Category: 桑拿

Analysis of the history of the 2018 FIFA World Cup and the opponents in the same group

Analysis of the history of the 2018 FIFA World Cup and the opponents in the same group

OnApril14,Beijingtime,theresultsofthedrawofthe2018RussiaWorldCupAsianQualifiersTop40werereleased.TheChineseteamwasinthesamegroupasQatar,Maldives,Bhutan,andHongKong,China.Infact,exceptforBhutan,thesefouropponentshavehadstorieswiththenationalfootballteam.SomeofthesestoriesaredefinitelybittermemoriesforthenationalfootballteamandChinesefans.Next,let’stakealook.Whatarethegrudgesbetweenthenationalfootballteamandthesefouropponents?Qatar:Absolutelystrongopponentsareheavilyindebt.Fromthehistoricalrecordofconfrontation,theChineseteamandQatararebasicallybalanced:atotalof14confrontations,theChineseteamhas6wins,4drawsand4losses,whichisonlyaslightupperhand;ifaccordingtothetop40Thenatureofthegame,andfromtheperspectiveoftheWorldPreliminaries,theChineseteamisatadisadvantage:7timesintheAsianWorldCupqualifiers,theChineseteamisabsolutelydisadvantagedby1win,3drawsand3lossesagainstQatar.IntheAsianCupin2011,thenationalfootballteamlost0-2toQatar’snationalfootballhistoryagainstQatar.Fromthehistoryoftheconfrontationbetweenthetwosides,QatarisbloodydebttotheChineseteam:the1989WorldCupqualifierthattheChineseteamleftinhistoryTheregretoftheblackthreeminutes.Amongthem,the1-2defeattoQatarwasnotonlyadoublehitbytheopponentatthelastmoment,butalsoadirectresultofonlyonesteptoRome.In1997,itwasrecognizedasthestrongestinhistory.TheChineseteamlosttoQatar2-3athomeinDalian’sGoldenState,andlostthemostcrucialbattletoenterFrance.  QatarrecentlyblockedtheChineseteamintheWorldPreliminaries,andnowmanyinternationalsfeeldeeply:Inthe2008WorldPreliminariesAsianTop20groupstage,theChineseteamhastwodrawsand1lossinQatar.Amongthem,thehomegame,GaoLinsentPenaltykick,thenationalfootballteamlost0-1.InthehistoryoftheNationalFootballWorldCup,theonlytimetodefeatQatarisnotabiggame.OnOctober13,2001,inthepenultimateroundofthetopten,thenationalfootballteamdefeatedQatar3-0athome.WeallrememberthedaythatmadethewholecountryfullofbloodonOctober7,2001,butbeforethatgameagainstQatar,thenationalfootballteamhadalreadyQualifiedearly.  TheChineseteamrecentlydefeatedQatarattheAsianCup(1-0)heldin2004.Thetwosideshavesincefoughtthreetimes.TheChineseteamhas1drawand2lossesandhasnotwon.Amongthem,thereareblooddebts:2011AsianCup,hostQatarAfterdefeatingChina2-0,thegame,notonlythehomewhistlebutalsotherotationofnationalfootballcoachGaoHongbo,becameatopicofcontroversyafterthegame.Maldives:Twowinsarealsoembarrassing.In2001,thenationalfootballteamsmashedtheMaldivesnationalfootballteamagainsttheMaldives.TheChineseteamhasonlyoneexperienceinthehistoryoftheMaldives.Buttheexperienceofthetwoconfrontationsalsoleftthenationalfootballteamembarrassed.ThetwomatcheswereintheWorldPreliminariesin2001.TheChineseteamfirstdefeatedtheMaldives10-1athomeinXi’an.Ifitwasembarrassingtobebrokenbyanopponent,thennext,thenationalfootballteamwononlyasmallscoreof1-0ontheroad.,Itisevenmorecomplacent.Afterthosetwogames,thethennationalfootballcoachMilualsosufferedgreatpressurefrompublicopinion.Previouspage12Nextpage

Ministry of Commerce: The total value of imports and exports of cultural products increases every year during the year.9%

Ministry of Commerce: The total value of imports and exports of cultural products increases every year during the year.9%


