I didn’t want to confess!Really annoying!Made me nervous!

Hu Lin opened the live broadcast room smoothly,And in a skilled and professional tone,Said to the broadcasters who are waiting hard:“Hello everyone!I am Hu Lin!I’m already inside the Daizong ship!Really hard to believe,Sandstorm City and Commander Wuhao have achieved a complete victory!They defeated the super power of Ye Korea,And controlled the Dai Zong ship。”
“Then now,Let us directly connect with the strongest person in this battle,Commander Wuhao,Listen to what he wants to say to us!”
After Hu Lin finished,So I pointed the camera in the direction of Commander Wuhao。
Lu Menglin’s face is still cold,Instead, he faintly glanced at the white-haired man Liu Yiqing standing on the side。
just now,He only said a word to South Korean major general Liu Yiqing this night。
“If you want to survive,Let them hate you!The more they hate you,The more likely you are to survive!”
Gray-haired Liu Yiqing shivered all over,He remembered the miserable end of the black man Sun Wen,So let my heart fall,Greeted the live camera。
“I’m Liu Yiqing, the major general of the South Korean Army,The one wearing black armor is General Tie Qin Guo Fengxian Sun Wen,We are all super fighters in the Seven Great Wars。This time we are under the order of the South Korean military headquarters,Who came to capture Mr. Wu Hao。”
This remark,Hu Lin was so shocked that her chin was about to fall。
I believe the Korean people in the live broadcast room are the same,When they heard the breaking news,Don’t know how surprised。
“Because some people in the top Korean level,Has successfully negotiated with Tie Qin Guo,Tieqin will send troops to guard the South Korean border at night,And one of the conditions of the negotiation,Is to arrest Mr. Wu Hao。”
That’s it for the white-haired man Liu Yiqing,Eyeballs rolled around,Said immediately:“I am a major general of Ye Korea,Military order is hard to violate,But I am also a passionate person,Night Korean with a conscience,When fighting with Lord Wuhao,My conscience found,Fight back,With Master Wuhao,Kill Sun Wen!This is what I did, Liu Yiqing alone,Nothing to do with anyone。”

And based on what Qiao Tianyu knew about his old friend Prince Harita in the previous life,Prince Harita is not an arrogant person,And he is also a man of temperament who has grace,But what happened to Prince Harita today??

seriously,Prince Harita’s arrogant attitude towards himself,Makes Qiao Tianyu feel uncomfortable,Naturally, my mood plummeted。
Had a closed door,Qiao Tianyu walked back to his table angrily,At this time, Prince Sartu was still arrogantly asking reporters to record the entire meal process.,Report how he had a happily dinner with Qiao Tianyu。
But after a series of tedious etiquette just now and Prince Harita’s indifference to himself,Qiao Tianyu is really in a bad mood,So he resolutely rejected Prince Sartu’s“Goodwill”。
Prince Sartu who was kept in the dark didn’t know what happened,All reporters“Rush”Went out,Then he joked with Qiao Tianyu。
“Haha,Brother Joe,how about it?The welcome ceremony arranged for you, dude,Not bad?”
It is estimated that Prince Nasartu was also exhausted by the red tape just now.,Wait for everyone to go out,He constantly wiped the sweat from his forehead with a tissue。
“Prince,I don’t understand。”
Qiao Tianyu calmed down his dissatisfaction,Then shook his head,Expressing some confusion about Prince Sartu’s arrangements today。
“Haha,Brother Joe,You are so smart,Don’t you really understand my purpose for doing this??”
Prince Sartu seemed to notice the slight change in Qiao Tianyu’s expression just now,He took a sip of red wine,There was an unpredictable look on his face。
Reminiscent of the grand welcome ceremony arranged by Palizovsky and the Rothschild family,Qiao Tianyu asked tentatively,“Prince,Could it be that you are also shaking the mountain and shaking the tiger?”
gooo!Got it right!”Prince Sartu snapped his fingers after hearing this,Laughed,“My brother Joe is the smartest!Hahaha.”
“Appreciate further details!”But compared with Prince Sartu’s excitement,Qiao Tianyu didn’t show anything on his face,Then asked。
“Haha,Brother Joe,I guess you have heard of what happened in the British Virgin Islands recently, right??”Prince Sartu then explained。

“Now this physical attack should be impossible,Want to hurt him,Maybe you can only use the spirit to attack!I just said,The resentment on this person is very heavy,Maybe we can use this as a breakthrough point!”

