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The day was made for such a game. There was no wind. The glare of the sun was tempered by a gray mist creeping up the afternoon skies. The air was crisp enough to prevent languor. The crowded bleachers were inspiring; the season was rounding out in a blaze of glory for Sunrise. The two teams were evenly matched, And the stern joy that warriors feel In foemen worthy of their steel, spurred each to its best efforts. It was a battle royal, with all the turns of strategy, and quickness, and straight physical weight, and sudden shifting of signals, fake plays, forward passes, line bucks, and splendid interference, flying tackles, speedy end runs, and magnificent defense of goals with lines of invincible strength and spirit.

With the kickoff the enemy’s goal was endangered by a fumbled ball, and within three minutes Trench had torn a hole in the defense, through which the Sunrise team were sending Vic Burleigh for a touchdown. The bleachers went wild and the grandstand was almost shipwrecked in the 贵阳品茶论坛 noise.

“Burleigh! Burly! Burlee!” shrieked the yellleader as Vic leaped over the goal line and the rooters roared:

The Sunrise hope! And that’s the dope! Never quails! Never fails! Burleigh! Burly! Burlee!

A difficult kick from a sharp angle sent the ball through the air one inch wide of the goal post, and the bleachers counted five.

And then, came the forward swing again, the struggle for downs, the gain and loss of territory, until Trench, too heavy for speed, failed to break through the interference quickly enough to hold a swift little quarterback, who slipped around the end of the line, and, shaking off the tackles, swooped toward the Sunrise goal. The last defense was thrown headlong, and the field was wide open for the run; and the quarterback was running for the honor of his team, his school, his undying fame in 贵阳夜网官网app the college world. Three yards to the goal line, and victory would be his. All Lagonda Ledge held its breath as Vic Burleigh tore through a tangle of tackles and sprang forward with long, spaceeating bounds. He seemed to leap through ten feet of air, straight over the quarterback’s head and land four feet from the goal with the quarterback in his grip, while a Sunrise halfback out beyond him was lying on the lost ball.

The bleachers now went entirely mad, for from the very edge of disaster, the tide of battle was turned into the enemy’s territory. Before the Sunrise rooters had time to cease rejoicing, however, the invincible quarterback was away again, and with two guards and a center on top of Burleigh, now the plucky runner broke across the Sunrise line, and a minute later missed a pretty goal. And the opposing bleachers counted 六盘水最好的洗浴蒸桑中心 five.

The second half of the game was filled with a tense, fruitless strife. Five points to five points, and four minutes of time to play. The struggle had ceased to be a turning of tricks and test of speed. Henceforth, it was man against man, pound for pound. Suddenly, the opposing team braced itself and began a steady drive down the gridiron. With desperate energy, the Sunrise eleven fought for ground, giving way slowly, defending their goal like true Spartans, dying by inches, until only three yards of space were left on which to die. The rooters shrieked, and the girls sang of courage. Then a silence fell. Three yards, and the Sunrise team turned to a rock ledge as invincible as the limestone foundation of their beloved college halls. The center from which all strength radiated was Victor Burleigh. Against him the weight 贵阳水艺天下换名字了 of the linebucking plunged. If he wavered the line must crumble. The crowd hardly breathed, so tense was the strain. But he did not waver. The ball was lost and the last struggle of the day began. Two minutes more, the score tied, and only one chance was left.

Since the night of the storm, Vic had known little rest. His days had been spent in hard study, or continuous practice on the field; his nights in the sick room. And what was more destructive to strength than all of this was the newness and grief of a blind, overmastering adoration for the one girl of all the school impossible to him. The strain of this day’s game, as the strain of all the preparation for it, had fallen upon him, and the half hour in the rotunda had sapped his energy beyond every other force. Love, loss, a reputation attacked, possible expulsion for assaulting 贵阳洗浴桑拿 a professor, injustice, angeroh, it was more than a burden of wearied muscles and wracked nerves that he had to lift in these two minutes!

In a second’s pause before the offense began, Vic, who never saw the bleachers, nor heard a sound when he was in the thick of the game, caught sight now of a great splash of glowing red color in the grandstand. In a dim way, like a dream of a dream, he thought of American Beauty roses of which something had been said onceso long ago, it seemed now. And in that moment, Elinor Wream’s sweet face, with damp dark hair which the lamplight from Dr. Fenneben’s door was illumining, and the softly spoken words,”I shall always remember you as one with whom I could never be afraid again”all this came swiftly in an instant’s vision, as the team caught its breath for the last onslaught.