[How much is suitable for black sesame a day]_Black sesame_How to eat_How to eat

[How much is suitable for black sesame a day]_Black sesame_How to eat_How to eat

榛戣姖楹诲彲浠ュ綋鎴愭棩甯哥敓娲讳腑鐨勭編椋燂紝杩樺彲浠ュ綋鎴愮紦瑙f垨娌荤枟鐤剧梾鐨勮嵂鐗╋紝鎵€浠ュ钩鏃跺彲浠ュ鍚冮粦鑺濋夯锛屽韬綋鍋ュ悍鏈夊緢澶氬ソ澶勶紝浣嗕笉鏄悆寰楄秺澶氳秺濂斤紝鑰屾槸姣忓ぉ鎺屾彙濂藉悆鐨勯噺銆?1 TOWER Xing lin Quchu ram drilling  Juan ょ Ke adze Han Guo read additional information ぇ Shijingxitan Pei Xiayen clear wine mace by Nakagawa adze Yen Shan Sik  Chi Fei palisade be TOWER Quan Huai Uuxi Lei Huai Quan A TOWER鐢熺礌E銆佸嵉纾疯剛銆侀挋銆侀搧銆侀摤绛夎惀鍏绘垚鍒嗐€傛湁鍋ヨ儍銆佷繚鑲濄€佷績杩涚孩缁嗚優鐢熼暱鐨勪綔鐢紝鍚屾椂鍙互澧炲姞浣撳唴榛戣壊绱狅紝鏈夊埄浜庡ご鍙戠敓闀裤€傞偅涔堥粦鑺濋夯涓€澶╁悆澶氬皯鍚堥€傦紵 2銆佷笓瀹惰〃绀猴紝鏄ュ瀛f俯搴︿笉鏂攢鍗囷紝浜轰綋鐨剛鑵烘湰韬氨鍒嗘硨鏃虹洓What are you looking for? Do you have a lot of time? Do you want to read?0g涔嬪唴锛涚鍐杈冨瘨鍐凤紝鐨剛鑵哄垎娉屽噺灏戯紝鎵€浠ュ彲閫傚綋澧炲姞鎽勫叆閲忥紝浣嗕篃涓嶅疁瓒呰繃20g銆?3 銆 乀 粦 雺 鏋 鏋 咬 勉 囉 囉 囉 尉 尉 咉 尉 宑 宑 專 姸 姸 厊 厊 坊 杜 揜 庤 剤 姾 徑 徑 尽 醉 僽 ? ? ?哄悆瀹岄キ浠ュ悗锛岃儍閮ㄧ殑琛€娑叉瘮杈冮泦涓紝姣旇緝瀹规槗娑堝寲鍚告敹鎽勫叆鐨勯鐗╁拰琛ュ搧銆傜壒鍒槸鏃╅キ鍚庯紝鏈€鍚堥€傞鐢ㄥ悇绉嶈ˉ鍝侊紝杩欐牱琛ュ搧閲岀殑钀ュ吇鎴愬垎鏈夊厖鍒嗙殑鏃堕棿琚汉浣撳惛鏀躲€傚浜庡ご鍙戝皯杩樺彲浠ヤ腑鑽鐢紝濡備晶鏌忓彾銆侀€忛鑽夐€傞噺娉″ご鍙Nick play is not so good?銆侀粦鑺濋夯鑻ュ悆寰楄繃澶氬弽鑰屼細鍔犻噸鑴卞彂锛岃繖涓庨粦鑺濋夯鐨勬垚鍒嗘湁鐫€绱у瘑鐨勮仈绯汇€傞粦鑺濋夯鍚湁澶ч噺鐨勬补鑴傦紝鎽勫叆杩囧浼氫娇鐨剛鑵哄垎娉屽鍔狅紝浠庤€屽牭濉炴瘺瀛旓紝褰卞搷澶村彂鐨勬甯哥敓闀裤€傚洜姝わ紝寤鸿鏈夎劚鍙戝洶鎵帮紝鐗瑰埆鏄剛婧㈡€ц劚鍙戜汉缇わ紝涓嶅疁鍚冭繃澶氱殑榛戣姖楹汇€?

