Category: ceinhbwb

Wang Shuai thinks he is wrong on this point,Abao is different from him!

A Bao doesn’t hesitate,So he decided that the basis for Abao to cherish his life no longer exists,He thought Abao would not go to extremes if he had a little money left,but,Obviously what Abao needs‘At least how much money is left’Standard,Not the same as he estimated。
Leopard pulls out the knife,When Wang Shuai saw the blood on the knife drop,A Bao did not hesitate to pierce again、And Wang Shuai instinctively tried to parry,but,Blocked,His reaction speed has dropped。
So this knife,It stuck on Wang Shuai again。
Chapter Two Hundred and Four end
The knife that pierced Wang Shuai’s body was pulled out again,Stabbed again under the wave of Abao!
A group of more than 30 people who helped Abao slashed with swords.,The Baiduhao people behind Wang Shuai were full of confidence at first,But when facing the machete,,The people in front dare not parry,Subconscious retreat,So the people behind can’t move forward。
This retreat,There is no chance to rush forward。
A series of knives hit several people,The man who was hit by the knife retreated in fear and desperately、Turn around and run away,What counterattack,What to get out of position、The problem of leaving room for the companions behind to wield weapons, etc.,No one remembers!
A row of people in a row,The first few rows were all messed up in an instant。
Even if the people behind want to do something,But was blocked by people who backed up and turned around,Can’t open,Instead, he was slashed for nothing,Can’t force it,Can only retreat。

Actually they don’t have much brains,Just because the situation is better than human,My life is in the hands of others,I have to cooperate with this mouthpiece king。

But this way,Daming Song panicked,Said quickly:“What is there to think about!Our Dragon Snake Gang and Aoki Club are not in harmony,It’s normal to trouble you。but,I won’t dare anymore,Really!”
Daming Song saw the opponent’s eyes,Quickly added with a guilty conscience。
Lu Menglin shook his head and smiled,Tao:“wrong!The wooden knives have already appeared just now,He is in the jungle maze。If let him know,You moved the Aoki Club,You say you guys can still live?This is obviously someone who wants to harm you!”
“Who is anxious to explain,Is the one who will harm you!”Lu Menglin also added。
At once,All the Dragon Snake Gang present understand,They showed skeptical eyes,And turned his gaze to Daming Ken’s body。
Think carefully,Daming Song’s behavior today is indeed particularly suspicious。
The hunting of Chiyue Canyon was originally a major event in Bairimen City,Most gangs will participate,Who dares to sabotage at this time,Will definitely become a target,Song Ming Song
Provoking Aokikai along the way,Too abnormal!
Could it be,It’s like what the mouth-gunner said,He has another purpose,Is stirring emotions on both sides?In secret?
Daming Song’s face changed slightly,He didn’t expect that his true intentions would be discovered by this mouth-gun king。
The other party has only seen two sides of himself,Can actually understand people’s hearts,This man’s wits are terrible too!
“misunderstanding,All misunderstandings!”Daming Song smiled bitterly,Shook his head。
“misunderstanding?So why are you nervous?Your fists are pinched and loose,The light pattern power in the body just showed signs of condensation,Then took the initiative to disperse。Explain that you want to take a risk,Just feel unsure,Just gave up this tempting idea,Am i wrong?”

Mo Mo smiled indifferently,Xiang Yang curled his lips,Because I watched myself running,Was hit by a truck and flew more than ten meters away,If still alive,That is the miracle of life。

