The voice has not fallen,Lu Menglin’s body shook,Suddenly disappeared from the place。

After zero and one second,Lu Menglin’s figure suddenly appeared in front of Mr. Buffett,And threw a fist at him。
Front punch,Promote the outbreak with Dan Jin,Lu Menglin blasted out the megalodon fist among the twelve ancient beasts with all his strength.。
boom!After this punch,The huge stage suddenly disappeared by a quarter,It’s like being bitten by a real megalodon。
This megalodon fist easily smashed most of the material in front of you,Only a few broken metal brackets remain,Shocked everyone in the audience’s eyes widened,So surprised that I couldn’t speak。
Especially those high-ranking Korean officials and rich people sitting in the front row of VIP seats,They are so scared,Shrunk into a ball,Dare not even move。
The guards at the venue were all horrified on the spot,As long as it is a little sensible,Won’t be foolish and rush up。
The boy in front of me,Like a superhero in a Marvel movie,Gesture,Powerful,It’s not that ordinary security guards who only wear batons and basic lethal weapons can deal with it.。
“he,Did he just kill Mr. Buffett??”When the people in the stands calm down a bit,Someone can’t help asking。
“Such a terrifying blow,Even the metal stage is gone,Where is Mr. Buffett’s life??”Someone immediately replied without thinking。
They haven’t even reacted,That kid named Lu Menglin,What did you do!
just now,In front of tens of thousands of spectators,In front of the Korean media,In front of many TV stations and webcasts across Asia,Killed Mr. Buffett, the god of investment, in public!
This kid is over!Completely finished!As long as the order of human society has not completely collapsed,Someone who commits evil like him,No matter how strong the background is,Will inevitably accept the law and justice!
Almost everyone here thought so!

Tian Xingyao looked at Lin Yoona’s disappointed expression,I also felt embarrassed for a while,Because he really can’t say anything more valuable。

Even these,He also thought of it suddenly。
Because of work,Between Tian Xing Yao and the boss,most of the time,Talking about work matters,Or is there anything more fun happened to the couple they met?。
After all, away from home,No one wants to talk to outsiders too much about their private affairs。
in fact,To this,Tian Xingyao understands the boss very well。
because,Don’t say it’s the boss,Even Tian Xing Yao himself,Just about his relationship with the boss,He also rarely mentions his family affairs in front of the boss。
and so,Since he treats others with the same attitude,Then he has no reason to ask people to treat himself with an alternative attitude。
“Xiao Fan,How to do?We still don’t know what happened to the boss?”Lin Yuner said worriedly。
In fact,Lin Yoona was from the night of her accident,I feel that there is something wrong with the boss。
That evening,Xiao Fan placed the frightened Lin Yun’er with the boss,Ask the lady boss for help,The boss said nothing,Should come down,I’m not afraid that I might offend Ouyang’s family,So I can’t mix on this wind chime island。
Xiao Fan handled everything that night,Back to the boss,When I went to pick up Lin Yoona,They didn’t wait in the place where the normal boss wife would appear at first,When Xiao Fan and the others find the boss,I found that the lady boss was sitting in a chair in a daze,Staring at the starry sky outside。
and,She didn’t even turn on the light!
now think of it,Maybe it happened that day,But the lady boss,To keep Lin Yoona from worrying,Frozenly smiled and sent the two of them out。
Lin Yoona is really upset at the time,Why didn’t you keep an eye on,If I found something wrong with the boss,,Then can you untie the boss’s heart?,Help her through the difficulties?
but,Again,There is no if in this world。
Even Lin Yoona regrets it now,It also has no effect。

I only heard the pedaling sound of the beast’s hoof flapping on the ground,And the rough nose of Fengqi Beast,And the three knights on the back of the beast,It’s quiet and silent,There is no sound at all。

