It seems a bit unpleasant!

Plus a while,I will see Lin Feng and Liu Chunlan soon,If the two of them see her and Xiao Fan look so different from each other,Lin Yoona thinks that she must be unavoidable to be said a few more words by the two of them。
so,Before being told by Lin Feng and Liu Chunlan,She must prepare in advance,Can’t be reprimanded for no reason。
Xiao Fan looked at Lin Yuner’s thoughtful look,I also felt helpless for a while,Now Lin Yoona is really thinking more and more carefully。
But,As the saying goes,See through,and so,Xiao Fan just smiled,Then he said to Lin Yuna:“Ok,OK,Come,How about the two bags just now?”
Lin Yuner gave Xiao Fan a blank look,This bad guy,I still hate what happened just now。
Forget it,Even if it is small, it is much better than empty-handed!
Lin Yuner reluctantly took the two light and small bags from Xiao Fan,Then said:“OK,Let’s go quickly,I guess the two of us have been here for a while,Dad and Mom should both be in a hurry!”
Finished,Lin Yuner walked out towards door 15。
Even though Xiao Fan said that he followed as soon as possible,But I still slandered Lin Yoona’s words just now in my mind,What do you mean by the two of them lingering for a while?,Obviously Lin Yuner has always been here for no reason because of such things,In time,Is there no good relationship with him??
Lin Yuner heard Xiao Fan following behind,I didn’t think much,Because of this moment,In Lin Yoona’s forehead,The single most important thing,I just want to see Lin Feng and Liu Chunlan soon。
Because there has never been this moment,Lin Yoona is eager to see her family like she is now。
The closer to gate 15,The faster Lin Yun’er steps,If you can,In Xiao Fan’s opinion,Lin Yoona is going to fly, right?。
Because Lin Yoona’s pace hastened,and so,Xiao Fan’s footsteps also picked up,and so,It should be ten minutes away,It only took six or seven minutes,Lin Yuner and Xiao Fan came to the door of door 15。
Although Lin Yuner and Xiao Fan are already very fast,but,When the two of them came to the door,Lin Feng and Liu Chunlan are still waiting there。

“Lao Deng,Why do you talk so little today?Something on my mind?”It’s Mr. Yao who is in the meeting,I usually have a good relationship with Deng Ping。

“No,Nope!Anyway, it’s not reasonable。”Deng Ping absent-minded。
“It will take a while to eat,Or kill two?”Teacher Yao asked。
Teacher Yao is a rude person,to him,What engineering quality,Meeting,It’s all a cutscene,As long as the school can pay wages on time,Play a few games for him when he is okay,It’s a very comfortable day。
“it is good!”Although Deng Ping has something on his mind,But don’t want to be seen by Du Shaoping,Had to agree。
then,Deng Ping and Teacher Yao started the game,Recklessly,Battle for a group。
Project leader,Du Shaoping, the brother-in-law of Principal Huang, saw it,I went out after sitting for a while。
After a while,Xiao Luo, a migrant worker, came upstairs。
“Teacher Yao,Boss Du called you something。”Ronaldinho is a big dark-skinned man,I heard that he worked in a small coal mine before,I don’t talk much,Just look at people sideways。
Teacher Yao was a little surprised,But he still put down the chess pieces,Hurried out of the office。
He is not so stunned like Deng Ping,Don’t you dare to offend boss Du,They are Principal Huang’s brother-in-law,Just say something,I can’t eat in school and walk around。
The two went downstairs,Xiao Luo said to Teacher Yao:“Teacher Yao,Mrs. Du said he would treat you to oranges,I want you to go to the vegetable market to buy,He reimburses you!”
“what?How embarrassed!no need,no need!”Teacher Yao felt unreliable after hearing this,Shook his head quickly,Going upstairs。
I didn’t know that Ronaldinho hugged him,Anger:“I told you to buy it,You go buy!Reimbursed,Not hurry up?”