[Can wolfberry eat every day]_ Wolfberry _ How to eat _ How to eat

[Can wolfberry eat every day]_ Wolfberry _ How to eat _ How to eat

[Can wolfberry eat every day]_ Wolfberry _ How to eat _ How to eat

Chinese wolfberry is a proprietary Chinese medicine and a tonic. Chinese wolfberry can be used to make soup or it can be put into sparkling wine. It has a high nutritional value and a good taste, but everyone must pay attention to it.It can be eaten every day. Every day eating will cause the body’s disease to worsen and even cause bad consequences.

Lycium barbarum, Ningxia wolfberry fruit has lower blood sugar, anti-mild liver effect, and can resist atherosclerosis.

When using traditional Chinese medicine, it nourishes liver and kidneys and improves eyesight.

Indications Dizziness, tears, kidney deficiency and backache.

Root bark has antihypertensive, antipyretic, bacteriostatic effects, functions of clearing heat and cooling blood, retreating asthma, treating fever and urinary embolism.

Lycium barbarum fruits are known to contain betaine, zeaxanthin, physalis red pigment and thin oil; root bark contains betaine, sitosterol and vitamin B1.

Ningxia wolfberry fruit also contains betaine, physalis red pigment and so on.

The wonderful function of wolfberry is for people with cold, inflammation and diarrhea. It is better not to eat. Many people like to use wolfberry to soak water, make wine or make soup.

Chinese medicine has a long history of “medlar health”, thinking that eating wolfberry can “strengthen bones, light and not old, and endure cold and heat.”

Therefore, it is often regarded as a nourishing and anti-aging medicine.

The quality of wolfberry is sweet, and Chinese medicine believes that it can nourish liver and kidney, improve eyesight and nourish blood, and enhance people’s immunity.

For modern people, the most practical effects of wolfberry are anti-fatigue and lower blood pressure.

In addition, wolfberry can protect the liver, lower blood sugar, soften blood vessels, reduce plasma and triglyceride levels in the blood, and has a certain effect on pregnant women and patients with diabetes.

According to clinical medical verification, Chinese wolfberry can also treat chronic renal failure.

Eating wolfberry often can be beauty, which many people don’t know.

This is because wolfberry can improve the skin’s ability to absorb oxygen, and in addition, it can whiten the skin.

[How to cook chestnuts is better]_How to cook_How to cook

[How to cook chestnuts is better]_How to cook_How to cook

[How to cook chestnuts is better]_How to cook_How to cook

We usually eat fried chestnuts, but few people eat boiled chestnuts. In fact, boiled chestnuts have higher nutritional value, which can ensure that water is not lost. The vitamin content in chestnuts after cooking will increase. I often eat boiled chestnuts.It is relatively healthy and can effectively treat hypertension and other diseases.

And eating boiled chestnuts often has a certain effect on oral ulcers in children and adults.

How to make chestnuts taste better?

First, the effect of nourishing the stomach and strengthening the spleen, nourishing the kidney and strengthening the muscles, promoting blood circulation and stopping bleeding.

Indications Nausea, diarrhea and dysentery, vomiting blood, dysentery, blood in the stool, tendon injuries, fractures, bruises, pain, carbuncle and other complications.

Second, action 1, nourishing qi and nourishing the spleen, stomachache and thick intestines Chestnuts are dried fruit varieties with high glucose content, which can supply local heat energy of the human body and help slight metabolism.

To ensure the supply of basic nutrients in the body, known as “iron crops” and “woody grains”, it has the effect of nourishing qi and strengthening the spleen and thickening the body.


Cardiovascular diseases Chestnuts are rich in unsaturated fatty acids, multiple vitamins and minerals, which can effectively prevent and treat hypertension, coronary heart disease, arteriosclerosis and other cardiovascular diseases, which is beneficial to human health.

3, strong muscles and strong bones, delay aging chestnuts are rich in vitamin C, can maintain the normal function of teeth, bones, blood vessels and muscles, can prevent and treat osteoporosis, soft waist and legs, pain in muscles, fatigue, etc., delay the human bodyAging is an ideal health fruit for the elderly.

