Finally, Firmino broke the balance first。

“All right,No nonsense。Get to the point,You can talk,Even if you kill this group of people,The strength of the Miyamoto family will not regress。So what do you do now?Why do I think what you said is not reliable?At least a few were originally island officials,Even if it’s not high-level,But it’s also a real power figure。Can control the economic lifeline of certain places。”
According to Firmino,It was Qin Feng who killed some players in power。Thus,The connections in their hands will be ruined。He never felt that Qin Feng could regain these contacts,But he also considered,If these people are in charge,Then he lost Qin Feng。
Later, Firmino was able to cooperate with the new leader Miyamoto Okura。Just these capricious little people,Firmino does not like it。
So now it’s up to Qin Feng to convince him,Let him accept the ending of Miyamoto’s temporary retreat。
“Ha ha,Don’t worry, the prince。I’ll just tell you that,It will only be our Miyamoto family who will win,If it fails,You can kill me anytime。But some plans,Not yet exposed。”
“Ugh,You say so again。Made me itch!”
“Go shopping if itchy,The flavor of island women is still good!”Finished,Qin Feng showed a look in your eyes。Qin Feng immediately turned and left。
In fact, Qin Feng is really not used to or not suitable for being a strategic military division。As said before,He got to this position,Many things are forced to continue。
But after such a battle,The strength of the Miyamoto family has indeed been greatly reduced。Even some first-class families may have surpassed Miyamoto’s strength。
If the Miyamoto family loses in the end,After the election of the two prime ministers,The Miyamoto family must be the first to be attacked。So some first-class families or forces with ideas remain silent,Just staring at Miyamoto’s industry and preparing to take action,Just waiting for an opportunity。
of course,It’s not time now。
Next day,The fact that the Miyamoto family fights against the rebellion has basically spread to the ears of some powerful figures.。
Especially the Oda family is most excited to hear this news。
“Ha ha,That Qin Feng relied on the Miyamoto family to want to wrestle with us。I was really caught off guard because of the online battle。But what about?He’s still not Jiao
Bad head。I don’t know if I can stabilize the others in Miyamoto’s family.。Ha ha,Such an opponent is no longer a concern。”
Oda Muzuo sighed while drinking tea。

If it’s on the battlefield,When Qilin fought alone,Who will help him

She might be uncomfortable now,But this is what she wants to grow,Necessary step。
As Qilin’s best friend,See her like this,Lena is also uncomfortable,But they are soldiers of the company,The enemies we need to face in the future are far more powerful than all people on earth today。
Last time,A gluttonous pioneer flagship is wrong,Let Cheng Yaowen withdraw from the battlefield。
To know that these people,They are all rare super genes in the universe,If you really use your power,Not to mention the pioneer flagship of gluttonous,The gluttonous army is here,Facing them, there is only a fate。
Now the time for Xiongbing’s company to grow up is very tight,They don’t have a century to grow up,I don’t even have a year。
The devil has come,Huangcun disappeared without a trace,Presumably it was Morgana’s hands and feet。
But can the earth find Morgana now?!
Stop it,Even if it’s Deno 3 to clean up,There is no way to find a trace of the devil。
And a little bit,Lena believes in Xin Zhao,She believes that if Xin Zhao dares to train Qilin like this,There is a way to help her break through the psychological barrier。
After Qiangwei and Lena left,Xin Zhao also noticed this。
He is standing there,Obviously a big living person,But Qilin seems to be unable to see it,Or she dare not look,Subconsciously chose to block Xin Zhao。
And after realizing this,Xin Zhao was also shocked by Qilin’s talent。
The world knows three realms,See the mountain is the mountain,See mountain is not mountain,And the last sight is still mountains。
Qilin is too talented,I don’t know it’s because of the Kamikawa Sniper gene,It’s her own sake,Obviously the super gene of Shenhe generation,However, Qilin has shown a level of strength far surpassing her peers。
Her situation now,It’s a problem that only veterans who have been sniping for many years.。
Qilin used to go too smoothly,Sniper rifle,It’s like hands and feet,The level of proficiency rises,Then she was forced by Xin Zhao,Reached this point soon。

“Anyway, if you can take us to make a fortune this time,Then we must be following you。”

