With Lu Menglin’s rich practical experience,I just glanced at it and understood it。

Girl Li uses mental power to shock,Stagnant,and also
Is similar to the control skills in the game,Then Xiaojie turned into a leopard man,Seize the opportunity with high agility,Depends on World War I。
The tactical combination of these two kids can be said to be very exciting,Mainly because the cooperation between them is extremely tacit,Familiar with each other,In order to maximize the skills of both parties。
Eagle King’s speed is not lost to Xiaojie,It’s just that he was charged for zero and one second,He was defeated and died,I can only blame my teammates for being too weak。
Seeing the Eagle King die,The Dragon King is not at all moved,Still looks like an ancient well,He is so calm。
Xiaojie doesn’t seem to be enjoyable,After a short pause,And threw himself at the dragon king。
The girl Li focused her attention on the dragon king,Spirit power fluctuation triggers again,The same mental shock as before,Spread to the dragon king in an instant。
Dragon King’s face changed slightly,Seems to be the same as Eagle King,Controlled by mental shock。
And at this moment,The leopard man Xiaojie who works well with the girl Li has moved at high speed,Kill to the dragon king,One claw hit the dragon king’s throat。
With Xiaojie’s high agility and explosive power at the moment,As long as this claw strikes,Even if it’s just a little bit,The other party must die。
But it’s between this electric light and flint,Young girl Li suddenly looked surprised,Light lips,Seems to want to say something,But I just opened my lips,Did not make a sound。

After reaching ten,It’s not easy for Xia Chenglong to take the medicine inside。

In addition to the extremely laborious aura detection at the door,Although the herbs inside are expensive,But also very rare。
Most of them are unique。
Xia Chenglong will naturally not take it all brazenly,Just take away those with backups,Leave without backup,Later I will enter to have a look,A lot of things in the compartments didn’t move。
Mainly in two aspects,The ones in there are absolute treasures,Used to practice“Tianyuan Finger”It must be a pity,They should be used where they are valuable。
on the other hand,Except for the most important herbs,Almost enough others,So there is no need to harm。
The next thing to do is naturally hope that the medicine storehouse in the inner courtyard can find several main medicines for practicing Tianyuan Finger.。
It’s already behind the drug storehouse,Xia Chenglong entered several compartments,Didn’t find what he wanted。
“Millennium Blood Dragon Ganoderma,Golden Jade Loquat,Where are these two things?”
Xia Chenglong walked forward,Feeling bored。
What surprised him was,The power of the punch just now is definitely not small,But the cubicle next to it didn’t even move at all。
Even though this is the innermost place,But it shouldn’t be the case,Not even a little reflection。

“Dare not,Dare not!I pay!”Liu Qiangbei cried and said。

“I also out!”Internet tycoon Ding Xing nodded quickly。
Several rich men all spoke up,To make this huge sum of money for Ming。
no way,People under the eaves,Had to bow!
These people are in pain,I also hate Mingliu secretly。
If you really lose money,,I will recognize!
But now it is the powerful characters brought by Ming Liuyin who are forcing everyone to pay,This is another taste。
In front of so many representatives of the family,Several super rich recognized this gambling capital,Lu Menglin is not afraid of them going back,And believe they dare not go back。
Even if they are not afraid of Lu Menglin,I’m also afraid that this strange-tempered fairy master will go to heaven and earth to chase and kill!
Can make more money,Lost my life,This life really passed!
And this money,Most of them will get it back from the Ming Group,In front of big capital,There are too many practical methods in business。
“Do you two have an opinion?”The invincible fairy asked Li Qingsong and Pang Yuandao。
Both of them were shocked at the same time,Then he shook his two heads like a drum。
The two of them obeyed the command of the leader,The referee,Although they don’t want to see Lu Menglin win,But Ming lost,And also lost so thoroughly,They can’t do it reluctantly。

