“Frozen 2” set more mature and more mysterious location
Snowman Snow Pokestove Reindeer “Frozen 2” Princess Costume “Frozen” Princess Costume Aisa Anna Disney “Frozen” Princess Costume “Frozen” Snowflake “Frozen” 2″Snowflake” in Norway, Iceland, Finland, Black Beach and the Dark Sea This Friday, “Frozen 2” was released in China and North America simultaneously. From the pre-sale situation, the film has far exceeded the new film of the same period Friday, reaching 16.54 million, Reflecting the total pre-sale of 17.18 million before, according to the strong fan base of the IP, many people predict that the film may be able to harvest 1 billion box office. The preliminary “Frozen” produced by Disney in 2013 was a great success. This IP became an important element of Disney’s popular culture output. It has accumulated more and more fans in various countries around the world, and various peripheral products of this film have also wonA huge copyright income.Six years have passed, and the magical Princess Aisha in the film has become the latest Disney image spokesperson for Disney in this era. The children love her, and parents are also happy to unpack the surrounding goods such as “Aisha Princess Dress” and sing in large numbersThe theme song “Let It” in the film.What new surprises will Frozen 2 bring?What will happen to the new adventures of the two sisters?Sauna Night Network interviewed the main creator to reveal the new selling point of the sequel, the location of the new work and the interesting trivia. The theme answers the three questions of “maturity”. The theme of the story found in Frozen 2 is even larger, abstract and heavy. If the higher theme is growth, then the theme of this story is maturity.Director Jennifer Lee and others found that they still have a few lingering questions: When Anna has everything she ever wanted, what did she do together?Aisha and Anna’s parents ship sinking into the sea, but where were their original destinations?Why is Aisha born with magical magic?Jennifer Lee said, “If Frozen’s ending is a happy reunion, then Frozen 2 is the second day after the happy reunion.Life always loves to joke with you and give you more frustrations, so in the sequel we mainly focus on how characters stick to themselves and do what they think is necessary for proper growth.Although the movie will still be full of fun and humor, it is more a story about self-finding, tenderness and sensitivity.”In the previous work, Aisha worried that her magic would not be accepted by the world, but in Frozen 2 she must pray that her magic is strong enough to protect her kingdom.If the previous work grew up from a teenager to an adult, and is a slightly anti-traditional happy fairy tale, then Frozen 2 is an epic that matures after adulthood through wind and rain, and is based on fairy tales. The story of women is independent and no longer weak. The story of Frozen 2 is set in the third year after the end of the first movie: Aisha has become a queen, and Anna is with her loved one (sister Aisha, husbandKstov, Snowman Xuebao and Reindeer) live happily together.But the producers said that the underlying uneasiness and worry under the surface happiness will eventually overcome them on an adventure and solve all the unknown mysteries that haunt the characters. Since the birth of Snow White in 1937, Disney has successfully portrayed the image of 14 princesses.Some of them were enchanted, some surrounded the love with the beasts, and some went out for their father.Although the princesses have different life experiences, they have been appointed with some similar role settings. They all have amazing beauty, representing truth, kindness, and beauty, and are easily persecuted by bad people who want to be enchanted, but they will be rescued by the prince after all the hardships.But in “Frozen”, Aisha said to Anna, who was stunned by “love at first sight”: “You can’t marry someone you just met” “How much do you know about true love?””, The love life of the princess is placed in a secondary position; Princess Aisha is no longer afraid to release her superpower along the way, conveying the message of” female independence, no longer need to be weak “, and in this partThe actor is reduced to decoration, can you remember the name of the actor in Frozen? Director Chris Barker said: “The most important thing is that the first and second parts of Frozen will together form a relatively complete story.”In the years since Aisha was crowned queen, all characters including Xuebao have grown.Even Xuebao began to be full of doubts, thinking about life and death and the meaning of existence, just like most precocious children, Xuebao gradually has its own perspective. Making princesses no longer wears traditional skirts. The costumes of Aisha and Anna have further