In a flash,The wind riding beast has rushed to the front。
Bei Gongya can’t think about it,Can only strive to burst out the 34th level of light pattern power in the body,Like a mainstay,Nail yourself in the middle of the road。
Because if he can’t hold it,Once hit by the wind riding beast,,The cavalry on the back of the beast only has to draw a knife backhand,Then with this huge and unmatched momentum,Can cut him over。
boom!Lightning power burst,The momentum of the 34th-level warrior immediately suppressed the three wind-riding beasts,Make them afraid to move forward,Shengsheng stopped。
Bei Gongya was finally relieved,He didn’t relax his practice during this period,Use family resources
,Hit me desperately,Finally got some results。
If it is still the 31st level fighter,Just now,I’m afraid he has become a dead soul under the hoof。
but,Bei Gongya hasn’t been proud for long,Because the three black blood guards on the back of the beast were blocked,The three drew their swords almost simultaneously,Don’t ask questions,Chop down directly。
Seeing three sword lights rising into the sky,Condescendingly,Powerful,Bei Gongya also made a decisive decision,Pull out the ruling soldier on your back without thinking about it,Raise the magic weapon in your palm,Pushed out。
These three knives were smashed on Beigongya’s ruling gods,Made a clear crash。
A clip of Bei Gongya’s arms,Abruptly ate the strength of the three,Do not give in,A mouthful of old blood came up,Secretly swallowed again。
“Hey!Liu Wenzhang,Brother came to catch the wind for you!Just come to drink!”
at this time,There was a loud roar in the air,The Great Sound,Tens of miles away,It is the amazing effect of Lu Menglin’s strength。
The three wind-riding beasts were originally stopped by Bei Gongya,Courage taken away,Suddenly heard such a loud roar,One after another,Lying on the ground。
The three cavalry on the back of the beast reacted very quickly,Almost at the same time as the mount was soft,Immediately roll off the saddle。
The three are not flustered,But horns,Draw a knife in hand,Staring forward vigilantly。

Not bad,It’s Mu Yi from Sunny Home,Hu Yang remembers that this brother answered correctly,Rewarded。

Muyi Private Message,Request,Still the old rules,Directly to your own anchor——sunny day。such,Get more on sunny days,No need to change hands to waste。
“no problem!Speaking of,Sunny girl is also our acquaintance。”Hu Yang said。
He asked Hua Zai to brush five rockets for the sunny girl who just aired,It’s a return to the support of the sunny girl yesterday,Help her make headlines by the way。This time period,Five rockets are enough to sit still for three minutes。
It just aired on sunny days,No makeup yet,Face is a little swollen。
now,She is trapped,Five rockets suddenly floated up in my live broadcast room。
one look,Is Hu’s number,She quickly thanked。yesterday,She just gave one131400The Moonlight City of Coins。did not expect,Brother Hu is so polite,Today I gave her a half-million dollar rocket。
Huazi explained,This is what her family Mu Yi won。
“Mu Yi?He got it right again?”Surprised on a sunny day。
Mu Yicai spoke in the live broadcast room of his anchor,The reward is just a rocket,But Brother Hu gave five of them this time。
“one way or another,Thank you brother Hu,Thanks also to my brother Mu Yi,Love you so much。”My brother,Of course the favorite,After all, it’s his own official。
Mu Yi started to support her from the Civilian,Duke until now,Spent tens of thousands of RMB。
at this time,Hu Yang explained in his live broadcast room:“Lingbi is a county in Anhui,Lingbi Stone is their specialty,Just like the Duanyan here,Characteristic industry。
Maybe you don’t understand,Our country has had stone watching since ancient times、The tradition of playing with stones。
then,Four famous ornamental stones appeared,Respectively are:Lingbi Stone、Taihu Stone、Yingshi、Kunshi。Lingbi stone is the first of the four famous stones。”
The collection and appreciation of Lingbi Stone can be said to be well-known for a long time。Since ancient times,All the Tibetan stone houses have treasures of Lingbi,There is Su Shi’s if there is a documentary record“Little Penglai”、Fan Chengda“Xiao Emei”、Zhao Mengfu’s“Wu Lao Feng”。
And the coquettish emperor Li Yu loved“Lingbi Yanshan”,Song Huizong also played with a small Lingbi Xiaofeng,Question“Mountain high month small,Come to the bottom”character,Let people engrave on the side of the peak,And seal。
have“Tianxia Stone”Lingbi Stone,Aggregate、sound、shape、All beauty is one,Occupy a major position in the ancient Chinese antique culture,It is a recognized stone treasure throughout the ages。