Everyone heard that Xia Chenglong gave another way,It’s suddenly bright:“What should we do?”
“Just listen to me for a while,Just do according to what i said!”
Today’s Xia Chenglong has vaguely become the backbone of everyone,So what he said at this time,Naturally, people will not refute!
Watching,The grave guard has such a strong defense,to be frank,I saw Xia Chenglong,I am also very entangled with myself,What to do next!
After all, use the spirit to attack,As an expert in the concentrating state, he can indeed,But before that,He never tried,So it’s still quite difficult at this time!
And this new attempt may open new doors for him,Or maybe because of the damage to the soul, your cultivation base will plummet,These are all possible,In fact, if it is an ordinary person,I would never take such a risk for these strangers in front of me。
to be frank,Even today’s Xia Chenglong doesn’t want to,But when I thought it was about to enter winter,The military expenditures for this world have not been allocated yet,The national treasury is almost empty because of such a long war!
So at this time Xia Chenglong is ready to fight to death!
At this time, he was running his own true energy,Run your own practice as described in the soul book I read earlier!
At this time Xia Chenglong only felt his head rise,As if it was about to burst,At this moment, he let out a scream from his mouth!
Everyone saw him like this,I sweated for him one after another in my heart,Not to say how much Xia Chenglong is loved and respected by these people,Of course there is also a part of it,Actually the most important,Or they hope Xia Chenglong can bring themselves in!
Xia Chenglong felt his soul was about to be torn apart by others,As if there is a strong hand grabbing his soul,I tore my soul into two parts,Then it became four segments,Eight dan…
In the end, Xia Chenglong finally couldn’t survive,At this moment, he just feels black in front of his eyes,And then immediately lost consciousness,He can’t remember what happened after that!
Xia Chenglong at this time,I feel like I am in a white fog,And the person in his mind at this time,Saw this scene before me,I also sighed faintly at the time!
At this time, Xia Chenglong’s sea of divine consciousness trembled violently,Originally that person was being shut down,Was also awakened by this strong tremor!
“Ugh,This is the time for me to retreat so much,Your kid made such a moth for this seat!”
But even though that person said that,But because I am also in Xia Chenglong’s sea of consciousness,If this little guy would die like this,Then I will disappear,So naturally he cannot be called Xia Chenglong,Just die like this!

“They often come into contact with some architectural things,And Jos is not,This time I can arrange him there to participate in the architectural design of the school,Of course he is happy。”

“Actually the same is true for Lin Yue and Qi Fei,How could the two of them who just graduated have the opportunity to design a big building?。”
“So this time involving the school is a great recognition for them,They will be very happy again,And will definitely stick to it。”
“You can see how many of them are there, although the environmental conditions are a little bit difficult,But they are particularly happy in it. This may be the meaning of struggle.。”
Lin Yuna said:“Yes,Yes,If I were a young girl who just graduated,I must be like this too,Will be as desperate as them。”
“But ah,It’s really hard to do this。It’s not easy just to treat children,Ugh,It’s not easy for young people。”
Baiqi said:“young people,Is it not easy for young people?Actually it’s not easy for me。Yoona!do you know?Your life is the envy of many people,I can’t even envy you。”
“Our family is a normal working family,Mom and Dad work in the company,then。At that time I had to work hard for my livelihood all day long。”
“You should be the little princess in everyone’s eyes when you were young,Is it hard to experience poverty?。”
“It may be said that you have not had a great concept of money since childhood,But many people are not like this。Some people have worked hard to make money all their lives, but they have never reached your height.。”
“So Yoona,You are so lucky,Very rich family when I was young,I love your mom and dad,When I grow up I have Xiaofan who loves you again。”
“A life like yours is something many people can’t ask for for eight lifetimes。”
Lin Yuna said:“Sister Bai,I am also satisfied,Very content,I can grow up in such an environment,Then there is such a good husband to me,I’m content。”
Baiqi said:“It’s great if you can think like this。Damn,Your sister Bai,When can I find such a husband?,Ugh。”
Lin Yuna told her:“Most definitely,Sister Bai,You are so nice,The god of luck will definitely come to you,do not worry。”
“You will definitely find a good person。”Baiqi said:“I borrow your good words,Hope i can find a nice family,Marry me quickly。”
“My dad and mom are busy at home all day,Let me go on a blind date,You don’t even know the blind date,Ugh,One by one is really。Hard to express in words。”
“Anyway!Damn。I still have to work hard to become better,So as to。Find better people,Not being called a high climb by others。”
Lin Yuna said:“Correct,Yes,Sister Bai。Sister Bai,Always excellent。But Sister Bai will definitely become better,Haha。”

