So the room where I hung up the phone seemed exceptionally quiet。

Qiao Zhentian stared at the window solemnly,Is it possible that the Qiao family is destined to suffer this??
The work efficiency on the phone end is very high。
It probably took less than half an hour,Qiao Zhentian’s phone rang。
After Qiao Zhentian answered the call,There was no sound,Listening carefully to the information about Xiao Fan reported to me over the phone。
Although outsiders can’t hear what is said on the phone,But if there are outsiders present,I will definitely notice the look on Qiao Zhentian’s face,It can’t be described as a shock.。
Until the call came continuously“Dududu”the sound of,Qiao Zhen only reacted,I already hung up on the other end。
Qiao Zhentian an ass,Fell on the sofa without any image。
Even if Qiao Zhentian has been the head of the Qiao family for so long,I have never been so gaffe。
After Qiao Zhentian calmed down a little bit,,Then I picked up my phone with my trembling hand,Called Qiao Shan。
But Qiao Zhentian didn’t know how much his hands trembled,Anyway, he kept dialing the phone several times,Qiao Shan’s call was completely connected。
Qiao Shan is the same as Qiao Zhentian,I’ve been waiting motionlessly for Qiao Zhentian’s call。

Suddenly noticed that the weapon arsenal was opened,Keisha couldn’t help but pause。

“what happened?”Hexi was startled when he saw Kesha who was talking to him,Also stopped。
“The arsenal was opened。”Keisha solemnly finished,Immediately connected to his own arsenal。
“what!”Hexi,Shocked,Kesha’s Armory,Except Wu Xing,No one can enable。
And can let Wu Xing open Kaisha’s arsenal,Is it possible that something happened??
No wonder and Haehui think so,Kesha also thinks this time,So the tone becomes solemn。
Just wait for her to open the weapon arsenal,The face instantly became very weird。
“what happened?”Hee who is about to connect to the chat group,See Kesha’s expression change,Subconsciously stopped。
“It’s nothing。”Keisha shook her head,He didn’t explain anything to Hehui。
“determine?”Hexi suspiciously,Wu Xing opened his wife’s arsenal,There will be nothing?
“Really。”Keisha nodded。
“How could Wu Xing open up your arsenal??”Kesha looks like this,On the contrary, Hexi became curious。
“Not yet xing,Got something in。”Kesha’s face is a little unnatural,It’s 30,000 years old and still so rude,She thought something happened,Worried for nothing。
“what?”See Kesha’s weird look,Hexi is more curious。


PS:Brothers sorry,Went out to do something during the day,late,Now I will send you the first chapter,12There is a chapter before you click。
First226chapter Do you want to buy a share?
“Have,”As expected by Chen Geng,With Chen Geng’s question,Father Giugiaro opened his carry-on bag,Take out a folded drawing paper from inside,After opening it is aA0Conceptual sketch of format:“Gregory asked me to draw a picture for them,But i don’t know aviation,Just drew a concept map。”
Really very“concept”,No parameters are given above,Similar to the conceptual drawings of other industrial products we can see,Few strokes,But through these few strokes, it has been able to show the rough appearance of this product almost completely.,For example, this concept map designed by Mr. Giugiaro is like this,Although it is still a conceptual picture,But Piaggio has a futureP180The main characteristics of:
such asTHigh vertical tail;
Such as wing mounting points that are different from traditional aircraft,The wings of traditional aircraft are basically installed in the middle of the aircraft fuselage,But on this conceptual map,The wings of this business jet are located at the rear of the entire fuselage、About a quarter of the rear fuselage,According to the porthole of the fuselage,The wings are located behind the entire crew compartment,And it’s a mid-wing design that is impossible to see on any other business jet.:
For example, it is different from ordinary propeller layout,Most aircraft powered by propellers,The propeller is in front of the wing,But the plane on this concept map,The propeller is arranged in reverse behind the wing,Combined with the very rear wing already installed,The position of the propeller blades is almost flush with the tail cone of the aircraft。
But what is really rare about this concept map is its overall line design,It’s not aerodynamics,But in terms of the lines of the airplane,Concise and smooth while full,Simple and rude different from American design,The design of the entire body looks like a literary style——This is the characteristic of Italy,Designers from other countries really can’t learn。
“Fernandez,what do you think?”The tone of the old man Giugiaro was showing off。
“very good,”Chen Geng nodded admiringly,It can be seen through this concept map,Giugiaro really doesn’t understand aerodynamics,This aircraft was designed based on the knowledge of car aerodynamics,But it’s pretty good to be able to do this。He pointed to the wings and propellers on the concept map and said:“The layout of this wing and propeller,All to improve the comfort of passengers?”
Everyone who has been in an airplane knows that the most uncomfortable position is the rows next to the wings and behind the engine,On comfort,The more comfortable the seat is in front of the wing,So first class、Business class positions are in front of economy class。
Like airplane、Aviation enthusiasts who like business jets should still find something,Is in the field of civil aviation,Although like Boeing737、AirbusA320In this way, the wings are in the center of the fuselage、Single wing、The scheme of hoisting the engine under the wing is recognized as having the best economy and easy maintenance,But almost all jet business jets still use the engine mounted on the tail, which is not very convenient for maintenance.“Tail hanging”Program(In addition to business jets modified with large civil aviation aircraft and HondaHondaJetThis heresy),The reason for this design,Some compromises made entirely out of providing the most comfortable ride experience for distinguished passengers:Compared with the comfort of the noble owner,Maintainability can be ranked behind。

