Now he wants Xin Zhao to see his own strength,And then look at myself with admiration。(He thinks too much about this,Wu Jiyi looks and gender,Xin Zhao won’t take him seriously。)

“Forget it,It seems that the instructor looks down on the four of us from the bottom of my heart,Azure,Your strength is suitable for close combat,You will be the main tank for a while,Is there a problem!”
“I’m OK!”He Weilan has a good education,As long as it’s not facing Liu Chuang,Her heart won’t be too upset。
“Li Feifei,Your weapon is a sword,As a deputy tank,Pay attention to cover for Azure,Is there a problem!”
“Nothing,give it to me!”Li Feifei directly summoned her own weapon,Then stood beside He Weilan。
“I am a crossbowman,The most suitable sneak attack right now,I will find the flaw in Master Yi in a while,Then attack,Ari,Use your magic to interfere and control him,Is there a problem!”Wei Ying finally looked at Su Xiaoli who looked very unreliable。
And Su Xiaoli showed a big smile at Wei Ying,Then start to stand。
“let’s start!”
Wu Jiyi waits until the opponent stands in line,Then he rushed up with a weapon in his hand,And the first wave he faced was Su Xiaoli’s magical energy bombardment。
The originally flat stone was pitted by Su Xiaoli,As for Wu Ji Yi, even if I try to avoid it,But facing the ground bombing of Su Xiaoli,Finally, I used my body to fight a few times。
At this time, Wu Ji Yi also arrived in front of He Weilan and Li Feifei。
The male soldiers who entered as a police sister,He Weilan’s original physical fitness and combat literacy are the best among the second team girls。Facing the sharp sword of Wujiyi,She rushed up without hesitation。
By contrast,Li Feifei, who is also a woman, is worse。
The genetic gap and the mood gap,When Wu Ji Yi faces He Weilan,Achieved a complete victory。
From the fight,To the end,I didn’t last for twenty seconds。
Solved Li Feifei with a single sword,Then Mouji easily avoids,Passed Wei Ying’s God Killing Crossbow,After that, he directly opened the Promise Sword。

Lin Yuna“Puff”Laughed out,Then joked:“What career?Mental hospital??”

After Lin Yoona finished speaking like this,,I immediately realized that I was wrong,Said quickly:“Sorry,I didn’t mean that!”
Xiao Fan didn’t care about Lin Yuner’s words,Just say:“Not all,Except for the mental hospital,I have other,Just usually,You don’t have a place where I spend money,and so,I never took it out。”
“but,Nowadays,You need it,and so,I took it out。Yoona,You believe me,I,I will only give you the best,Although this wedding dress is not cheap,but,as long as you like it,Everything is worth it,After all i make money,Also for you,Isn’t it?”
Xiao Fan’s words,Lin Yoona’s eyes were red immediately。
Xiao Fan really brings more surprises to himself every day。
I never thought about it,Xiao Fan actually has such a side,I always thought,Xiao Fan has never made a cent,but,right now,Xiao Fan easily took out 5.21 million to buy a wedding dress for himself。
The lady boss went downstairs with Tian Xingyao,and so,The lady boss asked Tian Xing Yaodao:
“Starshine,Tell me something,What’s the situation with these two people??”
Tian Xingyao did not expect that the lady boss would ask him about Xiao Fan and Lin Yoona,After all, in the impression of Tian Xingyao,This boss has never been a talkative person。
I don’t know what happened today,I even talked to myself about the identities of these two people。
The lady boss seems to have seen Tian Xingyao’s embarrassment,Just said quickly:
“Starshine,Don’t get me wrong,I don’t mean anything else,Me,I just think something is wrong with these two people,If you think it’s hard to say,You just assume that I haven’t asked!”
Tian Xingyao heard the boss say so,He waved his hand and said:“There is nothing to say,I just think you are so weird,Today, he took the initiative to ask me about the guest,This before,But never。”
The boss smiled awkwardly,Then said:“I don’t think the two of them are a bit strange,Is it different from others?but,Can’t you really say?”
Tian Xing Yao smiled at the curious look of the boss,And said directly to the boss:
“in fact,There is nothing to say,Is the identity of this woman?Is the president of Owen Cloud Lin Group,But the identity of her husband,I’m not too sure either,You also know,I came out of Yunshi early。”

Also lower her voice and whisper in her ear,“This is very expensive,The starting fee you determined?”