“I’m going to find someone。”Somewhat quick response,That was directly into the village committee,Then start broadcasting。
Wang Rui’s prestige is useless at this moment,Everyone has already come into contact with Qin Feng,Who cares about this person?
Qin Feng was also relieved,This time things should be much simpler than he thought。
Soon the whole village is full。
Although this village is poor,But there are more than 500 adults,As for the children, it’s more。
of course,Some go out to work。
“How many people haven’t come back?”Qin Feng looked at the people present and said,What he wants is no omission at all,After the province is noisy。
“There are more than ten people,But we have also sent them back,They are all in town,Be there in half an hour。”Those people are also very excited,They have realized,This is to start a new era。
“it is good,After those people arrived,Just let them come and pick it up,We have a meeting over there,And you figured it out,The nature of that place,I don’t want to invest a few million on my side,It was demolished by someone else。”
Qin Feng also feels the aura of being rich is different,If it is replaced with no money before,,Who wants to listen to him?
Not the same now,what did he say,All of them nodded to indicate okay。
To know,There are also several kilometers from here to the small collar,If this is going,That’s also a bit tiring,But these people don’t mind at all。
of course,At least in front of Qin Feng, I dare not mind。
Qin Feng was ready to leave with Huang Longwen,Those people desperately to keep Qin Feng for tea,But how could Qin Feng stay here??
at the same time,Qin Fenglai Shitang
News from the village,That has spread。
Some people have relatives in other villages,Especially the three people who are near the village,That’s even more thoughts in my heart。
“Fucking,Used to go to a meeting,Then no one can look at our village,Now I feel my face lifted up。”There is really no way to mention the coolness in Huang Longwen’s heart。

“No,Qiao Tianyu didn’t drop the order,But affected by Qiao Tianyu’s order,There are many follow-up orders of varying amounts in the international foreign exchange market.。” Sato Junji quickly explained。

“I am worried that if I don’t hurry to change the wind direction,Let Qiao Tianyu throw the order,There will be more to follow suit,In case of unnecessary market panic,But it’s over!”
“Follow suit?Market panic?”
Sato Junji breaks the dream,Lily suddenly understood like a divine enlightenment,It is only now that he finally felt Qiao Tianyu’s trading ideas。
Could it be that Qiao Tianyu sold the yen and bought it back again?,What he wants is—Market panic!
Qiao Tianyu’s selling Japanese yen did not cause market panic because,Before this short war,Most of the Japanese yen reserves abroad have been borrowed by the five major Wall Street investment banks and a number of international hedge funds.。
So let Qiao Tianyu sell the yen,Other investment institutions or investors can sell because there is no yen,So you definitely don’t have to worry about issues that cause market panic。
But now the situation has undergone a 180 degree change,After Qiao Tianyu’s show operation,Now Qiao Tianyu has converted all the Japanese yen he held into U.S. dollars。
The U.S. dollar is the world’s currency and the first reserve currency,The world’s dollar reserves far exceed the yen。
If Qiao Tianyu led the five major Wall Street investment banks and a group of international hedge funds in the international foreign exchange market to sell US dollars and buy Japanese yen,It will certainly give false impressions to investment institutions and investors in countries around the world。
Misunderstood those investors,Standing at the top of global finance, the five major Wall Street investment banks and a group of international hedge funds are collectively optimistic about the appreciation of the yen against the dollar,This is for those investors who follow suit,Undoubtedly a strong buy signal。
So since,Qiao Tianyu’s crazy selling of dollars and buying yen will surely attract countless investors who follow suit,It will even alarm those extremely large international hotlines。
In case of market panic,At that time, it will become a gamble between global hot money in US dollars and the Bank of Japan,I’m afraid it’s really enough for the Arrow Sakura organization and the Bank of Japan to drink a pot!
(Global hot money in US dollars,Offshore dollar,Refers to free movement outside the U.S.、U.S. dollar not controlled by the Federal Reserve,It is also the most important part of international hot money。

