And most importantly,This person named Zhang Qiang was just talking to Zhang Yong the whole time,He didn’t take Yue Yang seriously?This after all.

“All right,Five seconds to。boarding!”
The door of Jinbei car opens,Zhang Qiang sat down calmly,In the end the other two were also pressed up。
Chen Yunxi was a little annoyed when he saw this scene,Is your husband taken away??
Chen Yunxi yelled while chasing the car,But there is no response here。Even Chen Yunxi fell to the ground after running for a while and the car did not stop.
Chapter One Hundred and One Mystery call
On Arbor Day, Qin Feng was once again depressed。
Because Su Rou pulled him out of the villa,Then he saw Chen Yunxi crying and using makeup。
At this time Qin Feng felt guilty for some reason,“Don’t look at me like that!I asked to let go!You can’t wrong me!”
Qin Feng felt that if his eyes could kill,Su Rou’s eyes can kill him hundreds of times。But he is also very depressed!Clearly notify the Detective Bureau to release people,Could it be that they didn’t do it?Shouldn’t,My identity as a vice minister still works!
“Woo——My husband was taken away!”Chen Yunxi cried and said。
At this moment Qin Feng couldn’t help frowning,Is this planting or is it really against Zhang Yong?

Jiang Yan walked out two steps and stopped and said,Qin Feng couldn’t help being speechless as he listened to this strange request,But he is not stupid,After all, Tianfeng massage requires physical contact,Qin Feng has been working in the company for so long,Of course there are a lot of female anchors。

But today Jiang Yan refused to use Tianfeng massage。
“Roger that,Xiao Yanyan, don’t worry,I must not use Tianfeng massage!”
In the end, Qin Feng must not use four words to emphasize the tone,Jiang Yan suddenly rolled his eyes,Wait until Jiang Yan is completely away,Qin Feng immediately ran to Bai Shiling’s live broadcast room。
At this moment in Bai Shiling’s live broadcast room,The pink kawaii headphones droop on Bai Shiling’s neck,The computer screen now shows the end of the live broadcast。
“Damn,Linger, what’s wrong with you?”
Qin Feng suddenly became an actor,Of course he knows what happened to Bai Shiling,I drank a lot last night,People must be uncomfortable today。
Sure enough, Bai Shiling rolled her eyes,Sit up straight from the sofa chair and looked at Qin Feng and said。
“headache,Only you can cure。”
Qin Feng felt that he was being teased but couldn’t grasp the evidence,But Bai Shiling’s big watery eyes were full of different emotions and looked at herself,Qin Feng couldn’t help feeling blush。
“Then let me treat our gold medal female anchor,Come and lie in my arms……Pooh,Come and lie in bed。”
Qin Feng suddenly said without seriousness,Bai Shiling’s face is full of smiles。
Waiting for Bai Shiling to lie on the bed in the live broadcast room,Qin Feng stood in front of Bai Shiling’s head,Looking at Bai Shiling’s slightly swollen temples,Qin Feng doesn’t want to finish things as soon as possible,After all, there are not many opportunities to wait。
“Dear No. 1 anchor Bai Shiling,I’m your health doctor Qin Feng,I will give you a massage next。”
After Qin Feng finished speaking, he stretched out his hand,Bai Shiling was shocked immediately,Bai Shiling couldn’t help but glared at Qin Feng’s unpretentious appearance。
Tianfeng massage begins,Qin Feng began to massage Bai Shiling’s head,The refreshing warm feeling instantly spread from Bai Shiling’s head to the soles of her feet,The entire anchor company estimates that no one will resist Qin Feng’s unusually comfortable massage。
“Linger,When do you say you give yourself to me”
Qin Feng massaged Bai Shiling’s head,Talk casually,Bai Shiling suddenly opened his eyes and looked at Qin Feng,There are different emotions in the eyes。
“Are you serious。”
Although Bai Shiling is a little surprised at this moment,But there is still a

The original green movements become smooth at this moment,The things it signs are the most common sword moves,But there seems to be a huge power hidden in these sword moves。