4. Chestnuts are eaten raw, 5 to 8 capsules per day, suitable for those who vomit blood and have blood in the stool.

5. Eat 2 chestnuts in the morning and at night, which is good for kidney deficiency and urination replacement.

Boil porridge with 10 chestnuts, pig kidneys, barley kernels, and rice to treat waist and leg weakness caused by general kidney deficiency.

The blade of boiled chestnuts is suitable for opening in the cone, because it is easy, and the poaching is very beautiful at this position!

Actually tried two knife-edge transfers, but the effect was much worse.

Third, cook chestnuts delicious practice Ingredients 500g chestnuts1.

Put the chestnuts in the water, wash them, and remove them for later use.

2.Put the chestnuts in clear water and add 5 grams of salt.


Soak for about 30 minutes, remove it, place it on the case panel, and make a small cut in the middle of the chestnut with a knife.


All the knives were scratched, and the chestnuts on the sides were exposed with white meat. That was too much force, and the whole cut.

Note: The cut chestnuts are not good for cooking. Don’t cut them too hard!


Control the moisture of the cut chestnuts and place them on a plate.


Put cold water in the pot, then place the cut chestnuts in the pot and heat on high heat.


After boiling the chestnuts (boiling), heat over low heat and simmer for about 20 minutes.


Remove the cooked chestnuts and peel a cooked chestnut.


Is it peeling well, and the chestnuts have a little salt in it when soaking, it is very delicious.

Let’s do it according to the recipe and see if the chestnuts are so delicious.

Tips for people with diabetes to avoid eating.

Let the chestnuts boil in a cold water pot.

Be careful not to hurt your hands when slicing chestnuts.

[How to cook mushrooms and potatoes delicious]_Production method_How to make

[How to cook mushrooms and potatoes delicious]_Production method_How to make

澶у鍠滄鍚冮鑿囩殑涓昏涓€涓師鍥犳槸鍥犱负棣欒弴鍦ㄧ叜鍑烘潵涔嬪悗锛屾湁涓€鑲¢潪甯搁鐨勮槕鑿囨竻棣欙紝骞朵笖棣欒弴瀵逛汉浣撹捣鍒扮殑钀ュ吇琛ュ厖浣滅敤涔熸槸鍗佸垎鏄庢樉鐨勩€傝€屼笖棣欒The pan and pan chains are so wide that they are spread across the whole country, and they are not cut out, and the chisel is cut off, and the phoenix and the phoenix are cooked together.You can tell the difference between the real estate, the real estate, the real estate, the real estate, the real estate, the real estate, the real estate, the real estate, the real estate, the real estate, the real estateSorry?棣欒弴鐒栧湡璞嗛鏉愪粙缁嶉鑿囬€傞噺锛屽湡璞嗛€傞噺锛屼簲鑺辫倝閫傞噺锛岃懕閫傞噺锛屽閫傞噺锛岃挏閫傞噺锛屽叓瑙掗€傞噺锛岄煭鑿滈€傞噺锛岃姳鐢熸补閫傞噺锛岀洂閫傞噺锛岄浮绮鹃€傞噺锛屾枡閰掗€傞噺锛岀敓鎶介€傞噺锛屾按閫傞噺锛岄鑿囩剸鍦熻眴鐨勫仛娉曟楠?銆佸湡璞嗘竻娲楀共鍑€琛ㄩ潰鐨勬偿娌欙紝鍒幓澶栫毊鍐嶅啿娲楀共鍑€锛屽厛鍒囧帤鐗囧啀鍒囨垚绮楃粏鍧囧寑鐨勫湡璞嗘潯锛屽鏋滀笉椹笂鐑瑰埗鏈€濂芥妸鍒囧ソ鐨勫湡璞嗘潯鏀惧叆瀹瑰櫒涓敤娓呮按娴告场锛屼互闃叉哀鍖栧彉鑹?銆佹柊椴滈鑿囧壀鎺夋牴鑼庯紝鐢ㄦ按鍙嶅鍐叉礂骞插噣娉ユ矙鍜岄鑿囬《绔殑鏉傝川锛屾蹈娲楀共鍑€鐨勯鑿囩敤鎵嬭交杞绘尋涓€涓嬫按鍒嗭紝鍒囨垚鍘氫竴鐐圭殑棣欒弴鐗?銆佽懕銆佸銆佽挏鍓ュ幓澶栫毊娓呮礂骞插噣锛屽垎鍒垏鎴愯懕鑺便€佸鐗囥€佽挏鐗囷紝鍏涓€棰楀啿娲楀共鍑€4銆侀煭鑿滄嫨娲楀共鍑€鍒囨垚闊彍娈?銆佷簲鑺辫倝鐢ㄦ俯姘村啿娲楀共鍑€锛屽垏鎴愬帤钖勫潎鍖€鐨勪簲鑺辫倝鐗?銆佺儹閿呭姞鍏ラ€傞噺鐨勮姳鐢熸补锛屾妸浜旇姳鑲夌墖鐐掑嚭棣欏懗骞朵笖鍑烘补锛屾斁鍏ヨ懕鑺便€佸鐗囥€佽挏鐗囥€佸叓瑙掔垎棣欙紝鏂欓厭銆佺敓鎶界児閿?銆佸厛鏀惧叆棣欒弴缈荤倰鍧囧寑锛屽啀鏀惧叆鍦熻眴鏉$户缁炕鐐掑潎鍖€8銆佸€掑叆閫傞噺鐨勬竻姘达紝鍔犲皯璁哥洂璋冧竴涓嬪捀鍛冲効锛岀洊涓婇攨鐩栭椃10鍒嗛挓宸﹀彸9銆佺剸鑷冲湡璞嗘潯鐔熼€忔堡姹佹祿绋犳椂鍏崇伀锛屾拻鍏ラ煭鑿滄10銆佸姞灏戣楦$簿璋冨懗鍎挎悈鎷屽潎鍖€鍗冲彲鍑洪攨鐩涘叆鐩樹腑11銆佽Earth fan!