I rely on!
The eagle was bitten by the eagle,Does she want to mix it up??
The old driver is the old driver,How could you admit it?
Shaking the underwear with few pieces of cloth in his hand,A glance,A hook The soul eye is gone,“Nine point charm,See or leave。”
Sun Ningning is discharging again,Yang Liu has nothing to do with her,She comes here every time I am awkward with that one,In case someday go wrong,What to do if you suffer?
Go over and pull people away,But the other party is Huo Yunhe’s brother,Such a place is not suitable for greeting and reminiscence,She only prayed for He Huandong to leave,Don’t play around with her。
Maybe her prayer was heard by He Huandong,I saw him reach out and rub Sun Ningning’s hair,Smile,Turned away。
Saw people go,Yangliu came out from behind the shelf,“sister,You hook-Can you pick one when picking up someone??Officer He is Yunhe’s brother,You will make it hard for me。”
“He is Huo Shao’s brother?”
Sun Ningning really doesn’t know,Thought about it,Ask uncertainly,“The young master of the Ho family in the west of the city?”
“Exactly。”Yangliu doesn’t hide anything,The point is there is nothing to hide,“He family is not easy to mess with,Don’t shake it off then。”
Sun Ningning really didn’t expect He Huandong to belong to the He family,I thought it was just an ordinary policeman,When you’re okay,This is just great,He and Sun are family friends,Although I am a drag oil bottle,But I can’t keep the He family from knowing her。
tease Divide people,She can’t provoke him,Next time I see you, let’s take a detour。
Yangliu was transferred to the marketing department,Do more than half a month of market research,Tanned more than one shade,That pink face turned light honey,In Yangliu’s eyes, it’s a healthy complexion,But it hurts Huo Yunhe。
Take her to the beauty salon for beauty treatment,Be patient with yourself,No complaint,Plus an apology,Finally forgiven my girlfriend,But refused to return to the general manager。
Yangliu didn’t make a petty temper with him,But tell the truth,Because she found,As long as I’m here,Huo Yunhe’s work efficiency will be greatly reduced,She doesn’t want to hold him back。
Huo Yun and himself also understand that what Yang Liu said is the truth,As long as she is by her side,Don’t even do anything,My eyes will fall on her from time to time,Really affects work。
Yangliu doesn’t say he hasn’t found it yet,I just said that I had so many files,Seriously reflected on his behavior,Can’t help but feel ashamed。

2019北京冰雪旅游文化节开幕 千人参与体验冬奥滑雪

2019北京冰雪旅游文化节开幕 千人参与体验冬奥滑雪
北京2019年1月9日电 以激情冰雪·魅力北京为主题的北京冰雪旅游文化节之千人冬奥滑雪体验活动9日在延庆石京龙滑雪场开幕,近千名游客在领队的带领下,共同体验冰雪之美。­  此次活动旨在充分利用北京深厚的文化旅游资源,持续开拓北京冬季旅游市场,推动冬季群众体育运动蓬勃开展,让广大游客和首都市民共同感受北京冰雪运动的激情、魅力,共同为北京2022年冬奥盛会加油、助力。­  在开幕式现场举行文艺表演。 姜慧 摄­  北京市文化和旅游局局长助理李旸在现场致辞时表示,激情冰雪·魅力北京之千人冬奥滑雪体验活动,是贯彻落实北京市委市政府关于扎实推进冬奥会、冬残奥会筹办和积极打造京张体育文化旅游带决策部署的一项重要举措,也是第三届北京冰雪文化旅游节的一项重要内容。­  为满足初次滑雪游客的需求,此次活动聘请了专业教练,游客在短时间内可学会滑雪的基本技术。阳光下游客在雪道上尽情嬉戏,玩儿的开心过瘾。在滑雪现场,雪地摩托、滑雪圈、雪地自行车、儿童滑雪培训基地、越野摩托车、山地摩托车等项目应有尽有,还有大露台、小楼餐厅为游客提供茶点美食。­  此次活动,除了在现场体验冰雪乐趣外,还同时向游客发放了北京冬季旅游的产品手册。旅游手册围绕冰雪节庆体验、冬季中医养生、冰雪自驾休闲、冬日皇城民俗、冰雪红色旅游、冬季美食购物、冬季冰雪游学、冰雪文博演出、冰雪家庭亲子、冰雪冬奥体验等主题,推出了北京冬季15条特色旅游产品及15条北京冬季自驾游线路,为游客及市民提供更多体验北京冬季魅力的玩法。­  李旸表示,2019年是扎实推进北京冬奥会筹办的重要一年。冬奥组委、北京市文化和旅游局将积极推动文化、旅游、冰雪深度整合,大力发展冰雪文化、冰雪旅游、冰雪运动、冰雪经济,努力把北京冰雪文化旅游节打造成为服务冬奥会、享誉国内外的特色品牌,成为奉献给八方宾朋的文化旅游盛宴,让广大游客和首都市民更有体验感、获得感、幸福感。­  近千名游客体验冰雪之美。 姜慧 摄­  此次活动由北京市文化和旅游局与冬奥组委文化活动部联合主办、北京春秋旅行社承办。春秋旅游作为全国知名的旅游集团,在国内外拥有50余家分子公司,几千家营业网点,同时也是国内首家拥有航空公司的旅行社,航空机队规模超过80架,每年旅客运输量近2000万人次。­  此次北京市文化和旅游局携手春秋旅游,充分借用春秋旅游、春秋航空的优势资源向游客共同推广北京冬季旅游资源及旅游产品。 原标题:北京冰雪旅游文化节开幕 千人参与冬奥滑雪体验