Chapter Seven Hundred and Thirty Nine So many surprises

But seeing Jiang Yan’s hard work,But made Qin Feng a little worried。
But not in a hurry,Qin Feng intends to slowly adjust for Jiang Yan。
Check the time,Just five o’clock in the morning,Qin Feng is going to sleep,So Qin Feng lay down on Jiang Yan’s big bed,Fell asleep again。
Same as Qin Feng thought,University two hours,Qin Feng wakes up again。
Seeing Jiang Yan in the study is still working,So Qin Feng came to the kitchen silently,Open the refrigerator and see the only package of vegetable noodles and two eggs in it,Other than that, there are no ingredients。
Too late to buy,Because after Qin Feng has to send Jiang Yan to the company,So I can only cook the only package of vegetable noodles,Helpless,It seems I didn’t have breakfast again this morning。
A few minutes later,Qin Feng puts a bowl of hot vegetable noodles,Plus two poached eggs,Arrived in the study,Put it on Jiang Yan’s desk。
“Wow!Noodles are cooked,When did you wake up?”When Qin Feng came in,Jiang Yan just finished reading the final file。
I just feel a little hungry,I didn’t expect Qin Feng to carry a bowl of noodles,Put in front of oneself,What kind of happiness is this,I believe that only Jiang Yan can feel it。
“I feel,You are like a snail girl now,Wake up,There are so many surprises。”This time Jiang Yan,Praise Qin Feng without reservation。
Because she can feel Qin Feng’s intentions,And the way he really loves himself,If I am stingy even with a compliment,That would be too unfair to Qin Feng。
Maybe Qin Feng made these,Not to make myself praise him,But Jiang Yan will never be stingy with this compliment,At least this morning。
“Wife,if you are willing to,I’m willing to be your snail girl forever。”really,Jiang Yan’s sentence is perfect,Enough for Qin Feng to be happy for years。

“If it is willing to follow me,Then I will raise it。”Think about it if sunny。

If the cat really follows her,Description is fate,Work harder、Spend more,It doesn’t matter。As an otaku,Usually don’t have much company,So a pet has a certain temptation for her.Puzzle。
What everyone did not expect is,A few steps on a sunny day,The cat really followed,It looks like,Is recognized as a long-term meal ticket。
Happy sunny day,I’m even more happy than I got three or four precious stamps,Not too dirty,Pick up the cat。Mu Yi has become a messenger,Doing the same job as Huazi——Take live broadcast equipment。
Mu Yi just leaned over,Want to touch,Who knows that the originally docile cat immediately opened his teeth and danced his claws,issue“woo woo woo woo……”Warning sound。
Smile,Mu Yi had to stay away,Very depressed。
Others watched,Like this cat more。Recognize the owner’s pet,Naturally more likable。Unlike many dogs,Just throw a bone,Will shake his head and tail to please。
“If you decide to raise,It’s better to take it to check it in two days,By the way, get a vaccine or something,Shouldn’t spend too much money。”Mu Yi reminded。
“Know it!Mu Yi,I found you more and more like my mother。”Sunny smile。
In her heart,Every man has the potential to become a nagger,Just some people“switch”It hasn’t been opened yet。
Through an alley,Avoid a few poops of cats and dogs,Hu Yang, they saw the garbage picker again。this time,Is a woman carrying a child,Holding two big bags。
Independent woman is amazing,Not only can they raise offspring,Can also support the whole family,Great。
Women’s side,Is a middle-aged person,Look at clothes,Not like picking up garbage。at this time,I saw a thing in his hand,Watched for a while。
Everyone looked at each other,Feelings Brother Hu met his peers?Some people also think that there are treasures in this place?
“Big sister,I don’t lie to you,This is made of silver,I’ll give you two hundred yuan!”Middle-aged man said。
but,The excitement flashed through his eyes,But was caught by Populus。Hu Yang’s treasure hunting eyes looked towards the thing in his hand,I found it was really a treasure。
Two hundred yuan,Kind of bullying。If usual,This kind of thing,Better not to interfere,People also pick up leaks。but,This eldest sister has a hard life,It’s a bit unnatural to do so。

Biotech (688177) New Shares Research Report: Biopharmaceutical Innovative Enterprise Approved for the First Domestic Adalimumab