“Sister Mo Mo,Your skill,What rank do you belong to in your industry??”
Xiangyang asked curiously,Because I’m afraid of being heard,So what I want to say is very vague。
After a period of training,With Yao Yao’s guidance,Xiangyang also wants to know what level he is now。
“its me?Above three streams,Under second rate!”
With the rhythm of the chest shaking,Mo Mo pondered a little,Gave a fair answer。
Listen to Mo Mo’s answer,Xiangyang secretly smacks,He is obviously not Mo Mo’s opponent,Trained for more than a week,It’s not even third-rate!
“I have been in the team at best as a doctor,No need to be at the forefront,You don’t need to have too good skills,It’s enough to protect yourself!So do you,Boss and we will protect you!Don’t put too much pressure on yourself。”
I saw the thoughts in Xiangyang’s heart,Mo Mo smiled comfortingly,In Xiang Chen’s words,Charging into battle has always been something a man should do,It’s already great for women to study how to spend money。
“But I still don’t want to hold you back!”
Xiangyang is a bit stubborn,Can’t help but speed up。
“Sister Mo Mo,What rank does Xiang Chen belong to”
Just ran out without a few steps,Xiangyang slowed down again。
Looking at Mo Mo curiously,I hope she can get the answer she expects。

“What’s inside?”

“Is it done??”
“Where’s Du Shaoping?”
Faced with these inquiries,And the ugly faces in front of you,Da Fei suddenly felt thatTMnausea。
“The one inside is not a bad guy!Du Shaoping wanted to bury Teacher Deng alive,He is a hero who saves people!”Big Phinees are bloody,Screamed fiercely。
The adults around were stunned,quickly,Those ugly faces became extremely hideous,Extremely cold。
“These gangsters are unreliable,They are in the same group as the person inside!”
“Grab it!Grab all!”
“did you see,All have guys on them,Not a good thing!”
The twelve youngsters are still trying to argue for the person inside,Their movements are so clumsy and ridiculous,Their words are so pale and weak。
Just because they are innocent punks,It’s rubbish in the eyes of adults,So no one believed what they said。
quickly,The Twelfth Young Master on Temple Street was controlled by the police,Cleared the customs and got into a van,Twelve lads huddled together,Don’t mention the sour taste。
“Dog day!Let me out!”
“Your mom!I’ll see you next time!”
“All not good!Let me out!I want to pee!”
The twelve young people shouted wildly,Kick the car door with your foot,Anyway, I want to make some noise。
“enough!Stop making noise!”Da Fei suddenly roared,Stopped the brothers’ movements。
“Wait and see!The gang of melon peels are going to catch Brother Nan,See how many hands they have to break!”
A word from Brother Dafei,All the twelve youths suddenly calmed down。
He was right!The people outside do not live or die,Go in and catch Nan Ge,I’m afraid there will be a good show in a while!

Sunshine City (000671): Sales exceed 200 billion yuan to maintain prudent financial end continuous improvement

Sunshine City (000671): Sales exceed 200 billion yuan to maintain prudent financial end continuous improvement
Recent situation of the company We have recently investigated the fundamental situation of the company. Comments on the initial sales exceeded 20 million yuan, 2020 raw materials to achieve double-digit growth.The company has accumulated a total caliber of US $ 211 billion from January to December, an annual increase of 30%, corresponding to an average sales price of 12,694 yuan per square meter, and a sales equity ratio of 66%, which is 11 digits lower than 2018 (77%) (Crere caliber).We expect the company to exceed 220 billion (more than 10% increase) in 2020. At the same time, with the high equity proportion of land acquired this year, construction and market will gradually start to enter, and the proportion of sales equity will also rebound significantly. The estimated growth rate of equity is expected to exceed 20%. Keep the ground prudent, and the proportion of equity has picked up.From January to November, the company added 9.37 million square meters of soil storage, with a total land price of 4.78 million yuan, and the average land price was 4,919 yuan / square meter, accounting for 40% of the current average sales price.The company’s land acquisition amount accounted for 26% of the current period, which is more cautious than 2018 (34%), and the proportion of supplementary land reserve equity rose to 78%, reaching a new high in the past two years (66% / 55% in 2017/2018).80% of the company’s new soil deposits are located in first-tier and second-tier cities and third-tier and fourth-tier cities in the metropolitan area, and 56% of them have been acquired through acquisitions, an increase of 18 percentage points from 2018 (38%).We expect the company to maintain a prudent terrain of trials next year, and may seek more high-quality acquisitions and acquisition opportunities in land acquisition methods. The financial side continues to improve, and financing costs are expected to decrease.In the first three quarters of this year, the company’s net cash flow from operating activities was 11.3 billion, which has been positive since 2017; at the end of the quarter, the company’s cash on hand increased by 17% earlier to 443 trillion, and the short-term loan ratio reached 1.The historical growth rate of 36 times, the net denial rate earlier (221%) down 48 substitutions to 173%.We estimate that with the external net financing of 0, the company’s sales repayment in the second half of 2019 will replace the land consideration and its own volume expenditure, and the cash in hand will increase to 73.4 billion at the end of the year. In the second half of this year, Fitch raised the 重庆耍耍网 company’s long-term foreign currency issuer default rating and senior unsecured bond grades from B, B- to B +, and B respectively. Standard & Poor’s raised the company’s individual credit status assessment from B to B +.We expect that with the continuous improvement of the company’s financial end, more rating agencies will upgrade the company’s credit rating and drive down financing costs. It is recommended to keep the sustainable profit forecast unchanged, and the company is currently trading at 5.4x 2020e price-earnings ratio, significantly lower than the average level of comparable leading A-share real estate companies (6.6 times).Taking into account the company’s solid sales growth, continuous improvement in the financial end and market risk appetite, we raise our target price by 14% to 11.01 yuan, maintain outperform industry rating.The new target price corresponds to 重庆耍耍网 a 7x 2020e price-earnings ratio, implying 29% upside. The progress of risk settlement was less than expected; the improvement of the financial side was less than expected.

