“Dragon Battlefield,You go in with me!Brother Wuhao has killed the Scarlet Moon Demon,Teleportation channel opened!”Huang Shaotian saw him as Long Zhanye,Hurriedly said loudly。

She deliberately did not mention the owner of this dense forest,Her cheap master, Tu Ching。
Because Brother Wuhao said,Not let her mention this person,In Huang Shaotian’s opinion,In fact, I intend to hide it for her。
Long Zhanye hesitated for a moment,Resolutely stride forward,At the same time full focus。
really,There is no energy fluctuation from the ground stab attack,The assassination of Chiyue Devil finally stopped。
See Huang Shaotian show up,Everyone in the rear hurried forward。
Then I heard the conversation between Huang Shaotian and Long Zhanye,Everyone’s faces are full of disbelief。
Such a terrible Scarlet Demon,Everyone dare not even approach,Was wiped out by Master Wu Hao?
Huang Shaotian didn’t explain much,Take everyone,Strode deep into the dense forest。
Not long,Under the leadership of Huang Shaotian,Came to the location of the Scarlet Moon Demon,Sure enough, I saw Master Wuhao sitting on a rock alive。
This time,Everyone dare not think anymore,All the expressions are extremely submissive。
Can do it,The man who killed the Scarlet Moon Demon!Who else would dare to disobey
Chapter one thousand and twenty-nine Mysterious organization
See everyone is here,Lu Menglin looked around,Speak slowly:“The road is open,It’s time to discuss things after returning to the city。”

Qiao Anan gave Xiao Fan a white look,So he consciously sat on the reception sofa,Said:“how,Cross the river and demolish the bridge,Can’t I come to your security department if there is nothing wrong??”

Xiao Fan shook his head helplessly,This Joe Anan,Was it a hedgehog in the last life??
Qiao Anan looked at Xiao Fan helplessly,I put away my joking thoughts,Said:“Forget it,I’m not kidding you。I just came to tell you,I have completed the entry procedures for those people,Stop by and see how these people are doing。”
“Oh!”Xiao Fan said lightly。
“But then again,These people are really good,And it feels very professional to see how you train them,Not bad you!”Qiao Anan’s words did not hide his praise for Xiao Fan。
Xiao Fan glanced at the people in the lounge,Said:“This is nothing,I have been in the army before,So it depends on people’s vision and the means of training them.。”
Qiao Anan’s eyes widened,Asked in surprise:“You actually stayed in the army?But you look very young!”
Xiao Fan was taken aback,Turning back to his expression:“Yes,Just stayed for a while,The soldiers I have taken are also very good,So don’t worry about these people from the security department!”
Qiao Anan“cut”With a,Said indifferently:“What can I worry about,Don’t worry, it’s your wife,Lin is hers,It’s not mine。”
Stood up after speaking,Said:“Forget it,I said what I should say,I also watched,I’ll go back,Ugh!I’m busy for you this day,Remember to invite me to dinner!”
Don’t give Xiao Fan a chance to speak,Step on high heels of ten centimeters“Stunned”Left the security department。
Xiao Fan is also quite helpless about Qiao An’an’s complaints,But since the guests are gone,Xiao Fan also got up and walked into the lounge,Oh no,It should be called the training room now,Shouted:“Time to rest,Continue training!”
One afternoon passed quickly,It’s off work time,Xiao Fan went to Lin Yuner’s office as usual to pick her up from get off work。
Lin Yoona had already packed up early,When just going out,I saw Xiao Fan who was about to knock on the door。

At this time, the corner of the lone wolf’s mouth evokes a deep smile,Seeing Zhong Xueqin’s eyes are also full of heat and greed:“sister,I see now,It’s still early,And there will be no one here for a while,We might as well find a place to rest,how about it?”