From the Ming army flag that was stained red with blood but never fell,She already knew,The ordinary people she slaughtered just now,Is a soldier of Daming,Although not a person of the world,But she still resists。

“This is simply a war that shouldn’t have happened,Although I don’t know who the Emperor Daming is at this time,but,Such a stubborn behavior,as well as,Hide and hide,It’s easy to guess which emperor of Daming is。”
“prior to,When I just came to this world,Lord Fusu has already sent an envoy to meet the emperor,Promise that as long as you submit to the Great Qin Dynasty,This land in the future,It will still be Daming’s world。”
“and,The Great Qin Dynasty will also teach martial arts to Daming,Unfortunately,The emperor doesn’t appreciate,Arbitrarily,I have to use the blood and souls of hundreds of thousands of troops,Come to make yourself sober。”
“Or,Maybe it was the messenger sent by Lord Fusu that made the emperor think I was waiting to joke with Daming,Or maybe I want to keep a good reputation,Let all the creatures of this land fear the Great Qin Dynasty。”
“Anyway anyway,This battle,The sin is the emperor,Just now helping Young Master Su has promised,After this war,Lord Fusu will resurrect these hundreds of thousands of troops,Let them be ghost soldiers,Continue to guard this world。”
After Zhang Chulan heard Xia He’s words,Said quietly,Of course he knows which world this world is,Which dynasty is the army of hundreds of thousands of intrepids,I also guessed which emperor the emperor was。
but,How about this?He can be merciful,Not participating in this war,but,Really decides all this,It’s Lord Fusu,The Lord of the Underworld Palace in the Great Qin Dynasty。
————
Chapter Three Hundred and Eighty Three Tired of
Lord Fusu may be gentle,but,How could Lord Fusu be threatened by the emperor??How about hundreds of thousands of troops?On the battlefield,Not an enemy,I live,No second choice。
Zhang Chulan knew a truth long ago,On the war zone,No innocence,some,Just fight,And alive,If you show mercy to the enemy,Is cruel to myself。
Sometimes,Show mercy,indecisive,Only makes the enemy more,Thought you were weak,For such a sinister and cunning enemy,What Zhang Chulan did,Always kill。
“Head,How many worlds we have to invade?The creatures who died in my hands this time,It’s too much,I am a little scared,Or,I’m a little scared of who I am now。”
“When can we go home?I miss home,I want to stay at home comfortably,Have a good time。”

“Thank you very much for77Began as the principal,Efforts made for China’s education,If not you,Huaqing University cannot restore normal order so quickly……As a higher education institution with the best education level in China,The on-track of Huaqing University is very important for the development and future of China as a whole,”Chen Geng’s tone is very sincere:“Ten years of trees, a hundred years of trees,What you do will contribute to the future of China as a whole,If the future China can stand proudly on top of the world,You are one of the founders who laid the prosperity of China。”

Chen Geng’s evaluation of President Liu is so high?!
I heard that Chen Geng thought that President Liu was one of the founders of the future prosperity of China,Everyone present was surprised。
Principal Liu realized why Chen Geng bowed to himself,It turned out to be the matter of restoring the teaching order of Huaqing University as soon as possible after taking office.,As a great god in education,President Liu certainly understands the importance of a healthy education system to the future of a country,But your own work can get others、Especially for the recognition of overseas Chinese,Principal Liu is still very happy,Said quickly and politely:“Mr. Chen, you are too kind,This is what I should do as an educator,Also thank you,Also i want to thank you。”
“Thank me?”Chen Geng was a little surprised,He can’t understand,Why does President Liu thank himself?
“Yes,”Principal Liu said seriously:“The materials you bought from abroad、Periodical,But helped us Huaqing University a lot,Not only helped us broaden our horizons、Recognized the gap between our country and developed countries,Also let us know the development trend of technology and technology in the world today……I represent Huaqing University and all educational institutions that benefit from it、Thank you students。”
Finished,Principal Liu also bowed to Chen Geng and Chen Geng。
I rub。Didn’t you two discuss it well??Looking at Chen Geng and Principal Liu bowing to each other,Everyone present is anxious,Ding Haijun was the first to say:“Professor Song,You just said you have a suggestion……”
Yes indeed!
Ding Haijun spoke,Everyone just remembered,Everyone is discussing how to retain Chen Geng,A group of experts and professors from Huaqing University rushed in,this is……
“Oh,I was about to talk about this,”Without waiting for everyone to ask,Professor Song Jingying also intends to talk about this:“I have seen those foreign investment promotion policies you formulated,How about this policy we are not qualified to comment,but……Mr. Chen,”Mr. Song Jingying looked at Chen Geng eagerly:“Are you interested in co-organizing a vehicle technology laboratory with our Huaqing University?”
Vehicle Technology Laboratory?
Song Jingying’s words,Let everyone in the room scratch their heads:What does this mean?
“If it develops well in the future,This vehicle technology laboratory can develop a power system laboratory、Transmission system laboratory、Chassis laboratory……”Song Jingying、Or the fangs of Huaqing University finally showed up:“Our country does not stipulate the share ratio of laboratories jointly established by foreign companies and educational institutions,Mr. Chen,If you are willing to co-organize this vehicle technology laboratory with our Huaqing University,We at Huaqing University do not require absolute holding,What are your specific requirements for this laboratory,We can all consider,As long as you provide our students in the Department of Vehicle Engineering with some dismantling vehicles、A test site for producing some parts is fine。What do you think of Mr. Chen?”
The leaders of Huaqing University looked at Chen Geng eagerly,It’s almost written on the face:“You promise!You quickly agree!”This sentence。
Fucking!
The people who were shocked just now finally reacted:Fucking,Huaqing University is going to be confused!