As for whether the standards are reasonable,Is it double standard,That’s another matter,It’s a question for people without the right to speak。

Of course Mother Chen is also worried about Chen Qian,But for now,Chen Qian is fine。
At this moment,The colleagues and friends invited by Master Chen came over,Chatted a few words,Lord Chen said:“Have fun with jet skis,Go go,Ouch,No money,I treat my treat!”
Mother Chen’s face sinks slightly,this moment,I can’t wait to spend all of Master Chen’s money,All cards confiscated。
Lord Chen paid,When looking at the staff’s facial expressions,He is particularly satisfied and proud,I feel that the other party only recognizes his financial resources now,Got his face back。
It’s just that the jet skis are all occupied,Lord Chen greeted and shouted:“Chen Wenjin、Chen Qian、come——Chen Wenjin、Chen Qian、come——”
Chen Qian saw Lord Chen with a group of people there early,Feel okay,But it’s not good not to go,About to pass,Chen Wenjin rode a motorcycle and said:“Go over there,Play our,Leave him。I want to sacrifice our time to entertain friends,When can’t hear。”
Chen Qian likes this idea,She also had a foreboding that it was not a good thing,So I followed Chen Wenjin and drove farther。
Wang Shuai,Xiao Xiao,Ami,Qiangwei and a group of teenagers,Flying across the sea,Very enjoyable。
Master Chen thought they didn’t hear,After all, there is a distance,Sea waves and sea breeze,I had to chat and wait for the motorcycle,But now it’s all Wang Shuai and the others playing。Someone comes back,It was also scheduled to rotate to other teenagers。
waited for so long,Uncomfortable,Mother Chen came and said:“They play for unlimited time,Don’t know how long,So many children line up,Just refund the money first,Play later。”
Two friends of Master Chen also said quickly:“Yeah yeah,Sister-in-law is right。”
Master Chen looked at the children of those two families,Clearly unwilling,Just say:“The three of them play or not?If children are willing to wait, just line up here,We will come later。”
Those two also want their children to experience,But pay by yourself,It really hurts,I was very happy to ask the child’s wishes,The three children are really not afraid of the sun,All nodding,So the child stayed,The adults moved under the umbrella。
Mother Chen sees Chen Wenjin and Chen Qian having fun,Looking from afar,Just worry about safety at first,I’m just looking at joy now,just,She saw Xiao Xiao’s motorcycle and Chen Wenjin always approaching intentionally or unintentionally,I feel worried again……

