The Super League will be managed by the professional league next season

The Super League will be managed by the professional league next season
At the Air Force Football Congress, the new chairman of the Football Association Chen Xuyuan represented the essence of establishing a professional alliance.Figure / Osports Chinese Football Association held a media meeting in Beijing yesterday morning. At the meeting, Liu Yiyi, the secretary general of the Chinese Football Association, officially announced that the Football Association no longer holds shares in the Super League and completely withdrew.The professional alliance under preparation will complete the approval process at the end of November and is expected to be formally established by the end of the year.  Progress The professional alliance has entered the Super League Company. Since the end of 2016, the establishment of the professional alliance has been put on the agenda.With the new leadership of the Football Association taking up new positions, and the end of June this year, Shandong Luneng, Henan Jianye, Guangzhou R & F, Dalian Yifang 4 clubs entered the promotion group, this process can be promoted.  Liu Yiyi, secretary general of the Football Association, said that the Chinese Football Association has reached agreement with the professional league on some major issues, and only some details need to be finalized.Before the end of November this year, the professional alliance will complete all the approval processes, and it will definitely be established before the final listing.  The Super League will be merged into the professional alliance, and more than 40 existing employees will work in the professional alliance.Yesterday afternoon, the professional league has entered the Super League company to prepare for next year’s league.  After the establishment of the league, the Football Association will no longer hold the shares of the Super League, will not participate in the daily management of the league, only supervise major matters, but the Football Association has a veto on major matters.  Liu Yiyi said that this reflects the attitude of full decentralization, “The association ‘s work is all-encompassing. The top professional league is a market-oriented, professional, and internationalized platform. The Chinese Football Association should fully decentralize and trust the market for better development.”On average, in terms of personnel issues, the Football Association only supervises the process of the formation of the chairman of the professional alliance, and the choice of other middle-level leaders and employees is determined by the alliance itself.”Both sides are a level cooperation relationship and a competitive relationship in the market. We will fully support the alliance to thrive and become the most critical decision-making platform on the development path of Chinese football.”Variable foreign aid and salary limitation or the implementation of the New Deal?  The Football Association expressed full support for the formation of the Chinese Super League.This meeting sent a clear signal that the future development of the Chinese Super League will become more professional, market-oriented, and form a healthy and healthy development.  Also attending the meeting yesterday was Huang Shenghua, vice chairman of Guangzhou R & F, who was one of the representatives of the 4 clubs of the professional league preparation group.He said at the meeting: “Many investors are experienced, but no one wants to lose money every year.I hope that in the future, the league will be rewarded for investors, and the league is becoming more and more popular. This is the common goal of investors, football associations, and alliances.”The Air Force, R & F, and other senior club members entered the preliminary group to form a lean working group.Led by Liu Yi, the two working groups met twice in Beijing and Guangzhou for two months.”The Football Association is based on release, the alliance is based on reception, and the common intention is to land safely and set sail safely, so our communication is barrier-free.”Huang Shenghua said that in two months the two sides quickly reached agreement on major issues, and the current plan for the construction of the league has entered a detailed stage.”  After the establishment of the professional league at the end of the year, it will take over all the management of the Super League, and the Football Association will supervise the league in accordance with regulations.Huang Shenghua said that the alliance preparatory group has reached an agreement that in the future, the Chinese Super League will be transformed according to the operating mode of the Premier League, J League and other high-quality leagues.In addition, will the existing U23 policy change in the future?Foreign aid policy and salary limit policy will also be put on the agenda.  When asked whether the establishment of the league will affect the promotion of the Super League, Liu Yiyi said: “The system of promotion and demotion will not change and will not expand the army next season.have a great impact.”Writing / Sauna, Night Net Xu Xiaofan

[Baby food supplement for four months]_4 months baby_How to eat

[Baby food supplement for four months]_4 months baby_How to eat

When your baby is four months old, you can try to eat some complementary foods, but what you can eat depends on your baby ‘s constitution. Some babies develop slowly, and it ‘s not easy to digest foods. Some babies are allergic, soPay attention when making complementary foods.