Zong Xueqin saw this picture on the face of a lone wolf,Brother Pig is very disgusted,But by coincidence now she has nothing to do,So I can only agree to the lone wolf。
Zong Xueqin gently poked the lone wolf on the chest with his fingers,Then said to him in a very charming voice:“You are such a little bitch,Sooner or later you have to die on a woman’s belly!”
The lone wolf looked like this,I was ecstatic at the time,At this moment,Put Zong Xueqin in her arms:“Hahahahaha,I will die on my sister’s belly even if I die!”
Xueqin is still used to doing drama,So at this time she pretended to be shy,Lying on the chest of the lone wolf,And the fingers kept drawing circles on the chest of the lone wolf!
The lone wolf at this time is already impatient,At this time, he immediately put Zong Xueqin down on the beach,It’s just that Zong Xueqin will follow him if it’s so simple?
Lone wolf,When I am impatient,Zhong Xueqin smiled at him at this time:“Don’t worry!Look at your anxious look,What if someone sees me here?Let’s find a place to rest first,By the way, check again to see if there are any signs around here!It’s also good to make sure if this hall of demons is here!”
In front of beauty,The lone wolf has completely lost his mind,At this time, he nodded his head like a chicken pecking rice:“no problem,This matter is all up to sister,Sister does what he wants and the younger brother follows!”
When Zong Xueqin heard the lone wolf say this,A sneer flashed in my heart,For people like him,If it’s not for acting on the spot,,Zong Xueqin didn’t even bother to take care of it!
It’s just that this time I have a lone wolf,I don’t know anything about this!
Lone wolf still thinks,Because of my own charm,So that Zong Xueqin will embrace herself,But it turns out that he really thinks too much!
The lone wolf carried Zong Xueqin to the nearest hotel,But the nearest hotel is more than 100 kilometers away from the two of them,It’s just for the powerhouse of the concentrating mirror,This one hundred kilometers is really not a long way,It’s probably about half a stick of incense!
The lone wolf can’t wait to open the room,Then he hugged Zong Xueqin and walked in,For a while,Inside the house,Spring is full of gardens!
And Xia Chenglong is the most despise of people who have brains like lone wolf,So when he heard the sound coming from the room,Also secretly sipped,There was a little disdain on the expression!
About five minutes later,The lone wolf is satisfied,Walked out of the room,At this time, Zong Xueqin looked at the lone wolf with a complex look,Full of disdain!
Xia Chenglong, hiding in the dark, saw this scene in front of her,He showed a deep smile!

The youth who has been nagging non-stop also trot in,He just ran out to smoke a cigarette,Was preempted?Just think about it。

“Oh my God!Third Uncle again,Smoke from his ancestral tomb recently?”
“Banana leaves are still white!”
“Weird,I also watched here yesterday,Ugh!”
Find good material,Is a middle-aged and elderly person close to fifty,Hair is a bit white,Eyes are full of crow’s feet,Wearing a vest,With a towel on his shoulders。
In this village,He ranks third in their big family,So everyone called him Sanshu。
at this time,He wiped the sweat off his face,Put down the hammer in your hand。
Quarrying is always a hard job,Is Duanyan famous or not,The most basic condition is the quality of inkstone,Therefore, the process of quarrying is extremely important,Don’t put the cart before the horse。
Duanxi Mingkeng,Hand-mined since ancient times,Labor intensive,High quarrying technology,So there is“A pound of stone,Worth a thousand gold”Said。Because most of Duanxi Rocks are not earthquake resistant,Inkstone mining is still mainly manual mining,Cannot be replaced by machinery。
Uncle San is in a great mood,Quarrying for decades,Most of my life,I never mined banana leaf white material continuously。
This piece,Although the white area of banana leaves is not as large as the previous two days,But you can still sell around 200,000。
“Let let!Everyone let!Let my friend see。”Brother Song squeezed out and shouted。
Someone turned his head and looked,I saw two strangers,A little alert in his eyes。Follow the young man who came in to explain,To relieve everyone。
Three uncle,People have a desire to buy,The whole person becomes enthusiastic。

