Meizi’s angry answer。

“Scream,be good,Obedient sister just love。”
Shen Ruoxue started acting like a baby,Her acting like a baby is indistinguishable,Regardless of whether men or women are old or young,As long as she wants to act like a baby,Come right away,Without hesitation at all。
“Don’t want to call。”
Meizi’s stubborn answer,She just doesn’t want to“Evil forces”Head down!
“Ask one last time:Bid or not?If not called,Within a minute,I cried so much, believe it or not?”
Shen Ruoxue zoomed in!
Meizi looked at Shen Ruoxue with surprise,I have never seen anyone threaten others in this way!Shen Ruoxue is non-human, right!
“I’m not calling my sister after I count to three,I cried to death to show!One!”
Shen Ruoxue started to count down quite seriously。
Meizi only succumbed,What else can she do,Face Shen Ruoxue“Little scourge”,She begs,Is there any other way to deal with her?。
“Yep,So good,This is my good sister。”
Shen Ruoxue smiled with satisfaction。
“Sure it’s really twenty?Not twelve years old?”

Qin Liang’s inspiration,Blurt out……

“My goodness!Are you going to become a great poet??Talking is beginning to be poetic,You go on like this,I’m going to become your little girl。”
Yang Shiyun smiled charmingly,Please say。
“I don’t want you to be my little girl,I just want you to be my little woman。”
Qin Liang’s happy answer。
“Am I your little girl now?。”
Yang Shiyun is ashamed……Before this change,She couldn’t tell if she killed her。
“Do not,Not exactly,Almost。Hehe……”
Qin Liang said meaningfully。
“Can you ignore the past??”
Of course Yang Shiyun knew what Qin Liang said“That little”What means,So deliberately asked。
“Can’t,That a little bit for me,Is very, very concerned,Is very much desired!”
Qin Liang immediately said firmly!
“Ugh……I didn’t expect to have issued a few tickets to you,As a result, the final price was to catch myself。”
Yang Shiyun said deliberately sad。

Qin Liang ordered the swallow,Then he smiled and walked over to Sun Hao……

Compared with helicopter,The cabin of the transport aircraft is too spacious,It’s a personal team sitting in the cabin,Does not occupy any land at all。
“It’s okay to lie down this time。”
Sit down with Shen Ruoxi,Song Min whispered to Shen Ruoxi。
“Think too much!I am not an ordinary citizen,But a dragon soul warrior,You have to keep the image of a fighter,Still wandering?Do you want us to find a pillow to sleep comfortably??”
Shen Ruoxi answered with a wry smile。
“Ugh,Life is really unpredictable,Things you can’t even dream of,I actually became a soldier,And he’s a special soldier!I dare not act like this。”
Chapter three thousand eight hundred and forty two I want to slap you to death
【 WWW.】,Wonderful free reading!
Chapter three thousand eight hundred and forty two I want to slap to death
Song said sensitively。
“I am not the same?Chen Hao is not like us?”

Since the start of the province’s campaign to ban local oil refining,Jin’an City requires cities and counties to report figures every day,Report progress,And send notifications every day,These reports are sent directly to the party committees at all levels、In the hands of the government leader。Kangzhou has long been behind other cities and counties,This time I finally fought a beautiful turnaround,Of course Jiang Fan is happy。