The most commonly used complementary foods for babies are rice soup and rice cereal, which are easy to eat and digest, and there are other porridges to try.

Let’s take a closer look at it: 1. Rice soup, rice cereal: Because rice soup is less likely to cause the baby to feel.

2. Puree: Yolk puree, banana puree, apple puree, red date puree, carrot puree, mashed potato, tofu paste.

Ability to widen your baby’s food range.

3, fruit juice: you can add vegetable juice, fruit juice, apple, orange squeezed directly into juice, taste good nutrition.

4, egg yolk: You can add egg yolk, some chicken liver, grind with a spoon into a mud, eat it with your baby, add iron.

The added complementary food must start with one, slowly increase from one, and increase from less.

From thin to thick, from fine to thick.

Ensure safety.

Special attention: yolk mud may cause allergies to your baby. When adding egg yolk to complementary foods, you should try it from a small amount. If there is no perception, you can continue to consume it.

Other complementary foods and their methods1. Fresh orange juice material: 1 fresh orange, moderate boiling water.

Method: Wash the oranges, cut them in half, squeeze out the juice with a juicer or other juice squeezing device, and add the same or slightly warm water.

Nutrition Tips: Oranges have higher vitamin C content than pears, apples, and bananas, and every 100 grams of edible oranges contains 0 oil and protein.

6 grams, 9 grams carbohydrate, 26 mg calcium, 49 mg vitamin C.

2, 10 times porridge material: rice, water, the ratio of rice to water is 1:10.

Method: (1) After soaking the rice for 30 minutes (or at least some time), put it in a pot and cook it. After boiling, change to low heat and then cook. Turn off the heat and simmer for 10 minutes.

(2) The rice porridge is poured out and poured into a simmered bowl to make white rice gruel.

(3) This kind of porridge is very useful and can be cooked and eaten with a variety of foods.

3, millet porridge material: millet, water, the ratio is (1:10).

Method: After soaking millet for 30 minutes, put it in a pot and cook. After boiling, simmer for 40 minutes and turn off the heat for 10 minutes.

Nutrition Tips: Millet porridge is rich in nutrients and contains vitamins and minerals, such as: carotene, vitamin B1, B2 and so on.

Protein content up to 8.

9%, aunt content 3.

0%, 1% -3% higher than ordinary rice.

Care should be taken not to thin the porridge with millet.

[Can nephritis eat scallions]_Nephritis_Dietary taboo_Food taboo

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[Can pregnant women eat yellow peach yogurt]_Pregnant women_Can you eat

[Can pregnant women eat yellow peach yogurt]_Pregnant women_Can you eat

Yogurt is a dairy product for pregnant women. If you drink it often, it also has a good defecation effect on the body, because yogurt can absorb rich lactic acid bacteria, which can balance the acid-base balance in the gastrointestinal system.

There are also many flavors of yogurt sold outside. One of them tastes better than yellow peach yogurt, because yellow peach yogurt makes the yogurt sweeter and adds the fragrance of the pulp.

So can pregnant women drink yellow peach yogurt while drinking yogurt?

Can yellow peach yogurt be eaten by pregnant women? Don’t worry too much, but be careful not to drink too much yogurt and avoid diarrhea.

Yogurt is made from fresh milk fermented by lactic acid bacteria. Its ph value is reduced. If a pregnant woman reacts and penetrates in the early stages of pregnancy, and it is acid-reflecting, it means that the stomach has more acid, so it is not appropriate to drink yogurt.

However, after a meal, when there is some food in the stomach, you can drink it, but in moderation.

Try it, don’t drink on an empty stomach.

If pregnant women do not have acid reflux, they can drink yogurt.

Yogurt is not only the same as fresh milk in nutritional value, but also easy to digest and absorb. The lactic acid bacteria in yogurt can inhibit the proliferation of spoilage bacteria after entering the body, reduce the production of toxins in the body by the spoilage bacteria, and help the health function.Increase Vitamin B.