innovation and production, and have also broken the image set by Disney for princesses. The series director Jennifer Lee mentioned that “Princess is Disney ‘sAll in all, Disney’s traditional princesses are wearing skirts, but due to the different production time of the film and the content they want to express, Anna and Aisha’s clothing style has changed, because they shoulder the burden of the entire kingdom, so they will wear appropriateClothes.”The plot sets Anna and Aisha to embark on an adventurous journey. Traditional skirts are simply not suitable for such actions. Disney conforms to the efforts of the times. At least it makes the costumes in the movie more comfortable and modern. In the previous work, both Aisha and Anna were young girls who were just about to become adults, so they wore mainly bright and bright palace dresses.Now the dress styles of the two sisters are obviously too mature, while casual clothes are light and comfortable, they must also consider the identity of their queen and princess-Aisha wears a close-fitting lilac one-piece dress, noble and elegant; Anna wearsIvory waist skirt, covered with a short and short coat, full of vigor.Their clothing when they went to the Magical Forest of the Northern Kingdom. The sisters wore about the same. They were all in underwear, one-piece skirts, capes, and leather boots: Aisha is the classic aqua blue color in the previous work, because it is not cold, overallBoth are lighter and thinner; Anna’s color mix is thicker and more stable, and she is very action after taking off her coat. ”Frozen” series of interesting facts apparel is “money printing machine”? Less than a year after “Frozen” was released in 2013, Aisha and Anna’s film sold the same 3 million skirts in the United States alone, and each “Aisha skirt” was 149 without discount.Calculated at $ 95, Disney will be credited with 4.500 million US dollars.Won the 2014 National Retail Federation (NRF) annual toy sales champion, and for the first time pulled Barbie doll the annual sales champion. It is reported that as one of the major US apparel and accessories suppliers, Wal-Mart’s typical hot-selling apparel in 2019 is the average growth rate in Frozen.The $ 18 Aisha accessory ranks second.In the top 20 of this spring’s apparel sales list, “Frozen” replaced 4 seats, ranking first in number. It can be seen that “Frozen” clothing is worthy of the “money printing machine” in the periphery of the IP. ”Snowflake” is not a snowflake. Astrophysicist Neil DeGrasse Tyson once questioned the poster of “Frozen 2”, thinking that there is a common sense error in a poster released by the film: the water ice crystal belongs toThe hexagonal crystal system is hexagonal.It was correct in the first trailer for Frozen, but why did it go wrong in the sequel?Tyson also shouted, “Unless the sequel takes place in another universe, where ice crystals and our laws of physics are related.”Jennifer Lee responded to the matter, and she was very humble:” It was right to cause him, which means that it is not snowflakes. “”Aisha had toes because Aisha never barefoot in the first movie, so the animators did not give her toes at the time, and in order to shoot the sequel, they had to add toes to her feet. The four major shooting locations attracted the mystery creative team of Frozen 2 to consult experts of local culture and historical research, and also inspired by the Nordic folklore, discovered the magical things inside “Gnomes” and “Fire Spirits”.Every bridge has a tribute to Nordic mythology.In the creation, Jay Momon was inspired by the scenery of northern Norway: “The entire northern Norway is beautiful with autumn leaves, and the towering trees are incredible. It just fits perfectly with the deep design language of Frozen. It is indeedimpressive.”The film creators also visited Tromso, Norway. In the botanical garden, they spent a lot of time researching local plants. This is a very rewarding move. It is these plants that are scattered throughout the magic forest in the film. Iceland inspired the film’s creators in another way, and also inspired their new ideas for fairy tales and myths.Chris Barker said: “We found that the fairy tale environment in Norway and Finland is very suitable for Anna-she will feel at home there; and in the dark, mysterious Iceland, Aisha will have a unique sense of belonging.”In addition, another key point that the creators learned in Iceland is the unpredictability of nature:” In the short time we saw the Seljalandsfoss, the weather changed from sporadic clouds to hailHeavy downpour.At the secret waterfall, you have to take off your shoes and reach through the icy water flow. Because your feet are frozen and you lose consciousness, we wo n’t even feel it even when you step on sharp rocks.After all, we are not