Sanxin Medical: a wholly-owned subsidiary obtains a registration certificate for disposable medical masks and medical devices

Sanxin Medical: a wholly-owned subsidiary obtains a registration certificate for disposable medical masks and medical devices
Sauna Night News On March 8, Jiangxi Sanxin Medical Technology Co., Ltd. (abbreviation: Sanxin Medical) issued an announcement that Yunnan Sanxin Medical Technology Co., Ltd. (hereinafter referred to as “Yunnan Sanxin”), a wholly-owned subsidiaryMedical mask registration certificate for sexual use of medical masks.According to the announcement, Yunnan Sanxin Medical Technology Co., Ltd. recently obtained the “Medical Device Registration Certificate” issued by the Yunnan Provincial Drug Administration. The product involved in this certificate is a single-use medical mask with a flat ear hook type.Remarks show that the product is an emergency approval for the prevention and control of new coronavirus infection pneumonia, and the registration certificate is valid for 6 months.When submitting an application for renewal registration after the expiry of the validity period, the registrant correctly completes all registration declaration materials in accordance with the “Measures for the Administration of Medical Device Registration”.According to the announcement, after obtaining the registration certificate for disposable medical masks, Yunnan Sanxin will immediately use one of its existing mask production lines to start mass production, with a daily capacity of up to 100,000 under full-load production.It is expected that the production and sales of mask products will have a positive impact on the operating performance of the company and Yunnan Sanxin, but its actual sales will be affected by various factors such as the progress of epidemic prevention and control, market supply and demand.Sao Yee Editor Zhao Ze

Hailan House (600398): New Brand Consolidated Online and Offline Revenue Growth Accelerates

Hailan House (600398): New Brand Consolidated Online and Offline Revenue Growth Accelerates

The 3Q19 results were slightly lower than our expectations for the company’s 3Q19 results: the first three quarters of revenue 146.

90,000 yuan, an increase of 12 in ten years.

6%; net profit attributable to mother 26.

2 ‰, reduced by 0 every year.


Revenue for the third quarter of 19 39.

70,000 yuan, an increase of 31 in ten years.

0%; net profit attributable to mother 4.

9 ‰, a decrease of 12 per year.

6%, corresponding to a relative profit of 0.

11 yuan.

The performance was slightly lower than our expectation as the consolidated new business is still in the adjustment period.

In terms of brands, 1) The first three quarters of the income of Hailan House series were 115.

30,000 yuan, an annual increase of 7.

3%, the gross margin is relatively reduced by 1.

9ppt to 43.

1%, 220 net openings since the early days; 2) Aiju Rabbit from January to August 7.

0 ppm, gross margin 16.

2%, the company sold 81% equity of Aijutu in September 2019, and held only 19% equity of Aijutu as a minority shareholder; 3) San Keno’s first three quarters of revenue 15

20,000 yuan, an increase of 31 in ten years.