Chen Jiannan was taken aback,Shook his head,Tao:“No!But I was forced to hide by this guy,Is no longer in the company,The person you said could not find me。”

“Ok,understood。”Lu Menglin nodded and said。
When Liu Niu’er heard about it next to him,Straighten your chest,Loudly:“Lord,What are the characteristics of this person?I’m looking for!As long as he is on Hong Kong Island,I will find it。”
This remark,The dignitaries who were dumbfounded also screamed。
“Lord,Find someone our police force is best at。give it to me!Within 24 hours,There must be news。”The Chief Superintendent finally found his presence in front of Lu Menglin,Struggling。
“Mr. Lu,Leave it to us 14kBar!We have many brothers,More eyeliner,Trivial。Die for President Lu,Go through fire and water,In no way!”This fourteenkHis uncle relied on seeing Lu Menglin twice before,He licked his face and said。
“Then we offer a reward,20 million Hong Kong dollars,To the person who provided the message。Think of it as doing something for the Venerable!”
Several rich men exchanged glances,Quickly reached a consensus,Five million each for four people,Collected 20 million Hong Kong dollars,Offering a reward for Lu Menglin。
Lu Menglin shook his head,Commanded:“Don’t be so fanatical,Multivariate。His name is Alex,Is a world-class celebrity in rock climbing,Should be smuggled into Hong Kong Island。You only need to check the smuggling information,Then the police checked and monitored,Should be able to find。”
Everyone heard that this man was still a world-class celebrity,All were relieved immediately,As long as you have the information, you are not afraid,I’m afraid there is no information,Finding someone out of thin air is trouble。
Now I have the other party’s information,I also know that he came to Hong Kong Island illegally,With the joint efforts of the Hong Kong Island Police and several major organizations,It’s not too easy to do this。
At this moment,Lu Menglin’s phone rang,Is a text message。
The text message was sent by Jiang Zhou,Only one sentence,“Brother Lu,And stay alive,Patriarch Jiang wants to see you。”
Just read the text message,Lu Menglin thought for a while,Said:“Nange,Call the company back,I want a meeting。”
Thirty six hours later,Menglin Group Department Manager and above,All came to Hong Kong Island,Attend the company’s senior meeting。
Learn about the return of King Lu Menglin,Everyone in Menglin Group is excited。
Although the company has been annexed by Jiang Qizhi,But they believe,As long as Lu Menglin is back,We will be able to make a comeback。

Happiness came too suddenly。

Warm and Nuan didn’t expect the two of them to end up with this result,My eyes are like a mist,A little choked。
See here,Situ Yan was taken aback,Thought she was unwilling。
Jun’s face is a little at a loss,Stood up quickly。
who knows,Warm and warm in the next second and said loudly:“do not move!Did i agree?I haven’t agreed yet!You stand up!”
Talking,I took the flower from Situ Yan。
Warm and Nuan found that Situ Yan still had a straight face,But the tips of the ears are red at a speed visible to the naked eye!
This scene,Wen Yunyun looked in,Pinch your hands!Warm and warm,You bitch,You have to fight yourself right??it is good,Then don’t blame me for being impolite!
Thinking so,Picked up the phone,Don’t know what’s thinking。
one night,Are all with Situ Yan and the others,It’s the first time I feel so happy,It turns out that it’s so happy to be remembered for my birthday。
Originally Situ Yan wanted to send himself back,But rejected by myself,He is also tired tonight,Besides, I don’t want to trouble him so much。
I don’t even notice the warmth,I always have a smile on my face!