Liu Chunlan drank and went back to the room,Xiao Fan stood at the top of the stairs for a while,Then shook his head,Squeezed brows,Turned upstairs。

Back to the room,Xiao Fan didn’t go to the bedroom,But went to the study,He is not sleepy,To be precise,He never seemed to feel sleepy。
He wants to take care of his work,Almost everyone praised him because he was the son-in-law of the Lin family,Everyone does not know his other identity,Besides, it is only his method to cover the ears.。
Except Fan Lao,No one knows what a legend Xiao Fan is。Thinking of Fan Lao,Xiao Fan smiled。
Unconsciously,The sky is already bright,Xiao Fan rubbed his temples,Back to the bedroom,Lin Yoona slept peacefully。
Although Xiao Fan is still not sleepy,But he thinks it is necessary to take a proper rest。He lay down next to Lin Yoona,Closed eyes,What keeps flashing in my mind is various data and various martial arts tricks。
This should be something Xiao Fan must do before falling asleep,His brain can quickly remember and calculate data,Not forgetting is the most basic thing for him。
Thinking about,Xiao Fan fell asleep,when Wake up,Lin Yoona is already washing,He got out of bed and changed clothes,Wash,Ready to go downstairs for breakfast,He wants to go to the Green Forest Villa today to find Mr. Fan,Should stay there for a few days。
Chapter Three Hundred and Eighty Eight Green Forest Villa
“Parents,Yoona,I’m going out for a few days,Busy with something,Not going home these days,Just call me if you have something。”When Xiao Fan was eating, everyone was telling his family in advance。
Lin Yoona didn’t think there was anything,She also travels frequently,A few days away,Then nodded。
Lin Feng glanced at Xiao Fan,Looked at Lin Yoona again,Put down the chopsticks and said:“It’s normal to have one’s own business,Just Xiao Fan,Yoona,Your husband and wife can’t always be separated,Not young,Time to think about having a baby。”

It can be seen that Tu Chuan’s trick is so powerful,Rigid and soft,Both indestructible Power,With continuous shocking power,Destroy the opponent’s body tissue from the inside。