“Correct、Correct、Sorry、Sorry!Leopard,I’m wrong,I was really wrong。I didn’t mean to target the little fish,I really didn’t know at first。Later it was actually aimed at butterflies,I hold the injustice for Sister Hui,Everyone looks down on the butterfly as a third party,I have a good relationship with Sister Hui,Of course I hate butterflies,I’m really not targeting Xiaoyu,I apologize,Sorry、I’m sorry Xiaoyu,I know wrong,Please forgive me……”The girl with a poisoned mouth is now not as confident as last night,The scared one repeatedly said sorry。

Xiaoyu looked at Abao and said:“Just forget it?”
“I called so many people to be witnesses today,Just to let everyone know why I’m looking for her!She scolded Xiaoyu,If you apologize seriously, you can forget it,But one thing she hasn’t apologized yet,Even refused to admit,That’s not repenting!”A leopard with smoke,Slight head swing,His eyes urged:“It’s okay for women to beat women,You smoke her。”
“what?”Xiaoyu is a little confused,She hasn’t done it yet,But seeing Abao’s eyes more serious,Even looks a bit fierce,Realized that he shouldn’t be violated at this moment,I was thinking about the poisonous girl scolding her last night、Grievance and anger when pushing her,Thinking about the pain of being splashed and wet last night,Can’t help being full of anger,Raised his hand and hit it。
But this slap,Obviously no strength。
It’s just that the girl who was afraid of mouth poisoned her body trembling even more,Already crying。
Abao said nothing emotionally:“Can’t you work hard??Don’t ask others for help with this little thing?”
Gritted teeth,Slapped the poisonous girl again。
This slap is obviously stronger,The girl has red fingerprints on her face。
“Know if it’s wrong!”Xiaoyu pretending to be a vicious question,Actually my hands hurt,Can’t help thinking about how painful the beaten girl is,I’m afraid Abao wants her to continue fighting,I hope the girl will beg for mercy,To end this matter。
“I know wrong、Know wrong,I really know it was wrong Brother Leopard,Please forgive me, Brother Leopard……”The girl is crying,Beg for mercy,I can’t help but wonder if I will encounter more terrible injuries。
A circle of people watching,Some disagree,Some feel that they are not fighting enough,Others can’t bear it。
But at this moment, even Aniu, who has always been a peacemaker, did not speak,It’s even more impossible for others to say。
“Really know it was wrong?”Abao has a cold tone,Took a cigarette,Sprayed that girl’s face,Just keep asking:“Then I ask you,Why did you say those things last night?”
“I didn’t see clearly at first,Later it was for Sister Hui……”Mouth-poisoned girl never finished,Abao interrupted and ordered:“Keep pumping!She didn’t know it was wrong。”
Gritted teeth,Slapped again。
“I really didn’t see it clearly,It’s really for Sister Hui to fight against the butterfly……”The girl with poisoned mouth is crying harder,Abao ordered colder:“carry on!”
Little fish gritted teeth,Drew it again,Hit a few times,My hands hurt,The girl with mouth poison is afraid that she can’t stand still,Sat down on the ground,Repeatedly begging for mercy。
A leopard with smoke,Squat down,The cigarette butt pointed to the girl’s nose,Coldly scolded:“Give you enough chance to admit your mistake,Don’t cherish,It’s too late to regret!Men don’t beat women,But the cigarette butt accidentally burns to your body but it is not a blow!I will ask you one last time——Why say that?”

Youzu Network (002174) 2018 financial report review: the works of the overseas agent Dachang domestic look forward to the Game of Thrones mobile game online

Youzu Network (002174) 2018 financial report review: the works of the overseas agent Dachang domestic look forward to the “Game of Thrones” mobile game online

[Investment Highlights]Youzu Network released the 2018 annual report and the 2019 first quarter report.

In FY2018, the Group’s revenue and profit grew steadily.

Company revenue YOY + 10.

68% reached 35.

810,000 yuan, net profit attributable to mother +53.

85% reached 10.

09 million yuan, deducted non-attributed net profit YOY + 23.

05% reached 7.

3.6 billion, non-recurring gains and losses include non-current assets disposal 苏州夜网论坛 gains1.

5.9 billion yuan, gains and losses on changes in fair value of held-for-trading financial assets and liabilities, and investment income of 92.83 million yuan.