IELTS combination mixed doubles out, Guo Yu burst the first upset in the All England

“IELTS” combination mixed doubles out, Guo Yu burst the first upset in the All England
Shi Yuqi successfully advanced to the quarterfinals of the men’s singles.Video screenshot of the World Badminton Professional Tournament All England Open on the second day of Beijing time. Mixed doubles defending champion Zheng Siwei / Huang Yaqiong lost to the Netherlands ‘Taborin / Pike 0 to 2 and broke the national feather.The first upset.After playing 3 rounds in the first round, the “IELTS” group once mentioned that the opponents in the second round had not played and needed to be fully prepared.As soon as they entered the actual battle, the two made too many mistakes. Most of the first game was chasing points, and the key points at the end of the game were not grasped. They lost by 20-22.In the second game, the Dutch combination took the initiative first. Zheng Siwei / Huang Yaqiong ended up 17-17, and the road to defending ended abruptly.Chen Yufei beat Thailand’s Busanlan 21-15, 21-13 tonight, scoring the first round of the game more easily.The women’s singles defending champion said that she is also in a better state than the first day, and she has played her stuff after adapting to the opponent’s rhythm and movement.Shi Yuqi defeated teammate Zhao Junpeng 21 to 13 and broke into the men’s singles quarterfinals.”Little Stone” admitted frankly after the game that the venue had more crosswinds today, and both his and his opponents made mistakes. “Maybe I played more proactively.”Shi Yuqi’s quarter-final is likely to face Danish star Anselon. The two met in the semi-final of the All England Championship last year. Shi Yuqi failed to win. He hopes to be fully prepared this year to achieve a breakthrough.Sauna, Night Net Editor Liu Chen Zhang Yunfeng proofreading Jia Ning

Lier Chemical (002258): The price of glufosinate continued to fall, and the 1H19 performance was in line with expectations

Lier Chemical (002258): The price of glufosinate continued to fall, and the 1H19 performance was in line with expectations

1H19 results are in line with our expected 1H19 results: revenue 20.

500 million, ten years +12.

68%; net profit attributable to mother 1.

6 trillion a year -38.

80%, blacks earn 0.

30 yuan, in line with expectations.

We believe that the 1H19 company’s revenue growth is mainly due to the expansion of the glufosinate production and the amount of flufenoxamine put into operation.

Previously the price of glufosinaldehyde decreased by 23% per degree, resulting in a decrease in gross profit margin2.

86PCT to 29.

twenty one%.

In terms of expense ratio, the sales expense ratio / management + R & D expense ratio / financial expense ratio were increased by 0 respectively.



07PCT, a crack in the increase; the increase in research and development costs is mainly due to the increase in the company’s investment in research and development, and the financial costs are caused by the increase in discount 成都桑拿网 indexes and exchange losses.

For subsidiaries, Jiangsu Qida’s net profit decreased by 14.

At 7%, the net profit of Lier Crop / Bide Biochemical increased by 2 respectively.

4% / 213%, we believe that the growth of Bide Biochemical’s profit growth is mainly due to insufficient supply of pentachlor doped, leading to the price increase of fluroxypyr.

The company expects the net profit attributable to the mother to be 1 to 9 months.


9 trillion, corresponding to 3Q19 performance of 0.


3.3 billion.

Development trend Supply expansion, export growth faster than expected, glufosinate price bottom shock.

The price of glufosinate has been 18 since October 18’s high.

75 million / ton, continued to drop to the current 11.

50,000 tons / ton.

We believe that the core reason is the expansion of supply. The 7,000-ton capacity of Lier Guang’an Base was put into operation in 4Q18, Shandong Yisheng’s capacity increased, and the industry’s periodic excess capacity.

In addition, in the export of glufosinate, the 1H19 industry exported a total of 4,025 tons, each 1% extension, of which India and the United States offset.

Looking forward to 2H19, we expect the price to fluctuate at the bottom, but at the same time, the downside is limited.

