Lock the car,Xia Jian looked back at the third floor。This look,Only Xia Jian knew,What is he looking at。

In Luo Yi’s own words,She grows up,This is the first time I saw snow。She took Xia Jian’s arm,He Xia Jian returned home happily all the way。
“Ouch!Come back early when you see snow,I’m really worried”Sun Yuejuan pulled Luo Yi over,Lightly slap the snow on Luo Shang’s body with your hand。
Xia Zecheng quickly opened the door of the stove,The flames in the furnace burst out immediately。In fact, there is a saying that is true,That’s not cold when it snows。
Luo Yi couldn’t stay in the house at all,She put on a pair of shoes,Ran into the courtyard and piled up snowmen。
Look at Luo Yi like a child,Sun Yuejuan couldn’t help telling Xia Jian:“Jianer!Mother think,This kid has a great personality,And my special way”
“is it?You haven’t seen her when she lost her temper”Xia Jian smiled,Whispered to my old lady。But he was right,Miss Luo has a temper,He has already learned。
Xia Zecheng standing by the side smiled:“See what you said,She is a rich lady,It’s not good if you don’t have a temper”
“What are you talking about?Xia Jian!Come help me build a snowman”Luo Yi in the yard,Snow all over my body。She was busy,But the snowmen are still not piled up。
Xia Jian was infected by Luo Yi’s joyful appearance,He took off both of his coats,Then rushed into the heavy snow。 Soon,A cute little snowman is piled up。
Xia Jian made some styling for the little snowman,Looks very realistic and cute,Make Luo smile。The two had a snowball fight in the yard,Happy like two kids。
The heavy snow fell till night,Snow covered people’s feet,Walking is a little hard。When it gets dark,Chen Erniu and Xia Sanhu ran in through the heavy snow。
Two of them,Two bottles of wine in one hand,One raised a few catties of cooked beef。Chen Erniu walked in,Shouted loudly:“Xia Shu!You can fix these beef,Let’s have a good drink tonight”
“Your aunt stewed mutton soup,Now there is beef again,Really all alive”Xia Zecheng took the beef from Chen Erniu and walked towards the kitchen。
Sun Yuejuan is adding condiments to the pot by the fire,She smiled and said to Xia Zecheng:“You put it on the chopping board,I’ll mix it with you when I’m done”
“do not!We just want to eat the beef mixed with Xia。His cold beef is a must in our Xiping Village”Chen Erniu said with a big smile。

The same is the same as Zhao Xiaoli。

“Hello,I listen to the little wind and said you.,In fact, many things have to face it morning and evening.,Since you come to us.,Then I feel that some things face it earlier.。”
“This is my sister,Her things are more complicated than I want.,Of course, many things are not a sentence in two sentences.。”
Say,Zhao Xiaoling also invited Xu Ruyi with Liu Xu Jun to enter the office。
Since the other party is rushing the theme,Zhao Xiaoling feels no need to hide again.。
Li Hui also didn’t know that Xu Ruzhen has been looking for Zhao Xiaoling and Zhao Xiaoli.。
He sat quietly at this time in the office of the Ye Shuangzhou, listening to the leaves of the leaves.。
“Lee brother,I will arrive in a while.,How to receive your rent, you have said,But this year, I have signed it.,So you give a brother a face,how?”
“Leaf big brother,do not worry,I just let them know the value of rent.,Nothing to say it must be collected。”
I heard that Li Hui Feng said so.,Ye Shuangzhou is also relaxed.。
soon,The small boss on the street rental shop is one after another.。
Li Hui also opened the door directly,,No hidden。
After he said,Those merchants naturally also feel the price can’t accept it.。
Although the leaves of the double boat have already greeted,Possible rent will have a high price increase。
But it is so much that it is exceeding everyone.。
Li Hui Feng also smiled and explained:“Rates are not this price this year.,But after a year,You have also seen the development of lotus village.,I also invest a billion in the mountain.,One billion, what is the development?,I feel that I don’t have to talk to you here.。”
“Since I rent I dare to this price,Then you must be three times that makes this money.,Four times,Even higher。”
“certainly,Before Ye Shi, the contract with your signature,Whether it is one year,Two years,Even three years。”
“After all, Ye Shi will make you money in your pocket.,I will give you one more.,That is not just to play your rice bowl is so simple.,So I don’t understand the truth.。”
“Today, the reason is to take this in it.,It’s all because I don’t want you to make a big cheap.,I still said that I am stupid.。”
“I am not stupid.,This is just the same as the secretary of the leaves.,Be relatively kind。”
“Who now wants to extend the contract of the contract?,Up to three years,But the problem of rent, you should also know,It is necessary to extend the price of the third year.,How much is specific,I define one-fifth of your pure income.,You have no opinion.?”
Originally Li Hui Feng gives a one-year-old rent for hundreds of thousands of rent,Let everyone feel that you can’t accept it.。
The result is now directly become a quarter of income.,Is it pure income?,Instantly make everyone accepted。
I even secretly grateful that the leaf double boat is。
Ye Shuangzhou did not expect that Li Hui Feng actually played this set.。
This set,Let Ye Shuangzhou are also re-examined Li Hui。
At least a little,He can feel that Li Hui is no longer the original Li Hui.。
In some respects have been completely changed。
“Lee Boss,Then what you mean is now we can find Ye Shiji to continue to renew?”
“Correct,Now you can,After all, Ye Shiji can completely do the owner.,I just published my own little opinion.。”
Li Hui said this,Also looked at the Ye Shuangzhou。
Just just see the eyes of Ye Shuanghui walked over。
moment,Ye Shuangzhou is smiling at Li Hui Feng.。


