2015 NBA Finals 1 fourth quarter situation: Curry was blocked and Zhan Huang lost the ball

2015 NBA Finals 1 fourth quarter situation: Curry was blocked and Zhan Huang lost the ball
The Warriors ushered in the first game of the Cavaliers Finals at home.In the fourth quarter, the two sides confronted each other fiercely. Curry missed the opportunity for a layup in the last 26 seconds and was blocked by Owen. James, who scored 42 points in the fourth quarter, also missed the chance of lore.The two sides entered the overtime period with 98 draws. The sixth time in the history of the finals, there was an overtime situation in the first game.Curry’s key layup was scored by Iguodala in the early part of the end of the quarter, and the Warriors surpassed 80-77 after Speights scored in the middle.James only returned to the court with a 3-minute break off the court, and he quickly led the Cavaliers to form a 9-2 offensive after scoring 3 goals. The Cavaliers led 86-82 in the last half.Iguodala and Klay Thompson scored three consecutive points. James continued to score points and sent assists. After Irving shot into the long shot, Mozgov made a slam dunk.  With 3 minutes and a half remaining in the final quarter, Curry put in the ball and the Warriors overtake 94-93.After James missed the attack, Clay Thompson made an Irving foul and made 2 free throws. The Warriors led 96-93.James scored a long shot to tie the score.Mozgov turned around the basket and scored a strong goal but was found to be illegal. Curry jumper helped the Warriors lead.  James’ subsequent pass helped Mozgov to create a Bogut foul with a strong deduction. Mozgov made two free throws to tie again.In the final quarter, with 26 seconds left, Curry won the layup, but was blocked by Owen.The Cavaliers had a chance to kill, but James missed the shot and Champpert missed a supplementary shot in the air. The two sides entered 98 overtime.(Sky fire)

Yang Fan, the former Junior B player, re-entered the national football, Lippi valued his qualities

Yang Fan, the former Junior B player, re-entered the national football, Lippi valued his qualities
The national football team is currently preparing for the top 40 against Syria in Guangzhou.Before the training started this evening, Yang Fan, the TEDA teenager who was selected for the second time in the national football team, was interviewed.”I am very happy to be selected in the national team again. This time the opportunity is very rare. National honor is above all else. We must work hard for national honor and get good results.”Yang Fan said that when he received the notice, he thought he was going to select the team. It wasn’t until the Chinese Football Association announced the list that he found Lippi’s favor again.”In August of this year, Yang Fan was selected for the first time in the national football team, and participated in the Xianghe training together with 34 other internationals.On that farewell, Lippi once told Yang Fan to return to the club, to practice hard, so that he can be selected for the national team again.Young fan Yang Fan was interviewed.Figure / Sports joined China National Jiangsu Jiangsu Yancheng in 2016, transferred to Super League Tianjin TEDA in 2018 and settled in the main position, and was selected for the national football team for the first time in 2019. The younger than 23 years old has completed time and time again in 3 yearsOnce transformed.According to statistics, Yang Fan has made 23 appearances in the Chinese Super League so far this season, with an average running distance of 8546 meters, a total of 62 steals, and the data ranks high in the local defender.More importantly, Yang Fan can adapt to the three central defenders and five guards in the club. This is something that many local young central defenders do not have, and Lippi also values it.Once again selected for the national football, Yang Fan admitted that his mentality is more mature, “on the court will also be more focused, and the ability to resist interference has improved.At first, it was simply that the newborn calf was not afraid of tigers, but now he has gradually learned to increase self-confidence in the game.”Unsurprisingly, Yang Fan will follow the team to Dubai, UAE to play for the Syrian team.For his first international competition, Yang Fan looked forward to it again, “It may be nervous to play for the first time on behalf of the national team, but I believe the big brother will help me overcome it.If I can play, I hope to show the characteristics of defense hardness and defense awareness.”

Joy City (000031) Third Quarterly Report Review: Commercial and Residential Revenue Goes High, Q3’s Efforts to Pick Up Land Rebound

Joy City (000031) Third Quarterly Report Review: Commercial and Residential Revenue Goes High, Q3’s Efforts to Pick Up Land Rebound

Settlement increased revenue and increased sales, and disposal of assets increased profits.

The company achieved revenue of 223 in the first 3 quarters of 2019.

32 ppm, an increase of 68 in ten years.

28%, the high increase in revenue was mainly contributed by the increase in the internal rate of return and investment property income, which was attributed to the net profit of the mother 24.

350,000 yuan, an increase of 47 in ten years.


In terms of profit margins, the achievable gross margin and net profit attributable to mothers 北京夜生活网 are 48 respectively.

4% and 10.

9%, which is increased by 2 pct and decreased by 1 each year.