“Qin Feng,what the hell do you want!What are you doing here!”Song Litao spoke,His voice suppresses anger,There is a trace of panic。

Everyone also recovered。
Yes indeed,What are you doing here?Your means are powerful,good results,Come to demonstrate?
Qin Feng raised Erlang’s legs,Look at Song Litao:“I come here,Just to ask you,You still plan to be tough?Not willing to hand over your son yet?”Song Litao was silent。
Now he has no cards,Sun Yongli was arrested,Now Qin Feng is here again,These people here will definitely not help him。
But to hand over his son like this,Can he do it?
“Don’t you think!I won’t hand over my son no matter what!”A moment later,Song Litao roared。
He can’t do it,That is his son,Only son,He considers himself a father,No matter what the son makes wrong,He is responsible for guarding。
After Qin Feng heard these words,Sighed and shook his head。
Thinking in my heart,The reason why Song Kangsong is so arrogant,Can’t get rid of Song Litao。
Father and son,I don’t put the law in my eyes at all,Relying on how much money I have,Just trample on the rules of this society。
then,He got up and said:“alright,Since you don’t want,I just found out in these two days,Not so short of time,But the result will not be so good then。”
Finish talking to Song Litao,His eyes fell on the joint statement document on the desktop。
He points to the document,Said to everyone:“Don’t bother you in vain,It’s useless!I’m here to tell you something,If anyone helps Song Litao,I’ll let whoever finish playing!”
I said this to Sun Yongli before,He doesn’t believe,You all saw the end,Call your boss,I believe your boss will make a wise choice。
That’s why he came here,Representatives of dozens of entrepreneurs gathered here,If the companies behind them have to deal with,That would take a bit of effort。
Appeared here today,Tell these people the truth,I believe it can have a deterrent effect,At least most people will be scared off!
Because people are animals that seek advantages and avoid harm,Doing a favor will be done by yourself,Everyone has to weigh!

Coach Xia is nice,Because of his special needs,I found a big cabinet specially for him to put his big bag,The cabinet is at the corner of the fitness area,You can see when you look up,Gan Yifan has a good impression of her。

When he arrived, Xia Mei was taking other students to exercise,Because there is no appointment in advance,Natsumi can only take care of guiding him。
Switch to sportsTShirt,Gan Yifan started to warm up,I practiced three classes last week,Basically practice all the muscle groups that beginners can train,Today I will mainly practice pectoralis major and triceps,Then moderately train your abs。
Natsumi’s fitness plan for him is comprehensive,The three major muscle groups of the upper body, chest and shoulders,And lower body gluteal muscles and leg muscles,Abs and psoas exchange exercises。
There are more people in the gym at this point,Gan Yifan waited for a while until the bench press came out。
The person in front is a big muscle,There are four barbells on each side of the bench press,Adding the horizontal bar is one hundred kilograms,The person next to me is envious,Gan Yifan doesn’t think so,He removed two barbell plates,This is the weight of 60 kilograms。
Padded a towel on the recliner,Gan Yifan lay down,Start pushing chest to warm up。
Easily pushed more than twenty,Feel nothing,It seems that I have become stronger again。
Just about to add a barbell,A burly man in his 30s walked nearby,“Little brother,Don’t add,I warm up with this weight。”
Gan Yifan looked at his big pectoral muscles enviously,I think this strong man is a bit familiar,I seem to have seen it somewhere,He nodded,“You come。”
The brawny put on his towel,吭哧吭哧 pushed twenty,Looks very relaxed。
“Can I add a five kilogram?”The brawny is quite polite。
Gan Yifan said:“Okay。”Actually he still feels too light。
Pushed down twenty,Seeing that the strong man has reached the position of protection,Not embarrassed to push more。
“See you are quite skinny,Strength is not small,But don’t hold on,Fitness is not a blind pursuit of weight,Moderate is best。”

Xinbao Shares (002705) 19Q1 Performance Preview Comment: Exchange Exchange Improves Profits and Revitalizes Domestic Sales

Xinbao Shares (002705) 19Q1 Performance Preview Comment: Exchange Exchange Improves Profits and Revitalizes Domestic Sales

Event description: The company issued a 19Q1 performance forecast.