For people with stomach acid deficiency, yogurt is more suitable.

Method of yellow peach yogurt 1. Wash the yellow peaches, peel them, and cut into two pieces. Take a portion of the yellow peaches (half a half) and cut into small pieces.In the broken yellow peach, cook in a small pot with the yellow peach for 4 minutes, cook on medium heat for 10 minutes, and stir while cooking. In order to prevent the syrup from bursting and hurting people, cover the pot and stir.

Cook into a sticky, transparent shape and serve.

5, cool out of the pot and put it in the refrigerator for later use.

Next is yogurt!

6, I use yogurt machine to make yogurt, so keep the ratio of yogurt to milk 1 to 9, a constant temperature of 50 degrees for eight hours is OK.

In order to make a viscous old yogurt, it was fermented for two hours at room temperature of more than 30 degrees after unplugging the power before entering the refrigerator.

7, everything is ready, add a tablespoon of yellow peach jam to the yogurt and mix well to make yellow peach yogurt!

Which one can also eat soft yellow peaches?
Pregnant women eating yellow peaches should pay attention to pregnant women can eat yellow peaches, but not eat more, everything is the first principle of freshness; at the same time, also pay attention to avoid eating unripe yellow peaches, easy to bloating; it is estimated that fewer pregnant mothers should be includedEat yellow peaches.

During pregnancy, comprehensive and balanced nutrition is required. The key to the diet during pregnancy is not to be partial. The diet can be widely decomposed, eat more high-protein and high-quality protein foods, and eat more fresh fruits and vegetables so that nutrition is balanced.

[Bread pattern modeling method?】 _How to do_How to do

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[How long does it take to steam fish in a microwave oven]_Steamed fish_Production time_How long does it take

[How long does it take to steam fish in a microwave oven]_Steamed fish_Production time_How long does it take

Microwave steaming fish is a popular method for making fish. It is not only used when it is used, but also does not lose the nutritional value of the fish, so it is very popular.

But in life, there are still many people who do n’t know how long it takes to cook fish in a microwave oven. In fact, it takes about 6-8 minutes to steam fish in a microwave oven. The timing must not be too long.

So what is the practice of steaming fish in a microwave oven?

First, 1 fish, 1 tbsp of cooking wine, 2 segments of spring onion, 2 slices of ginger, 10 g of cooking oil.

Second, practice 1.

Clean up the fish and dry the water.

2.

Before making it, make three strokes on each side of the fish body, and then connect the meat on the edge of the blade. Salt the inside of the fish belly and the head of the fish without using too much.

3.

Then pour a little cooking wine on the fish, so that the whole fish can be stained.

4.

Prepare a little spring onion, cut it into small spring onions, and set aside.

5,

Then cut a few ginger slices (thin ones are fine), clip them to the knife, each clip is OK, cut a little ginger, put in the fish belly and fish head, and finally sprinkle a little ginger on the fish,It’s almost the same.

After the above steps are completed, put on cling film (without pickling), pierce a few holes, and put them in the oven. The fish can be cooked for 6 minutes on high heat. The fish is tender.

6.

After the fish is steamed, remove it, tear off the plastic wrap, and sprinkle with green onions.

7.

Pour two small tablespoons of raw soy sauce onto the fish.

8.

Take another small bowl and put a little oil into the microwave oven and heat it for 45 seconds on high heat, or heat it in a wok and pour it on the fish.

Third, the nutritional value of scallion, green onion, spicy, slightly warm, has the effect of publishing Tongyang, detoxification and flavoring.

It is mainly used for colds, colds, fever, headache, nasal congestion, cold and abdominal pain, sudden diarrhea, internal resistance of worms, impaired milk, and unfavorable conditions.

Welsh shallot contains volatile oil. The main ingredient in the oil is allicin, and it also contains diene endyl sulfide and calcium oxalate.