Yonghui Supermarket (601933): Focusing on the main business of the supermarket and showing significant results

Yonghui Supermarket (601933): Focusing on the main business of the supermarket and showing significant results

Event company released semi-annual report: 2019H1 company realized revenue of 411.

76 ppm, an increase of 19 in ten years.

71%; net profit attributable to mother 13.

69 ppm, an increase of 46 in ten years.


  Single Q2 company achieved revenue of 189.

4 ppm, an increase of 21 in ten years.

18%, net profit attributable to mothers2.

450,000 yuan, an annual increase of 32.

The 25% brief evaluation performance is consistent with the express report, which is in line with expectations 天津夜网 that the company’s revenue in 2019H1 will increase by 19%.

71% to 411.

7.6 billion, net profit attributable to mothers increased by 46.

69% to 13.

69 ppm; single Q2 revenue also increased by 21.

18% to 189.

400 million, net profit attributable to mother increased by 32.

25% to 2.

4.5 billion.

The company’s performance is basically consistent with the express report and meets expectations.

  Focusing on the main business of the supermarket, the store network continues to expand. In 2019H1, the company added 84 new stores (excluding MINI stores), of which 21/25 were newly opened in Q1 / Q2 respectively. In May, it consolidated the Parkview Yonghui 38 Bravo stores, H1.The total number of stores at the end was 791, covering 24 provinces (municipalities directly under the central government), and 249 stores 苏州桑拿网 have gradually been opened. The store has abundant resources. It is expected that H2 will help maintain a high booth speed.

  The MINI business model has been opened up, Q2 expansion and acceleration H1 MINI stores opened 398, Q2 opened 305 stores, Q2 expansion speed increased significantly.

At present, MINI stores have covered 50 cities in 19 provinces, with an average store area of 488 square meters, and H1 achieved revenue of 5.

5 billion.

  Same store growth rate of 3%, H2 same store is expected to maintain a high growth driven by food CPI 19H1 company same store growth rate of 3.

1%, mainly driven by the increase in customer unit prices.

Since July-August, the continuous growth rate of food CPI has remained at a high level, which is expected to drive the company’s H2 same store to maintain a high growth rate.

  Increased the construction of its own brand, and the product structure has been continuously optimized. H1 has sold 44 of its own brands, with 1022 SKUs of its own brands.

Own brand C end section 7.

8.6 billion, accounting for 2%.

1%, of which one hundred five.

4.4 billion, fresh 2.

4.2 billion; B-end budget 7.

1.4 billion, of which one hundred four.

50 billion, fresh 2.

6.4 billion.

