Living in a warehouse is not unusual,The U.S. warehousing industry is very developed,Many families rent warehouses to store or are extremely valuable、Or things that are not available at home,The price is not expensive,The monthly rent of some warehouses is only a dozen dollars,Also because of this,The warehouse has become the choice of some economically distressed poor——Even if the warehouse has no windows,But at least it’s better than sleeping on a park bench.?At least not to suffer when it is windy and rainy,Don’t worry about being stolen if you put something。

“Thank God?what……That’s right,God finally ended your bad luck,”Chen Geng smiled slightly:“After arriving at my company, you have several options,But if you didn’t lie to me,I think you deserve the month1500Dollar salary……”
“1500USD?!”Statham’s jaw almost fell off。
He just wanted to find someone800It’s just a dollar monthly job,This is a level that has just reached the average salary in the United States,1500USD?He can’t even think about it。
“Is at least1500USD,”Chen Geng seriously corrected:“If you didn’t lie,Over a month2000USD is also possible。”
Statham’s reaction surprised Chen Geng,He is not ecstatic,Not yelling,But she covered her face and cried,A big sweat of a meter and eight was crying and crying in front of Chen Geng, covering his face……
Bob and Anderson will be here soon。
Just a glance,Chen Geng was convinced that Tom didn’t make trouble,These two are indeed technical,The unique temperament of a technician can’t hide it。
I haven’t found a job for a while,Both of them are a little stiff,Although I am a little surprised that my future boss is Chinese,But both of them are very smart and didn’t ask much。
Chen Geng said honestly first:“Mr. Bob,Mr. Anderson,Time is precious,We won’t delay each other’s time,Be more frank……I believe Mr. Tom has briefly introduced my situation to both of you on the phone.,Both of you have a preliminary understanding of my company,Right?”
The two nodded together。
Chen Geng:“well,What do you care about、Want to know or want to understand,You can ask me now,After answering your doubts,When I evaluate your professional qualities,right now,Please ask whatever you want,Ok,Mr. Bob,you first。”
“I?Oh……”Bob hesitated,Just asked:“Mr. Fernandez,Mr. Tom said you are the owner of a used car sales company?”
“Yes。”Chen Geng nodded。
“I don’t understand,Since you are selling used cars,Why look for us?”
This question is not only what Bob wants to ask,The same thing Anderson wanted to ask,Bob’s question is out,Anderson waited for Chen Geng’s answer with the same look of expectation。
“Because our company’s used car sales strategy is different from that of other used car sales companies……”Briefly introduce the used car sales model of Fernandez to the two、Especially after they arrive, they are responsible for the maintenance and repair of used cars,Chen Gengcaidao:“So I need two experienced、Engineers who can quickly identify vehicle problems and breakdowns,And Mr. Tom recommended you to me。”

Shu Xiujuan was shocked,She doesn’t know why Zhang Changlin attacked her,I had to frown and raise my knees,Can block Zhang Changlin’s leg attack。

