SpongeBob will make a prequel of CG animation, talk about catching jellyfish in the SpongeBob summer camp

“SpongeBob” will make a prequel of CG animation, talk about catching jellyfish in the SpongeBob summer camp
Sauna Night News February 19, Nickelodeon International Children’s Channel announced that “SpongeBob” will shoot a pre-drive drama, called “Kamp Coral: SpongeBob’s Years”, which will be broadcast in the season of 2020-21roll out.The Air Force has reported that there are 13 episodes in the play, and the protagonist is the 10-year-old SpongeBob, who called him to participate in the summer camp “Coral Camp” and went to catch jellyfish with friends, but it caused various disasters, but it also triggered a story of thinking.Unlike the traditional 2D animation form of the series, this one will be CG animation.Black people in SpongeBob are very popular with the audience.The picture comes from the Internet last year. Brian Robbins, the president of Nickelodeon International Children’s Channel, discovered that he would create the “SpongeBob” universe. The derivative scripts developed include the main character’s own story, some origin stories and so on.”SpongeBob” (SpongeBob) is a film directed by Sherman Cohen, Water Duch, Sam Henderson, Paul Tibitt, Tom Kenny, Bill Fagerback, Roger.The American comedy animation with Bubbas and other voices was broadcast on Nickelodeon on July 17, 1999.Sauna Night Net Editor Tong Na

There are too many behind-the-scenes stories about Jordan ‘s first retirement after 528 days of separation