This palm comes out,Even Lu Menglin behind him almost cheered。
With Lu Menglin today and today Martial arts,Of course, you can see the subtlety of Tu Chuan’s trick,That’s why he couldn’t help but applaud。
Purely based on the talent of warriors,Tu Qun, this fellow is stunning,Is definitely the first person Lu Menglin has ever seen,And in the changes of moves,Far above me。
His trick,Has played the extreme change of moves that a strong fighter can achieve,Well versed in epee without front,The most ingenious。
And the most wonderful thing is that Tu Chanchun has always deliberately suppressed his realm at Gangjin,That’s why it can be tempered to get this ultimate move.,This is the ultimate change of Gang Jin,Although it’s not as long as that of a Dan Dao master,,But in terms of lethality,Not inferior。
If the great sage in front of him is just the cultivation base of a master alchemy,Then this blow is very likely to create an amazing effect of slaying opponents at higher levels.。
Chapter 816 Difficult to reconcile
boom!Buzzing!There was a loud explosion in the air。
Next second,Tu Qinqin flew out all over,All the way to blood,The scene is miserable。
“happy!It’s so fucking fun!”As expected of Tu Qinqin,Brave,Although it was knocked out,But my mouth was very happy。
boom!Tu Ching Ching fell on his back,Fell hard,The energy in the body leaks into the ground,Crush the blue bricks in the courtyard。
Lu Menglin is wrinkled frown,Did not attack the Great Lord,But withdraw,I rushed to Tu Lingling’s side。
With such peerless masters as Tu Ching Ching,If you can’t control the Qi in your body,,It shows that he was really badly injured,Very heavy。
“Are you crazy?Fuck him!leave me alone,I can’t die!”Tu Chunchun saw that Lu Menglin actually came to rescue him,Yelled with anger。
Lu Menglin didn’t bother to care about him,Take out an elixir made from the mother juice,Into the big grin of this stupid hat。
“Woo!do not”Tu Ching opened his eyes wide,An angry face,I seem to hate this kid Lu Menglin,I wasted a great opportunity to trade my life for nothing。

2016 Snooker Crown Winning J Final O’Sullivan vs Higgins Live Video Recording Results 7-10_1

2016 Snooker Crown Winning J Final O’Sullivan vs Higgins Live Video Recording Results 7-10
On November 13th, the 2016 Snooker Championship Championship Tournament continued. In the final, the Rockets O’Sullivan and the wizard Higgins started the battle of the Kings Mountain.After a number of draws, Higgins won three games in a row after 7-7, and finally defeated O’Sullivan 10-7. He won the championship championship for the first time in his career and will receive 100,000 championship bonuses.Higgins defeated O’Sulliman’s championship. O’Sullivan’s state remained very good. He defeated the single-time limited-time champion Hull in the first round, defeated the German masters champion Gould in the second round, and scored 100 in the semi-finals.After defeating Allen, he reached the final for the third time after winning the championship in 2013 and 2014.O’Sullivan’s final opponent is Higgins. The Wizards have just won the championship of the Chinese Championships. This season’s winning streak of Murphy, Trump and Ding Junhui top three players, reached the final for the first time.The two of Snooker’s four kings and 75 three heroes have met in the final for the first time in nine years since the 2007 Super League final.In the 2016 Snooker Championship finals O’Sullivan vs Higgins Phase 1 in the first phase of the game, Higgins quickly entered the game in the first game, with a single score of 75 points and scored a 1-0 lead.In the second inning, Higgins’ attack was interrupted after 19-0, then O’Sullivan chased a shot and scored a super score to win a 1-1 draw.Since then, the two sides have each achieved a one-shot victory, and the score came to a 2-2 draw.  In the 5th inning, O’Sullivan quickly obtained the opportunity through the bench, and scored 90 points in a single shot. Higgins quickly completed a 79-point overshot in the sixth inning, and the game scored 3-3.In the seventh inning, Higgins won by 65 points in a single shot, and in the eighth inning, O’Sullivan scored 61 points and won 4-4.In the final game of the first stage, the two sides entered the competition stage, and O’Sullivan won the game with a 5-4 lead. Previous page12Next page

Linglong Tire (601966): Release of production capacity and falling costs help third-quarter results exceed expectations

Linglong Tire (601966): Release of production capacity and falling costs help third-quarter results exceed expectations

Pre-investment points: The company’s net profit attributable to its mother increased annually in the first three quarters.

38%, exceeding expectations.

The company released the report for the third quarter of 2019, and achieved operating income of 41 in Q3.

99 ppm, an increase of 10 in ten years.

43%; net profit attributable to mother 4.

890,000 yuan, an increase of 35 in ten years.

80%; gross margin 27.

52%, an annual increase of 4.

75 units; net interest rate 11.

65%, an annual increase of 2.

18 units.

The company achieved revenue of 125 in the first three quarters of 2019.

09 million yuan, an increase of 13 in ten years.