boom!The knees and legs of the two hit each other,Shu Xiujuan realized something was wrong,Because Zhang Changlin’s kick is soft,Powerless,It’s like a joke。
original,Lu Menglin broke Zhang Changlin’s finger with gang strength just now,Taking advantage of the opponent’s weakness,Kicked his ring jump hole,Caused a conditioned kick,Attacking Shu Xiujuan,Cleverly confuse the enemy。
at this time,Lu Menglin’s whole person seems to have turned into a sharp arrow,Rushed to Gong Anguo not far away。
Under him,Gang Jin burst,The surrounding air made a whistling sound。
Gong Anguo couldn’t even dream of it,That young man was able to escape the surrounding of the five great strengths at once,And can burst into such a terrible speed to rush towards yourself。
Too late to think,Gong Anguo’s heart fell instantly,Eruption of internal strength,Head on to Lu Menglin with a punch。
There is sturdiness in this punch,Like pulling a hard bow and shooting a big arrow,Blasted the air all at once,It can be regarded as Gong Anguo’s full shot。
Lu Menglin took advantage of the momentum,Horse shaped cannon punch,Hard bridge hard horse,Punch out。
A pair of fists,Two gangs broke out at the same time。
This moment,The space between the two seemed to be dropped by a bomb,The sound extends in all directions。
Gong Anguo’s Iron Arrow Fist,Among the six powerful warriors,One of the most powerful techniques。
Gang Vigor as an Arrow,Concentrated burst,Strong penetration,Punch out,The surrounding airflow made a bursting whine,Awe-inspiring。
boom!boom!boom!The two people are full of vigor,Made a continuous popping sound。
Jian Gang vs. Pao Jin!Fierce collision,The ground is shaking,Gives the illusion that the earth is shaking。
Under the two violent collisions,Lu Menglin’s body shape stays still,But Gong Anguo retreated two steps in a row。
Can Jian Gang not match the gun power?People who saw this scene couldn’t help being surprised。
however,Lu Menglin did not stop attacking,He knows well,Fall again,The truth of three exhaustion,Another serial artillery blast。

“Log in to your account!Let me see what strength you have!”Niu Qiuye said with a smile。

Everyone is staring at the holding littleBBBoys,Suddenly feel that he is a bit pitiful。
no matter who,Log in at this time,They can only be regarded as the foil of cold moon and autumn!
Not afraid of people than people,I’m afraid to shop around,By comparison,Judge。Especially this guy was stiff mouth just now,Profanity,He said he was not qualified to equip him with equipment。
“On number!”Niu Qiuye urged again。
Everyone stares at Lu Menglin,Many of them smiled half-jokingly and half-seriously:“On number!”
now,Lu Menglin still didn’t see Su Xuehen,I feel a little irritable。
Seeing this guy with the surname Niu in front of me finally started to be so aggressive,Lu Menglin couldn’t help being a little funny,Casually:“On the number?right here?”
“right here,What’s the problem?”Niu Qiuye smiled slightly,Puzzled。
Lu Menglin shook his head solemnly,Said with a serious face:“I’ve never been in such a crowded place,Use someone else’s computer to register,Not safe。”
Chapter six hundred and twelfth Physical plug-in
This remark,The people around were taken aback first,Then burst into laughter。

“It’s youbī)My king,Then I even killed you!”

The voice falls,Fengze’s aura of transformation is full,Directly cover the surrounding area within 100 meters。It turns out that he became plain before, not because Ogami has controlled it。But the calm before the outbreak!
this moment,He is no longer patient,Same dagger,In other words, the dagger originally used by George flew back to Aizawa’s hand abruptly。
this moment,This dagger is not inferior to the level of the Kunlun dagger.。
Just watch,Qin Feng thought it was incredible。
of course,If the Kunlun dagger is used in the hands of the silver phantom before, it is many times stronger than this。
so,The same weapon,In the hands of different people,Its power will be very different。
What surprised Qin Feng most was,When Fengze fights, he doesn’t just use a short sword.,But two daggers in your hands。
have to say,Fengze’s coordination is really good。Double swords are not double swords,It’s not done by hacking,There are also cross cutting or cross usage。
Plus they swung so fast at this level,It’s not easy to hurt yourself。so,The use of this double dagger actually has advantages and disadvantages,But on Fengze’s side,It’s a good performance。
Wang Yi’s weapon is a spear,Long weapons still have a little advantage when dealing with short weapons。
only,In the eyes of Qin Feng,The match between these two people seems half-hearted,Maybe it’s because the angry Aizawa played quite aggressively。There is even a taste of fighting for life in it。
On the other hand, Wang Yi looks more conservative。Obviously the spear is an offensive weapon。But the king is hitting,Marksmanship becomes a defensive move。
This made Qin Feng a little bit dumbfounded。
In fact, Feng Ze didn’t fully focus on Wang Yi.,There is even half a spare to check Qin Feng’s condition。
In fact, according to his idea,As long as their battle is fierce enough,The aftermath should be able to severely damage or even kill Qin Feng。
So he has been looking for opportunities like this,At the same time, it cannot be discovered by Wang Yi in advance。Otherwise, the latter will definitely take precautions。
Neither Qin Feng nor Wang Yi noticed this,After all, Fengze’s“play”Full,At least two people have been satisfied,I thought he was going to fight the king。The latter is also worried about this before changing offense to defense。
Because the defense is passive,So in terms of position,Not necessarily able to take care of。Because he will bebī)Retreat,And all this,Are all within Fengze’s calculation range。At this moment,The calculated Fengze suddenly broke out,A vigorous attack like a big move was thrown out。