From the perspective of cost, the format technology currently widely used in China, we judge that the cost is more than 10 thousand tons / ton (excluding tax), so there is limited room for downward price.

Expansion + integrated support, Lier strengthened the leading position.

The company’s highest glufosinaldehyde formaldehyde expansion rate, plans to put one into production in Guang’an.

In addition, the company formulated an integrated layout of the industrial chain, and set up a subsidiary in cooperation with Sancaitang; at the same time, Guang’an Base MDP 1.

5Accelerated construction in the early stage is expected to be put into production within this year.

We believe that companies with an integrated industrial chain layout like Lier will benefit more from future industry competition.

Earnings Forecasts and Estimates Due to intensified competition in the glufosinate industry and accelerated price declines, we lower our net profit for 2019 and 2020 by 14% and 9% to 4.

200 million and 7.
10,000 yuan.
The current contradiction corresponds to 14 times the 2019 P / E ratio and 8 2020 P / E ratio.

We maintain our Outperform rating, but we lower our target price by 13% to 14 due to a higher-than-expected price reduction of glufosinate.

2 yuan, corresponding to 17 times the 2019 price-earnings ratio and 10 2020 price-earnings ratio, there is 25% upside from the current consensus.

Risks Guang’an put into production more than expected, the price of glufosinate decreased, and other environmental and safety risks.

Yili shares (600887) first quarterly report comments: demand worry-free and long-term development

Yili shares (600887) first quarterly report comments: demand worry-free and long-term development

Event Yili shares announced the 2019 first quarter report, operating income of 230 in 19Q1.

7.7 billion, ten years +17.

89%; net profit attributable to mothers22.

76 trillion, ten years +8.

36%, deducting non-net profit 21.

820,000 yuan, ten years +9.

2%, EPS is 0.

37 yuan.

  Highlights of investment Room temperature products performed well, and income continued to grow rapidly.

1Q1 achieved operating income of 230.

7.7 billion, +17 per year.

89%, a growth rate of -6 years.

67pct, +0.

32pct, achieving the lowest growth rate is mainly due to the base difference caused by the misalignment of the Spring Festival. The company still maintained high growth under a high base, indicating that demand is stable.

In terms of different categories, Nielsen Zero Research data shows that the market share of 19Q1 company’s room temperature / low temperature liquid milk / infant formula is 38.

8% / 15.

7% / 6.

3%, +3 each year.

0pct / -1.

3pct / + 0.

5pct, in which the room temperature category’s market share increased significantly, indicating that the company’s channels continue to sink and market penetration has increased.

The two major room temperature single-product products, Amuse and Jindian, are expected to grow at + 30% and + 20% intervals, and the total revenue share is expected to be close to 35%, which is the main reason for the growth of room temperature products.

The company’s short-term strategic focus is expected to widen the sales gap with competing products, and the follow-up of room temperature products is expected to remain the focus.

  Structure optimization + reduction of buying gifts drove upward gross margin.

The company’s gross profit margin for the 19Q1 was 39.

95%, ten years +1.

15pct, ring than +1.

61 points.

The gross profit margin of Q4 rebounded every six months from the previous quarter, mainly due to the decrease in the volume of high-end products (milk powder and high-end liquid milk) and purchase promotions during the pre-holiday peak season, which was partially offset by the increase in raw milk prices.

In the short term, domestic environmental production restrictions have increased the supply of raw milk for 18 years, and raw milk prices have risen in the second half of 18 years.

However, starting from the medium term, the price of raw milk is still at a safe price difference from the feed price. There is insufficient motivation to reduce the production of raw milk globally. If it is not a natural disaster, it will be difficult for the price of raw milk to start a growth cycle in 19 years.-1.


  Expenses increased, and net interest margin fell slightly in ten years.

1Q1 company’s overall expense ratio reached 28.

10%, +1.


Among them, the sales / management / R & D / financial expense ratios are 24.

07% / 4.08% / 0.

40% /-0.

45%, multiple sales / management / financial expense ratios respectively +1.

31pct / + 0.