There are too many behind-the-scenes stories about Jordan ‘s first retirement after 528 days of separation
Jordan said that his father was like his friend.Figure / Visual China In the history of the NBA, no player has a career as magnificent as Jordan, and no one can compare to the ups and downs of Jordan ‘s three retirements.About the desirelessness when he retired for the second time in early 1999 and the final farewell when he retired for the third time in 2003, Jordan’s first retirement in 1993 was the biggest news of the year.There have been too many behind-the-scenes stories, and no one knows the details.On May 11th, Beijing time, in the latest episode of Jordan’s “Last Dance”, it is not just Jordan himself, Bull boss Reinsdorf, Phil Jackson, Jordan’s mother, brother, agent, privateAssistants and other relatives and friends also appeared one after another, recalling many important events before and after Jordan’s retirement, and for the first time fully revealed the reason for the “earthquake-level” retirement, Jordan’s retirement life and psychological changes to return to the arena.He decided to leave his father and was shot accidentally, accelerating Jordan’s first retirement. On June 20, 1993, Jordan led the Chicago Bulls to defeat the Phoenix Suns 4-2 to achieve an amazing three consecutive championships.Jordan recalled in the documentary that he and his father were sitting in the gym chatting at the time, “In my mind, I knew that it might be my last game. No one except the father could really understand my feelings.”Originally, Jordan said that the idea of” retiring “came into mind early, and his father’s unexpected death more than a month later indirectly accelerated his retirement plan.On July 23, 1993, James Jordan originally planned to participate in the charity event held by his son, but neither Jordan ‘s assistant, his mother, nor himself could always contact James Jordan. “Sometimes my father will drive to Wilmington to seeOld friend, by the way, I stayed for a few days and then drove back. When my mother could not contact him, we also started to worry.”In the following three weeks, James Jordan ‘s car was first found in a forest in North Carolina. The car was looted. Until August 13, 1993, the police found James Jordan ‘s in a stream.Corpse.After investigation, James Jordan parked the car on the side of the road while crossing at night. He was woken up by an 18-year-old man while dozing and there was a shot in the top.After attending his father ‘s memorial service, and encouraged by his mother, Jordan tried to walk out of the shadow of his father ‘s death. “He always inspires and challenges me. This is my father, just like a friend.”My father kept telling me to accept the negative side of things and turn it into a positive motivation.”However, Jordan found that without his father, he no longer has the motivation to play basketball.So, he found the Bulls boss and head coach Phil Jackson, “I gradually took responsibility for the Chicago Bulls and teammates. I almost retired. I have no desire and motivation to challenge. I don’t want to play again.”” Jordan subsequently put his retirement plan on the agenda. On October 5, 1993, in a MLB game against the Toronto Blue Jays in the Chicago White Sox, Jordan kicked off the game, and the news of his upcoming retirement soon spread.The next day, accompanied by the team owner, general manager, head coach and then NBA President David Stern, Jordan personally announced his retirement at the press conference.”I am a very optimistic person. I can inherit the most optimistic view, that is, my deceased father saw my last basketball game, which means a lot.The term retired means that from today on, I can do whatever I want, so if I want to come back to play, I can come back.I won’t close the basketball door.”Jordan said.When Jordan retired for the first time, it was at the peak of his career.Figure / Visual China’s retired life denies the absurd conspiracy theory, and it is logical that Dream Baseball, as the first person in the league to lead the team to three consecutive championships, why did Jordan choose to leave?In addition to being influenced by the death of his father, the outside world has been trying to find a reasonable explanation, so conspiracy theories have been produced from all angles.As early as the death of Jordan ‘s father, there was media speculation that James Jordan ‘s death was related to some of Jordan ‘s own behavior, such as the scoring controversy, Jordan was angry, “How can they deliberately spread salt on my wound.”After standby Jordan announced his retirement, similar conspiracy theories emerged in an endless stream, and some media even claimed that the then NBA president David Stern secretly suspended Jordan.”It is rumored that I sent Jordan away because he was sent to sex.Absurd, there is no basis at all.I can shoot the table and say that this is defamation and a lie that defames me.Because everything is fake.In the documentary, the deceased Stern clearly denied this, and Jordan himself also pointed out, “The reason why I retired was not because the league kicked me out, or I was suspended for a year and a half.I need to take a break. My father just died, so I retired.”As for Jordan’s switch to professional baseball, it is essentially that he wants to do what he wants to do, to fulfill his childhood baseball dream, and to accompany his father’s will.Jordan revealed that before the death of his father, the two had an intimate personality, “I should do this with him, should I play baseball, I said I was considering retiring and want to play baseball.”He said, do it.”Jordan’s ideas are strongly supported by the Bulls boss Reinsdorf and he is also the holder of the MLB team’s Chicago White Sox.On February 7, 1994, after more than two months of baseball training, Jordan naturally joined the Baron Birmingham, a Chicago White Sox subordinate team, and once again became a rookie in the professional league.”Even if you are the greatest player in basketball history, it does not necessarily mean that you can succeed in the baseball field.”In the face of general doubts from the outside world, Jordan worked hard to build a baseball figure off the court. He also performed well in minor league games. On behalf of the Birmingham Baron’s first season, he had sent 13 hits in the opening game.50 home runs were hit with a hit rate of over 20%.Back on the road to issue a statement I’M BACK, to open the second three consecutive championships, has been rumored that the reason why Jordan returned to the NBA because of a baseball career frustration.The many details of the documentary “Last Dance” show that Jordan’s return also has a lot of hidden feelings. It is not as simple as the unsuccessful baseball career.The manager of the Baron Birmingham team said that Jordan’s strike rate is not even achieved by many excellent thugs.Bulls boss Reinsdorf also said that if Jordan continues to play baseball, there is a great chance of entering the major leagues.In early 1995, due to the lockout of the MLB league, the Chicago Bulls struggled very well during the season, which eventually led to the return of Jordan.At the beginning of 1995, the MLB strike crisis has not been lifted, and the league caused the wrong decision to try to start the new season with substitute players.During the national spring training camp, the MLB League hoped that Jordan would play on behalf of the major leagues. A few stated that they would not participate in the competition during the strike and immediately left the training camp.Since then, Jordan never appeared on the baseball field, but joined the internal training of the Chicago Bulls.As Jordan and the Bulls have trained more and more, the date of the return of Jordan, which is widespread outside, is approaching.On March 10, 1995, Pippen shouted in the broadcast of the game, publicly revealing the return of Jordan, and a week later, everyone got his wish.According to Jordan’s agent Falke, he wrote three or four press releases to Jordan to announce his comeback. Jordan was not satisfied and did not express Jordan’s true thoughts.In the end, Jordan himself wrote some replacement statements. On March 18, 1995, Jordan’s “I’M BACK” dominated all the headlines.From October 6, 1993 to March 18, 1995, from the official retirement to the announcement of his return, Jordan experienced a total of 528 days.On June 20, 1993, three consecutive championships were achieved, and on March 19, 1995, the Bulls were re-dressed to play. Everyone waited 637 days for Jordan.”I’m nervous because I haven’t participated in professional competitions for a long time.”No longer accompanied by his father, Jordan’s eyes were full of tears before the game. He replaced the number 23, which represented countless honors, with the number 45, which was the number when he played for the first time in high school.In the first game, the Bulls finally lost to the Pacers in Indiana. Jordan only made 7 of 28 shots and scored 19 points.Jordan, who returned to the NBA, is unfamiliar with everything, but his pursuit of honor and championship has not changed. In the next three years, Jordan once again led the team to achieve three consecutive championships, creating a bull dynasty.Attachment: Michael Jordan ‘s first retirement schedule. June 20, 1993. Jordan beat the Suns to achieve his first three consecutive championships. July 23, 1993. Jordan ‘s father, James Jordan, lost. August 13, 1993. James JordanConfirmed that on August 21, 1993, Jordan said that he would not consider continuing to play basketball. On October 5, 1993, Jordan kicked off the MLB game. Retirement news came out. On October 6, 1993, the Bulls announced a press conference and announced that Jordan will retire. 1994 2On July 7, Jordan joined the Chicago White Sox subordinate team Birmingham Baron. In March 1995, Jordan began to participate in the training of the Bulls. On March 10, 1995, Pippen shouted on TV and invited Jordan to return to March 18, 1995. Jordan issued a statement.Announced his return to the Pacers on March 19, 1995, Jordan staged his first comeback sauna, Ye Wang Xu Bangyin editor Han Shuangming proofread Liu Jun