“I wish the elderly a speedy recovery!”

Everyone is the player number of Tianjun,Not to mention, hundreds of thousands of players,The family must be very rich。From here,Also see,Fu Shi in Old Chen’s House,I never thought I would make a fortune with Brother Hu。
Hu Yang froze for a moment,Caring:“Brother Chen is polite,Is it okay for the elderly??Send a location,if you are free,Hua Zai and I will visit later。”
Do this,Grabbed another headline。
Other anchors on the platform,See this headline,All speechless。It really is Brother Hu!In this way,Outdoor one,He definitely ruled,Who can challenge?
Chapter Two Hundred and Eighty Million headlines again
in fact,Everyone understands,Brother Hu really doesn’t really value those awards。
For the past two months,The money earned is not a star and a half。If you really care about those awards,Just give out some money,Don’t talk about the outdoor anchor,It’s not a problem to win the most important award。
Players on this platform,I’ve basically heard of Hu’s legend,What’s the daily income and so on。
High income,Don’t talk about their live broadcast platform,Is placed nationwide,Even live broadcast platforms all over the world,There is no anchor who can break the wrist with Populus。

2014-15 CBA Finals-Beijing 4-2 Liaoning defending 4 years to win 3 crowns Marbury MVP_1

2014-15 CBA Finals-Beijing 4-2 Liaoning defending 4 years to win 3 crowns Marbury MVP
On the evening of March 22, Beijing time, in the sixth round of the 2014-15 season CBA Finals, the Liaoning team returned home to play against Beijing.Once the three-point frenzy in the last quarter, the Beijing team surpassed the victory in one fell swoop, defeating Liaoning 106-98, with a total score of 4-2 to win the CBA championship this season, four years to win the championship, Marbury won the finals MVP for the first time.  In this campaign, the Liaoning team made five double figures, Hudson 27 points, 9 rebounds and 7 assists, Thompson 11 points and 7 rebounds, Guo Ailun 15 points, He Tianju 21 points, Han Dejun 12 points and 7 rebounds.The Beijing team scored 4 doubles, Marbury 24 points, 5 rebounds, 7 assists, Morris 19 points and 7 rebounds, Zhai Xiaochuan 27 points and 6 rebounds, Li Gen 10 points, Sun Yue 9 points.In other respects, the Beijing team made 11 turnovers, 4 fewer than Liaoning.Marbury singled out Hudson Marbury won the finals MVP Beijing team showed a good state from the start. Although they were later beaten by Liaoning 0 to 11, they overtook the score in the second quarter and used it in the second half.The outside attack opened the score and laughed to the end.  Marbury played 40 minutes, 11 of 8 inside, 5 of 1 outside, and 7 assists to form a good team.At the end of the crazy counterattack in Liaoning, Lao Ma used his own experience to help the team stabilize the rhythm.With his outstanding performance, Marbury won the CBA Finals MVP trophy for the first time after the game.  Morris played 32 minutes. He played slower and hotter today. He scored 7 of 17 from inside, scored 19 points, and sent 3 assists and 2 steals.  Zhai Xiaochuan feels hot today, with 6 inside shots and 5 for 9 from the outside, especially his three-pointer in the second half, which helped the Beijing team expand its lead and eventually win the game.  Li Gen played 16 minutes and a half minutes, but his shots were not high but he was very efficient. He made 2 of 4 from the inside and 2 from the outside.When the Beijing team fell behind in the first quarter, it was Sun Yue and Li Gen’s three-pointer that helped Beijing narrow the gap.  Sun Yue scored 9 points and 5 assists on 7 of 3 from outside. Zhu Yanxi felt hot from outside and scored 9 points and 7 rebounds on 3 of 4 shots.  In other respects, Ji Zhe had 4 points and 6 rebounds, and Zhang Songtao had 4 points.  On the Liaoning team, Hudson almost played the whole game. He shot fewer shots than before, but he is also the team’s number one firepower player, 9 in the inside 3, 5 in the outside 10, 7 assists 2 steals 2parallel.In the last quarter, Hudson even set off a counterattack, but was defeated by the Beijing team’s outside.  He Tian had 28 minutes in the first game, 5 of 2 inside and 4 of 9 outside, winning the team’s second-highest 21 points.In the second quarter, He Tianju once played a foul foul, but he played even better without being hit. He scored two three-pointers in the second half of the last quarter to help Liaoning narrow the score, but in the end was unable to stop the Beijing team.  Thompson, another foreign aid, still played well, playing 28 minutes, 5 of 12 and 7 rebounds.  Guo Ailun, who scored 15 points, focused on the outside today. He scored 4 of 10 shots, scored 15 points, and had 2 assists.  Han Dejun scored 5 of 7 from the inside and contributed 6 rebounds, while Li Xiaoxu scored 2 of 5 from the inside and scored 4 points and 6 rebounds.Starting from both sides: Liaoning: Li Xiaoxu, Han Dejun, He Tianju, Guo Ailun, Hudson Beijing: Sun Yue, Zhang Songtao, Ji Zhe, Wang Xiaohui, Marbury

