Want to break free of Bai Lu’s arms,But not too hard,In the end, Xiang Chen could only stand in front of his car with Bai Lu.。

Sigh slightly,Xiang Chen couldn’t help but smile,Said:“Actually I won’t force you to do anything,May be like you said,I had a lot of misunderstandings before,Finally, I couldn’t sort it out.。What i want to say is,Whether to save you,Or something else,Actually, I never thought of letting you repay,Really never thought about it。”
Xiang Chen pushed Bai Lu away,Smiling at her。
“If there is nothing you can’t let go of,Just do what you think,I don’t have any opinions,The same won’t affect each other’s lives now。”
Xiang Chen looked at Bai Lu with clear eyes,People have no doubt about the sincerity of his words。
“If you really can’t let go,You can go find him,Don’t care about me,Scene of big wind and big waves,I have seen a lot。”
Keep the smile on my face,Patted Bai Lu on the shoulder,Counted as encouragement to her。
“I won’t go to Guo Enting,Maybe I haven’t completely fallen in love with you yet,But to Guo Enting,I have put down!”
Xiang Chen’s voice just fell,Bai Lu immediately continued to say。
Raised eyebrows,Xiang Chen said nothing,I just sighed inwardly:I just mentioned him,Haven’t said who that person is。
“From small to large,There are not many people who can chat with me,Fewer opposite sex,Except dad,Guo Enting has always assumed the role of all my friends of the opposite sex。Whether you believe it or not,From the day he got engaged to Zhu Shiyao,That Guo Enting, who was always hidden in my heart, is drifting away from me。I don’t want to lie to you,But these recent things,There really is no way for me to love you wholeheartedly,Like I used to love Guo Enting,But i can tell you,Someday,I will fall in love with you,Not far away!Regardless of return date!”
Seeing Xiang Chen not speaking,Bai Lu was completely anxious,Eloquently said a lot of sentences,When finished,Bai Lu also gasped slightly。Looking at Xiang Chen’s eyes,Bai Lu’s eyes are getting firmer,Hugging Xiang Chen directly from the front。
Bai Lu didn’t cry,Just after hugging Xiang Chen,When talking,With a little twitch。
“The three best words I have learned,Reunion、False alarm、Lost and recovered,But no reconciliation。I wanted to put the lost and recovered on Guo Enting’s body before,But after all, I failed these four words,So I don’t want these four words either!”
Bai Lu buried her head in Xiang Chen’s arms hard,The voice of speaking is looming。
I spent a long time in Xiang Chen’s arms,When Bai Lu looked up again,Already red eyes。
“Xiang Chen,You don’t want me,I don’t have a father anymore!”
When Bai Lu was talking,Like a child threatened by mom and dad,I’m afraid my parents will lose themselves,Holding Xiang Chen tightly and refusing to let go。
“nobody else,I can be nice to you alone!Don’t think too much about your little head,I don’t want to。”
Xiang Chen petted Bai Lu’s head,Other sweet words to comfort people,For a while, Xiang Chen still couldn’t organize his vocabulary。

“Corals have to look at what corals,Not all corals are valuable。Last time i went to sea.south,I bought something made of coral,Only tens of dollars。”

“indeed,A lot of them are worthless。I heard,Red coral is very valuable,And mining is illegal。As for the black coral that the anchor said,This is the first time I have heard of black coral。”
“Fuss,Hailiu, we also have,It is indeed a good material for making pipes。but,Hailiu is also divided into many kinds。”
See everyone’s discussion in the live room,Hu Yang said:“The red coral you just said,Is our national first-class protected animal,So mining is illegal。”
“Isn’t it?”
“Speechless,Do a group of people sleep when they study??Corals are animals,What’s so strange,The anchor is right。”
Populus nodded:“Yes!Corals come from animals。Red coral is particularly rare,It is said that,Only one inch longer in twenty years,So very precious。
Let’s talk about Hailiu!
Just a brother said,There are also many kinds of sea willows,Seems to be knowledgeable。
True!Tamarisk、Chiyanagi、Knee willow、Golden Willow、Uliu et al。Of which Chiliu、Ullow common,Blood willow、Tamarisk is relatively rare,An extremely rare species。