Demand for custom furniture is delayed, Shangpin home furnishing expects net profit in the first quarter

Demand for custom furniture is delayed, Shangpin home furnishing expects net profit in the first quarter
On April 9, Shangpin Zhaipin released the first quarter of 2020 performance forecast, showing that from January 1st to March 31st, Shangpin Zhaipin is expected to complete its performance, and the net profit attributable to shareholders of listed companies may be.5.5 billion-1.600 million yuan, and the same period last year is expected to 2257.200,000 yuan.For performance reasons, Shangpin Zhaihai said that the company’s main business income is connected by the season. The first quarter belongs to the off-season of furniture sales. The operating income accounts for the proportion of revenue revenue.Waiting for a large proportion of sales expenses, the average expenditure in each quarter.At the same time, affected by the epidemic, the time for resumption of work was delayed, and users also delayed the consumer demand for customized furniture.At the same time, in order to help franchisees overcome difficulties, the company has also given franchisees and stores across the country a certain supplement, including epidemic prevention subsidies, reduction of O2O platform drainage service fees and corresponding technical support.During the epidemic situation, Shangpin Home Furnishing launched the development strategy of “new model + technology infrastructure”, innovated the “online store” business, and moved multiple transfers online.At the same time, it made an effort to broadcast live online, creating a new home network MCN agency, automatically incubating and signing up IP home masters.According to the introduction of Shangpin Home Furnishing, in March 2020, through innovative online marketing, the number of scale opportunities obtained from online was about 50% higher than the highest expectation in a single month last year.Sauna, Ye Wang Zhang Jie editor Li Yangxiao dealt with Chun Leng

Guizhou Moutai (600519) Review of operating data in the first half of 2019: The first half of the performance is in line with expectations and waits for direct sales volume