“how old is she?How long is it?Not beautiful?”Rosemary asked。

“Seems24Years old or25year old,I am not very clear about the details,But certainly not more than27year old,”The waiter sold the situation of the senior management of his hotel without blinking his eyes:“Looks……Looks good,Good figure,Better than the girls in the restaurant。”
The girl who can be arranged as a host at this banquet,Undoubtedly the best in this hotel——The girls also hope to get to know a few rich people through this charity dinner,If you can give birth to the rich,,I’ve been eating and drinking all my life。
“well,”Rosemary satisfied100The dollar into his hand,At the same time100The dollar swayed at him:“If you can invite Miss Helen over,This100The dollar is also yours。”
The waiter’s eyes are green:Today must be my lucky day。
Probably the hotel management got the board of directors long ago“Be sure to meet Alex tonight·Guest request of Mr. Goodrich’s charity dinner”’S command,It only took five minutes,Helen, the head of housekeeping, appeared in front of Rosemary。She owed Rosemary,Respectfully and generously asked:“Hello miss,Can you find me?”
Rosemary gave the money to the waiter,Waved his hand to indicate that he could go。
Done all this,She just looked at Helen carefully,This look,Rosemary has to admit that her luck is indeed good,This Helen fits wellbossIn mind“Personal assistant”image of:The rolled up blond hair reveals a smooth forehead,The structure of the facial features is very three-dimensional,The emerald eyes are very deep,Wearing a pair of eyes,Body is also good——having said so much,In fact, one sentence can describe:The woman in front of me almost fits30Years later“Western spectacles”Settings。
Helen’s heart straightened by Rosemary’s gaze,Can’t help but ask again:“Miss?”
“Ok,”Rosemary looked at her,Suddenly asked:“Miss Helen,What is your current salary?”
“what?”Helen froze for a moment,Although I don’t know why the distinguished lady in front of me asked the question,But he answered obediently:“Count bonus,Almost every month3000USD。”
Rosemary nodded:No lie。
“Do you want to change a monthly salary4000work?”
“……”Helen blinked,Some don’t quite understand what Rosemary means。
“My boss needs an excellent personal assistant to assist him with work and life affairs,This personal assistant also has to perform part of the duties of a housekeeper,I think you are more suitable,”Rosemary says:“if you agree,Construction and management of my boss’s entire personal assistant team,Will also be handed to you。”

First646chapter Ambition

Sell off1000Carriage—11T?
The people present couldn’t help but look at each other,Everyone was shocked by Chen Geng’s words:The output of one and only one aircraft in the history of China Airlines has reached four digits,That’s Liu Ye,The famous J6fighter。
Besides,No aircraft has produced more than six figures so far,Whether it is the early J5、Later J7,The total output so far has not exceeded1000frame(Annihilate7in2013The total production that was officially discontinued in the year is1577frame),right now,Chen Geng actually said to let luck—11TSold worldwide1000frame?!
If it can be sold1000Carriage—11T,Of course, the Hafei Factory can live extremely moisturized only by profit from after-sales and maintenance.,but……
“Mr. Chen,”Wang Dazhi kept shaking his head:“1000frame?How is this possible,impossible,impossible……”
“You feel1000Impossible?Just before,Have you ever thought that my purchase quantity alone exceeds200Frame??”Chen Geng smiled,Said:“and so,Nothing is impossible。”
Nothing is impossible……
How did you feel Chen Geng’s words,Wang Dazhi is a little crazy。
Yes,Before Chen Geng tells his plan,Hafei Factory never thought it would be able to sell two or three hundred aircraft—11T,As an aircraft developed in cooperation with the Ministry of Geology and Mineral Resources,They think that if the Ministry of Geology and Mineral Resources can purchase 20 or 30 aircraft, it would be good……In other words,Chen Geng is really confident that he can sell hundreds or even thousands of aircraft in the future—11T?
He was excited:If you can really sell thousands of airplanes or even more,that……that……Isn’t Wang Dazhi able to write a strong and colorful stroke in the history of Hafei Factory??
I have this idea in my heart,The most important thing is when Wang Dazhi suddenly realized1000Although this looks extremely slim、But there are indeed some possibilities,He got excited all at once,Patted his chest and said to Chen Geng:“Mr. Chen,please do not worry,As long as you can guarantee the funds are in place,I assure you with the party spirit of a party member,Must complete the shipment as quickly as possible—11TAll flight test and airworthiness certification。”
“Not only to be as fast as possible,The most important thing is to maintain quality and quantity,”Chen Geng patted him on the shoulder:“I am not in a hurry,Airplane thing,The most important thing is word of mouth,Must guarantee quality,If the word of mouth is smashed,Not only this aircraft,Maybe the factory’s future products will have no market。”
Wang Dazhi can’t say anything excited,Just keep nodding。