It is expected that the company’s net profit attributable to its mother will be 6,452 in 19Q1.

2?
8612.

20,000 yuan, an annual increase of 50% -100%.

The company’s 19Q1 profit growth is high: 1) The company focuses on its main business, improves efficiency and enhances product profitability through product innovation and automation construction; 2) The exchange loss in the financial expenses of the company in 18Q1 is about 61 million, and it is expected that 19Q1 will decrease from the same period last year.

The Air Force Company also released a performance report for 2018, which is expected to achieve revenue of 84 in 2018.

400 million, a year-on-year increase of +2.

7%, to achieve net profit attributable to mother 5.

100 million, a year-on-year increase of +23.

9%.

Looking at Xinbao from another angle: Behind the “explosion” phenomenon, Xinbao has accumulated new energy.

The company’s main business is export OEM business. Under the inertia thinking, the market often pays little attention to the domestic sales of Xinbao.

Take the Mofei brand as an example: Mofei is a British small household appliance brand that the company represents.

9, the company launched the MR9088 multi-function cooking pot, with exquisite appearance, strong practicality, high cost performance quickly became a “net red” explosion, it is expected that this single product investment in all channels will exceed 100 million (factory)End); 2018.

12 companies launched MR6080 vacuum portable kettle, 19.

In early March, it launched the MR9600 small portable juicer, which was sold out once.

It is expected that the growth rate of Xinbao’s domestic sales in 19Q1 is expected to double.

We believe that the current market environment and the company’s internal changes in the following three aspects are worthy of everyone’s change of thinking and refreshing their understanding of Xinbao shares: 1) The format of online emerging channels such as content e-commerce provides naturalsoil.

Different from the era of rough e-commerce platform’s traffic bonus, in the era of content e-commerce, excellent products + efficient marketing strategies can quickly gather traffic, generate explosive models, and increase brand awareness.

This is the objective basis on which Mofei ‘s “explosive money” strategy can be effectively promoted.

2) Under the trend of de-branding, the value of a high-quality and efficient supply chain is highlighted.

Netease carefully selected, Mingchuang Youpin, Xiaomi Youpin, committed to providing users with high-quality and affordable products, focusing on product power; Pinduoduo quickly harvested low-end traffic, and the low-cost products sold also required extremely high costsControl ability, in the voice of society, quality control is a big problem that needs to be solved.

The supply chain advantages accumulated by Xinbao for many years are the company’s strong inherent advantages.

3) The company’s moderately relaxed brand growth environment in recent years has effectively given play to the subjective initiative of its domestic sales teams.

Company nearly 2?
For 3 years, no strict index assessment has been conducted for internal sales, the growth environment is 天津夜网 relaxed, and the brand team can be independently cultivated.

As a young brand without burden, Mofei took the lead in showing results.

Investment advice: Temporary advice actively pays attention to the promotion of new products, and tracks the export boom and exchange rate changes; in the long-term perspective, the company’s supply chain value highlighted in the new business model has reached a restructuring.

Risk reminder: Domestic brand product promotion exceeds expectations, Sino-U.S. Trade frictions intensify

Zhongxin Travel (002707) annual report comments: the first quarter of sluggish industry demand is expected to pick up in the second half of the year

Zhongxin Travel (002707) annual report comments: the first quarter of sluggish industry demand is 北京夜生活网 expected to pick up in the second half of the year

Sudden events, impairment of goodwill dragged down 18-year results, and 19Q1 demand sluggish 18-year income 122.

300 million / + 1.

52%, dragged down by industry emergencies and impairment of goodwill, net profit attributable to mothers was 2356.

60,000 / -89.

87%, in line with democratic expectations.

Revenue in the first quarter of 19 was 24.

5.8 billion / -0.

93%, deducting non-attribution net profit 0.

6.4 billion / + 6.