like Aisha, who has the magic of snow and ice. The cold really bothers me.”The expedition team explored Lake Inari in Finland, passing the Sami Sycamore stone island, and undertook a major eight-mile hike in the Finnish forest to the Birpajarvi Wilderness Church.Facts have proved that this experience provides a valuable source of inspiration for the magic forest fragments and the characters living in them in the movie.Jennifer Lee said: “As if the forest were alive, the boulders we saw seemed out of place with the surrounding environment.They stood there as if they were left there by the giants we had heard of.”Inspired by the black sand beaches and black basalt cliffs on the southern coast of Iceland, this coastal landscape is one of the most difficult starting points for Aisha ‘s journey, and also an important step for Aisha-providing an important reference for entering the dark sea.in accordance with.Joint art director Keane said that this scene setting as a transition has no color.Aisha gave up a lot in order to move forward, but still knew nothing about the front, so the setting of the volcanic beach seemed to be more suitable for the intense plot: “This must be an unusually desolate place, we decided to present it like aA black and white movie, the only color on the beach is Aisha herself.In the dark sea that followed, only Aisha and Water Horse were colored.”Dir Meyerda, director of animation effects, added:” In the previous work, when Aisha crossed the fjord, the snowflakes under her feet were very stable.But once everything is not completely reliable, and occasionally she will fall.Her magic is extremely unusual and with a trace of dangerous factors. It was not until the last moment that she successfully saved herself, and the shape of these snowflakes was sharp and sharp.We can still see her iconic snowflake shape, which is the magic of survival mode.”Writing / Sauna, Yehui Zhou Huixiaowan
“Frozen 2” set more mature and more mysterious location
Japanese writer who loves Chinese literature leaves a glimpse in Shanghai | 夜 问
Elements of the poster are from the movie “Aliens: Shanghai’s Akutagawa Ryusuke”.Answer: Yes, “no”.In “The Travels in Shanghai” by Ryusuke Akutagawa, he wrote this way: Only a few formidable rickshaw drivers are still hovering nearby.As soon as they saw our figure, they would definitely come forward and talk.Fortunately, today I have learned Chinese from Murata Jun: “No.”-” Do not “is of course unnecessary.So, as soon as I saw the rickshaw driver, I immediately shouted like a curse mantra: “No!No!”-This is the first Chinese sentence that comes out of my mouth. It is very memorable.If you can’t feel the joy of my saying “no” to the rickshaw driver, then you must have never learned a foreign language.The movie “Aliens: Shanghai’s Akutagawa Ryusuke” completely restores this scene.The film is based on the travel of Shanghai by Ryusuke Akutagawa. About 100 years ago, Ryusuke Akutagawa came to Shanghai as a reporter for the “Osaka Daily News”.The film is directed by Kato Taku, Matsuda Ryuhei plays Akutagawa Ryusuke, Chinese actor Jin Shijia, Ren Luomin and other actors.Akutagawa Ryunosuke, born on March 1, 1892, is a Japanese writer who is familiar to Chinese readers. His most famous work is “Rashomon”, which was also adapted into a movie of the same name.In addition to short stories, he also wrote poems, waka, haiku, essays, essays, travel notes, etc.Akutagawa Ryunosuke was born in Tokyo, originally surnamed Xinyuan. His mother was crazy when he was a baby, so he was adopted by his uncle and changed his surname to Kagawa, which had a great influence on Ryunosuke.Lack of maternal love, sending people under the fence, became one of the origins of his last tragedy. Of course, emotional problems are also a cause.He likes to read Edo literature in elementary and junior high schools, and is also very interested in European and American literature. Chinese works like “Dream of Red Mansions”, “Journey to the West” and “Water Margin”.He entered the English Department of Tokyo Imperial University in 1913 and is one of the representatives of the new school of thought.Since my trip to China since 1921, I have visited Shanghai, Hangzhou, Suzhou, Nanjing, Wuhu, Hankou, Dongting Lake, Changsha, Zhengzhou, Luoyang, Longmen, Beijing and other places.On July 24, 1927, due to various reasons, he committed suicide by taking sleeping pills at the age of 35.After his death, his friend Kikuchi Kuan established the “Akagawa Award” to reward newcomers in the literary world. The first evaluation included the famous Kawabata Kawabata and Taniaki Runichiro.This award later became an important achievement in Japanese literary circles, and writers caused by Chinese readers such as Murakami Ryu and Aoyama Qihui have won this award.