Gross profit YOY + 19.

0% reached 20.

08 ppm, gross margin increased by up to 3.

9pct to 56.

1%; R & D expenses are YOY + 24.

6% reached 3.

70 ppm, R & D expense rate increases by 1 every year.

1pct to 10.

3%; management fee YOY + 18.

3% reached 4.

530,000 yuan, the management expense ratio is maximized to 0.

8pct to 11.

4%; selling expenses YOY + 38.

9% reached 4.

8,000 yuan, the sales expense rate increases by 2 every year.

3pct to 11.

4% because the company increased its investment in game promotion.

FY19Q1 has product gaps and revenue has improved.

The company’s revenue is YOY-4.

03% to 8.

3.2 billion, return 南京桑拿网 to mother’s net profit YOY-22.

20% to 1.

7.3 billion, deducting non-attributed net profit YOY-21.

24% to 1.

7.2 billion; company gross profit YOY-18.

6% to 4.

5.4 billion US dollars, gross margin 9 every ten years.

8pct to 54.6%, because some unavailable products have started to warm up and incurred expenses; R & D expenses YOY-19.

From 6% to 65.64 million yuan, the R & D expense ratio increases by 1 every quarter.

5pct to 7.

9%; management expenses YOY + 22.

6 reaches 1.

100,000 yuan, the management expense rate increases by 2 every year.

9pct to 13.

2%; selling expenses YOY-33.

4% to 87.48 million yuan, the increase in sales expense ratio4.

6pct to 10.


R & D strength has improved, “Game of Thrones” is worth looking forward to.

In terms of self-developed games, the company has games with IP, such as “Game of Thrones-Winter Is Coming”, “Mountain Mirror Flowers”, “Grave Robbery Notes”; the rules of play include SLG, turn-based cards, MMO and other companies that are good atCategory.

Among them, the “Game of Thrones” page game version has been launched on March 26 overseas beta, mobile games may become available in June in China.

In addition to the classic SLG gameplay, the mobile game also added plot levels; the game restores Westero’s continental power and its original distribution, and the hero’s role matches the original drama’s body, and the whole is very friendly to the drama fan.

Judging from the overall CG animation and player evaluation, the level of the game art has improved significantly compared to previous works of the Youzu, and the company’s effectiveness in building the middle stage is beginning to show.

“Quanyou” mobile game will be issued by Tencent in China, or it will strongly promote the company’s 19/20 performance growth.

Acting for head manufacturers, is expected to bring considerable increase to the flow.

Youzu has announced its participation in the domestic release of “Battle in the Wild”. “Brawl Stars” was developed by Supercell and has ranked first in the game’s best-selling list in 44 countries or regions (mainly in the United States, European and American markets within France).

At the same time, the company will release “Soul Hunting Awakening”, “Saint Seiya”, “The Night of the Gods” and other works overseas: “Saint Seiya” was developed by Tianmei Studio. It will be launched in China in August 2018 and will remain in the game for one month.Top 10 Bestsellers; “The Night of the Gods” was developed by Netease. It was launched on September 20, 2018, and has been in the top 5 of the game’s bestsellers until October 18.

Tencent and Netease’s games have a certain quality guarantee and market verification, while Youzu Network has many years of experience in overseas distribution and operation, and the combination of strong and strong has produced a considerable increase in flow.

(Domestic rankings in China and iPhone rankings overseas)[Investment Suggestions]Youzu Network has a large number of large IP works, which will be released in 19/20. The company will strive to bring considerable water to the works among domestic and foreign agency manufacturers.Increment.

We maintain the 19/20 profit forecast and date the 21-year profit forecast. We expect FY19 / 20/21 revenue to be 44.



1.9 billion, net profit attributable to mother 11.



3.5 billion, EPS is 1.



95 yuan, corresponding to 14.



0x PE, maintain “Buy” rating.

Perfect World (002624): 19 years of Q1 performance dazzling games + rich reserves of follow-up products

Perfect World (002624): 19 years of Q1 performance dazzling games + rich reserves of follow-up products

Event: The company achieved revenue of 80 in 18 years.