  Continuous layout of home-to-home business, cooperation, self-built system, two-pronged approach. In 2019, H1’s supermarket home-to-home business has covered 22 provinces, autonomous regions, and 109 cities. A total of 518 stores received home services and home warehouses.

3 trillion, with an average monthly growth rate of 7.
H1’s online sales accounted for 3.

4%, a significant increase of 111% each year.

The company’s senior management deepened its cooperation with JD. H1 connected the company’s 407 supermarket stores with an increase of 112; gradually, the company further supported the C-terminal application of the home business and the construction and optimization of the online platform.Development landing and promotion.

At present, the community group purchase has been promoted and applied in 300 general stores, with more than 70,000 users and more than 100,000 effective orders.

  The gross profit margin has been affected by the consolidation and profitability, and the fee control effect is good. The H1 company’s gross profit margin decreased by 0.

6 pct to 21.

8%, which is expected to be mainly affected by the merger of Baijia Yonghui and the newly opened stores; the rate of increase during H1 will decrease by 1.

9 pct to 18.

2%, of which sales / management / financial expense ratios are -0.

72 pct / -1.

38 pct / + 0.

24 pct to 15.

19% / 2.

66% / 0.

37%, the company’s period expense ratio fell mainly due to the reduction of equity incentive expenses2.

0.8 billion to 1.

36 billion.

Reduced expense ratio. Overlapping color fresh food.

3 billion, driving H1 companies to increase their net profit margin by 1.

2 pct to 3.

3%, the profitability improved significantly.

  Cash flow increased significantly, inventory turnover days increased slightly H1’s net operating cash flow increased by 52.

87% to 20 ppm, with single Q2 exceeding -2 by 18Q2.

100 million turned to 3.

800 million, a significant improvement.

H1’s inventory turnover days increase by 5 each year.

8 days to 40.

Within 7 days, it is expected to be mainly affected by the increase in the scale of inventory with the expansion of sales; H1 accounts payable turnover days exceeded the increase by 3.

In one day, the upstream bargaining power was further improved.

  Investment suggestion: The company focuses on the main business and has significant benefits. The MINI format Q2 has accelerated its expansion. In the second half of the year, due to the low base in the previous period, its performance is highly flexible and can be expected.

  It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 24.

3, 33.

300 million, corresponding to PE 40X, 29X, raised to the “buy” level.

  Risk factors: Declining consumption boom; intensified competition in the industry; less-than-expected development of new businesses

Gemdale Group (600383) September 2019 Monthly Commentary: Layout of High-Energy Cities Moderately Raising Leverage

Gemdale Group (600383) September 2019 Monthly Commentary: Layout of High-Energy Cities Moderately Raising Leverage
Core Views The company fully benefits from industry changes.The layout focuses on first- and second-tier cities, with strong sales certainty.At the same time, the company has a credit advantage and the property management platform is also valuable.   Sales growth continued to lead the industry.In September, the company’s sales growth further improved.The monthly sales amount is 250.100 million, +38 a year.69%, sales area is 135.20,000 square meters, +46 per year.68%; from January to September, the cumulative sales amount was 1418.4 trillion, +33 a year.70%; cumulative sales area is 710.30,000 square meters, +22 per year.44%.The company’s sales growth continued to lead the leader.   The layout and capabilities are excellent, optimistic about the subsequent sales growth.We noticed that the sales growth rate of leading companies in the first nine months was significantly positively correlated with the average selling price, and the sales certainty ratio in high-tier cities.The city layout of the company is relatively high, benefiting from market changes.The company also actively promoted the market to expand sales results.We are optimistic about the maintenance and improvement of the company’s subsequent sales growth.   Take the ground steadily, without game cycles.The company’s land investment in September was 517.800 million, expanding the land reserve area of 7.14 million square meters, mainly concentrated in first-tier and second-tier cities.The company’s land acquisition was stable in the third quarter, and it has maintained the rhythm of “selling one for one” since 2018 (sales area / new area: 2018: 877.淡水桑拿网8/878.2, 2019Q3: 710.2/714.7) Under the circumstance of controlling risks, it also guarantees the company’s continuous development and the project will not be blocked.   Low capital cost and moderately increased leverage.The company scale proactively expanded, driving the net debt ratio from 78% at the end of 2016 to June 2019.0%.However, the company’s credit history is good.Under the background of broader industry credit spreads, the company’s credit spreads have been further reduced, and it has gained a relative value in operating advantages.   Risk factors: Inadequate profitability of the company’s new projects and the risk of the company’s equity ratio continuing to decline.   Blue chip companies that have fully benefited from the changes in the industry and enjoyed steady growth.The company plans to focus on first-tier and second-tier cities. It is expected that sales will have a high degree of certainty and future performance growth can be expected.In addition, the company has the lowest capital cost, the product has a certain premium capability, and the property management platform also has a certain value.We maintain the company’s EPS forecast for 2019/20/212.07/2.28/2.49 yuan / share, maintaining 14.The target price of 46 yuan / share corresponds to a 7x estimate and the company’s “buy” investment rating.

