First Open (600376): Centralized settlement performance of high-margin projects to improve performance sales, speed up land acquisition

First Open (600376): Centralized settlement performance of high-margin projects to improve performance sales, speed up land acquisition
1H19 results exceeded expectations 1H19 results announced by the company: operating income of 23.2 billion US dollars, a continuous increase of 32%; net profit attributable to mothers 21 trillion, an increase of 54%, exceeding the pre-announcement of results (1.7 billion, an increase of 25%) 29 a singleCorresponds to a relative profit of 0.73 yuan. The increase of more than 50% was mainly due to the significant increase in the proportion of high-margin projects.The income from the preliminary real 佛山桑拿网 estate development business increased by 33% annually to US $ 22.8 billion, of which the share of income outside Beijing increased to 54% (compared with 28% last year).The settlement gross margin increased by a maximum of 23 percentage points to 44%, of which the Beijing area / outside Beijing area increased by 28/12 ratios to 45% / 43%, and the comprehensive post-tax gross profit ratio increased to 33% (the same period last year was 17%).Due to the flashing original writing of the company’s budget settlement (25%), the first opening of China Resources City (34%), Fuzhou Champagne International (40%) and other low equity projects, the minority shareholder’s profit and loss increased to 2.1 billion US dollars (the same period last year was 200 million euros), Which accounted for 51% of net profit (12% in the same period last year), and finally net profit attributable to mothers increased by 54% to 2.1 billion US dollars per year. Net debt ratio is high, financing costs are low, and short-term debt repayment pressure is concerned.The company’s net debt ratio at the end of the year increased 6 points to 218% from the beginning of the year, and monetary funds fell 28% to 23.6 billion U.S. dollars, with zero interest-bearing debt due within one year.70 times (initial 0.85).Financing cost of the company at the end of the period 5.38% (initial 5.36%), at a nominal level. Before the development trend, sales increased by nearly 40% in July, and the existing feed exceeded the target.Company 1?The cumulative contracted area in July increased by 25% to 1.79 million square meters per year, and the contracted value increased by 38% to $ 51.1 billion.We expect the company’s saleable value in the second half of the year to exceed US $ 100 billion, and conservatively estimate that it will exceed US $ 50 billion in the second half of the year, resulting in a sales target of over 101 billion yuan for raw materials. In the first half of the year, the land-side speed was increased, and soil reserves were abundant.Initially the company added 1.41 million square meters of land reserves (500,000 square meters in the same period last year), of which 14% were projects in Beijing (21% in the same period last year).We estimate that the company’s saleable soil storage at the end of the period is approximately 19 million square meters, corresponding to a saleable value exceeding 4500 trillion, equivalent to 4 of the 2019 sales target.5 times.At the end of the period, the company’s equity in soil reserves accounted for approximately 60%. Earnings forecasts and estimates remain unchanged from 2019 / 2020e earnings forecasts.The company is currently trading at 5.1/4.5x 2019 / 2020e PE ratio.Maintain neutral rating and target price of 8.60 yuan, corresponding to 6.0/5.3x 2019 / 2020e target price-earnings ratio, 17% upside 成都桑拿网 compared to recent years The risk financing environment was tighter than expected; the key cities for de-allocation were worse than expected; the company’s delivery progress was less than expected.

Hongqi Chain (002697): Third quarter revenue growth speeds up, gross profit margin continues to rise

