Stars test water word of mouth flat, actors out of the circle stage cold | Top Ten Events

Stars “test water” word of mouth flat, actors “out of the circle” stage cold | Top Ten Events
There are not many dazzling Chinese dramas in 2019, but the topic is very strong.From the stars who have been testing water stage dramas throughout the year, but there is little word of mouth, to Meng Jinghui’s “Tea House”, Zhang Huoding’s “Farewell My Concubine” are contradictory, and then to the “fake singing” event of Han Xue’s musical.Criticizing Zhang Yunlei . We look forward to 2020, the stage drama can have more works worth discussing, and less things that break through the bottom line.Sort by occurrence time 1.Stars have tried water stage dramas, and the general word of praise is that 2019 should be regarded as the most “starlight” year in China’s drama stage in recent years.On the performance stage in Beijing, from the beginning of the year “Wang’s bed” by Wang Xueqi, “Verification” by Zhao Wei, “Journey to the West” by Chen Yanxi, “Old-fashioned comedy” by Li Youbin, Ni Dahong, “Requiem” by Sun Li, Hu Ke, Sha Yi’s “Road of Revolution”, Ge You, Wan Qian’s “Silence”, and then “Niu Tianci” at the end of the year, “Frankenstein”, Bai Baihe’s “When Love Has Gone” in the musical, Han Xue”Bai Ye Xing” and so on, not to mention the quality of the works, only in the number of repertoire, it can be called the most in recent years.Star acting in stage plays is a new trend that has frequently appeared in the past two years. However, apart from the topic and traffic that they have brought to the drama for a while, few works have used word of mouth to “break the circle”. “The spring of good actors has really come.”At least I haven’t seen it on the stage of the drama.2.Zheng Yunlong’s “Murder Song” high-ticket storm On the afternoon of February 25, 2019, released the pre-sale information of the Chinese version of the Broadway musical “Murder Song” starring Zheng Yunlong and other eight players in Beijing in March.From the lowest 380 yuan to the highest price of 880 yuan.The Shanghai fare ranked a month ago, the highest fare at that time was only 260 yuan.As a small-cost production, “The Murder Ballad” soared in the price of the month, which made the audience dissatisfied. It pointed out that the price increase was due to the popularity of Zheng Yunlong, who was popular because of the variety show “Sound into the Heart”.”Formally increase the fare.”Although many fans stated before boycotting that they would boycott the organizer’s inability to buy tickets, all events were quickly sold out.A variety show has attracted many musical actors, but the industry needs to have enough high-quality Chinese original musicals to support their popularity. It is not a long-term plan to rely on personal “out-of-circle” popularity to drive the market.3.May 1st holiday adjustment resulted in multiple performance refunds. On March 22, 2019, the Labor Day holiday arrangement announced in the “Notice of the General Office of the State Council on Adjusting the 2019 Labor Day Holiday Arrangement” was adjusted to May 1st to 4th, a total of 4 days.People were pleasantly surprised at the sudden four-day holiday, but at the same time it was originally scheduled for the May 1st synchronized music festival. The performance of the drama and other performance items was affected and the ticket was temporarily refunded.Sudden regulations flashed too many “waist” of the organizers, but this event also reminded the organizers of the performances before and after the holidays, plan the performance time, there should be necessary to cope with the plan in advance, in case of unexpected regulations.The performance rhythm is messed up.4.The preliminary discussion triggered by Han Xue’s “false singing event” “Bai Ye Xing” In the second performance of Ningbo Station in April 2019, the female lead Han Xue suffered a sudden vocal cord inflammation the night before, and the organizer concealed the audience until the eveningAfter playing the “Guide to Performance”, I realized that the part of the performance of Han Xue’s personal singing was recorded, which became a strong dissatisfaction among the audience. The performer shouted that the fake singing was helpless, and the audience did not buy it and thought that it had no professional ethics.Throughout the world musical performances, there will be AB group players taking turns on stage due to strength requirements, but “Bai Ye Xing” has not arranged the B corner of the character, so that Han Xue can’t support it after 7 performances.There is no response plan and no explanation to the audience in a timely manner. The organizer lacks professionalism and is not uneasy about the live recording. Han Xue broke through the bottom line of the musical to be really sung. The various events that should happen should cause reflection and be a warning.5. Zhang Huoding changed to Mei faction “Farewell My Concubine” framed in May 2019, the classic May drama “Farewell My Concubine” starring Zhang Huoding, a famous Peking opera master, made its debut at the Chang’an Theater, which caused contradictions.Using Cheng-style art to interpret the Mei-style classics, Zhang Huuding’s move, in addition to his support, also attracted doubt and opposition from many fans. In the dispute, the “Zhang Huoding phenomenon” continued to ferment and became a cultural hot spot at the time.Beijing Opera is inherited to this day, it must be admitted that Zhang Huoding’s “Farewell My Concubine” is exploratory, not only observing the past of the opera, but also beginning to explore the future of the opera. To develop Peking Opera, we must move towards the direction of a comprehensive theater.The heyday created by masters