“All right,Don’t bother me!I have to concentrate on work。”After Xiaozhi left this sentence,No more news。

“I’m going to your uncle!”Lu Menglin could only curse,I plan to save myself。
It’s this stupefying effort,Brolong has also released hundreds of air threads,Faintly enveloped Lu Menglin’s surroundings,Invisible。
“Wait!”Lu Menglin is in a hurry,Suddenly shouted。
“Waiting what?Can you wait for me to complete the encirclement??”Brolong also said with a smile,A confident expression。
Lu Menglin suddenly lost most of the Dan Jin in his body,Raise your hands,With a simple smile on his face:“I think we can talk。”
“OK!What do you want to talk about?”Brolong also doesn’t look good to lie,Although talking,But the fingertips are still ejecting the gas wire,Strengthen his encirclement。
“If I go back with you as an apostle,What are the benefits??Actually, I have been a Secret Medicine Venerable for a while,Feels pretty good。”Lu Menglin casually talked。
“What are the benefits of being an apostle?”Brolong was also slightly taken aback,Seems to be seriously considering this issue。
“Yes indeed!When you don’t usually fight,What are you doing?”Lu Menglin had nothing to talk to。
Brolong also shook his head,A gentle smile appeared on his face,Speak loudly:“I sometimes go fishing。When the sun goes down,Sitting alone by the lake,The evening wind blows his face,The moment the fish got the bait,Is the happiest moment。”
Lu Menglin thought,Then you go fishing more!Running so far to fight for life,Why bother!
of course,He won’t say this seriously,But nodded pretending to understand,Smiled:“When i’m fine,Will play a few games。correct,Have you played the fish fishing machine in the arcade?Very exciting!”
“Fishing machine?what is that?”Brolong also showed a curious expression on his face。
“enough!Ryuya,Stop talking nonsense with him!”The black frame Ito in the distance?Workers’ Fury Road。
Lu Menglin took a look,Shrugged,Smiled:“how?You still have to be controlled by him?”
Brolong also shook his head,A faint glance at the black frame in the distance,Said:“They just cooperate with me in the fight。Except for the Great Lord,No one can control me。”

Rao is Ralph·Sir Robbins has always demanded himself as a true gentleman and nobleman,But at this moment,He still couldn’t help but explode。

no way,Ralph·Sir Robbins knows that what Chen Geng said are facts,Sent by the British government to serve as Rawls·Royce’s Chairman’s own,It must be those damn bastards who snatched Rawls·The first object after Royce,At this point,I can’t have any luck。
“Yes,Those guys are real bastards、robber!”Chen Geng Fuhe Road:“In this case,Then why don’t you help my old friend more within a reasonable range?
Oh,correct,Jazz,Do you remember my previous promise?If you retire, my company,On the basis of the previously agreed annual salary,I will increase your salary by one hundred thousand pounds every year!”
“Add another hundred thousand pounds?”
Ralph·Sir Robbins’ eyes widened in an instant:The annual salary that Fernandez promised to himself was25Ten thousand pounds,Plus10Ten thousand pounds,That is35Ten thousand pounds……
This one hundred thousand pounds instantly defeated Ralph·Robbins,In a while,He has made a decision:Go to Te Niang,Since I will definitely be driven away,Have35With an annual salary of ten thousand pounds,I still care about you?!
PS:Two shifts,carry out,Brothers, go to bed early after watching,Tomorrow we will start paying。
First747chapter Monk touch,Why can’t i touch?
“OK,”Ralph·Robbins gritted his teeth:“no problem,I will try my best to convince the company to help you develop these three models at the same time,But the price,I can only say I try my best……I’m still Rawls after all·Royce Chairman of the Board。”
Even Ralph·Robbins pulls sideways、Want to help Chen Geng save money,Can’t be too ridiculous。
Chen Geng smiled,He suddenly turned his head,Kelly to the side·Hicks motioned to her to bring the briefcase she was carrying。
Ralph·Robbins looked suspiciously,Chen Geng snapped open the zipper of the briefcase,next moment,Ralph·Robbins’ breathing suddenly rose……
“Mr. Fernandez,you……What are you doing?What do you mean?”Watching Chen Geng’s thick pile of dollars on the table,Sir, your lips feel a little dry,He couldn’t help licking his lips,At the same time subconsciously counted:A wad、Two wads、Santa……God!Ten Ta!Ten packs!Which is one hundred thousand dollars!