Cobos (603486) 2019 Interim Report Review: Domestic Demand Pressures Leader and Shoulder

Cobos (603486) 2019 Interim Report Review: Domestic Demand Pressures Leader and Shoulder
Event: Cobos released its 2019 Interim Report, and the company achieved operating income of 24 in 2019H1.3 ‰, at least -3.8%, realizing net profit attributable to mother 1.3 trillion, -36 a year.6%.Among them, the company achieved revenue in 2019Q211.8 ‰, at least -10.2%, net profit attributable to mother is 61.4 million yuan, -46 for many years.9%, single-quarter revenue and profit exceeded expectations, sweeping machine OEM orders continued to decrease, the domestic independent brand sweeping machine revenue growth accelerated, resulting in sweeping machine business growth slower than market expectations. In addition, the company launched an extended stock incentive plan for 2019 (supplementary). Comments: Revenue analysis: Decreasing demand for domestic sweepers is the primary role of the company’s revenue under pressure. 1) The internal sales revenue of sweeper brands has stalled, and export sales have maintained rapid growth. 19H1 robot independent brand revenue increased by +11.2%, of which 19Q2 independent brand revenue is estimated at least during the period, mainly due to the decline in domestic independent brand revenue in 19Q2.According to the monitoring data of Zhongyikang, the retail sales of the domestic sweeper industry in H1 2019 decreased by 9%.2%, especially 19Q2, was significantly above.Although Cobos’ retail sales share exceeded 8pc to 48%, the domestic sales revenue of sweeping machines is still under pressure. Cobos is a domestic sweeper enterprise that pioneered overseas markets with its own team. In 19H1, it continued to expand its sales team. Against the background of the continuous outbreak of overseas demand, the company ‘s independent brand ‘s overseas revenue grew rapidly, with a growth rate of 40%about. 2) The contraction of OEM orders for sweeping machines is stronger than market expectations.In 2018, the company’s cleaning machine foundry revenue was about 4 trillion, but it can penetrate the European and American markets through the Cobos brand and compete directly. The company chose to strategically abandon some of the foundry orders.Starting from 2018H2, the company’s robot foundry business began to shrink, and the revenue of the sweeper foundry business increased from 18H1 to 2.About 5 million dropped significantly to about 4,000 million in 19H1, and the contraction was stronger than the market expected. 3) Due to the impact of tariffs on vacuum cleaner foundry, 19H1 revenue decreased by 14%.The US government’s plan to impose tariffs on US $ 200 billion of Chinese goods includes vacuum cleaners. On January 1, 2019, a 10% tariff was implemented.In order to minimize the impact of tariffs, the 2018H2 industry began to show obvious export orders for vacuum cleaners, which partially overdrawn orders in the first half of 2019, so the company’s 19H1 vacuum cleaner OEM / ODM export revenue decreased by 14%. 4) Revenue of vacuum cleaner’s own brand increased to zero.9.6 billion.19H1 increased its product development and promotion in the “TINECO” brand vacuum cleaner business. 19H1 revenue increased by 119% to 0 compared with the same period last year.9.6 billion. Taken together, the company’s revenue growth in the past two quarters was +3.1%, -10.2%, the growth rate expanded earlier than 18 years, mainly affected by three factors: 1) private brand robot revenue growth channels; 2) robot OEM orders significantly reduced; 2) vacuum cleaner OEM orders due to early “robbing exports””Overdraft, interference. Profitability: R & D, channel expenses, and profitability are under pressure. The company’s overall gross profit margin for 2019H1 will still increase by 0.7pct, of which 19Q2 gross margin increased slightly by 0.2pct.As the overseas market increased the distribution ratio, and the gross profit margin of the distribution channel relatively decreased, the company’s gross profit margin in Q2 2019 narrowed and remained basically the same. Cobos continues to add research and development and sales talent, with costs increasing even more.The concentration of the sweeper industry is constantly increasing. It is related to the expansion of Cobos. Cobos can increase its R & D investment to maintain guidance on the product side and build high competition barriers.At the same time, actively explore new markets and new channels. Some Coboss have aggressively entered mainstream offline retail channels such as Bestbuy and Costco in the United States to seize first-mover advantages at the channel end. In the absence of sufficient capacity in other aspects, a reasonable choice