26%; realized net profit attributable to mother 12.

140,000 yuan, an increase of 37 in ten years.

38%; gross margin 26.

00%, net interest rate 9.


The growth rate of the company’s performance in Q3 and the first three quarters exceeded our expectations.

The release of overseas production capacity and the decline in raw material costs are preliminary results that exceed expectations.

According to the company announcement, Q1 2019 will produce 1574 tires.

220,000 articles, an increase of about 16 in ten years.

60%; 1470 tires sold.

500,000, an increase of about 10 in ten years.

85%; the average price of a single tire is 282.

81 yuan, basically 重庆耍耍网 the same as last year.

The company produced 4,480 tires in the first three quarters.

400,000 articles, an increase of about 10 in ten years.

94%; 4,228 tires sold.

250,000 articles, an increase of about 8 in ten years.

74%; the average price of a single tire is 293.

03 yuan, increased by 11 last year.

91 yuan.

Domestic car production and sales declined (the first three quarters of 2019 were 1814 respectively.

90,000 and 1837.

10,000 vehicles, down 11 every year.

4% and 10.

Under the unfavorable situation of 3%), the company’s tire production and sales and the average price of single tires have achieved good growth. We may be due to the third phase of the Thai plant’s full production capacity in the middle of the year, and export tires increased. The company announced that in the third quarter, the overall prices of the five main raw materials of natural rubber, synthetic rubber, carbon black, steel cord, and cord fabrics fell year by year.

70%, contributing to the high growth rate of quarterly performance.

Passenger car tires and the new Serbian plant will provide strong guarantees for continued higher growth in the future.

The company has started to provide main tires for first-class models of the FAW Jetta brand in the middle of this year. From the two models of VA3 that Jetta launched in September, the total sales of VS5 exceeded 1 that month.

10,000 vehicles to judge, in the future, the brand is selling well and exceeding the market’s expected probability deviation.

On August 26, the company announced a comprehensive strategic cooperation agreement with Geely Automobile Research Institute. The future supporting of Geely Automobile should be worth looking forward to.

Construction of the Serbian factory invested by the company has begun, and production is planned to be completed by the end of 2020, mainly for the European market.

Entering the huge market for passenger car tires (the annual sales of passenger cars in China is about 6 times that of commercial vehicles), and the completion and commissioning of a new plant in Europe and Serbia will provide the company with rapid development in the next few years, providing a lot of benefitsFoundation and guarantee.

Investment suggestion: The company ‘s performance in the first three quarters exceeds expectations, and as the industry gradually picks up and orders for passenger car tires are gradually released, performance growth may accelerate.

Therefore, we raised the company’s expected earnings forecast for 2019 to 2021 to 1.

36 yuan, 1.

66 yuan and 1.

87 yuan, corresponding to 15 net asset income.

6%, 17.

3% and 17.


Maintain “Buy-A” investment rating.

Risk warning: the recovery of automobile production and sales is lower than expected; the expansion of supporting new customers is lower than expected; the price of raw materials has risen sharply.

Zoomlion (000157): Significant increase in revenue and net profit attributable to mothers New products continue to develop

Zoomlion (000157): Significant increase in revenue and net profit attributable to mothers New products continue to develop

Investment Highlights: Event: The company released its semi-annual report for 2019, and the company achieved operating income of 222.

62 ppm, an increase of 51 in ten years.

23%, net profit attributable to parent company 25.

760,000 yuan, an increase of 198 in ten years.

11%; of which, the second quarter achieved operating income of 132.

45 ppm, an increase of 58 in ten years.

44%, achieving net profit attributable to the parent company of 15.

740,000 yuan, an increase of 222 in ten years.


Profitability improved significantly and cash flow improved significantly.

The company achieved operating cash flow in the first half of the year35.

75 ppm, an increase of 124 in ten years.

19%; reported company gross profit margin 30.

0%, up 4 every year.

41 units; sales expense ratio reached 8.

45%, rising by 0 every year.

21 units; total management and R & D costs5.

71%, down by 1 every year.

11 units; financial expense ratio 2.

76%, down by 1 every year.

The 50 averages are mainly due to the impact of exchange rate changes; the net profit 武汉夜网论坛 rate to mothers reached 11.