6pct, the net profit rate decreased and the profit growth rate exceeded the revenue growth end point is the disposal of the previous high growth in the last period and more diluted profits.

Initially, the company will inject the relevant equity of Shanghai Changfeng Joy City and Xi’an Joy City project assets into overseas M & A and transformation funds, increasing the investment income in the first three quarters to 7.

4.7 billion.

Sales increased steadily, and settlement was abundant.

In terms of sales, according to Kerer data, the company achieved a full-caliber initial income of 510 trillion in the first three quarters, a long-term growth of 31%, an equity income of 330 trillion, and an operating area of 157.

3重庆耍耍网0,000 countries, pushing up advances to 31.7 billion, an increase of 40 per year.

2%, covering current revenue and 18 years of revenue1.

4 times and 2.

5 times, relatively abundant settlement resources.

In terms of land acquisition, according to the company’s announcement statistics, the company added a total of 403 GM in the first three quarters, corresponding to a land acquisition amount of 21.4 billion, and a land acquisition amount / sales amount of 42%., Accounting for 63% of the previous cumulative land acquisition amount, land investment strength rebounded significantly in the third quarter.

The scale of financing increased, and leverage indicators improved.

At the end of the period, the company’s interest-bearing balance was US $ 69.3 billion, an increase of US $ 33.8 billion compared with the end of 18th. The company has better controlled the resistance rate based on the increase in financing scale.Decrease 47pct, the improvement is obvious.

The short cash debt ratio was 132%, an increase of 2 compared with the same period last year.

4pct, no short-term debt.

The company is given a buy rating, and the EPS is expected to be 0 in 2019, 20 and 21 respectively.

69, 0.

78, 0.

94 yuan, the corresponding PE is 10 respectively.

7, 9.

5, 7.

8 times.

Risk warning: The reduction of first- and second-tier cities continues to increase, the financing environment continues to tighten, and the rents of newly-developed self-sustaining projects are less than expected.

Hongqi Chain (002697): Interim report results are in line with expectations. The main business is stable.

Hongqi Chain (002697): Interim report results are in line with expectations. The main business is stable.
Event company released semi-annual report: 2019H1 company realized revenue 38.29 ppm, a five-year increase of 5.89%; net profit attributable to mothers2.370,000 yuan, an increase of 52 in ten years.93%.The single Q2 company’s revenue increased by 9 in ten years.22% to 19.3.7 billion, net profit attributable to mothers grows 56 per year.84% to 1.5.8 billion. The short-scored interim report performance was in line with expectations, and the company ‘s revenue increase indicator for 2019H1 increased by 5 in the same period.89% to 38.2.9 billion, net profit attributable to mothers increased by 52.93% to 2.3.7 billion; revenue of single Q2 companies increased by 9.22% to 19.3.7 billion, net profit attributable to mothers increased by 56.84% to 1.At 5.8 billion, the company’s performance was in line with expectations. The high growth in H1’s performance was mainly due to the investment income of Xinwang Bank which contributed about 70 million. The proportion of food sales further increased. In terms of products, the food sales revenue of the company in H1 2019 increased by 7 as well.64% to 19.1.0 billion, revenue increased by 0.81 pct to 49.65%, the increase in food sales is expected to be related to the gradual release of Yonghui’s synergy. 168 new stores opened in H1, the store network continues to expand in 2019, 168 new stores opened in H1, 27 stores closed, and the speed of exhibition has increased significantly compared with the same period in 2018 (66 new openings, 31 closed), and the company will operate a total of 2958 stores at the end of H1. The gross profit margin increased significantly, and the expense ratio increased. The company’s gross profit margin increased by 1 in 2019H1.7 points to 30.22%, mainly benefited from the increase in sales of H1 stores and the improvement of the company’s internal management level.In terms of expense ratio, the H1 company’s expense ratio increased by 1 pct to 24.86%, in which the sales / management / financial expense ratios are doubled +0.66 / + 0.43 / -0.1 pct, the increase in expense rate was mainly caused by the acceleration of the company’s exhibition stores, the increase of publicity expenses, and the acceleration of the upgrading and renovation of some stores.In addition, the company’s new net bank H1 increased its net profit by about 70 million. Based on the above factors and other factors, the net profit margin of the H1 company increased by 1 in 2019.91pct to 6.18% of inventory turnover accelerated, single Q2 operating cash flow improved significantly in 2019H1 company inventory turnover days reduced by 3 times.31 days to 68.In 13 days, the speed of inventory turnover improved; the number of days for account turnover should be reduced by 3.86 days to 79.17 days.2019H1 net cash flow from operating activities of the company-0.09 billion, at least 1 in 2018H1.8.4 billion decreased by 104.89%, mainly affected by all increases in H1 payments.The net operating cash flow of Q1 / Q2 companies were -2 respectively.14/2.At 0.5 billion yuan, Q2 cash flow improved significantly from Q1 to Q1. Investment suggestion: The company focuses on the fine operation of convenience stores, leading the market share in Chengdu, and accelerating expansion in other regions of the province.The speed of the H1 company’s exhibition shop has increased, and the investment in the new 南宁桑拿 online bank has significantly increased its performance. In the future, it will cooperate with Yonghui to exert a great deal of synergy in the field of fresh produce.We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 4.5, 5.2, 5.900 million, corresponding PE is 21X, 18X, 16X, for the first time, some “overweight” grades. Risk factors: Marginal trend of household consumption declines; industry competition intensifies; store speed is slower than expected