Guizhou Moutai (600519) Review of operating data in the first half of 2019: The first half of the performance is in line with expectations and waits for direct sales volume
Event: On July 12, Japan’s Guizhou Moutai released operating data for the first half of the year. In the first half of 19, the company completed the production of Moutai liquor-based wine.4 prototypes, series wine-based wine production1.1 initial stage; realized total operating income of 412 trillion, a year-on-year growth of 16.9%, net profit attributable to shareholders of listed companies was 19.9 billion yuan, an increase of 26 in the future.2%. Although the growth rate of opinion performance was lower than expected, it met the expected indicators.The growth rate forecast for the first half of 19 years, total operating income and net profit growth will increase by 11 in the second 西安耍耍网 quarter.1%, 19.6%.We think the main reasons for the lower-than-expected performance are: 1) from the perspective of the dealer, the company has cancelled over 800 dealers in total, and the corresponding over 6,000 tons quota has not yet been released through the direct sales channel, thus reducing the overall growth rate of the dealer; 2From the point of view of direct sales, the current direct sales channels are almost clearly heavy, and only the addition of high value-added products such as vintage wines and boutique wines has been added. Since boutique wines are new revenues, and old-style wines have better growth rates,Therefore, non-standard volume may be a source of profit elasticity in 19Q2. It is expected that direct sales in Q4 of 19 will begin to increase volume.In terms of channels, dealers have received 7 or 8 months at the end of June, and high value-added products such as zodiac wine have been shipped normally. It is estimated that the second quarter of 19 shipments will be about 7,000 tons, an increase of about 9.4%, but some dealers have stockpile and wait for the peak season overlap. At the end of 6 months, the use of the national wine Moutai trademark ownership market feedback is still out of stock and the price continues to rise. Gradually increasing the volume of direct sales channels in the second half of the year is expected to increase the average price, and the 19-year performance will maintain rapid growth.We believe that the company’s 19-year performance is committed to maintaining rapid growth: 1) Company 1.7 Agents and distributors are fixed, while the rest are delivered through direct sales channels in the second half of the year. At the same time, the company’s increase in the proportion of non-standard wine will help increase the overall average price. As the performance base of 18Q3 decreases, the decrease in Q2 performance will bring more to Q3Flexibility; 2) For the series of wines, the company plans to achieve 100 ppm of sales revenue with the same sales volume; 3) The dealers have completed the payment of the total dealers at the end of March, and the vintage wines and fine wines are also in JuneThe batch payment will be reached (some large business transactions are returned). Considering sufficient advance payment and excellent liquidity, it is expected that the company’s performance will continue to maintain a high growth rate. We maintain the company’s “overweight” rating. We expect the company’s operating income for 2019-2021 to be 895 respectively.30, 1038.60, 1196.49 trillion; net profit attributable to shareholders of the parent company was 430.64, 504.30, 587.4.8 billion.We believe that due to the gradual increase in the proportion of the company’s direct sales channels, the continuous increase in brand power, the company’s performance will increase, and the company’s 32-34 times PE is reasonable, and the corresponding reasonableness is 1096.96-1199.8 yuan. Risk reminders: macroeconomic downside risks, food safety risks, and high-end wine prosperity decline.

Note of Yinlun shares (002126): Thermal management orders continue to increase, which is expected to benefit from being able to meet the emission standards of China VI

Note of Yinlun shares (002126): Thermal management orders continue to increase, which is expected to benefit from being able to meet the emission standards of China VI
Key points of investment: The company releases the 2019 results flash report The company releases the 2019 performance flash report, with total operating income of 53.700 million, an annual increase of 6.99%, net profit attributable to mother is 3.200 million, down 8 every year.29%. Ping An’s point of view: The fourth quarter improved compared with the previous month, and the pace of internationalization was stable: In 2019, the company achieved operating income of 53.700 million yuan, an increase of 6 over the same period in 2018.99%, net profit attributable to shareholders of listed companies.2 ppm, a decrease of 8 from the same period in 2018.29%. Among them, the fourth quarter revenue increased by 25% each year, an increase of 30% from the third quarter, which is larger than the same period last year.China’s auto output in 2019 is 2572.10,000 vehicles, down 7 every year.5%, the company ‘s revenue is better than the industry. The expansion is due to the expansion of new domestic customers, the development of new projects, the progressive internationalization strategy, the active expansion of the international market, and the increase of market share.Reasons for the decline in profits include rising labor costs, increased tariffs on exports to the US, and changes in customer and product mix. Newly obtained multiple thermal management orders and entered Japanese brands: The company obtained authorization for Dongfeng Nissan’s oil cooler project. The products of this project are expected to begin supply in July 2020. The internal life cycle is expected to invest 23.69 million yuan. This isThe company’s thermal management products entered the Japanese brand passenger car supporting system for the first time, which is of great significance.In January 2020, Zhejiang Yinzhili Automobile Heat Exchange System Co., Ltd., a wholly-owned subsidiary, obtained the authorization of Geely’s PMA-2 platform (SMART model) heat pump air-conditioning project. The project’s products are expected to begin bulk supply in 2022.Expected within 6.9.5 billion. In addition, it has obtained the authorization for the water-air cooler project of SAIC-GM passenger cars. The batch delivery is expected to start in October 2023. The life cycle is 6 years and it is expected to be about 2.0.5 billion. National VI emissions are expected to drive growth in tail gas treatment business: Domestic passenger cars began to implement National VI standards in some regions in July 2019, and heavy-duty diesel vehicles will all be converted to National VI emissions standards in July 2021. The company has EGR and SCR system productsIt is expected to further 杭州桑拿网 benefit from the National Six Standards. Investment suggestion: The company is a leader in the field of thermal management. Based on a wide range of customers in passenger cars and commercial vehicles, battery thermal management, electrical motor-controlled thermal management, and air-conditioning thermal management have been steadily supplied, and they have technical advantages in the field of exhaust gas treatment.At the same time, the company is actively making arrangements to open up multiple overseas markets.As the automotive industry is still in a downtrend, we adjust our profit forecast and expect that EPS for 2019-2021 will be 0.40, 0.50, 0.60 yuan (expected 2019-2021 performance forecast is 0.50, 0.59, 0.72 yuan), corresponding to 28.2, 22.7 and 19.0 times PE, maintaining the “recommended” level. Risk reminders: 1) The continued decline of the macro economy will lead to sluggish automobile consumption and it is difficult to guarantee company orders; 2) The epidemic situation is difficult to control globally, which will cause automobile sales to decrease, which will affect company orders and increase financial risks; 3) New energyCar sales were less than expected, which will cause damage to the company’s new energy related business.