Not a while,Li Huandong’s throat has some points“咕咕 咕咕”Sound,Then cough sharply。
“Is it oxygen??”Zhou Ye is busy helping to lose the concentration,The patient’s long-term bed bed is easy to cause accidental。
Observed a while,Li Huandong’s cough gradually reduced,The whole person has become calm。
The heart rate is also lowered.。
Li Huandong is still sleeping,It seems that the effect of the sedative is very strong.。
“Military brother,let’s go,Don’t bother him to rest.。”Zhou Ye won Sun Jun smiled,Then both people slowly walked out the ward。
On the way back to the office,Zhou Yewu asked Sun Jun about Li HuandongGPneumonia,According to emergency and surgical,The condition of pneumonia is still good。
Clinic,Zhou Ye has a little wet Rogy hearing,And the patient’s breathing is indeed a little breath,The body temperature is also higher than normal,So the next antibiotic may still use it.。
“Symptom support treatment,Observing observation,Then to protect the liver must be on。”Sun Jun reminds Zhou Ye。
Because Li Huandong is a cirrhosis,Liver function is also very poor,NewGVirus has certain violations of liver function,Therefore, many patients with poor liver function are needed for regular liver.,just in case。
New treatmentGThe core idea of pneumonia is the symptomatic support,Then treat basic problems,Prevent complications,Necessary time ventilator。
Zhou Ye went to open the tablet,I saw that Li Huandong used drugs.。
Li Huandong also observed before surgery7Day,Therefore, many drugs are recorded in history。
The surgeon is still not lazy,All write!This will give Zhou Jiwu.,At that time, he will modify it slightly.,A complete case can be released。
“His medicine is usually eaten20gOne day two times,Now in our sustained release tablets80gOne-piece,I want one day or two days a day.?”
Zhou Ye saw that Li Huandong’s medication was so complicated,Some brains hurt。
And the key is this medication to see blood concentration and half-life,So conversion is quite troublesome。
Sun Jun saw a panel:“One day, I will eat first.,Adjustment。”
Medical research
40Old man,Surnamed yellow。
In the past two years, it has been gradually impressed.,Hair is also a little white,Friend said,Fool,This is the performance of kidney deficiency,Have a good supplement。Cally, Mr. Huang also has a bit of eye,The wonderful advertisements sold on TV are playing.,I really want to replenish the liver and kidney、Benefiting and blood can’t rely on advertising,I have to pay attention to the Chinese medicine。
This is the original words of Mr. Huang。
Pick,Pick up He Shouwu。
Listening name,I know that this thing can make hair umbrella black.,Friends say He Shouwu is not light black hair,Can also strengthen the strong body,Replenishing liver,Bestow。
Mr. Huang once again heard,Can kidney,Be dark,Not right and mind。Think about the performance of this time,It should be that the blood is not rich enough.,Make up。
Have a good supplement。
In the introduction of friends,Mr. Huang himself purchased in the pharmacy, who is the old, the old, still the first black,Unknown,every day2Spoon,Guarantay,Combat strip。