3.4 billion (previously +1.

3%), achieving net profit attributable to mother 17.

0.6 billion (+13 per year.

4%); the company achieved 20 in 2019Q1 revenue.

4.2 billion (+13.

3%, excluding the impact of the cinema line on the actual growth rate + 33%), to achieve net profit attributable to mothers4.

8.6 billion yuan (+ 35%), net profit attributable to non-parents + 57%, Q1 profit exceeded the performance forecast upper limit, we judge that the “Perfect World” mobile game launched in March will have a positive effect on the company’s Q1 performance.

In 18 years, the growth rate of game revenue declined slightly, and the film and television business performed well.

The company’s 18-year overall game revenue was 54.

21 trillion (-4% a year), film and television income of 26.

1.3 billion (+14.

6%), the game business and film and television business accounted for 67% of total revenue.

5% and 32.

Specifically, in 18 years, the company ‘s mobile games, mobile games, and console games will grow at +10% /-12% /-11%, and TV drama revenue in the film and television business will be at least + 5%.The game business was mainly affected by the suspension of version numbers, which resulted in a slight decline in revenue, while the high growth of the film and television business, especially TV dramas, led to overall revenue stability.

The company’s 18-year gross margin / net margin were 55.

8% and 21.

9% respectively decreased by 1.

6pct and boost 3.

5pct, selling expense ratio 10.

96%, increase by 1 every year.

58 points.

The “Perfect World” mobile game has become an explosion, and the game business is expected to welcome the outbreak in 19 years.

In March 19, the company relied on the end game big IP “Perfect World” to develop the “Perfect World” mobile game officially launched. The next day, it ranked second on the iOS bestseller list, and on the fourth day, it topped the iOS bestseller list. The first month of release, “Perfect World” mobile games topped the iOS bestseller list for more than half the time, and we think the game will bring performance flexibility to the company.

At the same time, the company is expected to launch “The Condor Heroes 2”, “The New Demon Continent”, “Four Seasons Songs In Cloud Dreams”, “Dream Collection Cygnus”, “New Swordsman”, “My Origin”, etc.Several games cover MMORPG, turn-based, two-dimensional, sandbox, SLG, ARPG, open world and many other types and alternative new games.

In addition, the company reached a strategic cooperation with Google to lay out the game, and cooperated with Valve Company to establish Steam China, which reflects the company’s forward-looking layout in game-related businesses and solidifies its competitive advantage.

The 19-year reserve project of the film and television business is still rich, and TV dramas are still important features.

From 18 years to now, the company has produced excellent TV dramas such as “Blade Attack”, “Scorching Fire”, “Summer This Summer”, “Returning Home”, “Going Out of Fire”, “The Most Beautiful Youth”, “Sweet Honey and Ashes”Internet dramas have been broadcast one after another, and the company’s TV drama business has achieved high growth for 18 years.

Judging 夜来香体验网 from the film list disclosed by the company, the production was completed in 19 years, and there were 22 TV series in post-production and shooting, and 14 projects were planned. In 19 years, 10 films were planned for film production and distribution. Overall, we believe that the companyFilm and television business performance is expected to remain stable.

profit prediction.

We expect the company’s EPS to be 1 in 2019-2021.

68 yuan, 1.

95 yuan and 2.

23 yuan.

With reference to the consensus PE expectations of comparable companies in 2019, considering the company’s leading size, we give the company 18 in 2019?
22 times PE, corresponding to a reasonable value range of 30.

twenty four?
96 yuan, maintaining the sustainable market rating.

risk warning.
Delays in launching new products; stricter policy supervision; duration of end-game products.

Valin Steel (000932) 2019 Interim Report Comments: Performance Meets Expected Balance Sheet Continuous Repair

Valin Steel (000932) 2019 Interim Report Comments: Performance Meets Expected Balance Sheet Continuous Repair

Matters: The company issued an interim report and achieved operating income of 483 in the first half of the year.

4 ‰, an increase of 11 in ten years.


Realized net profit 22.