Shuangchuang Electronics (600990): The results of the first quarter report are in line with expectations and are optimistic about the company’s platform value

Shuangchuang Electronics (600990): The results of the first quarter report are in line with expectations and are optimistic about the company’s platform value

Investment Highlights Event: On April 26, Shuangchuang Electronic released the first quarter report of 2019 and achieved operating income2.

99 ppm, a ten-year increase2.

12%; net profit attributable to mother-5775.

900,000 yuan, one year to reduce losses.


Revenue increased slightly and profits improved slightly. The quarterly report was in line with market expectations.

Reported company revenue grows 2 per year.

12%, net profit attributable to mothers is reduced by 1 per year.

98%, the first quarter performance improved, in line with market expectations.

During the reporting year, the company continued to increase its R & D investment, with R & D expenses increasing by 34 each year.

17%, mainly due to the increase in scientific research and promotion of the food security industry by the subsidiary Bowei Changan; the advance payment further increased by 41.

41%, mainly due to the increase in the payment of goods and services paid by the prepayment method for the launch of the report on the safety electronic sector project.

Monetary funds decreased by 59.

30%, mainly due to the report expected to pay material purchases, redeem bills and repay short-term debt.

The increase in prepayments and the decline in monetary funds indicate that the company’s existing production tasks are redundant, and its performance is gradually increased and released.

The radar pedigree is complete and technology is leading. It is expected to share the dividends released by the radar market demand.

The company has been cultivating in the field of weather radar for many years, and has more technical foundations. Its products have expanded its leading position in the Meteorological Bureau and the military market, occupying more market share, and will fully benefit from the release of demand for future radar market.

In terms of weather radar, the company is one of the supplier units of the Meteorological Bureau, which has a high city share.

In terms of air traffic control radar: The company’s military air traffic control radar currently leads the domestic technology and market, and has made breakthroughs in the air force and navy markets at the same time, becoming the main supplier of domestic military aviation radar.

With the resumption of civil aviation management bidding, the strategy of domestic substitution, and the promotion of the construction of the military aviation management system by the Air Force, the company’s business scale will increase, and it is expected to share the localization bonus of the air traffic control radar market in the future.

In terms of warning radar business, the main customer is the military. Benefiting from the gradual improvement of the national radar warning system, the business is expected to maintain steady growth in the next three years.

Bowei Changan is the only listed platform with high quality external assets and continues to be optimistic about the company’s platform value.

The company’s controlling shareholder, China Electric Science and Technology 38, uses a first-class military and civilian radar advanced production base and has a strong comprehensive strength in electronic information technology and system engineering.

The actual controller of the company, China Electronics Technology Group, currently has an asset securitization rate of about 25%, compared with other military industrial groups, it still insists on improving the space.

In November 2017, the company announced that China Electronics Technology Co., Ltd. plans to form CEE Bowei on the basis of 8, 16, 38, and 43 companies. All existing shares of the 38 listed company Sitron Electronics will be transferred to China for free.Denbo holds.