to increase investment in products and channels, but it will inevitably lead to an increase in the short-term sales and R & D expense ratio.Close to 4pct. Growth, short-term pressure on profitability.As the company invested a lot of resources to strengthen its R & D and sales capabilities, but the short-term revenue growth rate dropped, so the operating profit margin was under pressure.In addition, 2018H1 generated exchange gains of 678 million, while 2019H1 generated exchange losses of 810,000 yuan, so the net profit margin for 2019H1 decreased by 3.6 points to 5.2%, short-term profitability pressure. Assets and profit quality: Inventories and accounts receivables continued to increase. The normal operating performance of the company in 2019H1 was 481.8 billion. The net cash flow from operating activities was successfully positive, and it increased significantly compared with the same period last year. The steady increase of the company’s accounts receivable is estimated to be related to the extension of the account period of domestic e-commerce platforms.Since the overseas market was developed through the internal sales team, 19H1 inventories still had 1.1 billion U.S. dollars. It is expected that the income from the transfer of overseas markets will grow rapidly and the inventories may rise. The above changes can have normal operating results. Business prospects: Deeply plowing domestic and foreign markets, betting on transition products companies to use alternative space in the financial report to discuss and analyze the company’s core competitiveness, business status, and future development status in detail. Looking forward, the company’s business focus is divided into threeAspects: 1) Increase domestic low-end product lines and find increments in difficult situations: The rapid decline in domestic market demand in the first half of 2019 was unexpected, and it must be found in difficult situations before it is put into product launch.The low-end random product line is within the company’s ability and a lucrative market segment. The company 成都桑拿网 is expected to become a new brand and re-enter the low-end random product market to survive the low tide of the industry. 2) Accelerate the development of overseas markets with the United States as the core: The United States is the initial popularity of sweepers and one of the countries with the largest market potential, but as the home base of iRobot, its market share is always firmly in the hands of iRobot.The reason is that offline channels are still the mainstream channels in the US market, and entering these mainstream channels is not easy.In 2018, Cobos became the only Chinese brand that entered the mainstream retail channels in the United States on a large scale. About 40% of the growth rate of overseas independent brands in the first half of 2019 was due to the accelerated development of overseas channels. 3) Betting on cutting-edge products to lead the market back to growth: DG70 equipped with AIVI technology is Coves’ first attempt in the field of machine vision. In the annual report, we saw the company introduce the development of a new generation of sensor modules for the first time.Trying to improve the robot’s in-depth understanding of space and environmental information, the company is expected to realize a new generation of sensor modules in 2020, which will upgrade the product experience of sweepers. If consumers can recognize alternative products, the domestic market is expected to return to growth. Profit forecast, forecast and rating predict that the company’s revenue growth rate in 2019 will be more than 10%, among which the growth rate of the sweeper’s independent brand business is 10?20%.The company’s 2019 annual stock incentive plan’s performance evaluation target for independent brands of sweepers is to increase by 10% per year in 2019 and 20% per year in 2020-2022. Due to the continuous increase in expenses and the supplementation of revenue growth, the company’s short-term profitability is under pressure. The company’s 2019 stock incentive plan’s assessment target for net profit growth is an annual increase of 15% from 2020-2022. Because the company’s 19Q2 performance exceeded expectations, we cut 2019?The 21-year net profit forecast is 4.8/5.9/7.200 million (was 5).8/7.2/8.800 million), due to the increase in equity, the corresponding EPS is adjusted to 0.85/1.05/1.At 29 yuan, the current PE is expected to be 30/24/20 times. Although the domestic market needs short-term difficulties, the service robot circuit is still full of opportunities to maintain the “overweight” level. Risk Warning: The global demand for sweepers is lower than expected; and a large amount of investment is increased.