At this moment,I thought about Peng Changyi’s call,After he connected,Is gold。
Peng Changyi said:“Thank you buddy for understanding,I understand what you mean,Thank you。”Hung up the golden call,Peng Changyi reported on Zhang Erqiang to Jiang Fan。
Peng Changyi is determined to see Jiang Fan,Just nodded safely。
More than ten days in a row,The law enforcement team is divided into two shifts,Dispatched every day during the day and night,And destroyed five or six dens one after another,Through consultation with the traffic control department,On major highways and country roads,Set up a special checkpoint,As long as you find a vehicle that transports raw materials and ingredients,Car,All confiscated,Blocking the living space of the local method to boil oil from both ends。Built a watchtower in the Loop,Set up a dedicated guard,As long as there is black smoke coming out,Report now。Following the public arrest of two criminals who attacked law enforcement officers,Greatly hit the arrogance of this group,At the same time in multiple measures、Hit hard,Kangzhou,No smoking has been found for a week。
this day,Peng Changyi came to his office in the city government,After taking a look at the office since the first day,In the past twenty days,This is the second time he has come to this office。Cao Nan has ordered someone to repaint the office,New cabinet,New office furniture,New sofa,Even the phone on the desk、calendar、folder,In the cabinet,Green plants in the house,Drinking fountain、Trash and so on are new,I wonder if he can start a new journey in this office。
Cao Nan deserves to be a soldier,When I ordered people to do all this,They all reflect his military rigor and respect for his assistant to the mayor,Because all the facilities in his office,Are exactly the same as the other deputy mayors。
He smiled,I suddenly remembered that I haven’t contacted Liu Zhong for a long time.,some days ago,Liu Zhong and they called themselves,It’s just that I was taking people to patrol outside,Talk without care,I really miss them now,then,He picked up the phone,Called Liu Zhong’s office,No one answered,He called Tian Chong’s office again,No one answered,Thought for a while,He called the party office,Yao Ping answered the phone。
Originally from &#
First97chapter Battlefield female anchor
[First4Chapter Three]
First98Section97Zhang Midnight was chased and killed

Zou Zijie looked at the remaining half-car furniture,Happily instruct everyone to start moving things into the house。

At this moment,Peng Changyi’s phone rang,Shu Qing is almost at the highway intersection。Peng Changyi told him,Old Gu has already gone to the highway intersection and waited for her to go,Besides, he asked Shu Qing to tell Lao Gu,Buy some cigarettes back,Reward the soldiers who helped move the furniture。
Shu Qing will be here soon,When he saw this prosperous scene,Surprised:“This moving scene is too grand,Secretary-General Lu,You have worked hard!”
Lu Hua said:“This is nothing,I heard the old furniture that Secretary Peng was going to eliminate,I feel uncomfortable,He lived frugally in Kangzhou for several years,Never spent a penny indiscriminately,Saved a solid family,Finally gone,The new secretary is here,People don’t spare time,Spend money,Decoration、Change furniture、Changer,If it hadn’t been for Secretary Peng repeatedly emphasized,I’ll bring him a cart of new furniture,I feel a little embarrassed to give these broken furniture。”
Peng Changyi smiled,Say:“Lao Lu,You have seen the situation here,It’s no use asking for new furniture。Say again,This is totally my personal behavior,It has nothing to do with Lang Zhu。”
Lu Hua nodded,Said:“You told me later,I’m mentally balanced。correct,Wouldn’t you put your home here??”
Peng Changyi glanced at Shu Qing,Said with a smile:“You said me too badly?Here,Just a place for me to change my mood。After Minister Wang came,Let him live east,East is up,These two rooms on the west are mine。seriously,I really hate the smell of hotels,It would be great if he can live here long,I can not only come over and drink with him,You can also watch the stars at night here,Lying to listen to frogs,Here,At best my second dormitory。”
Lu Hua said:“Don’t say,The air here is really fresh,Pleasing to the eye,Similar to Xanadu。”
Shu Qing said:“Yes,I thought it was a resort when I came in,It’s the army farm after a long time,Still a test field?”
Peng Changyi said:“I expected,Lao Zou, this house is under construction,So hurry up and take the next set in advance。”
Lu Hua said:“Maybe Secretary Jiang saw you live here well,He is greedy。”
“Haha,It’s not impossible。”Peng Changyi is very happy。
A large car of furniture,Filled with two more houses,Zou Zijie found several file cabinets,He deliberately put these sets of file cabinets in the first row of his own house。
Although these are old furniture,But the workmanship in the past was very elegant,The materials are also authentic,Durable。What’s more commendable is,Lu Hua actually brought Peng Changyi two brand-new drinking fountains and an obsolete old TV。
Peng Changyi said after seeing it:“Lao Lu,this is……”
Lu Hua said with a smile:“From the size of the room you gave me and the situation you described,I think I should be able to put it down,Just bring two new ones,Although the old one has,But this thing should not be used,Unsanitary。”
Peng Changyi said:“Buying a new one is not appropriate?”
Lu Hua said:“Not specially bought,I bought more for the leaders,Put in the Curry,Idle is idle。”

