Qin Feng looked at this person,Just smile on face,“Nothing,such,Let’s take everyone there,But I am also worried that you will be hurt,How about this,Zheng Dong, do you a favor,Find a few brothers you believe to be responsible,How about sending the seriously injured members back together??of course,Everyone will follow you,If they accept you,Then we will send the others back。”

Finished,Qin Feng looked at the others,“how about it,How do i decide?”
“I think it can,After all, we have to see how the attitude towards us there is。”
“Ok,Makes sense.”
These captives began to express their opinions。
It’s just that Lin Wenkong’s face isn’t pretty,Because they feel that Qin Feng did not consider the problem from their standpoint,of course,They are not easy to speak at this time。Because I haven’t figured out Qin Feng’s thoughts yet。
The latter let the prisoners speak freely at this time,But I must have heard nothing。
But quickly,Just go back to the meeting room with Lin Wenkong,But let these people prepare before leaving,Then they will be sent back。
Lin Wenkong was a little unhappy when he sat down。
And Dai Yin is the same,But he still asked Qin Feng,“Da Qin Feng,These people use good words,It’s a great boost for us!”
“rest assured,In fact, it’s just a different approach。Except for Zheng Dong and people familiar with him,Only a few seriously injured people will be excluded from our queue。As for the others,They will directly agree to join the explosive mercenary group。Because those people will not accept Zheng Dong and others。”
“what?This one,you sure?”Dai Yin looked puzzled,I always feel what Qin Feng said
Is so unrealistic。After all, from his perspective,If your own people are sent back,Although there may be doubts,But more will receive these people,Even if there is a problem,I will definitely choose other ways to remove these people,Because this is human heart。
“Do not worry,You just do what I said。”
“This one.”
And this time,Qin Feng just started explaining his steps,Said it for half an hour,It’s just to let the senior people present understand Qin Feng’s meaning。
“If things can really develop as Qin Feng guessed,Maybe this is indeed an opportunity for us!but,We don’t have any of our own people at Rodcha Barracks!”
“It’s okay to contact me now!”Qin Feng smiled。

Bai Lu once made a lot of plans for herself and Guo Enting’s future life,Just now it seems,All a little ridiculous。

hard to imagine,A boy who grew up with his childhood sweetheart,I have met his parents,He also met his parents,I took a nap when I was young,He numbs his arm and he is reluctant to push his boy up,I don’t even love myself!
Some regret,The boy who has spoken to mom and dad many times,After all, he didn’t bring him home as a family member。
Bai Lu smiled,She doesn’t think her choice is wrong,I just regret slapped Guo Enting。
Listening to the footsteps in the corridor,Every time Bai Lu has to be wary of whether her mother is back。Searched for a long time,Bai Lu realized,I don’t have any cosmetics except a lipstick。
Walk to the window,Although you can’t see Guo Enting’s back,But Bai Lu knew,Guo Enting leaves,Must be in this direction,His back must be facing himself。
“I wanted to put on makeup and say goodbye to you,Like you said,My family is so poor!But it’s my father lying on the bed!As long as there is one percent hope,Even if you don’t eat or drink,I want my dad to stand up again,Hug me well。”
Bai Lu laughed mockingly,Standing by the window talking to himself,Tears came out quickly。
“Good to hear,Okay if you can’t hear,Treat it as a goodbye!I hope you will become more and more prosperous,No disease infestation,No wind and rain,River scale,To drink,Safe from now on,You and I……”
Bai Lu’s self-talking voice can only be heard by herself,When talking about you and me,I have already thought about it,Still can’t say it。
Lying back on the bed,Bai Lu was suddenly not afraid of the moment her mother opened the door and saw herself。
Think about it for so many years,I am really wronged。
Maybe no one can really forget a person who has loved sincerely,All I thought I missed was just one person,Finally confirmed,I missed my whole life……
Bai Lu lying on the bed,As if back to the eve of the college entrance examination,I will be lazy for a while when I’m nervous,It’s just that the tears on my face have never been dried……
————
Chapter Two Hundred and Fourteen Farewell3
Bai Lu lay on her bed,Occasionally the spring breeze blows,It didn’t bring her much good mood。

obviously,What’s next,It’s no longer suitable for being heard by the Iron Lion troops。