2%, gross margin increased by 0 in ten years.

05ppt to 34.


4) Other brands, including Hailan Select, OVV, AEX, boys and girls and Ying’s (only July-September consolidation) achieved income in the first three quarters6.

3 ‰, the gross profit margin decreases by 8.

5ppt to 34.


By channel, the first three quarters 1) Online sales increased by 10%, and gross margin decreased by 6.

3ppt to 50.

2%; 2) Offline revenue will increase by 13% each year, and gross margin will increase by 2.

1ppt, the growth rate of online and offline revenue increased compared with the first half of the first half.

Gross profit margin gradient under high base, operating expenses increased rapidly.

Affected by the high base due to changes in settlement methods in 3Q18, gross profit margin in 3Q19 decreased by 10.


The gross profit margin in the first three quarters was relatively lower1.

6ppt. At the same time, the increase in direct stores and the consolidation of new businesses have increased the sales and management expense ratio (including research and development expenses) by 2.

4ppt, net profit margin decreased by 2.
3ppt to 17.

Inventories and receivables turned well.

As of 3Q19, the company’s inventory, accounts receivable and bills decreased by 2 respectively.

9%, a decrease of 6.

7%, working capital turnover is good, the operating cash flow in the first three quarters increased for many years.

6% to 2.

0 million.

Development trend The company has consolidated the British business since the second half of 2019, and replaced the Ijutu business with a lower-than-expected and low gross profit margin in September 2019 (gross profit margin of 23 in 2018.

9%, lower than the group’s gross margin of 40%), we expect to contribute to the future performance elasticity.

Earnings forecasts and estimates take into account the consolidation of the new brand and the sale of Aijutu’s equity, and lower its 2019 and 2020 earnings forecasts by 6% to 0.

79 yuan and 0.

86 yuan, an annual increase of 0.

8% and 9.

8%, the company 杭州夜网论坛 currently corresponds to 9 in 2019 and 2020.

4x and 8.

6 times price-earnings ratio.

Maintain Outperform rating, but lower target price by 9% to 9 due to earnings forecast adjustment.

95 yuan, corresponding to 12.

6 times 2019 P / E ratio and 11.

5 times 2020 price-earnings ratio, implying 33.

7% upside.

The risk inventory is high, and the development of new brands is less than expected.

Zhonghuan (002129): Performance meets expectations Expansion of silicon wafer leader

Zhonghuan 天津夜网 (002129): Performance meets expectations Expansion of silicon wafer leader

The company released its 2019 Interim Report and achieved revenue of 79 in the first half of the year.

4 ppm, an increase of 22 in ten years.

9%, net profit attributable to mother 4.

52 ppm, an increase of 50 in ten years.

7%, net profit after returning to mother 3.

54 ppm, an increase of 58 in ten years.


The monocrystalline silicon wafer structure is stable, and the new capacity is expanded in an orderly manner: the revenue of new energy materials in the first half of the year was 7 billion U.S. dollars, an increase of 21% year by year.

6%, gross margin of 14.


At present, the monocrystalline silicon wafer itself has formed a duopoly form of Longji and Zhonghuan. The remaining companies have weak follow-up capabilities. The supply of monocrystalline wafers will continue 武汉夜网论坛 to be tight until 2020, and the company’s gross profit margin is expected to pick up significantly.

The company’s production capacity continues to expand. In the first half of 2019, the capacity of photovoltaic silicon materials reached 30GW.

The company’s fifth-phase project has begun. After the 25GW new capacity is put into operation, the total capacity is expected to reach more than 55GW, and it will continue to strengthen the duopoly structure.

The automation level of the company’s production line has been improved, and the supply has been increased while reducing the number of workers to build an intelligent factory.

The domestic production of semiconductors is accelerating, and the production of large silicon wafers is leading domestically: the company’s semiconductor materials in the first half of 2019 achieved revenue5.

20,000 yuan, an increase of 21 in ten years.

13%, gross margin 26.


The company’s Tianjin base has achieved design capacity for 8-inch silicon wafers. The 12-inch test line project was scheduled in February. Yixing Phase I is expected to start production of an 8-inch production line in the second half of the year. The 12-inch project is expected to move equipment in the fourth quarter of 2019.Production will begin in the first quarter of 2020.