Why,Since my method can get you out of the mud,Then you say how much my method is worth?
but,Massim·Verhagen secretly made up his mind:Wait to look back,Be sure to visit Mr. Fernandez quietly,Listen to what he has。
“boss,Mr. Silva visited our group today,Before leaving,He expressed his willingness to cooperate with COMAC on behalf of Embraer,I hope to visit our COMAC Group in China,And if possible,I hope the two companies can establish a good cooperative relationship。”
That night,Rosemary introduces Paul to Chen Geng·Cesar·Silva came to the United States。
Yes,Paulo, the senior vice president of Embraer·Cesar·Silva is coming to America,In addition to visiting GE according to the scheduled itinerary,Still in Rosemary and Frank·Accompanied by Robinson,Went around Robinson Helicopter Company。
Rosemary said this situation,Made Chen Geng quite surprised:“Brazilians want to work with us?you sure?”
Paul·Cesar·Silva and Embraer really want to cooperate with COMAC?Chen Geng’s mood is actually quite complicated:Buddies just want to pit Allison Power and Rawls·Royce is just a handful,But now it’s quite kind“Stocks and shares become shareholders”a feeling of?
Rosemary was a little surprised that he couldn’t understand Chen Geng,Because of Paul·Cesar·Silva’s request was taken for granted in her opinion,Her weird way:“boss,Like our COMAC,Ability to produce helicopters at the same time、Fixed-wing propeller aircraft and fixed-wing jet mainline aircraft company,Are there many in this world?
In these companies,A few more willing to cooperate with Brazilians?
When we have shown goodwill,The Brazilians are really kicked by donkeys if they don’t ask us to cooperate。”
Chen Geng slapped his head:Inherent ideas kill people!
Embraer today,It’s not the Embraer of the world’s four largest aircraft manufacturers more than ten years later,Deep in financial trouble、Can only makeEMB-120Embraer of this propeller-powered regional airliner,When looking at Chen Geng’s COMAC Group,Undoubtedly holding an attitude of looking up:Fernandez·Chen Shangfei Group can produce120Seat class jumbo jet!
Over a decade ago,120The seat is the standard narrow-body trunk technology index,Macdonald·DouglasDC-9Is the number of rides,Although the aviation industry technology continues to develop over the years,but100Seat to120seat,Can still be regarded as a mainline aircraft“beginner level”standard。
And what are Embraer’s current products??
Civil aircraft,Have19SeatedEMB-110Twin-engine propeller aircraft,Agricultural aircraft“Ibonema”、30SeatedEMB-120Twin-engine propeller aircraft;
Military aircraft,Have the biggest10Ultralight transport aircraftEMB-121“Xinggu he”And turboprop-powered trainersEMB-312“Toucan”(this“Toucan”NotEMB-314“Super toucan”).

Willow smiled slyly,“If you are afraid of long nights and dreams,We can also go to the Civil Affairs Bureau first,But I didn’t bring the account book,You have to take me home first。”