In addition, it also contains trace amounts, sugars, carotene, etc., vitamins B, C, nicotinic acid, calcium, magnesium, and iron.

1.

Raw onions, like onions and green onions, contain allyl sulfide.

Allyl sulfide can stimulate the secretion of gastric juice and help increase appetite.

At the same time when ingested with foods with vitamin B1 content, the starch and sugars contained in vitamin B1 will be transformed, which will improve the effect of restoring fatigue.

2.

The green onion leaves contain more vitamin A, vitamin C and calcium than the white onions.

Onion contains a considerable amount of vitamin C, which relaxes small blood vessels and promotes blood circulation. It helps prevent dizziness caused by increased blood pressure, keeps the brain flexible, and prevents dementia.

3.

People who regularly eat shallots, even if they are fat and fat, their plasma does not increase and their physique is strong.

The spring onion is rich in trace element selenium, which reduces the content of nitrite in gastric juice, and has certain effects on preventing gastric cancer and various cancers.

4.

Green onion green has irritating volatile oils and spicy ingredients, which can eliminate the odor caused by greasy thick tastes such as fishy fish, produce special aroma, and have an alternative bactericidal effect, which can stimulate the secretion of digestive juice and promote appetite.

Volatile spicy hormones can also slightly stimulate the secretion of related glands when excreted through sweat glands, respiratory tract, and urinary system, and cause sweating, expectorant, and diuretic effects.
Is one of the traditional Chinese medicine for colds.

Zingiberaceae, Zingiberaceae, also known as “ginger”; rhizomes with yellow-green flowers and pungent scent.
Fresh or dried rhizomes can be used as condiments.

Ginger is one of the medicinal materials for traditional Chinese medicine after being processed.

1 Ginger also has the effect of detoxifying and sterilizing. When we eat aquatic products such as pine eggs or fish and crabs, we usually put some ground ginger and ginger juice.

After gingerol in ginger enters the body, it can produce an antioxidant enzyme, which has a strong ability to deal with oxygen free radicals, and is much stronger than vitamin E.

2 Teenagers eat ginger can be beauty, girls eat ginger can make the complexion look rosy and full of youthful charm!

3Ginger extract can stimulate gastric mucosa, cause reflex excitement of vascular motor centers and sympathetic nerves, promote blood circulation, stimulate gastric function, and achieve the effects of stomach strengthening, analgesia, sweating, and antipyretics.

Ginger’s volatile oil can enhance the secretion of gastric juice and the peristalsis of the intestinal wall, thereby helping digestion.

4 The mixture of gingerene and gingerone isolated from ginger has obvious antiemetic effect.

5Ginger extract has the effects of significantly inhibiting skin wrinkles and killing trichomoniasis, and can treat various edema and sore poisons.

Spring Airlines (601021): Adhering to the strategic strategy, the benefits are continuously optimized

Spring Airlines (601021): Adhering to the strategic strategy, the benefits are continuously optimized

Civil aviation supply-side reforms continue to materialize, and combined with the impact of the 737MAX air crash and the civil aviation development fund halved, the industry boom has risen, driving both performance and valuation to rise.

We conservatively forecast Spring Airlines’ EPS of 2 in 19/20/21.

09/2.

35/2.

53 yuan, corresponding to the current expectation of 20.

0/17.

8/16.

5x PE; The company insists on revenue optimization and cost control, with both growth and price increase expectations. It gives a target price of 48 yuan and maintains a “strong recommendation-A” rating.

The company announced the 2018 annual report, which was slightly higher than expected.

Spring Airlines disclosed the 2018 annual report and effectively realized revenue of 151.

$ 3.4 billion, + 20% per year; net profit attributable to mother 15 was achieved.

03 trillion, + 19% a year; basic EPS is 1.

64 years +0.

06; expected ROE is 11.

3%, at least -3.

6 points.

Expansion of Asian route layout, international ASK growth rate reached 20.

25%.

The 18-year company ASK was 389.

700 million person-kilometers, +16 per year.