“Except for weak linguists,Fourteen in the team,Can sign a one-year service agreement with you。within one year,This veteran team will serve you,Obey your orders。You are responsible for providing weapons and supplies。After one year,If both parties have the will,They can also sign a contract with you to extend the lifetime light pattern,Be your most loyal follower of Light Soul。”Gao Dajin said with a smile。

“This service agreement,Is it reliable??”Lu Menglin asked。
Gao Dajin nodded desperately,Smiled:“of course!Whether it’s a one-year short-term agreement,Still a lifetime contract,It’s all agreed with the soul of light pattern,If violated,Will lose the ability to use light energy for life。Light contract,It was originally prepared for the priests of the Dragon Temple,And you are already the favor of Dragon God,If they break the contract,The backlash will be doubled。”
Gao Dajin said,Smile on one side,Apparently he is laughing at Master Wuhao’s birthplace,I don’t even know the light pattern contract,It really came from a small country!
“Ok!Sounds pretty good!Back to the price,What do you want from Cao Gen Tang?”Lu Menglin asked。
Gao Dajin looked straight,Nod,Tao:“Master Wu Hao,I must make it clear,The team provided by our Cao Gen Tang,Although everyone is experienced,But their combat power is not too strong,You can’t use them as your main force。Their precious thing is experience,Not in fighting。to be honest,We also hope to find a suitable destination for these veterans。Your kindness and generosity,I am very optimistic,Will recommend them to you。In addition,Caogentang will receive 10% of the income of the new plane as a reward,Ten years,What do you think?”
“No way!The price is too high!Even if you hit the plane in the early stage,It is estimated that a lot of resources will be invested in order to be profitable。You sent fifteen people,10% to open your mouth,And it takes me ten years,This is too exaggerated!”Lu Menglin shook his head and said。
He feels instinctively,Cao Gen Tang is clearly opening his mouth,Too unreasonable。
Gao Dajin shook his head and smiled:“Dear Master Wuhao,Maybe you don’t understand the concept of plane benefits。I explain to you like this!Hypothesis,We work together,Very smoothly laid a new plane,After establishing a stable space teleportation array coordinate,God City will give a lot of resources,It might even include joining the army,Help you suppress the plane,Reap Plane Resources,Then divide proportionally。Basically, you don’t need to invest yourself later。And you will be the master of this plane,Enjoy absolute sovereignty。”
Lu Menglin’s eyes gleamed,I thought there was such a good thing?But it’s normal to think about it,Equal to the city of God,Let these giants expand,Lay down the plane,Anyway, Shencheng shares,Score at the end。
And this is equivalent to making the plate bigger and bigger,Of course everyone has scores。
“Then it can’t give you 10% of the income,Because I don’t know what percentage of the city of God will be。Up to five percent,Five-year period。If the person you sent to me is easy to use,I can consider keeping them。”Lu Menglin said seriously。
Gao Dajin has a dumbfounded expression on his face,Speechless,With a guy who doesn’t understand the market,Can’t talk about things at all!
“This one,The price is too much。Master Wu Hao,I don’t have enough permissions,I have to discuss with my superior,Is it convenient for you to wait for me?I’ll be back。”Gao Dajin hurriedly got up,Walking outside the hall while talking。
This time,It’s Lu Menglin’s turn to show contempt。
Grandson Gao Dajin,What big tail wolf do you pretend?!His trick,Real estate sales in the earth world have long been left over!
There is no need to ask the superior who does not exist at all,Gao Dajin This is to make customers feel that this is the right that they have won.。
Asking prices,Pay back!Sure enough, whether it is the earth,Shenmin Mainland,Businessmen’s faces are all the same!