“Victor, for victory. Lead out Burleigh,” Trench cried to his mates, and the sweep of the field was on; and Lagonda Ledge and the whole Walnut Valley remembers that final charge yet. Steady, swift, invincible, it drove its strong foe down the whitecrossed sod so like a whirlwind, that the watching crowds gazed in bewilderment. Almost before they could comprehend the truth, the enemy’s goal was just before the Sunrise warriors, and half a minute of time remained in which to play. One more line plunge with Burleigh holding the ball! A film came before his eyes. A sudden blankness of failure and despair seized him. In the grandstand, Elinor Wream stood clutching a pennant in both hands, her dark eyes luminous with proud hope. Amid all the yells and cheers, her sweet voice rang out:

“Victor, Victor! Don’t forget the name your mother gave you!”

Vic neither saw nor heard. Yet in that moment, strength and pride and indomitable will power came sweeping back to him. One last plunge against this wall of defense upreared before him, and Burleigh, with half the enemy’s eleven clinched to drag him back, had hurled himself across the goal line and lay halfconscious under a perfect shower of fragrant crimson roses, while the song of victory in swelling chorus pealed out on the November air. Half a minute later, Trench had kicked goal. The bleachers chanted eleven counts, the referee’s whistle blew, and the game was done!


_The air for the wing of the sparrow, The bush for the robin and wren, But always the path that is narrow And straight for the children of men_. ALICE CARY



_Oh, it is excellent To have a giant’s strength, but tyrannous To use it like a giant_. SHAKESPEARE

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[Can maternal eat American ginseng]_ American ginseng _ Maternal _ Can you eat

[Can maternal eat American ginseng]_ American ginseng _ Maternal _ Can you eat

During the birth of a child, it is easy to cause great vitality injuries, so at this time, many people use American ginseng to cook chicken soup or stew pork trotters.

American ginseng itself is a very precious nourishing product. Although there is a slight bitterness, it is helpful to the weakness of the body’s qi and blood, so the mother can eat American ginseng in normal times.

Chinese medicine believes that American ginseng is cold, slightly bitter, and enters the lungs and spleen. It has the functions of nourishing qi and nourishing yin, purging fire and removing irritability, and nourishing stomach and promoting fluid.Cough, suffocation, sluggish limbs, irritability, irritability, yin fluid and plasma after fever.

For example, ginseng reconstituted pills after stroke; replenishing kidney and yang, filling the essence and nourishing the marrow with turtle age set; strengthening the spleen and qi, using Shenling Baizhu powder, or qi deficiency and exogenous patients with ginseng and poisonous drink, Shengmai powder, etc.Without boring, righting the evil, attacking and supplementing, and always using American ginseng instead of ginseng, can get good results.

Due to chronic illness, women’s physical weakness caused by childbirth, overwork, weak energy, insufficient nutrition, and various bleeding, anemia, dizziness, headache, neurasthenia, debilitating, backache, spontaneous sweating and other debilitating diseases, takeAfter American ginseng, they can quickly recover their health.

[Does Green Tea Antidote]_Antidote_Taboo

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State Coal Industry (600188) 2019 Semi-annual Report Comment: The net profit increased greatly and it is planned to distribute a cash dividend of 49.

1.2 billion

State Coal Industry (600188) 2019 Semi-annual Report Comment: The net profit increased greatly and it is planned to distribute a cash dividend of 49.

1.2 billion

The state coal industry released the semi-annual report for 2019: the company achieved operating income of 1,059 in the first half of 2019.

7.6 billion, an annual growth of 38.

88%; net profit attributable to mother 53.

61 ppm, an increase of 23 in ten years.

49%; basic return 1.

09 yuan.

The company’s board of directors recommended the payment of an interim cash dividend of RMB 49 for 2019.

1.2 billion.

The production and sales of self-produced coal declined, and the sales of trade coal increased.

Commercial coal production in the first half of 2019 was 4,699 per year, a decrease of 3.

1%; of which domestic commercial coal production decreases by 7 per year.

96%, Australia’s commercial coal production increases by 3 per year.


Coal sales are estimated at 5529, a reduction of 0 each year.

4%; of which self-produced coal sales are reduced by 5 per year.