Air China (601111): Robust cost control for quality routes

Air China (601111): Robust cost control for quality routes

Event: The company released the third quarter report of 2019, and achieved operating income of 1030 in the first three quarters.

77 ppm, an increase of 0 in ten years.

19%; net profit attributable to mother 67.

62 ppm, a decrease of 2 per year.

53%; net profit deducted from non-mother 65.

56 ppm, an increase of 0 in ten years.


Q3 achieved operating income of 377.

6.4 billion, down 2 every year.

26%; net profit attributable to mother 36.

22 ppm, a ten-year increase4.

43%; net profit of non-return to mother is 35.

36 ppm, a ten-year increase4.


  Guidance on capacity deployment, supply growth indicators, and increased load factor.

The company’s ASK increased by 5 in the first three quarters.

56%, RPK increased by 6.

24%, load factor 81.

40%, an increase of 0.

5 points.

Among them Q3ASK increased by 4.

87%, the capacity growth rate increased further than the first half, RPK growth rate was 5.

57%, with a load factor of 82.

21%, an increase of 0.

54 points.

Except for the maintenance of Beijing Capital Airport Expressway affecting capacity growth, the company’s overall capacity deployment was cautious, and the passenger load factor achieved a small increase in the quarter.

  The growth rate of seat-kilometer revenue, but the improvement of 上海夜网论坛 cost control capabilities, led to the increase in gross profit margin in Q3.

  In terms of revenue quality, due to the weak demand from the industry, the company’s seat-kilometer revenue in the first three quarters decreased by 5%, of which Q3 in the single quarter was nearly 7% in a row.

However, the decline in oil prices in the third quarter led to a decline in the company’s jet fuel costs; the expansion of the company’s non-oil cost control capabilities improved, and Q3’s single quarter gross margin reached 24.

66%, an increase of 1 over the same period last year.

83 units.

In the first three quarters, the gross profit margin increased by one to 19.


  In Q3, the non-net profit of foreign exchange deduction increased by about 8%, and the company’s profitability was strong.

We estimate that the company’s Q3 single-quarter exchange loss was 2 billion, an increase of 100 million US dollars over the same period of the previous year; after deducting exchange losses and non-recurring loss gains, Q3 deducted non-net profit was 60.

31 ppm, a ten-year increase of 8.

43%, the company’s advantages in salary and cost help its expanded profitability.

  Investment suggestion: The company’s card is located in the Capital Airport, the route network is perfect, the civil aviation development fund halves to increase profits, but considering that aviation demand remains to be seen, the oil exchange environment is still uncertain.0.48/0.


61 yuan, PE is 16x, 14x, 13x, downgrade to “overweight” level.

  Risk reminder: Macroeconomic growth significantly, crude oil prices increase sharply, exchange rate fluctuations intensify

TCM sets a POSE for sleep


TCM sets a POSE for sleep

Traditional Chinese medicine has a saying that “it is painful if it doesn’t pass.” A good sleeping position ensures that the airways throughout the body are accessible and blood flow is smooth.

“Our ancestors have always been particular about sleeping positions.
“” Sitting like a bell, standing like a pine, lying like a Buddha . ”

  If you like to sleep on your back . Sleeping position sketch: People who adopt this sleeping position are usually very tired or drunk, etc., and quickly fall into deep sleep in the supine state.