Perfect World (002624): 1H19 performance surpasses market expectations that boutique mobile games will continue to drive growth

Perfect World (002624): 1H19 performance surpasses market expectations that boutique mobile games will continue to drive growth

Event: The company achieved revenue of 36 in the first half of the year.

56 trillion, a year down 0.

29%, excluding the impact of the cinema business, the company’s revenue in 1H19 increased by 12 per year.

44%; 1H19 achieved net profit attributable to mother 10.

20 ppm, an increase of 30 in ten years.

50%, realized deduction of non-net profit9.

73 ppm, an increase of 37 in ten years.


The net profit attributable to mothers is higher than the upper limit of the interim notice interval, exceeding market expectations.

Key points of investment: 1H19 core 北京桑拿洗浴保健 mobile games contribute performance and performance flexibility. The adjusted growth of film and television has benefited from the revenue recognition of Youth Fight.

Game segment H1 achieved revenue of 28.

78 billion (+8 year-on-year.

1%), of which the mobile game business grew by 39 each year.

4%, “Perfect Change” masterpiece “Perfect World” performed well, with an estimated total of about 2.5 billion since its launch in March; “Yun Meng Shi Shi Ge” was launched in late May and performed in line with expectations; such as “Xian Xian”You old products operate steadily.

Overall gross profit margin of the game in the first half of 73.

35%, “perfect world” mobile games and other authorized agency games confirm net income, leading to an increase in gross profit margin6.


1H19 game subsidiary net profit 9.

25 billion (+ 33% year-on-year).

The film and television segment achieved revenue 7 in the first half of the year.

7.9 billion (22.

42%), a year-on-year increase of 32 after excluding the impact of the theater.


In the first half of the year, “Youth Fight”, “Building Dreams”, and “While We Are Young” achieved revenue recognition, of which “Youth Fight” contributed.

The cinema line replaces the overlapped part of high-quality projects, which drives the overall gross profit margin of film and television (50.

94%) increased by 11.

9 points.

1H19 film and television subsidiary achieved net profit1.

87 billion (+ 8% year-on-year.


Authorized agents promoted a reduction in the sales expense ratio, and the company’s Q2 cash flow significantly improved.

1) In terms of expense ratio, the company’s sales expense ratio was 9 in the first half of the year.

42% (-2% YoY).

8pc), mainly by Tencent agents authorized by key games to reduce marketing expenses; R & D + management fee rate 28.

07% (+ 1% year-on-year.

4pct), basically stable.

2) In terms of cash flow, the company’s operating cash flow picked up in the first half of the year, of which Q2 net operating cash flow3.

US $ 4.2 billion, which has been improved month-on-month, is mainly due to the recovery of film and television projects, the rapid growth of the game business, and the decrease in expenditure after excluding the cinema business. From the second half to next year, there are abundant game masterpieces, and the main theme of film and television in the second half will be replaced.

After the game version number is restored, the logic of performance release continues to materialize. In the second half of the year, sandboxes such as “My Origin”, “Dream Set Cygnus” and “Xiao Xiao Ao Jiang Hu” will be launched in the second half.The productions of “Fantasy New Zhexian”, “Remains of God of War” and “Phantom Tower” are trying to take over and become new points of performance growth.

In terms of film and television, the strict regulatory environment continues, and film and television business may be under pressure in the second half of the year.

However, the company’s main theme film list is rich, many episodes have been selected for the key TV drama selection list and the 70th anniversary of the excellent repertoire list, the industry’s ability to resist risks instead.

Investment suggestion: As the company’s product line was further clarified in 19 years, we adjusted the profit forecast in the three quarterly report of 18 years and lowered the company’s 19/20 forecast net profit 6.

8% / 5.

5% to 20.


700 million, and forecast a net profit of 27 in 2021.

9 billion.

19-21 years PE 15/13/11 times.

The company has strong R & D strength and is currently estimated to be at the bottom of history. We maintain a “Buy” rating.

Risk reminders: Regulatory 杭州桑拿网 policies are becoming more stringent; product extension or performance is less than expected; goodwill impairment risk.