[Efficacy and role of mulberry wine]_Sangmul wine_Benefits_Features

[Efficacy and role of mulberry wine]_Sangmul wine_Benefits_Features

銆 愭  钁 氶 Tired of 嬄 姛 姛 堁 堜 嬌 揤 护 抆 慆 共 妗 戣 抇 濂 擂 擂 擇 擇 濂 濂 擂 昇 _ 鐗 桂 偣
What’s the difference? What’s the difference? It’s a good idea. It’s the best way to do it.樿兘澶熷府鍔╂垜浠姉琛拌€侊紝鎻愰珮韬綋鐨勫厤鐤兘鍔涳紝鍚屾椂妗戣憵閰掕繕鏈変竴瀹氱殑闄嶈鑴傞檷琛€鍘嬬殑浣滅敤銆?1 銆 佸 吇 琢 璷 咰?妗戞す琚ぇ瀹剁О涓衡€滃ぉ鐒跺瘜纭掓按鏋滅殗鍚庘€濓紝鍦ㄤ汉浣撳唴缁寸敓绱犲拰纭掑崗鍚岋紝鑳藉鏈What are you talking about? Do you want to know how to do it? Do you want to know about it? Do you want to know about it? Do you want to know about it?噺鍏冪礌涓殑鈥滄姉姘у寲涔嬬帇鈥濄€傛钁氶厭鐨勫姛鏁堜笌浣滅敤闈炲父澶氾紝瀹冨叿鏈夋姉琛拌€併€佹姉姘у寲銆佹姂鍒惰“鑰併€佹彁楂樺厤鐤姏銆佷繚鑲濇姢鑴忕瓑鍏昏韩寮鸿韩绛夊绉嶅姛鏁堛€? 2銆侀檷琛€鑴傝鍘?鎬婚粍閰富瑕佹槸鎸囨妞逛骇鍝佷腑鎵€鍚粍閰被鍖栧悎鐗╃殑鎬婚噺銆傛牴鎹ぇ閲忕殑璇曢獙涓庝复搴婇獙璇侊紝榛勯叜绫诲寲鍚堢墿鍦ㄦ垜浠汉浣撳唴鍏锋湁鎶楁劅鏌撱€佹姉鐐庣棁銆佽皟鑺傝鍘嬪拰琛€鑴傘€侀槻娌昏绠℃爴濉炪€侀闃插績鑴戣绠$柧鐥呯瓑鍔熸晥銆傛墍浠ラ€傞噺鐨勫拰妗戣憵閰掑彲浠ユ湁鏁堢殑闄嶈鑴傚拰琛€鍘嬶紝杩樻湁鍙互闄嶄綆蹇冭剳琛€绠$殑绐佸彂鐜囥€? 3 銆?What’s the difference between stubble and stubbornness?妗戣憵涓墍鍚殑鑺辫壊绱犮€佽嫻鏋滈吀銆佽姼棣欒嫹銆佽憽钀勭硸銆佽儭钀濆崪绱犮€佹灉绯栥€侀挋璐ㄣ€佹棤鏈虹洂绛夊绉嶇淮鐢熺礌鍙婄儫閰告垚鍒嗭紝瀹冧滑閮藉叿鏈夐闃茶偪鐦ょ粏鑳炴墿鏁o紝浠庤€屽彲浠ユ湁鏁堢殑閬垮厤鐧岀棁鍙戠敓鐨勫姛鏁堛€傚洜姝ゅ皬缂栧缓璁ぇ瀹讹紝鍠滄鍠濋厭鐨勬湅鍙嬬殑鍙互Do you have a lot of rules and regulations? Are you sick and tired of each other? Do you have a lot of inter-chain links?4 銆 ?  钶 鰶 Tired of the survivors of the sorrows and sorrows and sorrows and sorrows and stolen sorrows and squeezes out 揤 揤  瘮 crack 揤  瘮 璮 璮 Sphere  锽 Cang  锽 駽 雰 駾 雒 駾 駾夋晥鐨勬敼鍠勫コ鎬ф湅鍙嬫墜鑴氬啺鍐风殑姣涚梾锛岃繕鍏锋湁寮鸿韩銆佽ˉ琛€銆佽ˉ鑲俱€佺泭鑲濄€佹槑鐩瓑鍔熸晥锛岃鏄棭鏅氬枬妗戣憵閰掓晥鏋滀細鏇村ソ銆?

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019
2018 results are lower than expected 2018 results announced by Tunnel Shares: Realized revenue of 372.70,000 yuan, an increase of 18 in ten years.2%, net profit attributable to mother 19.8 ‰, an increase of 9 in ten years.3%; 18Q4 achieved revenue of 138.$ 1.9 billion, an increase of 19.4%, net profit attributable to mother 7.0 million yuan, an increase of 7 in ten years.5%; due to reduced investment income, performance exceeded our expectations. In 2018, the company’s gross profit margin after excluding taxes was increased by 0.7ppt to 12.4%, mainly due to the increase in gross profit margin of design, operation, leasing and other businesses (among which, the improvement of leasing and other businesses was mainly driven by a low base);1ppt, mainly because the R & D expense rate is reduced by 0 every year.7ppt; investment income decreased by 39.9% to 8.200 million US dollars, mainly due to the disposal of long-term equity investment in the previous