“Kid,Does Shenglong Group know??The largest real estate group in Jiangbei Province,The whole Jiangbei,No one knows no one knows,And Master Long is the only child of our Shenglong Group Long Qianyuan Long.!”

“What our Master Long fancy,There is nothing you can’t get,You make a price!”
“Master Long is discussing with you now,You don’t know good or bad,Otherwise, the money and room will be empty!”
Several bodyguards threatened one after another。
Long Shaoyun stood by,Laugh without talking,It’s acquiescence to the threat in their words。
“What shit insect group is really good?”Qin Feng fished out his ears,Disdain。
What he hates most is that someone pretends in front of himX,especially,Qin Feng’s mood is not very good now。
“you wanna die!”One of the bodyguards was furious,Pointing at Qin Feng, he will rush up to fight!
“stop!”Master Long smiled slightly,A ray of light flashed in my eyes。
Long Shaoyun turned to look at Qin Feng,“In Jiangbei Province,What Long Shaoyun likes,There is nothing you can’t get,do you understand?”
Long Shaoyun holds his head up,Squinting,Very arrogant expression,It happens to have a faintly confident smile。
“do you understand,My shit!”Qin Feng said lightly,Pat butt,Let go,Completely ignore their threats。
From beginning to end,Qin Feng never even looked at Long Shaoyun。

Shuanghui Development said it will focus on protein meat products in the future

Shuanghui Development said it will focus on protein meat products in the future
On May 20, Henan Shuanghui Investment Development Co., Ltd. (hereinafter referred to as “Shuanghui Development”) disclosed the contents of the non-public offering investor exchange meeting.Regarding the aquaculture business concerned by investors, Shuanghui Development stated that the company’s aquaculture development is mainly to better control the cost of raw materials.At the same time, the future will focus on new products such as protein meat.On May 17, Shuanghui Development disclosed a plan for the non-public offering of shares, and planned to issue no more than 35 subscribers with a non-public offering of no more than 3.31.9 billion shares, the total amount of funds raised does not exceed 7 billion US dollars, and more than half of the amount will be used for the breeding industry.Among them, the raised capital of broiler industrialization construction will use 33.3 ppm, the hog breeding capacity construction project will use raised funds9.900 million yuan.Some investors put forward, “After the development of breeding, does Shuanghui Development plan to switch business?”Shuanghui Development replied that the development of the aquaculture industry is not to change the business positioning, but to strengthen the right to speak for front-end cost control, better control the cost of raw materials, improve the stability of the main business, and strengthen the company’s meat products competitiveness.The company’s future positioning will not change, and it is still a consumer goods company that focuses on meat.At the same time, Shuanghui Development stated that in terms of raw chicken breeding, some chicken products such as chicken breasts and legs will be mainly used as raw materials for meat products and will be produced and sold on their own, while other products will be exported.But it is not excluded that when the market price is appropriate, some chicken breasts, chicken legs and other chicken products are exported.Regarding the trend of hog prices next year, Shuanghui Development believes that national policies support hog breeding, and the expansion of the scale of breeding by various breeding enterprises will increase the number of hogs sold and reduce the price of hogs.According to the current budget, the price of pigs is expected to increase in the second half of this year.At the same time, there is a rebound in the supply of live pigs, and it is expected that the company’s subsequent slaughter will continue to recover.Shuanghui Development also said that in the first quarter of this year, it launched online marketing activities such as online celebrity live streaming, which promoted brand rejuvenation and increased brand influence.In the next step, we will focus on new concept products such as spicy, spicy, and vegan meat, to promote the brand heat.Sauna, Yewang Wang Siyang editor Zhu Fenglan proofreading Li Shihui

Guizhou Moutai (600519): The performance growth rate is in a reasonable range and the marketing system is gradually smoothed