2017CBA All-Star Xingrui South Xingrui VS North Xingrui live broadcast address_1

2017CBA All-Star Xingrui South Xingrui VS North Xingrui live broadcast address
This Saturday, at 19:00 on the evening of January 7, Beijing time, the CBA All-Star Star Race will begin to compete.Unlike the main game, the competition among young players will be more intense, and they will seize every opportunity to attract the attention of fans when they don’t have much playing time on weekdays.  2017CBA全明星星锐赛南区星锐VS北区星锐直播地址:乐视直播(无插件)CCTV5(CNTV无插件)互动图文直播比分直播  【赛事信息】:CBA星锐挑战赛  【直播对阵】:南区星锐VS北区星锐  【直播时间】:2017-1-7 周六19:00  【比赛看点】  后起之秀——赵睿  本赛季刚打CBA的赵睿让人眼前一亮,积极的态度,很The aura of play made the fans remember this young man. In the games with Liaoning and Shenzhen, Zhao Rui has played well, and his performance has been unanimously praised by experts. Some people even say that Zhao Rui will be this year.Can enter the national team, so he is a strong contender for the star sharp MVP.  后起之秀——高诗岩 阿不  由于在去年的星锐赛上做出过撒盐这一哈登式的动作,所以高诗岩被球迷们称为高哈登,而且,高诗岩在对球的处理上也有过人The difference between him and Zhao Rui on the back line is very interesting.Abdul is the face of Xinjiang team. He looks handsome and has many fans. At the same time, his three points and defense are an integral part of Xinjiang. He has also won the MVP of the Youth League.Not to be underestimated.  后起之秀——付豪 沈梓捷 范子铭  从阵容来看,南区在内线优势明显,付豪、沈梓捷和范子铭均是各自国青队中的内线主力,而且三人还在去年夏天入选过国奥队,在At this point, the North District has no players comparable to its reputation and strength.  The rising star Guo Kai Wang Hong Hu Longmao Guo Kai, Wang Hong and Hu Longmao three players who were selected at the CBA Draft last year are also worthy of attention, and they will correct the names of the draft players.  [Emerging List]South Region players: Zhao Rui, Yang Jinmeng (Guangdong), Shen Zijie (Shenzhen), Fan Ziming, Guo Kai (Guangzhou), Fu Hao, Lei Meng (August 1), Hu Longmao (Fujian), Lai Junhao (Zhejiang)), Sun Minghui (Guangsha)    North District players: Gao Shiyan (Liaoning), Pan Ning, Zhang Hui (Shandong), Shi Deshuai (Tianjin), He Chongda, He Xining (Beijing), Abdul Shalam (Xinjiang),Liu Tianyi (Jilin), Wang Hong (Shanxi), Ding Haoran (Qingdao) extended reading: 2017 CBA All-Star Weekend Schedule Schedule 2017 CBA All-Star South-North Star Challenge Team List 2017 CBA All-Star Challenge Online Video Live地址2017年CBA全明星赛南北区名单 首发阵容球员名单

Qixin Group (002301): Remote office welcomes development opportunities catalyzed by cloud video