such as Shangcheng Xun and other masters has already become a monument. Keeping the traditional “Miaohong” without carrying forward, the classics will eventually lose their vitality.6.The events of the Deyun Society performed repeatedly. On July 27, 2019, the actors of the Deyun Society, Qin Xiaoxian and Sun Jiuxiang, performed in the evening performance of the Guangdelou Theater in Beijing. They did not start the performance immediately after the show, but renewed the letters and gifts from the fans.After the process lasted for nearly two minutes, an audience on the stage urged the performance to start as soon as possible. Sun Jiuxiang on the stage returned: “If you can’t hear you, you can go out.””The live video was criticized after it was posted online.After this, the network has exposed the cross talk actor Zhang Yunlei, Yang Jiulang once teased the Peking Opera performing artists Mei Baojiu, Li Shiji, Zhang Huoding. This is the second time they have fallen below the moral bottom line after taking the earthquake disasterTo the extent that the Chinese Music Association issued a document to approve Zhang Yunlei, the Peking Opera Chengpai Art Research Association and the Zhang Junqiu Peking Opera Art Research Association repeatedly issued a request for Zhang Yunlei to apologize. Eventually, the incident ended with Zhang Yunlei’s apology.”Learn art first, learn morals first, and play first,” Deyun’s similar situation occurs frequently. It not only exposes the inaccurate learning of art, but also exposes the problems of morality.It became popular through social media, then reveled in the pursuit of small circles, and finally lost the most basic bottom line of actors.7.”Su Daqiang’s fever” did not continue to the stage of the drama. Ni Dahong in the 2019 TV series “All Are Good” after shaping the “Su Daqiang” corner, as if to break down the ranks of “top traffic” overnight, relying on acting to gain fans of all ages.As an actor from a stage play, in 2019, Ni Dahong starred in two dramas “Silver Bridge” and “Requiem” Chinese version, of which the Chinese version of “Requiem” is the first repertoire, Ni Dahong’s joining appointment was at the timeThe area reached the “time of day”, but after the premiere of the show in July, due to the mediocre reputation, the box office situation in various regions could not meet the hot scene that everyone expected. On the stage, there was no “Su Daqiang”.The stage drama works want the market to be hot, after all, they still need to rely on the quality of the works.8.Meng Jinghui’s “Teahouse” Beijing Premiere Appraisal Two Crosses In 2019, Meng Jinghui’s “Teahouse” ended in November after performing at the IN unit of the Avignon Theatre Festival in France and the 29th “Baltic House International Theatre Arts Festival” in St. Petersburg, in NovemberReturning to its birthplace for the first time in Beijing, the audience’s evaluation of the work has been polarized both from the site and the Internet. The discussion of Meng Jinghui’s “Tea House” has become a phenomenal cultural event at the end of 2019.A drama work can cause such a large topic in the society, which indirectly proves that the literary work of “Tea House” makes people re-aware of the value of self-knowledge now, and the creator also learned from this controversy.”A classic work how to adapt the modern theater” reference experience.9.For the first time, Beijing Renyi recruited actors from social sea elections as a major change in the cultivation of Beijing talents. The “Performance Teaching Training Class” founded by Renyi was announced on December 16, 2019.After social recruitment and selection, fifteen scholars stood out from 1043 applicants. They will conduct a one-year study and practice in Beijing Arts and Crafts, and those with excellent results will officially enter Beijing Arts and Crafts.The introduction of “Performance Scholar Training Course” not only inherited the original “tradition-led class” and “co-organized class” spiritual tradition, but also broke through the transformation of the talent training model, starting from zero selection and selection from professional performing talent selection.In 2021, Beijing Renyi will achieve the volume of five theaters operating simultaneously, which puts forward new requirements for the talent reserve of Renyi.For Beijing’s human arts to develop, the talented people with disabilities are the best guarantee. This is perhaps the most important significance of publishing scholars’ training classes for innovative attempts.10.The “Great Night Show” frequently appears from 11 pm to early morning. Standing at the door of the theater, watching the taxi software shows that there are hundreds of people waiting in line to catch a taxi. This picture is staged many times in 2019. It takes a long time to open late.”” Appears frequently, such as the 8-hour Russian drama “Silent Don River”, the first performance starts at 18:00, and it is about 2:30 in the morning after the break; at the Beijing Youth Theatre Festival, a LithuanianAAT’s work “Under the Ice, Under the Ice” is selected to open at 23:00.The three-and-a-half-hour period has now become the “minimum consumption” of the title of high-quality stage works, but the specially set opening time is different from the mixed long and tasteless deliberately extended performance time. The ability to test a creator is stillIn the shortest time can show their creative ideas and value.According to the survey, the three and a half hours of work is actually close to the viewing limit of an audience. If it is longer, the content of the work is the key to calming the audience, but like “Evgeny Onegin”After all, the play is a minority.Sauna, Ye Wang Edited by Tian Zhenni Proofreading Fan Jinchun