“Although we are in place in one step,but,Your family can’t help but give a meeting gift,This is etiquette。”
“.you,You just said getting married?”Huo Yun and his mind that hasn’t adjusted the jet lag buzzed,He has seen thick-skinned,but,Thick to this degree,Really not!
“Yes,You look so handsome,I’m so pretty again,Without stamping,Out of touch。”
Yangliu is thinking of him,“and,You all this year28Years old,Never get married,Will there be fertility in a few years??Huo’s big industry,Can’t be cheaper outsiders!”
Do not,She is not cheeky,She has no shame!
If you can’t bear it, you don’t need to bear it anymore,No matter how well-trained you are, you can’t stand this kind of shameless woman!
Facial paralysis is cracked,“Miss Lu,Have you seen neurology?”
Willow winks,“.What do you mean?”
Huo Yunhe sneered,I don’t even understand this,Dare to speak out?
“Since Miss Lu can’t understand,I will make it difficult for you to popularize science,People with the wrong nerves are prone to hypothesis,Your current symptoms are。I,Huo Yunhe,Not interested in you,Not now,There won’t be in the future。”
“you,you do not like me?”Yangliu’s eyes widened,The voice becomes sharper,Said sharply:“You made it clear?”
“you,Not my type,I will never like a woman like you,Why sit here and endure your vulgarity,It’s because of the face of Huo Lu’s family relationship,Please don’t take my politeness as indulgence,OK?”
Yangliu was quite satisfied with the man’s exasperated remarks,but,To solve the trouble completely,She has to work harder。
Silence for a while,Suddenly smile,If you don’t have that oily face,Really lady,“Brother Huo,You are so handsome,I really fall in love with you,Reprimanded by you,I’m not angry at all,But think you are tooma
Lest he doesn’t believe it,Yangliu raised three fingers and swear,“Your voice is so good,I’m more than Yankong,Still voice control,Your voice is better thanZYWAlso magnetic.ZYWYou know who it is?Walking hormone!Although it’s an uncle,But his charm.Oh,Far away,I mean you are the perfect man in my heart,I am such a beautiful woman,It should be worthy of a handsome pot with education and connotation like you。”
Huo Yunhe’s etiquette since he was a child made him unable to say anything too bad,That unceremonious remark just now is his limit,Unexpectedly, this woman was not hit at all,also,also.
He doesn’t even know how he reacted!

Qiao Tianyu didn’t think much at first,I thought Michelle was defeated in the confrontation between the two and ran out,And the girl Michelle is very wild,Not afraid of her getting lost in New York。

But when Qiao Tianyu finished drinking water and wanted to go back to the room and continue to sleep,But I feel that something is wrong with the chubby face。
The little fat face sleeps very quietly on weekdays,Nothing happened,But today’s chubby face’s snoring is so loud,It’s too noisy。
Qiao Tianyu’s chubby face was uncomfortable at first,I am pregnant after all,Qiao Tianyu can’t bear it,So I want to wake her up,Let her go to bed。
But who knows that Qiao Tianyu yelled a little fat face for a long time,The chubby face still sleeps like a dead pig,There is no movement,Can’t wake her at all。
At this time, Qiao Tianyu became instinctively alert,He increased his effort to push the chubby face,But the chubby face still has no response。
See this scene,Qiao Tianyu yelled badly,I know that chubby face has probably suffered from Michelle,You know that Michelle is the seed of the fighting nation,No one can guarantee that she can’t do anything radical?
Thought of here,Qiao Tianyu was shocked,Called quickly“911”,Call an ambulance.
First0332chapter Paternity Testing!
Soon after the ambulance came,Qiao Tianyu hurried to the hospital with Xiao Pang Lian,Watching chubby face pushed forward“emergency room”。
seriously,At that moment, Qiao Tianyu’s intestines were blue in regret,Do you say that Qiao Tianyu is a moneyless master?,He can buy the entire Hilton Hotel in minutes with his fingers,Why do you have to take that Michelle back to the apartment on a whim?
It’s good now,Now the little fat face is in doubt,For the time being, whether she can keep the baby in her belly,But in case the chubby face has three long and two short,How should Qiao Tianyu explain to Cui Sanye and Cui Kai??
Don’t forget,People’s chubby face is the same as Qiao Tianyu,Is also the successor of the Choi family,It was chosen by the Choi family,The identity is naturally too noble to say,In case there is something wrong with the little fat face,Qiao Tianyu is so embarrassed to see the Cui family again!