3.7 billion, a year-on-year 四川耍耍网 decrease of 35%, and a comparable caliber to achieve net profit attributable to mothers25.

5.0 billion, down 27% before.

Among them, the net profit attributable to the mother was 11 in the second quarter.

4.5 billion (+ 5% chain-on-month), comparable caliber to achieve net profit attributable to mothers12.

8.7 billion (+ 6% MoM).

Comment: Production and sales have gradually stabilized, and the growth rate in the past ten years has been relatively high.

In the first half of the year, the company realized the output of iron, steel, and material 770, 939, and 882 inches, which increased by 11%, 12%, and 12% each time.Faster.

In the second quarter, the output of iron, steel, and steel 431, 530, and 496 blades were respectively achieved in the second quarter, which increased by 1%, 2%, and 1% respectively. The 武汉夜网论坛 sales volume of steel reached 497 (-2% from the previous quarter).The change has slowed down, and production and sales have gradually stabilized.

The initial results have improved and the chain performance has improved.

At least last year, the price of steel fell in the first half of this year, the cost rose sharply, and the gross profit per ton of steel narrowed rapidly. Therefore, although the output has achieved a large increase, the profit has declined.

On a month-on-month basis, the prices of various steel products in the second quarter rebounded significantly.

However, the price of iron ore rose by US $ 18 in the second quarter, which seriously eroded profits. Therefore, the growth in the second quarter increased.

In terms of products and subsidiaries, the first half of this year benefited from the energy security strategy to drive the growth in demand for oil pipes. The company ‘s seamless pipe revenue increased by 22%, which was the most significant increase among various products. The gross profit margin rose in the case of various products.0.

05% reached 16.

63%, the only gross profit margin among various varieties rose.

Among the other varieties, the long product decline was the most obvious.

From the perspective of the four core subsidiaries of Hunan Iron & Steel, Lianyuan Iron & Steel, Steel Pipe and Auto Sheet, the performance has changed by 37%, surpassed 12% each time, gradually increased by 23%, and turned into profit at any time.

The main performance of Xiangtan Steel, the main plate of China Plate, is the highest and the most obvious. The performance of Henggang, the main steel pipe company, has gone up, and the auto sheet company has achieved profit for the first time.

Asset interest rates have been reduced and financial expenses have been significantly reduced.

The company’s latest asset-liability ratio is 60.

40%, a decrease of 14 compared with the same period last year.

3%, the capital structure is effectively optimized, the financial expenses in the first half of the year have dropped by nearly 50% each year, and the situation of engaging financial burdens with a high asset-liability ratio has been effectively alleviated.

Increased plasma excess.

The core iron and steel subsidiary of the company has not reinvested in the previous year’s budget for the first half of 2018, and does not need to accrue and pay corporate income. In the semi-annual this year, it has been necessary to accrue and pay corporate income in accordance with regulations. The increase of 400 million yuan in revenue has also affected performanceCertain impact, but because the core subsidiaries have been certified by emerging companies, the company’s return is only 15%, which is still lower than the industry average.

Earnings forecasts, estimates and investment ratings.

The rapid growth of raw materials in the second quarter has a relatively large impact on the company’s performance. We expect the company to achieve revenue of 951 in 2019-2021.



2.4 billion (previous forecast 951.



2.2 billion); net profit attributable to mother is 50.


40/56.00 100% (previous forecast 56.



8.6 billion); corresponding EPS is 1.



33 yuan (previous forecast 1).



49); The corresponding PE is 3.



1x; combined with industry assessment and company history to give 5x PE, lower target price to 5.

95 yuan, maintaining the “strong push” level.

Risk warning: Demand deteriorates severely, and Sino-US trade frictions continue to rise.

Wanda Films (002739) Company Annual Report Review: Single Screen Continuously Slowing Down and Waiting Vertically for Industry Turning Point

Wanda Films (002739) Company Annual Report Review: Single Screen Continuously Slowing Down and Waiting Vertically for Industry Turning Point

The box office market affected revenue growth, and the proportion of non-ticket revenue declined.

18 years operating income 140.

8.8 billion (+6.