Among domestic companies investing in large silicon wafers, the company’s production and sales and customer verification have already taken the lead.

In the first half of 2019, the company’s products accounted for more than double the sales of first-class customers in the world.

In 2022, a total of 1.05 million pieces / month 8-inch production capacity and 620,000 pieces / month 12-inch production capacity are expected to be formed.

Launch of M12 photovoltaic large silicon wafers to improve product competitiveness: The company’s M12 large silicon wafers have an area increase of 80 compared to existing M2 products.

5%, the calculation will reduce the cost of electricity by more than 6%, significantly improve the production efficiency of batteries and modules, the corresponding module power can reach 600W.

Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.

43 yuan, 0.

64 yuan and 0.

82 yuan, maintain “Buy” rating.

Risk reminder: PV installation is less than expected, and semiconductor expansion is not as expected

Angel Yeast (600298): Both revenue and profit improve, optimistic about seasonal repair

Angel Yeast (600298): Both revenue and profit improve, optimistic about seasonal repair

Event: The company announced three quarterly reports and achieved operating income of 55.

6 ppm, an increase of 13 in ten years.

49%; net profit attributable to mother 6.

6.6 billion, down 1 year.

twenty one%.

Achieve operating income of 18 in the third quarter.

460,000 yuan, an increase of 17 in ten years.

43%; realized net profit attributable to mother 2.

10,000 yuan, an increase of 17 per year.

76%, revenue and profit growth have improved significantly.

  White sugar has greatly improved 杭州夜网论坛 both the pros and cons: it is good for revenue and lowers profit margins.

On the revenue side, the export yeast growth rate reached 12%, and domestic yeast growth was nearly 11%.

Basically, all products have increased by more than 10%, and the growth rate exceeds 20%. There are health products, YE, and animal nutrition.

The rapid growth of sugar production led to third-quarter revenue.

The single and third quarter sugar business achieved 1.

6.7 billion, almost the total of the first half of the sugar business, an increase of over 30%.

On the profit side, due to the increase in the percentage of sugar business in Q3 company by 4 points, and the high increase in yeast exports, the gross profit margin declined structurally.

At present, the price of white sugar is at the bottom of the cycle. The company has adopted a reluctant sales strategy from the second half of 2018. The market price of white sugar has picked up from July to September 2019, but it is still concentrated at 5400-5800 yuan / ton, which is close to the cost price and gross profit margin.Weak, net interest rate is basically expected.

As a result, the company ‘s gross profit margin fell in the third and third quarters2.

33% to 33.


  Optimistic about short-term profit repair.

There are two main reasons for profit: Yili, which has a high profit margin, recovered 20% earlier last year; Chifeng’s production scale reached a reasonable level, the company’s operating rate returned to normal levels, and production efficiency improved.

In addition, the favorableness of molasses costs appears quarter by quarter. The purchase cost of molasses has dropped by 8-10%, and the production costs have been reduced to 2-3% every quarter starting from the second quarter.

However, the rate of return was not deducted a year ago, the tax rate increased, and the net increase in revenue this year was between 70-90 million, which will affect the net profit attributable to mothers by nearly 10%.

We are optimistic about the company’s profit improvement in the fourth quarter due to the decline in production efficiency and molasses costs, as well as the profit improvement brought about by the elimination of yield impact after the first quarter of next year.

  Earnings forecast: long-term excessive sugar will lower the profit level, and reduce EPS 0 appropriately


The EPS is expected to be 1 in 2019-2021.

11, 1.

27, 1.

54 yuan, corresponding to PE is 25, 22, 18 times, maintaining the “buy” level.

  Risk warning: Sales are less than expected; exchange rate changes

Depth-Company-Yingqu Technology (002925) IQOS Approved to Sell HNB in the US Will Accelerate Penetration

Deepin * Company * Yingqu Technology (002925) IQOS Approved to Sell HNB in the US Will Accelerate Penetration

On April 30, 2019, the FDA announced that it officially approved IQOS ‘PMTA (Pre-Market Application for Tobacco Products), allowing IQOS to heat non-burning tobacco equipment and related cartridge products (Marlboro heating rods, Marlboro silky mint heating rods and Marlboro fresh mint heating(Great) sold in the US market.