Guizhou Moutai (600519): The performance growth rate is in a reasonable range and the marketing system is gradually smoothed
Event: The company released the third quarter report of 2019, reporting a series of realized operating income of 609.3.5 billion yuan, an increase of 16.64%; net profit attributable to mother 304.5.5 billion yuan, an increase of 23.13%; deduct non-net profit 305.3.4 billion, an increase of 22.48%.Revenue growth was slightly lower than market expectations, but was in a reasonable range. The volume of Moutai was lower than expected, and the growth of series of wines accelerated.In the third quarter of 2019, the company’s revenue and net profit increased by 13 respectively.8% and 17.1%, the growth rate has increased over the same period last year.In terms of products, the company’s two-wheel drive strategy has been steadily advancing, and Moutai Liquor achieved revenue of 538 in the first three quarters.3.2 billion, an annual increase of 16.4%; series of wine achieved revenue of 70.38 trillion, an annual increase of 18.6%, of which, in the third quarter of Maotai liquor, series of wine revenue increased by 12 respectively.8% and 22.8%, the growth of the series of wine accelerated significantly.According to report estimates, the volume of Maotai liquor in the third quarter was about 8,400 tons, an increase of about 2%, and the market expected it later; due to strategies such as bundling sales, the non-standard proportion increased significantly in the third quarter, and the ton price increased by about 10%. The direct operation has gradually accelerated, and the number of dealers has continued to decrease.In terms of different channels, the company’s direct sales name in the first three quarters of 2019 was 31.3.0 billion, a decline of 19 per year.83%, direct sales ratio is 5.10%, falling by 2 every year.3 copies, of which the number of direct sales channels in the third quarter was 15.01 billion, an annual increase of 16.11%, direct sales ratio is 7.0%, increase by 1 a year.3 averages.This is mainly due to the company’s re-establishment of direct sales plans and expansion of channel types in 2019. The proportion of direct sales increased significantly before the policy was introduced.Nationwide) and 2 home appliance manufacturers, and co-sale with COSTCO, significantly increased direct sales in one month. In the reporting year, the company continued to rectify and clean up its dealers. In the first three quarters, it reduced the number of dealers by 616, among which 494 were liquor dealers, and by 23 Maotai liquor dealers in the third quarter. The gross profit margin decreased due to the high growth of the series of wines, and the net profit margin 杭州桑拿 increased.The company’s gross profit margin for the third quarter of 2019 was 91.16%, a decline of 0 every year.The 66 first-tier wines were mainly due to the accelerated growth in sales of series wines, which accounted for an increase of 1.Caused by 92 affiliates.Company selling expenses 2.81%, a decline of 0 every year.47 in total, the efficiency of Maotai liquor market investment has been further improved; the management expense ratio (including research and development expenses) is 6.43%, a slight increase of 0 a year.15 averages.The structure was upgraded, the sales expense ratio decreased and the expansion ratio decreased. The company’s net sales margin in the third quarter of 2019.21%, an increase of 1 per year.27 averages. Cash received from sales of goods and services 228.3.9 billion, New Year’s Eve 0.73%, advance payment 苏州夜网论坛 112 at the end of the third quarter.6 trillion, down 10 trillion from the previous month, mainly due to the company’s centralized payment at the end of June to control the speed of product launch and the disqualification of some dealers. Demand is still strong, the bottle opening rate has increased, and growth in the fourth quarter is expected.The company accelerated the direct launch of the store before the Mid-Autumn Festival season, and realized the orderly return of the Pfeiffer distribution price from over 2,500 yuan / bottle to 2,100 yuan / bottle.”Second time”, post-holiday bundling prices rose to 2300 yuan / bottle and other phenomena, the demand for Moutai is still strong.In addition, the orderly decline in prices and the release at the retail end promoted actual consumption, and the bottle opening rate increased, which is beneficial to the company’s long-term development.In the context of price stabilization, the early results of the Spring Festival next year, we believe that the company will most likely use the next year to gradually and continue to increase the volume of e-commerce, commercial supermarket channels, thereby consolidating the current level of approval, the company’s growth in the fourth quarter is expected. Investment suggestion: The company’s leader is basically stable, the demand is strong, the growth rate is in a reasonable range, and the marketing system is gradually rationalized. We maintain the profit forecast unchanged. The EPS for 2019-21 is 34.95, 39.89, 47.58 yuan, based on its growth capacity and the company’s 25-30 times PE in 2019, maintain the “recommended” level. Risk reminders: food safety issues; company performance exceeded expectations; company reforms were less effective than expected; RMB exchange rate risk; domestic interest rate rise risks; China’s macroeconomic data fell short of expectations; changes in the Federal Reserve’s monetary policy; internal capital market fluctuation risks.

Semir Apparel (002563): Changes in the release rhythm of offline casual wear lead to a sudden increase in growth and children’s wear is still solid.

Semir Apparel (002563): Changes in the release rhythm of offline casual wear lead to a sudden increase in growth and children’s wear is still solid.