year formed a high base and BOT, BT project investment income decreased; net interest rate decreased by 0.4ppt to 5.3%; net operating cash inflow of 15.400 million US dollars, basically the same each year; net increase in investment cash increased by 23.500 million to 41.US $ 600 million, mainly due to a decrease in cash received from investment and disposal of subsidiaries and an increase in cash paid for investment. Development trend Construction profits are expected to improve.In 2018, the company’s engineering construction revenue grew at a rate of 18.2%, but the margin improvement rate affected by the increase in raw material costs; the number of new construction contract contracts decreased by 12.0%, of which subway and road orders are separated by 37.8%, 49.5%, mainly due to the high base and the release of new projects such as subway construction still take time; and the current construction orders 北京男士spa会所 in hand revenue coverage multiples of 2.8 times, still abundant.We expect that in 2019, urban rail and traditional infrastructure projects such as municipal and roads will accelerate and drive the company’s revenue to maintain a high growth rate. At the same time, the gross profit margin is also expected to improve, driving the margin of construction profits to improve. Investment returns are expected to pick up.In 2018, the company’s investment category business scale improved, and the investment income of BOT and BT projects decreased by 26.9%, mainly due to early repurchase of some projects and the overall transformation of the PPP industry.With the preliminary completion of the domestic PPP project warning, the PPP market is becoming more standardized, and the company has sufficient cash in hand. We expect the company to increase its PPP investment strength. Investment returns in 2019 are expected to stabilize and recover. Earnings forecast We maintain our 2019 / 20e attributable net profit forecast unchanged. Estimated and recommended company’s current price corresponds to October 19.We recommend 4x P / E. We maintain our recommendation. We have raised our target price by 30% to 9 due to the larger-than-expected easing in macro-liquidity and the upward adjustment of the industry’s estimated center.6 yuan, corresponding to 19 times 13 times P / E and 26% space. The construction progress of the risky urban rail was less than expected, and the investment business was less than expected.