Qixin Group (002301): Remote office welcomes development opportunities catalyzed by cloud video
Core Views The outbreak of the new crown pneumonia epidemic catalyzes the demand for telecommuting, accelerating the penetration of cloud video in various application areas such as office, medical, and education.Qixin Haoshitong’s products are leading in technology, large customer base and high stickiness.杭州夜网论坛 The products are widely used in rich scenarios such as government-enterprise meetings, smart party building, distance education, telemedicine, interactive recording and broadcasting, and promote the rapid development of the occupant industry.The company’s EPS for 2019-2021 is 0.37, 0.52, 0.67 yuan, maintain “Buy” rating. Epidemic prevention and control catalyzes the need for remote office work. After Cloud Video ushers in a good opportunity for development of the new coronary pneumonia epidemic, the Central Leading Group Meeting on New Coronavirus Infection and Pneumonia Epidemic Situation calls for appropriate extension of the Spring Festival holiday, adjustment of school opening hours, and support for online office and other measures.Reduce staff turnover.Epidemic prevention and control catalyzes the demand for telecommuting, and works together with platforms such as to provide users with free cloud video conferencing systems, accelerate the development of potential customers, and promote the penetration of cloud video in business office, remote education, telemedicine and other fields.Rapid improvement, the industry ushered in good development opportunities. Cloud video business leads the market share, and will increase investment projects to help increase competitiveness in the cloud video field. Cooperating subsidiary Yinpeng Cloud. Some GoodView products are widely used in government-enterprise meetings, smart party building, distance education, telemedicine, and interactive entry.Broadcasting and other scenarios, according to the company’s annual report, in 2018 Haoshitong has been highly recognized by more than 60,000 corporate customers in the global market. In 2018, Yinpeng Cloud Computing achieved revenue2.USD 9.3 billion, according to IDC data, it has the largest market share in the software video field for three consecutive years from 2016 to 2018, reaching 13% in 2018.Qixin Group will raise funds in 20199.600 million, of which 1.800 million will be used for “cloud video conference platform upgrade and business line expansion projects”, to optimize and upgrade the conference cloud platform’s client, operation support, service architecture and other aspects, expand the cloud video application field, and use steady increase projects to advance steadily.The company has gradually strengthened its leadership in the industry. The demand for office collection is relatively rigid. Under the sun collection policy, the actual medium-to-long-term high-growth cultural office supplies demand is rigid. We judge the epidemic situation or affect the procurement rhythm of the enterprise, but it has a limited impact on the expansion of procurement scale.The expected increase in demand must expand to the impact of the phased decline in purchases of other products on revenue.With the advancement of the National Sunshine Purchasing Policy, the growth in the number of customers and the development of procurement categories, the scale of the collective office collection and procurement business continues to expand and grow rapidly; the effect of scale has been released; the proportion of private-brand products has increased;The company’s profitability of office business is committed to steady improvement. The office business is expected to grow rapidly. Maintaining the “Buy” rating of the outbreak of the epidemic has spurred the demand for remote office work. The cloud video industry has ushered in a good opportunity for development. Haoshitong is trying to take advantage of the industry’s east wind to achieve high-speed development.The medium- and long-term growth of the business is high, and the profit forecast is raised. We estimate that the Qixin Group’s net profit attributable to its mothers will be 2 in 2019-2021.72, 3.80, 4.9.2 billion (previous value was 2.67/3.75/4.880,000 yuan), the corresponding EPS is 0.37, 0.52, 0.67 yuan.The segment valuation method is used to give the B2B office business 34-36 times the target PE and software business 41-43 times the target PE in 2020, corresponding to the target city size of 137.01-144.610,000 yuan, corresponding to a target price of 18.67?19.70 yuan, maintain “Buy” rating. Risk reminder: Customer development is less than expected, competition in the cloud video industry is intensified, and the risk of bad debts of accounts receivable.

Xinhecheng (002001): The performance is in line with expectations, optimistic about the change in the vitamin E industry pattern and its positive impact on the company

Xinhecheng (002001): The performance is in line with expectations, optimistic about the change in the vitamin E industry pattern and its positive impact on the company

Event: Xinhecheng released its semi-annual report for 2019, with a total operating income of 38 in the first half of 2019.

67 ppm, a decrease of 16 per year.

85%, net profit is 11.

5.6 billion, down 43 each year.

87%, the basic EPS is 0.

54 yuan, the average ROE is 7.

twenty two%.

Corresponding to the second quarter of 2019 operating income20.

USD 3.1 billion, an increase of 10 from the first quarter.

62%, net profit 6.

4.5 billion, an increase of 26.

twenty two%.

Net profit after deduction 5.

7.4 billion, an increase of 19 from the previous month.


Comments: 1.

The performance is in line with expectations, and the non-profit deduction in the second quarter increased by 19.

09%, mainly related to the increase in vitamin A and vitamin E prices and the volume of new materials business.

The company’s net profit in the first half of 2019 was lower than in 2018, and there was a significant decrease in the first half of the year. This is related to the company’s high base in the first half of 2018. The domestic price of vitamin A in the first quarter of 2018 was a historical high, and the average price in the first quarter was 1349 yuan / kg.

The company’s net profit after deduction for the second quarter increased by 19 from the previous quarter.

The good performance of 09% was related to the increase in the price of vitamin A and maintaining a high level, the initial upward trend in the price of vitamin E, and the release of new materials business, which increased revenue by 116.



We are optimistic about the positive impact of the vitamin E industry structure on the company.

The transfer of Vitamin E in the field of Vitamin E and DSM has been completed. After the transaction is completed, the vitamin E industry structure has been transformed into DSM-Nente Technology, BASF, Xinhecheng, Xinhecheng.

Nante Technology has changed from the industry’s reverser to the maintainer of the industry pattern. The industry pattern has returned to the vitamin E bull market in 2008-2012, when the price of vitamin E was between 100 and 250 yuan / fluctuation.

The vitamin E industry is improving. Currently, the capacity utilization rate of each company is at a high level.

Each mentality is expected to change from a price war to maximize profits, and vitamin E prices are expected to rise in the future.