65%; 青岛夜网 trade coal increases by 31 each year.


Relative to the increase in average cost, the gross profit of self-produced tons of coal increased.

The average coal formaldehyde in the first half of 2019 was 564.

68 yuan / ton, an increase of 4 in ten years.

72%; average cost per ton of coal is 319.

58 yuan / ton, an increase of 12 in ten years.


The gross profit per ton of commercial coal was 245.

10 yuan / ton, excluding 4 for the time being.

24%; of which self-produced coal gross profit of 293 tons of coal.

41 yuan / ton, an increase of 2 per year.

31%; gross profit from trading coal ton 19.

76 yuan / ton, excluding 41 for the time being.


Significant progress has been made in the mine operation procedures, and the output of Shaanxi and Mongolian mining areas may resume growth in the second half of the year.

Yingpanyu Coal Mine was approved by the Development and Reform Commission in July 2019; Shilausu Coal Mine was approved by a mining right license in May 2019 and was approved by a joint trial operation in July 2019; Zhuanlongwan Coal Mine’s production capacity in January 2019Increased from 500 nuclei to 1,000 digits per year.

Management expenses, financial expenses and income tax expenses have decreased year by year, increasing the company’s net profit.

In the first half of 2019, the management expenses decreased by 37 every year.

12%, mainly due to the one-time provision of social insurance premiums for the same period in 201810.

1.6 billion.Financial costs have fallen significantly by 30 per year.

13%, mainly due to the decrease in interest expenses and exchange losses.

Income tax expenses fell sharply37.

03%, mainly due to the reported application for Yancoal Australia’s confirmation of the acquisition of United Coal for the deferred tax impact of the expenses reduced by 10.

5.4 billion.

Proposed large dividends: 49 in the medium term.

12 trillion, or 10 yuan for every 10 shares, corresponds to a dividend rate of 10 on August 30 closing price.


Annual and secondary dividends totaled 75.

At 645 trillion, the dividend yield corresponding to the closing price on August 30 was as high as 16.


Investment strategy: It is expected that the company will achieve net profit attributable to mothers 96–2021 respectively.

7.3 billion, 91.

1.2 billion, 93.

02 trillion, corresponding to EPS 1.

97 yuan, 1.

86 yuan, 1.

89 yuan, PE corresponding to the closing price on August 30 were 4 respectively.

9X, 5.

2X, 5.

1x, maintaining the level of “prudent overweight”.

Risk reminders: Stall economic growth, risk of policy estimation, sharp decline in international coal prices, and changes in the RMB exchange rate

Zhoumei (600188) Interim Review: Taxes and Fees Return to Normal in the First Half of the Year High Dividend Highlights Company Value

Zhoumei (600188) Interim Review: Taxes and Fees Return to Normal in the First Half of the Year High Dividend Highlights Company Value

Core point of view: In the first half of the year, the company’s net profit attributable to its mother increased for many years.

5%, the annual decrease in expenses and taxes during the period is obvious. The company disclosed its 2019 Interim Report. In the first half of the year, the company achieved revenue / net profit attributable to mothers / net profit after deduction of 1059.

8 ppm / 53.

6 ppm / 50.

2 ‰, +38 a year.

8% / + 23.

5% / + 10.

8%, EPS is 1 in the first half.

09 yuan / share.

The company’s gross operating profit in the first half of the year decreased by 12 each year.

4 ‰, but the rapid growth of overall performance was mainly due to the decrease in the period cost 17.

9 trillion and taxes are reduced by 2 every year.

0 million.

Among them: 1) Management costs are reduced by 11 each year.

US $ 700 million, mainly due to the fact that some social insurances have been coordinated and managed by Jining City since 2018. The company has made a one-time social insurance premium10 in the first half of 2018.

1.6 billion.

2) Financial expenses are reduced by 5 each year.

8 ‰ (among which, the interest expense decreases by 2 every year).

54 ppm, exchange loss is reduced by 3 per year.

9.5 billion).

In terms of quarters, the company achieved net profit attributable to mothers in 19Q230.

500 million, ten years +9.

4 ppm or +44.

4%, +7 from the previous quarter.

400 million or 32.


In the first half of the year, the company’s raw coal output fell slightly, with a net profit of about 124 yuan per ton of coal production and sales: the company’s raw coal output in the first half of the year fell by 5249, or 88 tons or 1.