Recently, the appointment and removal of personnel of the CLP Bowei Group was completed, and the internal resource integration of the subgroup was accelerated. The company, as the only listed company affiliated to the subgroup, had a prominent platform value, or would continue to benefit.

We believe that through the release of Guorui Technology’s asset reorganization plan, the company’s further capital operation plan is worth looking forward to.

Profit forecast and investment advice: We predict that the company’s realized revenue for 2019-2021 will be 60.



54 ppm, an increase of 15 in ten years.

29% / 16.

54% / 17.

10%; realize net profit attributable to mother 2.



77 ppm, a five-year increase of 5.

00% / 18.16% / 18.

23%, corresponding to 19-21 EPS are 1 respectively.



37 yuan.

The company’s main business is developing well. We are optimistic about the company’s fundamental improvement and platform value, and maintain a “Buy” rating.

Risk Warning: The bidding of military radar is less than expected; market competition risk; policy risk

China High Speed Rail (000008) Review of Major Events: Winning the bid for the Sanyo Railway Project continues to be optimistic about the company’s strategic transformation, rail transit, and overall operation and maintenance

China High Speed Rail (000008) Review of Major Events: Winning the bid for the Sanyo Railway Project continues to be optimistic about the company’s strategic transformation, rail transit, and overall operation and maintenance
The Shenzhou High-speed Railway issued an announcement that the company consortium received a notice of winning the general contract for the construction of the Sanyo 上海夜网论坛 Railway Project. The total amount of project tenders was about 9 billion, of which the equipment part was about 18.4 billion. Comment: Sanyo Railway is a large freight transportation channel with strong profitability. The company announced that it will obtain the operation and maintenance and operating income of the project through shares, and participate in the project equipment bidding.The Sanyo Railway Project is a national trunk network planned to access the blank east-west horizontal freight corridor in the Central Plains. It is connected to the Menghua Railway and has an annual transportation demand of 1.6 billion tons, is comparable to the Shuohuang Railway and other high-profit large freight railways with strong profitability.The project stipulated that the advance payment should not be less than 30% of the purchase price of the equipment, providing stable cash flow for the company.The Sanyo Railway Project is calculated according to the three-year construction period and the thirty-year operation period. After the investment is completed, the company is expected to receive three parts of revenue: (1) 4.2 billion equipment and service orders for the three-year construction period (600 million in the first year and 16 in the second year).500 million, the third year 18.5 billion), including traditional and intelligent equipment sales, smart management maintenance and maintenance monitoring and dispatching platform construction, BIM simulation system, consulting services, engineering services and engineering equipment leasing, teaching and training, locomotive and vehicle leasing, etc .; (2) Operation and maintenance, estimatedContract for three-year construction budget13.300 million, the annual contract value after operation in 2023 does not exceed 1.8 billion; (3) transportation revenue, the annual transportation revenue is expected to reach 50-65 trillion, and the annual transportation revenue is expected to be 0 from 2023-2027.700 million, an average of 1 after 2028.7.5 billion. The strategic transformation of China’s high-speed railway has led to the continuous implementation of O & M projects.The projects that have been completed include Taizhou Line S1, Hangzhou-Shaozhou-Taiwan High Speed Rail, Tangshan Port Freight Line, Tianjin Metro Line 7, and are participating in bidding for Tianjin Metro Line 2 and Line 3 projects.The company is a system equipment company in the entire industry chain. Each of the interchange teams of Rail Transit has rich management experience. Changing the operation and maintenance services from equipment providers is a natural extension of the business model.After the rail transit, the market space is broad, and the 100 billion-level market is poised for development.With the formation and development of the domestic rail transit network, the current rail transit industry has gradually entered the stage of equal emphasis on construction, operation and maintenance.The urban rail industry has been approved to accelerate since the new regulations No. 52 last year. It is expected that the newly added subway mileage will exceed 1,000 kilometers per year, and the future potential of light rail and other multi-standard rail transit is huge.Based on the currently implemented operations, railways and urban rails under construction and planning, it is estimated that by 2023, the operating mileage of urban rails is expected to reach 16,265 kilometers, a compound annual growth rate of 2019-2023.9%.According to industry experience, rail transit operation and maintenance expenditure generally accounts for 2% of total investment?3% to median of 2.5% calculation, considering the replacement cost of an average cost of 10 trillion per kilometer, the urban rail operation and maintenance market size is expected to reach 4066 trillion by 2023.And most cities, especially third- and fourth-tier cities, have no experience in building and operating urban rails, and professional teams are urgently required to participate. SDIC Hi-tech is the largest shareholder, and high-performance evaluation of equity incentives demonstrates confidence.In 2018, SDIC Hi-Tech has a score of 5.The price of 3 yuan / share is an offer to acquire the Shenzhou High Speed Rail. At present, the company is a state-owned enterprise holding company, and the largest shareholder is SDIC Hi-tech, which accounts for 20%.27%, the second largest shareholder is Haidian SDIC, accounting for 12.59%, the background of state-owned enterprises helped the company win BOT / TOT and other projects.The implementation of equity incentives demonstrates high confidence in the conditions of exercise, and the conditions of exercise are no less than 35 in 2020-2022.900 million, 42.300 million, 51.300 million, net profit is not less than 5.900 million, 7.500 million, 10.100 million, ROE is not less than 7%, 7.5%, 8%. Earnings forecast: We maintain EPS forecast variable 0 for 2019-2021.16, 0.22, 0.29 yuan, corresponding to PE is 22, 16, 13 times, maintaining a target price of 4.8 yuan, maintain the “recommended” level. Risk reminder: investment in railway fixed assets declines, and new products and projects fail to meet expectations