66%, of which domestic +14.

85%, international +20.

25%.

Subject to civil aviation supply-side reforms, in 18 years when domestic first- and second-tier airports were newly added, the ASK growth rate improved; benefiting from the expansion of the three main routes in Thailand, Japan, and South Korea, at least +22.

1%, international ASK has grown rapidly.

Revenue optimization policies have been significantly improved, and cost control capabilities have continued to improve.

In 18 years, the company continued to improve its revenue management policy, and its initial passenger-km revenue was zero.

37 yuan, previously + 6%, but load factor decreased by 1.

55 points to 89.

01%, the potential to improve profitability.

As future fiscal reforms continue to advance, there is still room for improvement in domestic seat revenue.

In terms of cost, 18 years have been dragged down by the price of jet fuel and the unit operating cost was zero.

3 yuan, +5 per year.

3%; after deducting the influence of jet fuel, the cost control level is still excellent, and the unit non-oil cost is zero.

201 yuan, -1 a year.

3%, mainly due to the increase of the aircraft’s daily available hours (a total of 2% increase in 18 years, effectively reducing the fixed cost).

In the future, the concentration of base routes will be enhanced, and an international development strategy will be adhered to.

Under the policy of China Civil Aviation’s control scale and structural adjustment, the company is expected to increase the concentration of base routes in 19 years, and new moments in the first and second-tier markets are expected to bring about marginal improvement.The company adheres to the international development strategy. In 19 years, it will continue to strengthen the supply capacity of Japan, South Korea, and Thailand and improve the comprehensive income level. It is expected that the capacity growth of Northeast Asia will exceed that of Southeast Asia.

Catalysts: 1) Affected by the 737 largest air crash, the civil aviation capacity supply and transportation in 19-20 years, it is expected that the difference between supply and demand growth in the second half of 19 will increase to 3%.

At present, the company does not have a 737MAX budget, and its capacity is reduced. However, through the arrival of the peak season, civil aviation alternatives are sought, and the company will benefit from increased revenue.

2) The plan for halving the levy of the Civil Aviation Development Fund was passed, and the company’s pre-tax profit is expected to increase by 1%.

400 million yuan.

Risk warning: sharp rise in oil prices, sharp depreciation of the 重庆耍耍网 RMB, etc.

Livzon Group (000513) Annual Report 2018 Review: Improved Revenue Structure and R & D Layout Accelerate

Livzon Group (000513) Annual Report 2018 Review: Improved Revenue Structure and R & D Layout Accelerate

The performance growth was stable, basically in line with expectations of the company’s operating income in 201888.

6.1 billion (+3.

86%), net profit attributable to mother 10.

8.2 billion (-75.

56%), mainly due to the increase in the company’s equity transfer in Zhuhai Weixing Industrial in 2017 to return the net profit of the mother 32.

8.4 billion, net profit attributable to mothers after eliminating non-recurring gains and losses.

4.7 billion (+15.

51%), and performance was basically in line with expectations.

In 2018, the company achieved a net operating cash flow of 12.

6.8 billion, with good financial condition.

  Innovative products maintained high growth, and the revenue structure improved rapidly.

6.1 billion (+40.

34%), ilaprazole 5.

8.8 billion (+37.

35%) and rabeprazole 2.

2.7 billion (+40.

53%) and other major varieties maintained high growth, the company’s revenue share increased rapidly, and the revenue ratio of the three products reached 17.

79%.

Shenqi Fuzheng injection 10.

02 billion (-36.

31%), rat nerve growth factor 4.

4.4 billion (-14.

(09%), due to the appropriate clinical use, bidding price reduction and other factors, the proportion of the company’s operating income rapidly decreased, two pressure products accounted for the company’s operating income in 2018 of 16

32%, is expected to continue to drop to 11 in 2019.

About 5%.

High-end products in the field of assisted reproduction and digestive tract have become the main force to promote the growth of the company’s performance, 厦门夜网 and pressure-bearing products have alleviated the drag on performance.