27pct / -0.

66 points, sales expense ratio remained relatively high, competition in major industries is still fierce, due to the company’s expansion of advertising.

The maximum expense ratio can be controlled.

In 19Q1, the company realized net profit attributable to mothers22.

76 trillion, ten years +8.

36%; 19Q1 net profit reached 9.

84%, -0 per year.

79pct, +2 chain.

2pct, significantly improved profitability.

  From the perspective of middle school, there is still uncertainty in the industry structure, but in the long run, a good trend of platform development has emerged.

  Medium-term: Competition is still uncertain, and Yili has the first-mover advantage in channels.

Mengniu stepped up product promotion and brand promotion in the early 18s in an effort to expand market share.

In order to keep the market share, Yili also passively increased the expansion speed, which led to the rise in the expense ratio in the first half of the year and dragged down its performance.

It is worth pointing out that Yili’s channels are more sinking than Mengniu’s. The former accounts for 40% in the third and fourth tier and township markets, but 36%. Correspondingly, Yili is in the third and fourth tier and township markets.The share reaches 33% -35%, while Mengniu’s 28-32%. Low-tier cities will be the core market for the future increase in demand for the dairy industry.

In our judgment, Mengniu may still maintain a strong attitude in its 杭州夜网 competitive strategy. The uncertainty of the preliminary competitive landscape may still make its performance likely to change. However, considering the channel ‘s leading issue board in Yili ‘s lower-tier market, it is expected that Yili ‘s defensive position will remainAdvantages.

  Long-term: The core strategy of Yili’s strategic layout is category expansion, which is expected to become the Chinese version of Nestle.

The company proposes a long-term plan to become a 100 billion-level health food group by 2020. It is expected to expand into the dairy industry and other categories through endogenous and extended mergers and acquisitions, providing new momentum for the company’s long-term growth.

Endogenous aspects: The company newly launched “Iran” milk ore light in March 19, and then retested the water beverage industry. 重庆耍耍网 Product packaging and positioning are all interesting.

In terms of extension: Following the announcement of the acquisition of Thai ice cream brand CHOMTHANA in 18 years, the company plans to re-acquire in New Zealand, and the trend of expanding regions and enriching categories is obvious.

Category expansion can share channel resources and diminish marginal expansion. At the same time, Yili’s merger and acquisition expansion is cautious, and it is preferred that the acquisition target can produce synergy with the company and has a foundation of performance stability.

  Profit forecast and investment recommendations: The company is a leading dairy company, with its main business expanding and upgrading + platformization, and its future performance prospects are considerable.

We adjusted our profit forecast based on the company’s annual report. We estimate that the company’s revenue in 2019 and 2020 will be 900.

400 million (+13.

2%) and 1017.

100 million (+13.

0%) and net profit was 72.

0 billion (+11.

8%) and 81.

300 million (+13.

0%), corresponding to the closing price on April 25, 2019. The company’s PE in 2019 and 2020 will be 26x and 23x, respectively.

We maintain the rating of “Prudent Overweight” and advise investors to pay more attention.

  Risk reminders: macroeconomic fluctuations, raw material cost fluctuations, increased industry competition, and food safety issues

Huaxin Cement (600801): Significant earnings elasticity and record high performance

Huaxin Cement (600801): Significant earnings elasticity and record high performance

The company’s operating income in 2018 was 274.

6.6 billion, an annual increase of 31.

48%; net profit attributable to mother 51.

81 billion, an increase of 149 a year.

39%; it is planned to distribute a cash dividend of 11 per 10 shares.

5 yuan, 4 shares increased.

Benefit from price elasticity and profit hitting record highs: The company’s performance has increased, mainly benefiting from rising cement prices in major regional markets. In 2018, the company’s cement clinker ton revenue was about 338 yuan, which increased by 68 yuan; gross profit per ton was 136 yuan, an increase of 57 yuan; Ton sales expenses and ton management expenses increased by 4 yuan and 1 yuan respectively, and ton financial expenses were continuously downgraded by 3 yuan, mainly due to the improvement of the company’s capital structure and a loss rate from 56 in 2017.