Biotech (688177) New Shares Research Report: Biopharmaceutical Innovative Enterprise Approved for the First Domestic Adalimumab
Biopharmaceutical innovation companies have no profit during the R & D promotion period.Biotech was established in 2003. It is an innovative biopharmaceutical company focusing on drug research and development in the fields of tumors, autoimmune diseases, cardiovascular diseases and other diseases.The actual controllers of the company are Mr. Yi Xianzhong, Ms. Guan Yuzheng and Mr. Yi Liangyu, and the three are immediate family members, who together control the company through indirect shareholding.3111% equity. One of the company’s existing adalimumab biosimilars, BAT1406, was approved for marketing. Of the remaining major products in the pipeline for clinical research, three are biosimilars and six are innovative drugs.Biosimilars in the middle and late clinical stages: (1) Adalimumab BAT1406: the first domestically approved product with the brand name Glebli and is expected to be officially commercialized in early 2020.(2) Bevacizumab BAT1706: NSCLC indication, clinical phase III, is expected to be declared for marketing in 2020.(3) Tocilizumab BAT1806: Wind-like indications, clinical stage III, is expected to be declared for listing in 2021.Innovative drugs in the middle and late clinical stages: (1) Batifaban BAT2094: PCI perioperative antithrombotic, has been declared for production, and is expected to be approved for marketing in 2020.(2) BAT8001: ADC of HER2 target, advanced breast cancer indication, clinical stage III, single drug is expected to be listed in 2021.(3) BAT1306: PD-1 monoclonal antibody, combined with XELOX first-line treatment of EBV-related gastric cancer indications, clinical phase II, single-agent clinical phase II trial is expected to be completed in 2022. Deeply cultivated the autoimmune disease market and won the first domestic adalimumab biosimilar.The three major diseases of rheumatoid arthritis, ankylosing spondylitis and psoriasis have approximately 15 million patients and have not been effectively treated.For the first time in RA, the Chinese Medical Association Rheumatology Branch published research results on effective relieving alternatives for Chinese RA patients8.6%, a long way from the expected remission rate of more than 50%.In the past, due to low domestic awareness of rheumatoid disease, unsupported payment systems, and alternative pricing of competitors, the sales of TNFα biopharmaceuticals including adalimumab in China were not satisfactory. The overall market size in 2018Only about 2-30 billion.In the future, the quality of life will gradually increase, and the ability to pay will increase. With reference to the penetration rate of half of the United States (10%) and considering price reduction factors, we expect that the market is expected to achieve more than 10 times growth in the future, reaching 25 billion.The company’s BAT1406 (Geleb), the first domestically produced adalimumab biosimilar drug, was priced at 1,160 yuan / 40mg / branch, reducing the original research by about 10%, extrapolating all domestic indications for adalimumabAnkylosing spondylitis, rheumatoid arthritis, and psoriasis), trying to share a broad market for internal autoimmune diseases.In addition, the company’s BT1806, which is a similar biotoxin of tocilizumab, has entered clinical phase III and is expected to report production in 2021, forming a product echelon in the field of autoimmune diseases. Except for the field of self-immunity, the other three major late-clinical products are located in tumors and cardiovascular and cerebrovascular fields.(1) Bevacizumab biosimilar BAT1706: clinical phase III, trying to report production in 2020.(2) BAT8001: The first domestically-produced HER2-ADC in clinical phase III is expected to be reported in 2021.(3) Batifaban BAT2094: For PCI perioperative antithrombotic, it has been declared for production, and it is expected to be approved for listing in 2020. Fundraising 天津夜网 projects: The company intends to publicly issue no more than 60 million shares (without considering the over-allotment portion). The raised funds will be used for drug research and development, marketing network construction, and supplementary working capital after paying the issuance expenses. Profit forecast: We expect the company’s operating income for 2019-2021 to be 0.7, 50 and 200 million yuan, the growth rate was NA, 7042.86% and 300.00%; net profit attributable to mothers is -10.5, -9.05 and -11.2.6 billion, not yet profitable. Risk Warning: Adalimumab biosimilar drug Glelyx sells less than expected, risks of products under development failing to meet expectations, risks of failure to develop new drugs, interactions, risk of loss of core technical staff, failure to issue or delisting after listing(Long-term unprofitable) risks.