End of greetings with the executives in the circle,Chen Geng was impatient to Gary·Kilidare、Gordon·Bell and James·Nicholas·Gray asked:“Gentlemen,Has the system’s stability test passed??”
“boss,All the testing process is over,”Gary·Kiredale said to Chen Geng while leading the way:“No problem,I can’t guarantee that there will be no problems with this system after the official release,But I dare to assure you that there will be no major and stability problems when pairing。”
“That’s good,”Chen Geng smiled and nodded:“I can not wait any more。”
Gary·Kilidare:“please follow me……”
See here,You readers have already seen it,Data research company launched a new operating system。
Yes,Yes,The data research company has indeed developed a new operating system:Windows 2.0。
Since there is still2.0,Naturally1.0。
1.0It is the pseudo-operating system with a graphical interface that is essentially an application program launched by the data research company.,withWindows 1.0same,Windows 2.0Is also based onCP/MOperating system,But compared toWindows1.0,Windows 2.0Improved a lot,Not only upgraded from the original single user single task to single user multi task、Added to French、Italian、Japanese、German、Spanish、Portuguese etc.50Language support in multiple countries,And compared to the ones that need to be drivenWindows 1.0,Windows 2.0“Native”Added support for the mouse。
In addition,compared toWindows 1.0,Windows 2.0The improvements and upgrades are also huge、obviously,Windows2.0Not only a set of native16Bit operating system、And can simulate32Bit operating system function,This is also the first set of80386This one just released this year32Bit processor operating system。
Secondly,Windows 2.0The biggest improvement isWindows 2.0Significant improvements and upgrades have been made to memory management technology,At the same time, support for virtual device drivers was added for the first time,This greatly improves the scalability of the system,Because it means all useWindows 2.0Of computer users no longer have to bother to verify whether their hardware can be supported by the system,He can completely install another driver。
As for other improvements,Such as re-optimized graphical interface、Enhanced support for graphics functions、Enhanced support for communication capabilities between applications、Can be used quickly with key combinationsWindowsFunction of……Etc., etc,Means as long asWindows 2.0The stability of the pass,This will once again become a hot product under the data research company。
Chen Geng attaches great importance to the inheritance of products in terms of user experience,inWindows 2.0At the beginning of the project,One of Chen Geng’s request is“anyWindows 1.0Of users can transition toWindows 2.0”,Plus Chen Geng pairWindows 1.0Already cooked too long,Entering the laboratory through numerous security checks、Start the one that is on standby、Already installedWindows 2.0After the computer of the system,With a series of operations,Chen Geng’s surprise discovery,Except for some new features, just adapt,In terms of operational difficulty alone,Gary·Kirydale they did do it“anyoneWindows 1.0Users can easily useWindows 2.0”Requirements。
“well!very good!”
After asking the tester to demonstrate all the improvements and new features to himself,Chen Geng is finally determined,Gary·Kilidare is Gary·Kilidare,Bibil’s half-hearted water is really bullishXToo much,Although this setWindows 2.0Many things are based on Microsoft’sWindows 3.0Proposed,But the stability of the system is better than the originalWindows 3.0Don’t know how strong it is。
Nod in satisfaction,Chen Geng turned his head and asked Dolucy:“Dorothy,Your marketing departmentWindows 2.0What is the market judgment of?What is the price range?How many sets can be sold?For publicity and promotionWindows 2.0,How much do you think is needed for publicity?”
“based onCP/MwithWindows 1.0Has achieved a good reputation and market share in the market,We believe that as long as it is properly promoted,Highlight things like‘Windows 2.0Is the world’s first support32BitCPUHow many operating systems’Wait for selling point,Windows 2.0Objective market prospects,Count the amount provided to microcomputer manufacturersOEMversion,I think if the price is set at90to100Between dollars,Should be sold in one year100Million sets。As for the promotional expenses……”
Say here,Dorothy·Kirydale for a bit,Looked up at Chen Geng,Then said cautiously:“Want to achieve the above sales effect,I think roughly800Wanzhi1000Ten thousand U.S. dollars。”

Changan Automobile (000625): Ford’s September new auto product cycle increased by 42% in September