[How to repair porridge]_How to add _How to re

鍦ㄧ敓娲讳腑寰堝浜洪兘鐗瑰埆鍠滄鍠濈播锛岀粡甯稿枬绮ュ鑳冩槸鐗瑰埆濂界殑锛岃€屼笖瀵逛簬浜у悗铏氬急鐨勪汉鏉ヨ锛屽枬绮ヤ篃鏄渶瀹规槗娑堝寲鐨勶紝绮ラ噷杩樺彲浠ュ姞鍏ヤ竴浜涙湁钀ュ吇鐨勯鐗╃敤鏉ヨˉ韬綋锛屼絾鏄€绘湁涓€浜涗汉鍦ㄧ啲绮ョ殑鏃跺€欎細灏嗙播鐔硦锛岃繖涓椂鍊欎笉浠呬細褰卞搷椋熺墿鐨勫懗閬擄紝閭d箞绮ョ叜绯婁簡璇ユ€庝箞琛ユ晳鍛?涓嬮潰灏忕紪鏉ョ粰浠嬬粛1銆佹妸鏈夌硦鍛崇殑绮ヤ粠鐏笂鎷夸笅锛屼笉鑳借瀹冨喎鍘汇€傜敤澶т竴鐐圭殑鍕哄瓙锛屾妸鏂伴矞鐨勮懕涓ゆ牴锛屾媶鏂斁鍦ㄥ嫼瀛愰噷銆傚啀鎶婂嫼瀛愬叆鍦ㄧ播鐨勪笂闈紝涓嶈兘璁╁嫼鍜岃懕铻嶈繘绮ヤ腑銆傛妸鐓播鐨勯攨鐩栫洊涓婏紝闂?0鍒嗛挓銆傛墦寮€閿呯洊绯婂懗浼氬噺灏戝緢澶氥€?銆佷互涓婇潰鍚屾牱鐨勬柟娉曪紝鐢ㄥぇ涓€鐐圭殑鍕哄瓙锛屾妸鏍楃⒊5灏忓揩鏀惧湪鍕哄瓙閲屻€傚啀鎶婂嫼瀛愬叆鍦ㄧ播鐨勪笂闈紝涓嶈兘璁╁嫼瀛愬拰鏍楃⒊铻嶈繘绮ヤ腑锛屾妸鐓播鐨勯攨鐩栫洊涓婏紝闂?0鍒嗛挓銆傛墦寮€閿呯洊绯婂懗浼氬噺灏戝緢澶氥€?鍗冧竾涓嶈閾查攨搴曞鏋滅叜绮ョ叜绯婁簡棣栧厛涓€瀹氫笉瑕佸幓纰扮硦浜嗙殑閿呭簳锛屽簲璇ュ皢涓婂眰鐨勭播鍊掑嚭鏉ワ紝鏀惧叆鍙﹀涓€涓攨涓緟澶勭悊銆傚鏋滈攨搴曠硦浜嗚繕鎶婇攨搴曢摬璧锋潵锛屼笉浠呭Awards and awards are available in various fields, such as geological research and development, as well as research and development, research and development, research and development, and research and development.2镦哺鍗冲彲銆傝尪鍙朵腑鐨勬煇浜涙垚鍒嗕篃鍏锋湁鍘诲紓鍛崇殑浣滅敤锛岃€屼笖绮ヤ腑杩樹細鐣欎笅浜涜鑼堕鍛炽€?鎻掕懕鍘荤硦鍛崇播绯婁簡涓嶅Θ鐢ㄧ瀛愬湪绮ラ潰涓婃埑鍑犱釜娲烇紝鐒跺悗灏嗛暱鐭€備腑鐨勮懕涓€涓€鏀惧叆锛岀洊涓婇攨鐩??5 闒 嗛 橓 Hui 婗 咗 哲哲 員 鏡 握 櫎 揎 Adopting the umbrella umbrella dim鏈潎鍖€鍦版拻浜庣播闈笂鍘婚櫎绯婂懗銆?鐗涘ザ鍘荤硦鍛冲綋鐒舵垜浠殑鐗涘ザ涓昏灏卞嚭鏉ヤ簡锛屾柟娉曟洿绠€鍗曪紝鍙栧皯閲忕墰濂讹紝鍦ㄧ硦浜嗗簳鐨勭播涓€掍笂灏戣锛屽儚涔嬪墠涓€鏍锋悈鍔ㄥ氨鍙互浜嗭紝鎼呭寑浜嗭紝褰撶劧鏄紑鐫€鐏殑鏃跺€欎竴璧锋悈鍔ㄤ簡銆?