57%, an increase of 5 per year.

Seven mergers have significantly enhanced the company’s profitability.

The construction machinery business grew strongly and new products continued to develop.

Reporting baseline, the company’s construction machinery product sales revenue was 210.

160,000 yuan, an increase of 54 in ten years.

62%, achieving a gross profit margin of 29.

74%, an increase of 4 per year.

14 units.

1) The concrete machinery business realized operating income of 74.

900,000 yuan, an increase of 31 in ten years.

15%, achieving a gross profit margin of 27.

37%, an increase of 5 per year.

21 units; 2) The operating income of lifting machinery business reached 110.

5.0 billion, an annual increase of 94.

75%, achieving a gross profit margin of 32.

17%, an increase of 3 per year.

83 units, of which Hunan Zoomlion Construction Crane Machinery Co., Ltd., a subsidiary, realized operating income of 38.4.3 billion, achieving net profit3.

7.7 billion; 3) Operating income from other machinery and product businesses25.

21 ppm, an increase of 13 per year.

06%, achieving a gross profit margin of 26.

15%, down by 1 every year.

29 units.

The report pointed out that the company ‘s domestic market share of lifting machinery and concrete machinery has continued to be “one of the best”. Among them, construction cranes and long boom pump trucks continue to maintain the number one position in the industry. The domestic market share of truck cranes has increased by 6 compared with 2018.

8 pct.

Emerging product aerial platforms have made a good start and are expected to become the first echelon enterprise in the field of aerial platforms; earthmoving machinery has completed the nationwide sales and service network layout and is expected to become a strong growth point for the company in the future.

Agricultural machinery remained stable, and financial services business achieved substantial growth.

The company’s agricultural machinery business reported operating income9.

1.1 billion, down 2 a year.

57%, achieving a gross profit margin of 10.

37%, an increase of 0 every year.

17 averages.

The company’s market advantage in the agricultural machinery business remains solid.

Financial services business realized operating income 3.

350,000 yuan, an increase of 73 in ten years.

28%, achieving a gross profit margin of 99.

73%, a decline of 0 every year.

05 averages.

The company’s financing guarantee company operates effectively, cooperates with the industrial sector to improve the industrial chain layout, and through expanding cooperation with the China Enterprise Cloud Chain, the upstream and downstream of the industrial chain can enjoy more reasonable, convenient and flexible financial services, and promote industrial transformation and upgrading.

profit prediction.

We expect the company’s EPS to be zero in 2019-2021.

51, 0.

63, 0.

76 yuan / share, the net net asset is 5.

25, 5.


97 yuan / share, the company’s closing price on August 30, 2019 5.

30 yuan / share, corresponding to 1 each of 2019-2021 PB.

01, 0.

95, 0.

89 times, corresponding to 10 each for PE.

39, 8.

41, 6.

97 times.

Give the company 1 of 2019.


35 times PB, corresponding to a reasonable value range 5.78-7.

09 yuan, corresponding to PE 11 in 2019.


90 times, which is in the range of the estimated level of comparable companies.

Risk reminder: the demand of the construction machinery industry decreases, the agricultural machinery business continues to decrease, new product progress exceeds expectations, and bad debt losses increase.

Yangtze River Power (600900): Influential water supply in the river basin drives revenue growth and awaits the commissioning of new power stations in the future