87%, the lackluster performance of income and profits was mainly due to the sluggish demand for optional consumption, a relatively high base last year, and an increase in expenses caused by personnel growth.

The 19-year Labor Day holiday was extended, and exit-entry documents were issued nationwide, which replaced the implementation of the New Deal. Favorable policies such as the implementation of the New Deal came out frequently. The government encouraged consumption and boosted demand in a clear direction.

The industry structure has improved. The company has strengthened its efforts to expand its service network and extended its resources to upstream destinations to enhance its profitability. It is expected that EPS0 in 19-21.

30/0.

35/0.

41 yuan, maintaining the overweight level.

Industry emergencies, the decline in consumption dragged down the revenue growth rate, and the gross profit margin of retail direct sales increased by 18 years.

9 ppm / -2.

52%, gross profit margin 7.

12% /-0.

76pct. In 18, the company launched a new brand of Uninide Tourism, opened dual-brand tourism with panoramic tourism, and accelerated regional market expansion. It already has molecular companies in 22 provinces and cities across the country to develop local start-stop products and expand sales channels.The incident affected the taxation of wholesale income.

At the end of 18, the company has completed the acquisition of the remaining 30% equity in Zhuyuan, and the integration effect of the wholesale business is expected to continue to appear.

18 years of retail revenue of 2.3 billion / + 12.

39%, gross profit margin of direct retail stores is 16.

70% / + 0.

34pct, the company has partner stores in more than 20 cities in the three provinces of Jiangxi / Inner Mongolia / Hebei. By the end of 2018, there were a total of 435 stores, with an annual increase of over 300.

18 years of integrated marketing9.

600 million / + 9.

52%, gross profit margin 8.

15% /-2.

4pct.

In 18 years, the company has gradually established landing service companies in Europe, Japan, the United States, Southeast Asia and other places, and has invested in tourist bus companies / restaurants / shopping shops to participate in the operation of local resources. Among them, RCC is the largest Chinese local agency in JapanOne of them has an annual service of more than 100,000 people; the European Chinese Land Agency has actively serviced nearly 100,000 people a year; the European leader Chinese group agency Germany has served more than 50,000 people in the first year.

The leading Chinese group in the West Bank of the United States, Zhongxin Tianyi, has served more than 100,000 people annually.

Strategically invest in the domestic target resource booking platform “Smart Travel World”, Australia’s largest online tourism resource booking platform, Bay Boutique Hotel, etc., to extend resource control.

The outbound tourism leaders are consolidated and consolidated, and the fundamentals are expected to improve in 19 years. Maintaining an increase in holdings It is said that there are multiple tourism bureaus. Chinese tourists to Thailand increased briefly from January to February 19 -2.

2%, 31 year-on-year growth rate of 31.

57%; visitors to Japan increased by 12% in 19Q1, and the growth rate in Q1 in 18 exceeded 17.

89%.

The base in Q1 was high in 18 years, the optional consumer demand in 19Q1 was still sluggish, and the company’s retail business expansion brought about cost increases and its performance was flat.Looking forward 四川耍耍网 to the second quarter of 19, by the end of the year, the May Day holiday will be extended, and favorable policies such as tax cuts will come out frequently. The government will encourage consumption and boost demand. The outbound tourism industry is expected to continue to recover.

19Q2 growth is expected to accelerate.

The company continues to extend the industrial chain upstream to improve the industrial area and profitability, and integrate the industry leaders.

Expected EPS0 in 19-21.

30/0.

35/0.

41 yuan, maintaining the overweight level.

Risk reminder: The demand for outbound travel is sluggish; if the impairment provision for goodwill is accrued later, the company’s performance may be dragged down.

Fuyao Glass (600660) in-depth analysis: Nine Dragons’ global automotive glass faucet accelerates its rise