And Xia Chenglong himself,Seems to have changed a little at this moment,His whole body space is one foot,Surrounded by invisible power。
This power is his domain,Power from the sword field。
At this moment, it is actually completed the cultivation of another artistic conception.,Although there is still a little gap with Mo Yijing,But the gap is not very big。
At least Xia Chenglong is confident enough to perfect it,of course,This still needs some opportunities。
When the spirit villain completely soars in Jianyuan,In an instant。
Can’t help but growl,Then came the invisible force spreading around,Finally submerged in the hanging wall。
Open your eyes,Take a breath,Smile unconsciously,Very satisfied with the state at the moment。
Perfect fusion of spiritual power,There is naturally no meaning here,Then……Do you want to go down next??
His mood has improved here,So even if you go up, it’s a small profit。
But still go down,After all, there is no way to say curiosity。
What is this low,Is the role of the token only the previous point?,There is no business chart,There are naturally some problems going up now。
Chapter VIII Bottomed out
“Quotient Chart,Give us what we already have,This is a place no one knows,If we insist,You can’t stop。”
“Not give!”
“Not give?Then don’t blame us for being impolite,Is it possible that you think we dare not?”

“Qin Feng,Don’t be proud!What if you chase Brother Hui away?You trash,Which girl would like you?Didn’t get kicked into the garbage in the end?”

“not to mention,It won’t take long,The principal comes,You will become a bereaved dog!”
Zhang Lili is more confident as she speaks,Finally she even laughed。
What she said is the truth,It seems that the trajectory of Qin Feng’s fate,I was confirmed by her few words。
(End of this chapter)I want to chat with more like-minded people《Close combat》,WeChat Follow“Excellent Reading Literature ”,Talk about life,Confidant~
Chapter six hundred and sixteen Is a dead end
Many classmates also nodded one after another,Looking at Qin Feng’s eyes again disdain,A dead trash,Not worthy of their intercourse!
“how,Can’t speak?Even if he was in the limelight,Trash can’t go against the sky after all!”
Saw Qin Feng sitting back in obscurity,The smile on Zhang Lili’s face is even stronger。
Many students also thought that Qin Feng was speechless,The mocking smiles on their faces have grown stronger。
But because Qin Feng is so powerful,These people are not blind,Dare to provoke Qin Feng。
In this weird silence,Suddenly came out,A clear voice:
“Is Qin Feng here??”
Everyone looked towards the door of the classroom,The men in the class can’t remove their eyes immediately。
Girl at the door with flowing hair,Simply tie a ponytail。Pink outside,Simple ripped wide-leg jeans。
But this doesn’t affect the girl’s charm,That quiet and elegant temperament like a lotus flower,Conquered all the boys in the class immediately。
Zhang Lili is like an ugly duckling in front of the girl。

Jerry Shares (002353): Interim Report Exceeds Expectation, Shale Gas Economic Benefit Improves

Jerry Shares (002353): Interim Report Exceeds Expectation, Shale Gas Economic Benefit Improves

Event: The company recently announced the 2019 semi-annual performance forecast, and it is expected that H1 in 2019 will achieve net profit attributable to mothers4.


210,000 yuan, an increase of 150% -180% every year last year.

The high performance growth exceeded expectations, and strong downstream demand ensured that orders fell.

According to the company’s performance forecast, the company ‘s first-half performance exceeded expectations mainly based on the promotion of the national energy security strategy. It has been increasing investment in unconventional oil and gas resources, especially shale gas resources. Demand for oil and gas equipment and services has been strong.Orders for product lines such as well equipment, coal technology services, etc. continued to maintain rapid growth, and operating performance improved significantly.

According to the announcement information, the company signed new orders at the end of 2018, with orders in hand at 60.

57, 36.

2 billion, an increase of 43% and 66% each year.

With the increase in fracturing capacity, we expect the order delivery schedule to continue to be optimized to ensure stable growth in sustainable performance.

The economic development of shale gas is improving, and the market demand for equipment continues to grow.

The current shale gas reserves are huge.

According to EIA statistics, shale gas geological resources in developing countries amount to 134.

4 trillion cubic meters, the technically recoverable resources are 31.

6 trillion cubic meters, accounting for 17% of the world’s recoverable resources, behind the United States to become the world’s second largest shale gas resource country.