[How long do you want to soak red bean barley before cooking]_ 水泡 _How long

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[Eat watermelon dehumidification]_Effect_Effect

[Eat watermelon dehumidification]_Effect_Effect

The moisture content in the human body is often affected by the climate of the living area.

Long-term living in humid and rainy areas can cause excessive humidity in the human body, affecting our gastrointestinal digestive system.

In order to get rid of moisture, external physical medicine treatment is needed at all, and food taboos should be paid attention to, and food should be used to dehumidify.

Therefore, some wet foods should be avoided. Can watermelon reduce the effectiveness of dehumidification?

The spleen is mainly transformed, happy and dry and damp.

Once the body is hot and humid, it will affect the function of the spleen and stomach, causing digestion and absorption disorders. Therefore, pay special attention to strengthening the spleen and dampness in hot weather.

In this case, we should pay less attention to eating watermelon, cucumber, and melon, which are “settling wet” fruits, so as not to hurt the spleen and yang, and increase discomfort.

In addition, beer is a “wet” product and should be drunk.


Oily hair, shiny face, rough skin, acne and spots; 2.

Physical weakness, often feeling tired and unable to concentrate; 3.

Snoring, phlegm, and cough; 4.

Feces are thin and sticky, not sticky (not easy to wash); 5.

The bags under the eyes are drooping, the dark circles are severe, fat, and they rebound quickly after losing weight.

First, people with heavy moisture cannot eat cold fruits such as mango, watermelon, melon, pear, mandarin, orange, banana, mulberry, persimmon, dragon fruit, star fruit, mangosteen, strawberry, loquat, virgin fruit, singularFruit, kiwi, melon, grapefruit and other fruits.

What fruit to eat in hot and humid constitution?

Hot food recommendations: winter melon, bitter gourd, celery, coriander, eggplant, loofah, orange, mulberry, persimmon, dragon fruit, barley, lotus seed, tangerine peel, mung bean, watermelon, and star fruit, mangosteen, strawberry, coriander, virgin fruit, kiwi, Kiwi, etc., but during the female aunt or cold constitution, these fruits should be eaten less.

What fruit to eat in cold and wet constitution?

Cold and wet physique recommendation: What do people with lamb, red dates, atractylodes, amaranth, leek, poria, licorice, lentils, pepper, durian, mango spleen eat?

In order to prevent internal moisture, people with spleen deficiency should especially pay attention not to consume excessive amounts of raw cold melon fruits. The diet should be light and easy to digest. For example, winter melon can drain and dehumidify, bitter melon can nourish the spleen and appetite.

More suitable foods of the season include celery, amaranth, malantou, coriander, radish, coriander, coriander, eggplant, loofah, kelp, and laver.

Dehumidifying foods have the effect of promoting the drainage of water and moisture, which is suitable for treating dampness.