Key points of support levels The IQOS US market promotes accelerated volume.

IQOS is the world’s first heated non-combustible tobacco product launched by PMI, which has been popular in the Southeast Asian market.

From 2016 to 2017, PMI submitted MRTP (Tobacco Product Risk Improvement Application) and PMTA (Tobacco Pre-Market Application) to the FDA.

On April 30, 2019, the FDA announced that IQOS passed PMTA, allowing it to be legally sold in the US market, and acknowledged that the level of harmful substances produced by IQOS was lower than that of conventional combustible cigarettes, but could provide nicotine levels close to those of combustible cigarettes.

To prevent young people from accessing and accessing the product, the FDA has strict restrictions on marketing. For example, all packaging labels and advertisements must contain warnings about nicotine addiction. FDA must be notified of its advertising program and plans to restrict access to the product.Wait.

Although there are many restrictions, the United States, as the world’s largest electronic cigarette market, is expected to develop into the third largest HNB market.

As the world’s largest tobacco group, PMI has strong channels, brands, and marketing capabilities. It has begun to build an American IQOS offline sales channel. It has set up a marketing team and is ready to go. Now the gate is open and gradually penetrates the US market.

We estimate that IQOS in the United States is expected to achieve 4.97 / 816/783 million units in 2019-2021, which will effectively drive IQOS sales growth.

IQOS volume improved, and market share increased steadily.

According to PMI data, as of the first quarter of 2019, IQOS has entered 47 countries or regions around the world, with 10.4 million users (fully converted users are expected to account for 70%), an increase of 800,000 from the end of 2018, and a reduction of HTU of 11.5 billion.Support (YoY) +20.

2%) and sales of 12.7 billion (YoY + 34.

6%), the growth rate has improved significantly.

Overall, from the fourth quarter of 2018 to the first quarter of 2019, the share of cities except South Korea remained at 7.

8%, its market share in Japan, Europe, and the Soviet Union increased by 1, respectively.

1, 0

4pct, 1.

3 points to 16.

6%, 2.

1%, 3.


The global HNB regulatory policy aims to accelerate improvement.

Due to the late start of heating non-burning tobacco products, the regulatory regulations of various countries are still incomplete, and the market penetration rate is also lower than that of steam electronic cigarettes.

IQOS has been approved by the FDA for PMTA, which has proved to a certain extent that it is fungible and less harmful to traditional cigarettes, which is conducive to its entry into markets in other countries or regions, and promotes the improvement of regulatory regulations for heating non-burning tobacco products, therebyHNB’s global accelerated penetration drives the role.

Yingqu Technology is expected to usher in a turning point in performance.

Yingqu Technology reached a R & D cooperation with PMI in 2014 and participated in the design of IQOS2.

4 and IQOS 3 generation products, and through risk and Flextronics became a second-tier supplier of IQOS precision plastic parts. In 2018, IQOS-related revenue accounted for about 65% of the company’s total revenue.

In addition, the company also has Logitech, Provo Craft, Bosch, Honeywell and other world-renowned customers with strong R & D 深圳spa会所 capabilities.

Affected by IQOS destocking and Glo and other competing products in 2018, IQOS conversion volume shifted and company performance was affected.

As IQOS enters the US market in 2019, the volume is accelerating, and the volume and price of overlapping IQOS third-generation products are rising. The company is expected to usher in a turning point in performance.

It is estimated that we are optimistic about the promotion of the global HNB market penetration rate after the US market is opened. It is estimated that IQOS will achieve 4.97 / 816/783 million units in the United States in 2019-2021 and adjust the company’s revenue for 2019-2021 to 2.



17 yuan (previous forecast was 2).



43 yuan), an annual increase of 26.

7% / 23.
1% / 14.
6%, currently sustainable corresponding to 2019 PE20.

6X, raising the rating from increasing to buying.

The main risk facing the rating is that the new tobacco regulation is becoming more stringent, and IQOS sales have fallen short of expectations.

Everbright Bank (601818) Annual Report Comments: Retail Loans Proportion Increases and Capital Accelerates Replenishment

Everbright Bank (601818) Annual Report Comments: Retail Loans Proportion Increases and Capital Accelerates Replenishment

The revenue growth rate exceeded 20%, and the company maintaining the “Buy” rating released its 2018 annual report on March 28. The net profit attributable to the parent, PPOP, and operating income increased by +6 respectively.