Investment Highlights: Event: The company announced three quarterly reports, and the company’s revenue in the first three quarters increased by 35.

8% to 132.

600 million, net profit attributable to mother increased by 2.

8% to 13.


In the third quarter alone, the company’s revenue increased by 19.

1% to 50.

400 million, net profit attributable to the mother 3.

2% to 5.

8.5 billion.

Excluding Kidliz’s consolidation, the revenue growth of the territorial business in 19Q3 was slower, mainly due to the control of the delivery rhythm of offline adult clothing.

We estimate that Kidiliz’s consolidation brought major revenue increases to the company in Q3.

Excluding the above effects, we predict that the company’s internal business income will be at least basically flat in Q3.

In 北京夜网 terms of the split, we expect (1) e-commerce will still maintain a growth rate of about 30%; (2) Barabara will continue to maintain double-digit growth, and the faucet will gradually stabilize; (3) Semima will be replaced by leisure placement, mainlyAs the company has accelerated the frequency of shipments in order to better meet market demand, the shipment frequency confirmed in Q3 has declined in the case of the peak season of Q4, to ensure that the peak season shipments can better meet market demand.

Although the revenue growth rate has improved, the company’s casual wear and children’s wear still maintained a net opening trend in the third and third quarters, indicating that the overall business development is still on a healthy track.

The domestic business still maintained steady profit growth, and Kidliz’s reduction 深圳spa会所 remained manageable.

We estimate that the net profit of the territorial business of the company in 19Q3 will increase by the same amount, and Kidliz’s business will remain stable, bringing about the same as the previous two quarters.

Inventory growth has been better controlled, and operating cash flow has improved significantly in the Q3 single quarter.

Although the company’s inventory increased by 27% to 52 in 19Q3.

900 million, but after excluding Kidliz’s estimated 800 million inventories, the inventory can only increase by about 8%, which is slower than the company’s internal business revenue growth of about 12% in the first three quarters, indicating that the company is gradually accelerating the frequency of shipments to strengthen the inventory.Management efforts.

Correspondingly, the company’s 19Q3 net operating cash flow reached 1.

300 million, an increase of 246%, compared with the negative for two consecutive quarters, the overall cash flow improvement is also obvious.

Profit forecast and investment grade: Excluding Kidiliz’s consolidation and one-time impairment, the company’s territorial business profit in 2018 was about 1.8 billion.

Although the company’s domestic business growth was slow in 19Q3, we expect that the regional business of scale dimensions is still expected to achieve double-digit revenue growth.

At the same time, we expect that the company’s internal business net profit will follow the revenue to maintain a double-digit growth on an 18-year basis.

Taking into account Kidiliz’s estimated operating loss of 200 million US dollars in 19 years, we expect the company’s net profit attributable to mothers in 19 years to be 18.

About 300 million.

We expect the company’s net profit attributable to the mother to increase by 8 in 19/20/21.

0% / 15.

8% / 14.

2% to 18.



2 ppm, corresponding to an estimated value of 19/16 / 14X, continues to be recommended as a leading white horse in the field of children’s wear and casual wear, maintaining the “buy” level.

Risk reminder: Retail sales are cold, exhibit stores and same-store growth are less than expected, after the acquisition, the synergy effect is not realized as planned

Longji shares (601012): The performance growth rate is in line with Shen Wanhongyuan’s expectation that the proposed conversion of bonds will accelerate the market concentration