In the case of financial debt contract disputes, the actual controller of the Asia-Pacific pharmaceutical company lost the lawsuit

In the case of financial debt contract disputes, the actual controller of the Asia-Pacific pharmaceutical company lost the lawsuit
On the evening of March 11, Asia-Pacific Pharmaceutical issued a notice regarding the receipt of a civil judgment by the controlling shareholder, the actual controller and its concerted parties.Asia-Pacific Pharmaceuticals has recently received shareholder Zhejiang Asia-Pacific Group Co., Ltd. (hereinafter referred to as “Asia-Pacific Group”) and its subsidiary Shaoxing Keqiao Asia-Pacific Real Estate Co., Ltd. (the company’s second largest shareholder, referred to as “Asia-Pacific Real Estate”, the actual controller Mr. Chen YaogenCivil Judgment ((2019) Zhejiang 0602 Minchu No. 11755, (2019) Zhejiang 0602 Minchu No. 11788, (2019) Zhejiang 0602 Minchu No. 11790, (2019) Zhejiang 0602 MinchuNo. 11792), made a judgment in the case of Bank of Ningbo Co., Ltd. Shaoxing Branch suing Asia-Pacific Group, Chen Yaogen, Zhong Wanzhen, and Asia-Pacific real estate financial debt contract dispute.The result of the judgment shows that the defendant Zhejiang Asia-Pacific Group Co., Ltd. should return and restore the loan principal of the Bank of Ningbo Co., Ltd. Shaoxing Branch for a total of 26.321 million yuan, and pay the amount from December 21, 2019 to the date of actual payment according to China.The relevant provisions of the People’s Bank and the contractually agreed bills, penalty interest, and compound interest are settled internally within 30 days from the date of this judgment; the defendants Chen Yaogen, Zhong Wanzhen, Shaoxing Keqiao Asia-Pacific Real Estate Co., Ltd. to the defendant Zhejiang Asia-Pacific Group Co., Ltd.To bear joint liquidation liability; the plaintiff Bank of Ningbo Co., Ltd. Shaoxing Branch issued 6.97 million shares of the company held by the defendant Chen Yaogen under the securities pledge registration certificates numbered 404000010162 and 404000010209, and 18.03 million shares were subject to discount or auction.The amount of creditor’s rights is 50 million yuan, and the right of priority to be compensated for ownership within the range of 280 million yuan.Plaintiff Ningbo Bank Co., Ltd. Shaoxing Branch exclusively discounted or auctioned the 14 million shares of the company held by the defendant Zhong Wanzhen under the securities pledge registration certificate numbered 404000010309, and the price obtained after the sale was exclusively and preferentially compensated within 25,000 times of the maximum amount of creditor ‘s rights.right.Asia-Pacific Pharmaceutical Title: According to the aforementioned “Civil Judgment”, the actual controller Chen Yaogen and his spouse Zhong Wanzhen held 39 million shares of the company (accounting for 7% of the company’s total share capital).27%) There is a possibility of being auctioned and sold.”On the date of termination of this announcement, the company’s controlling shareholder, Asia Pacific Group and its subsidiary Asia Pacific Real Estate, the actual controller Chen Yaogen and his spouse Zhong Wanzhen held a total of 197,004,110 shares of the company, accounting for 36 of the company’s total share capital.72%, the above-mentioned shares were auctioned and sold, temporarily will not cause the company’s control rights to change, and will not have a significant impact on the company’s production and operation.”Asia-Pacific Pharmaceutical said.According to Formula One’s 2019 annual performance report, Asia Pacific Pharmaceuticals suffered a huge loss in 2019 performance, and its net profit attributable to shareholders of listed companies was about -20.6.9 billion yuan.As for the reasons for the change in performance, Asia-Pacific Pharmaceuticals stated that the company no longer separates Shanghai Xinfeng and its subsidiaries in view of the company ‘s loss of control of Shanghai Xinfeng Biopharmaceutical Co., Ltd. (“Shanghai Xinfeng”) and its subsidiaries.The scope of the company’s consolidated statements, and Shanghai New Peak could not resume normal operations, and the financial situation continued to deteriorate. The company recognized investment losses of about 12 in accordance with the accounting standards.400 million US dollars; based on the results of preliminary impairment tests on assets on the balance sheet date, the company accrued an asset impairment reserve of approximately 600 million US dollars; the company accrued Hubei Technology Investment Group Co., Ltd. equity premium income, public offeringThe accrued interest on convertible corporate bonds has resulted in an increase in financial costs; part of the new production line of the “Asia-Pacific Pharmaceutical Modern Pharmaceutical Phase I and Phase II Project” in Shaoxing Binhai New City has been put into production, with corresponding depreciation costs, water, electricity and labor wages increased.Sauna, Ye Wang, Yan Wang editor Wang Jinyu proofreading Li Xiangling