  The R & D investment continued to be high, and the layout of products under development accelerated the company’s R & D investment in 20186.

8.7 billion (+19.

42%), accounting for 7 of operating income.

76%, an increase of 1 over the previous year.

01pp.

Considering that the company’s microspheres, monoclonal antibodies, and precision medical multiple R & D platforms are carried out simultaneously, we expect that the R & D intensity in 2019 will further increase.

At present, recombinant human chorionic gonadotropin, leuprolide microspheres (3 months sustained release) have been declared for production, Her2 monoclonal antibody has completed Phase 1 clinical trials, and PD-1 monoclonal antibody has entered the final phase of Phase 1 clinical trials 杭州养生会所 in China and the United States, And started clinical trials of combined chemotherapy in China. The CAR-T project has completed the establishment of a technology platform and has completed the development of multiple targets.

Lizhu Gene’s non-invasive and accurate inspection product “Li Fei Qing” lung nodules benign and malignant identification test was officially released.

  Risk warning: Shenqi Fuzheng, risk of bidding for rat nerve growth factor price reduction; the progress of research and development of innovative products is less than expected; the market promotion of products is less than expected.

  Investment suggestion: target price 41.

0?

45.
1 yuan, maintain “Buy” rating.
  The company’s EPS for 2019-2021 is expected to be 1.

74/2.

05/2.

36 yuan, the current sustainable corresponding PE is 20.

7/17.

6/15.

2 times.

The company’s innovative products maintain high growth, the product revenue structure is rapidly improving, the R & D continues to be high, the precision medicine layout is perfect, the transition period has sufficient capital reserves, and there is an outbound M & A expectation. A reasonable estimate of 20-22x is given in 2020, corresponding to a target price of 41.

0?45.

1 yuan, maintain “Buy” rating.

Wuliangye (000858): Both volume and price increase, high quality, second-time entrepreneurial improvement, and continuous cashing

Wuliangye (000858): Both volume and price increase, high quality, second-time entrepreneurial improvement, and continuous cashing

The event company released the third quarter report of 2019. The company achieved operating income of 371 from January to September.

20,000 yuan, an increase of 26 in ten years.

8%, net profit attributable to mother is 125.

430,000 yuan, an increase of 32 in ten years.

1%, net profit after deduction is 126.

0.6 million yuan, an increase of 33 in ten years.

5%.

One single Q3 realized operating income of 99.

51 ppm, an increase of 27 in ten years.

1%, net profit of return to mother 32.

08 million yuan, an increase of 34 in ten years.

6%, net profit after deduction is 32.

120,000 yuan, an increase of 36 in ten years.

2%.

Q3 profit growth accelerated slightly.

A brief comment on the steady growth of income, the high increase in pre-collection, and the medium- and long-term trend are good.

(1) Volume and price go up.

The company achieved revenue of 371 from January to September.

20,000 yuan, an increase of 26 in ten years.

8%, the first three quarters maintained stable and high growth (Q1 / Q2 / Q3 increased by 26 respectively.

6% / 27.

1% / 27.

1%), the core products Pu five continued to increase volume and price trend, which is expected to contribute about 13% of the ton price (the eighth-generation ex-factory price of 889 relative to the seventh-generation 789 increase), sales growth contribution is estimated to be close to 20%.

By the end of the third quarter, the company is expected to complete the scheduled repayment task. The shipment of the seventh-generation Wuliangye is about 95%, and the shipment of the eighth-generation is more than 80%.

Channel analysis feedback, the current inventory is generally not high, significantly higher than the same period last year, the seventh generation approval price is about 950 yuan, the eighth generation is about 920-930 yuan, dealers achieve price sales, channel profit is significantly better than last year, confidence has been significantly improved, Benign sales.

(2) High advances.

Advance payment 68 at the end of September.

650,000 yuan, an increase of 15 from the end of June.

11 trillion, an increase of 34 over the same period last year.

2.4 billion.