Rongsheng Development (002146): Steady performance growth and continued optimization of leverage
I. Overview of the event Rongsheng Development announced the 2019 semi-annual report. The company achieved operating income of 243 from January to June.61 ppm, an increase of 25 in ten years.65%, achieving net profit attributable to owners of the parent company29.44 ppm, an increase of 31 in ten years.05%. Second, the analysis and judgment of performance has steadily increased. The company achieved operating income of 成都桑拿网 243 from January to June.61 ppm, an increase of 25 in ten years.65%, net profit attributable to mother 29.44 trillion US dollars, an annual increase of 31.05%; the company ‘s net profit growth rate is higher than the revenue growth rate mainly due to the decrease in the proportion of profit and loss of minority shareholders in the company ‘s settlement projects in the first half of the year.In the first half of the year, the company’s net asset income was injected8.47%, an increase of 0 from the same period last year.51pct, the level of profit has gradually increased. Sales maintained profits, and the land reserve was sufficient. From January to June, the company realized sales of 465.78 ppm, an increase of 16 in ten years.16%, 42% of the annual sales plan of 112 billion yuan was completed, and the average sales price was 11019 四川耍耍网 yuan / square meter, an increase of 6 from the end of the previous year.69%, showing a trend of rising volume and price.From January to June, the company’s new project capacity was 623.620,000 square meters, an increase of 34 in ten years.17%, adding a total land price of 226.310,000 yuan, the land sales ratio is 0.48. Investment expectations are expected.In addition, at the end of the first half of the year, the company’s land reserve area was 4,059.770,000 square meters, about four times the area sold last year, can effectively protect the development needs of the next three years or so. Finance continued to be optimized, diversified financing channels were unblocked until the end of June 2019, and the company’s net debt replacement was 96.48%, down 33 from the same period last year.At 26pct, leverage has dropped significantly, and financial security has further improved.According to the number of reports, the company successfully issued 1.4 billion ultra-short-term financing bonds and 500 million US dollars of debt, and the financing channels remained unblocked. Third, investment recommendations Rongsheng Development has steadily increased sales and performance, sufficient soil reserves, good financial conditions, and coordinated development of diverse industries.The company’s EPS is expected to be 2 in 19-21.23/2.78/3.44 yuan, corresponding to PE 3.7/3.0/2.4 times, the company’s highest in the past three years, the lowest, the median PE is 14 respectively.7/4.9/9.2 times, maintaining the company’s “recommended” level. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.
Great Wall Motor (601633) in-depth report: System reform illuminates the future and welcomes the era of new products
The investment key industry is in a reversal cycle, and the role of autonomy and joint ventures is changing.The overdraft effect in the automotive industry has basically ended, and sales and profits are about to reverse. The industry’s growth rate has gradually increased, and the production capacity of third-tier and fourth-tier brands has been cleared.The first-line independent brands have made great progress in technology, brand building and quality control. The benchmarking of South Korean automobile development history plans to change the role of independent brands and joint ventures in the next three years, and the first-line independent is expected to seize the share. The company’s system transformation has ushered in a super new product cycle.The company has made changes in marketing, research and development, and 北京夜生活网 incentive mechanisms to solve a series of major problems, such as focusing on products but neglecting the market, brain drain, and aging cadres. It has created a young and energetic youth management team and set up the South Headquarters in Baoding.In 2020, F, H, and WEY product matrices will be created based on a new long-term platform. The power, fuel consumption, and electronic architecture will be significantly optimized. The Haval and WEY brands will usher in a new product cycle. New energy illuminates the future and cooperation is open and win-win.The company started to build a complete new energy vehicle industry chain from the upstream battery motor electronic control, and subdivided the four major component subsidiaries to achieve internal demand in the future. In 2020, the Euler brand will gradually enter domestic top5 new energy vehicle companies and open new energy estimates.Bondage.The Great Wall BMW joint venture company is expected to mass-produce MINI and Beam brand electric vehicles from 2020 to 2021. The brand power has risen to a higher level and has a long-term interest. Step into overseas markets and expand other categories of growth.The company will become a potentially important strategy. It is hoped that the five-year plan for overseas sales will account for 30-40%. The Russian factory has been put into production as an important overseas fulcrum, and it is expected to contribute to profitability as capacity climbs.Domestic pickup trucks are expected to be lifted further. As a pickup truck leader, the company is expected to fully enjoy the dividend and its market share is expected to increase. With the expansion of sales in the next few years, it is expected that the company will implant MPV and sedan production to open up growth space. Profit forecast and investment suggestions: The improvement of front-line autonomy, the Haval + WEY brand usher in a new product cycle, the layout of the entire new energy industry chain, new growth points for pickup trucks and overseas market expansion, and the EPS for 2019-2021 is adjusted to 0.59, 1.02, 1.36 yuan (expected performance forecast is 0.69, 0.99, 1.20 yuan), maintaining the “recommended” level. Risk reminders: 1) The sales volume of the automotive industry is less than expected: If the sales volume of the automotive industry is not as expected, in order to ensure the output and sales volume, the OEM will have a price war.The decline in interest rates will affect the profitability of the third and fourth quarters; 2) The impact of rising raw material prices: If the prices of upstream raw materials increase rapidly, the profitability of OEMs will be affected;The decline in battery costs was less than expected, coupled with a large decline in compensation policies, insufficient product power and other reasons will cause the overall sales of new energy vehicles to decline.