Huawei Guo Ping: The US suppression of Huawei has affected many Huaweis

Huawei Guo Ping: The US suppression of Huawei has affected many Huaweis
On May 18, 2020, Huawei’s 17th Global Analyst Conference opened in Shenzhen on the 18th.Huawei, together with more than 2,000 industry analysts, financial analysts, communication, Internet, financial and other industry opinion leaders and media from around the world, together on-site + online to discuss how the industry can overcome difficulties in the current special periodTo create a win-win situation and accelerate the arrival of the smart world.The rotating chairman of Huawei, Mr. Guo Ping, gave a keynote speech at the opening ceremony entitled “Overcoming Difficulties and Going to the Future”.Guo Ping first shared the status and performance of Huawei during this period. He said that in the past year, under the condition that a large number of industrial technologies were not available, Huawei struggled to survive and strive to move forward.Huawei has always been an active builder and continuous contributor to the ICT industry.Since its inception, Huawei has been committed to let more people, families and organizations benefit from digital technology and promote world progress.Over the past three decades, Huawei has deployed more than 1,500 networks in more than 170 countries and regions, provided intelligent terminal devices for 600 million consumers, and served more than 3 billion people.The suppression of Huawei by the United States and the impact of multiple Huaweis will also hurt the experience of customers and consumers who use Huawei products and services.ICT infrastructure is the cornerstone of the smart world. By 2025, the digital economy will reach 23 trillion US dollars, and the ICT industry is still full of hope in the future.Standing at the entrance of the smart world, the opportunities of the ICT industry are far greater than the competition.Facing the future, Huawei will continue to focus on and innovate in the three aspects of couplet, computing and terminal, and open cooperation in the fields of supply chain, standards and talents, inclusive development, and promote the progress of the entire industry with customers, partners, standards organizations and peersTo explore the future together.The generation of Guo Ping: “In today’s world, an integrated collaboration system has been formed, and this system itself cannot be reversed.”Standards and the fragmentation of the industrial chain are not doped by any party, and will have a serious impact on the entire industry.The industry should work together to continuously strengthen the protection of intellectual property rights, maintain market fairness, and ensure a globally unified standard system and a coordinated supply chain system.”Huawei’s first analyst conference was held in 2004 and has been held for 17 consecutive years.This conference of analysts will be held from May 18th to 20th, 2020 in Antiques, during which multiple sub-venues will be held to communicate with many experts from around the world on industry insights, technology trends, global collaboration, etc.Editor Yue Caizhou

Li Dixun’s new film Hunting Time abandons the theater line and goes online in April

Li Dixun’s new film “Hunting Time” abandons the theater line and goes online in April
Sauna Night News March 27, Li Dixun, An Zaihong, Cui Yuzhi, Park Zhengmin’s new film “Hunting Time” released a preview.Directed by Yoon Sung-hyun (“Watchmen”), the film points out that South Korea was hit by the economy and there were large areas of slums. Four young people took risks in order to escape their hell-like life but were hunted by unidentified pursuers.”Hunting Time” will be available on Netflix (Netflix) on April 10.The film was shortlisted for the special screening unit of the 70th Berlin Film Festival. It was originally scheduled to be released in South Korea on February 26 and was later withdrawn due to the epidemic.Recently, the publisher gave up the theater screening and changed it to Netflix directly on April 10.Panda, who is responsible for the overseas sales of the film, raised an objection, stating that “every overseas publisher has carefully prepared for marketing, and they do not agree to go online on Netflix. Currently overseas publishers are repeating this matter.”This is always a matter of terminating the contract, and it is also a matter of trust. We are ready to file a lawsuit.”Sauna Night Editor Xu Meilin proofreads Chen Diyan

Hengyi Petrochemical (000703): 1H19PTA profit increases polyester production capacity expansion, production and sales growth

Hengyi Petrochemical (000703): 1H19PTA profit increases polyester production capacity expansion, production and sales growth

Key points of investment: 1H19 main business income grows 43% annually, and net profit attributable to mothers has increased steadily.