Poria Lee water soaks, strengthens the spleen, nourishes qi, relieves diarrhea, and calms the mind.

Should be stopped in the stomach due to spleen deficiency and water, cold and wet diarrhea.

Should not be eaten with rice vinegar.


Winter melon dilutes phlegm, eliminates heat and detoxifies.

Suitable for hot and humid diarrhea.

Deficiency cold diarrhea who do not eat.


Broad beans clear heat and dampness, strengthen spleen and astringent essence.

Suitable for hot and humid diarrhea.
Qi stagnation and bloating are not eaten.


Chitosan dehydrates and dehydrates, passes milk, and detoxifies and pus.

Suitable for hot and humid diarrhea.
5, corn tonic and stomach, dehumidification and water.Suitable for spleen deficiency and diarrhea, hot and humid diarrhea.


White cardamom dampens qi, relieves vomiting due to warmth, relieves stomach stagnation, and hangover.

Suitable for stagnation of dampness, bloating and abdominal pain, loss of appetite, vomiting.

Fever, Yin deficiency should not be eaten, should not be cooked for a long time.

7 Yam: Yam can rectify the digestive system, reduce subcutaneous deposits, avoid obesity, and increase immune function.

Raw food has the best detoxification effect. You can cut the peeled white yam and pineapple into small pieces and drink them together into a juice. It has the function of strengthening the stomach and intestines.

8 Mung Bean: Mung Bean has the effects of clearing heat and detoxifying, dehumidifying and diuretic, reducing heat and quenching thirst. Drinking more mung bean soup is beneficial for detoxification and swelling, but it should not be cooked for too long, so as not to damage the organic acid and vitamins and reduce the effect.

9 oats: Oats can smoothen bowel movements, causing the volume of feces to increase, increasing water content, combining fiber to promote gastrointestinal motility, and exerting laxative and detoxifying effects.

It is a good choice to drink steamed oatmeal as a juice and drink. You can also add other ingredients such as apples, raisins when whipped, and nutrition can promote bowel movements!

Yangtze Power (600,900): 2Q19 annual increase in power generation steadily

Yangtze Power (600,900): 2Q19 annual increase in power generation steadily
The company’s recent situation Yangtze Power released 2Q19 electricity data: the second quarter generated a total of 49.2 billion kWh, an increase of 5 per year.17%.Among them, the Three Gorges Power Plant was 24.9 billion kWh (longer +5.3%); Gezhouba Power Station 5.2 billion kWh (ten years +3.3%); Xiluodu Power Plant 11.8 billion kWh (ten years +6.1%); 7.2 billion kWh at Xiangjiaba Power Station (ten years +4.5%). Commenting on electricity in the second quarter, electricity prices remained stable.Yangtze Power’s 2Q19 power generation is growing by 5 per year.17%, continuing the solid performance of the first quarter (10-year growth).78%).Among them, the Three Gorges, Gezhouba, and Xiangjiaba Power Plants increased their growth rates by 1 in the first quarter.1ppt, 0.6ppt, 1.2ppt; although the growth rate of Xiluodu Power Plant’s power generation rate is 0 compared with the rest.9ppt, but remains at 6.1% high level.In terms of electricity prices, we expect to keep it basically stable. Since the second quarter, the company has not received any price reduction requests for the time being.However, in the second half of the year, we believe that there is a certain risk of profit concessions, and we need to wait for the decision between the company and the government. Profit is expected to increase slightly in the first half of the decade.We expect 南京夜网 that Yangtze Power ‘s net profit attributable to mothers in the first half of 2019 is expected to increase by 2%, mainly benefiting from 1) the increase in income-end revenue caused by the increase in consumption is about 4%; 2) under relatively loose financing conditions, pressure on financial expenses may be obtainedLighten.In addition, as the company expands its investment scale, the investment income calculated by the equity method is expected to increase, or it may be partially reduced by the reduction in the second quarter of the year.High base impact of a one-time investment income of $ 600 million. It is recommended to take into account that the electricity price in the second half of the year may have risks, and we maintain the company’s profit forecast unchanged. Currently, Yangtze Power is trading at 18.7x / 1北京桑拿洗浴保健7.8 times 2019/20 PE ratio and 2.7/2.6 times 2019/20 P / B ratio.Taking into account the company’s “stable performance + strong cash” characteristics can support its stable dividends, against the backdrop of the current external uncertainties, the defense value is expected to be prominent and attractive for investment.We maintain the company’s “Outperform” rating with a target price of 18.30 yuan, corresponding to 3.6% / 3.6% 2019/20 dividend yield. Risks came in less than expected, and financing costs were higher than expected.