The total revenue + advance receipts mobile total increased from January to September 34.

1% (Q1 / Q2 / Q3 increase by 4 respectively.

7% / 46.

8% / 95.

9%).

The rapid growth of advance receipts is estimated to have smoothed out a large number of reformed channels since this year. The general price and terminal transaction prices have risen rapidly, channel profits have increased, confidence has increased significantly, product sales have entered a virtuous cycle, and dealers have completed a gradual returnTask.

High advance receipts ensure that the company’s cistern is relatively full, ensuring overall steady growth.

(3) The trend of the general five products is improving.Multi-channel surveys show that the current P5 product channel profit is 30 yuan per bottle?
Above 40 yuan, the solution to the problem of inversion is a significant improvement over the same period last year.

We believe that the company’s new products have been successfully switched. In the future, under the background of steady growth in demand for high-end liquor, the company’s general sales volume will maintain 10% growth. The company’s potential is expected to continue to be released. Other products such as series of wines will be adjusted through organizational structure, streamlined products and channelsAfter the adjustment period, the net profit margin of the expected incremental contribution continues to increase steadily, resulting in a decrease in tax proportion + decrease in management expenses.

The company’s gross profit margin increased gradually from January to September.

3pct to 73.

8% (Q1 / Q2 / Q3 change +2 respectively.

6pct / -2.

0pct / -1.

4pct). The decrease in gross profit margin in the single quarter is expected to be mainly due to the increase in the proportion of non-alcohol industry and the increase in front-line labor costs.

The proportion of sales tax to income decreased significantly, from January to September, it was 13.
.

9% a year -1.

2pct, where Q3 exceeds -4.

1pct, is expected to be affected by changes in tax rates.

The sales expense ratio gradually increased to zero in the first three quarters.

4 points to 10.

9%, of which single Q3 increased by 2.

2pct is more obvious, it is estimated that it is caused by the increase of expenses; the management expense ratio has decreased by 0 in the first three quarters.

9 points to 5.

0%, single Q3 continues to fall rapidly by 1.

5pct, it is estimated that it is mainly sales volume, and the rate will decrease passively after income 南京夜网 increases.

During the first three quarters of the period, the rate of increase decreased by 0.

6pct (Q2 rate dropped significantly), of which single Q3 increased slightly by 0.

7 points.

The single Q3 net profit margin was driven by the strong decline in the tax rate, offsetting the decline in gross profit margin and the slight upward movement of the expense ratio during the period, achieving 1.

8 points to 32.

2%, faster than the first half (Q1 / Q2 increased by 1.

0/1.

5pct).

Cash flow performance was strong, and sales closed up.

The company achieved net operating cash flow of 161 in the first three quarters.

91 trillion, of which inflow item 436.

50,000 yuan, an increase of 58 in ten years.

6%, exceeding item 274.

10,000 yuan, an increase of 16 in ten years.

1%.

The strong growth of inflows was mainly due to the rapid growth in sales receipts (an increase of 60 between January and September).

1% to 423.

200000000).

The goal of long-term growth is unhindered, the channel has low inventory, and the sales are healthy.
Since 2017, the company has started “second venture” to carry out all-round reform of products, brands, channels, and organizations. The reform has accelerated this year.

At present, the reform has achieved good results, which are as follows: (1) the trend of rising volume and price of core products has been formed, and the batch price has stabilized at more than 900 yuan in the case of 5,000 tons in Q3, and channel profits have increased significantly;The fulcrum products have been further enriched, and the product system framework has been formed.
Against the background of steady growth in demand for high-end liquors, the company’s core products and series of liquor sectors have promoted steady growth in performance and are highly certain.

Earnings Forecast and Investment Suggestions Increase Earnings Forecast
The revenue in 2021 will be 505.

7,601.

3, 686.

70,000 yuan, an increase of 26 in ten years.

3%, 18.

9%, 14.

2%; net profit is 179.

1, 2116.

3, 247.

90,000 yuan, an increase of 33 in ten years.