87% dropped to 44.

76%; In the past, the net profit per ton reached 81 yuan, a record high; of which, the Q4 cement clinker ton revenue was 362 yuan, sometimes increased by 72 yuan, the gross profit per ton was 154 yuan, increased by 47 yuan alternately, the net profit per ton was 88 yuan, and sometimes increased by 24 yuan.Quarterly ton profit also hit a record high.

Regional demand is high, production capacity, and sales volume continue to expand: in 2018, the combined sales of cement and clinker were replaced by 7072, an annual growth of 3%, of which Q4 sales were replaced in 2011, an increase of 2% alternately.

Mainly benefited from last year’s core markets such as Southwest, Central South, etc., where the prosperity of demand is good (the cement output in 2018 increased by 6 respectively.

44%, 3.

72%); At the same time, the company ‘s capacity layout continued to expand, and the report completed the acquisition of a 100% stake in Chongqing Lafarge Shui On Tower Cement (5000t / d clinker production line, 250 tons of cement capacity), and Tibet ‘s Shannan Phase III 3000t / dProject, the second phase of the 3000t / d project in Xigaze was completed and put into operation, adding a total of 477 tons of cement capacity; the company will continue to expand overseas projects in 2019 (Nepal 2800 t / d, Uzbekistan project 4000 t / d) and replacement of old capacity (Huangshi, Hubei: 285 indicators / year, Yunnan Luquan: 4000 t / d).

Actively lay out new growth, and the aggregate of the industrial chain extension is a bright spot: Outside the company’s main cement industry, it has been actively deploying aggregates, environmental protection, new materials and other businesses to create new growth points; among them, the aggregate business is developing rapidly and profitability is outstanding, 2018年 年公司骨料销量1450每年,每年增幅26%;贡献收入8。
2.7 billion, an increase of 61% before; gross profit margin reached 63.

84%, revenue per ton is 57 yuan, gross profit per ton reaches 36 yuan; according to the company’s annual report, the company plans to achieve aggregate sales volume of 2662 in 2019, and to complete Sichuan Quxian, Chenzhou, Hunan, Changyang, Hubei, Jinghong, Yunnan, Lincang, Zhaotong, etc.Construction of aggregate projects and commencement of construction of nine aggregate projects with an annual capacity of 2,250 tons (capacity of 2,500 tons in 2018).

In terms of environmental protection business, the company’s industrial hazardous waste business has made breakthroughs, and the disposal capacity approved by the EIA has reached 21 per year.

In terms of new materials business, the new year’s production is 1.

2 billion comprehensive environmental protection wall materials project was completed and put into operation; the first high-end, automatic leakage-proof and energy-saving mortar factory with an annual output of 5 was completed and put into operation; ultra-high-strength concrete has also been successfully used in projects such as the Hong Kong-Macao-Macao Bridge.

Investment suggestion: Maintain “Buy” rating: The company is a cement leader in the two lakes and southwestern markets, and has a leading layout in Tibet and overseas markets. The core regional market demand has both mergers (East China) and flexibility (southwest and overseas), and provides layouts.Good, the supply and demand relationship is expected to continue the best situation; meanwhile, the company’s active layout of new businesses such as aggregates will bring new growth; we expect the company’s EPS to be 3 in 2019-2021.



45 yuan, according to the latest closing price corresponding 武汉夜网论坛 to PE respectively 7.



05 times, PB is 1.



4 times; the latest PB (LF) assessment by reference to Conch Cement is 1.

87 times, considering that the company’s ROE profit center has improved significantly and is higher than Conch Cement, giving the company 1.

95 times PB, based on twice the net assets of 202015.

09 yuan, corresponding to a reasonable value of 29 yuan / share; maintain “Buy” rating.

Risk warning: demand growth exceeds expectations, new business expansion fails to meet expectations, and the industry increases supply beyond expectations.