Changan Automobile (000625): Ford’s September new auto product cycle increased by 42% in September
Event: The company released the September sales report, with a total sales of 15.980,000 vehicles, an increase of 28% month-on-month, and a slight 8% increase each year, of which the total sales of autonomous parts are subtotal7.480,000 units, Changan Ford sold 2.100,000 units, Changan Mazda sales 1.280,000, other sales 5.130,000. Ford is up 42% month-on-month, and new cars are expected to accelerate their launch.Changan Ford achieved sales of 2 in September.10,000 vehicles, an increase of 42% from the previous month, and the improvement is obvious.Although three new product models listed in August did not significantly improve sales volume, they were still under pressure, but recently launched an acceleration plan to launch 18 new models in three years. Lincoln’s first domestically produced new models were mass-produced within the year, and the Ford brand was subsequently re-established.The progress of the launch of the new pound Escape and domestic explorers has accelerated. CS75Plus slightly exceeded expectations, and the independent new product cycle began.Subtotal 7 of sales volume of independent parts (Chongqing + Hebei + Hefei).480,000 vehicles, an increase of 35% from the previous month and a slight decrease of 5% each year.Among them CS75 sells 2.20,000 vehicles, an annual increase of 45.8%, CS35 sales 1.40,000 units, two big models continue to support sales.In addition, we recently estimated through the dealer survey that the market performance of CS75Plus in the first month of listing was slightly better than expected, and that terminal sales were no shortage of mid-to-high configurations.The new product cycle of independent brands has begun. In the future, there will still be CS55 replacements, Ruijie CC remodeling, Yidong remodeling, CS75 replacement and other new products worth looking forward to. Mazda’s performance was stable, and other sectors performed well.Changan Mazda achieved sales of 1.280,000 vehicles, an increase of 25% month-on-month, and an increase of 17% every ten years, the overall performance is stable, and then the 苏州桑拿网 re-launch of the new Mazda Angkor Sera will help improve Mazda brand sales.Other sectors achieved sales of 5.130,000 vehicles, an increase of 11% per year, an increase of 20% from the previous quarter. Investment suggestion: Changan Ford’s sales volume in September has improved month-on-month, and the launch of the follow-up new heavy vehicle Escape and domestic explorers has gradually accelerated. Lincoln’s first domestically produced product will achieve mass production within the year.The independent new product cycle started, and the new CS75Plus market performance slightly exceeded expectations.We expect revenue in 2019/2020 to be 659.4.7 billion / 683.8.7 billion, net profit attributable to mothers was 2.06 ppm / 38.04 ppm, the current PB is less than 1, the configuration value is prominent, and the “buy” level is maintained. Risk warning: industry recovery is not up to expectations, Changan Ford’s new car sales are less than expected

Shanying Paper (600567) Company Review: Leading Advantages Still Awaiting Cycle

Shanying Paper (600567) Company Review: Leading Advantages Still Awaiting Cycle

Event: Shanying Paper announced the 2019 annual performance forecast, and the company expects to realize net profit attributable to mothers in 201914.

4.2 billion to 17.

6.2 billion, a year-on-year decrease of 45% to 55%; net profit after deduction of non-return to motherhood12.

97 ppm to 15.

5.7 billion, a decrease of 41 a year.

85% to 51.


Based on this estimate, the company expects to realize net profit attributable to its mother in the fourth quarter.

1.7 billion to 4.

37 trillion, a reduction of 50 a year.

72% to 86.

81%; net profit after deduction of non-return to mother 2.

18 ppm to 4.

78 trillion, a decrease of 35 a year.

25% to 70.


Among them, the company’s non-recurring profit and loss in 2019 decreased by 3 compared with the previous year.

US $ 800 million, mainly due to the company’s acquisition of Phoenix Paper, the purchase consideration exceeded the fair value of its identifiable net assets, and increased the company’s 2018 net profit attributable to shareholders of listed companies3.

5 trillion, due to no scheduled non-recurring gains and losses in 2019.

Volume increases and prices fall, pressure on profitability.

The company’s paper and packaging sales in 2019 were 476,12.

7.5 billion square meters, an increase of 3 over the previous year.

27%, 4.


In 2019, the price of finished paper in the packaging paper industry has fallen. The average annual price of cardboard / corrugated paper is 4182/3329 yuan / ton, which has become 15% / 18%.

We judge that the decline in paper prices has caused the company’s gross profit margin to decline to a certain extent compared to the previous year, affecting the company’s profitability.

The company also disclosed that Q4 product quality and gross profit margin have improved to a certain extent compared to Q3.

The remaining factors affecting the company’s performance mainly include: 1) Shanying Huanan Paper Co., Ltd. has already expanded the amount to enjoy a preferential policy of 50% tax rebate for intervention immediately,上海夜网论坛 and will deduct the tax rate from 16% instead of 13% by April 2019., The corresponding tax refund income is reduced.

2) The company’s tariffs on imported raw materials and related logistics costs in 2019 increased compared to the same period, resulting in an increase in the company’s main business costs and a decline in profits.