Longji shares (601012): The performance growth rate is in line with Shen Wanhongyuan’s expectation that the proposed conversion of bonds will accelerate the market concentration
Event: The company released the 2019 third quarter report on October 30, 2019.The company’s operating income for the third quarter was 85.82 million, an increase of 83 each year.8%, net profit attributable to mother is 14.75 ppm, an increase of 283 per year.84%.The company’s operating income for the first three quarters was 226.9.3 billion, an annual increase of 54.68%, net profit attributable to mother is 34.84 million, an increase of 106 every year.03%. Key points of investment: The growth rate of performance is in line with Shen Wanhongyuan’s expectations, and the sales of monocrystalline silicon wafers and modules have maintained rapid growth.In the first three quarters, the company’s operating income was 226.93 ppm, an increase of 54 per year.68%, net profit attributable to mother is 34.84 million, an increase of 106 every year.03%, performance growth expectations are: 1) Driven by the rapid growth of demand in overseas markets, the company’s sales of monocrystalline silicon wafers and modules increased, the proportion of overseas sales of module products increased rapidly, the sales area further expanded, and overseas revenue was the highest.Significant growth; 2) Benefiting from the improvement of technological process, the company’s production costs continued to decline, and the company achieved a comprehensive gross profit margin in the first three quarters.63%, an increase of 5 per year.42 units; 3) During the first three quarters, the company’s period expenses were 8.21%, a decrease of 1 per year.17 units.Performance growth drove a marked improvement in cash flow, and the company achieved a net cash flow from operating activities in the first three quarters.140,000 yuan, an increase of 278% in ten years; until the end of September 2019, currency funds in hand 164.7.8 billion. In the third quarter, the price of silicon wafers remained firm, continuing to drive down the cost and increase efficiency of the industry chain.In the third quarter, the company’s operating income was 85.8.2 billion, an 武汉夜网论坛 annual increase of 83.8%, net profit attributable to mother is 14.75 ppm, an increase of 283 per year.84%, gross margin is 29.93%, an increase of 8 per year.61 units.In the third quarter, the domestic bidding project progressed less than expected, but the company’s silicon wafer prices have remained firm since April, and cost reductions and efficiency gains have been achieved through equipment transformation, process improvement, and management enhancement. The company’s non-silicon costs decreased in the first half of the year.75%.The single crystal PERC cell developed by the company has a maximum conversion efficiency of 24.At 06%, the power of the 60-type single-crystal PERC half-chip module exceeded 360 watts, and the front-side power of the double-sided double-glass PERC module using the independently developed “seamless welding” technology reached 500.5 watts to promote cost reduction and efficiency gains in the industrial chain through multiple means. The convertible debt to be issued reinforces the funds received and further enhances market concentration.The company plans to issue no more than 5 billion convertible bonds, and raise funds to invest in “Yinchuan 15GW single crystal silicon rod and wafer project” and “Xi’an Weiwei New City 5GW single crystal battery project”. In addition to the investment projects, the company also recently disclosed Jiaxing 5GW single crystal module project, Xianyang 5GW single crystal module project and Quzhou Phase 2 5GW single crystal module project.The company plans to produce monocrystalline silicon rods / silicon wafers and monocrystalline solar cells by the end of 2021, and the module production capacity will reach 65GW, 20GW and 30GW respectively. The market concentration is expected to further increase in the future. Maintain profit forecast unchanged and maintain “overweight” rating.We expect the company to realize net profit attributable to mothers in 2019-2021.49.30, 61.39, 74.93 trillion, the corresponding EPS is 1.31, 1.63, 1.99 yuan / share, the current expected corresponding PE is 17, 14, 11 times, maintaining the “overweight” level. Risk warning: Global photovoltaic replenishment installations are less than expected; silicon wafers and module prices have fallen sharply.

Tianmu Lake (603136) Quarterly Report Review: Third Quarterly Report Exceeds Expectations, Expects Expansion to Land

Tianmu Lake (603136) Quarterly Report Review: Third Quarterly Report Exceeds Expectations, Expects Expansion to Land

Event: The company released three quarterly reports and achieved revenue 3 in 2019Q1-3.

8.7 billion / + 5.

31%, net profit attributable to mother 1.

15 billion / + 21.

48%, net profit after deducting non-return to mother 1.

1.3 billion / + 24.

43%, achieving an unexpected growth of the trend.

In 19Q3, the company achieved an unexpected growth against the trend: revenue increased by 12 per year.

8%, with performance increasing by 34 per year.


The company’s 19Q3 revenue was 1.

6.7 billion, an increase of 12 previously.

8%, demand growth in the peak season (Q1 / Q2 growth rate were -1.

4% / 1.

4%); net profit attributable to mother was 61.23 million, an increase of 34 over the years.

3%, performance accelerated quarter by quarter (Q1 / Q2 growth rate was -14.

9% / 23.


The growth rate of net profit is much higher than that of camping income, mainly due to the increase in gross profit margin and the decline in expense ratio.

The third quarter is the peak of performance release (about 30% of revenue and more than 40% of net profit), which is the basis for high growth with deterministic performance.

19Q3 gross margin 杭州桑拿网 rose by 2 per second.

0 points to 73.

7%, during which the rate of expenses dropped by 9 per second.

8 points to 18.

0%, the net profit attributable to mothers extended by 5.

