Called don’t mind the Philippines to terminate the Visit Force Agreement

Called “don’t mind” the Philippines to terminate the “Visit Force Agreement”

Xinhua News Agency, Washington, February 12 (Reporter Liu Pinran and Liu Chen) The US President stated for the 12th consecutive day that he did not mind the Philippines’ decision to terminate the “Visit Force Agreement” with the United States a few days ago, saying that the move would save the US economy.

  The above statement was made as early as the day when the White 杭州风月网 House answered media questions.

He said that his views are different from others, and that the Philippines’ willingness to terminate the agreement does not matter, and the US will save a lot of money because of this.

  Shortening also noted that he maintained a very good relationship with the Philippine leaders, saying that the Philippine colonies had been assisted by the United States during the fighting against extremist armed groups.

  The previous comments are in stark contrast to the statement made by Secretary of Defense Esper on the 11th.

Esper said on the 11th that the Philippine side’s decision to terminate the “Visit Force Agreement” was regrettable and in the wrong direction. The United States will conduct careful study of the criteria and try to resolve the issue 180 times in the future.

  Philippine President El Salvador Panello responded to Esper’s statement on the 12th, arguing that the Philippine move is in the right direction and should have been so long, and is in line with Philippine President Duterte’s independent foreign policy.

  The Philippine Foreign Ministry announced on the 11th that the Philippines has formally decided to terminate the “Visit Force Agreement” signed with the United States that day.

The agreement, which was signed in 1998, stipulates the conditions, scope of activities, and convenience provided by US soldiers, military-related personnel, and military equipment to the Philippines, including the contents of antique military exercises on both sides.

According to the agreement of both parties, if the agreement is to be terminated, either party can notify the other party in writing through diplomatic channels, and the treaty will automatically terminate after 180 days of notification.

  At present, the Philippines and the United States have the Common Defense Treaty signed in 1951 and the Agreement on Strengthening Defense Cooperation signed in 2014.

Original title: Unanimously said “don’t mind” the Philippine side terminated the “Visit Force Agreement”

Depth-Company-Hexing Packaging (002228): Sales keep growing and PSCP develops steadily

Depth * Company * Hexing Packaging (002228): Sales keep growing and PSCP develops steadily

The company released its 2019 Interim Report: the report consolidated and the company achieved revenue 54.

85 ‰, a decrease of 6 per year.

15%, net profit attributable to mother 1.

34 ppm, an increase of 10 in ten years.

99%, deducted non-net profit1.

2 billion yuan, an annual increase of 2.

09%.

Q2 achieved revenue of 26.

0苏州夜网论坛 9 million yuan, a decrease of 18.

15%, net profit attributable to mother is 65.42 million yuan, an increase of 4 per year.

95%.

Key points of the support level The price affects the rate of revenue growth and sales volume continues to grow.

Due to the peak price of packaging paper in Q2 of 18, we estimate that the average price of H1 mainstream containerboard paper dropped by 14 on average.

8%, the price of corrugated paper drops 15.
.

2%, a significant increase in the decline relative to Q1.

The price of the company’s products is closely related to the price of paper, but the company’s packaging business fell by only 10 in the first half of the year.

3%, indicating a slight increase in sales.

Under the pressure of the Sino-US trade friction on the export pressure of various industries and the downturn of the domestic economic boom, the company merged with Hezhong Chuangya still maintained the expansion of business volume, and the logic of increasing the concentration of the industry continued to be verified.

With the annual base of paper prices decreasing in the second half of the year, the company’s revenue is expected to return to positive growth.

The PSCP project has developed steadily.

January 19 United Packaging Network 2.

Version 0 was launched. The pscp project continues to provide partners with production, system, R & D, and finance services in the entire industrial chain, and has developed in depth. Currently, the platform has 1,600 partners, an increase of 300 compared with the end of 18

The company improved its control over the pace of platform business development, and achieved revenue from the Internet packaging platform in the first half of the year14.

7 ‰, an increase of 7 per year.

5%, a significant growth rate.

The gross profit margin of the industry chain business increases by 0 every year.

36 points to 4.

96%.

Profitability has improved.