[Efficacy of sweet grass root soaking in water]_Benefit_Inevitable

銆 撮 撎 咋咋 咉 咉 Choose the words 昆 抸 晥 报 銆 抱 擂 擂 掩 _ 鐩 婂 
鐢樿崏鍙堝彨鐢滆崏鏍广€佽湝鑽夌瓑鍒悕锛岀敇鑽夋场姘寸殑鍔熸晥鍏跺疄鏄湁寰堝锛岀敇鑽夋槸涓€绉嶄紶缁熺殑涓嵂鏉愶紝瀹冪殑浣跨敤鐢ㄩ€斿緢骞裤€傜敇鑽夋€у钩銆佸懗鐢橈紝鐢滆崏鏍规场姘村枬鐨勫姛鏁堬紝鍏跺疄鐢ㄧ敇鑽夋场姘寸殑鍔熸晥鍜屼綔鐢ㄦ湁绁涚棸姝㈠挸鐨勬晥鏋滐紝杩樺彲浠ョ敤浜庣紦瑙h儍閮ㄤ笉閫傜瓑銆傛渶鏈夋晥鐨勬槸锛岀敇鑽夊彲浠ヨ皟鍜屽悇绉嶈嵂鐨勮嵂鎬э紝涓拰鑽殑鐑堟€у拰姣掓€с€Drilling in the field and the village in the village and the village in the village and the village in the village and the village in the village and the village in the village and the village in the village and the village and the village in the countryside浠ョ敤鐢樿崏鏉ョ厧姹ゆ蹈娓嶆垨鐔啅鍐呮湇锛屽父涓庡湴涓併€佽繛缈樼瓑娓呯儹瑙f瘨銆佹秷鑲挎暎缁撶瓑鑽潗鎼厤浣跨敤銆傚鏋滆娌荤枟鐑瘨鍜藉枆鑲跨棝锛屽彲浠ュ皢鐢樿崏鍜屾澘钃濇牴銆佹姊椼€佺墰钂″瓙绛夋竻鐑В姣掑埄鍜界殑鑽墿涓€璧锋场姘村枬銆傜敇鑽夋场姘寸殑鍔熸晥锛氭不婧冪枴鐢樿崏娉℃按鍠濇湁鍒╀簬缂撹В鑳冩簝鐤°€佸崄浜屾寚鑲犳簝鐤$瓑鐥呯棁銆備絾闇€瑕佹敞鎰忕殑鏄紝鐢ㄧ敇鑽夋场姘撮槻娌绘簝鐤★紝涓嶅疁闀挎湡澶ч噺鏈嶇敤锛屽惁鍒欏彲寮曡捣姘磋偪銆佽鍘嬪崌楂樸€佽閽鹃檷浣庛€佽剺鑵硅儉婊$瓑銆傛€庢牱鐢ㄧ敇鑽夋场姘达紵鍙栫櫧鑿婅姳100鍏嬨€佺敇鑽?鍏嬪垎鍒礂鍑€锛屽姞姘翠竴璧风厧鐓紝鍘绘福楗堡锛屽垎3娆¢ギ鏈嶏紝鑳芥竻鐑В姣掞紝涓绘不鐤楃柈鑲挎瘨銆佸眬閮ㄧ孩鑲跨儹鐥涖€佸彛娓村績鐑︺€佸翱榛勪究骞层€傜敇鑽夌殑椋熺枟鏂逛笂闈粙缁嶄簡鐢樿崏娉℃按鐨勫姛鏁堝拰浣滅敤锛岄偅涔堢敇鑽夐櫎浜嗙敤浜庢场姘翠箣澶栵紝杩樻湁鍏朵粬鐨勯鐢ㄦ柟娉曞彲浠ョ敤鏉ュ吇鐢熺殑鍚楋紝褰撶劧鏄湁鐨勶紝姘戦棿灏辨湁璁稿鐢樿崏鐨勯鐤楁柟銆傜敇鑽夐害鍐槮鑲夋堡鏉愭枡锛氱槮鑲?00鍏嬶紝鐢樿崏閫傞噺锛屽皬楹﹂€傞噺锛岀孩鏋i€傞噺锛岀洂5鍏嬨€傚仛娉曪細1銆佸皢鐦﹁倝娲楀噣锛屽垏浠讹紝姹嗗幓琛€姘达紱鐢樿崏銆佸皬楹︺€佺孩鏋e潎娲楀噣锛屽鐢紱2銆佸皢鐦﹁倝銆佺敇鑽夈€佸皬楹︺€佺孩鏋f斁鍏ラ攨涓紝鍔犲叆閫傞噺娓呮按锛屽ぇ鐏叜寮€锛岃浆灏忕伀鐐?灏忔椂銆佽皟鍏ョ洂鍗冲彲椋熺敤銆傞€傜敤浜庯細鏇村勾鏈熺患鍚堝緛鎮h€咃紱蹇冩偢銆佸け鐪犲姊︽偅鑰咃紱鑴捐儍铏氬急銆侀娆茬己涔忚€咃紱鑳冩簝鐤℃偅鑰咃紱浜斿績鐑︾儹銆侀儊閮佸娆㈢瓑鎮h€呫€?