7%; commercial coal production is 4699 per year, exceeding the minimum of 151 or 3.

1%; commercial coal sales of 5529 increased at least 22 inches or 0.


By region, the output of Yancoal Australia increased by 118 or 5 in the first half.

5%, and the main reductions in production are: (1) affected by safety and environmental protection policies, the production of Shilawusu coal mines is restricted, and the output is reduced by 68.

2 initial or 36.


(2) The production of Zhaolou Coal Mine, which belongs to Heze Nenghua, was reduced due to the reduction of production capacity.

5 free radicals or 30.

Price cost: The company’s average selling price per ton of coal in the first half of the year was 564.
7 yuan / ton, previously +4.

7%; the cost per ton of coal is 319.

6 yuan / ton, previously +12.

8%; gross profit per ton of coal is 245.

1 yuan / ton, at least -4.

2%; net profit per ton of coal is about 124 yuan / ton, +25 for many years.


The average selling price of 19Q2 tons of coal was 536.

3 yuan / ton, +1 in the past.

4%, compared with -10.

0%; the cost per ton of coal is 308.

3 yuan / ton, previously +12.

2%, compared with -8.

3%; gross profit per ton of coal is 228 yuan / ton for ten years.

3%, MoM -12.


At the end of July, Shilausu Mine was allowed to enter the joint trial operation. Later, the trend will contribute part of the incremental growth. The company’s main growth points in the future are: (1) the potential of coal mines to increase production potential.

According to the annual report, the coal mine under construction in Shandong has Wanfu coal mine (capacity of 500 tons). At the beginning of 2019, the company’s Zhuanlong coal mine capacity increased from 500 tons to 1,000 tons. The large mines in Mongolia in the company also included Yingpanyu Coal Mine (12 million tons)Shilawusu coal mine (1,000 tons), the total output of the three mines reached 3,200 tons, while the actual raw coal production in 2018 was about 1,816 tons, and the total output in the first half of 2019 was 864 tons.

According to the company’s announcement, the Shilausu Coal Mine obtained a mining license in May this year. At the end of July, it was approved to carry out a joint trial operation at an annual capacity of 800 tons. It is expected that it will start to contribute part of the increase in the second half of the year.

(2) Expansion of coal chemical business.

According to the annual report, the company’s coal chemical currently produces methanol, including the Yulin Nenghua 60 Zeolite Project and the Ordos Nenghua 90 Substitution Project.

According to the minutes of the annual report results release, the construction of the second coal chemical project in Ordos and Yulin Nenghua is being accelerated to ensure operation in the fourth quarter of 2019.

(3) Exchange and redemption losses, reimbursement of social security and other expenses decreased, and the operation of the new mine was completed, and the costs became normal.

Earnings forecast and investment rating follow Chinese corporate accounting standards. The company’s EPS for 2019-2021 is expected to be 1.

80, 1.

89 and 2.

00 yuan, corresponding to the dynamic PE of A shares in 2019 were 5.

3 times.

The company’s production capacity and output scale are at the forefront of the industry. Costs have gradually returned to normal. In the future, the potential for increasing production has broken through, and the ability to release profits has also improved.

According to the interim report, the company plans to conduct an interim cash dividend and pay a cash dividend of RMB 49.

12 ppm (including tax), which means a cash dividend of RMB 10 for every 10 shares.

00 yuan (including tax), according to the current overall estimated return rate of 10.

4%, the high index rate also highlights the value of the company.

With reference to the company’s historical estimation of hub and comparable company evaluations, we believe that there is room for improvement in company evaluations to maintain a reasonable value14.

0 yuan per share, H shares have a reasonable 杭州桑拿 value of 10.

The view of 77 stocks / shares remains unchanged, corresponding to the 19-year PE of A shares is 7.

8 times, 19 years of PE of H shares is 5.

0 times, maintain the company’s A, H shares “Buy” rating.

Risk reminder: coal prices fall more than expected, safety accidents occur in coal mines, and the company’s cost increases too quickly.

Multi-channel funding to enter A-share strategic layout opportunities gradually appear

Multi-channel funding to enter A-share strategic layout opportunities gradually appear

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: Opportunities for strategic layout of A-shares with multi-channel funding gradually appearing □ Our reporter, 昝 Xiu Li, opened lower and higher on February 4 in Shanghai and Shenzhen, and the three major indexes all increased.

Large fund companies bought affiliated partial stock funds.