However, due to the fact that at least part of the shale gas was located in the Sichuan-Chongqing area in the early stage, the exploitation was defective, the cost was relatively high, and the profitability did not reach the commercial level.

With the continuous development of shale gas extraction scale and equipment technology, according to industry information network data, the economics of its shale gas extraction are continuously increasing. In 18 years, the cost of a single well has been reduced from 100 million pounds to 60 million to 80 million.When accounting to the unit cost, the depreciation of each gas is about 0.


1 yuan, the operating cost is 0.


5 yuan / square.

The company launched an electric drive fracturing complete set this year. One device can meet the large-displacement shale gas fracturing, which has significant economic advantages and is expected to fully benefit from the improvement of the shale gas boom in the downstream.

OPEC’s production restriction will be postponed in March next 合肥夜网 year, short-term or support oil prices.

OPEC + reached an agreement last year to reduce output by 1.2 million barrels per day per year. At OPEC Vienna this week, countries will continue to extend the production reduction agreement for 9 months to March 2020.

Through Iran and Venezuela, due to US sanctions and other temporary suspensions, OPEC’s production capacity is currently tight, and the rate of enforcement of production restrictions remains high, reaching 156% in six months.

The output of OPEC14 countries in June was 29.6 million barrels, a decrease of 170,000 barrels earlier in May, the lowest since 2014.

In addition, the geopolitical situation in Iran is tense, which may support oil prices in the short term, which is positive for the oil service sector.

Investment suggestion: The company’s net profit is expected to be 10 in 2018-2020.

4.5 billion, 14.

79 ppm and 19.

4.4 billion yuan, corresponding to EPS of 1.

09 yuan, 1.

54 yuan, 2.

03 yuan.

Maintain Buy-A rating and 6-month target price of 32.

7 yuan, equivalent to 30 times dynamic price-earnings ratio in 2019.

Risk warning: market competition is intensifying, and the company’s drilling and completion equipment orders exceed expectations.

Shengyi Technology (600183): the leading leader in the domestic PCB boom

Shengyi Technology (600183): the leading leader in the domestic PCB boom

Investment Highlights The company’s mid-term performance report The company’s semi-annual report shows that it achieved operating income in the first half of 201959.

73 ppm, a ten-year increase2.

85%; net profit attributable to shareholders of listed companies6.

29 ppm, an increase of 18 years.


Deduct non-net profit 5.

92 ppm, an increase of 22 in ten years.


  The company’s interim results exceeded expectations. The interim results of the issuing company were beautiful, and the operating cash flow in the first half of the year increased by 152% each year; the ROE9 was increased.

7, an increase of 0,92 units; the performance is better than our previous forecasts and market consensus expectations.

  The company’s first-half performance exceeded our expected difference of 16%. According to the second quarter of a single quarter, the difference was 34%. The data exceeded our expected difference of 30%.

  The PCB business is the main source of growth. The growth of the company’s subsidiary, Shengyi Electronics, is the first to exceed this expectations.

Shengyi Electronics’ core customers include major telecommunications equipment vendors such as Huawei ZTE. We believe that in the market environment where 4G capacity expansion and 5G commercialization have begun, communications orders have grown rapidly, and the proportion of high gross profit orders has increased.Profitability has been fully reflected.

  Earnings forecasts and estimates We raise the company’s highest net profit forecast to 13.

3.9 billion, the company is expected to achieve revenues of 13.4 billion, 15.6 billion, 18.4 billion, and net profits of 13-20 billion in 2019-2021.

4 billion, 16.

400 million, 1.9 billion, EPS0 diluted.

59 yuan, 夜来香体验网 0.

72 yuan, 0.

84 yuan, corresponding to PE is 37 times, 31 times, 26 times.

Based on the company’s industry level, technological strength, future growth rate and domestic and international industry environment, it still has long-term allocation value and maintains a “buy” rating.

  The main risk reminder: The raw materials grow too fast and obviously exceed the price increase of the company’s products.