With the continuous decline in paper prices, the company’s packaging manufacturing business gross margin has rebounded, increasing by 0 every year.

73% to 15.

46%, coupled with a 13 million decrease in revenue and expenses, and an increase of 17 million in government subsidies. Although the sales and management expense ratio increased in the short-term in the first half of the year, the company’s net interest rate increased, and profit growth reached two figures.

Since the beginning of this year, the price of containerboard paper has gone out of the unilateral downward trend. Under the situation of excess capacity, the price in the Q4 peak season is not strong. We believe that the profit growth in the second half of the year remains stable compared with the first half.

It is estimated that after the company merges with Hezhong Chuangya, the sales volume will continue to increase, and the paper price changes will affect the company’s revenue. It is expected that after the paper price stabilizes, the synergy will gradually emerge. It is optimistic that the company will continue to increase its market share through multi-dimensional integration.

In the first half of the year, the cardboard paper price trend exceeded 无锡桑拿网expectations and led to an increase in revenue. We reduced the company’s EPS to 0 in 2019-2021.

23, 0.

28, 0.
35 yuan, an annual increase of 14.
7%, 23.

4%, 23.

9%, currently expected to correspond to 19X estimated 18X, downgraded to overweight rating.

The main risks facing the rating are fluctuations in the price of raw materials, and the overall synergy progress exceeds expectations.

AVIC Aircraft (000768) 2018 Annual Report Commentary: Military and Civil Business with Continuous Performance

AVIC Aircraft (000768) 2018 Annual Report Commentary: Military and Civil Business with Continuous Performance

The company achieved EPS 0 in 2018.

20 yuan, steady revenue growth, sales, financial expenses fell sharply, performance growth in line with expectations.

The improvement of industry fundamentals and the acceleration of Air Force equipment construction have promoted the rapid growth of the company’s performance. Based on this, the company’s 2019/20 EPS forecast is maintained at 0.

23/0.

27 yuan, give the company 2021 EPS forecast 0.

33 yuan.

Taking into account the gradual increase of the company’s new military aircraft model and the advancement of the reform of the military pricing mechanism, we maintain a “Buy” rating with a target price of 20.

5 yuan.

Sales, financial expenses decreased, and performance increased rapidly.

The company achieved revenue of 334 in 2018.

6.8 billion (7 years ago)

69%), net profit attributable to mother 5.

580,000 yuan (+18 a year.

38%), achieving EPS 0.

20 yuan, performance in line with expectations.

The reporting company completed the military aircraft delivery task, and its operating income increased steadily. At the same time, the company strengthened its cost control and reduced its sales expenses.

12%, financial expenses fell 199 per year due to increased exchange gains.

34%.

Or due to the increase in production and stocking, advance receipts increase every year.

81%.

In the future, the gradual ramp-up of Yun-20 and the reform of the pricing mechanism for military products will advance, and the company’s performance will continue to grow rapidly.

The fundamentals of the industry continued to improve, benefiting from the advancement of air force equipment construction and the reform of military pricing mechanisms.

The growth rate of China’s military budget in 2019 is 7.

It is expected that the growth rate of weapons and equipment purchases will increase by more than 10%, and the military tenders will resume after the gradual end of the combined military reform, and the industry fundamentals have improved significantly.

We expect that in the next 20 years, China will form about four generations of about 2,000, five generations of air combat power and about 500 air support and special forces. The company’s products such as -20, -6K, and -8C will benefit fromThe construction of the national strategic air force, and through the company’s digital final assembly, enhanced integration capabilities, the company’s revenue growth promotes speed.

In the medium to long term, the company’s profitability has been continuously improved through the advancement of the reform of the military pricing mechanism.

Military aircraft business continues to improve, and Yun-20 will drive growth in the next decade.

Yun-20 is expected to become the main modification platform of our army’s large-scale early warning aircraft and tanker.

It is estimated that in the next 10 years, the number of Yun-20 used for strategic investment and conversion platforms will exceed 200, and the corresponding market space is expected to be more than 200 billion yuan.

As the first domestic aviation military enterprise equipped with a pulsating production line, the company will fully benefit from the acceleration of mass 佛山桑拿网 production in the future.