Market participants pointed out that the market trends on February 3 and 4 showed that the concentrated release of certain factors or the trend that has been announced, and the actual adjustment aimed at building the bottom of the market, and the “black swan” broke the “golden pit”Opportunities for potential layout gradually appear.

  The trend of the market is not changing. The CSRC and other departments have introduced support policies to release liquidity in a timely manner, and the SSE Index rose by 1 on the 4th.

34%, SZSE Component Index rose 3.

17%, GEM Index rose 4.


Most institutions believe that after the adjustment on February 3, the market sentiment is repaired and there is no need to be pessimistic about the A-share market outlook.

  CITIC Securities pointed out that the cumulative sentiment affected by the epidemic during the long holiday period was released in a concentrated manner, triggering the adjustment of the A-share market.

The epidemic affects the market rhythm, but it will not change the trend and structure of the “well-off cattle” in the mid-term of A shares. Positive factors are gradually emerging. The bottom of the “golden pit” is now available and can be actively deployed.

  ”Various evidence suggests that A shares may have abandoned pessimism.

“Tong Yugen (Jin Qilin analyst), chief macro analyst of Haitong Securities, believes that to see a positive signal, 重庆耍耍网 northbound funds reversed inflows of nearly $ 20 billion on February 3.

On the whole, the epidemic has limited impact on economic fundamentals. Although it will affect the market rhythm, it does not change the market’s long-term trend.

  Gao Shanwen, chief economist of Anxin Securities, pointed out that after the adjustment on February 3, most of the market risk has been released.

Judging from the market performance during the SARS epidemic, the further adjustment of the market may not be too large and the time will not be too long.

  Accelerated capital inflows into the market, such as northbound funds, have accelerated the inflow of funds to alleviate the market’s possible continued occupation of funds.

According to Wind data, after the net inflow of northbound funds exceeded 18 billion yuan on February 3, there was a net inflow of nearly 5 billion yuan on the 4th.

In addition to the Northbound Fund’s continued dip, most private equity positions have been added.

Against the background of the A-share exception on February 3, Dan Bin, the chairman of Shenzhen Oriental Harbor Investment, publicly stated: “Give instructions to traders, new funds to buy leading liquor, battery companies, Internet companies (Hong Kong shares), online education companies (Hong Kong shares)share.

“In terms of public funds, following the first announcement of self-purchase by Xingquan Fund on February 3, merger fund companies have followed up and bought their own company flags (Jin Qilin analysts) underweight funds.

  Institutional sources pointed out that the use of ETF to dip the bottom is an option for large funds, “The selling pressure on February 3 was not fully released, but in the long run, it is suitable for the bottom.

“, Long-term insurance asset management institutions and other decisive positions.

  Everbright Securities strategic analyst pointed out that under the current target, the short-term market will inevitably have some disturbances. In the mid-to-long vertical of about a quarter, it is necessary to observe how much the epidemic has impacted on economic fundamentals. For example, focusing on long-term goals of more than one year,The impact is negligible, and short-term disturbances are a rare opportunity for long-term funds to buy undervalued stocks.

  The agency that grasps the scale of market opportunities points out that the market adjustment on February 3 has been sufficient. In the medium and long term, the epidemic situation is not a decisive factor in the market, and the overall overall change is in a historical position.

  Analysts at Anxin Securities judged that neither the medium-to-long-term market trends nor the main logic of the structure had been disrupted by the epidemic.

The epidemic situation will always pass, and market adjustment will bring about a strategic “golden pit”.

  With regard to industry allocation opportunities, China Galaxy Securities’ strategy team analyzed that the style rotation inflection point has not yet arrived, and the reorganization stocks generated by the epidemic may continue to strengthen. Banks and gold continue to show defensive features. Catering and tourism, transportation, real estate, and manufacturing sectors are still under pressure.The concept stocks of the new energy automobile industry chain may have pressure to make up for the downturn. Emerging industry technology stocks with overlapping overlaps can be selected. The investment value of core assets has gradually become prominent, or it is the first to pick up.

  Pan Xiangdong, chief economist of New Era Securities, suggested that we seize the opportunity for long-term allocation, especially the underestimated and high-growth sectors.

Pan Xiangdong believes that after the Internet bubble in 2000, portals such as Baidu, Sina, and Sohu were expected; after SARS in 2003, companies such as Taobao, JD.com, and Haidilao made eye-catching performances; the international financial crisis in 2008 achieved a lot of real estate infrastructureenterprise.