8%, 20.

8%, 14.

6%; corresponding EPS is 4.

61, 5.

57,6.

39 yuan.

The company’s latest bid is 130.

95 yuan, corresponding to 2019?
2021 dynamic PE is 28.

4, 23.

5, 20.

5 times.

The target price is 166 yuan, corresponding to about 29 in 2020 dynamic PE.

8 times.

Risk reminder: The price of high-end wine gradually fluctuates, and the reform progress is less than expected.

Hang Seng Electronics (600570): Q4 deducted non-attribution net profit exceeds expected profit end elasticity began to emerge

Hang Seng Electronics (600570): Q4 deducted non-attribution net profit exceeds expected profit end elasticity began to emerge

Event: The announcement said that in 2019, it is expected that the net profit attributable to mothers will be about 129074 to 13.23237 million yuan, an annual increase of about 100% to 108%; it is expected that the non-net profit attributable to mothers will be about 77361 to 81486 million yuan, an increase of about 50% to 58%.

Key points of investment Following the acceleration of the income quarter in Q3, the profit side also began to perform. In Q4, the net profit after deducting non-attribution to mothers exceeded expectations.

The company expects that the impact of long-term non-recurring gains and losses 武汉夜生活网 on the company’s net profit will be approximately 51,713 to 52,751,000,000 yuan, which is mainly due to the implementation of the new financial instrument accounting standards implemented by the report, the increase in fair value gains from financial assets held by the company, and the disposal of transactionsThe gains from sexual financial assets increased.

According to the notice, the company’s net profit attributable to its parent in the fourth quarter of 20194.

87-5.

3.8 billion, an annual increase of 71-89%; net profit after deducting non-attribution4.

57-4.

98 ppm, a year-on-year increase of 61-76%, Q4 net profit attributable to mothers and net profit attributable to non-mothers compared to Q3 (1.

25, 0.

6 billion), the second quarter (2.

81, 2.

2 billion), the first quarter (3.

98, 0.

3.6 billion) The average growth was obvious, the highest in the year.

The official company released three quarterly reports, and Q3 single-quarter revenue has begun to accelerate. We believe that it is reflected by the rebound of the capital market, the establishment of science and technology board, the implementation of new asset management regulations, and the establishment of affluent brokerages.

This time, the profit side began to accelerate and exceed expectations. We believe that the company’s Q4 revenue side growth is still expected to accelerate, and the positive impact of the income side and profit side brought by the policy side is expected to continue into 2020.

Innovative business continues to make breakthroughs, and future space is expected.

In the Internet business, the current subsidiaries with a high percentage of revenue are Juyuan, Whale Teng and Hengyun. Among them, Juyuan has developed steadily and Hengyun has grown rapidly.

Whale Teng is still in the strategic budget period, but it has been narrowed. In the first half of 2019, the GTN platform developed rapidly, with more than 2,000 open platform registration institutions, OPENAPI service connection institutions continued to increase, and revenue increased significantly; Xiaowhale Intelligent KYC continuedObtained market recognition and signed a contract with the United Nations financial institution; the scale of small business plus marketing services has grown rapidly, and it has become the exclusive technology platform of “Shareholders Come” jointly organized by CCTV & SME Investment Services in 2019.

Comprehensively promote the upgrading of online technology architecture and build a strategy of large, medium and large platforms.

The company’s products comprehensively promote the online transition of the technical architecture, fully embrace the Internet’s diversified architecture to meet the needs of business development of financial institutions, and form a large and medium-sized strategy centered on technology, data, and business.Several platform-based products and their architecture upgrade targets were identified.

In the future, the company will increase the construction of China-Taiwan product lines and accelerate the development and launch of core products.

Investment suggestion: It is expected that the company’s net profit for 2019-2021 will be 13 respectively.

11/14.

36/17.

77 ppm, corresponding to PE is 54/49/40 times, maintain “Buy” rating.

Risk Warning: Tightening financial supervision policies.