Zhang Qingtan、Gong Hu and Zhu Jian had to get up at the same time,salute,Then Qi Shushu left the meeting room。
now,Lu Menglin is all alone,Except for a Taoist Li Shixing with an ambiguous attitude,Rivals everywhere。
“Lu Menglin!You let go of Liu Niu’er, an important figure in the secret medicine group,unambiguous evidence!You say he is your subordinate,Then it proves that you and the people from the secret medicine group got together,It’s a raccoon!I can order you to be killed right now!”
Chief Li was so angry that he stood up suddenly,Staring at Lu Menglin,Growl。
This remark,The situation in the conference room suddenly became extremely delicate。
The patron saint of Ming,Great worship of the old man,Qi Ji faintly locked Lu Menglin,As long as the other party has any rash,He will go all out,Kill this dog for the owner。
Ming Shizun saw Lu Menglin and Chief Li turn his face,Naturally overjoyed,But he just couldn’t show too smug expression,And I’m also a little afraid that Lu Menglin will shoot him,Can only hold back the pleasure,Bowed his head。
The swordsman in white has a face like an enemy,Put five fingers firmly on the hilt,As long as Lu Menglin changes slightly,He immediately asked for the sword to be out of its sheath,Full of blood。
now,Lu Menglin didn’t seem to care about these people’s reactions at all,Don’t care!
His full mind,It just fell on Taoist Li Shixing。
Because he knows,If you can’t agree,Among these people,Taoist Li Shixing is undoubtedly the strongest one,It’s also the hardest choice for me。
Taoist Li Shixing under Lu Menglin’s gaze,Finally shook his head,Let out a long sigh。
“Lu Xiaodi,I brought you into the Iron Lion army,anyway,I won’t let anyone harm you here!”Taoist Li Shixing said categorically。
He said so,The anger on the head of Li’s face flashed away,Obviously dissatisfied。
At this moment,The old man in the war school army who has never said anything suddenly spoke up。

At the beginning,He photographed the yellow glazed porcelain,Someone told him,That plate was originally a pair。

He never thought,After searching for two or three years, I haven’t found it,Now he came to the door。Lin Jianguo looked at his son:“This baby,In whose hands?”
“a friend,Just asked him to take a photo。”
“Then tell your friend,See if he is willing to cut love,It’s okay to pay more。”He is perfect in doing things。
Don’t know okay,Since I know it’s a pair,The other one must be in the bag to be reconciled。As for the money,Does he lack that stuff??
“How much do you give?”
Lin Jianguo casually said:“Let him make a price!”
Worthy of a rich man,As long as the price is not too outrageous,I’m afraid it will be acceptable,No bargaining,This is to give you a blank check,Let you fill in the same。
“alright!Let me ask。”
There are Populus WeChat in Jiangnan,Direct WeChat inquiry,Do you want to transfer,His old man likes。
Populus is about to connect with Lin Yufei,This is the arrangement of the guild,Anyway,He doesn’t mind letting the guild take advantage。
Furthermore,These two or three days,The guild can be considered dedicated。
At this moment,I saw the message from Jiangnan,Froze for a while,Reply immediately:“If you like,Yes you can!I have no desire to collect。”
Since they are all acquaintances,Jiangnan has a lot of support for him these days,So Populus can’t offer too much price。
“The four and a half million in your family,Then I can do the same with this one。”
Jiangnan knows very well,It’s definitely not worth the price now,May exceed five million。But he doesn’t say much,I inherited this favor from Brother Hu。
“Also 4.5 million?Your friend is fair,Not bad,Not bad!”Lin Jianguo Zandao。
The deal between Jiangnan and Populus,The people in the live broadcast room are not clear,this time,Brother Hu has earned more than four million,This speed,It makes your scalp numb。