LG杯党毅飞夺冠奖金3亿韩元 中国第17位世界冠军

LG杯党毅飞夺冠奖金3亿韩元 中国第17位世界冠军
­  网易体育2月8日报道:­  2月8日,第21届LG杯世界围棋棋王战决赛第二局在首尔战罢,党毅飞执白1目半胜周睿羊,以2-0的总比分赢得决赛,成为中国第17位围棋世界冠军!党毅飞获得3亿韩元冠军奖金,周睿羊获得1亿韩元亚军奖金。­  本届LG杯,周睿羊和党毅飞都从预选赛打起,连胜4局打入本赛32强,半决赛分别力克韩国等级分排名第一的朴廷桓和第二的申真谞,周睿羊第二次闯入决赛,党毅飞则是首次闯入决赛。目前周睿羊中国等级分排名第二位,党毅飞排名第33位。­  第一局党毅飞执黑中盘获胜,第二局周睿羊执黑先行。­  黑方以“星-小目大飞角”开局,这是AlphaGo的升级版Master在横扫职业高手时使用最多的开局方式。开局后双方就在棋盘上半部展开缠斗,周睿羊的黑29、31有缓手嫌疑,至白52手,白方全局厚实,而黑方效率不高,网上解说的周贺玺五段认为白棋形势乐观。­  黑65拆边,网上解说的韩国世界冠军崔哲瀚认为是有着AlphaGo痕迹的一招,他说:“此时右边是全局最急迫的地方,但由于中央有断点,黑方选择65位拆边呼应,阿尔法狗最大优势就是精准形势判断基础上的决断,周睿羊这方面借鉴很多。”正因为周睿羊积极使用AlphaGo的着法,古力九段戏称他是“人间阿尔法羊”。­  白72和74花了两手棋围右边,但仍被黑89、99两次打穿白阵,崔哲瀚因此认为黑方取得了优势。­  黑129开始搜刮白棋,至黑137成劫,此劫白重黑轻,但是白方劫材有利。白172消劫,双方又转到右边打劫。由于白方在右下角有劫材,周贺玺和崔哲瀚都认为反倒是周睿羊难办了。­  黑129开始搜刮白棋,至黑137成劫。这个劫如果黑棋劫败了实地损失有限,而白棋一旦劫败整个角被杀,因此看似白棋遭遇了危机。然而白棋劫材有利,白172粘劫,双方又跑到右边打劫,白180再次粘劫,连续两次打赢劫争,党毅飞反而因祸得福,把难题转交给了周睿羊。­  进入到收官阶段,黑棋在中腹的潜力难以转化为实空,党毅飞小胜已成定局。至294手终局,白方1目半小胜,党毅飞以2-0赢得了决赛,成为中国第17位围棋世界冠军!

Cibin Group (601636) Annual Report Commentary Report: Steady Growth of Glass Leader Awaits Completion and Recovery

Cibin Group (601636) Annual Report Commentary Report: Steady Growth of Glass Leader Awaits Completion and Recovery

The company’s glass leading performance has steadily increased. The company released its annual report. In 2018, the company achieved operating income of 83.

78 ppm, an increase of 10 in ten years.

46%; realized net profit attributable to mother 12.

08 million yuan, an increase of 5 in ten years.


The reported company produced a total of 101.91 million heavy cases of flat glass, which increased by 6.99 million heavy cases each year, mainly benefiting from the resumed production of Zhangzhou First Line, Changxing First Line, Liling Fifth Line and the production line in Malaysia; sales of 11.003 million heavy boxes of flat glass, an increase of at least 6.75 million heavy casesRate 100.


Glass supply and demand are both weak, waiting for completion and warming up. In 2018, glass prices showed a trend of opening up and going down. From the perspective of supply, the first three quarters of the glass production line resumed the impact of penetration. According to data from China Glass Futures Network, total recovery before OctoberProduction of 16 production lines, only 11 cold repair, plus 5 new construction, so the first three quarters of a net increase of 10 production lines, the supply pressure prevented.

From the perspective of demand, the main real estate market for glass is not optimistic. The gap between the new construction and completion growth rate remains the same. The second largest demand for glass in the automotive industry is also under pressure. Therefore, overall glass demand for 18 years is relatively weak.

Initially, although glass prices opened higher and lower, the price center was higher than 17 years.

In 18 years, the average national glass price reached 1644 yuan / ton, which was 111 yuan higher each year last year, supporting the company’s good performance. At the same time, we expect the land completion data in 19 years is expected to pick up, and the new construction area in 16-17 will grow faster.It will be completed in 2 years, so theoretically the annual completion data will improve, which will lead to an improvement in glass demand.

In terms of cost, the price of soda ash, the main raw material, has stabilized. In 2017, the price of soda ash changed due to supply-side reforms. The average price has gradually reached a high level of 2193 yuan / ton. After entering 18 years, the price has stabilized and the average price has gradually decreased.To 1917.

55 yuan, soda ash price steadily promoted the company’s gross profit margin level.

We believe that the readjustment of the Qibin Group into a qualitative change will gradually smooth the impact of changes in glass prices.

First of all, the company will continue to benefit from the main production capacity layout. The company’s flat glass is mainly sold to eastern and southern China, and local demand is better.

In addition, the company is improving the overall quality of flat glass. In recent years, the company has restructured the old production line for cold repair and technical improvement to improve the quality of ordinary glass. It has changed to a new production line. The Luzhou Qibin Project has successfully produced 2-19mm ultra-white glass.Commercial operations began in early 2019, and the construction of Fuling electronic glass project progressed in an orderly manner. It is expected to be completed in May 2019 to ignite and gradually achieve 北京夜网 differentiated competition.