Yutong Technology (002831): Inflection point is now profit reversed

Yutong Technology (002831): Inflection point is now profit reversed
The company released its 2018 performance report, and Q4 attributed net profit growth to 25.4% of the companies released a performance report for 2018, which reported revenue of 85.8 billion (+23 y / y).50%), net profit attributable to mother 9.4.5 billion (+1 year over year.38%).Among them, 2018Q4 achieved revenue of 31.2.6 billion (+ 29% YoY).0%), net profit attributable to mother 4.0.2 million yuan (+25 compared with the same period last year).4%), ending negative performance for several consecutive quarters. Falling raw material prices + maximizing production capacity increase, the company’s profitability has steadily increased, and the gross profit margins of Q1-Q3 in 2018 were 25 respectively.2%, 24.0%, 31.2%, of which Q1 and Q2 are far lower than the historical period, and Q3 is significantly better than the previous month.The preliminary is: the company expanded its scale business layout in early 2018, and the production capacity needs to climb in the early stages of development; the company’s profit space was squeezed during the rise in raw material prices.With the development of new 北京夜网 customers, the prices of white paper, corrugated, copper and other paper grades have fallen, and the company’s profitability has continued to improve. It is expected that the company will continue to release profit elasticity in 2019. Diversification of downstream customers continued to advance. Tobacco and alcohol packaging went hand in hand. Based on consumer electronics packaging, the company vigorously developed tobacco packaging and wine packaging and achieved good results.According to the company’s semi-annual report for 2018, the company has entered the continuous high-end liquor supply chain such as Yanghe and Gujing Gongjiu, and has further entered the tobacco label market through Wuhan Aite.The company announced the acquisition of Jiangsu Dejin in 2018H2, extending the packaging layout to the field of plastic materials. 合肥夜网 Profit forecast and investment advice The company actively optimizes the customer structure, increases production capacity and steadily increases the price of upstream raw materials. It is expected that the company’s profitability will rise significantly in 2019.It is expected that net profit attributable to mothers will be 9 to 2018-2020.45, 12.48, 15.60 million, the current market value corresponds to PE 16 in 2019.2 times.The company’s corresponding PEG <1 in 2019, with reference to the same industry assessment and the growth rate of the company's performance, gives the company a 20-fold reasonable estimate for 2019, corresponding to a reasonable value of 62.4 yuan, maintaining the company's "Buy" rating. Risks suggest that the growth rate of the macro-economy has fallen faster than expected; the customer's development has fallen short of expectations; affected by other external factors, the prices of raw materials have risen again; and exchange rate changes have affected it.

Yonghui Supermarket (601933) 2019 Interim Report Review: Same Store Growth Better than Expected Expense Rate Significantly Optimized

Yonghui Supermarket (601933) 2019 Interim Report Review: Same Store Growth 佛山桑拿网 Better than Expected Expense Rate Significantly Optimized

Introduction to this report: Yunchao continued to optimize and improve efficiency, the same-store growth rate was better than expected, and the main business growth rate picked up.