Yunnan Copper (000878): Mining, dressing and smelting in 2020 is expected to fully transform the potential of production resources

Yunnan Copper (000878): Mining, dressing and smelting in 2020 is expected to fully transform the potential of production resources

The performance of the first three quarters of 2019 was beautiful, and Q4 volume parity rose. Considering the impairment factor at the end of the year, it is expected that the growth rate will remain high in 2厦门夜网019.

First, in the first three quarters of 2019, the company benefited from the expansion of the consolidated copper smelting and smelting capacity of the Pulang copper mine.

1.7 billion, +44 a year.

78%. Considering the stable release of Q4 output and the slightly higher copper price and Q3, it is expected that the company’s Q4 main business profit will even improve month-on-month.

Second, on December 21, the company announced that it is expected to accrue asset impairment losses2.

1.7 billion, mainly for accounts receivable 2 formed in February 2012 for Kunming Wanbao Jiyuan Biotechnology.

7.4 billion (unprovided amount 2).

540,000 yuan, accounting for the proportion of accounts receivable in the mid-term report in 2019.


According to the 2019 Interim Report, accounts receivable in the joint venture Liangshan Mining2.

2 billion receivables, with an accounting period of less than one year, and reduced parent company control, and the risk of bad debts is small; the remaining unaccounted for bad debts with an age of more than 5 years is zero.

4.1 billion.

The remaining accounts receivable of about 100 million pounds are needed for the company’s daily operations. Under the company’s strategy of strictly controlling the addition of new accounts receivable, the risk of error occurs; the completion of this provision will help improve theThe quality of the company’s accounts receivable substantially absorbed the historical burden.

In 2020, the company’s production capacity of mineral copper and smelted copper is expected to reach full capacity, and the production and sales of major products are expected to reach a new high.

In terms of copper minerals, Pulang Copper Mine is expected to reach full production in 2020, and the output of copper metal rights and interests will continue to increase; in terms of copper smelting, the company’s halogen copper output will exceed 100 tons for the first time in 2019.Technological transformation has been implemented, and the company’s copper phosphate output is expected to reach full production.

Listed companies and groups have abundant resource reserves. The actual controller, Chinalco, has continuously improved its strength, and the company has great potential for resources.

First, the copper resources of listed companies are 513.

47 Absolutely, there are sufficient reserves of mineral rights and reserves of added value.

As of mid-2019, the company maintained a copper resource reserve of 513 and above 333.

47 for the first time, gold 74.

43 tons.

In the future, the company’s sanctions will continue to carry out geological surveys of deep mines of production mines.

In the Dongchuan Copper Mine, key mining areas such as the Pulang Copper Mine and the Yangla Copper Mine have intensified their deep-side exploration and obtained resource reserves; they will gradually continue to develop mining companies and mine resource acquisitions.

According to the company’s announcement, actively seeking domestic and foreign high-quality resource projects to ensure that the increase in resource reserves meets the needs of sustainable development of enterprises.

Second, it is expected that Yunnan Copper Group, the direct controlling shareholder, has the potential to inject resources.

First, as of the end of 2017, the Group has 21 mines in production and 2 mines under construction in Yunnan, Sichuan, Qinghai, Tibet and other regions. The reserve of resources (metal) is 870 copper, of which the listed company’s resource reserve is about 510., Listed companies have 360 initial resources in vitro.

Second, the company is expected to continue to receive support from Chinalco Group.

According to the company’s announcement, the company, as one of the core companies of the Chinalco Group’s copper industry sector, is also the only listed platform company in the copper industry sector, benefiting from Chinalco’s extensive business resources and a small number of project cooperation, resource expansion and stability with major banksPreferential credit relationships, the company continues to receive the support of Chinalco Group in terms of business, resources and finance.

In addition, according to the “China Aluminum Group Co., Ltd. Prospectus for the Third Phase of Ultra-short-term Financing Bonds in 2019”, Chinalco owns the core assets of the Toromocho copper mine.

The mine is located in the core area of the Morococa mining area in central Peru, with a copper grade of 0.

46%, Mo grade 0.

02%, silver grade 6.

89 grams / ton, the mine has copper equivalent metal resources of about 1,200 tons, is one of the world’s largest copper mines, and its copper resources account for about 19% of the total domestic copper resources.

In 2016, the Toromocho copper mine produced copper-containing concentrates16.