Way to treat us。But certainly not doing nothing,So the arduous task of watching the surroundings is left to you。”

Finished,Qin Feng fell directly,Then close your eyes and rest。
Because he knows,After they react over there, they will have a battle with the poison general’s report team。As for who the other party will send,This is hard to say。
So he needs to recharge,Wait for a big fight。
As for the poet on my side,There shouldn’t be any problems with reasoning,The only thing you should worry about is that the car might blow out tires。
What annoys him most is that others hit his car,Because even after he wipes out his opponent,I can’t use the car anymore。
“Call me in half an hour!If they are really top combat troops,Should respond within half an hour。”Although Qin Feng closed his eyes,But it doesn’t prevent him from speaking。
After speaking,He doesn’t care what Zhong Fa and Yamucha react,direct“sleep”Past。
Qin Feng didn’t know how long he had rested,No one even called him。Finally he frowned and opened his eyes。
“How long has passed?Why didn’t you call me?”
Qin Feng has an ominous premonition,At least the frequency of surrounding activities is different。Qin Feng even seemed to hear the sound of other wheels crushing the ground besides his own car。
This is not a good signal!

Beijing Shougang issued a document to commemorate Ji Zhe’s exposure of antibiotics at Sino-Japanese Friendship Hospital

Beijing Shougang issued a document to commemorate Ji Zhe’s exposure of antibiotics at Sino-Japanese Friendship Hospital
The Beijing News News on the 5th, the Beijing Shougang Basketball Club issued a long article to commemorate Ji Zhe in its official blog, saying that “it will do its best to help Ji Zhe’s family to spend the hard time losing loved ones.”The following is the full text: Ji Zhe left.At 2:14 in the morning on December 5, 2019, the China-Japan Friendship Hospital, after stubbornly fighting lung cancer for more than a year, Ji Zhe left us.In 2007, Ji Zhe came to the Beijing Shougang men’s basketball team. He was not too tall at 2.02 meters, but his basic skills were solid. He quickly won the love and trust of everyone. He used his body to guard the restricted area of Beijing basketball.Whether in the trough of the team’s irregular staff, poor record, or in the team’s ambition, four years and three highlights, Ji Zhe has always been brave to use his mid-range shot, his three points, his rebound,Silently contributed all his energy to the team.For a long time, Ji Zhe was the one who was scolded the most by the head coach, and the one who loved the most.Never give up, always insist that this is his own creed, but also belongs to the spirit of Beijing basketball.Like everyone else on the team, he is willing to give everything for the team.He wasn’t the one with the charge and the huge halo above his head, but he was the one who stood firm and hit the last one who shouted “fire at me”.Basketball is a sport that requires passion and blood, and Ji Zhe transforms his passion and blood into hard work on the court.Since serving as the captain of the Shougang men’s basketball team, Ji Zhe, like his elder brother, has taken care of many players and guarded this team.Blood is thicker than water, Ji Zhe has always been an important member of the Shougang family.He was selflessly dedicated and gave his last light and heat to Beijing basketball.He is not a very expressive person, but his conscientiousness, meticulousness and low-key are popular.In many cases, Ji Zhe had his own pain, but he pressed himself, endured, and stayed, and only showed his smile to those around him.In August last year, Ji Zhe confirmed his illness and the club helped him travel to the United States for treatment.He didn’t tell the fans about his condition, and we are the same, because we all believe that this is a temporary difficulty, and he will return to the field one day after hard work.Family, friends and clubs do their best to accompany him to treatment.During the treatment, Ji Zhe kept in touch with the club and the team to show everyone his tenacious will and optimism to return to the arena. He said, “Brothers, wait for me.”Not long ago, Ji Zhe also said to his mother: “I want to go back to play.”But the disease was cruel and ruthless, and after a long period of treatment, Ji Zhe left us.We are as heartbroken as all fans, and I hope he can appear in the dormitory, cafeteria, court as before . Ji Zhe is gone, in another world he will love basketball as deeply as we are.His No. 51 jersey will always stay in the Shougang men’s basketball team, floating in the sky above the court, accompanying his loved ones and loved ones.Sorrowful, heart twisted.We will do our best to help Ji Zhe’s family spend the hard time losing loved ones.Ji Zhe is with us.There are also basketball companions in heaven.Editor Liu Jiani Source: Beijing Shougang Basketball Club