In 1H19, the company realized operating income of 417.

29 trillion, three years after adjustment -3.

55%; realized net profit of return to mother 12.

77 trillion, +2 after 10 years of gradual adjustment.


The slight decrease in the company’s revenue was mainly due to the decrease in trade income, with 152 in 1H19.

44 trillion a year -38.


If the main business of PTA-polyester is considered, the main business income in the first half of the year is 262.

4.0 billion, +43 per year.

40%; of which, PTA income is 83.

55 ppm, +44 a year.

10%; polyester revenue 178.

49 trillion, +43 for ten years.


PTA: 1H19 earnings improved significantly.

In 1H19, PTA supply and demand improved, with an average price of 6281 yuan / ton, at least +10.

52%; the average spread is 1057 yuan / ton, +44 for ten years.


The company’s PTA holding subsidiary Zhejiang Yisheng 1H19 net profit 7.

25 trillion, +85 a year.

61%; PTA associate Dalian Yisheng Investment, Hainan Yisheng’s 1H19 net profit was 5 respectively.

87, 3.

7.7 billion, an annual increase of 94.

58%, 75.


Polyester: Profits have fallen somewhat, production capacity has expanded, production and sales growth has improved, and performance is relatively stable.

1H19, company POY / FDY / DTY / slice / short cilia rate are inserted at position 4 respectively.





57 averages.

The company’s “endogenous + external revenue” expansion of polyester production capacity: (1) cash acquisition of 100% equity in Hangzhou Yishang (polyester capacity 85 injection); (2) Jiaxing Yipeng Phase II project 25 put into operation.

At present, the company has 510 bonds of polyester filament production capacity, which is an increase of 95 euros from the disclosure date of the 2018 annual report; and 80 inches of production capacity of the company ‘s staple fiber, an increase of 15 euros from the disclosure date of the 2018 annual report.

The expansion of production capacity has promoted a rapid growth in the production and sales of polyester in the first half of 2019. The production and sales of polyester filament in 1H19 company increased by 199 and 203, an increase of 34.

68%, 39.88%; polyester staple fiber production and sales were 27, 26 inches, respectively, an increase of 43.

39%, 46.


Full-scale commissioning of the first 800-year / year refining and chemical project in Brunei.

The Brunei Phase I project has a processing capacity of 800 tons of crude oil per year, including an annual production of 150 aromatic hydrocarbons, 50 tons of benzene, and nearly 600 tons of gasoline and diesel oil.

We believe that the layout of the Brunei project will help the company to supplement upstream raw materials and improve profitability and anti-risk capabilities.

Expand the scale of downstream polyester and balance the development of the entire industrial chain.

As of the disclosure date of the 2019 Interim Report, the company’s share of PTA’s annual production capacity is 1350 inches, and the annual polyester production capacity is 740 indicators (including filament 510 joints, bottle positions 150, and staple fibers 80 positions).

In the future, the company will balance the development of the entire industrial chain, expand the upstream Brunei refining and 无锡桑拿网 chemical project, and gradually continue to expand the scale of downstream polyester, mainly including the replacement of 25 in the second phase of Yipeng Phase II and the replacement of intelligent and environmentally-friendly functional fibers by Haining 100.

Earnings forecast and investment grade: We estimate that the company’s net profit attributable to its parent from 2019 to 2021 will be RMB 2, 3, and 3.4 billion, respectively, and EPS will be 1.

00, 1.


21 yuan, of which petrochemical business EPS is 0.

86, 0.

98, 1.

07 yuan, the financial business EPS is 0.

13, 0.

14, 0.

15 yuan.