The company will extend downstream and vigorously develop deep processing business. In addition to the existing energy-saving glass bases, the company also announced in the annual report that it will build a new Hunan energy-saving glass factory project and Guangdong Energy-saving Phase II expansion project, further strengthening its deep processing capabilities.

Finally, the overseas Malaysian market has been continuously explored, local logistics advantages have been introduced, and the company has gone global.

Investment suggestion: As the price of glass drops, the revenue for 19-20 will be 98.

37, 110.

2.7 billion down to 93.

92, 102.

8.4 billion, net profit attributable to mothers by 16.

53, 20.

04 trillion down to 13.

33, 14.

6.1 billion yuan, EPS is 0.

5, 0.

54 yuan, 武汉夜生活网 corresponding PE is 9X, 8X times, maintaining the “buy” level.

Risk warning: a large number of production lines resume production; real estate completion demand is further reduced; new construction projects are less than expected.

Haitian Flavor (603288): Stable revenue and long-term development

Haitian Flavor (603288): Stable revenue and long-term development

The event company released the first half of 2019 annual report. The company achieved operating income of 101 in the first half of the year.

60,000 yuan, an increase of 16 in ten years.

51%; net profit attributable to mothers27.

50,000 yuan, an increase of 22 in ten years.


Among them, the operating income in the second quarter was 46.

7 ppm, an increase of 16 in ten years.

00%; net profit attributable to mother is 12.

73 ppm, a +10 increase over ten years.


A brief comment on the revenue growth was in line with expectations. The three main products have a stable growth industry structure. The catering industry has a good growth momentum.

From January to July, domestic catering revenue was 249.37 million yuan, a year-on-year increase of 9.

4%; Catering income above budget is USD 5,238 trillion, with an annual increase of 7.


In this context, the company’s revenue continued to grow steadily in the first half of the year, achieving operating income of 101.

60,000 yuan, an increase of 16 in ten years.


In terms of different products, the company’s three core products, soy sauce, seasoning sauce, and oyster sauce business, grew steadily, of which soy sauce revenue was 59.

870,000 yuan, an increase of 13 in ten years.

61%; Seasoning sauce income 12.

61 ppm, a ten-year increase of 7.

48%; oyster sauce income 17.

15 ppm, an increase of 21 per year.


By region, the western region realized income11.

14 ‰, an increase of 23 per year.

93%, the speed of growth; the central region realized income 19.

43 ppm, an increase of 18 per year.

79%; the eastern region realized income 20.

61 ppm, an increase of 14 per year.

15%; income in the southern region was 20.

11 ‰, an increase of 11 per year.

21%; Beijing area realized income 25.

5.9 billion, an increase of 10 every year.


In terms of different channels, the revenue from its main business offline channels was 94.

8 billion, accounting for 97.

86% per year 13.90%; rapid development of online channels, income 2.

07 billion, accounting for 2%.

14%, an increase of 44 per year.


In addition, the number of company dealers increased by 485 to 5,369 in H1 in 19 years, of which the net increase in the eastern, southern, central, northern, and western regions was 66, 58, 97, 164, and 100, and the intensive cultivation of channels continued to advance.

The decline in gross profit margin is a short-term effect. It is expected that the company’s gross profit margin will be 44 in the medium term.

86% every year -2.

25pct, with a single Q2 gross margin of 43.

78% per year -3.

81 points.

The decrease in gross profit margin was mainly due to the rising cost pressure caused by the company’s technological transformation and capacity expansion construction of the Gaoming production line this year. This effect can be eliminated within the period; gradually, Q2 packaging (glass bottles) and some food additivesRising prices suppressed gross margin performance; and the relatively higher proportion of products such as oyster sauce increased structurally and lowered the company’s overall gross margin.

Costs fell and hedging costs rose, net interest rates rose significantly, and the report realized net parent profit of approximately 27.

50,000 yuan, an increase of 22 in ten years.

34%; Net profit margin is 27.

07%, increase by 1 every year.

29 points.

The first is the decline in the company’s selling expenses and financial expenses.

H1’s selling expenses were 11.

1.7 billion, down 5 previously.