Hongqi Chain (002697): Third quarter revenue growth speeds up, gross profit margin continues to rise
Event: The company’s third quarter report for 2019 achieved a revenue of 58.900 million, an increase of 7 every year.8%; net profit attributable to mother 4.1 ‰, an increase of 58 per year.7%; net profit after deduction of non-return to mother 3.9 trillion, an increase of 53 each year.7%. Among them, Q3 achieved revenue of 20 in a single quarter.6 ‰, an increase of 11 per year.6%, net profit attributable to mother 1.7 trillion, an increase of 67 per year.5%. The gross profit margin continued to increase, and the expense ratio was generally stable during the period.(1) Adjusting the product structure has caused the gross profit margin to continue to climb: the company’s gross profit margin for the third quarter of 2019 has gradually increased1.1pp to 30.1%, through the supply chain, the continued optimization of product structure, the company’s gross profit margin continued to climb.(2) The period expense ratio rose slightly: the period expense ratio rose by more than 0.26pp to 24.2%.The sales expense ratio rises by 0 every year.08pp to 22.5%, mainly due to the increase in store-related expenses; the increase in management expense ratio rose by 0.41pp to 1.7%, mainly due to the increase in media newspapers and publicity expenses and the 70th anniversary of the founding of the country; the increase in financial expenses rate decreased by 0.22pp to -0.02%. Same-store growth has been steady, and store openings have accelerated.(1) The company’s revenue has improved significantly, mainly due to the steady growth of same-stores, contribution from opening stores and the consolidation of 9010 convenience stores: the company’s same-store growth rate in the third quarter was about 3-4%, and at the same time, the number of store expansions accelerated, until the first half of 2019.There are a total of 2958 stores, which has reached 3030 at present and is expected to reach 3100 by the end of the year.Simple Yonghui Supermarket has accelerated the transformation of the company’s stores. It is estimated that Yonghui’s transformation of the Hongqi chain will reach 300 stores in 2019.(2) Significant growth in investment income: The company’s third quarterly report for 2019 achieved investment income1.310,000 yuan, of which Xinwang 杭州桑拿网 Bank realized investment income1.26 yuan (about 56 million in Q3), excluding the company’s endogenous performance growth rate of 27 after excluding Xinwang Bank.3%, of which the growth rate of the company’s endogenous performance after excluding Xinwang Bank in the third quarter reached 30.6%.(3) Operating cash flow returned to stable: The company’s operating cash flow in the first three quarters was 51.14 million yuan, of which Q3’s single-quarter operating cash flow was 59.94 million yuan. Profit forecast and rating.It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 4 respectively.700 million, 5.900 million, 7.200 million, EPS is 0.34 yuan, 0.44 yuan, 0.53 yuan, corresponding PE is 24/19/15 times, maintain “Buy” rating. Risk reminders: Macroeconomic trends may be less than 厦门夜网 expected; store expansion speed, fresh produce transformation may be less than expected; cost and risk risks may be less than expected.

SAIC Group (600104): Steady Earnings Dividend Ratio Exceeds Expectations

SAIC Group (600104): Steady Earnings Dividend Ratio Exceeds Expectations

The performance was in line with expectations, and the dividend ratio dropped on April 1. The company released its 2018 annual report, and the company achieved revenue of 902 in 2018.

19 trillion, +3 for ten years.

62%; Realize return to mother’s net profit of 360.

09 billion, previously +4.

66%; deducted non-attributed net profit of about 324.

09 billion, a year -1.

54%, the company’s overall performance is in line with our expectations.

The company plans to pay investors 12 dividends for every 10 shares.

6 yuan, measuring error coefficient 4.

74% (closing price on April 1st) with a dividend payout ratio of 40.

88%, the dividend ratio in 2017 and 2016 were 62.

13% and 60.

twenty three%.

We think the company’s dividend ratio in 2018 is lower than market expectations, and the company expects short-term or pressure.

The 杭州桑拿 company is the leader of the whole vehicle, with strong comprehensive competitiveness and stable performance. We are optimistic about the company’s long-term development. We expect the company’s EPS to be 3 in 19-21.

12\3.30\3.51 yuan, maintain “Buy” rating.

Each passenger vehicle subsidiary has a high capacity accumulation and a company with sufficient capacity reserves announced that SAIC Group will gradually achieve 705 car sales in 2018.

20,000 vehicles, at least +1.

8%, the overall market share exceeds 24%; SAIC Volkswagen sales of 206.

50,000 vehicles, +0 per year.

1%; SAIC-GM gradually sold 1.97 million units, -1.

5%, SAIC Auto sold 70 in 2018.