83 years, 2017 production of copper-containing concentrates19.

34 Initial.

In June 2018, the second-phase project of the mine is planned to invest 1.3 billion US dollars for expansion. After the expansion, the annual output of copper concentrate will increase to 30 tons.

2019?In 2021, the global supply of copper ore is tight overall. Considering the solid cost support, the inventory consumption ratio is at an extremely low historical level, the margin of demand is picking up, and the copper price has reached a significant rebound.
Our estimates indicate that 2019?
The global copper supply and demand balance will be 10 in 2021.

8, -10.

In terms of 2, 16.

2Baseline, showing a tight balance overall, especially 2019?
In 2020, the copper supply and demand gap will continue to expand.

The current copper price has fallen to the 90th line of the global marginal cost curve, with solid cost support. The inventory consumption ratio of global copper exchanges has changed to a historically low position. Domestic bonded zones and social stocks have replaced lows in the past four years. Copper prices are sensitive to marginal changes in supply and demand.Sexuality has been systematically enhanced.

On this basis, taking into account the current general trend of global monetary easing, the China-US trade agreement has been reached gradually, and the internal counter-cyclical easing policy has gradually come into effect. The short-term economic panic and the gradual escape from substantial relief will be added, and the next spring will be supplemented. The copper price is expected to increase.Ushered in a significant rebound.

Investment suggestion: Give “Buy-A” rating with 6-month target price of 16 yuan.

We follow the copper price for 2019-2021.

80,000 yuan, 5.

20,000 yuan, 5.

The calculation is based on the assumption of 20,000 yuan. After considering the impairment of assets in 2019, the company will gradually realize its net profit attributable to its mother6.

100 million, 9.

300 million and 11.

0 million, EPS is expected to be 0.

36 yuan, 0.

54 yuan and 0.

65 yuan.

As the company’s copper concentrates and smelting copper capacity reach full production, the company’s output has increased significantly, and the performance elasticity of copper prices has increased. In addition, the controlling shareholder’s interests can be injected into the asset potential to enjoy a certain estimated premium.

The company is given a “Buy-A” rating with a six-month target price of 16 yuan, which is equivalent to a 30x dynamic price-earnings ratio in 2020.

Risk reminders: 1) The global economic growth rate exceeds expectations; 2) Global copper mine output exceeds expectations, and the copper supply disruption rate exceeds expectations; 3 The company’s product output is lower than expected, and subsequent mine injections are lower than expected.

GAC Group (601238) Company Review: Steady Close 20 Years of Autonomy & Fick Is Expected to Meet the Turning Point

GAC Group (601238) Company Review: Steady Close 20 Years of Autonomy & Fick Is Expected to Meet the Turning Point

Event: GAC released December production and sales report: total sales of 18.

60,000 vehicles, 0% per year, -5% from the previous month.

Among them, ① autonomous 3.

90,000 vehicles, -22% a year, + 2% MoM; ② joint venture: Guangben 6.

30,000 vehicles, -8% at the beginning of the year, -9% MoM, progressive + 4%; Guangfeng 5.

80,000 vehicles, + 37% a year, -15% month-on-month, cumulative + 18%; 10,068 units of Guangfei Ke, -1% per year, + 67% month-on-month; Guang Mitsubishi 1.

40,000 vehicles, + 1% a year, + 13% MoM.

Opinion: The sales volume of GAC Group has narrowed further.

Among them, Guangfeng continued to maintain two-digit high growth; Autonomous continued to climb with GS4, and sales continued to improve on a sequential basis; Guangfeike temporarily declined slightly, and wholesale “bottom-flooding” approached the angle of attack.

In terms of new models, Guangben Haoying went on sale at the end of November and 青岛夜网 benchmarked the 200,000-year sales model CR-V. Guangfeng Weilanda tried to go on sale in April and benchmarked the 100,000+ annual sales model RAV4. Sales are worth looking forward to.
In addition, the company has set a sales target of 8% growth 20 years ago, but we think there is hope to exceed it.

[Japanese joint venture]Japanese joint venture brands of “King of Stock” continued to rise.

Guangfeng continued to be strong in December, with a 37% increase in sales growth.