[Can Tremella Red Date Soup Breast Enhancement]_ Tremella Red Date Soup _ Breast Milk _ Efficacy

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[Does the carrot need to be peeled?]

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Shanghai Jahwa (600315): 3Q Single Season Growth Accelerates Herborist Recovery and Steadily Advances Taichi Essence’s Performance

Shanghai Jahwa (600315): 3Q Single Season Growth Accelerates Herborist Recovery and Steadily 杭州桑拿网 Advances Taichi Essence’s Performance

Brief performance review The company released three quarterly reports on October 24, 2019, and the 3Q single-quarter growth rate has improved: in Q1-Q3 2019, the company achieved revenue 57.

35 trillion, +5 for ten years.

81%; net profit attributable to mother 5.

40 trillion, ten years +19.

09%; net profit of non-attributed mothers 3.

80 ppm, one year + 2%.

Among them, Q3 achieved revenue of 18 in a single quarter.

1.3 billion, +3 for ten years.

28%; Q3 achieved net profit attributable to mother 0.

960,000 yuan, at least -29.

55%; net profit after deduction is 1

19 ‰, at least -11.

33%, an improvement over the previous Q2.

In terms of business analysis, according to brands: ① Herborist has continued to implement brand upgrades since 2019. In the first 杭州夜网 half of the year, it mainly promoted freeze-dried masks as drainage explosives. In the second half of the year (end of September), it focused on the upgraded Taiji Sun and Moon essence, and its revenue growth rate from January to SeptemberBasically flat, it is expected that future revenue is expected to achieve the turning point since the rebranding.

② Liushen’s small income increased from January to September, and the growth rate in 3Q was about 2%. Basically, it was mainly due to the low summer temperature in the main sales area. The intense expansion of the shower gel category market was fiercely competitive, and the promotion of e-commerce channels was greatly affectedOffline channel impact.

③ Gough’s main product category is changing from moisturizing to oil control. Once it declines, further product upgrades are expected next year.

④ The number of US and Canadian nets dropped from January to September. In the second half of the year, the Master Fragrance Series Hand Cream was upgraded. The 3Q single season has stopped falling.

⑤ Qichu, Jia’an, Yuze and other second-tier brands achieved 30% -50% revenue growth.

⑥ Tang Meixing’s small number growth (in RMB) from January to September, the growth rate was slightly affected by poor overseas market demand and fierce competition.

In terms of channels: Q1-Q3 2019, the company’s online channels account for 22.

5%, including e-commerce GMV retail sales for half a year + 27%, e-commerce channel billing revenue growth rate exceeds 19%, special channel sales growth rate + 60%.

In terms of offline channels, Q1, Q3, and Q1 to Q3 of the supermarket, mother-to-child, and CS channels maintained small growth. The department store channel was still under pressure from international big-name competition, and the overall number had doubled down.Has narrowed.

The 3Q single quarter gross margin and expense ratio accessories have been improved, and the operating capacity has improved: The 3Q single quarter gross margin was 60.

96%, ten years +1.

94pct, preliminary increase in the proportion of high gross margin beauty products sales; sales expenses increased again by 39.

15%, +1.

49pct, mainly due to the increase in the promotion of new product listing advertisements; administrative expenses further increased12.

72%, ten years +0.

63 points.

In terms of operating capacity, the inventory turnover days were 112 days, a decrease of 8 days compared with the same period last year; the accounts receivable turnover days increased by 2 days compared to the same period last year, and the accounts receivable turnover days increased by 20 days compared to the same period last year.
Investment suggestions We adjust the estimated EPS for 2019-2021 to 0.

99, 1.

08, 1.

22 yuan (EPS reductions are 6%, 4%, and 2%, respectively, which is basically a breakdown of the competitive growth face of the Liushen brand, and the increase in the launch of new Herborist new listing ads) is + 23% and +9 respectively.

2%, 12.