20,000 vehicles, +34 a year.

45%; SAIC-GM-Wuling’s annual sales of 207.

20,000 vehicles, at least -3.


SAIC-Volkswagen, SAIC-GM, SAIC-Autonomous 天津夜网 and SAIC-GM-Wuling all have capacity utilization rates exceeding 100%.

In 2019-20, the company plans to invest approximately 14.6 billion U.S. dollars to build SAIC-Volkswagen’s MEB plant, and independently build the Zhengzhou Phase II and Ningde plants and other bases to increase production capacity by more than 800,000 vehicles.

We believe the company’s 18-year sales growth rate exceeds that of the industry, with sufficient capacity reserves, and its market share is expected to continue to increase in 2019-20.

In 19 years, SAIC-GM’s products are expected to be strong, and self-expectation will continue and continue to grow. According to Marklines data, SAIC Volkswagen’s performance in 2018 was flat, and the sales volume of the main model of the new Santana became -1.

69%, Tiguan sales 10-8 years.

73%, Longevity +2 for ten years.

55%. In 2019, SAIC Volkswagen’s models are mainly replaced by models. We expect to maintain stable growth; SAIC-GM has a negative growth in 2018. First, the sales of the main model Yinglang GT reached -37.

19%, Oncoway sales -15 for half a year.

66%, 2019 is the year of SAIC-GM’s products. It is expected to launch 9 new vehicles such as Cadillac CT3, CT4, XT6, Buick-brand large SUV, Chevrolet-brand SUV.

Sales of the SAIC Roewe i5 climbed, and the launch of modified models such as the i6 Plus and RX5 will help independent brands continue to grow at a higher rate. The overall performance of the vehicle leader is stable, and we maintain the “Buy” rating. We believe that 2019 will be a new year for GM and is committed to alleviating the pressure on the growth of GM brands.The start of SAIC-Volkswagen’s new energy plant and the active deployment of new energy will help SAIC-Volkswagen’s sales continue to grow in the future.

We expect the company to achieve net profit attributable to its parent of approximately 364 in 2019-21.

46\385.25\409.77 trillion, EPS is 3.

12\3.30\3.51 yuan, the average valuation of comparable companies in the same industry in 19 years is about 15 XPE, considering that the company’s 2019 performance growth elasticity is relatively small, the dividend ratio is reduced, giving the company 10 years in 19?
11XPE estimates that the target price range is 31.


32 yuan, maintain “Buy” rating.

Risk reminder: New product sales are lower than expected, the domestic automobile market is growing less than expected, and favorable policies for the industry are introduced.

Wrong concept of eating fruit correctly

Wrong concept of eating fruit correctly

Although the fruit is good, why don’t people eat it in life?

Some experts point out that precipitation, the Chinese supplementation structure is becoming more and more westernized, and high-oil, high-conversion foods such as big fish and meat occupy the table, while the main dietary habits of traditional plant foods are quietly changing.

And some misunderstandings and doubts also prevent people from eating fruit.

Misunderstanding 1: Faster blood sugar Many people regard fruit as a “dessert” and think it is the culprit of diabetes, stay away.

However, research shows that the glycemic index of most fruits increases, such as apples, pears, peaches, apricots, plums, cherries, grapes and other fruits significantly higher than the glycemic index of steamed bread, rice, potato and other foods, suitable for patients to eat, dailyEat about 200 grams.

Even if the fruit has a high glycemic index, such as pineapple, mango, and watermelon, people with diabetes can eat 100 grams per day.

Misunderstanding 2: There are more agricultural residues. Many people worry too much about pesticide residues in the peel.

In fact, the use of highly toxic pesticides in directly imported foods such as fruits and vegetables has long been banned, and most of the low-toxic pesticides have been decomposed before consumption.

Repeated rubbing before eating fruit can effectively remove surface residues.

Misunderstanding 3: During the process of drinking fruit juice instead of fruit juice, the feeling of fullness can be enhanced, and the precipitated fibers that reduce the intake and absorption are filtered out in large quantities. Antioxidants such as vitamin C will also be damaged to a certain extent, which greatly reduces fruit nutrition.