04%, the initial decrease in sales expenses was that some distributors chose the method of product self-lifting, which resulted in a reduction in freight expenses. The total freight reported was 2.

5.5 billion, down 33 before.


H1 finance costs -1.

5.2 billion, an increase of 123 every year.

39%, mainly due to 杭州夜网 the increase in interest income from deposits in the current period.

H1 Management Fee Expense 1.

30% every year -0.

14pct, H1 R & D expenses 2.

67%, a slight decrease of 0 a year.

05pct also contributed positively to the company’s net profit.

In addition, H1’s other income is 0.

69 ppm, an increase of 458 per year.

03%, contributed positive growth in net profit, mainly due to increased government subsidies.

During the current period, the company implemented the new accounting standards for financial instruments, which caused changes in fair value gains and investment gains. Part of the bank’s wealth management product income from investment gains was included in the fair value gains and losses account, of which hedging had little effect on net interest rates.
The top of the leader is solid, and the growth premium for long-term stable development is long-term. The industry has a good track, and the volume and price have grown steadily. The company’s market share has steadily increased, and more industries can continue to grow steadily through the solid leader.

In the soy sauce category, the company’s current city share is expected to be close to 18%, and the rapid increase of 15% before 2016, with significant competitive advantages. In addition, the company’s rapid development of seasoning sauce and oyster sauce business has taken shape, using brand influence and channelsThere is certain room for improvement in advantages, scale and performance.

In the short term, the company is expected to usher in a new round of price increases in the second half of the year.

Historically, the company raised prices every two years on average, smoothly passing on the pressure of rising costs. The last price increase was in early 2017. It is expected that the company will enter a new round of price increase in the second half of 2019 to ensure steady growth next year.

Profit forecast and investment recommendations for companies expected in 2019?
The revenue in 2021 will be 198.
49, 230.
21, 265.

25 ppm, an increase of 16 in ten years.

5%, 16.

0%, 15.

2%; net profit is 52.

57, 62.

90, 74.

19 ppm, an increase of 20 in ten years.

4%, 19.

7%, 17.

9%; corresponding EPS is 1.

95, 2.

33, 2.

75 yuan.

Corresponding to 2019?
The dynamic PE in 2021 will be 50.


8, 35.

5 times.

The risks include food safety risks, risks of raw material price fluctuations, and risks of declining industry prosperity.

Huaxin Cement (600801) Company Research: Old Trees and New Flowers Diversify Results

Huaxin Cement (600801) Company Research: Old Trees and New Flowers Diversify Results

Huaxin Cement: a century-old enterprise, rejuvenating.

The company is a cement leader in the middle and upper reaches of the Yangtze River, and has gradually developed into a reorganized building materials group that integrates multiple businesses such as cement, concrete, aggregate, and environmental protection disposal. It has more than 50 clinker production lines in it, with a total clinker production capacity of 5,800 a year / year. Commercial concreteThe production capacity is 23.3 million cubic meters per year, and the aggregate is 2,500 tons per year. In 2018, the cement, clinker and aggregate sales were 7,072 and 1,450 tons. The domestic clinker production capacity ranks fifth.

Infrastructure increased to boost domestic demand, and the core market boom was incorporated.

Infrastructure construction hedges the consolidation of regional cement demand.

The company’s two major markets, Hubei and Yunnan, have high capacity utilization rates. The Hubei market is in an important position along the Yangtze River Cement Market, the market concentration is at the forefront of the country, the layout is stable, and the favorable conditions for economic construction in the Yangtze River Basin are utilized.The “golden waterway” has a huge hinterland for cement demand, which can make up for the mid-to-long term boom. The company also has significant advantages in many aspects, such as layout along the river and operating efficiency.

The market demand for infrastructure in Yunnan is highly elastic, even increasing the pressure on productivity in the medium term, but the regional 天津夜网 integration is continuously expanding, and the concentration is gradually increasing. The market has the conditions for digesting and supplementing production capacity, and the company’s comprehensive advantages in equipment technology, operating efficiency, and scale make it long-term in the region.competitive.

Prospective overseas layout, high-quality capacity expansion potential.

The company has 300 clinker production capacity in Tajikistan and Cambodia, and about 210 clinker capacity under construction in Nepal and Uzbekistan.