Although Guangben fluctuated slightly in December, the new compact SUV Haoying is in the climbing phase.

It is estimated that Hao Ying fills the gap of Guang Ben in the compact SUV field; the reorganization, Hao Ying fully benchmarked the 200,000-year-old star model Tomoto CR-V, and promoted the sales of Guang Ben to a higher level.

Guangfeng Weilanda will be listed in April 20th. While the brand is in a strong product cycle, the company is accelerating the layout of new projects to promote the rise of the brand: 1) Guangfeng new energy vehicle production capacity expansion, the first and second phases of the project totalAn additional 400,000 units / year will be produced and it is planned to be completed and put into operation in 2022. 2) The construction of Guangfeng Engine’s TNGA series engine construction project has been implemented with a project scale of 43.

20,000 units / year, planned to be completed in 2021. Guangfeng is expected to increase sales in the next 2-3 years.

In the long run, we believe that behind the Japanese product cycle, there is a change in car consumption sentiment, long-term vehicles such as fuel-saving economy and low-maintenance maintenance have improved significantly. The trend of Japanese expansion in the future will become more and more significant.

[Passenger car]The new product cycle is about to start.

GAC Trumpchi has implemented large-scale destocking since 2019, and the current inventory is healthy.

In terms of sales, the Trumpchi brand climbed with the GS4 in December, and sales continued to pick up month-on-month.

In addition, the discount of the old GS4 has penetrated (about 20,000). After the new model is launched, the discount will be significantly narrowed, and there will be no discount in the short term, which is expected to drive a significant increase in the profitability of the Trumpchi brand.

Investment suggestion: With the gradual warming of the industry, it is recommended to focus on the high growth of the Japanese line of GAC Group and the repair of independent profitability.

Because the Air Force is optimistic about the company’s sales growth in the fourth quarter, the company’s net profit attributable to its mother for 2019-2021 is 77.

3, 104.

5, 133.

8 trillion down to 73.



30,000 yuan, EPS is 0.

72, 1.

02, 1.

27 yuan / share, continue to give a “buy” rating.

Risk warning: automobile production and sales, competitiveness of Japanese products, Chuanqi sales improvement is less than expected, etc.

Shuanghui Development (000895) quarterly report comment: meat product price increase and product structure upgrade mitigation and cost pressure Company performance promotes stable growth

Shuanghui Development (000895) quarterly report comment: meat product price increase and product structure upgrade mitigation and cost pressure Company performance promotes stable growth

The company announced that revenue for the first quarter of 2019 was 119.

74 million, a decline of 0 every year.

71%; Net profit 12.

7.9 billion yuan, an increase of 20.

25%, exceeding market expectations.

Revenue of the company’s meat products business in Q1 2019 was 58.

6.4 billion, an increase of 4.

16%; operating profit 9.

69 ppm, a decrease of 9 per year.


According to the company’s performance briefing, in December 2018, the company raised the price of some meat products, pushing the average price of meat products in Q1 2019 to increase by 2% +, and breaking through the upgrading of product structure promoted by the high-end new product volume, which promotes the average price of meat products in Q1 2019Increased by about 3%.

We estimate a slight increase in sales growth in Q1 2019.

2019Q1 company’s meat products business operating margin of 16.

52%, down from the first quarter of 20182.

The 42 PCTs mainly come from the following three aspects: (1) the company’s expansion of market investment; (2) increase in employee expenditures; (3) increase in cost of some raw materials.

The company’s slaughtering business earned 70 in the first quarter of 2019.

07 billion, a decline of 0 every year.

62%; operating profit 5.

36 ppm, a 131-year increase.

88%; average head profit is 113 yuan, exceeding market expectations.

The company slaughtered pigs 472 in Q1 2019.

70,000 heads, an increase of 20 in ten years.

71%, mainly due to low pig prices in January-February 2019, which is conducive to slaughter.

In 2019Q1, the average profit of the company’s slaughter head was as high as 113 yuan, an annual increase of 92.


African swine fever has led to a reduction in the transfer of live pigs across provinces and widened regional price differences. According to the company’s performance briefing, the company better grasped the advantages of capacity layout and the possibility of low pig prices in the first quarter.