Therefore, it is better to drink fruit than to eat fruit.

Myth # 4: In the life of superstition super fruits, people are more likely to buy those super fruits that are expensive, known as the king or queen of fruits, and ignore the local seasonal fruits. In fact, the nutritional value of fruits varies, and there should be many varieties.Eat with multiple colors.

Four Points for Eating Fruits Correctly Experts point out that fruits are nutritious and not an optional snack. Eating fruits properly should adhere to the Four Points Principle.

Quantity: One apple per day The Chinese Residents’ Guide suggests that adults should consume 200?
400 grams of fruit, ordinary apples, pears, oranges, etc. Eat 1?
2 is enough.

Collocation: The richer the better The nutrition experts said that you should pay attention to the difference in eating fruits, such as eating an apple, and then eating some strawberries, oranges, etc., can not only eat enough, but also enrich the nutrition.

Time: Experts point out that healthy people want to eat. For healthy people, there is no time limit for eating fruits.

However, for people who control weight, high blood pressure and high blood lipids, eating fruits before meals can add a lot of fiber and potassium, and can also reduce meal intake.

On the contrary, lean and malnourished people eat a lot of fruits before meals will affect appetite, it is recommended to eat after meals.

It is worth reminding that don’t eat too sour fruits such as hawthorn and persimmon when fasting in the morning, it may cause discomfort.

Choice: First season fruit experts point out that the quality of seasonal fruit is a continuous off-season product.

For the north, there were no seasonal fruits before April; strawberries were in May; 5?
Cherry, bayberry, apricot, etc. in June; 7?
August is the world of watermelons and peaches; 9?
Apple, pear, sand fruit, pomegranate, kiwi, etc. are available in October; oranges and oranges are available later.

What are the fitness equipment for men?

Six essential equipment for home fitness

What are the fitness equipment for men?
Six essential equipment for home fitness

In a busy life, many men like to exercise in the up and down time to relieve their stress.

There are also more and more men choosing to exercise at home.

At home, you need to buy some necessary fitness equipment. There are many fitness equipment for men now, so what are the most suitable fitness equipment for men?

Let ‘s take a look together.

  Necessary fitness equipment 1: Medical fitness ball This kind of fitness ball with different weights is colorful and easy to use.

The main thing is that it allows you to avoid exertion on the whole body during strength training, and focus on training a few muscles.

This purposeful exercise can better train strength, softness, and loss of balance with age.

  Essential Fitness Equipment 2: Skipping Rope It can burn a lot of aunts.

For a person weighing 67.

For a 5 kg woman, skipping rope can consume 11 per minute.

A 4-calorie aunt improves cardiopulmonary vitality, physical agility, and coordination.

  Necessary fitness equipment 3: Soft ball This soft ball of vinyl material can be used to exercise strength and flexibility.

Keeping the soft body ball at home, the bodybuilder can do various contraction exercises lying on the ball; lying on the ball and sitting on the ball can exercise the strength and flexibility of different parts of the body.

If the area of the home is small and there is no place to place the big ball, you can use it to replace the chair. People sitting on the big ball can exercise strength and improve balance.

  Necessary fitness equipment 4: Reebok This is a fitness lying board and arm multi-purpose machine, it can be used to lift the fitness lying board, can also be used to practice arm strength.

  Essential Fitness Equipment 5: Smart Dumbbells Dumbbells are a very cost-effective machine. Even if they are replaced, they can also be used for multiple purposes.

The chrome steel “smart dumbbells” currently sold, as long as the digital dial of the dumbbell tip is turned, you can choose 6 different weight classes for different people to exercise.

  Essential fitness equipment 6: The biggest disadvantage of super mats for fitness at home is that they can’t get feedback from the coach in time.

The biggest selling point of the super mat is the scale above, which can help you keep your body in a straight line when practicing yoga, Pilates, leaning movements, or help you to make your own rapid progress.