9 points to 36.


19Q3 gross profit margin 73.

72% / + 2.

0pct, it is expected that the gross profit rate of single products will increase in the peak season and the product mix will continue to be optimized.

The expense ratio during the third quarter of 19 was 17.

98% /-9.

8pct, of which the sales / management / financial expense ratio is 6.

92% / 12.

70% /-1.

64%, down 4 respectively.


1/2.4pct. With the optimization of the company’s sales channels and management efficiency, the sales and management expense ratio decreased rapidly. The financial expenses did not increase significantly due to the increase in 北京夜网 Q2 expenses, but with the issuance of 300 million convertible bonds, the financial expense ratio will improve and pick up.

In 19Q3, net cash flow from operations increased by 15.

3%, net operating cash flow / net profit is 1.

6 times.

In 19Q3, net cash flow from operations increased by 15.

3% to 1.

07 billion (Q1 / 2Q2 growth rate of 17% / -26% respectively), can be significantly improved.

However, due to the increase in prepayment for the current period and the expansion of the scale, the net cash flow from operations was not growing as fast as the net profit, and the net cash flow / net profit ratio decreased.

57 times slightly lower than the same period last year.

80 times.

The company’s expenditures increased in the fourth quarter and increased by 1 in the first three quarters.

The net operating cash flow of 8.8 billion will provide protection for the fourth quarter expenditure.

The company’s IPO investment project is about to open next year, and the convertible bonds will be officially issued shortly. The project will be completed in the next year. The expansion in different places will be steadily advanced, and the expansion from 1 to N will be realized in the future.

The amount of construction projects under construction in 19Q3 was 51.37 million, mainly due to the construction of the second phase of the Yushui Hot Spring project raised by the IPO, which will gradually open for business next year; convertible bonds will be issued shortly afterwards, and the two projects will be renovated in the first phase of the hot spring / Nanshan Xiaozhai IIFunds raised in this period will be in place and are expected to be completed in 2020/2021 respectively.

In addition, the company’s ability to deeply cultivate a single scenic spot has been verified, and its strategic focus has been on “light luxury leisure destination operators”. It has seized high-potential markets through acquisitions, mergers, and entrusted management, and has deployed the Yangtze River Delta, the Pearl River Delta, and Chengdu and Chongqing., Wuhan, Changsha and other core urban agglomerations, achieving off-site market expansion from 1 to N.

Profit forecast and investment suggestions: It is estimated that the company’s net profit after deducting non-profit in 19-21 will be 1.



6.6 billion, a growth rate of 37% / 45% / 42%, a CAGR of 44%, corresponding to a PE of 21/14/10 times.

We are optimistic about the long-term growth of the company’s expansion in different places and the safety margin of the merger, and maintain the “buy” level.

Risk reminder: the risk of attraction tickets and ropeway charging standards, force majeure risk, change risk, franchise renewal risk, security risk, macroeconomic risk.

Rimage (603730): 18-year performance under pressure and recognized long-term growth

Rimage (603730): 18-year performance under pressure and recognized long-term growth

Event overview: The company released its annual report: The company achieved revenue 42.

73 ppm, an increase of 31 in ten years.

6%; net profit attributable to mother 5.

58 ppm, a decrease of 4 per year.

1%; net profit excluding non-recurring gains and losses.

29 ppm, a decrease of 4 per year.


In addition, the company intends to propose a cash payment of zero.

5 yuan.

Event Comment: Consolidated Motus, short-term pressure, perfect layout in the long-term, profitability recovery is expected.

In terms of revenue, Motus consolidated and added 7 in 18 years.

100 million revenues, coupled with mass production of orders, the company’s 18-year total revenue reached 42.

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


In terms of gross profit margin, the company’s gross profit margin decreased by 8.

3 up to 28.


The main reasons are: 1) the improvement and improvement of integration time after the acquisition, and the higher labor costs of overseas companies and the merger of purchased parts have led to the gross profit margin of the sun visor business starting from 17 years.

0% about 18 years 28.

7%; 2) The revenue of the ceiling central controller increased, but due to the breakdown of externally purchased parts, the gross margin was relatively inaccurate.

In terms of net profit margin, the company’s gross profit margin increased only by 4 in 18 years.

9 up to 13.

1%, of which: 1) Management expenses: affected by acquisitions, equity incentives, and spending growth, management expenses increased by 69.