Livzon Group (000513): Continuous optimization of structure, clinical advancement is expected

Livzon Group (000513): Continuous optimization of structure, clinical advancement is expected

Core point of view: 1H2019 revenue growth 8.

2%, net profit after deducting non-attribution increased by 15.

32%, in line with expectations. The company disclosed its 2019 interim report with revenue of 49.

3.9 billion (+8.

20%), net profit attributable to mother 7.

3.9 billion yuan (+16.

67%), net of non-attributed net profit6.

5.9 billion (+15.

32%), and performance was in line with expectations.

The performance of the digestive tract field is beautiful, and the product structure continues to optimize the revenue of preparations33.

3 billion, of which 26 are chemical agents.

2.1 billion (+22.

19%), Chinese medicine preparation 7.

09 billion (-17.


The gastrointestinal field performed well, earning 9.

4.5 billion (51.

37%), the ilaprazole series earns 5.

0.4 billion (+76.

45%), Rabeprazole 1.

6.7 billion (+32.


The gonadotropin sector remains robust with income 8.

9.4 billion (+18.

62%), leuprorelin 4.

5.7 billion (+27.


Chinese medicine plasma is obvious, Shenqi Fuzheng 4.

5.5 billion (-16.


API and intermediate income 12.

1.9 billion (+1.

64%), the optimization of the variety structure has increased the gross margin of the business by 7.

18 points.