The rapid development of MINI stores and constant breakthroughs are expected to consolidate Yonghui’s long-term competitive advantage.

Home service has a low profile and online share is expected to continue to increase.

Investment points: Investment advice: Cloud Ultra optimizes efficiency, considers the reduction of MINI stores, and lowers EPS to 0 in 2019-2021.

24 (-0.

02) / 0.

29 (-0.

06) / 0.

38 (-0.

05) Yuan, but due to the trend of Yunchao’s main business, the target price for reference companies is raised to 11.

5 yuan to maintain overweight.

Same-store growth was better than expected, and performance was slightly better than expected.

2019H1 company achieved revenue of 411.

7.6 billion, +19 in ten years.

7%, net profit attributable to mother 13.

690,000 yuan, ten years +46.

7%, net operating cash flow +52 per year.


Corresponding to 189 revenue in 2019Q2.

4 ‰, +21 a year.

2%, net profit attributable to mother 2.

4.5 billion, +32 a year.

3%, profit growth is slightly faster than the performance report.

2019H1 same store growth rate 3.

1%, better than expected, Q1 / Q2 same store is expected to be about 2% / 4%.

Yunchao’s performance trend is improving, and the expense ratio is significantly optimized.

In 2019H1, 84 new stores were opened (including Baijia merged into 38), MINI stores (including Baijia merged into 18), and 45 new stores opened in the same period last year.

2019H1 interest expense1.

17 trillion, +1 a year.

10,000 yuan, MINI store revenue 5.

500 million US dollars, the cultivation period is expected to increase about tens of millions of yuan, Yunchuang color fresh food and vegetables Yonghui and other effects affect about -1.

590,000 yuan, equity incentive expenses1.

$ 3.6 billion, after deducting the above impact, it is expected that H1 Cloud Super’s revenue / profit will 佛山桑拿网 increase by 21% / 23%, respectively.

H1 comprehensive gross profit margin fell by 0.

57pct, is expected to be mainly affected by the expansion of the clothing business in Fujian, high base last year, and lagging CPI transfers.

The selling / administrative expense ratio is reduced by 0 every year.

72 points / 1.

38pct, the cost rate is significantly optimized, and the final net profit rate is increased by 1.15 points to 3.


The low-key strength of the home business increased the online share.

19H1 home service access 518 stores, such 13.

300 million accounted for 3.

4%, the rapid growth of online revenue accounted for.

Risk reminder: CPI growth leads to cost growth over revenue growth, market competition intensifies, etc.

Yijiahe (603666): New product launch track continues to widen

Yijiahe (603666): New product launch track continues to widen

Under the concept of the electric power Internet of Things, new commercial products were launched in stages.

On March 28, Yijiahe held a new product launch conference in Nanjing, and its heavy-duty product powered robot was officially unveiled.

A live-operating robot can complete uninterrupted operations on high-voltage electrical equipment, such as the laps of branch line leads, while solving the safety problems of power personnel, it can also effectively improve the efficiency and quality of operations.

The track continues to widen, embracing billions of growth opportunities.

There are more than 3,000 domestic prefecture-level cities and district-county-level cities, and each city has several grid operation teams. Each team is equipped with a live-operating robot to measure, and the domestic demand in the long term will reach 10,000.

The unit price of live-working robots is about 4 million units per unit. From this, it is estimated that the domestic expandable market size is about 40 billion.

The company is one of the few domestic manufacturers of industrialized live-operating robots that has already started in the country. In the future, it will fully benefit from the release of the demand for 成都桑拿网 live operation of the downstream State Grid.

Inspection robots are stable and heavy, and new products are expanded to high-growth battery life.

The growth elasticity of the company mainly comes from two aspects: first, the orderly breakthrough of the current core product-distribution / substation inspection robots in markets outside the province; replacement, horizontal expansion of products, new products such as fire / medical robots and live-operated robots are expected this yearLanded effectively, and increased the number of steps to promote performance.

In the next two years, the company’s performance growth rate is expected to remain above 30%.

Profit forecast and estimation: Net profit is expected to be 1 in 2018-2020.

90, 2.

60, 3.

4.6 billion, with EPS of 1.

94, 2.

65, 3.

52 yuan, corresponding to the current expected PE is 35.

0, 25.

7, 19.

3 times.

Risk warning: The market development outside the province is less than expected; new product development is less than expected.