5%, the PE corresponding to the current market value is 35, 33, 29 times, maintaining the “overweight” level.

Risks prompt intensified market competition, new product promotion falls short of expectations, and channel structure changes

Dongfang Yuhong (002271): Strong demand growth + increased investment boosted first-quarter revenue performance

Dongfang Yuhong (002271): Strong demand growth + increased investment boosted first-quarter revenue performance

Event: On April 25, the company announced the 2019Q1 quarterly report.

In Q1 2019, the company achieved operating income of 26.

860,000 yuan, an increase of 41 per year.

01%; net profit attributable to mother 1.

27 ppm, an increase of 28 per year.

89%; net profit after deducting non-return to the mother1.

07 million yuan, an annual increase of 40.


“Strong demand + increased share” contributed to the first quarter of 2019 revenue to maintain a growth rate of more than 40%.

In 2018, the company invested and built production bases in Wuhu, Anhui, Qingdao Laixi, Hangzhou Jiande, and Henan Puyang, with revenue of 19 in Q1-Q4.




30,000 yuan, an increase of 27 in half a year.

2% / 31.

8% / 38.

6% / 47.

56%, which is accelerating from quarter to quarter.

Benefiting from the accelerated growth of new construction and the trend of increasing the concentration of the industry, the operating income of Q1 2019 continued to grow by more than 40%.

From the perspective of cash flow, the balance of monetary funds decreased by 35 compared with 2018Q4.

6.6 billion.

Due to the increase in performance bond, the balance of other receivables in 2019Q1 was 19.

6.8 billion, a significant increase from 2018Q4; inventory increased due to the increase in raw materials reserves4.

68 ppm to 26.

400,000 yuan, consuming monetary funds; bills should be reduced by 13.

8.8 billion to 18.

US $ 1.2 billion, 杭州桑拿网 mainly due to the fact that part of the payment in the opening balance of the accounts payable was repaid last year by adopting the transfer of endorsement of exchange bills. The corresponding part of the acceptance bills expired during the reporting period and the company repaid the payment in this period.

In the first quarter of 2019, the gross profit margin in the single quarter improved 3 from the previous quarter.

8 up to 34.


We believe that the decrease is due to the relatively low price of asphalt at the beginning of this year, and the decline in cost has driven the gross profit margin higher.

In addition, in the fourth quarter of last year, the project income was carried forward intensively, and the decrease in the gross margin of the engineering end caused a sudden change in the base.

The 淡水桑拿网 company’s actual yield is about 15.

8%, a significant decrease from the previous month.

Due to the accumulated profits of the company’s new investment in 2018, some factories have not obtained the qualifications of emerging companies for the time being, and finally the applicable rate of return increased last year. As the factories have gradually obtained the qualification of high-tech base enterprises, the company’s tax payment rate in the first quarter of 2019 is obviousreduce.
The company is deeply tied to high-quality downstream, and its production capacity + category expansion is renewed.

1) The company ‘s channel strength and production scale advantages continue to increase, driving the city’s share of the market, and the company’s cost growth ability to increase: the company’s comprehensive competitiveness that has gradually deteriorated in recent years, and continues to expand downstream customers. Customers, a significant increase compared to 47 in 2017, but the concentration of the waterproofing industry is low, and there is still room for continuous improvement in the future; the company adjusts the channel layout and divides the three regional centers of North, East, and South China to better focus on regional advantagesPower to explore the market and improve operating efficiency; meanwhile, the company’s brand recognition and comprehensive competitiveness have improved, and customer requirements for products and comprehensive service quality have continued to grow, and the company’s bargaining power and cost capabilities have been significantly enhanced.

At the same time, the gradual expansion of the stock market will also become an important profit point for the company in the future. 2) Capital advantages + capacity expansion to build barriers: The company’s convertible bonds raised funds are mainly used for capacity expansion, to enhance the country’s layout and perfection, and to quickly increase the capacity scale barriers and comprehensive service advantages. In the future, the trend of “collective mining”More benefit.

3) The development of the brand with “one yuan and multiple poles”, new categories expanded to increase new market space: the company continues to expand product categories, such as household coatings, insulation materials, diatom mud products, etc., making full use of the company’s brand and channel advantages, and is expected to passThe category expansion has grown into a giant building materials company.