Yutong Bus (600066): Sales and profit both rise to the top

Yutong Bus (600066): Sales and profit both rise to the top

Performance has grown steadily, 深圳桑拿网 and operating cash flow has improved.

The company’s Q3 achieved operating income of 84 million U.S. dollars, an increase of 14% for the year;

4 ‰, an annual increase of 10%; gross profit margin of 24.

14%, net interest rate 7.

78%, which decreases by 3 each year.

13 and 0.

17 units.

Cumulative revenue in the first three quarters was USD 1.3 billion, an annual increase of 11%; net profit attributable to mothers was USD 1.3 billion, an annual increase of 11%; gross and net profit margins were 0.

22 and up 0.

19 single; net operating cash flow of 1.6 billion, an annual increase of 224%.

The leading level is solid, showing strong cost control capabilities.

In the first three quarters, the cumulative sales volume was 40,000 units, an annual increase of 7%, of which large and medium-sized light passenger cars 夜来香体验网 increased by 2%, 12%, and 5%, respectively.

The company’s leading position is highly stable, and its market share is steadily increasing, which is the basis for excellent performance potential.

At the same time, the company has budgeted cost control capabilities, and its net interest rate has steadily increased in the first three quarters.

After August, the replacement of new energy buses with downhill replacements will have a significant impact on the company’s profitability.

The volume of export orders can be expected, which opens up the medium and long-term growth space.

The company is actively planning overseas markets. In Asia, Africa, Latin America and other regions with poor infrastructure and public transportation, the export demand for large and medium-sized buses has shown a growth trend. In Europe and the United States, new energy buses have gradually expanded their market share.Energy buses all have global competitive advantages, and exports are expected to accelerate in the future.

Investment suggestion: We estimate that the company’s net profit attributable to mothers in 2019 and 2020 will be US $ 2.5 billion and US $ 2.6 billion, respectively. The current overall corresponding dynamic estimates are 12, and 12 times, respectively. Maintain the “Buy” rating.

Risk warning: new energy supplements withdraw significantly; overseas export orders exceed expectations.

Hexing Packaging (002228): Steady expansion of packaging business and rapid growth of supply chain services

Hexing Packaging (002228): Steady expansion of packaging business and rapid growth of supply chain services

Event: The company released its 2018 annual report.

Initially realized operating income 121.

70,000 yuan, an increase of 39 in ten years.

1%, realizing net profit attributable to mother 2.

30,000 yuan, an annual increase of 64.

5%, to achieve net profit after deduction 2

2 ‰, the annual growth rate is 68.

4%.

As the company adjusted its 2017 and 2016 revenue according to the “2017 Annual Report of Listed Companies Accounting Supervision Report” issued by the Securities and Futures Commission in August 2018, the company ‘s 17-year base was raised and it will acquire Hezhong Chuangya (Asia)) Produced 2.

The non-operating income of USD 9.6 billion is adjusted to 16 years. Therefore, the growth rate of the annual report for the 18 years is earlier than the data in the semi-annual report and the quarterly report for 18 years. However, the company’s consolidated packaging business has developed steadily, and the supply chain services have expanded rapidly.expected.

The pressure on raw material prices has dropped, and operating capacity has continued to improve.