49%), net profit attributable to mother 12.

9.5 billion (-14.


Movie viewing income 90.

6.8 billion (+8.

8%), accounting for 64% of revenue.

37%, the gross margin fell slightly to 10.

33%; 杭州桑拿网 advertising revenue is 25.

200 million (+5.

0%), accounting for 17% of revenue.

89%, gross margin slightly increased to 68.

6%; Goods, catering sales income was 18.

6.9 billion (+3.

4%), accounting for 13.

26%, gross profit margin fell slightly to 59.


The proportion of non-ticket revenue improved, and the overall gross profit margin decreased by 1.

77 up to 30.

32%, is the first drop in net profit attributable to mothers.

The single-screen reduction was significantly lower than the industry average, waiting for the industry to reverse.

In 1981, the company directly operated 541 domestic cinemas with 4,807 screens (more than a growth of 16).

28%), the domestic cinema single-screen launch of 166.

10,000 yuan / block (previously decreased by 2.

79%), the national average single screen output was 94 during the same period.

180,000 / block (previously down 8).

7%), the company’s proportional advantage is obvious; 54 overseas theaters, 472 screens (10 years growth of 8).

01%), overseas cinema single screen launched 334.

750,000 / block (previously down 4).

01%); the company’s overall single-screen launch was 181.

09 million yuan / block (previously decreased by 5.


Optimistic about the improvement of the company’s operation and management efficiency after the completion of the system platform.

Construction in progress is growing by 97% annually, mainly due to the construction of system platforms.

We believe that the movie viewing market has entered a stage of rational development, and the impact of cost control on theater operations will be greater and greater, and the company’s management expense rate will gradually decrease to 0 in 18 years.

36 averages to 7.65%, optimistic about the future system platform to improve the company’s management efficiency and profitability.

Although the short-term profit has been sloping downward, it is long-term optimistic that the market share of leading cinemas will increase the space and the performance flexibility brought by the production of film and television content.

We believe that due to the gradual decline of the single screen, the cinema industry is under pressure in the short term.

Taking into account the relative concentration of the cinema line, the market share of the leading cinema line may further increase, and the future caused by the single screen on the data is also expected to change.

Wanda Film and Television has a conditional meeting. The entire industry chain operation model and multiple sector layouts help to enhance the company’s overall performance flexibility.

We are overall optimistic about the company’s medium and long-term development.

Profit forecast: Without considering the impact of mergers and acquisitions, we expect the company’s net profit attributable to its parent to be 13-20 in 2019-2021.

500 million, 14.

7.4 billion and 16.

32 ppm, the corresponding EPS is 0.

77 yuan, 0.

84 yuan and 0.

93 yuan.

Considering the merger and acquisition of Wanda Film, if Wanda Film realizes its performance commitment in 2019-2021, it is expected that the company’s net profit attributable to the mother will be 22 in 2019-2021.

3.8 billion, 25.

43 ppm and 29.

0.6 billion.

Wanda Film was formally injected into listed companies initially, and we do not consider the impact of mergers and acquisitions for the time being to estimate.

Considering that the company, as the leading domestic cinema line, is still in the period of cinema line expansion and system platform construction, the performance is flexible, and Wanda Film is about to be injected, which is expected to further enhance appreciation, so the company is given a certain estimated premium.

The PE estimation method is used to give the company 30-33 times PE in 2019, corresponding to a reasonable value range of 23.


41 yuan / share.

We believe that in 2019, the company will still expand the construction of cinema and system platforms. In the future, the company’s asset scale will continue to increase. The company will use the PB valuation method to give the company March 3, 2019.

2 PB, corresponding to a reasonable value range of 23.


09 yuan / share.

Combining the two estimation methods, we believe that the company’s reasonable value range is 23.


41 yuan, maintaining the sustainable market rating.

Risk warning: Box office growth is slower than expected, and regulatory policies change.