Yangtze River Power (600900): Influential water supply in the river basin drives revenue growth and awaits the commissioning of new power stations in the future
I. Overview of the event The company released its semi-annual report for 2019: reporting that the two companies achieved operating income of 203.6.3 billion yuan, an increase of 6 over the same period last year.00%; operating cost is 43.810,000 yuan, an increase of 31 over the same period last year.85%; Net profit attributable to shareholders of the listed company is 87.5.7 billion, an increase of 5 in the first ten years.38%, basic profit income is 0.39 yuan, an increase of 0 last year.59%. Second, analyze and judge that the inflow of water from the river basin is more abundant and increase the power generation, which drives the company’s revenue to increase slightly in the first half of the year.The company completed a total of 853 power generation in the first half of 2019.8.9 billion kWh, an increase of 5 per year.01%.In terms of water intake from the basin, the amount of water from the Three Gorges Reservoir is about 1587.3.5 billion cubic meters, which is more abundant than the same period last year6.61%, the cascade power plant Three Gorges Power Plant and Gezhouba Power Plant completed 408 power generation respectively.2.5 billion kWh and 87.4.6 billion kWh, an increase of 佛山桑拿网 4 over the same period last year.91% and 3.04%; the amount of incoming water in Xiluodu Reservoir in the first half of the year was 417.5.4 billion cubic meters, previously withered1.68% of its cascade power plants Xiluodu Power Plant and Xiangjiaba Power Plant completed 228 power generation respectively.09 billion kWh and 130.09 billion kWh, an increase of 6 each year.58% and 3.96%.Increasing power generation in the river basin caused the increase in power generation and the stability of electricity prices, driving the company’s revenue in the first half of the year to rise slightly, up 6%. Accurately grasp the bond issuance window and achieve new results in capital operations.In the first half of the year, the bond market remained volatile. The company accurately grasped the window and issued 6 issues totaling 15 billion U.S. 杭州夜网论坛 dollars in the same period last year. It issued 3 issues totaling 10 billion U.S. dollars.41%, a significant decrease of about 90bp compared to the same period last year, and financial expenses in the first half of the year decreased by 2.07 billion, down 7 every year.25%.In fact, the company increased foreign investment 72 in the first half of the year.09 million yuan, achieving investment income of 19.06 billion, although it was 22 compared with the same period last year.94 million decreased slightly, but still ensured the company’s relatively stable investment income.In addition, as a big cash flow company, the cash and its equivalents on June 30, 2019 increased by about 2 billion yuan compared with December 31, 2018, greatly improving the company’s operating capabilities, reducing debt repayment risk and raising debt rights.People’s confidence in the company.In addition, under the company’s business performance and marketing recommendations, the company’s market value exceeded 4,000 trillion for the first time, and it was reported to be as high as 4026 trillion.On the whole, the company’s capital operation performance was remarkable in the first half of this year. With the commissioning of the Baihetan and Wudongde power plants in the next two years, the power generation will welcome a substantial increase.As the world’s largest listed hydropower company, the company has a total installed capacity of 4,549 as of June 30, 2019.50,000 kilowatts, accounting for 12 of the country’s hydropower installed capacity.92%.The company’s current hydropower stations include Baihetan Power Plant and Wudongde Power Plant, with installed capacity of 16 million kilowatts and 10.2 million kilowatts, respectively, accounting for 57 of the total installed capacity.6%.Among them, the Baihetan wind turbine is expected to generate power in the first batch of units in July 2021, and all projects will be completed in December 2022, with an estimated annual power generation of 6.24 million kilowatts.All projects were completed in December, with an estimated annual power generation of 3.89 million kilowatts.In view of this, we expect that the company’s power generation will gradually increase in 2020 and achieve a substantial increase by 2023. Third, profit forecasting and investment advice The company benefited from the abundant water supply in the river basin in the first half of the year, and the power generation volume achieved a slight increase.With the successive commissioning of Baihetan and Wudongde wind turbines, we expect the company’s power generation to increase significantly.We expect the company’s EPS for 2019-2021 to be 1.06, 1.07, 1.08 yuan / share, corresponding to PE, 16, 16, 16 times, given a “buy” rating. 4. Risk warnings 1. Regional water supply is less than expected; 2. The growth rate of electricity consumption in the whole society is less than expected; 3. Electricity settlement prices are falling.

Dashenlin (603233): The chronic disease supply policy benefits Guangdong drugstore companies

Dashenlin (603233): The chronic disease supply policy benefits Guangdong drugstore companies

Event: Recently, the Guangdong Medical Insurance Bureau, the Health and Medical Commission and the Drug Supervision Bureau issued the “Guiding Opinions on Promoting the Supply of Drugs for Chronic Diseases by the Designated Retail Pharmacies of Basic Medical Insurance in Guangdong Province” (hereinafter referred to as “Opinions”).