By business, packaging achieved revenue of 93.

30,000 yuan, an annual increase of 22.

5%, supply chain services realized revenue 28.

4 ‰, an increase of 149 in ten years.

9%.

The company scale achieved gross profit margin of 12.

5%, down by 1 every year.

3pp, one is because the proportion of supply chain service sales with a low gross profit margin has increased, and the other is because the average price of corrugated paper, the main raw material, has increased by about 5% over the 17-year period.

The price of corrugated paper has dropped significantly since the fourth quarter of 2018. The current price has dropped by about 32% from the 18-year high, and the company’s gross profit margin has room for improvement.

The company’s highest three-rate interest rate is 8.

9%, a decline of 0 per year.

4pp, mainly because the company continued to promote the construction of standardized factories and a refined management system, which improved operational efficiency.

The company accrued 5,809 impairment losses on goodwill throughout the year.

80,000 yuan, the first and foremost is the deterioration of Daqing Huayang’s operating capacity. After the asset revaluation, approximately 51.64 million goodwill impairment losses were accrued.

The overall scale of the company’s book goodwill is about 17.23 million, which will be expanded at least. It will not affect the company’s net profit in the future.

In terms of cash flow, the company’s 18-year operating cash flow increased by 344% to reach 5.

600 million US dollars, mainly benefited from the good customer repayment, the company expanded the scale of centralized procurement and increased bill settlement.

Outbound mergers and acquisitions help to integrate production capacity and regional balanced development.

The company completed the acquisition of 100% of Hezhong Chuangya (Asia) in the first half of 2018.

The merger of Hezhongzhong can realize the complementary advantages of the joint venture company. Hexing’s advantageous regions are in South China and Central China. By integrating Hezhong Chuangya, the company’s production capacity distribution and sales in East China, North China, Southwest, and Northeast China are significantlyWith the improvement, the proportion of the four regions in total revenue increased by 2pp, 2 respectively.

3pp, 2.

7pp and 1.

1pp, the company’s regional layout 深圳SPA会所 is more reasonable, and the market area will be further strengthened.

M & A integration has also driven the company’s packaging business to achieve steady growth, achieving revenue of 93 in 18 years.

30,000 yuan, an annual increase of 22.

5%, the IPS / PSCP project continues to advance, and the strategic transformation is progressing smoothly.

The company continued to advance the “100 billion services” strategy, and the Industrial Supply Chain Cloud Platform (PSCP) and Intelligent Packaging Integration Services (IPS) continued to explode in 18 years.Supply chain services have gradually realized revenue for 18 years.

4 ‰, a year-on-year increase of 150%, and an increase in scale, the gross profit margin of supply chain services has also improved significantly, achieving a gross profit margin of 4 in 18 years.

5%, a significant increase every year.

7pp.

IPS has signed contracts with many customers such as Jabil and Goodbaby, and has invested in more than 10 packaging production lines.

Currently in the equipment procurement stage, the project progress is in line with expectations.

At present, the PSCP project has reached 1,400 customers, an increase of 700 from the end of 2017, and it is still developing at a high speed. If the subsequent collaboration with IPS is realized, the company’s packaging services and supply capabilities will be fully enhanced.

Earnings forecasts and investment advice.

It is expected that EPS for 2019-2021 will be 0.

32 yuan, 0.

37 yuan, 0.

43 yuan, corresponding to PE is 16 times, 14 times and 12 times.

Based on the company’s historical estimates and industry estimates, the PE is given 18 times the 19-year target price.

76 yuan, maintain “overweight” rating.

Risk warning: the risk of rising raw material prices; the risk of intensified market competition leading to terminal sales being lower than expected; the risk of the PSCP business developing less than expected.