With reference to comparable companies, the petrochemical business will be given 18-20 times PE and financial business 5 times PE, corresponding to a reasonable value range of 16.


85 yuan (corresponding to 2019 PB 2).


2x), maintain “previous market” rating.

Risk warning: Crude oil prices fall sharply; product prices rise sharply; project progress is less than expected.

Guodian Nanrui (600406) In-depth Report: Great Voyage in the New Cycle

Guodian Nanrui (600406) In-depth Report: Great Voyage in the New Cycle

The ubiquitous electric power Internet of 上海夜网论坛 Things investment started, triggering a new cycle of informatization and intelligence.

2019H1 is generally at the stage of discussion and pilot, investment and orders have been delayed, and the construction ideas and upper-level framework have gradually become clear. The growth rate of grid investment has picked up, and construction has generally reached an inflection point. We expect that 2019Q3 will become a large-scale project.At the beginning of the landing, 2019Q4 tenders and orders will enter an accelerated phase.

In the future, it is foreseeable that the grid will be informatized in the future, and intelligence will become the main investment direction, and the structural trend is determined.

This round of information investment and order outbreak will bring a new round of forecast improvement to the company, orders and performance will continue to be fulfilled, and the company is expected to reproduce the outstanding performance of the smart grid cycle.

The smart grid industry chain is complete and benchmarked against global electrical giants.

The company is a leader in domestic secondary equipment and has a complete industrial chain in the field of smart grids. We analyze its success factors in adhering to technological innovation, continuous mergers and acquisitions to expand its business, and obvious improvements in quality and efficiency.

Rating with overseas electrical giants, the company has outstanding achievements in R & D expansion and profitability, and shares the same success genes with overseas giants.

With advanced technological commanding heights, strong R & D capabilities, and multi-level growth drivers formed by sustainable business development, the company will fully benefit from the growth opportunities brought by the optimization of the internal power grid investment structure and is expected to replicate the growth path of overseas electrical giants.

The transformation and upgrading of rural power grids accelerated the investment in distribution networks to a higher level, and the leasing business model contributed to a steady growth drive.

The current internal automation coverage rate and the gap between the central city ‘s blackout time and the construction goals, the need for clean energy grid-connected power continues to increase the requirements for distribution automation, and the space for automation measures is shifted.

In June 2019, the State Council meeting proposed that the transformation and upgrading of rural power grids should be accelerated. It is expected that the investment in rural power grids and distribution networks will continue to grow steadily. The company’s market share in switching automation terminals and main station systems is absolutely leading, and it will fully enjoy the industry demand growth bonus.

In addition, the company’s distribution network energy-saving leasing business has developed steadily, while contributing to the company’s stable cash flow, it will also become a new driving force for performance growth.

Replacement of old meters and ubiquitous new meters are driving demand for smart meters.

With the acceleration of the update of the 09 version of the standard smart meters, the bidding volume of State Grid smart meters has picked up significantly; ubiquitously in the context of the construction of the electric power Internet of Things, smart meters, as key terminals of the Internet of Things, undertake new tasks such as communication, remote control, and edge computing.The update of old meters and the ubiquitous rapid demand for new meters will jointly stimulate the demand for the smart meter industry to enter a period of rapid growth.

The company as an entrant after the industry has made rapid progress in the short term. In 2018, smart meters and electricity consumption information collection tenders ranked first in market share, which will fully benefit from the overall recovery in demand for electricity meters.

UHV and Straight projects will enter the peak period of confirmation.

UHV entered the third round of development peak. On August 23, the “Yazhong-Jiangxi” UHV line was approved smoothly. Currently, there are 6 lines remaining to be approved for the 4 to 2 straight lines. The company has a market share of converter valves and DC protection systems.Leading rate, this round of construction cycle is expected to win more than 4.5 billion.

The company is ABB. After Siemens, it is the third company in the world with flexible DC core technology and products. It has won nearly 3.6 billion yuan in “Zhangbei” and “Wudongde” flexible DC projects.

The company’s UHV and Straight orders are expected to recognize revenue in batches from 19-21, thereby providing strong support for the company’s performance.

