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Looking at the excited three people,Chen Geng smiled slightly,Threw out his own assassin:“Oh,correct,Considering such a huge capacity nationwide,I hope you can delineate an area、Provide corresponding supporting measures and preferential policies to build an automobile industrial park,I will take advantage of my being in America、Relations and connections in Europe,Invitation to include PhD、Denso、Auto industry supporting manufacturers including mainland and other top auto parts giants settled in this industrial park……”

“……” An instant,Jia Yumin、The bosses of Li Changzheng and Secretary Jiang’s eyes are staring:what?And build an automobile industry park?!God,What a good day is today,How come we run into all the good things? Li Changzheng、The reactions of Jia Yumin and Secretary Jiang were caught by Chen Geng.,He smiled and said:“Relying on China’s huge labor cost advantage,Auto […]

Under the joint hands of the two sages,Another sneak attack plus pincer attack,He is already very tough to survive,Impossible without paying any price。

Tu Ching’s retreat,Fan Zhu and Hong Tairan fly and pursue at the same time,Obviously to take advantage of his illness,Kill him。 And this chase,The combination of the two cannot be more obvious。 At this moment,There was no time for the audience to make an uproar。 Two Venerable Secret Medicines joined forces to kill another Venerable,Where […]

Thought of here,He nodded:“Well……Also makes sense,Then hold a press conference,Just say that we understand the difficulties of the company,Willing to actively modify the previous conditions,Reduce hourly wage requirements to increase50%,Comprehensive benefits increase30%,Hope to start negotiations with management as soon as possible。”

“Boss wise!” next moment,Flattering。 https: Please remember the domain name of this book:.。Mobile version read URL:m. ———— First519chapter Go to Mexico Also until this time,The media、Including the enthusiastic people who eat melons, they suddenly reacted:Yes indeed,This matter is already so big,can be used asAMCThe boss,How did Fernandez from the beginning·Chen didn’t show up much?What is […]

The strange light flashes in the eyes of the person on the left,Use spiritual power to transform the sky arrow,Shoot at Lu Menglin。

What he is best at is to capture the psychological weakness of others,So as to turn out the most feared thing,Before this person became a mutant,Is a psychology professor,Can see the weaknesses of many people in the details。 But this way,He didn’t see Lu Menglin’s psychological weakness,Because the other person is always so peaceful,And there […]

“My current assets are for you,Definitely nothing,But I have some industries that no one else has,Great prospects for future development!”

Li Qiankun’s eyes are unusually deep:“I will let Annie and Yanni follow you,Have my shelter,This matter will not be criticized!” “Annie and Yanni are both living people,Not something,I think you are not qualified to arrange their future even though you are a father。” I checked the time:“Now give you two choices,One option is to leave […]

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———— First670chapter for safety For my boss intends to cooperate with Philips Group to develop a new generationECU、TCUAnd the idea of a body bus system,Jack·Welch has no opinion,althoughAMCIndependent research and developmentECU、TCUAnd plans for body bus technology have been pushing for some time,But if you just talk about the level of machinery,AMCReally not afraid of anyone,Can […]

Yuntianhua (600096): Company operation promotes continuous optimization and improvement

Yuntianhua (600096): Company operation promotes continuous optimization and improvement The company is a chronic phosphorous chemical giant with a leading industry in terms of production capacity, and its heavy burden of three fees in history has eroded its profits. With the improvement of the industry structure and the advantages of the company’s industrial chain, the […]

贵州茅台(600519):体系梳理不易 稳增长仍可期

贵州茅台(600519):体系梳理不易 稳增长仍可期 事件:2019 年前三季度公司实现营业收入609.35 亿元,同比增长16.64%;实现归母净利润304.55 亿元,同比增长23.13%,基本每股收益为24.24元,同比增长23.13%;单三季度营业收入214.47 亿元,同比增长13.81%,归母净利润105.04 亿元,同比增长17.11%。 三季报略低于预期,直营放量有所加大。19Q3 公司营业收入为214.47 亿元,同比增长13.81%,报告期末预收账款为112.55 亿元,环比下降8.17%,同比增长0.79%,三季度末经销商已完成全年打款合同量,但预收账款环比仍小幅下降主要受取消经销商影响。19Q3 公司净利润为105.04 亿元,同比增长17.11%,费用管控效率提升驱动利润增速快于收入。分产品来看,19Q3 茅台酒收入190.37 亿元,同比增长12.76%,系列酒收入23.83 亿元,同比增长22.78%。分渠道来看,19Q3 直销收入为15.01 亿元,占比提高至7%,反映33 家自营店投放量增加明显;报告期末经销商数量为2507 家,年初以来合计减少595 家,主要是为进一步优化营销网络布局,提升经销商整体实力,对部分酱香系列酒经销商进行了清理和淘汰,报告期内减少酱香系列酒经销商494 家。 毛利率微降,期间费用率继续下行。19Q3 公司毛利率为90.79%,同比下降0.66pct,主要是系列酒增速更快所致;期间费用率为9.19%,同比下降0.33pct,其中销售费用率为2.81%,同比下降0.47pct,主要是市场投入费用减少所致,管理费用率为6.37%,同比基本持平;净利率为52.30%,同比提高1.09pct。19Q3 公司经营活动产生现金流量净额为32.28 亿元,同比下降69.21%,主要是本期客户存款和同业存放款项净增加额减少所致。 一批价坚挺反映基本面仍旧强劲,全年集团收入坚实迈向千亿目标。由于去年四季度开始公司取消了部分经销商,而直营渠道以及集团营销公司具体策略未全面落地,今年以来公司不断让经销商提前执行合同量来满足市场需求,导致预收账款波动较大。我们认为就目前的渠道体系来看,预收账款的参考意义已经不是很大,一批价才是反映基本面最重要的指标,目前普飞一批价仍稳定在2300 元左右,终端需求持续旺盛,未来茅台酒价格具备充足的提升基础。全年来看,考虑到计划发货量的增长以及产品结构的调整,我们认为公司有望顺利完成收入增长14%的目标。 中长期来看,茅台有望持续实现稳健增长。尽管2018 年以来公司内部调整力度较大,但茅台龙头品牌地位短期不会改变,我们认为企业偶尔遇到波折其实有助于内部体系的充分梳理和完善,长期来看茅台酒的增长仍应聚焦到供需关系上。根据基酒供应量和市场需求情况,我们认为茅台酒供需偏紧的格局南宁桑拿将长期存在,考虑到当前渠道价差充足,未来茅台酒仍具备继续提价能力,即使价格不变,保守估计公司仍可通过调整产品结构等策略使得收入实现15%左右增长。长期来看,渠道价差终将回归正常水平,我们建议以更长远视角来看待公司投资机会,持续重点推荐。 投资建议:维持“买入”评级,持续重点推荐。我们预计公司2019-2021年营业总收入分别为913/1062/1230 亿元,同比增长18%/16%/16%;净利润分别为440/516/601 亿元,同比增长25%/17%/16%,对应EPS 分别为35.06/41.08/47.84 元。 风险提示:三公消费限制力度加大、高端酒行业竞争加剧、食品品质事故。

Liangxin Electric (002706) Company Comment: Performance in line with expectations and continued steady growth

Liangxin Electric (002706) Company Comment: Performance in line with expectations and continued steady growth The company released the third quarter of 2019 report: revenue for the first three quarters of 15.5.0 billion, a year-on-year increase of +22.75%; net profit attributable to mother 2.530,000 yuan, +15.14%; net profit of non-attributed mothers 2.220,000 yuan, +18.10%; EPS is […]