Sunshine City (000671): Performance and sales are highly fulfilled and fundamentals continue to improve-Sunshine City’s 2019 results increase review
Event description The company announced on January 20, 2020 that the company’s total operating income in 2019 was 614.91 ppm, a ten-year increase of 8.89%; realize net profit attributable to shareholders of listed companies.22 ppm, an increase of 33 in ten years.27%. Event Comment The company’s performance in 2019 was excellent, and sales exceeded its target.In 2019, the company achieved total operating income of 614.9.1 billion, an annual increase of 8.89%; realize net profit attributable to shareholders of listed companies.22 ppm, an increase of 33 in ten years.27%, high performance growth.In early 2019, the company achieved sales of 2110.31 ppm, an increase of 29 in ten years.58%, exceeding the 2000 trillion sales target initially set, of which the sales amount of equity was 1351.43 trillion, equity ratio is about 64%.Achieved sales area of 1713 in 2019.270,000 square meters, an increase of 35 in ten years.29%, the average sales price of about 12317 yuan / flat, down 4 for many years.twenty two%. Land acquisition is prudent in 2019, and the proportion of land acquisition equity has increased.In 2019, the company’s total land acquisition area was 12.3 million square meters, down 7 a year.7%; take the total price of 630.4 ‰, an increase of 12 in ten years.5%; floor price of 5125 yuan / flat, an increase of 21 a year.9%; Land acquisition equity ratio 73.3%, an increase of 14 per year.9 points.The company is cautious in acquiring land in 2019, but due to the replenishment structure, the floor price has risen, resulting in an increase in the total land acquisition price.As of the end of June 2019, the company’s land bank was 4,396.350,000 square meters (estimated value of 5466.7.8 billion), effectively guaranteeing later sales. Net interest rate continued to decline, and debt structure continued to optimize.As of the end of 2019, the company’s asset-liability ratio was 83.68%, a decrease of 0 from the end of last year.88%, interest-bearing assets debt ratio 36.03%, a decrease of 15 from the end of last year.73%, with a net debt ratio of 138.28%, a decrease of 43 from the end of last year.With 94 units, the net debt ratio continued to decrease.As of the end of 2019, the company had interest-bearing debt of about 1114.73 ppm, a decrease of 1 per year.01%, of which short-term interest-bearing debt is 320.3.3 billion, down 33 every year.56%, the proportion of short-term interest-bearing debt to total interest-denying denials has decreased year by year14.07pct to 28.74%.As of the end of 2019, the company’s book currency funds were 416.600 million, an increase of 10 in ten years.07%, effectively covering short-term interest-bearing debt.As of mid-2019苏州夜网论坛, the company’s average financing cost7.72%, the fundamentals will continue to improve in the future, bond trading liquidity will increase, and the company’s financing costs will gradually rise. Investment suggestion: beautiful performance, high sales growth, improved financing, and optimistic about the company’s future performance.The company’s performance is beautiful, sales continue to grow at a high rate, and advance accounts are consolidated to ensure the settlement of subsequent results; the main body rating is upgraded to “AAA”, and the rating agency continues to follow up, pending transaction liquidity, and the company’s financing costs are further improved; the scale of interest-bearing debtWith proper control, the debt structure continued to optimize, and the net debt ratio continued to decline; the company’s equity structure returned to stability after the exit of China Mintou.It is expected that the net profit attributable to mothers will be 59 in 2020-2021.72, 80.5.3 billion, with growth rates of 48% and 35% respectively, corresponding to a current PE of 5.37, 3.98. Maintain “Buy” rating. Risk Warning: 1. Uncertainty in the liquidity environment; 2. There may be uncertainties in the adjustment policies of the real estate business.
Huaneng Hydropower (600025): The rising dry water price in the flood season contributed to the third quarter’s main performance increase
Event Huaneng Hydropower released the third quarter report of 2019, and net profit attributable to mothers increased by 116.
71% Huaneng Hydropower released the third quarter of 2019 report, and the company achieved operating income of 163 in the first three quarters of 2019.
1.5 billion, an increase of 44 per year.
21%; realize net profit attributable to shareholders of listed companies.
6.5 billion yuan, a 116% increase each year.
71%; return on net asset income 10.
48%, an increase of 4 per year.
The company achieved 57 in the third quarter.
2.7 billion, an annual increase of 18.
23%; realized net profit attributable to mother 20.
4.9 billion, an annual increase of 48.
Brief comment on the 厦门夜网 increase in power generation caused by dry water in the flood season and the increase in electricity prices. Contribution to incremental performance. The company’s power supply structure is mainly hydropower, supplemented by wind power and photovoltaics. The main installed capacity is located in Yunnan Province. The company ‘s main source of revenue and profits for hydropower businesses in the past years.