Supor (002032): Surpassing industry performance and maintaining good growth

Supor (002032): Surpassing industry performance and maintaining good growth
Core point of view: The company announced the 2019 performance report, and achieved good growth.Realized operating income of 198 in 2019.500 million (+11.2%) and a total profit of 22.700 million (+14 compared to the same period last year).7%), net profit attributable to mother 19.200 million (+15 compared with the same period last year).0%), gross margin 31.2% (+0 year-on-year.3pct), net interest rate 9.7% (+0 year-on-year.3pct).Q4 single-quarter operating income of 49.600 million (+11 year-on-year.2%) and a total profit of 6.600 million (+ 9% year-on-year.7%), net profit attributable to mother 6.700 million (+18.8%), gross profit margin 32.6% (0% YoY.2pct), net interest rate 13.5% (+0 year-on-year.9pct).Q4’s revenue has achieved steady growth. We expect that domestic and foreign sales will maintain a good growth; Q4’s net profit attributable to mothers will grow faster than profit growth. As a result: the subsidiary completed the improvement of the company’s identification and part of the restructuring was returned. The epidemic only affects short-term operations and does not change long-term growth.In the short term, due to the impact of the epidemic, domestic offline consumption is weakening, and the company’s production capacity in Wuhan is also under pressure.In the medium and long term, the epidemic situation will lead to an increase in home time, it will also generate more demand for small appliances, and accelerate consumption upgrades. As an industry leader, Supor has a clear competitive advantage and will benefit from consumption upgrades.At the same time, the company will continue to contribute to the company’s growth momentum in terms of category expansion and high-end brand layout. Profit forecast: We expect that the concentration of small kitchen appliances industry will continue to increase, while overseas markets are recovering, and overseas OEM orders will increase.Based on the above 杭州桑拿 assumptions, we expect the company’s net profit attributable to the parent to be 19 in 2019-21.2, 21.0, 24.800 million, an increase of 15 each year.0%, 9.4%, 17.9%. Considering that the company is the leader of small household appliance companies, it has benefited most from consumption upgrades. In the past six years, revenue and profits have maintained steady growth, and the performance stability is higher than other small household appliance companies. In the future, the performance is expected to continue to grow steadily and maintain a reasonableWorth 78.The judgment of RMB 4 per share remains unchanged, corresponding to 30 in 2020.6xPE, maintain “Buy” rating. Risk warning: rising raw material prices; lower-than-expected consumption upgrades; weak overseas markets; high-end business development not smooth; multi-category business development not smooth.

Enjie (002812): Lithium battery crosses global restructuring volume and profits increase

Enjie (002812): Lithium battery crosses global restructuring volume and profits increase

In the first half of 19, net profit attributable to mothers increased rapidly.

On August 24, Enjie released its 19-year interim report with operating income of 13.

78 ppm, an increase of 41 in ten years.

44%, net profit attributable to mother 3.

89 ppm, an increase of 140 in ten years.

98%; deduct non-net profit 3.

23 ppm, an increase of 852 in ten years.


Of which the second quarter of 19 operating income7.

2.2 billion, an increase of 10 from the previous month.

06%; net profit attributable to mother 1.

77 trillion, molecular weight of 16.


Breakthrough production capacity ranks first in the world.

The company’s wet lithium battery expansion production scale is currently in a global leading position, and has the world’s largest lithium battery subdivision supply capacity.

The company’s lithium battery volume expansion in the first 都市夜网 half of 19 was three.

5 billion square meters, the world’s largest lithium battery replacement supplier, the market share is also the world’s largest.

The company has entered the supply chain system of mainstream mainstream lithium battery manufacturers in the world, including Ningde Times and BYD.

Breakthrough profitability and rapid profit growth.

In the first half of the year, the company and LG Chem exceeded the total contract amount by no more than 6.

The 1.7 billion-dollar “purchase and sale contract” with a five-year cooperation period further increased global market share.

In the first half of 19, Shanghai Enjie’s operating income8.

33 ppm, an 80-year increase.

02%, net profit 4.

08 million yuan, an increase of 84 in ten years.

25%, corresponding to 3.

The average price of 5 billion wet decompositions is 2.

38 yuan / square, net profit per square meter is 1.