After this epidemic, online consumption, software development, and online entertainment industries are more worthy of attention, especially emerging business models such as online games and hot video, such as online remote office systems, online games and videos, unmanned retail, online medical care, etc.

  Tianfeng Securities strategic analyst said that the impact of the epidemic on the market is periodic and will not change the style of the market sector.

When fighting the epidemic, the anti-fall industry may be the previous strong industry and medicine; after the epidemic is over, the market is likely to continue the original sector prosperity main line, that is, the technology stock market, including new energy vehicles, PCB, photovoltaics, panels, media, etc.

In addition, Wall took the opportunity to lay out a rebound in the consumer sector, especially in the consumer industry, which may improve its prosperity.

Op Lighting (603515): Poor environment, temporary pressure channel change, and actively respond

Op Lighting (603515): Poor environment, temporary pressure channel change, and actively respond

Event On August 23, 2019, OP Lighting released its 2019 Interim Report, and the company achieved total operating income of 37 in 19H1.

78 ppm, a ten-year increase of 7.

10%; net profit attributable to mother 4.

0.5 billion, ten years +13.

09%; net profit after deduction of non-return to mother 2.

57 trillion, +1 a year.


In terms of quarters, the company’s 19Q1 / Q2 single quarter revenue was 16 respectively.

63, 21.

1.5 billion, change by +12 each year.

17%, +3.

43%; net profit attributable to mothers is 0.

86, 3.

19 trillion, change +22 each year.

76%, +10.


Our analysis and judgment are that the lighting business has the fastest growth rate and continues to cultivate channels.

19H1 realized income 37.

53 trillion, +6 ten years ago.

53%, the short-term growth rate is mainly due to the impact of land area, gross profit margin of 36.


Home lighting: More than 3,500 retail stores, 120,000 hardware outlets, and multi-platform online channels have been established in various city-level markets across the country, and continue to sink to third- and fourth-tier cities and township markets.

Retail channels can improve store service capabilities through professional empowerment.

As of 19H1, more than 10% of terminal stores have been trained in lighting design design training.

At the same time, channel conversion is achieved through three-dimensional drainage models, such as raising deep farming, home improvement companies, bagging platforms, WeChat marketing, and TV shopping.

The distribution channel continued to promote channel sinking and increased the proportion of high-quality outlets.

As of 19H1, the coverage of township outlets 重庆耍耍网 exceeded 50%.

Online channels are gradually deploying select and social e-commerce platforms to obtain consumer traffic through multiple channels.

Commercial lighting is deeply cultivating application scenarios, launching industry-driven solutions, building product platforms, and continuously launching a variety of intelligent lighting control solutions.

Overseas business continues to deepen localized operators. 19H1 is the office space of the Copman Group in the Netherlands, Naples Stadium in Italy, the University of Saudi Arabia, the Amazon warehouse in India, the Huawei showroom in Surabaya, Indonesia, and the Vivo Experience Store in Thailand.

During the period, the expense ratio was well controlled, and operating cash flow improved significantly.

The gross profit margin of the company in 19H1 decreased slightly, down by 1.

37pct to 36.


The overall period expense ratio decreased by 1.

29pct to 26.

35%, of which the sales expense ratio, management expense ratio, research and development expense ratio and financial expense ratio are -1.

75pct / -0.20pct / + 0.

59 points / +0.

08pct to 19.

38%, 3.

47%, 3.

37%, 0.


The decrease in sales expense ratio was mainly due to a 72% decrease in advertising market fees.

Net interest rate rose by 0.

57 points to 10.


19H1 The company achieved net operating cash flow2.

12 trillion, 0 compared with the same period last year.

38 trillion significantly improved.

During the period, the expense ratio was well controlled, and operating cash flow improved significantly.

The gross profit margin of the company in 19H1 decreased slightly, down by 1.

37pct to 36.


The overall period expense ratio decreased by 1.

29pct to 26.

35%, of which the sales expense ratio, management expense ratio, research and development expense ratio and financial expense ratio are -1.

75pct / -0.

20pct / + 0.

59 points / +0.

08pct to 19.

38%, 3.

47%, 3.

37%, 0.


The decrease in sales expense ratio was mainly due to a 72% decrease in advertising market fees.

Net interest rate rose by 0.