The company’s existing H-6, “Flying Leopard” series models and modification plans in response to national defense needs are still trying to maintain steady growth.

As the only domestic bomber production platform, the company also hopes to benefit from the development and production of long-range bombers in the future.

Regional aircraft business is advancing smoothly, and potential orders for large aircraft are expected to increase.

The company is the main component supplier of Xinzhou series aircraft and C919, AG600, ARJ21. It has outstanding advantages in manufacturing large-size components.

Number of reports The company delivered 3 new boat series aircraft, and increased research and development efforts on the MA700, which will gradually accelerate the first flight in the future.

At present, C919 orders are expected to exceed 1,000, and the potential order volume is expected to increase due to the Boeing 737MAX event. The first flight of the AG600 on the water has been successful, and the installation process has gradually accelerated. ARJ21 orders have exceeded 500 (Civil Aviation Resources Network reported on November 9, 2018), After the steady increase in passenger traffic of domestic regional jets and the acceleration of the construction of regional airports in the Midwest, the company’s regional passenger jet business demand is improving.

Risk factors: Yun 20’s mass production progress is slower than expected; Xinzhou series aircraft are delivered slowly; Xinzhou 700 and other new product development progress is gradually expected; C919 mass production progress is slow.

Investment suggestion: The improvement of industry fundamentals and the acceleration of Air Force equipment construction are expected to promote the rapid growth of the company’s performance and maintain the company’s EPS forecast for 2019/20.23/0.

27 yuan, give the company 2021 EPS forecast 0.

33 yuan.
The current price is 16.

97 yuan, corresponding to 73/62/52 times PE for 2019/20/21 respectively.

Taking into account the gradual increase of the company’s new military aircraft model and the advancement of the reform of the military pricing mechanism, we maintain a “Buy” rating with a target price of 20.

5 yuan (corresponding to 1 in 2019).

5x PS estimate).

AVIC Aircraft (000768): It is planned to put some assets in the aircraft manufacturing and maintenance business optimistic that the company ‘s aviation business will continue to develop

AVIC Aircraft (000768): It is planned to put some assets in the aircraft manufacturing and maintenance business optimistic that the company ‘s aviation business will continue to develop

Event: Announcement on November 5, 2019, “Informative Announcement on Planning for Major Asset Replacement and Related Party Transactions”, intending to combine some aircraft parts manufacturing business assets of listed companies with certain aircraft manufacturing and maintenance business assets of AVIC Aircraft CorporationAccording to preliminary research and calculations, the transaction is expected to constitute a major asset reorganization as stipulated in the Measures for the Management of Major Asset Reorganizations of Listed Companies, and the transaction is still in the planning stage.

Comments: 1.

It is planned to replace part of the aircraft manufacturing and maintenance business, and is optimistic that the company’s aviation business will continue to develop.

(1) Integrate R & D resources, improve operational efficiency, enhance the independence of listed companies and reduce related party transactions.

According to the company’s announcement, the company plans to exchange assets with the aviation industry aircraft, and the company’s assets will be 100% equity of Xi’an Aircraft Industry (Group) and 100% equity of Shaanxi Aircraft Industry (Group).

If it is placed, the two major aircraft groups are expected to collaborate vertically in listed companies to further integrate R & D resources and improve operational efficiency.

In addition, according to the 2018 annual report, the company and its affiliates of the aviation industry sold 297 products.

48 ppm, which accounts for 88 of similar transactions.

88%.

If placed, the company is expected to better enhance independence and reduce related party transactions.

(2) Respond to conventional capital reform, focus on the main aviation industry, and improve the company’s profitability.

According to the company’s announcement, the company also plans to invest in 100% equity of Air China Watercraft Industry Co., Ltd. and other assets. It plans to set up the assets of the listed company as AVIC Changsha Landing Gear Branch.100% equity of Xin’an Aviation Machinery Company and other assets.

Combining the previous period, the adjustment of civil aircraft business management rights, etc., and the overall improvement of the profitability of the aviation maintenance business, the company is expected to focus on the high-end aviation main business, and the overall profitability of the company will be improved.