McGrady Technology (603990) Company Research: Set to Raise 1 Billion USD in Capital Strength

McGrady Technology (603990) Company Research: Set to Raise 1 Billion USD in Capital Strength
Event: The company issued an announcement on February 27, intending to issue a non-public offering to 5 controlling investors, including the controlling shareholder of the listed company and the actual controller, Weng Kang, not exceeding 2539.360,000 shares, raising 西安耍耍网 less than 1 billion; of which, Weng Kang subscribed for 500 million. The company will increase its capital strength by raising 1 billion US dollars to increase the shareholder’s shareholding ratio.The company intends to issue non-public offerings not exceeding 2539.360,000 shares, fundraising not exceeding 1 billion, Weng Kang, Chen Jixia, Yue Hai Asset Management, Wells Fargo Fund, Minsheng Securities subscribed in cash, of which the actual controller and chairman Weng Kang subscribed for 5 billion.The fixed issue price is 39.38 yuan / share, not less than 80% of the average trading price of McGrady Technology stocks in the 20 trading days before the pricing benchmark date.The amount of funds raised will be used to supplement the working capital of listed companies after deducting the issuance expenses.This will 1) strengthen the capital strength of listed companies, expand their business scale, and consolidate the company’s competitive advantages within the industry; 2) optimize the capital structure of listed companies and enhance their ability to resist risks;After the end, the total shareholding ratio of the actual controller will reach 26.95%, to ensure the stability of the company’s control. The emergency rescue platform opened a new growth for the company, and hand numbness and intensive care developed steadily.1) The market for sinking hemp was opened, and “products + quality control platforms” cast high barriers.The policy promotes the construction of clinical informatization in medical institutions below the third level, and the demand for surgical anesthesia sinking has begun.The company has a high market share of the top three hand hemp hospitals, a high degree of product maturity, many hand hemp quality control platforms have landed, and “products + quality control platforms” have cast high barriers.Promote the potential basis for secondary hospitals.2) Intensified intensive care resources in the epidemic situation, it is imperative to improve the efficiency of the ICU system.In the epidemic situation, ICU’s intensive care resources are tight, and the intensive care clinical information system has outstanding capabilities in improving efficiency and saving manpower.3) Accelerate the nationwide rescue platform based on the “Five Centers”. The “531” benchmarking project highlights the competitive advantage.The policy requires that by 2020, emergency critical care systems based on the “Five Centers” will be gradually established throughout the country.The regional smart emergency platform of Suzhou model has become a benchmarking project, which can be replicated throughout the country. The company has been deeply involved in the construction of the Suzhou “531” project and has made efforts in emergency emergency construction.We believe that sufficient capital strength will help the company improve competition in the field of clinical informatization and emergency and emergency services, and provide guarantee for the company to undertake business and expand operations. Entered the blue ocean market with high barriers to assisted reproduction, and the remaining capital created the entire industry chain ecology.1) The infertility rate continues to rise, and assisted reproduction becomes a blue ocean market.The prevalence of infertility in China is expected to reach 18 by 2023.2%, the number of infertile couples reached 5 million person-times, China ‘s assisted reproductive market penetration and transformation in 2018 was 7%, while the US market penetration rate exceeded 30%.With the increase in penetration, China ‘s population base has increased, and assisted reproduction has become a blue ocean market.2) Assisted reproduction license has created high-gate biology, and high-quality private institutions have development potential.China’s assisted reproductive services market is strictly regulated, and the number of licenses is limited, making it difficult to crack new applications.When the market penetration rate rises in the future and the licenses are redistributed in accordance with national regulations, the funding time for top public hospitals will increase, and some high-quality private institutions will release their development potential.3) Acquired Hainan Mary Hospital to build an ecosystem of assisted reproductive industry.The company acquires 51% equity in Mary’s Hospital to enter assisted reproduction. It is expected to focus on assisted reproductive medical institutions in the future, continue to increase the number of cycles and expand the market size, and extend to the middle of the industrial chain to provide menstrual and endocrine management services, and infertility and infertility.Eugenics and childcare services.At the same time, it has its own information advantages and builds a national assisted reproduction cloud platform to provide more possibilities for derivative services.We believe that sufficient capital strength will accelerate the company’s industrial chain layout in the assisted reproductive market and expand the assisted reproductive cycle centered on assisted reproductive medical institutions. Maintain “Buy” rating.We forecast the company to achieve revenue from 2019-2021.30, 4.82, 5.9.9 billion yuan, an annual increase of 16.1%, 46.1%, 24.2%, achieve net profit attributable to mother 0.66, 1.40, 1.9.6 billion, an annual increase of 19.2%, 111%, 40.4%.Maintain “Buy” rating. Risk warning: the progress of assisted reproduction business exceeds expectations; the progress of emergency and emergency national construction is gradually expected; key assumptions may be at risk of errors.