  Opinion: Medicare pays for pharmacies to break the ice, and the Guangdong pharmacy industry welcomes major benefits. The Opinion states that insured patients can purchase prescription drugs for chronic diseases at designated retail pharmacies, and can be reimbursed by the basic medical insurance pooling fund. Individuals onlyNeed to pay personal expenses.

Although there are restrictions on the scope of medication for chronic diseases, as well as restrictions on external prescriptions and medical treatment vouchers, the Opinions are still the first time 杭州桑拿 that most designated retail pharmacies proposed by local medical insurance bureaus can use medical insurance pooling accounts to reimburse.

  In the past, only a few medical insurance designated pharmacies could obtain special / chronic or major illness medical insurance reimbursement qualifications. Most patients can only use personal accounts to solve drug reimbursement problems in pharmacies. This situation also easily leads to the urgent need for high prices in pharmacies.When medications are used for serious illnesses, personal accounts often cannot meet the demand, which also makes pharmacies acceptable in terms of ensuring the convenience of purchasing drugs.

We believe that the issuance of the “Opinions” is expected to solve the problem of reimbursement of drugs purchased by designated pharmacies in Guangdong Province for patients with chronic diseases and severe illness, and may also exacerbate the convenience of pharmacies in Guangdong Province and further promote the implementation of a healthy Guangdong strategy.
  The gradual standardization of the management of retail pharmacies in Guangdong Province. Dashenlin has benefited most from the pressure on the supervision of the medical insurance pooled funds account, and the management responsibilities required by government departments are also heavier. Therefore, the connection of the medical insurance pooled funds qualification to the pharmacy must be one.Strict and effective supervision.

The “Opinion” points out that pharmacies must have a complete IT system, and the relevant data must be under the supervision of the Guangdong electronic drug circulation electronic supervision system. At the same time, there are strict pricing restrictions on chronic diseases drugs sold by pharmacies:The pricing of cancer drugs shall not exceed the negotiated price; the selected drugs for national drug collection may be appropriately increased on the basis of the selected prices, but the standard shall be paid by the patient; the retail prices of hypertension and diabetes drugs shall not exceed the payment standards determined by the provincial medical insurance bureau.
In general, pharmacies that are allowed to reconcile the quality of their account reimbursement will face strict supervision, so we believe that leading pharmacies that are more able to adapt to tighter standards will be the ones that are profitable.

As Dashen Forest is the leader in the pharmacy industry in Guangdong Province, we believe Dashen Forest is expected to become the leading company that will benefit most from the formal implementation of the Opinions.

  Innovate the service model of primary medical institutions, and Guangdong’s prescription outflow is expected to further. The Opinion states that Guangdong Province will innovate the service model of primary medical institutions, including: 1) Extending the amount of prescription medical insurance, and the amount of prescription medical insurance can be relaxed according to the needs of the disease 4-12 weeks; 2) Exploring the establishment of cooperative relationship between primary medical institutions and retail pharmacies, pharmacies can deliver the required medicines to the intravenous drug deployment center of the medical institution where the insured patient visits; 3) Promote “Internet + drug circulation”, mainly supportingThe policy of “subscriber taking, online ordering store delivery” encourages the implementation of the prescription transfer platform; 4) further consolidates and eliminates the achievements of supplementing medicine with drugs; 5) strengthens the supervision model of big data applications, and improves the construction of an intelligent medical insurance supervision platform.

Judging from the work of the best new and innovative primary medical service provided by the “Opinions”, we believe that the relevant regulatory departments within Guangdong Province have clearly pointed out the path of prescription outflows, and Guangdong Province has further promoted the outflow of prescription drugs.

  Profit forecast, estimate and rating are maintained for the time being. 19?
The 21-year EPS is 1.



07 yuan, the current price corresponds to 19?
21 years PE37 / 29/25 times.

The company focuses on the South China market. It has strong refined management capabilities and strong profitability. In the future, new construction and mergers and acquisitions can increase the speedup space to ensure stable growth. We are optimistic about the investment value brought by long-term growth.

The implementation of the “Opinions” promoted the progress of prescription outflows in Guangdong Province. The company, as the leader of Guangdong drug stores, maintained the “Buy” rating.

  Risk Warning: The performance of M & A pharmacies is not up to expectations; the extension speed of new openings and M & A is not up to expectations.