Investment suggestion: The company is a national grid intelligent and information technology leader with outstanding industrial advantages. Currently, construction is at an inflection point, and information technology orders are about to explode.

The structural investment direction of more than 6 years brought the company to take off. Taking into account the impact of changes in accounting standards, the company’s net profit for 2019-2021 is expected to be 42.



72 trillion, EPS is 0.



56 yuan, corresponding to the closing price of PE on September 6, 2019 were 21.



7 times, maintaining the overweight level.

Risk warning: grid investment is less than expected, ubiquitous construction is less than expected, and market competition is intensifying

Hang Seng Electronics (600570): Financial openness and innovation drive high industry prosperity

Hang Seng Electronics (600570): Financial openness and innovation drive high industry prosperity

In 2019, net profit attributable to mothers increased by 100% -108%, and after deductions were increased by 50% -58%.

It is expected that the net profit attributable to mothers in 2019 will be about 12.

9.1 billion-13.

42 million US dollars, an annual increase of about 100% -108%; net profit after deduction is expected to be about 7.

7.4 billion-8.

1.5 billion US dollars, an annual increase of about 50% -58%, exceeding market expectations.

The amount of non-recurring gains and losses is about 5.

1.7 billion-5.

28 billion.

The pre-increasing performance was mainly due to the increase in gains from changes in the fair value of financial assets held by the company, the increase in gains from disposal of transactional financial assets, and the increase in income from principal operations.

As an IT leader in the financial industry, the company is expected to benefit from the new requirements brought about by the opening of the financial system, the restructuring of the GEM and the new third board reform and other institutional changes.

The company’s EPS for 2019-2021 is expected to be 1.

64, 1.

46, 1.

81 yuan, maintain “Buy” rating.

Benefiting from the opening of the science and technology board and the high degree of prosperity in the capital market, Q4’s single-quarter deduction for non-growth increased by 62% -76%. According to calculations, Q4’s single-quarter net profit growth rate was 71% -89%, and non-deduction growth was 62% -76%, with a median of 69%.

We expect the company’s profits to maintain rapid growth, which is expected to benefit from the growth of business demand brought by the recognition of science and technology board-related businesses in the second half of the year and the high prosperity of the capital market in 2019, which will lead to rapid growth in revenue.

At the same time, the company has continued to implement 佛山桑拿网 cost management and control since 2018. In 2019, it will focus on promoting the China-Taiwan strategy, and the company’s profit margin may increase.

Financial liberalization and financial innovation in 2020 are expected to bring more incremental demand for companies. In 2019, the regulatory authorities have issued more than 30 specific opening measures in the financial sector.

Foreign financial institutions are most likely to seek cooperation from leading IT vendors when conducting business in the country, and Hang Seng will benefit most as a financial IT leader.

In terms of financial innovation, the reform of the GEM registration system and the new third board reform will all become the highlights of 2020.

In November 2019, the Securities and Futures Commission officially launched a pilot project to expand the stock and stock index budget. The CSI 300 ETF budget and the CSI 300 stock index were issued and listed. Through the replacement and expansion of tolerance work, the brokerage business promoted benefits and the corresponding IT demand will increase.

In December 2019, the MOM Guidelines of the Securities and Futures Commission were formally released, and the first MOMs were formally reported in the same month. MOM funds brought incremental demand.

With policy overweight, Hang Seng Cloud Business and Blockchain Chain Business continued to advance in August 2019. The “Fintech Development Plan (2019-2021)” was transformed and issued, and the application of cloud computing in the financial field was further enriched.

The company enhanced the competitiveness of financial cloud solutions. In December 2019, it released the NewCloud financial cloud in conjunction with Alibaba Cloud, which enriched the application service capabilities of cloud solutions.

On December 19, the company launched four blockchain products: HSL2.

0 platform, Fantai Chain (FTCU), trade finance platform and supply chain finance blockchain service platform.

We believe that the company’s continued layout in the field of cloud computing and blockchain will enable the company to maintain its leading edge in the industry.