Jiujiu Liquor (000799): Growth in sales expenses drags down performance and optimistic about long-term growth of the company

Jiujiu Liquor (000799): Growth in sales expenses drags down performance and optimistic about long-term growth of the company
Event: The company achieved operating income in the first three quarters9.68 ppm, an increase of 27 in ten years.34%, net profit attributable to mother 1.84 ppm, an increase of 14 years.26%.Among them Q3 realized operating income 2.59 trillion, an increase of 9 in ten years.48%, net profit attributable to mother 0.28 ppm, -39 per year.50%, performance is lower than market expectations. Proactively adjust delivery, revenue is slightly affected by the company Q3 revenue is slightly lower than expected, the growth rate is earlier than Q1, Q2 has declined, mainly by the company to control the goods in Q3, while the company continues to adjust the product structure, and actively reduce XiangquanSales.In order to straighten out the market price of mainstream alcoholic products, the company made a price for the red altar. On June 28 this year, the alcoholic series was completely discontinued in the Hunan market until the supply was resumed before the Mid-Autumn Festival.force.In addition, since this year, the company has been adjusting the product structure, and the amount of supplements in Xiangquan has improved.From a regional point of view, Shandong, Guangdong, Fujian, Guangxi, Northeast and other regions outside the province have maintained rapid growth. The fact is that the growth rate of the region within the province has dragged down income. The increase in the proportion of internal reference and alcoholic liquor drove the gross profit margin to continue to rise, and the gross profit margin of Q3 company was 77.56%, increasing by 0 every year.87 points. Sales expenses increased significantly. Net profit margin was dragged down. Starting from the third quarter of last year, the company increased consumer promotion and market expenditures, especially increasing advertising expenses. At the same time, it increased the number of marketing personnel in the province and worked hard on the provincial market. Q3 sales expense ratio was 37.53%, an increase of 10 per year.20pct, the proportion of advertising costs 四川耍耍网 is expected to increase.The management expense ratio Q3 was basically the same as the previous two quarters at 11.07%, the financial expense ratio slightly decreased to -2.49%. The expected increase in selling expenses has eroded profits and led to a drag on the net interest rate, which was 10 in Q3.88%, a decline of 8 per year.81 points. Accounts received in advance increased significantly, optimistic about the Spring Festival peak season. In terms of accounts received in advance, Q3 accounts received in advance increased by 59.86 million yuan, an increase of 77.43 million yuan.The actual increase in advance account payments, the expansion is related to the company’s fiscal year time adjustment, and the extension also confirms the company’s Q3 delivery progress forecast.This year’s Spring Festival is more advanced (Mid-January), and the peak season sales will be concentrated in Q4, which is optimistic about the company’s Spring Festival peak season sales. From the perspective of cash flow, Q3’s net operating cash flow was 56.32 million yuan, an increase of 74.82 million yuan over the same period last year, an acceptable improvement over last year. Profit forecast Since COFCO became the main alcoholic drinker, it has been continuously adjusted and reformed. After more than three years of review, the company has completed reforms of sales channels, product integration, brand expansion, and personnel expenditure adjustments. Reform dividends will soon be released.Although Q3’s revenue growth has improved, it may still be contradictory to complete the US $ 1.5 billion sales target set by COFCO. We expect sales revenue to increase by 27 in 2019 and 2020.82% and 20.16%, achieving a ten-year increase in net profit attributable to mothers.49% and 25.27%, earnings per share are 0.82 yuan and 1.03 yuan.It is expected that the company’s revenue and profits will be in a period of rapid growth in the next few years. As the regional market leader in Hunan, it will give an estimate of 38 times in 2020 with a target price of 39 yuan and a buy rating. Risks suggest that the liquor industry has undergone a major adjustment, and the macro economy has experienced substantial growth; major defects have emerged in the merger of the company, and the promotion of high-end products has fallen short of market expectations.