Fuyao Glass (600660) in-depth analysis: Nine Dragons’ global automotive glass faucet accelerates its rise
Investment points 30 years of ingenuity, the domestic automobile glass faucet is firmly attached.The company was established in 1987, and after more than 30 years of development, it has become the largest and most technologically advanced automotive glass supplier in the country.First class.Since listing in 1993, the company’s operating income and net profit have achieved an average annual average of 21 respectively.1% and 18.With a rapid growth rate of 1%, gross and net profit margins have been maintained at relatively high levels of about 40% and 20% for a long time.In the end, the acceleration of the growth of domestic automobile production and sales has put pressure on the company’s performance growth. However, relying on the increase in product volume (increased use of bicycle glass) and price increase (increased average price caused by high-end products), domestic business continues to continueRevenue growth faster than downstream automobile production growth. The core competitive advantages are prominent, and overseas markets have entered the harvest period.At present, Fuyao has a global market share of about 20%, and there is still room for improvement.Ranking with major global competitors (Asahi Glass, Plate Glass, Saint-Gobain, Xinyi Glass), the company has advantages such as high business concentration, low production costs, and large capital expenditures, and is committed to replacing areas in overseas markets.In recent years, the company has gradually increased its overseas investment. The Russian factory and the American factory (which have achieved profitability) have been put into production one after another. With the subsequent conversion and release of the new factory, overseas revenue is expected to maintain rapid growth. Acquisition of German SAM horizontally expands product categories, opening up new growth space.In January 2019, the company started with 5882.80,000 euros to acquire German SAM company in bankruptcy liquidation.The annual output value of SAM is about 2.500 million euros. The bankruptcy was caused by poor management, which caused the capital chain to break, and a fire that burned down the production line; but it has the world’s leading surface coating spraying technology in the field of aluminum trim, and the product has a high supporting value for bicycles.After the acquisition of SAM, the company will integrate its redundant production capacity to improve production efficiency and absorb its advantageous technology date domestically.Benchmarking the leading domestic aluminum trimming group, Minsil Group (aluminum trimming business, with annual revenue of about US $ 3.5 billion and gross profit margin of about 35%), the scale of SAM’s revenue and profits is still decreasing, and there is room for continuous improvement, which is expected to become a new performancegrowth point. Investment suggestion: Through the increase in domestic product volume and price and the release of new foreign plant capacity, the company’s main automotive glass industry strives to continue to maintain steady growth; the acquisition of the aluminum trim business brought by Germany’s SAM opens up new growth space.We forecast the company’s EPS to be 1 in 2019-2021.76 yuan, 2.09 yuan and 2.41 yuan, ROE is 20 respectively.1%, 21.7% and 22.8%.The company has stable 杭州桑拿网 growth, expected earnings (about 13 times of PE TTM, which is at a low point in the past three years, and the average level of the auto parts industry subsequently), and a high dividend rate (a dividend rate of more than 60% and a dividend rate of about 5).23%) three major advantages, with high long-term investment value.We maintain our leading “Buy-A” investment rating. Risk reminders: The domestic auto industry’s production and sales growth rate is lower than expected; Sino-US trade disputes exacerbate risks; the overseas plant capacity release progress is less than expected.

Xingfa Group (600141): Significant improvement in performance compared to the previous quarter

Xingfa Group (600141): Significant improvement in performance compared to the previous quarter

The company achieved revenue of 144 in the first three quarters of 2019.

470,000 yuan (+1 year-on-year.

01%); net profit attributable to mother 3.

01 ‰ (yoy-23.

08%); net operating cash inflows 12.
.

290,000 yuan (+20 compared with the same period last year).

58%).

Among them, Q3 single-quarter net profit1.

7.7 billion (year-on-year 14.

60% quarterly +128.

23%), a significant improvement from the previous quarter.

At the same time, the company announced that the associated company Hubei Xingli Electronic Materials will re-cooperate with Guizhou Phosphate Group and convert it into capital increase and share expansion. After completion, the company, the pioneer, Guizhou Phosphate’s shareholding ratio will be 30%, 40%, and 30%, respectively.

The supply-side reform of the yellow phosphorus market promoted the rebound of the industrial chain, and Q3’s profitability improved month-on-month: the company’s first three quarters produced 288 tons of phosphate rock (-2% year-on-year), with an average price of 269 yuan / ton (+ 7% year-on-year).The single-quarter output was 115, which was basically the same as the previous quarter.

Yellow phosphorus production 7.

2 is expected (yoy + 4%), where Q3 is 2.

1 Initially, it is reduced by 0 every year.

Prior to 4, due to the company’s high yellow phosphorus self-use rate, the export in the first three quarters was only 1, the corresponding glyphosate output increased by 50%, and the average selling price of yellow phosphorus in Q3 was 1.

65 million / ton (+ 26% YoY, qoq + 15%).

In Q3, due to the environmental protection and improvement of the yellow phosphorus industry in the southwestern region, the price of products rose sharply, which is conducive to the rebound of the phosphorus chemical industry.