The political situation of the four countries is stable and their economic performance is better. At present, the per capita consumption is less than 400 kg, and the potential for full-term and long-term demand is full. The Belt and Road Initiative brings the potential for infrastructure development.

The company’s expansion can rely on Lahaohao’s overseas platform resources, costs, management efficiency and other core competitiveness to ensure its leading position and profitability in the cost curve, which has long-term huge development potential.

At the time of the extension of the industrial chain, the prototype of the leading building materials in developing countries was emerging.

The core advantages of cement companies’ industrial chain extension resources, logistics, etc. Huaxin relies on the cement along the Yangtze River and the technology advantages of Laho to look forward to the layout of diversified businesses. With the opportunity of aggregate industry integration and other opportunities, it will gradually enter the period of profit release.The proportion will rise to more than 15%.

Profit forecast and investment suggestions: After the improvement of the main business center of the cement industry, it is expected to maintain mid-to-high level fluctuations, aggregates, and environmental protection industry chain extension and acceleration. The company will continue to form new profit growth points, and the company’s net cash flow and high dividend value attributes will be prominent.

According to the equity value calculation under the DCF model, the company’s absolute estimate is also higher and better margin of safety.

We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 67.

700 million, 62.

400 million and 64.

6 trillion, from the perspective of the price-earnings ratio, the closing price on September 20 corresponding to the price-earnings ratio of 6.

3 times, 6.

8 times and 6.

6 times, the first coverage is given an “overweight” rating.

Risk reminder: repeated macro policies, worsening of industry competition and cooperation, less-than-expected industrial chain extension, overseas investment risks

Liugong (000528) 2018 Annual Report Comments: Performance Meets Expected Profitability Improvement

Liugong (000528) 2018 Annual Report Comments: Performance Meets Expected Profitability Improvement

The performance is in line with expectations, and the profitability has significantly improved. The company released its 2018 annual report and achieved revenue of 180.

8 ‰, +51 for ten years.

5%; net profit attributable to mother 7.

9 trillion, +127 a year.

7%; net profit after deduction of non-return to mother 6.

9 trillion, +140 a year.

0%; the company intends to distribute a cash dividend of 1 for every 10 shares.

5 yuan.

The rapid growth of the company’s performance was initially in 2018. Affected by multiple factors such as the increase in infrastructure investment, equipment upgrades, and environmental protection policies, the construction machinery industry maintained rapid growth. The company’s various business products increased production and sales and achieved rapid growth.
Report communique, the company’s gross profit margin reached 22.

8% per year.

1pct; net margin is 4.

7% for one year.

8pct; The company’s expense ratio has been optimized, the gross profit margin has remained stable, the net profit margin, ROE has increased significantly, and the overall profitability has continued to improve.

By 2018, the company’s earthmoving machinery / other construction machinery and accessories / finance leasing business have achieved revenues of 130 respectively.



400 million, an increase of 51 each year.

7% / 54.

3% / 23.


The company’s main business of earthmoving machinery has grown rapidly and its advantages are obvious.

As far as the report is concerned, the company’s loader sales have increased by 40 per year.

0%, the market share increased 杭州桑拿 by two in ten years.

3pct; company excavator sales1.

40,000 units, an increase of 78 in ten years.

0%, the market share climbed to 7.

0%, increase by 1 a year.

5pct, the fifth largest excavator share in the country.

Deeply cultivating the “Belt and Road” initiative and actively exploring overseas markets The company resolutely promotes internationalization, and has basically achieved full coverage of the countries along the “Belt and Road”, and reached 85% coverage in 65 core countries.

In 2018, the company’s overseas business income reached 34.

40,000 yuan, an increase of 26 in ten years.

6%, accounting for 19% of revenue.


Excavator overseas sales increase by 37% each year, and sales revenue increases by 41% each year.

Liugong India’s long-term sales volume continues to increase, with sales increasing by 50% each year, continuing to achieve profitability, and the factory’s manufacturing localization rate is close to 50%.

Earnings forecast and investment recommendations The company’s net profit for 2019-2021 is 11 respectively.


950,000 yuan, the corresponding EPS is 0.



08 yuan, the corresponding PE is 10 respectively.



4 times, give “overweight” rating.

Risks suggest macroeconomic fluctuations; breakdown of industry sales growth; overseas business development exceeds expectations; increased market competition.