(3) The improvement of the third quarter performance is obvious, and the liquidation and reorganization of the joint-stock companies reflects the decision to increase efficiency.

In the first three quarters of 2019, net profit attributable to mothers of listed companies increased by 47 each year.

61%, far higher than the growth rate of revenue during the same period, has always been the optimization of the structure of aviation products delivered in this period, the disposal of non-current assets, etc .; At the end of October, the company announced that it would reduce management costs and improve operating efficiency.Liquidation and bankruptcy.

We believe that the company’s cost reduction and efficiency improvement are on the way, reflecting the company’s shareholders and the determination to increase the profitability and operating capacity of the listed company, and are optimistic about the continued development of the company’s aviation business.

2.

Military aircraft business: The demand for transport aircraft and bombers is strong, and the company is expected to fully benefit.

According to the company’s announcement, the company, as a junior major large and medium-sized transport aircraft, bomber, and special aircraft manufacturer, provides domestic strategic transport aircraft and bombers for the Chinese military.

The development of the Air Force has changed from a “tactical type” to a “strategic type”, and has expanded to the gap between the United States and the earlier Air Force equipment. The delivery capability of the core part of the strategic Air Force and the precision strike capability will become the focus of development, which will promote the birth of military transport aircraft.Huge market demand for large aircraft such as bombers.

3.

Civil aircraft business: The new boat series and ARJ21 are full of orders. Together with C919, they will go to the vast market of civil aircraft.

At present, the company’s business involves the Xinzhou 60 aircraft, Xinzhou 600 aircraft and ARJ21 orders are relatively full. The mainline aircraft C919 has made its first flight in May 2017, and the order situation is also good.

According to the Civil Aircraft Market Forecast Annual Report 2018-2037, it is estimated that there will be more than 29,691 single-aisle air passenger aircraft operators worldwide in 2018-2037. C919, as an important player in the domestic mainline passenger aircraft market, can expect future growth and company performancePromote sustained benefits in the future and maintain rapid growth.

4.

Estimation methodology: We believe that the market-to-sales ratio is more reasonable for military industrial companies.

In the context of the reform of state-owned enterprises, combined with the experience of the United States, the net profit margin of the entire company is expected to increase from the current 2% -3% to 5% -8%.

With a net profit margin of around 5%, the profitability potential has been subdivided.

Compared with companies such as Lockheed Martin and Boeing, we believe that the 上海夜网论坛 reasonable market sales rate P / S of AVIC aircraft is expected to reach about 2 times in the long term. Currently, the dynamic PS of AVIC aircraft in 2019 is about 1.

1X, estimated relative budget.

5,

Profit forecast and investment recommendations: Considering the strong future demand of large transport aircraft and bombers, and the large market space for domestically produced large aircraft, we give the company a “strong recommendation” rating, corresponding to the 2019/20/21 EPS forecast of 0.

24/0.

28/0.

34 yuan / share, corresponding to 2019/20/21 PE of 64/53 / 44X.

Risk reminder: The mass production of military products is not up to expectations; the progress of civilian models is not up to expectations; there is uncertainty in the progress of this major asset reorganization

BTG Hotel (600258): Low demand, main business operation under pressure and long-term growth