17 yuan.

Wet contraction capacity continues to expand.

The company has set up four large-scale production bases in Shanghai, Zhuhai, Jiangxi and Wuxi in the country. In the first half of 19th, the company launched the second phase of Zhuhai Enjie, invested 4 base film production lines, the project filing has been completed; Jiangxi Tongrui Investment Construction 8 Base film production line project with a capacity of 400 million square meters, 4 production lines have been put into operation in the first half of the year; civil construction of the first phase project of Wuxi Enjie has been completed, 2 production lines have been officially put into operation, and 2 production lines are being installed, It is expected to be put into production in September of 19th. In addition, the company started the second phase of Wuxi Enjie New Material Industrial Base project in July of 19th, and put into operation 8 units with a capacity of 5.

The 200 million square meters of base film production line is expected to have a total investment of 2.8 billion.

Revenue from flat film rose, while smoke film declined.

In terms of other businesses, the flat film market was fiercely competitive in the first half of the year. The company continued to expand market development efforts and continued to optimize production process management to reduce production costs. The company’s flat film operating income was 1 in the first half of the year.

91 ppm, an increase of 22 per year.

22%; tobacco film operating income is 0.

9.3 billion, an annual decrease of 18.

59%, mainly due to the reduction in prices of cigarette film packaging materials by cigarette manufacturers, but the company reduced costs through effective measures such as reasonable production scheduling, which reduced costs by 20%.09%, the gross profit margin of tobacco film increased by 1.


Investment strategies and levels.

Enjie is a global leader in wet battery replacement for power batteries. Benefiting from the rapid development of new energy vehicles, the company’s revenue and profits have achieved steady growth.

We expect the company’s EPS to be 1 in 19-21.

00 yuan, 1.

36 yuan, 1.

61 yuan, according to a comparable company’s assessment, according to 19 times 30-35 times PE, corresponding to a reasonable value range of 30.


00 yuan, given the “preliminary market” rating.

Risk reminder: New energy vehicle policy changes, market promotion is less than expected.

Enjie (002812) Announcement Comments: The proportion of overseas contracts with LG’s five-year and five-year supply continued to increase

Enjie (002812) Announcement Comments: The proportion of overseas contracts with LG’s five-year and five-year supply continued to increase

The report reads the company announcement and the LG Wet Decomposition “Purchase and Sale Contract”, size 6.

$ 1.7 billion with a contract term of 5 years (2019.





Key points of investment for LG landed, and a large number of overseas supplies broke through. The company recently subdivided the “purchase and sales contract” with LG in a large wet process, with a scale of 6.

$ 1.7 billion, according to 6.

The exchange rate of 7 (the exchange rate on April 4) is 41.

3.4 billion yuan, corresponding to the power wet subdivision supply of more than 1 billion square meters, and the contract performance period of 5 武汉夜生活 years will have a positive impact on the company’s 2019-2024 performance.

In 2018, the company’s operating income for similar products of LG Chem and its subsidiaries totaled 1.

53 ppm, accounting for 11 of the company’s similar businesses.

50%, and most of the products provided are consumer segments.

The contract of this contract is a major breakthrough for the company’s overseas power battery replacement supply, which indicates that the company’s product quality has reached the international advanced level, and together with Toray has become the main supplier of LG power wet replacement.

In the future, the company will start cooperation with LG on implant membranes to further increase the value of unit products.

The customer structure is high-quality, and the proportion of overseas companies continues to increase to hedge against domestic price pressures. Company 杭州桑拿网 customers are replacing large battery plants.

Several major domestic customers include: Ningde Times, BYD, Guoxuan, Funeng, Lishen. Five companies account for more than 80% of the domestic lithium battery market.

Major overseas customers are: Panasonic, Samsung, LG Chem, which replace 80% of the overseas lithium battery market.

The company’s overseas supply decreased last year, and the proportion of overseas supply will increase greatly this year. The proportion of reorganization is expected to reach 20-25%. It will cut into the global supply system to hedge the pressure of domestic customers to replace the slump, and will get moreHigh sales prices and better sales rebates.

The leader is solid overall, and a large amount of production is waiting to release the company’s expansion in 20184.