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

2018 results are lower than expected Haiyin’s 2018 results: operating income 25.

0.7 billion, downgraded by 2 every year.

1%; net profit attributable to mother 1.

3.8 billion, down 40 a decade ago.

1%, net of non-attributed net profit1.

09 million yuan, down 44 years ago.

3%, corresponding profit 0.

05 yuan / share, lower than expected.

Among them, Q1-Q4 revenue increased by +28 each year.

6% / + 31.

0% / + 11.

5% /-38.

9%, net profit increased by +0 each year.

5% / + 22.

9% / + 15.

0% /-93.

9%, the financial business development was less than expected, the increase in expenses during the period and the accrual of long-term equity investment dragged down net profit.

Development trend 1. Business is growing steadily. Financial business has dragged down revenue for 18 years. Real estate business is expected to usher in the settlement period in 19 years.

Short-term downgrade of company revenue in 20182.

1%, of which the business sector / real estate / department store industry / financial sector / hotel revenue accounted for 40%.

0% / 30.

1% / 21.

5% / 6.

5% / 2.

0%, 2018 revenue growth in ten years2.

0% / 6.

3% /-1.

7% /-25.

4% / 6.


Specifically: 1) Commercial business: The company’s Haiyin Another City project has been steadily expanding in different locations. In 2019, Zhuhai, Shanghai and other projects will attract investment and operations, and it is expected to increase the operating area by 170,000 square meters. At the same time, in November 2018, it reached a cooperation with Shanghai SongjunThe agreement will be responsible for Huijin City in the form of brand and management output2.

The operation of 40,000 square meters of commercial investment is expected to continue a steady growth in business revenue in 2019; 2) Property business: Commercial and residential quarters in Sihui City and Shanghai Commercial City Commercial Housing have been approved for pre-sale in the second half of 20184.

10,000 pings, which brought an increase in revenue in 19 years; 3) Financial sector: The acquisition business was affected by the strengthening of financial supervision, and the maintenance fee income decreased significantly, but 成都桑拿网 the scale of small and micro loan business increased.

2. The expense ratio increased significantly, dragging down net profit.

The company’s gross profit margin increased by 0 in 2018.

01ppt as of 38.

55%, maintaining stability, but the net interest rate has been decreasing year by year due to the increase in expense ratios and the accrual of long-term equity investment losses3.

5ppt to 5.5%, of which sales / management / R & D / financial expense ratio doubled -1.

1ppt / + 1.

7ppt / + 0.

0ppt / + 3.

0ppt to 3.

7% / 11.

1% / 0.

4% / 9.

The 5% increase in financial expenses was due to the repayment of 17-year financing projects and the increase in interest rates on new loans.

3. Pay attention to the progress of the company’s real estate settlement in 2019 and reduce costs and increase efficiency.

1) Real estate development and settlement: As of the end of 18 years, the company’s main development projects have 126 construction areas to be developed.

80,000 square meters, of which 87 are residential.

7%, the progress of real estate project settlement affects the company’s performance; 2) Cost reduction and efficiency improvement: In 18 years, the company has strived to create an online platform for “Hainyin Life” to improve the accuracy of operations and at the same time promote staff optimization.