BTG Hotel (600258): Low demand, main business operation under pressure and long-term growth
Profit: The first three quarters of results fell by 10.3%, mainly due to direct store closures, operating pressure and reduced investment income. The company disclosed the third quarter report of 2019, and the company achieved operating income in the first three quarters of 62.300 million, down 2 a year.2%, the company achieved net profit attributable to its mother in the first three 杭州桑拿 quarters.1.9 billion, down 10 a year.3%; net profit after deduction 689 ppm, a 10-year increase3.8%.Net profit attributable to mothers in the third and third quarters 3.52 ppm, a decline of 23 per year.8%, deducting non-net profit 3.5.4 billion, an annual increase of 1.5%.The company’s performance in the first three quarters was under pressure, and the merger was under pressure from direct store closures, store renovation, and operating pressure. The merger sold 20% of the equity of Yanjing Hotel in the third quarter of last year, resulting in a large profit base in the same period last year.Cost control is good, and the expense ratio during the period decreases by zero.7pct, mainly due to the good control of manual compensation and the reduction of operating costs of direct-operated stores, and the company’s repayment of 深圳桑拿网 loans to reduce interest expenses. The business structure of the hotel was adjusted. The revenue of the scenic spots was basically flat. The direct business contracted and the franchise business expanded.Direct sales revenue 47 in the first three quarters.5.3 billion, down 4 previously.8%, mainly due to the closure and renovation of direct-operated stores. At the end of the third quarter, 860 directly-operated stores were terminated, a decrease of 54 from the same period last year.Franchise business maintained rapid growth, with franchise revenue in the first three quarters.49 ppm, a ten-year increase of 9.5%, a net increase of 525 franchise stores compared with the same period last year, Q3 opened 197 new stores, compared with Q2 159 new stores opened faster.  Business travel demand was sluggish, and hotel operations continued to be under pressure in the third quarter.In the third quarter, RevPar of all the hotels in the company decreased by 3 every year.7%, the occupancy rate fell by 3.4pct, the average house price increased by 0.2%; Mid-to-high end / Economy / Cloud hotel RevPar dropped 9 respectively.0%, 5.7%, 10.3%; RevPar of mature hotels decreased by 6 year-on-year.1%, of which the same-sale RevPar of mid-to-high end / economical / cloud hotels dropped by 5 respectively.2%, 6.5%, 8.4%. Investment suggestion: short-term performance is under pressure and long-term growth is still in progress. Maintaining a “buy” rating for 19 years. The hotel market has experienced sluggish demand due to various factors. The company has maintained a certain performance growth beyond superior cost control and faster franchise expansion.We believe that although the hotel industry is under pressure from the macroeconomic downturn in the short term, the company is still in an advantageous position under the trend of industry consolidation, and the long-term growth certainty brought by direct transformation and brand expansion still exists.The company’s EPS for 19-21 is expected to be zero.79/0.94/1.01 yuan / share, corresponding to 21/18/17 times the PE. Due to the company’s performance conversion, the company’s reasonable value is estimated at DCF24.3 yuan / share.The company’s short-term performance is under pressure, but the company’s mid-to-long-term growth logic has changed, and it is currently estimated to be at the bottom of history. Maintain the “Buy” rating.  Risk reminder: The macroeconomic growth rate affects the hotel’s operating performance, the mid-range hotel expansion progress is less than expected, and the direct-operated store renovation and upgrade effect is less than expected.

Yongtai Energy (600157) Third Quarterly Report Review: Debt Restructuring Steadily Advances Financial Costs and Decreases Significantly

Yongtai Energy (600157) Third Quarterly Report Review: Debt Restructuring Steadily Advances Financial Costs and Decreases Significantly

Event: The company disclosed the third quarter report of 2019 and realized operating income of USD 15.3 billion, a continuous decline of 8%.

13%, net profit attributable to mother 1.

USD 3.1 billion, an increase of 321% per year. Net profit after deducting non-attribution to mothers was 54.17 million yuan, a year-on-year increase of 109%.

01 yuan, net cash flow from operating activities 37.

400 million, down 4 every year.

4%.

  Opinion: The company’s main coal and electricity business has been operating steadily, with a slight decline in gross profit.

The company’s electricity business achieved 24.5 billion kilowatt-hours of power generation, a year-on-year decrease of 2%.

67%, 230 million kilowatt-hours of electricity sold, a decline of 2 a year.

7%; the company’s coal business achieved 632 tons of raw coal output, a continuous decline of 8.

7%, sales of 630 digits, a decline of 7.
.

6%, of which washed coal production is 204 inches, an annual increase of 41%, sales volume increased 201, an annual increase of 40%.

Due to the increase in the percentage of cleaned coal, the decrease in gross profit of the coal sector was reduced to 5.

1%.

  The expected benchmark for interest-bearing debt interest rates will significantly improve financial expenses.