The downstream trend is good. Maintain the “Buy” rating to take into account changes in fair value gains and losses and the company’s business progress. According to the performance forecast, increase the net profit attributable to mothers to 13 in 2019.

1.7 billion; The forecast for 2020-2021 still does not take into account changes in the fair value of financial assets. In view of the company’s continued spending in areas such as China Taiwan, cloud, and blockchain, the net profit for 2020-2021 will be reduced to 11.

7.4 billion (down 1).

76%), 14.

5.2 billion (down 4).

79%), the EPS is 1.

64, 1.

46, 1.

81 yuan, corresponding to PE is 53, 60, 48 times.
Considering that the company, as a financial IT leader, will benefit from financial openness and financial innovation for a long time, maintain the “Buy” rating.
Risk reminder: the policy advancement exceeds the expected risks, and the downstream prosperity is lower than expected risks.

Xilinmen (603008) Company research: Holdable debt holders convertible shares, holding shareholders to further reduce debt scale

Xilinmen (603008) Company research: Holdable debt holders convertible shares, holding shareholders to further reduce debt scale

Event: On the evening of September 17, the company issued the “Announcement on the Progress of the Exchange of Convertible Bonds by the Controlling Shareholders of the Company.”The number of shares is 36,807,950 shares, and the conversion price is 11.

32 yuan / share, the number of shares converted accounted for 9 of the company’s total share capital.

32%, as a concerted action of Huayi Investment, and Huayi Investment, the actual controller of Mr. Chen Ayu held a total of 162,643,856 shares, accounting for 41% of Xilinmen’s total share capital.


The controlling shareholder’s shares are stable, and the pattern of equity twists and turns is settled.

Huayi Investment issued a total of four billion debts in four installments, of which Hangzhou Zhijiang New Industrial Investment Management Co., Ltd. is the largest bondholder of Huayi debt, holding bonds4.

US $ 1.7 billion. The remaining bond holders are Shaoxing State-owned Assets Investment and Management Co., Ltd., etc.

If all the remaining debtor investors complete the share swap, the company’s controlling shareholder Huayi Investment and its concerted parties will still hold 1.

2.6 billion shares, accounting for 31 of the total share capital.

87%, with the second largest shareholder holding less than 5% of the proportion, the controlling stake is still solid.

The stock exchange reduces the scale of debt, and the time for stock exchange or redemption is sufficient.

At present, Huayi Investment has issued a total of four billion debts, four of which are already available.

8.3 billion yuan to complete the share swap, the remaining 4.

Of the 1.7 billion bonds, one of them.

500 million will expire on November 18, and 200 million will expire on December 16. It is abundant for investors to exchange shares or to pay debtors.

Quickly switch to the strategy of intensive cultivation and realize the “channel-brand” acceleration of the positive cycle.

After channel transformation (13-16 years) to channel expansion started in 17 years (net increase of 487/580 stores in 17 and 18 years), since 18 years, the company has adopted a sharp knife positioning strategy, with Xilinmen mattresses as its core products.Taking “leading from quality to leading brands” as its core strategy, it proposed intensive farming in 19 years, with the goal of improving channel quality, and changed its status from “Ikea’s only main supplier in the Asia-Pacific region” to a national mattress brand.The CAGR reached 15 in 13-18.

23% to 650,000 yuan.

The current channel quality improvement space is still insurmountable. The “N + 1” omni-channel sales network accelerates the sinking of market coverage. We believe that the company ‘s channel size, quality, and brand influence can accelerate the foundation of positive circulation.It has advantages in the context of market share.

Profit forecast and investment suggestions: Based on the company’s accelerated decline, the proportion of Xilinmen’s own-brand high-margin products has gradually increased. We estimate the company’s net profit attributable to its mother to be 3 in 2019-2021.



390,000 yuan, 0 for EPS.



37 yuan, the current sustainable corresponding PE is 13.

8X, 10.

8X, 8.

5x, maintain “Buy” rating.

Risk reminder: The operation effect of the distribution channel is less than expected, the real estate boom is highly risky, 重庆耍耍网 and the price of raw materials rises sharply.