Affected by the dryness of the water during the flood season, the section of the small water volume in the Lancang River Basin in the first three quarters of this year has been dry for 15 years.
5%, but benefited from the company ‘s first half of the Wucanglong upstream of the Lancang River, Lidi, Huang Deng, and Dahuaqiao Hydropower Stations ‘additional units have been put into operation and the West and East power transmission has increased significantly to improve hydropower consumption. The company ‘s first three quarters have gradually increasedAchieve power generation 818.
7.6 billion kWh, an increase of 35 per year.
The first three quarters of the company’s electricity price without tax are zero.
201 yuan / kWh, an increase of about 1 compared with the same period last year.
In the third quarter, the company achieved 279 power generation.
9.1 billion kWh, an annual increase of 7.
1%. If the impact of the four new production units is eliminated, the company’s stock unit’s single-quarter power generation is 195.
3.5 billion kWh, 12 from the previous decade.
In the third quarter, the company’s single-tax electricity price was zero.
206 yuan / kWh, an increase of 1 per year.
On the whole, due to the water shortage in the flood season, the company’s single-quarter electricity growth rate in the third quarter obviously increased.
However, thanks to the newly commissioned Lancang River upstream power plant’s contracted electricity price in Guangdong, which is significantly higher than the company’s existing unit, the company’s comprehensive electricity price can be significantly increased, increasing the total profit by about 5.
4 trillion, contributing the main quarterly performance increase.
The projects under construction have been put into operation successively, and the industrial layout has boosted the long-term space. Eventually, five new hydropower units in the upstream section of the company’s Lancang River in Yunnan have been put into operation. The company has fully realized the joint optimized dispatching of cascade hydropower stations, and its profitability will continue to increase.
The company intends to use cash19.
Acquired an 11% stake in Huadian Jinzhong Company, a holder of Purple Stone Capital, for US $ 9.8 billion, which is lower than the evaluation filing price of 23.
400 million yuan.
Considering that the company’s air force had been 61.
1.7 billion sold 23% of Jinzhong’s shares (valued at the time was 48.92 ppm), most of the equity acquisition consideration is reasonable.
The industrial layout is expected to increase the company’s hydropower equity installed capacity.
480,000 kilowatts, which will help the company to obtain stable investment income in the future.
Depreciation is stable, taxes and fees have dropped, and Huaneng Hydro has a “buy” rating company with stable average depreciation policies and depreciation rates. The power depreciation benefited from the improvement in power generation and the decline.
The company’s financial expenses in the first three quarters of this year were 20.
86%, down 4 each year.
As the company’s projects under construction are gradually put into production, the company’s cash flow will continue to improve in the future, which will help the company reduce its financial costs.
Considering that 2019 is the last year of the company’s poverty alleviation expenditure and the subsidy preferences are expected to continue, we expect the company to achieve operating income of 210-2021 respectively.
1.6 billion, 205.
4.8 billion, 201.
9.1 billion yuan, net profit attributable to mothers was 53.
7.8 billion, 58.
3.8 billion, 58.
800 million yuan, the corresponding EPS is 0.
30 yuan, 0.
32 yuan, 0.
33 yuan, maintain “Buy” rating.
China International Travel Service (601888): Growth in the first half of the year is in line with expectations
The performance is in line with expectations. After excluding travel agencies, the gross profit margin increased significantly: first-half revenue was 243.
44 billion / + 15.
46%, due to the divestiture of the travel agency in January and the 成都桑拿网 impact of Shanghai’s consolidation on March last year, the net profit attributable to the mother was 32.
7.9 billion / +70.
87%, deducting non-attributed net profit of 25 ppm / + 30.
86%, mainly due to the impact of about 700 million investment income generated by the divestiture of travel agencies, EPS1.
68 yuan, consistent with the express.
Among them, Q2 revenue was 106.
5.3 billion / -12.
94%, net profit attributable to mother 9.
7.3 billion / + 28.
21%, net profit after deducting non-return to mother 9.
10 billion / + 20.
The overall gross profit margin is 51.
05% / + 9.
83pct, mainly due to the replacement of low-margin travel agency business, excluding this effect, the gross margin of merchandise sales business51.
76% / + 0.
Of the three fees, the sales rate is 30.
29% / + 12.
20pct, due to the implementation of airport tax-free business (new deduction points at Pudong Airport T2 and Hongqiao on January 1 this year, Beijing Airport started new deduction points on February 11 last year), resulting in increased rental fees and expenses; management fee rate 2.
42 points, financial expense rate 0.
05% / + 0.