Since the establishment of the debt committee in August 2018, the consensus has been reached to properly resolve the company’s debt problem. In July 2019, Yongtai Energy’s initial debt restructuring plan was unanimously approved by many creditors. Through the implementation of debt-to-equity swaps, debt extension, and reduction of corporate financial costs, etc.Help enterprises reduce leverage. Among them, the interest rate of loans is reduced to about the benchmark interest rate. The recommended benchmark benchmark level for coupons on existing bonds is recommended. After the original arrears are settled, the corresponding penalty interest and compound interest are exempted.

If “interest-bearing debt = short-term borrowings + non-current debt due within one year + long-term borrowings + settlement bonds + long-term payables”, the interest-bearing debt in 2018 was US $ 61.7 billion and financial costs44.

60,000 yuan, the capital interest rate is 7.

2%, assuming all interest-bearing refusal to pay 4 at the benchmark interest rate of one to five years.杭州桑拿网

75% calculations can reduce financial costs by 1.5 billion yuan.

  Accelerate asset disposal and return funds to repay debts.

The company conducted in-depth communication with the purchasers of various prospective assets of USD 23.8 billion in asset disposal projects, and accelerated the withdrawal of funds for repayment of the company’s debts and supplementary operating funds.

At present, the sale of equity of 6 companies has been completed and the funds have been withdrawn1.

6.2 billion.

  The projects under construction are advancing in an orderly manner and are expected to become a new growth point for performance.

Huaying Petrochemical Daya Bay Fuel Oil Blending and Distribution Center and supporting terminal projects have been put into trial operation on October 17, 2019. The project has obvious location advantages and has scarcity of replacement. It will form a throughput capacity of 2,000 / year terminals and 1,000 announcements./ Year dynamic storage capacity of oil products is expected to become the company’s new business growth point.

Shaanxi Yihua Haizetan Coal Mine Construction Project with an annual output of 600 tons has been put into a mining right transfer contract, and approval is in progress.

  Profit forecast and estimation: Considering the slight decline in coal production and sales and prices, taking into account the reduction in financial costs, and adjustments in other matters, amending 2019?
2021 profit forecast, from 6/12.

55/16.

2.8 billion adjusted to 4.

52/9.

82/10.

7 billion yuan, a decrease of 25% / 22% / 34%, corresponding to EPS of 0-2021.

21, 0.

45, 0.

49 yuan, currently sustainable 1.
46 yuan, corresponding to 7 years of PE.

0X / 3.
2X / 3.

0X, maintaining the company’s “Hold” rating risk warning: macroeconomic downturn; uncertainty of administrative capacity reduction, uncertainty of environmental protection and production limit policies.

Taoli Bread (603866): 1Q affected by quarterly growth rate, long-term steady expansion logic remains unchanged

Taoli Bread (603866): 1Q affected by quarterly growth rate, long-term steady expansion logic remains unchanged

1Q19 results are in line with expectations Taoli Bread announced 1Q19 results: operating income11.

400 million, +15 a 北京桑拿洗浴保健year.

52%; net profit attributable to parent company1.

21 trillion, +12 for ten years.

11%.

The performance is consistent with the performance express report, which is in line with expectations.

Development Trends 1Q19 The revenue growth is steady, and the trend is expected to continue in 19 years.

The company’s 1Q19 revenue increased by 15.

52%, even if the growth rate slightly tilted in the face of the increase in the Spring Festival operating rate and a high base during the same period, but still achieved a steady growth.

According to the operating data disclosed by the company, East China and South China achieved higher growth, with the revenue share respectively from 20 at the end of 18th.

2% / 6.

4% increased to 20.

5% / 7.

1%, while the Northeast base camp area achieved solid double-digit growth.

We expect the company to focus on new markets in eastern China, southern China, with the deepening of the marketing channel network and the increase in plant operating rates, to achieve sustained and overall growth in revenue. The Shanghai market will experience accelerated growth in raw materials after an 18-year adjustment period.The market is expected to maintain expansion and stability through measures such as channel refinement and sinking in the process of accelerating the competition to gain market share. We expect the steady growth of the company’s revenue side in 19 years to continue.

1Q19 gross margin constant +0.

5ppt, the sales expense rate is ten years +1.

3ppt.