Revenue from diagnostic reagents and equipment 3.

6.5 billion (+8.
twenty one%).

Focus on biomedical management optimization project, 无锡桑拿网 clinical progress is worth looking forward toProject clinical research work.
The research and development of biological drugs are more concentrated, and the acceleration of clinical advancement is worth looking forward to.

In 19-21, the EPS was 1.

32 yuan / share, 1.

51 yuan / share, 1.

The current product structure of 73 yuan / share company is constantly optimized, the marketing reform is in the harvest period, the research products are rich, and the accelerated clinical advancement is worth looking forward to.

The EPS is expected to be 1 in 19-21.



73 yuan, the current A shares are expected to correspond to 19-21 PE20 / 17 / 15x, H shares correspond to 19-21 PE12 / 11 / 9x.

With reference to industry assessments, Lizhu Group was given 22xPE in 19 years and Livzon Medicine in 18xPE in 19 years, with 重庆耍耍网 a reasonable value of 29.

10 yuan / share and 26.

52 expansions / shares, maintain “overweight” and “buy” ratings.

Risks indicate industry policy risks, and R & D gradually exceeds expectations.

Depth-Company-Bethel (603596): EPB and lightweight drive high-growth smart driving prospects

Deepin * Company * Bethel (603596): EPB and lightweight drive high-growth smart driving prospects

The company issued a pre-announcement of results, and the net profit attributable to shareholders of listed companies in 2019 is expected to increase by 154.2 million yuan to 21.6 million yuan (+ 65% to + 85%).

The company’s performance has grown as expected and is expected to be driven by EPB and lightweight businesses, which will continue gradually in the short term.

The company will release its wire-control products in 2019, and it is expected to achieve mass production by 2021. The conversion company is one of the few domestic suppliers with a comprehensive layout in the areas of intelligent driving perception, decision-making, and execution.

We expect the company’s estimated earnings for 2019-2021 to be 1.

04 yuan, 1.

26 yuan and 1.

52 yuan, high-speed growth in short-term performance, intelligent driving continued to catalyze in the medium and long-term, maintaining a BUY rating.

The main points of the support level have experienced rapid growth and short-term expectations continue.

According to estimates, the company will achieve net profit attributable to mothers in 20193.


3.9 billion (+ 65% to + 85%), in line with our expectations.

Company Q4 achieved net profit attributable to mother 0.


33 ppm, a higher level than the previous month, compared with 2018Q4 (the current period withdraws asset impairment losses of 0.

8 billion) rapid growth.

The company’s performance is growing at a high speed. It is expected that it will be driven by EPB and lightweight businesses. There are too many short-term orders, and the high growth rate is expected to continue.

EPB’s independent and joint venture customers have developed smoothly, and production and sales are expected to grow rapidly.

The company started from brake discs and other products, and began to develop EPB products since 2006. It achieved mass production in 2012. It is the second and the first integrated EPB product in the world. Since then, products have continued to evolve, and dual-control EPBs have been developed.product.

At present, the penetration rate of domestic EPB products is about 30%, and it continues to increase rapidly. The company is the largest independent supplier of EPB in China, with sales of more than 600,000 units in 2018. Its supporting customers include Geely, Chery, GAC and other independent brands., Dongfeng Nissan and other joint venture brands, EPB production 成都桑拿网 and sales are expected to maintain rapid growth.

Lightweight customers and orders drive high growth.

Fuel consumption emissions and battery life of electric vehicles are two major challenges facing domestic auto manufacturers. Lightweighting is one of the keys to solving the problem.

Car chassis weight reduction can at least improve fuel consumption, cruising range, and lower unsprung mass can reduce improvement in comfort and prevent stability. Therefore, products such as steering knuckles, control arms, and sub-frames have a rapid increase in automotive aluminum penetration.

The company has been working in the field of lightweight for many years. A large number of cast aluminum steering knuckles are supported by high-quality customers such as GM, Volvo, and Ford Global.