Outlying islands are exempt from tax growth, and Shanghai Airport ‘s 18-year tax exemption has contributed to a significant increase in performance: the first half of the subsidiary ‘s annual revenue was 237.
3.8 billion, of which tax-free revenue was 229.
08 billion / +53.
26%, tax-free gross margin of 52.
1) Sanya Haitang Bay revenue 53.
2.9 billion / + 28.
72% (including tax-free revenue of 51.
8.1 billion / + 28.
50%), net profit 8.
3.3 billion / + 5.71%.
This was due to the increase in rents and property costs in the second half of last year.
2) Shanghai Airport tax-free revenue 73.
7.7 billion / + 92.
41%, net profit attributable to mother 3.
2.1 billion / + 49.
30%, mainly due to different calibers in a few years (Shanghai-Shanghai revenue in the first half of the year is March-June consolidated income); 3) Capital Airport’s tax-free revenue43.
6.5 billion / + 25.
54%, of which China and Japan revenue 37.
6.6 billion, net profit attributable to mother is zero.
4) Hong Kong Airport tax-free revenue12.
9.6 billion / + 36.
5) Guangzhou Airport realized tax-free revenue8.
44 billion / + 193.
06%, mainly because T2 increased its operating area by more than 6000 square meters after its opening in May 18th.
A property and casualty insurance company has been established, and the city’s duty-free shops have been opened. It is expected that the Chinese policy will be implemented: the company and the group plan to establish a China Travel Property and Casualty Insurance Company, of which the group intends to contribute 2.
8.3 billion, 28 shares.
33%, the company plans to invest 50 million, 5% shareholding ratio, in the future will be travel insurance and company customer resources, services and other related, to promote industry-finance synergy, is conducive to the development of the company’s tax-free business.
In addition, the stores in 5 cities have been opened. Although they are only targeted at foreign tourists, if the city’s tax exemption policy is released in the future, it will expand the scope of tax exemption.
Profit forecast: The company is still in a period of rapid development. We are optimistic about the company’s future development.
Taking into account the significant increase in the company’s overall gross profit margin after the removal of the travel agency and the impact of the Hong Kong incident, the EPS for 19-21 is raised to 2.
97 yuan, maintaining the “overweight” level.
Risk warning: economic downturn, gross margin growth is less than expected, tax exemption policy falls short of expectations
Shengda Mining (000603): Performance in line with expectations The company’s resource reserves further increase
Event: The company released the semi-annual report for 2019, realizing the return to the mother’s profit2.12 ppm, an increase of 9 in ten years.03%, realized a non-deductible profit of 1.25 ppm, an increase of ten years.99%. Progress of Jinshan Mining.Annual output of Jinshan Mining 3.The construction of a 5th grade monohydrate manganese sulfate project is intensifying. It is planned to complete the main construction and equipment installation before the end of the year, and initially reach the stand-alone commissioning stage.After the project is completed and put into operation, Jinshan Mining will complete the effective extraction and utilization of silver, manganese, and gold, and truly realize environmental protection, safety, and technology mines.Jinshan Mining 48’s EIA approval for projects reaching the expected scale has achieved success, and other procedures are progressing as planned. It is expected that the expansion of production will be completed by the end of June 2020. The acquisition of Deyun Mining, the company’s approximate silver resource reserves.In terms of investment and mergers and acquisitions, the company completed more than one target within the year determined by the board of directors, and completed the acquisition of 44% equity of Deyun Mining in July., And ultimately achieve absolute control.The silver resources of the silver polymetallic deposit in Bayanbaoleg District, owned by Deyun Mining, have rich reserves and high-grade silver resources, and are currently engaged in exploration and extraction related work.After the completion of the acquisition, the company’s silver resource reserves are close to reorganization, and its advantages have become more prominent. The leading banking industry has further increased and consolidated, which has made up a good foundation for the company’s sustainable and stable development. Everbright, Chifeng selection plant put into operation, Jinshan has outstanding performance.The company acquired 100% equity of Everbright Mining and Chifeng Jindu in 2016 and 2017. The current conversion of the 30 elective factories in China Everbright Mining and Chifeng Jindu into full operation has significantly improved the company’s profitability.In addition, in 2018, the company acquired a 67% stake in Jinshan Mining for 124.811 million yuan. Jinshan Mining’s performance commitment during 2019-2无锡桑拿网021 is to gradually reduce 7805.140,000 yuan, 22572.07 million and 46832.490,000 yuan.In 2018, Jinshan Mining contributed 75 million yuan of net profit to its mother, achieving net profit1.12 trillion, which has significantly exceeded the 7805 million performance commitment in 2019, and the performance of Jinshan Mining in 2019 promotes and maintains growth. Profit forecast and estimation.The company sits on high-quality silver ore resources, injects high-quality mines at the same time, thickens reserves, converts precious metals to usher in an upward cycle, and the company’s profits will gradually increase. We maintain the company’s “overweight” level.The EPS for 2019-2021 is expected to be 0.74 yuan, 0.91 yuan and 0.96 yuan, corresponding to the current sustainable PE is 18 respectively.6 times, 15.0 times and 14.2 times. Risk reminder: the risk of economic fluctuations; the price of the relevant metal drops sharply; the risk of a decline in the grade of the mine; the risk of the mine’s capacity utilization rate falling short of expectations
Colds are the best Chinese medicine antibiotics are easy to hurt the kidneys
Patients with kidney disease are susceptible to colds due to their poor constitution and low immune function.