Guiyang Bank (601997) Review of 2019 Third Quarterly Report: Positive Improvement in Revenue

Guiyang Bank (601997) Review of 2019 Third Quarterly Report: Positive Improvement in Revenue
Guiyang Bank’s revenue has improved, and provisions have been actively made to enhance its ability to respond to risks.Maintain the company’s 2019 return to net profit forecast growth rate of 15.60%, maintain the company’s “overweight” rating. Event: Guiyang Bank released the third quarter report of 2019, and the operating income and net profit attributable to mothers in the first three quarters increased further18.58% and 15.34%; adverse consequences1.48%, a decrease of 0 from the end of the second quarter.02 points. Revenue growth exceeded expectations.The company’s operating income for the first three quarters is +18 per year.58% (+11 in the first half of the year.96%), the first is that █ net income has grown rapidly, +10 per year.07% (+4 in the first half of the year.30%).Attributable net profit is up to +15.34% (+16 in the first half of the year.44%). With the improvement in revenue, the company increased its provision and the provision and provision increased significantly by 34.01%, the first three quarters of cumulative credit costs1.89% (1 in the first half).81%). Asset expansion was prudent and debt structure adjusted.On the asset side, the company’s schedule expansion strategy has become more prudent, and credit issuance has been carried out according to a quarterly plan (Q3 growth rate was 2 compared with the previous quarter.99%), non-credit asset placement 武汉夜生活网 remains cautious, bond investment and interbank assets remain weak (Q3 increased by 1 each month).53% and down 0.66%).On the debt side, although the liquidity pressure has eased, competition for deposits has intensified, and Q3 deposits have decreased by 0 from the previous quarter.36%, demand deposits accounted for 49 from the second quarter.6% dropped to 45.2%.In response to this trend, the company proactively strengthened its peers to deny absorption, and peers refused to increase by a large margin7.57%. As asset returns increase, the overlap factor decreases, and net interest income rises.The first three quarters of net interest rate income +10 per year.07% (+4 in the first half of the year.30%), basically: 1) the increase in asset returns, the estimated return on interest-generating assets increased by 0.13 points to 5夜来香体验网.10%, think that the proportion of high-yield assets has increased; 2) Costs have fallen, and index expenditure in the first three quarters has increased by +9.16% (+11 in the first half of the year.37%), the company actively adjusted the debt structure, reducing the proportion of interbank debt rose.The company’s net interest margin in the first three quarters was two.38%, a significant increase of 0 from the first half.11 points. Rising investment income has driven non-interest growth.The conversion of accounting standards significantly increased investment income, and the company’s non-interest income increased by at least 80 in the first three quarters.5% (+70 in the first half of the year.8%), the proportion of non-interest income increased to 18.4%.1) The easing of the decline in program fees has been eased: the net income from program fees in the first three quarters decreased by -11.32% (-13 in the first half of the year.32%), which is basically a contraction of investment banking business; 2) Investment income continues the pace of recognition in the first half of the year, and changes in fair value have changed from negative to positive: Q3 recognized 4 respectively.4.3 billion and 0.5.3 billion, contributing 62% to non-interest income. The quality of loans has improved and provisions have increased.Book asset quality data has improved, and the non-performing ratio of Q3 companies decreased by zero.02pct to 1.48%, the proportion of focused loans fell by 0.30pct to 2.78%.With the increase in provisioning and accruing revenue, the company increased its provisioning and accrual credit impairment losses in a single quarter.300 million (Q1 / Q2 respectively accrued 11.7/9.200 million), credit costs in the first three quarters1.89%, provision coverage reached 267.01%. Risk factors: stalling macroeconomic growth; worse-than-expected retail loan quality deterioration. Investment suggestion: The company’s revenue will improve, and provisions will be actively made to improve its ability to deal with risks.Maintain the company’s 2019 return to net profit forecast growth rate of 15.60%, maintaining 2019/20/21 earnings per share1.85/2.12/2.43 yuan, BVPS 10.91/12.78/14.A forecast of 92 yuan (attributable to ordinary shareholders).The current A-share contradiction corresponds to 0 in 2019.83xPB, the company’s target price is 10.54 yuan, corresponding to 0 in 2019.97xPB, maintaining the “overweight” rating.