Under the new normal, the company changed its business strategy, from a relatively extensive “high-speed” development to a sophisticated “high-quality” development, and entered a new stage of growth.

Historically, during the rapid expansion of the company’s real estate chain, the strategy of actively expanding the market and rapidly expanding production capacity has achieved important success; in recent years, the growth rate of the transformation industry has gradually declined, and the company’s price for maintaining the past revenue growth rate is operating.Quality and profitability are sacrificed to some extent.

In order to adapt to the development characteristics of the industry under the new normal, the company gradually adjusted its business strategy. In the future development, it will pay more attention to the quality of customers and projects, and ensure the security of accounts receivable and period.

The future revenue growth center may not be as high as it has been in history, but the anti-risk capability and quality of operations will improve.

We estimate the company’s net profit attributable to its parent to be 19 in 2019-2020.

42 and 22.

9.5 billion, corresponding to PE of 14.

4 and 12.

2 times, maintaining the “overweight” level.

Risk reminder: Macroeconomic risks, changes in original growth, increase in accounts receivable or bad debt risk

Zhaoyan New Drug (603127): Orders are abundant and expected to continue high growth

Zhaoyan New Drug (603127): Orders are abundant and expected to continue high growth

[Investment points]Orders are guaranteed, and performance is growing rapidly.

In the first half of 2019, the company achieved operating income2.

10,000 yuan, an annual increase of 48.

65%; net profit attributable to mothers was 40.14 million yuan, an annual increase of 78.


Among them, the inventory in the first half was 1.

76 ppm, an increase of 53 in ten years.

49%, mainly due to an increase in unanswered questions during the reporting period.

The rapid growth of the company’s performance is primarily due to the adjustment of internal project arrangements and the improvement of the efficiency of animal houses.

As of the end of the reporting period, the company had approximately 1 billion orders on hand, with an increase of approximately 杭州夜网 17 in the future.

6%, ten-year contract value increased by about 21% compared with the same period in 2018, which provided a guarantee for future performance growth.

The scale of facilities ranks among the top CROs in China.

The company has international standard animal breeding management facilities and modern functional laboratories in Beijing and Suzhou Taicang. The total construction area is about 75,000 square meters and the area is about 63,500 square meters. Among them, the animal breeding management facilities used are nearly 32,000 square meters.The laboratory and office facilities are about 31,500 square meters.

Among them, the renovation of Beijing Zhaoyan Small Animal House has been completed, and it will be put into use in June, to a certain extent, the supply of convenient facilities is tight; combined with the company’s fund-raising plan, 2019北京夜网H1 will newly use Animal House Building 3 and Building 7, thus Suzhou ZhaoyanAnimal room facilities have increased significantly, greatly improving service throughput and capacity.

Some other functional laboratories are undergoing renovation and are expected to be put into use in September.

The completion of the construction of these facilities will greatly ease the company’s capacity growth and enhance the company’s service capabilities. The state of competition can move from the location of the animal to improve efficiency.

Speed up technological exploration and improve comprehensive service capabilities.

In 2019H1, the company continued to strengthen the exploration of advanced technologies in the field of biotechnology drug evaluation, made breakthrough breakthroughs in the characteristics of ophthalmic drug evaluation, successfully completed two drug efficacy experiments for new glaucoma drugs for the American client, becoming the first domesticCRO-like service capability laboratory.

At the same time, the company is actively demonstrating the implementation of GLP and GCP certification for veterinary drugs, and GLP certification inspections for non-drugs. In addition, it is working on establishing alternative isotope laboratories.

Actively expand overseas business.

The company intends to acquire BIOMERE, a mature pre-clinical CRO company in the United States, making full use of its mature management model and high-quality customer resources to play a synergistic role to further improve the company’s layout in overseas markets.

The technical team continues to grow and business capabilities are significantly enhanced.

In the first half of 2019, the company continued to strengthen the introduction of talents, forming a large-scale talent team of nearly 1,000 people, which can carry out hundreds of trials at the same time; the company’s technical team has accumulated more than 20 years of preclinical drug research experience, 2016-2019 In the first half of the year, we completed preclinical research and evaluation tests on nearly 1,900 new molecules, and have rich experience in GLP management and drug safety evaluation.