The company’s Q3 quarter gross margin was 15.

49%, an increase of 3 from the previous quarter.

32pct, the cost rate during the period is 9.

91%, an increase of 1 from the previous quarter.

25pct, of which selling expenses and financial expenses increased by 0 respectively.

17, 0.

1.9 billion.

At the same time, the company continued to recognize 0 impairment loss in Q3.

18 trillion, and 0 non-operating expenses.

1.6 billion.

The profitability of high-quality phosphorus chemical products improved, and the company’s Q3 net profit margin was 3.

84%, quarterly ROE2.

28%, a significant improvement from the previous quarter.

The phosphorous chemical industry chain is expected to grow for a long time. The company’s industrial chain is integrated and the layout is becoming more and more 深圳桑拿网 perfect: the environmental protection of the yellow phosphorous industry has effectively promoted the rebound of the Q3 phosphorous chemical market.

In the long run, the problem of phosphogypsum treatment, the continuous improvement of the strategic resource attributes of phosphate rock, and the continuous high standards of environmental protection and safe production, the prosperity of the phosphorus chemical industry chain has promoted continuous improvement.

The Houping Phosphate Mining License obtained by the company in March this year, the phosphate ore production capacity has been further increased to 760 tons / year, and the upstream resource guarantee capacity has been further increased.

In terms of glyphosate, the company has completed the safety, energy saving and environmental protection transformation of the glyphosate unit in Taisheng Yichang Base, the acquisition and integration of Inner Mongolia Tenglong, and technical improvement and efficiency improvement projects.

The company’s production capacity of glyphosate with 18 acetic acid ranks first in China, and it has obvious advantages in supporting raw materials such as 10 potassium sulfate and yellow phosphorus.
In the silicone business, the company has completed the acquisition of minority shareholders’ equity of Xingrui Silicon Materials, a subsidiary of the company. The silicone technology renovation project will contribute 16 new monomers today and tomorrow. At the same time, 10 special silicone rubber and silicone oil projects are also underway.Orderly construction.
The company’s integrated phosphate ore-electricity-phosphorus chemical industry layout has been gradually improved, and the industry leaders have continued to consolidate.

The development of Xingli Electronic Materials is expected to accelerate, and the electronic chemical business is worth looking forward to: Xingli Electronic Materials will release the new partner Guizhou Phosphate Group by way of capital increase, share expansion and old share transfer, of which the company will transfer 8 million yuan to Guizhou Phosphate GroupThe subscribed capital contribution, at the same time, Guizhou Phosphate Group and Pioneer will increase the registered capital of Xingli Company by 82 million and 18 million yuan.

After the completion of the transaction, the registered capital of Xingli will increase to 300 million U.S. dollars, and the capital strength will be significantly improved. The shareholding ratios of the company, the pioneer, and Guizhou Phosphate will be 30%, 40%, and 30%, respectively.

Xingli Company plans to produce and operate a variety of electronic chemicals, and in August 2019, it will launch a 3 insert / year electronic grade hydrofluoric acid phase I1.

5 Preliminary / annual project construction is expected to be completed in the third quarter of 2020.

Forerrunner will provide the world’s advanced production technology of purified 10ppt (G5) electronic grade hydrofluoric acid for this project.

As a key material in the field of cleaning and etching of integrated circuits, the import of high-purity electronic grade hydrofluoric acid in mainland China reached 5,319 in 2018.

36 tons.

The domestic substitution of the new microelectronic materials industry will bring better development potential for domestic electronic chemical companies.

In addition to electronic-grade hydrofluoric acid, Xingfu Electronics, a subsidiary of the company in the field of electronic chemicals, is the only national emerging company with independent intellectual property rights of electronic-grade phosphorylation and already has a high market share in the domestic market.

In addition, the company is increasing customer development of other products such as electronic grade sulfuric acid.

Profit forecast: Considering that the acquisition of minority shareholders’ equity in Xingrui will increase the net profit attributable to mothers, we increase the company’s net profit attributable to mothers to 5 in 2019-2021.

13, 6.

79, 7.

660,000 yuan (the original forecast did not consider the acquisition of minority shareholders’ equity as 3).

23, 4.

35, 6.

5.2 billion yuan), corresponding PE is 18X, 14X, 12X, the company’s PB is less than 1X, the safety margin is high, maintain “Buy” rating.

Risk warning: product prices fall sharply; projects under construction progress less than expected