The price increase of meat products and the upgrade of product structure ease the cost pressure. The company’s performance is expected to grow steadily. The price increase and product structure upgrade are expected. We expect the company’s meat product income to increase by 5% +.

(1) The company’s meat products entered the price increase channel.

According to the company’s performance briefing, the company raised prices for some meat products in December 2018 and early April 2019. Rising pig prices in the second half of the year increased cost pressure, and the company worked hard to continue to raise prices.

It is expected 武汉夜网论坛 that the ton price of meat products in 2019 is expected to increase by more than 5%.

(2) Increasing prices to increase dealers’ profits and increase channel enthusiasm.

And the company will continue to promote the construction of channel network and promote the steady growth of meat product sales.

We expect pork prices to increase significantly in the second half of the year.

The pressure on the company’s meat products business is increasing, and it is expected to hedge the pressure of cost growth through direct price increases and product structure upgrades. We expect the profitability of meat products in 2019 to be slightly lower than 2018.

The company’s slaughter business income will increase by about 20%.

(1) Since March 2019, pig prices have entered an upward cycle, which has contributed to the increase in slaughtering business income; (2) slaughtering volume has helped maintain stability.

Private slaughter has gradually withdrawn, and the industry concentration has increased to hedge against the impact of African swine plague.

In addition, the price elasticity of the company’s slaughtering business is higher than that of the downstream consumer. The increase in pig prices is expected to reduce head profits, but the company is expected to smooth the cost impact by importing frozen meat. We expect the slaughtering profitability in 2019 to remain stable compared to 2018. Profit forecast We expect the company’s revenue to increase by 15-20% in 2019-2021.

1% / 11.

8% / 5.

1%; net profit increased by 5.

8% / 9.

6% / 10.

3%; EPS is 1.



91 yuan / share, corresponding to PE estimates 17/15/14 times.

In 2019, the PE of comparable companies in the industry is estimated to be about 28 times. We give the company 20 times the PE estimate, corresponding to a reasonable value of 31.

6 yuan / share, maintain BUY rating.

Risk warnings: pig price rises more than expected; the company’s product sales are lower than expected; food safety issues.

How to protect the heart

How to protect the heart

The heart is the most important organ of the human body. How can we have a good heart?

In addition to the regular schedule, the more important thing is diet.

What food is better to protect the heart?

Now let’s tell everyone that every food protects the heart, come and find out soon.
Olive oil is one of our daily edible oils. It contains high unsaturated fatty acids, which can more effectively reduce harmful cholesterol in the human body, thereby protecting the heart and reducing the risk of disease. It is best to replace the special grade for long-term consumption.Squeezing olive oil will not lose the nutrition of olive oil itself due to complex processing.

  Celery, we usually remove the leaves when eating celery. In fact, it is a big waste. The nutritional value of celery leaves is much higher than the stem, so the leaves must be eaten. Celery itself has the function of protecting cardiovascular and lowering blood pressure.The food fiber caused by it can protect the heart and reduce the risk of heart disease.

  Nuts Common nuts include walnuts, almonds, cashews, etc. These nuts are rich in a large amount of unsaturated traces, cellulose, etc., which are good for heart health and are recommended for long-term consumption.

  Potato Potato is a rare high-potassium vegetable with a lot of vitamins. Generally, people with cardiac insufficiency have a low potassium state. Therefore, long-term consumption of potatoes can supplement potassium and vitamins, thereby helping to protect the heart.

  Spinach eating vegetables has a strong and strong effect on the heart, and spinach as a vegetable is more important to protect the heart health. Spinach is rich in folic acid and trace elements such as iron, which can even protect the heart and also blood.

  Ginseng is a precious medicinal material and supplement. It is the best tonic for those with weak body constitution, which can not only qi, but also increase heart function. However, this product is not recommended for long-term use, and it should be used with caution depending on the person.

  Soy-based foods Everyone knows that soy-based foods are rich in protein, such as the tofu and soy milk we eat daily, which are important sources of protein for us. This high-protein food can also reduce the cholesterol content in our body. In order to protectExcellent assisting effect of the heart.