Wanfeng Aowei (002085): Short-term performance under pressure and Baosteel to increase weight and weight

Wanfeng Aowei (002085): Short-term performance under pressure and Baosteel to increase weight and weight

Performance summary: The company announced the third quarter report of 2019, and the first three quarters of 2019 achieved revenue of 76.

800 million US dollars, the annual cap 4.

5% to achieve net profit attributable to mother 6.

0 ppm, 23-year average.


Among them, the third quarter achieved revenue of 26.

60,000 yuan, the average ten years 6.

3%, realizing net profit attributable to mother 1.

8 ‰, 20 years ago.


The short-term performance was under pressure, and the main business was steadily developed.

In the first three quarters, due to the sluggish industry sales and intensified market competition, the company’s revenue declined.

Gross profit margin for the first three quarters of 21.

6%, an increase of 0 compared with the same period last year.

4 units.

Period expenses cost 12.

9%, an increase of 3.

Nine amounts, of which the sales expense ratio, management expense ratio and financial expense ratio are 2 respectively.

1%, 8.

4% and 2.

4%, respectively +0.

3%, +1.

6% and +2.


The significant increase in the financial expense rate was initially due to the increase in currency expenditure and exchange losses, and the significant increase in the management expense rate was due to increases in wages and benefits, depreciation, and amortization.

The company has steadily opened up the market in the downturn of the industry. In terms of automotive wheels, it has fully expanded the Japanese market. Strategic cooperation with Guangzhou Honda and Japan Honda has achieved substantial benefits.

Fully entered the Mercedes-Benz supplier system and won new projects from Beijing Benz.

Baosteel became a strategic partner and cooperated in the lightweight field.

The report summarizes the strategic cooperation agreement between the company and Baosteel Metal. Baosteel Metal intends to become a shareholder of Wanfeng Aowei by more than 5% in a manner consistent with laws and regulations.

We believe that Baosteel Metal intends to become an important shareholder of the company and to launch full-scale cooperation with Wanfeng Group in areas such as lightweight new materials, which will strengthen the company’s competition in the lightweight field and strive to build a first-class enterprise with global competitiveness.
Demonstrated confidence in development and continued repurchase.

According to the company’s share repurchase plan, the size of the repurchased shares does not exceed RMB 30,000 and does not exceed RMB 600 million, and the repurchase price does not exceed RMB 11 per share.