The company launched an incentive plan to expand stocks and stock budgets in 2019 in July, further expanding staff coverage and incentives (30%).

[Investment recommendation]From the perspective of market share, the reference company assists R & D companies in reporting data to CDE every year. The number of biological products accounts for about 40% -50%, and the number of biological products and chemical drugs is about 20% -30%.

With the continuous improvement of productivity and the improvement of service capabilities, the company’s competitive state can move from expanding animal property to improving efficiency.

With more than 20 years of preclinical drug research experience, the company has sufficient order reserves and continues to be optimistic about the company’s growth trend in the second half of the year.

Based on the actual growth in the middle of 2019, revenue growth is in line with our expectations, and net profit growth attributable to mothers is slightly better than our expectations.

In 2019H1, the company’s expenses were well controlled, and its net profit margin increased.

We have increased the growth rate of preclinical research services for main drugs, and revised the management expense ratio.

We slightly raised our operating income for 19/20/21 to 5, respectively.



8 billion (previous report was 5 for 2019/2020 respectively.


10 billion), increase the net profit attributable to the mother to 1, respectively.


14/2.8.9 billion (previous report was 1 for 2019/2020 respectively.


91 ppm) and EPS are 0.



79 yuan, corresponding PE is 61/45/33 times.

Maintain the “overweight” rating.

[Risk warning]Market competition intensifies; new business expansion fails to meet expectations

Desai Xiwei (002920): Q3 results improved sequentially, intelligent driving business continues to advance

Desai Xiwei (002920): Q3 results improved sequentially, intelligent driving business continues to advance

The company announced the third quarter report for 2019. The first three quarters of 2019 achieved revenue, and net profit attributable to mothers and net profit after deductions to non-mothers were 35.

4.6 billion, 1.

4.3 billion, 0.

5.8 billion, -12 each year.

7%, -57.

8%, -80.


The EPS is 0.

26 yuan.

In the third quarter of 2019, revenue was realized. Net profit attributable to mothers and net profit attributable to non-mothers were 12 respectively.

7.4 billion.

4 billion, 0.

12 trillion each year +6.

1%, -21.

0%, -60.


Management analysis Q3 performance improved month-on-month.

(1) The company’s Q3 performance significantly improved the improvement quarter-on-quarter, achieving the first quarterly revenue growth for the year, and the net profit attributable to Q3 厦门夜网 decreased by 21%, narrowing the decline (54% in Q2, 73% in Q1).

As a whole, the company’s performance is still under pressure due to the downturn in the downstream auto market, which dragged down its main business with screen control.

(2) The sales / management / R & D / financial expense ratios for the first three quarters were 3 respectively.

5% / 3.

2% / 13.

1% / 0.

2%, compared with 15 of the same period last year.

2% up 4.

8 points.

Among them, through continuous investment in research and development in the field of intelligent driving, the cost of research and development has increased significantly to 4.

6 trillion, R & D expense rate increases by 3 every year.


(3) Product price pressure eased, and Q3’s single-quarter gross margin rose by 0 from the same period last year.

4pct to 24.

1%, the chain rose by 0.

9pct, 2020 is expected to continue to improve with the rebound of the auto market.

The intelligent driving business continued to advance.

The company is a leader in controlling the screen, has a German background, and has solid technology. It ranks first in the traditional car market. In recent years, it has continued to develop intelligent driving business.Customers such as Ford and DAF Motors have cooperated with FAW Group in a strategic upgrade.

The company’s multiple achievements have landed: HD surround view systems have been mass-produced on multiple projects; automatic parking systems have been mass-produced; T-Box products have been mass-produced to support multiple international and independent brand models; V2X products have been designated by international brand car factory projectsMass production in 2020; Telematics won projects from FAW-Volkswagen, Chery Jaguar Land Rover, Changan Mazda Telematics Platform, OTA, and scenario intelligence.

Profit adjustment and investment recommendations Due to the continued downturn in the auto market, the company’s net profit for 2019-2021 is expected to be 2 respectively.


8.6 billion, down 9% / 11% / 1%, respectively, corresponding to 0 EPS.



61 yuan, maintaining the overweight level.

Risk warnings: growth indicators for supporting car companies; continued downturn in the car market; less than expected customer development; less-than-expected development of the autonomous driving and connected car industry; and lower product cost than expected.