The company’s vitamin E production capacity is 40,000 tons of powder, and the Shandong 4 Vitamin E project 南宁桑拿 is under construction and is expected to be put into production within the year.


Pay attention to the company’s medium and long-term growth.

The company’s Shandong Nutrition Project and Heilongjiang Fermentation Project are gradually progressing. Some projects are expected to be completed within the year, and the vitamin monomers will be covered by the entire category.

Earnings forecast and investment rating: We maintain our previous earnings forecast and estimate the company’s net profit for the year 19-21 to be 27.



8.4 billion, with an EPS of 1.

18 yuan.

Maintain target price at 26.

16 yuan, corresponding to 21 times PE in 2019, maintain “Buy” rating.

Risk reminders: safety production risks, risks of falling prices of vitamins and methionine and other products, risks of overcapacity, expected distribution of methionine production, risk of weakening downstream demand such as aquaculture, risk of sharp decline in flavor and fragrance prices, and lower-than-expected sales of new materialsRisks of fluctuations in raw material prices, risks of Sino-US trade disputes, risks of exchange rate changes, and risks that the global economy continues to exceed expectations.

Yongxin shares (002014): Proposed annual output of 3.

3New BOPE film project raises profit forecast

Yongxin shares (002014): Proposed annual output of 3.

3New BOPE film project raises profit forecast

Proposed annual output 3.

3 The initial new BOPE film project, the product is environmentally friendly, in line with the company’s and customer’s development strategy: the company issued an announcement plans to invest 100 million U.S. dollars in Huizhou District of Huangshan City to establish a wholly-owned subsidiary-Huangshan Yongxin New 北京桑拿洗浴 Materials Co., Ltd. (tentativeName), which will invest in the construction of a new BOPE film project with an annual output of 33,000 tons, with a total investment of 300 million yuan.

It is understood that the key performance of BOPE film can meet the performance standards of PE film, but the thickness is thin and can reduce the bag breaking rate of composite packaging materials.

The development of this project is in line with the brand’s “Packaging 2025” strategy. It is also conducive to the company’s rich product structure, opening up differentiated markets and consolidating brand advantages. It is a fusion of new environmental protection materials, new technologies and new processes.

According to the announcement, the project construction period is two years, and the annual output value is 5 after completion.

940 thousand yuan, with an annual profit of 49.37 million yuan, accounting for about 21 of the company’s total profit in 2018.


The third and fourth quarters are the traditional peak season for sales, and gradually achieved steady progress.

The company’s operating income in the first three quarters increased by 11 each year.

85%, net profit attributable to mothers grows by 23.


The single quarter and third quarter revenue and profit growth have been accelerated, and the company’s single quarter and third quarter revenue and growth have increased by 15.

22%, net profit attributable to mothers grows 36.


The third and fourth quarters are the traditional peak sales seasons. It is expected that the company’s fourth quarter results are expected to maintain a higher growth trend and show a steady improvement.

The profitability of the subsidiaries improved, and production capacity was maximized.

The subsidiary Hebei Yongxin achieved net profit of 815 in the first half of this year.

310,000 yuan, an increase of 156 in ten years.

62%, the performance is dazzling, mainly because the number of days of production suspension of the Hebei subsidiary has dropped significantly, and the positive effects of early environmental protection investment have gradually become apparent.

In addition, the subsidiary Huangshan Yongxin increased its capacity utilization rate to 60% this year, crossed the break-even line, and gradually realized the present value of customer reserves in the early stage, achieving a net profit of 670 in the first half of the year.

980,000 yuan.

Upgrade earnings forecast and maintain “Buy” rating.

Increase the company’s net profit attributable to mothers from 2019 to 2021.



2.4 billion forecast to 2.



110,000 yuan, corresponding to a PE of 15 in 2019-2021.

31x / 12.

97x / 10.


The company’s long-term main interests are expanding steadily and maintaining stable relationships with brand customers in the downstream FMCG industry.

With the long-term understanding of downstream customers on the environmental protection and safety of packaging, the relationship between the company and customers is getting closer.
Benefiting from the expansion of downstream customers’ market share and the active development of new customers, the company’s performance continued to grow.

The competitive advantage obtained from the preliminary environmental budget and the research and development of new materials has gradually contributed to the performance end, and the dividend ratio is high. The company is judged by PE at 20-20 times in 2019, corresponding to a target price of 10.

40 yuan, maintain “Buy” rating.

risk warning.

Raw material price fluctuations, new project construction and production progress is not as expected, etc.