enhance skin elasticity, prevent and repair caused by environmental damageEarly skin aging.

  B reduce the content of free radicals in the body When young, there is a better neutralizing system in the body to eliminate free radicals and reduce the damage caused by it; as the age increases, the body’s ability to repair free radicals also decreases;Cells, cells begin to hurt.

And, more and more evidence shows that too much free radicals in the body will shorten the life span.

  Anti-aging concept: It is best to start the anti-oxidation from the inside out before the body organs are aging or when the aging direction is just beginning. Except for some aging medical clinics that can provide professional health advice, the most important thing is to start daily.

Improper living and eating habits, free radicals produced in the body will further damage cell lipids.

These habits that make you age quickly include: smoking, taking antibiotics, eating high-fat and over-processed foods, all kinds of pollution and so on.


YVES ROCHER Pure Nutrition Anti-Wrinkle Skin Care Essence Oil 420 Yuan / 10ml 100% natural ingredients will not cause skin irritation, natural fragrance, soothes thoroughly and thoroughly, deeply replenishes the skin with required nutrients, softens the skin and reduces wrinkles.


CLINIQUE Clinique Revitalizing and Firming Repairing Serum 680 yuan / 30ml gel soothes, replenishes collagen, promotes natural skin repair through compound peptide formula, promptly replenishes skin energy, and makes skin bright and plump.


LANCASTER 365 beauty skin essence milk 850 yuan / 50ml strong absorption, support DNA repair, improve care efficiency, suitable for any skin.

Pulmonary fever in the autumn, eat more pears

Pulmonary fever in the autumn, eat more pears

Traditional Chinese medicine believes that pear-like sweetness, slightly acidic, cool, returning to the lungs, and stomach meridians, have lungs and phlegm, clearing heat and refreshing energy, and are most suitable for eating in the autumn of dry lung heat.

Pears also contain a variety of vitamins and organic acids, which are good for women’s beauty and skin.

September is the time when a large number of pears are on the market. It is better to learn a few autumn pear diet recipes.

  Pear: The good fruit of nourishing yin and nourishing the lungs and moistening in the autumn is the “dry” and “dry” in autumn. Therefore, the human body often appears symptoms such as dry skin, dry mouth, dry lips, sore throat and so on.

Therefore, in the autumn, it is appropriate to eat some fruits that quench the thirst, moisturize the throat and dry the skin, which can make people feel refreshed and comfortable.

The most suitable fruit for autumn is pears.

  Because of its tenderness and juicyness, it contains 85% moisture, is sweet and sour, and is rich in vitamins and trace elements such as calcium, phosphorus, iron, and iodine.Fruit Zong “.

The air is dry and the water is reduced in autumn. If you can eat a certain amount of pears every day, you can alleviate autumn dryness and vitalize your lungs.

  [Steamed pear]Material: 1 crystal pear, 2 grams of Fritillaria chuanxiensis, 2 grams of tangerine peel, 10 grams of rock sugar, 15 grams of glutinous rice.

  Method: first cut the pear from the bottom of the 1/3, cover and dig out the pear heart, Fritillaria chuanchuanensis grinds into fine powder, cuts the shreds, steamed glutinous rice, and rock sugar into crumbs;, Chuanbei powder, Chenpisi filled crystal pears, add water to the steaming cup (about 150 ml of water); finally put the steaming cup of Sheng pear on the fire and steam for 45 minutes.

  Efficacy: moisturize throat.

  [Pear Juice Porridge]Ingredients: 2 fresh pears, 100 grams of rice, moderate sugar.

  Method: Wash the pears, peel, kernel, and squeeze the juice for later use; fry the pear skin, pear residue, and pear kernels in water to make juice, increase the rice porridge, add pear juice, white sugar when cooked, and cook again.Take two doses, 1 dose daily.

  Efficacy: It can moisturize the lungs and reduce phlegm, and is suitable for coughing or drying cough due to lung heat, dry mouth, etc.

  [Sydney cream]Material: Sydney Method: Take fresh Sydney and chop it, squeeze the juice and set aside.