As of the end of September 2019, the company had repurchased approximately 36.74 million shares, accounting for 1.

68%, highest transaction price 8.

54 yuan / share, with a minimum transaction price of 6.

81 yuan / share, the total transaction amount is 2.
7.2 billion.

Earnings forecasts and investment advice.
Expected net profit attributable to mothers in 2019-2021.



2 trillion, the corresponding EPS is 0.



47 yuan to maintain the “overweight” level.

Risk reminder: Automobile production and sales are lower than expected, magnesium alloy penetration is lower than expected, the performance of the merger and acquisition enterprise achieves or falls short of promises, exchange rate changes and other risks.

Shanda Huate (000915) Annual Report Comments: Operating Lows have Passed Fundamentals, Significant Improvements, Multiple Factors Drive 2019 Performance Conversion

Shanda Huate (000915) Annual Report Comments: Operating Lows have Passed Fundamentals, Significant Improvements, Multiple Factors Drive 2019 Performance Conversion

The company released its 2018 annual report. In 2018, the company achieved revenue of 15.

26 ppm, a decrease of 13 per year.

64%, net profit attributable to mother 1.

3 ‰, a decline of 46 per year.

67%, better than our expectations1.

120,000 yuan, deducting non-net profit1.

49 trillion, a decrease of 37 per year.


In 2018, the company faced three major unfavorable factors, including the suspension of production and production due to the commissioning and overhaul of production equipment and the GMP acceptance of the workshop after the upgrade of Yike’s new packaging, the suspension of production due to the interruption of supply of raw materials, and the cancellation of land assets in Jiyang.The annual results are not indicative.

In fact, in the first three quarters of 2018, although Dyne Pharmaceuticals also suffered from inadequate equipment commissioning and overhaul capacity and the replenishment of Gedixin’s raw material supply, we calculated that in the first three quarters, Dyne Pharmaceuticals’ net profit was still 300 millionAround the same period of 2017 with the best operating situation, net profit can only replace 19%, but through the fourth quarter of the new production stagnation, we estimate that Dyne Pharmaceuticals Q4 exceeded 7000 in a single quarter?
About 80 million, which has increased the overall profit of Dyne Pharmaceuticals in 2018.

The company’s annual report has many highlights: 1. Net operating cash flow 5.

3.8 billion, significantly exceeding the net profit, with an annual increase of 26.

4%, fully explain the company’s operating quality; 2, monetary funds 10.

11 ‰, 无锡夜网 an increase of 43% in ten years; until the end of 2018, the advance payment from the payment was 0.

73 million, at least 0 in 2017.

Significant increase of US $ 3.7 billion, reflecting the strong demand of the company’s Yi Kexin 2018 is the company’s low point of operation, channel replenishment + price increase promoted the reversal of 2019 performance in 2019, the company ushered in multiple positives, Yi Ke new stageThe recurrence of production ushered in channel replenishment inventory, Yi Kexin initially increased the retail price of the terminal, Gaidixin began to resume production in March, iron dextran granules and vitamin D drops continued to be listed around the middle of the year.

Therefore, we expect that the company will usher in a significant transformation in performance in 2019.

Optimistic about the growth logic of “volume and price rise”, the state advocates the decoupling and replacement of school-run enterprises, and the mechanism guides the rationalization. On May 11, 2018, the Central Deep Reform Commission adopted the “Guiding Opinions on the Reform of the Institutions of Higher Education Institutions”,Enterprises that are not directly related to teaching and research in colleges and universities can achieve decoupling replacement through the overall transfer form. Once the company replaces more efficient shareholders, the company mechanism will be promoted.

We expect that the company 2019?
Net profit in 2021 2.



31 ppm, growing 120% / 21% / 25% per year, currently 2019?
In 2021, the PE will be 19/15/12 times, and the PEG will be significantly less than 1. Considering that the company has absolute advantages in the field of neonatal and pediatric medicine, maintain the “strongly recommended” level.