The increase in gross profit margin was mainly driven by the upgrading of the product structure, while the expense ratio was at a relatively high level due to the settlement of expenses such as staff wages and bonuses in the first quarter and the continued expenditure of market expenses. The decrease in the operating rate during the Spring Festival led to scale effects and attenuation.Therefore, the average profit growth rate, at the same time 1Q18 return to the mother net profit increased by 51.

At the same time, a high base also puts some pressure on profit growth.

We expect that the company’s gross profit margin in 19 years will continue to benefit from the continuous optimization of the product structure and a steady increase. We expect the sales expense ratio to maintain a high level to ensure the stable increase of the company’s market share, which is conducive to market development and leveraging revenue growth.

The profit forecast is mainly due to the profit growth rate in 1Q1武汉夜网论坛 9 and the expected transmission of the company’s expenditure expenses. We have slightly reduced the company’s 19/20 EPS forecast by 3% / 3% to 1.

57/1.

8 yuan.

Estimates and recommendations The current budget corresponds to 24/21 times P / E in 19/20.

Due to the adjustment of earnings forecast and the revision of the estimated hub, the target price is reduced by 13% to 55 yuan, corresponding to 35/31 times P / E in 19/20, and there is still 48% of room for growth.

Risk area expansion risks, increased industry competition, raw material price fluctuations, and food safety risks.

Two men wanted after homicide in Chicago, fled to Bay Area after wanted

Two men wanted after homicide in Chicago, fled to Bay Area after wanted

Chinanews.com, August 7th. According to the United States “World Journal”, a professor at Northwestern University and a financial officer at Oxford University fled eight days to the Bay Area after murdering a man in Chicago and ended up in the areaTime 北京桑拿洗浴保健surrendered in the evening on the 4th.

  U.S. federal marshals said on the 5th that Wyndham Lathem, 42, and Andrew Warren, 56, have been arrested; Latain has been detained in a prison in East Bay Dubour while Warren has been detainedSan Francisco prison, awaiting release to Chicago.

  Latan is a professor of microbiology at Northwestern University. He is famous for his research on plagues. He entered the federal court in Wulun and surrendered himself at 7.30 am local time on the 4th.

Warren, financial officer of Somerville College of Oxford University, surrendered to the San Francisco Police Branch of the Golden Gate Bridge at 6.30 pm on the 4th.

  The murder in Chicago occurred on July 27 when Trenton Duranleau, a 26-year-old man, was stabbed to death in a luxury apartment in Ratham.

  The bailiff said that after the murder,四川耍耍网 the intervention suspects fled by car. They headed north from Chicago and went to the opposition lake in Wisconsin. At the local public library, they donated $ 1,000 to the library in the name of the deceased.

  They later fled to the Bay Area by car because they had friends in the Bay Area.

However, the Chicago police issued a wanted warrant to the national police to conduct a national wanted, but as a result they felt they had no choice but to surrender to the police after arriving in the Bay Area.

Original Title: 2 Men Wanted to Escape to Bay Area After Killing in Chicago

Qiaqia Food (002557): Large single product continues to grow, gross profit margin of nuts increases

Qiaqia Food (002557): Large single product continues to grow, gross profit margin of nuts increases

Event: The company announced its 2019 Interim Report with 19 revenue in the first half of the 杭州桑拿网 year.

8.7 billion, an increase of 6.

02%, net profit attributable to mother 2.

20 trillion, with an increase of 28.

08%, net profit after deduction to mother 1.

72 trillion, an increase of 41.

32%.

One single Q2 revenue is 9.

47 trillion, with an increase of 7.

3%, net profit attributable to mother 11.

7.8 billion yuan, an increase of 20.

79%.

Sunflower sub-products have grown steadily, and large single nut products have maintained a momentum of daily volume.

By product, 2019H1 sunflower sub-products revenue13.

70 ppm, an increase of 14 in ten years.

29%, large single product red bags are expected to grow by 5% -10%. After the price increase in the second half of last year, sales have remained basically stable, and blue bags have grown at about 25%.

Revenue from nut products 2.

79 trillion, a 北京桑拿洗浴保健 39-year increase of 39.