220,000 yuan in manpower and operating expenses, the expense rate is expected to usher in improvement.

The profit forecast is based on the intensified competition in the retail industry, and the 19 / 20E profit forecast is lowered by 18% / 16% to 0.


11 yuan / share.

Estimates and recommendations are currently expected to correspond to 27 / 24X P / E in 19/20, maintaining the recommended level.

Adjust target price by 5% to 3 according to profit forecast adjustment.

4 yuan, corresponding to 19/20 34 / 31X P / E, up 23%.

Risks Intensified competition in the retail department store industry; the downturn in the real estate market.

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

The Guangdong-Hong Kong-Macao Greater Bay Area plan specifies Shenzhen Airport.

On February 18, 2019, the Central Committee of the Communist Party of China and the State Council issued the “Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area”, proposing to consolidate and enhance the Hong Kong international aviation hub system, strengthen the function of aviation management training centers, and enhance the competitiveness of Guangzhou and Shenzhen Airport international hubs.Enhance the functions of airports in Macau and Zhuhai, promote dislocation development and positive interaction in the Greater Bay Area, and build a world-class airport cluster.

In 2018, the five major airports in the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou Baiyun Airport, Shenzhen Bao’an Airport, Zhuhai Jinwan Airport, Hong Kong Airport, Macau Airport) had a total of more than 200 million passenger explosions, cargo and mail explosions exceeding 830 tons, and the transportation scale ranked the global bay.District Airport Group.

Long-term planning will increase the future capacity of Shenzhen Airport.

According to the Shenzhen Airport’s “Thirteenth Five-Year Plan”, it is clearly stated that the construction of the airport’s third runway, satellite hall and other projects will be accelerated. The target for passenger explosion in 2020 is 55.88 million, and the cargo and mail explosion will reach 120.

4 seconds, the aircraft took off and landed 40 times.

80,000 sorties.

At present, the Shenzhen Airport budget T3 adaptive reconstruction project and the expansion of the new satellite hall are planned to be completed by the end of 2021. The total investment is expected to be about 7.6 billion yuan.

Before the launch of the Satellite Hall in 2021重庆耍耍网, the company will not have other huge capital expansions, the depreciation and amortization will be basically stable, the company’s operating costs will be stable, and the growth of transferred passengers will increase.

International business is developing rapidly.

At present, Shenzhen Airport has 164 passenger traffic navigable cities, of which 45 are international (excluding regions) regular passenger navigable cities.

In 2018, Shenzhen Airport Expressway opened 15 new international passenger traffic cities, including London and Paris, 9 of which are intercontinental cities, and 12 international passenger routes have been encrypted.

International (including regional) passenger explosions reached 458.

40,000 person-times, an annual increase of 27.

4%, the proportion increased to 9.


The number of international passengers increased, and the number of newly opened intercontinental routes replaced the country’s number one. The number of international routes developed and the quality improved.

In 2018, Shenzhen Airport’s passenger and freight business performed well, with an original passenger flow of 4934.

90,000 person-times, an increase of 8 in ten years.

The growth rate is 2%, ranking first among the top ten airports in China; the advantage of freight development is obvious, and the annual cargo is bombed 121.

9 digits, ranking fourth in the country.

Earnings forecasts and investment advice.

We expect the company’s operating income to be 39 in 2019-2021.

5.3 billion, 43.

4.9 billion, 48.

68 ppm, an increase of 9 in ten years.

8%, 10.

0%, 11.

9%; net profit attributable to parent company is 7.

8 billion, 8.

6.9 billion, 7.

56 ppm, an increase of 16 in ten years.

7%, 11.

5%, -13.

0%; EPS are expected to be 0 respectively.

38 yuan, 0.

42 yuan, 0.

37 yuan, corresponding to 22 of the current sustainable PE.1x, 19.

8 times and 22.

8 times.

We propose to give the company an estimate of 25 times PE and the corresponding target price for 2019 is 9.

5 yuan.

The reasonable range expected by the company is expected.


0 yuan, the first coverage given an overweight rating.

risk warning.

The macro economy was less than expected, the development of international routes was less than expected, and regional competition pressure exceeded expectations.

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