Risk reminder: The fluctuation of the number of newborns affects the new sales of Yike beyond expectations; the sales of new products exceed expectations; further acquisition of minority shares in Dyne Pharmaceuticals and the replacement of shareholders are beyond control.

China Unicom (600050): Live water for active heads

China Unicom (600050): Live water for active heads

Speed up and reduce fees 2.

In the era of 0, operators welcomed the revenue-generating revenue. Operators adjusted their traffic tariffs and entered a speed increase and cut fees2.

In the era of 0, the “consumption attribute” of data traffic was strengthened, which brought about an increase in ARPU value.

With the stabilization of 4G tariffs and 南京夜网 the increase of 5G user penetration, China Unicom ushered in the elasticity of revenue, profit and EBITDA growth, contributing to the continued 5G capital expansion.

In addition, combined with the co-construction and sharing cooperation model to accelerate the progress of 5G construction and the company’s mixed reform results, profitability is expected to significantly improve and regain growth momentum.

The company’s EPS for 2019-2021 is expected to be 0.

19, 0.

28 and 0.

43 yuan, maintaining the “overweight” level.

  Enter the speed reduction fee 2.

In the era of 0, the ARPU value of operators is expected to bottom out. Under the background of speeding up and reducing fees and price competition, the unit price of data traffic has continued to fall rapidly, which has led to the increase in revenue generated by 杭州桑拿网 operators. Faced with a large amount of capital expenditure for 4G and 5G network construction,Performance requirements form a triangle state that cannot be sustained.

We believe that the “consumption attribute” of traffic has increased, and the adjustment of traffic charges by the three major operators has entered into a speed increase and a reduction of fees2.

0 era.

The domestic demand for telecommunications consumption is relatively high, which provides sufficient conditions for operators to stabilize their ARPU values and improves the inflection point where operators can create receipts.

  5G brings China Unicom’s revenue growth flexibility, co-construction and sharing to improve network construction efficiency and quality conversion 5G commercial launch, user penetration continues to increase, C-end users will bring 40-80 billion revenue increase, meanwhile, ARPU value will continue to increase, scaleThe effect promotes the continuous growth of profit, and obtains good EBITDA and operating cash flow. It is the cornerstone of capital expansion and forms a virtuous circle of corporate operations.

  In addition, China Unicom and China Telecom’s shared co-construction plan has been released. Among them, 5G shared co-construction will help accelerate the 5G construction process and form a trend of development in parallel with China Mobile.Tariff pricing, operating costs and other aspects will reflect the advantages of cooperation.

  Dividends for mixed reforms are gradually highlighted. ICT business is running forward. After China Unicom announced the mixed reforms, the dividends are gradually highlighted. Business cooperation with mixed reform partners, industry leaders and other companies has been carried out. In smart winter Olympics, smart medical, smart security, 5G car networking, Intelligent manufacturing, intelligent education and many other 5G innovative business areas, laying the foundation for the B business.

In addition, Internet-based businesses such as IDC, cloud computing, and the Internet of Things are advancing rapidly, and their prioritization of edge computing technologies is expected to open up new growth space in the 5G era.

  Operators’ competitive environment has changed dramatically, and performance and estimates have been driven. We maintain the rating of “overweight”. We are optimistic about the decline in tariffs and slowing competition of the three major operators, which will bring about the inflection point of ARPU and revenue. Combined with the cooperation model of joint construction and sharing, the company is expectedAchieve efficient operations during the peak period of 5G construction.

Expected company 2019?
In 2021, the EPS will be 0.

19, 0.

28 and 0.

43 yuan.

Considering the operator’s capital expenditure expansion, it is more reasonable to compare the estimated level of EV / EBITDA of China Telecom and China Mobile.

53 times.

At present, the company is still in the period of improvement of management and operation. The 2019 EV / EBITDA is estimated to be 3.


7 times, corresponding to a target price of 6.


46 yuan / share, maintaining the “overweight” rating.

  Risk warning: 5G co-construction and sharing progress is less than expected, capital expenditure is still difficult to overcome, and operational management risks.