When you press your legs, you can easily see if you are on the first line or if you have crossed the second line.

Test: What attracts you most to the opposite sex?

Test: What attracts you most to the opposite sex?

When you meet a lover who has just broken up for a few days, he accidentally said that he slipped away and said that he had a new love, what would be your first reaction?

  A, scold the other person B, turn away and ignore C, ask Xin Huan who is D, feel sad and cry very much E, and ask him why he should choose A like this for you.The opposite sex has a fatal attraction.

This type of person is very possessive if they fall in love, want 100% ownership, and will love each other in different ways.

  Choosing B, you know how to appreciate each other’s strengths and make them very moved.

This type of person is quite male (female), and even some big male (female), but also know how to appreciate, will find the other party’s advantages, and praise the other party moderately, the other party will feel very happy.

  Choosing C will make you a lot of money and is a beloved cash machine.

This type of person is usually full of intentions at work, and does not like the feeling of losing. Therefore, they can win a very good reputation at work and have a very good ability to make money. They are wealthy people who make the opposite sex heart beat.

  Choosing D you look good, simple and pity.

This type of person is really very kind. Once they fall in love, they will waste their feelings and will be dominated by the other party. Therefore, they often forget their existence when they get along, so it is touched to deal with the other party wholeheartedly.

  Choose E, you have a traditional sense of responsibility, and give people a sense of security.

This type of person is very obsessed with love. When falling in love with a person, all emotions are placed on that person, and they will plan for the future, so they will also accept their fate very much, will be tolerant of each other, and always move people.

A few moisturizing and delicious snow fun soup dishes

A few moisturizing and delicious snow fun soup dishes

Snow fungus snow fungus is also called white fungus, white fungus, and its shape is very beautiful. From a distance, it looks like a white cotton ball.

Xueer has been a precious ingredient since ancient times, and it was a royal diet in the palace during the Qing Dynasty. However, it has been artificially planted in large quantities, and its value is naturally implanted.As it happens, the civilian population benefits from becoming a cheap supplement.

  Fresh snow fungus can be directly added to the ravioli, but it is rare after all, and the dried product will return to its original appearance after soaking in water without losing its umami taste.

A good snow fungus is best with a large flower, slightly yellowish color, no impurities, natural fragrance, thick and tight earballs. After cooking, the mouth should be smooth and fragrant, not rotten.

  Snow fungus is very malleable, soup can be sweet and salty, and even made into dishes.

Now introduce a few nutritious and delicious Xueer soup dishes: ● Xueer cashew nuts mixed with celery materials: celery, snow fungus, cooked cashew nuts, olive oil, salt.

  Method: Soak the fungus with water, cut and wash the pedicles; remove the leaves and tendons and cut the celery; place the celery and snow fungus in boiling water for 2 minutes and 5 minutes, add an appropriate amount of olive oil, salt, and cook until cookedCashew nuts are fine.

  ● Sear ear jujube sugar water material: snow ear, jujube, rock sugar.

  Method: Soak the fungus in water until it is soft, remove the pedicle, and tear it into pieces. Wash and remove the red dates. Put the fungus, red dates, and an appropriate amount of water in a stew pot, simmer for an hour, and simmer for 10 minutes.

  ● Tea tree mushroom fungus pork bone soup material: tea tree mushroom, white fungus, pork bone, dried figs, ginger slices.

  Method: Wash the tea tree mushrooms and remove the roots; bubble the snow fungus and remove the pedicles; wash the pork bones and cut into pieces; simmer the water;The flavor can be dissolved.

Seven psychological barriers affect interpersonal communication

Seven psychological barriers affect interpersonal communication

Interpersonal communication is one of the important contents of people’s social life. Self-development, psychological adjustment, information communication, the satisfaction of various levels of needs, and the coordination of interpersonal relationships are inseparable from interpersonal communication.

Everyone wants to be good at socializing, both, and hope to establish a harmonious family relationship, kinship, neighborhood relationship, friend relationship, classmate, colleague relationship through these interactions . and these good social relationships can make individuals feel warm and pleasant.Study, live and work happily in an environment.