Pear dregs are boiled twice with water until the taste is complete. Combine the decoction, filter, concentrate with the pear juice, double the amount of sugar, boil, and collect the paste.

  10 each time?
15 grams daily 2?
3 times, with taking or brewing.

  Efficacy: It can clear the lungs and relieve heat, moisten dryness and quench thirst, and can be used for dryness of lungs, chronic cough, chest pain and so on.

  [Steamed Pear Fritillary]Ingredients: 5 grams of Chuanbei powder, 1 large pear, moderate sugar.

  Method: Wash the Sydney, cut into pieces, put it into the bowl with Chuanbei and rock sugar, steam and serve it over water, 1?
2 times.

  Efficacy: It can relieve phlegm and cough, and is suitable for phlegm-heat cough.

  [Autumn Pear Bird’s Nest]Material: 1 autumn pear, bird’s nest, 3 grams of rock sugar.

  Method: core the autumn pear, soak the bird’s nest softly, and crush the rock sugar, and distribute it to the heart of the pear at the same time, steam it, and take it once in the morning and evening.

  Efficacy: It can nourish yin and moisturize the lungs, reduce phlegm and relieve cough, and is suitable for cough caused by deficiency of lung yin, phlegm asthma, hemoptysis, Qiusao cough, chest pain, etc.

  [White pear honey]Material: 1 large white pear, 50 grams of honey.

  Method: first peel the white pear, pit it, fill it with honey, steam it in a basket, eat one each morning and evening.

  Efficacy: It can regenerate hydration, relieve cough and reduce phlegm, and is suitable for yin deficiency and lung dryness, chronic cough dryness, heart, foot and heart embolism.

  [Pear sauce]Ingredients: 1 pear, moderate sugar.

  Method: Take fresh pears, peel them, chop them, cook with an appropriate amount of rock sugar, press and serve as a paste, take in divided doses, 1 dose daily.

  Efficacy: It can moisten the lungs and clear the heat, relieve cough and reduce phlegm, and is suitable for cough in children.

  [Autumn Pear Milk Ravioli]Ingredients: 1 autumn pear, 200 ml milk, 10 g rice noodles, sugar.

  Measures: Peel the autumn pear, remove the core, cut into small pieces, add a small amount of water to boil, and flavor with sugar; then mix in warm milk and rice noodles and mix to serve.

  Efficacy: lung deficiency, asthma, weak cough.

  [Almond stewed Sydney]Ingredients: one big pear, 10 grams of northern almonds, 30-50 grams of caster sugar or rock sugar.
  Method: One large pear, peeled and hearted, add 10 grams of northern almonds, (mashed) 30-50 grams of caster sugar or rock sugar, steamed and eaten.

  Efficacy: It has the effects of relieving cough and reducing phlegm, clearing heat and promoting hydration, and is suitable for autumn and winter dry cough, chronic bronchitis, dry cough, dry mouth and sore throat, intestinal dryness and constipation.

  [Autumn Pear Lotus Root Juice]Material: Autumn Pear, lotus root amount.

  Method: Peel the autumn pear and dig out the heart, equal to the amount of lotus root (chopped), and use clean gauze to make tea instead of tea.
  Efficacy: It can cure cough, yellow phlegm, dry throat, dry mouth, and hoarseness.

  [Candied Sydney]Ingredients: 500 grams of Sydney or Yali, 100-200 grams of honey.

  Method: 500 grams of pears or duck pears, peeled and sliced, boiled in a suitable amount until seven mature, add 100-200 grams of honey, and cook over low heat until fully cooked, put the juice into a bottle for later use.

  Efficacy: Shengjin, moistening, clearing heat, quenching thirst and other effects, can cure fever and thirst.

  [Pear porridge]Ingredients: three duck pears, rice amount.

  Method: Three chopped duck pears, fry for half an hour, then take the juice and rice and cook porridge, and eat while hot.

  Efficacy: It can cure children with wind-heat, lung-heat cough, loss of appetite, dizziness, and fever.