6.8 billion square meters, with a domestic market share of 45% and a global share of 14%.

The quantified amount from January to April 2018 was 2.

7.7 billion square meters, an increase of 198 in ten years.


The company still has a large amount of production capacity waiting to be released: by the end of 2018, the company had a total production capacity of 1.3 billion flats (Shanghai 300 million + Zhuhai 1 billion).

The production capacity under construction in 2019 is 1.5 billion square meters (4 production lines in Zhuhai Phase II + 8 production lines invested by Jiangxi Tongrui, of which 2 production lines have been put into operation + 8 production lines in Wuxi Enjie trial production in August).

In 2020, the company’s production capacity will reach 2.8 billion square meters.

In addition, the company also plans to build factories overseas, with the leading additions solid.

Earnings forecasts and estimates We expect the company’s revenue to be 31 in 2019-2021.



950,000 yuan, an increase of 26 in ten years.

30% / 26.

02% / 25.

14%; net profit attributable to mother is 8.



26 ppm, an increase of 57 in ten years.78% / 28.

20% / 16.

89%; EPS is 1.



59 yuan / share, the corresponding PE is 31.



29 times, give “overweight” rating.

Risks suggest that budget prices have fallen more than expected, and demand for new energy vehicles has fallen short of expectations

Gu Yue Longshan (600059): Excessive demand for rice wine weakens company’s brand value to be released

Gu Yue Longshan (600059): Excessive demand for rice wine weakens company’s brand value to be released

Company dynamics maintains recent status of neutral companies We recently conducted a survey of the company and the company stated: 1.

The company has been vigorously implementing high-end strategies since 2019, and has significantly improved low-end products.

At present, the company mainly promotes the 5/8/10 year series with a retail price of 20-100 yuan / bottle. In 2019, it launched the national brew 1959 with a price of 1,000 yuan, which caused a high-end impact.


The expansion of markets outside the province will consider cooperation with non-alcoholic or other alcohol distributors.

However, the mature market still retains its own production and sales model, and the company controls its own deep distribution.


At present, the consumption scenarios of the company’s products are mainly concentrated in the catering channels; the 10-year series with a retail price of about 100 yuan / bottle has certain visibility only in Zhejiang wedding and business banquets.

  Comments The overall demand for rice wine is severely weak, and squeezed by other wine varieties, the rice wine consumer group still needs to be cultivated.

We estimate that the revenue scale of the rice wine industry can only achieve low single-digit growth, mainly due to the expansion of the marketing scale of white wine in East China, coupled with the use of the “shoucheng” strategy by rice wine companies, and channel profits are still increasing.Rebate from about 10% on average), which caused liquor to grab some market share in rice wine.

  We believe that the current increase in the company’s selling expenses cannot substantially boost demand, and its brand marketing expenditures and channel cost allocations need to be increased in order to increase the popularity of rice wine, boost dealers’ motivation, and expand the consumer base.

  We think the improvement of the company’s profitability is mainly due to the structural upgrade.

Through the company’s active structural upgrade, we expect the company’s mid-to-high-end (more than 3 years series) rice wine revenue to increase at a faster growth rate in 2019/20.

4%, revenue accounted for 71/73% respectively, which is the main driving force for the company’s revenue growth, but also promote the company’s gross profit margin.

  We believe that “Guyue Longshan” itself has only a certain brand foundation and national popularity, and also has mastered the core core consumer groups. As an industry leader, we believe it has the potential of nationalization, but the brand value needs to be further explored.

  Estimates suggest that we keep our 2019 earnings forecast basically unchanged, but because of slow sales growth, we lower 深圳桑拿网 our 2020 earnings forecast3.

4% to 1.

8.3 billion, with a profit forecast for 2021 at the same time1.

9.4 billion.

We maintain our target price of 7.

75 yuan is unchanged, corresponding to 36 in 2019/20/21.



3x P / E, currently expected to correspond to 2019/20/21 40.



The price-earnings ratio is 6 times, which is currently sustainable at 9.

3% downside, maintain neutral rating.

  Risks If other wine types continue to increase market share, the overall scale of rice wine may further shrink