However, in the actual communication process, there are always some unsatisfactory things, which affects the normal conduct of interpersonal communication.

  1. Conceit is only concerned with the needs of the individual, showing their feelings, and showing no one in their interactions.

When you get together with your companions, when you are unhappy, you will lose your temper regardless of the occasion. When you are happy, the sky will be wide, and you will be happy, without thinking about the emotions and attitudes of others.

In addition, in the relationship between themselves and others, overestimated the intimacy of each other, and said something to say.

Such overly intimate behaviors, on the contrary, lead people to alienate from psychological prevention.

  2. Spanish writer Sevans pointed out: “The jealous person always observes everything with a telescope. In the telescope, small objects become larger, short people become giants, and doubts become facts.

“Jealousness is a kind of dissatisfaction, dissatisfaction, loss, hatred, and even some kind of destructive and dangerous emotions against those who are connected with themselves. They are generated by comparing yourself with others.A negative mentality.

When people who have some connection with themselves have achieved a part or achievement that is superior to themselves, a kind of hatred arises; when the other party faces or is caught in a disaster, they watch the fire across the shore and gloat.

Even lowering the low-ranking people and comforting themselves by making rumors, slandering, making things difficult, and wearing small shoes.

As Hegel said, “A jealous man cannot accomplish a great cause by himself, so he tries to underestimate the greatness of others and degrades the greatness of others so that he is on par with himself.

  The characteristics of jealousy are: targeted-people who are associated with themselves; equivalence-often people who are more than their own occupation, level, and age; latent-most taboos have a deeper psychological latency, reflecting behaviorMost secretive.

  3. Suspicious. This is a bad psychological quality in interpersonal communication, and it can be said to be a parasite of the tree of friendship.

As the English philosopher Bacon said, “Suspicious is like a bat, it always takes off in the dusk.

This mood is confusing and disturbing.

It can cause you to get lost, become enemies and friends, and thereby destroy people’s careers.

“People who are suspicious often set up subjectively to be dissatisfied with others, and then look for evidence in life.

With a steep mentality of neighbors, it is bound to impose facts out of nothing and even misinterpret the goodwill of others as malicious.

This is a narrow, one-sided, unfounded blind imagination.

  4. Studies by inferiority American psychologists have shown that if you want to achieve results in childhood and get the recognition, support and participation of teachers, parents and peers, you will enhance their self-confidence, curiosity, and get a happy and happy heart.Satisfaction will develop a good habit of hard work and learning.

Instead, they develop a sense of frustration and inferiority.

The formation of individual inferiority is mainly the result of the long-term influence of the social environment.

  The shallow feeling of inferiority is that others look down on themselves, while the deep understanding is that they look down on themselves, that is, lack of self-confidence.

  5. Intervention psychologist research has found that everyone needs an inviolable living space.

Similarly, everyone needs a psychological space for themselves.

Even close friends have their own inner secrets, and an inner world that is open to others.

Some people like to ask, inquire, and spread the private affairs of others when they are getting along. Such people’s enthusiasm for listening to people’s situations may not have any practical purpose, except for low-level psychological satisfaction that may be complacent by spying on others.

  6, shyness and shyness is a kind of psychology implanted in people.

People with this kind of psychology often feel ashamed or afraid of seeing people in social places or in the public.

Due to excessive worry and anticipation, some people are verbally embarrassed, and their actions are frustrated.

Over time, it will not be conducive to normal interaction with others.

  7, hostility This is a more serious psychological obstacle in communication.

Such people always treat others with hatred.

This kind of psychology may come from the childhood family environment. As a result of being abused, he hates others, and I hate everyone’s psychology.

Express hostility towards people who are inferior to themselves; those who are more powerful than themselves express hostility in a way that is afraid to speak; and those who are in a similar situation use aggression and vilification to express hostility.

Makes people around you at risk of violating their injuries at any time, unwilling to deal with them.