Along with increasing customer orders and new projects such as SAIC, Geely, Changan, and BYD, the company’s lightweight segment revenue is expected to continue to grow rapidly.

The overall layout of intelligent driving has promising development prospects.

Automotive intelligent driving is mainly composed of three parts: perception, decision-making and execution. The company is one of the few comprehensive layout manufacturers in China.

On the execution side, the company has accumulated a lot in the braking field. In July 2019, the company has released WCBS wire-controlled products, and has obtained intent orders. It is expected to achieve mass production by 2020-2021.

With the rapid increase of the penetration rate of L3 and above autonomous driving, the expectation of BBW is expected to erupt and become the company’s medium- and long-term growth point.

On the decision-making side, the company has accumulated software and algorithm development technology for electronic control products such as ABS, ESC, EPB, etc. for many years.

On the perception side, the company has completed relevant layouts.

The company plans to become a leading domestic supplier of ADAS system integration. It has a comprehensive layout for sensing, decision-making and implementation, and has a promising future.

It is estimated that the company has sufficient orders such as lightweight, and we have raised its profit forecast. The company’s 2019-2021 earnings are expected to be 1.

04 yuan, 1.

26 yuan and 1.

52 yuan, maintain BUY rating.

The main risks faced by the rating 1) Car sales continue to be sluggish; 2) New business expansion is less than expected.

China International Travel Service (601888) 2019 Third Quarterly Report Review: Steady Growth in Third Quarter Results

China International Travel Service (601888) 2019 Third Quarterly Report Review: Steady Growth in Third Quarter Results

Investment points: The first three quarters of performance have steadily increased. In the first three quarters of 2019, the company achieved operating income of 355.

8.4 billion, an annual increase of 4.

35; Net profit attributable to mother 41.

9.6 billion, an annual growth of 55.

09%; net profit after deduction of non-return to mother 34.

1.7 billion, an annual increase of 26.


In the third quarter, the operating income was 112 in a single quarter.

400 million, down 13 each year.

65%; realized net profit attributable to mother 9.

1.6 billion, an annual increase of 16.


  After excluding the China National Tourism Organization, the growth rate was basically in line with expectations. The impact of the China National Tourism Organization was eliminated. The company’s operating income in the first three quarters increased by 42 per year.

09%, of which the third quarter revenue increased by 24 in ten years.


The overall growth rate is in line with expectations. The growth rate in the third quarter is expected to a certain extent due to the sluggish performance of Hong Kong duty-free shops and the upfront costs of newly opened duty-free shops in the market.

  The gross profit margin increased significantly. As for the increase in gross profit margin of selling expenses, the company’s gross profit margin for the first three quarters of the year was 51 due to the impact of the continued growth of the China National Tourism Organization 厦门夜网 and the tax-free business.

16%, an increase of 9 over the same period last year.

78 averages.

In terms of expense ratio, the company’s expenses during the first three quarters were 33.

99%, an increase of 6.

87 single ones, of which sales expenses increased by 35 in ten years.

72%, the increase in leasing fees at major airports caused the company’s sales expenses to increase, and the management costs continued to fall due to the impact of the China National Tourism Administration’s statement9.


  Investment advice and profit forecast China Travel currently has become the absolute leader of the domestic tax-free industry, and its scale advantage has gradually emerged.

The listed companies except Haifu are still amalgamating, and Hainan will still be an important growth point for the company in the future.

In addition, the company’s duty-free shops in the city have been opened one after another, and the Chinese people’s tax-free policy is still expected.

On the whole, in the context of guiding the return of consumption, we believe that the company’s long-term positive logic has not changed, so we maintain our investment rating of “overweight”, and we expect the company’s EPS to be 2 in 2019-2021.

36 yuan, 2.

73 yuan and 3.

31 yuan.

  Risks indicate major policy changes in the industry, the growth of tax-free business is less than expected, and the implementation of business of duty-free shops in the city is less than expected.