57 points to 10.


19H1 The company achieved net operating cash flow2.

12 trillion, 0 compared with the same period last year.

38 trillion significantly improved.

Investment suggestion: We expect the company’s main business income from 2019 to 2020 to be 88.

1.3 billion and 98.

21 trillion yuan, an increase of 10 in ten years.

11% and 11.43%; net profit attributable to mothers is 10 respectively.

1.8 billion and 11.

7.3 billion yuan, an increase of 13 in ten years.

21% and 15.

22%, corresponding EPS is 1.

35 yuan / share, 1.

55 yuan / share, corresponding to PE of 22.

28x and 19.

34x, maintain “Buy” rating.

Risk factors: industry competition intensifies, downstream real estate growth rate is not up to expectations

Gree Electric (000651): Revenue, Profitability and Dividend Interpretation of Three Key Elements of Gree Annual Report

Gree Electric (000651): Revenue, Profitability and Dividend Interpretation of Three Key Elements of Gree Annual Report

Key points of the report Description Gree Electric disclosed its 2018 financial report: The company achieved substantial operating income in 1981.

23 ppm, an increase of 33 in ten years.

61%, achieving a net profit of 262.

30,000 yuan, an increase of 16 in ten years.

97%, EPS is 4.

36 yuan; the company achieved operating income of 494 in the fourth quarter of 2018.

250 thousand yuan, an increase of 32 in ten years.

11%, realizing attributable net profit of 50%.

840,000 yuan, an average of 26 in ten years.

74%, EPS is 0.

85 yuan; overall, the company plans to distribute a cash dividend of 15 yuan for every 10 shares, and the incremental dividend rate for 2018 will reach 48.

twenty one%.

Event Commentary Where did the single quarter high revenue growth come from?

Since the second half of 2018, the prosperity of the white goods industry has declined, and the company’s revenue in the fourth quarter of 2018 has still increased by more than 30%, and its revenue performance has significantly deviated from the industry. Through analysis, it is found that the company’s single-quarter revenue growth is expected to be the main sourceSince the growth of export business has accelerated, other businesses have grown rapidly, and the growth rate of domestic sales of air-conditioning is 杭州夜网论坛 expected to exceed 15% in the current quarter;Although the pressure has increased, it is better than market expectations.

Why did the single quarter profit margin fall sharply?

The company’s gross profit margin fell in the fourth quarter in ten years.

80 points, mainly due to the increase in the proportion of low-margin export business and other air-conditioning external business revenue; due to the decline in the proportion of air-conditioning domestic sales revenue, the sales expense ratio fell slightly, while the management and research and development expense ratio increased significantly1.

76 and 1.

80pct; In summary, affected by changes in revenue structure, increased management and R & D expenses, the company’s quarterly net profit margin increased by 8%.

26pct; and some, the company’s other mobile subjects at the end of the fourth quarter increased significantly by 29.

8.4 billion to 633.

6.2 billion.

How to look at 48.

21% progressive dividend rate?

Gree resumed a better dividend in 2018. Although this dividend rate is still lower than the level of 2014-2016, considering the current mixed reform plan to replace the implementation, the company’s relatively prudent dividend policy is also reasonable; subsequently, the replacement mixed improvement rate is promoted.It is expected that the company’s dividend rate is expected to increase.

In addition, the company’s operating net cash flow increased significantly in 2018.

90% to 269.

4.1 billion; and sales rebate year increased by 24.

1.2 billion to 618.

78 ppm, a significant increase in growth rate, which shows that the company’s profit retention continues to increase.

Maintain the company’s “Buy” rating: Although the performance of the single-quarter profit side has improved, the company’s long-term revenue and profit have achieved remarkable growth; the conversion, the company’s dividend has returned to about 50% during the year; from the perspective of the main business scale, combinedFactors such as demand and cost are expected to achieve steady growth in the company’s main business in 2019. From the perspective of the forecast, the transformation of mixed reforms will be promoted, and the improvement of the governance structure will drive the company’s restructuring. It is expected that the EPS in 2019 will be 4 in 2020.

80, 5.

32 yuan, corresponding to the current sustainable PE is 11 respectively.

71 and 10.

56 times, maintain the company’s “Buy” rating.

Risk prompts: 1. The advance of equity transfer is less than expected; 2. The performance of terminal demand is poor; 3. The competition in the industry is intensifying.