If the cold is not treated in time, it can lead to a rebound in urinary protein, an increase in occult blood in the urine, an increase in blood pressure, and even a sharp deterioration in renal function.
It can be seen that cold is a common influencing factor for inducing and exacerbating kidney disease.
Many patients with kidney disease do not recognize it after they have a cold. They just go to a pharmacy to buy some anti-cold medicines, take antibiotics or take antibiotics at a nearby hospital, and think that a cold is fine, but it is not.
General cold Chinese medicine is roughly divided into two categories: cold and cold.
The common symptoms of cold and cold are: chills and cold, no fever or slight fever, no sweat, nasal congestion, itching, sneezing, runny nose, itching, coughing, spitting thin white sputum, thirst or thirst for hot drinks.
Patients with kidney disease can take ginger brown sugar tea or replace some traditional Chinese medicines such as: Zheng Chai Hu Yin granules, cold and cold granules, Shensu pills, Tongxuanlifei pills.
Common symptoms of wind, fever, and cold are: fever, mild wind, headache, poor sweating, redness and swelling in the throat, cough, thick yellow sputum, stuffy nose, yellowish cloudy snot, and thirst.
The proprietary Chinese medicines can optionally include Vitamin C Yinqiao Tablets, Yinqiao Jiedu Pills, Sangju Cold Tablets, Cold Relieving Granules, Banlangen Granules, etc.
If the fever is severe, sore throat is obvious, you can take Liushen Pill, Compound Andrographis Tablets, Shuanghuanglian Oral Liquid (Infusion) and so on.
If the symptoms are not obvious or the fever persists after the above treatment, you must go to the hospital for further diagnosis and treatment. Patients with chronic kidney disease are better to ask the original treating doctor for treatment, so it is safer.
In general, antibiotics are not required for colds, only the body temperature exceeds 38.
At 5 ° C, antibiotics with little damage to renal function can be used only when the blood is elevated.
But whether it is antibiotic antibiotics, or more or less, it will adversely affect the kidneys.
Most patients with kidney disease are suitable to use traditional Chinese medicine to treat symptoms after a cold. On the basis of tonifying the kidney and benefiting, the product of Fengjietai can be added. The symptoms of cold can be significantly relieved, and renal function can be improved.
Therefore, after a cold in patients with kidney disease, it is best to go to the doctor of traditional Chinese medicine for treatment of nephrology or respiratory medicine. The use of Chinese medicine or proprietary Chinese medicine after dialectical diagnosis can both cure the cold without affecting kidney function and enhance resistance.
Nourishing and beneficial family soup
Chinese medicine believes that crabs can replenish bones and bone marrow, nourish muscles and promote blood circulation.
Lemongrass is one of the spice grasses rich in Leizhou, Zhanjiang. It has a strong scent of roses and lemons. In the past, it was replaced by it. In fact, in addition to its fragrant smell, it can also dispel evil and add fragrance.
“Dip” is one of the gourmet cooking methods in the Pearl River Delta region. It is simmered in fresh soup or rice water until it is just cooked, especially delicious.
Nowadays, it is also the time for crab and goose fat. This soup is nourishing and beneficial, fresh and sweet. It is a family soup that is both trendy and healthy at the time.
Ingredients: 2 meat crabs, 1 lemongrass, 100 grams of red vegetables, 500 grams of loofah, 3 slices of ginger, and onion polysaccharides.
Cooking: Chopped meat crabs, peeled gourds, lemongrass, red vegetables, shallots, etc.
Stir in ginger, lemongrass, undercooked vegetables, stir-fry the onions for a while, add 1250 ml of water (about 5 bowls), boil, add meat crab, salt, and loofah, and simmer on medium heat.
For 4-5 people.