At this time, the sleeper’s hands will unconsciously put on his chest.

  Traditional Chinese medicine protects flowers: During sleep, the parts facing the Zhongkaiqiao are mostly facing upwards, while Qi and body fluid tend to go down.

For example: when you are asleep, because your face is facing upwards, the roots of the tongue may fall or the saliva flows into the trachea, which may cause snoring or choking, and even cause sudden death due to stagnation.So turn over and change your sleeping position while you are sleeping.

  If you like to sleep on your back . Sleeping position sketch: Sleeping on your back is like a baby, which is a pretty good position for a drooling person in sleep.

However, if your chest is pressed flat on the bed, a slightly boring situation may occur.

  Traditional Chinese medicine care flower: The biggest disadvantage of sleeping on your stomach is the pressure on the heart.

If the time is too long, or the pressure is too heavy due to excessive reasons, it may affect the operation of the whole body’s qi and blood, and cause heart discomfort and dyspnea.

Chinese medicine says that heart failure is caused by lack of gas, so you should first ensure that you have a good breathing state during sleep.

If you feel depressed when sleeping on your stomach, you can take a high pillow position while sleeping to ensure smooth heart qi and blood.

   If you like to sleep with your body . Sleeping posture sketch: Sleeping with your body curled up is not a good gesture. It is like a little shrimp, and it may also cause damage to your trample.

  Traditional Chinese medicine care: According to a medical survey: one in every five Chinese people has suffered from back pain and neck pain in the past 6 months.

Poor sleeping posture is the primary cause of back pain or neck pain.

When a person’s chest is straightened, they feel most comfortable. Traditional Chinese medicine believes that poor blood vessels can cause deficiencies.

So whether you’re sitting, standing, or even lying down, you should adjust your posture to the most comfortable level, and don’t always bend your waist.

For up to 7 or 8 hours of sleep, the whole body should also stretch and sleep.

  If you like to sleep with pillow arms . Sleeping position sketch: This is a very unconscious sleep position. You may be thinking about something with your arms folded before going to bed, but fall asleep without knowing it.

When I woke up, I just felt that I was no longer in my own territory. I didn’t listen to my shoulders or fingers.

  Chinese medicine care flower: fall asleep with pillows on your arms, and it will be motionless for a few hours, which will directly cause the radial nerve of the upper arm to suffer compressive damage, resulting in paralysis of the forearm, wrist and fingers.

This is exactly the reason that traditional Chinese medicine does not hurt if you do not, but it hurts if you do not.

During sleep, our qi, blood, and breathing gradually enter a stable and normal state. During deep sleep, the condition of qi and blood block in the limb cannot be adjusted because it is not noticed, and it quickly enters the paralysis period.

So don’t get into the habit of putting your arms behind your head.

  If you like to sleep completely sideways . Sleeping position sketch: Sleeping completely sideways is to hold your half of your body. If you hold down your legs and legs that are sideways, you do n’t feel it at first, but when it becomes a habitThe problem of qi and blood stasis occurs during sexual sleeping posture.

  Traditional Chinese medicine care: Experts surveyed 2,000 patients with cerebral infarction and found that more than 95% of the patients completely slept sideways, suppressing the habit of holding half of their body.

On the basis of the arteriosclerosis itself, such a sleeping position aggravates the blood flow disorder, especially the complication of blood flow is slowed down, and it is easy to gradually gather at the intimal lesion of the artery to form a thrombus.

In order to eliminate this hidden danger, it is better to lie supine from time to time, and to lie sideways from time to time.

  ”Qian Jin Yao Fang · Dao Lin Yang Xing” said: “Bend your knees and lie on your side, benefit from strength, and win the right.

“It is agreed to lie sideways.

However, its “side-lying” refers to “half-side-lying”, which guarantees the relaxation of the whole body, smooth blood flow, and the accessibility of the viscera.

It is impossible for a person to stay in the same position during sleep. Overnight, he has to turn around a few times in order to obtain a comfortable posture. In fact, no matter what the sleeping position is, it is good to relax and relax.