83%, the annual plan of the daily big nut single product is 8-9 trillion, focusing on the heavy season in the second half of the year.

In addition, the company’s newly-arranged large single product yam crisps also performed well, with monthly sales income reaching more than 5 million yuan.

In other categories, the company adjusted bulk products, and its revenue in 2019H1 dropped by 29.

00% to 3.

3.8 billion.

From the perspective of regional market performance, the domestic market for 2019H1 will grow4.

2%, of which the southern region, northern region, and eastern region increased by 2.

88%, 2.

65% and 8.

06%; overseas market growth 22.

46%. On July 1, this year, the company’s Thai factory was successfully put into operation, opening a new situation for the company’s internationalization.

The gross profit margin of nuts increased, and the sales side continued to exert efforts.

The company’s overall gross profit margin for 2019H is 31.

82%, the same increase of 2.

31 points, which affected 1-1.

5 points.

In terms of different products, the gross profit margin of sunflower seeds was 35.

28%, with an increase of 0.

38pct, mainly due to the price increase of red bag products; gross profit margin of nuts 21.

26%, the same increase of 5.54pct, mainly due to the scale effect brought by the increase in mechanization efficiency. Through the continuous increase in daily nut output, it is expected that the gross profit margin of nut products will be reduced by 3-5pct.

In terms of expenses, 2019H1 sales expenses expenses13.

52%, with an increase of 0.

48 points, mainly due to the increase in advertising promotion fees. In the first half of the year, the company conducted targeted marketing of new daily nut products. In the next stage, the company expanded its cooperation with Focus Media to continue to expand the market influence of its products.

2019H1 Management Fee Expense 6.

09%, with an increase of 0.

11 points, mainly due to the increase in employee wages.

Profit forecast and investment advice: EPS is expected to be 1 to 2019-2021.

01, 1.

17.1.

38 yuan, corresponding to PE of 25X / 21X / 18X, maintaining the “buy” level.

Risk Tips: Macroeconomic Risks, Food Safety Risks

Clarinet (603960) Tracking Comments: Convertible bonds increase production capacity and effectively support the company’s production capacity

Clarinet (603960) Tracking Comments: Convertible bonds increase production capacity and effectively support the company’s production capacity

The event company intends to publicly issue A-share convertible corporate bonds to raise funds1.

US $ 800 million for the expansion project of the intelligent manufacturing production line. At present, it has responded to the review opinions of the CSRC.

Opinion is that there are sufficient orders in hand, and the inventory represents that the future revenue company has signed and placed a total of 2 orders in hand.

5.3 billion, also reserves about 1.

The 天津夜网 potential order of 600 million yuan fully guarantees the realization of expected sales revenue.

The age of the company’s inventory is basically within one year, and it is in the first quarter.

More than 8.5 billion are in-process products, with a high probability of being able to deliver and recognize revenue within one year.

Expansion of production lines and removal of production capacity restrictions The investment scale of this investment project is 1.

USD 9.9 billion, intending to invest in the expansion of intelligent manufacturing production lines to improve the fact that the company’s current production capacity cannot meet development needs.

After the project is completed and put into production, the capacity of five major types of flexible automated production lines will be added, with an estimated annual 杭州桑拿网 output value of 200 million yuan.

Shanghai Zhongyuan operates well and has broad prospects for development. Shanghai Zhongyuan plays a synergistic role with the company. The actual completed performance exceeds the performance commitment at the time of the acquisition, and also exceeds the 2017 and 2018 performance forecasts in the acquisition evaluation.

It is expected that the forecast performance in 2019 will realize the probability forecast.

Profit forecast and estimation We are optimistic that the company’s barriers in the automotive electronics field continue to increase, and at the same time, Zhongyuan’s high-pressure fuel distribution pipes will usher in volume and price.

9.6 billion, 1.

26 billion, 1.

5.8 billion, a 47-year growth of 47.

31%, 31.

81%, 25.

36%, the corresponding EPS is 0.

71, 0.

94, 1.

17 yuan / share, corresponding to PE is 50 times, 38 times, 30 times, maintaining the “overweight” level.

Risk Warning: Increased competition leads to lower product gross margins.