1%; 2) Financial expenses: Benefited from the appreciation of the US dollar, the net reduction was about 0.

3 billion financial expenses.

In the long run, Motus’ customers are mainly European car companies such as Rolls-Royce, Mercedes-Benz, BMW, and Porsche, and Japanese car companies such as Honda and Subaru, which help to make up for the short board of Amami.

In addition, Rimage and Motus are expected to complement each other in such 深圳SPA会所 aspects as raw material procurement, production and processing, and export tax reduction.

18Q4 performance growth was sluggish, and 19Q1 is expected to inflection point upwards.

The company achieved revenue of 13 in 18Q4.

40,000 yuan, an increase of 44 in ten years.

2%, an increase of 11.


The gross profit margin and the month-on-month decrease were 8 respectively.

3 and 4.

4 up to 28.


The three-fee rate has increased by 3 from the previous and the previous quarter.

4 and 4.3 up to 14.


The net profit attributable to the mother was finally realized1.

1.3 billion, down 22 from the previous and the previous month.

6% and 21.


Along with the settlement and integration of expenses, we expect 19Q1 to be the turning point of the company’s performance, and gradually progress to 7

40,000 yuan, an annual increase of 32%.

Model reproducibility ensures new business development and profitability.

The company gradually masters the global pricing power of sun visor products, mainly through: 1) automatic research and development to break through barriers: more than 150 patents such as printed circuit boards and card spring structures; 2) increase in self-control rate: the company achieves self-control and production of key components such as moldsLine optimization.

The company’s three new businesses are expected to replicate the successful path of sun visors and expand broad customer channels, opening up new growth space: 1) Headrests: Headrests and sun visors have high similarities in technology and technology, and have now gradually achieved higher profit margins; 2) Armrest + ceiling central controller.

Investment suggestion: The company binds domestic and foreign giants with superior product cost performance.

Today, Motus is consolidated to improve its global layout and is expected to continue to optimize its cost structure.

Driven by the four major businesses in the future, performance can be expected.

Because developing countries may be optimistic about the overall industry sentiment, they have lowered their company ‘s profit forecast for 19-20, from 8.

5, 10.

7 trillion down to 7.

4, 9.

40,000 yuan, corresponding to EPS1.

8, 2.

3 yuan / share, maintain “Buy” rating.

Risk warning: Global auto sales and Motus integration are less than expected, and Sino-US trade relations deteriorate.

Watsons, Kang is a beautiful drugstore

Watsons, Kang is a beauty drug store

Drugstore “Shuang Qiang” Watsons and Kang Shimei, a united group, will focus on market segmentation this year. Fubon Group will join the battle next year, hoping to form a three-legged situation in this fierce battle. Watsons and Shiseido this yearOpen shelf brand cooperation within the group.

Kang Shimei, a subsidiary of the United Group, set off with a new orange store to strengthen its natural image and increase the proportion of its own products.

Watsons is the largest personal cosmeceutical store in Asia, with 402 stores in Taiwan, and is the leading brand of Taiwan cosmeceutical stores.

In the past two years, Chenchen’s exhibition stores have increased exponentially. Therefore, this year, the pace has slowed down, and a maximum of two or three stores will be added before the end.

Kou Biru, director of the marketing and public relations department of Watsons, highlights that although the pace of the exhibition shop has slowed down, this year, more than 100 stores have been retrofitted and replaced with new store installations of the fourth-generation stores, showing a new atmosphere.

  Kou Biru pointed out that the Watsons product line is mainly for beauty, pharmaceuticals and fun goods; currently, skin care products account for the highest proportion, reaching 20%.

The population of Taiwan is gradually deteriorating. Watsons will strengthen the health care product market in the future, and actively attack the male market in order to expand the product line.

  As of the end of June, Kang Shimei has 241 stores in Taiwan. Kang Shimei also has a lot of dress up, one after another with orange signboards, to strengthen the natural image, so continue to increase the product of the concept of LOHAS.

For example, the organic shampoo market responded well. Kang Shimei introduced non-additive beauty care products from Japan to expand the shelf of LOHAS products.

Kang Shimei believes that only through product segmentation can it show significant differences.

  The industry representative said that medical beauty care products are Kang Shimei’s strong business. It has obtained exclusive cooperation with professional medical beauty care products such as Niosui Cui, Bedma, and Nafu. There are the most complete medical beauty care products on the pathway.