  Tips for eating pears ★ Pears are cold and moist, and eating more will hurt the spleen and stomach, so the spleen and stomach are cold, and those who are afraid of cold should eat less.

  ★ Pears contain fruits and alkalis.

  ★ Pears have a diuretic effect, those who have frequent urination at night, eat less pears before going to bed.

  ★ Patients with blood deficiency, chills, diarrhea, and cold hands and feet should not eat more pears, and it is best to cook them before eating to prevent the symptoms of dampness and cold from getting worse.

  ★ Pears have high sugar content, and those with diabetes should be cautious.

  ★ Pears contain more acid, so it should not be used with alkaline drugs, such as aminophylline, baking soda, etc.

Pears are said to be eaten with crabs to prevent diarrhea.

  ★ Those who bring cough and phlegm, should not choose sweet pears with too high sugar content.

  How to choose a good pear?

  1. The first is to identify the types of pears. There are two types of pears: male and female.

Male pears are rough, have less water, and have less sweetness. Female pears are delicate, have more water, and taste sweet and crisp.

So we should choose female pears when buying.

  Difference in appearance: the male pear flower has two concave and convex shapes on the umbilical part, without rust spots on the outside, and the female pear flower has only one deep pit with rust spots on the umbilical part.

  2. It is necessary to select the deep pits of the umbilical, and the quality is better than the shallow ones.

  3. Pears of moderate size, smooth and smooth skin, soft and hard flesh, and no insect eyes and injuries, and smelling fruity should be selected.



Heilongjiang Wandashan Dairy Co., Ltd. has 4 holding companies, 14 branches, 38 dairy production lines, 10 soybean flour, rice flour and other production lines, which can produce dairy products, soy products, health products, beverages, cereals, mineral springsWater and other six series of more than 70 varieties of products, daily processing capacity of more than 1,000 tons of fresh milk.

  The milk source base radiates 22 cities and counties in Heilongjiang Province, 43 farms, and has 220,000 high-quality Holstein cows.

Its “Wandashan” brand trademark was recognized by the State Administration for Industry and Commerce as a well-known trademark in China. It is the first well-known trademark in China in Heilongjiang Province. The value of the “Wandashan” brand has been evaluated by Beijing Famous Brand Assets Evaluation Office.

200 million yuan.

Approved by the National Green Development Center, the company has become the only green food and dairy production base in China, and 23 products have been awarded green food; it has been listed by the State Council as one of the 151 leading agricultural industrialization enterprises in the country; and it has been listed by the Ministry of Science and Technology as the first national levelSpark leading enterprises; one of the twelve emerging leading enterprises in Heilongjiang Province; identified by the State Administration for Industry and Commerce as a contract and trustworthy unit.

The company has passed the ISO9001 international quality assurance system certification; it has also won the Heilongjiang Province Quality Management Award, and was awarded the National Quality Management Advanced Enterprise by the State Technical Supervision Administration.

  Product name: Wandashan 1 formula milk powder Product introduction: Simulated breast milk composition, carefully formulated according to the nutritional characteristics of infants and children at different growth stages of 0-6 months.

In addition, 5 bags of Ruzhen were given freely, which scientifically strengthened VA, VD, VE, VB, zinc, iron, iodine and other substances.

It has natural immunity and is conducive to the normal development of the brain, bones and vision. It has been recommended by the Chinese Society of Children’s Food.

  Product name: Wandashan 2 formula milk powder Product introduction: According to the nutritional characteristics of infants and young children from 6 months to 3 years of age, carefully formulated.

In addition, 5 bags of Ruzhen were given freely, which scientifically strengthened VA, VD, VE, VB, zinc, iron, iodine and other substances.

It has natural immunity and is conducive to the normal development of the brain, bones and vision. It has been recommended by the Chinese Society of Children’s Food.

  Product name: Wandashan Section 3 formula milk powder Product introduction: Wandashan Section 3 formula milk powder is a milk powder for the growth of preschool children aged 3-6 years, scientifically fortified with taurine, iron, calcium, zinc and vitamins, 5 free bags includedRuzhen, in particular, helps to strengthen children’s immunity and regulates recombination and digestion.