Keming Noodle Industry (002661) Quarterly Commentary: The short-term performance exceeds the expected low-end heavy-duty long-term logic.

Keming Noodle Industry (002661) Quarterly Commentary: The short-term performance exceeded the expected low-end heavy volume long-term logic does not 北京夜生活网 change

Key points of investment: The company announced the third quarter report of 19, and realized revenue of 22 in the first three quarters.

5 billion, +12 per year.

6%; net profit attributable to mother 1.

3.3 billion, a year-19.

0%.

In the third quarter of 19, it achieved revenue of 7.

3.5 billion, +3 a year.

5%; net profit attributable to mother 0.

2.9 billion yuan -41 per year.

5%, deducting non-net profit 0.

1.8 billion yuan per year -57.

2%.

The company expects to return to net profit in 19 years.

95?
2.

3 billion, +4 per year.

9%?
+ 23.

7%.

  Ping An’s perspective: Multiple factors affect the revenue growth rate: the company’s 3Q19 revenue is +3 for ten years.

5%, compared with 2Q1917.

The 6% growth rate has dropped sharply, which may be affected by two factors: 1) the 3Q19 company raised the price of high-margin products, which 杭州桑拿 affected the sales of the product; 2) due to fluctuations, there were high and low base differences between 2Q18 and 3Q18,Under the previous high base, income growth pressure or magnitude.

3) Revenue from small businesses such as rice and rice noodles increased.

From the perspective of sales volume, we expect that high-margin products will be affected by price increases. The growth rate may replace single digits, and high cost-effective products may still maintain double-digit growth.

Looking back, through the continuous promotion of new investment promotion and the subsequent release of flat production capacity, the growth of revenue has accelerated again.

  The gross profit margin decreased slightly, and the proportion of the three fees expanded. The company’s earlier use of wheat for storage and storage led to a higher gross profit margin. In 3Q19, the gross profit margin only decreased slightly in the context of not expanding the use of wheat for storage and storage.

3 pieces to 25.

2%, mainly benefiting from the increase in prices of high-margin products and the volume of Xinjiang factories using certain raw materials.

Company 3Q19 selling expenses expense 12.

2%, increase by 1 every year.

6pcts, the main reason is that the transportation costs of Xinjiang factory products have increased significantly.

Company 3Q19 management fee expenses 5.

3%, a year increase of 0.

One.

Company 3Q19 financial expenses expenses 2.

8%, increase by 1 every year.

1pcts, mainly due to the substantial increase in bank short-term borrowing interest and bond index fees payable.

  The long-term logic has not changed, maintaining the “recommended” rating: Although 3Q19 performance suffered setbacks, the performance forecast guided the company in 4Q19 to try to achieve rapid growth in net profit at a low base, but the performance did not need to be spent.
  We believe that the company’s strategic transformation has achieved staged results, and low-end business accumulation is gradually becoming a new growth engine, and the long-term growth space has gradually opened.

We maintain the company’s 19-21 EPS to 0.
62, 0.

80, 0.

The forecast of 98 yuan corresponds to 19 for the current PE.

5X, 15.

1X, 12.

2 times, maintaining the “recommended” level.