3) The management expenses incurred by the company’s projects under construction in 2019 before the official start of production led to a decline in profits.

Optimistic about the big logic of paper cycle, wrapping paper is expected to benefit significantly.

We believe that the current paper inventory cycle is in a temporary passive state. During the destocking phase, the raw material inventory temporarily increased its growth rate and turned up and the operating rate was slightly restored.杭州桑拿网 Alternately, the inventory of various parts of the industry was low, which provided a certain margin of safety for paper prices.

With the opening of the small peak season for packaging paper in May, the industry has entered the stage of actively adding inventory to try to drive up the price of paper.

In addition, the implementation of the waste-restriction policy in 2020 is expected to lead to a fiber gap in the industrial chain and a certain length to the supply side, which is expected to catalyze the upward cycle of packaging paper.

In itself, the continuous release of production capacity of the company’s bases in Central China, Haiyan, and Guangdong is expected to contribute to increasing market share. Southeast Asia and the US waste pulp production lines are expected to enhance the company’s self-sufficiency in fiber raw materials.

In the medium and long term, it may provide excess returns for the company.

Investment suggestion: We expect the company to realize net profit attributable to mothers in 2019-2021.

7, 21.9, 26.

6 trillion US dollars, an average of 51% a year, an increase of 39.

4%, an increase of 21.

8%, corresponding to EPS0.

34, 0.

48, 0.

58 yuan, maintain “overweight” rating.

Risk reminder: the risk of fluctuations in raw material prices, the project is not up to expectations, and the risk of rising interest rates.

Double Arrow (002381): Three quarterly reports continue to be strong, new capacity is about to be put into production

Double Arrow (002381): Three quarterly reports continue to be strong, new capacity is about to be put into production

Results announcement: The company announced that it is expected to return to net profit for the first three quarters of 20191.


0 billion, 50% growth in ten years?
70%; third quarter profit was 5,796.


60,000, an increase of 21 a year.



The effect of high-end conveyor is remarkable: with reference to the conveyor belt price index, the price of the rubber conveyor belt industry has been relatively stable since 2017.

The rise in the industry’s prosperity is mainly due to the clearing of backward production capacity and the withdrawal of inferior products from the market.

As a leader in rubber conveyor belts, the company fully leverages its advantages in scale, technology and management, adjusts its product structure, increases the proportion of high-end products, and further increases its product gross profit margin.

New conveyor belt products were launched strongly, and new production capacity ushered in production in the fourth quarter: the company launched ceramic conveyor belts, RopeCon cableway conveyor belts, aramid duct conveyor belts, overall steel mesh anti-tearing conveyor belts, and overall fabric impact resistant conveyor belts in the first half of the year.7 new conveyor belt products, impact-resistant conveyor belt and ultra-wear-resistant conveyor belt, further expand and meet customers’ requirements for conveyor belts in various 杭州桑拿 industries, improve the short life and high energy consumption of traditional conveyor belts in the industry, and long-distance transportationThe advantages of taking the alternative to truck transportation have been highlighted, and breakthrough performance growth has been achieved.

The company currently has a capacity of approximately 40 million square meters and full orders.

In the fourth quarter, the company’s 10 million square meters is expected to be put into production, with a capacity increase of about 25%, which will continue to contribute to the 2020 performance growth.

Further promoted the development of integrated medical care and nutrition, and the profit model gradually became clear: the company announced that the subsidiary Heji Company had signed the “Entrusted Operation Contract for the Zhouquan Town Senior Care Service Center” with the People’s Government of Zhouquan Town of Tongxiang, Hosting the Zhouquan Town Senior Care Center.

The headquarters of Heji Company established Tongxiang Heji Nursing Home Co., Ltd. to promote the development of integrated medical care.

The company promotes external expansion with an asset-light pension model, and continues to expand market development efforts on the basis of ensuring high-quality and stable service quality.

Investment advice: The company is expected to have EPS 0 in 2019-2021.



82 yuan, maintain Buy-A rating, 6-month target price of 12.

2 yuan, corresponding to PE 20/16/15 times.

Risk warning: raw material prices fluctuate, market competition intensifies, and production projects are less than expected.