70%, 25.

62%, +20.

03%, earlier from January to September -2.

45pct, + 6.

54 points, +1.

77pct, performance was slightly lower than our expectations.

The company has made more provisions and write-offs under the situation of beautiful revenue growth rate, and its profit growth rate has decreased.

We forecast the company’s net profit growth attributable to mothers in 2019-2021.

6% / 8.

2% / 9.

0%, EPS0.



81 yuan with a target price of 4.



39 yuan, maintain “Buy” rating.

Appropriately control the growth rate of assets. The interest rate spread is expected to be stable at the end of 18 years.

58%, the growth rate was earlier than the end of Q3 -1.

48 points.

Loans boosted asset expansion and loan growth reached 19.

twenty one%.

The loan yield increased by 9bp from the first half of the year, benefiting from the two-way contribution of volume and price.

First, the proportion of retail loans increased by 1 compared with the 无锡夜网 first half of the year.

66pct, and the internal relatively high-yield consumer loans and credit card loans, the second is the interest rate on corporate loans continued to rise 11bp compared to the first half.

Even if the cost of deposits has risen, the spread between deposits and loans is still 4bps wider than the first half of the year due to the increase in loan interest rates.

The debt-side companies continued to optimize the structure, increase deposit absorption, and replace relatively high-cost bond financing, and the average bond balance (including certificates of deposit) decreased by 17.

5%, while deposit growth continues to increase.

Broader deposit and loan spreads and structural optimization support the company’s net interest margin from the first half of the year to + 11bp to 1.


The non-performing 重庆耍耍网 loan ratio is basically stable, the risk resistance capability is significantly improved, and the asset quality is generally stable. Provisions and write-offs have been significantly increased.

The quality of existing assets is stable, and the non-performing loan ratio at the end of 20181.

59%, + 1bp from the end of the third quarter.

The hidden non-performing indicators are improving, compared with the proportion of attention-based loans and overdue loans, which decreased by 6bp, 8bp in the first half of the year.

The risk resistance ability has been enhanced. At the end of 2018, the provision coverage ratio was increased to 176%. We estimate that the credit cost in Q4 single season increased significantly by 52bp.

It is obvious that the company’s nuclear sales have increased. In 2018, the actual nuclear sales disposal ratio reached 81%, which is significantly higher than 42% in 2017. We calculated that the write-off rate of Q4 non-performing loans increased by 25bp compared to Q3.The rising situation deserves continued attention.

The intermediate business is strong and the capital is sufficient. Building a first-class wealth management bank The company has proposed a long-term strategy of “building a first-class wealth management bank”. Next, we can focus on middle income and capital.
The income growth rate in 2018 reached 19.
89%, mainly benefited from the growth of credit card and settlement income.

The synergy effect of the group has extended support for the company’s income, and we expect its income growth momentum to continue to be strong.

The company adheres to the light capital strategy, and the average capital adequacy ratio at the end of the year has slightly increased at the end of Q3. The company currently has 35 billion US dollars of preferred stocks in progress. If the preferred stocks are included in other tier 1 capital, the capital adequacy ratio is expected to increase by 1.

10pct, the potential for scale expansion increases.

Cash dividends for every 10 shares in 20181.

61 yuan, 25 dividends per second.

11%, a decrease of 5 from 2017.


Target price is 4 for high-quality stocks with stable fundamentals.


39 yuan We predict that the company’s net profit attributable to mothers will increase 7 in 2019-2021.

6% / 8.

2% / 9.

0% (previous forecast 7).

0% / 7.

8% /-), EPS0.



81 yuan (previous forecast was 0.

69 yuan / 0.

74 yuan /-), 2019 BVPS5.

98 yuan, corresponding to PB0.

69 times.

The stock bank unanimously predicts that PB will be 0 in 2019.

81 times, the company as an outstanding target of retail transformation is estimated to enjoy a premium.

We give 0 for 2019.


9x target PB, with a target price of 4.


48 yuan fine-tuning to 4.


39 yuan.

Risk Warning: The economic downturn exceeds expectations, and asset quality deteriorates more than expected.