Boss Electric (002508): Q4 growth continues to complement channels, new products expand development

Boss Electric (002508): Q4 growth continues to complement channels, new products expand development
Event On the evening of February 26, the company released a 2018 annual performance forecast, and the company expects to achieve revenue of 74 in 2018.8.1 billion, an annual increase of 6.61%, net profit attributable to mother 14.8.1 billion, an increase of one year.36%; quarterly, the company achieved revenue of 15 in Q1 / Q2 / Q3 / Q4 2018.9.2 billion, 19.05 佛山桑拿网 billion, 18.9.7 billion, 20.8.7 billion, an increase of 16 each year.89%, 3.75%, 5.98% and 2.83%, 2018Q1 / Q2 / Q3 / Q4 achieved profit 3 respectively.02, 3.58,3.51, 4.7 billion, an increase of 20 each year.05%, 3.51%, -3.14% and -6.15%. Brief comment on the fourth quarter of the industry is still low, the boss’s performance is relatively stable, multi-channel and multi-category Qifagong According to the testing data of Zhongyikang, hood sales in October-December 2018 decreased by 13.88%, retail sales fell by 12.43%.The industry boom in 2018Q4 has not yet recovered. From the perspective of the company, the company’s Q4 engineering channel increased by 30% -40% in 2018, and its revenue accounted for 9%; the e-commerce channel’s growth rate range was 31%.In terms of brand, Fame is expected to have an estimated income of about 300 million, an annual increase of 20%, the boss brand’s income in 2018 is expected to increase by 5%, and Jindi consolidated revenue of 1 billion. In terms of city level, the company has little difference in the first, second and third tier cities in the fourth quarter of 2018. The sales of smoke stoves in first tier cities have decreased, and the sales of embedded appliances have increased. Second tier cities have been differentiated.Smoke stove. The profit side was slightly under pressure. In December, the average product price improvement period of the company’s Q4 profit growth rate was lower than revenue growth, of which Q4 net interest rate was 22.5%, -2 per year.2pct.We expect that this is mainly due to the overall development pressure of the industry due to land degradation in 2018, the sharp increase in raw material costs, and increased competition in the industry. According to the data of Zhongyikang, the average prices of the company’s range hoods and gas stoves were 4,345 yuan and 2,123 yuan in December 2018, which decreased by 3 each year in 2017.75% and 4.58%.The decline in the prices of major raw materials in the fourth quarter of 2018 has not yet been reflected in the data.The decline in net profit margin was also related to the high base in the previous year.The price of raw materials has gradually entered a downward trajectory, and the overall trend in 2019 is expected to decline steadily. Expand steam boxes, embed new categories, and develop deadlines. One of the company’s future strategies is to develop multiple categories. In 2018, the company also established a separate division for steam boxes. In 2019, the company will use steam boxes as its main category; at the same time,At present, the company has sufficient cash on its books and does not have a large capital expenditure plan. For cash, more principal-guaranteed financial management is adopted, and dividends can be expected. 西安耍耍网 Investment suggestion: We expect Boss Electric to earn 78 in 2019.55 ppm, an increase of 5% in ten years; net profit attributable to mothers in 2019 is 15.55 ppm, a 5% increase over ten years, corresponding to a P / E of 15.47x, maintain “Buy” rating. Risk Warning: Increased market competition; rising raw material prices; adverse effects on the real estate cycle

Liangrong’s balance increased by 9 billion yesterday, 30 consecutive trading days higher than 1 trillion

Liangrong’s balance increased by 9 billion yesterday, 30 consecutive trading days higher than 1 trillion

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap 南宁桑拿 potential potential opportunities!

  Original title: Liangrong’s surplus increased by 9 billion U.S. dollars yesterday for 30 consecutive trading days. Source: Securities Daily’s “Short-term market replacement is an excellent time to add quality assets.”

“It is based on this consensus. After the holiday, domestic institutional investors increased their holdings and bought their own products, which brought bright colors to the market under the influence of the epidemic. In this case, the northbound funds were bold enough to” bottom-sweep “.At the time of the adjustment, it set the second largest net inflow record in history in a single day.

The keen financing and margin trading funds have also maintained a steady growth trend.

  ”Securities Daily” reporter found that according to the flush flush statistics, as of February 6, the two cities in Shanghai and Shenzhen had a balance of 10,324.

3.6 billion, an increase of 90 from the previous trading day.

08 trillion U.S. dollars, achieving growth for two consecutive trading days, which is also the balance of Rongrong’s 30 trillion consecutive trading days.

  In the medium and long term, market changes under the influence of this epidemic will generally occur every year to provide an opportunity to capture over-sold varieties and increase high-quality assets with high economic prosperity.

“Don’t sell stocks based on inexplicable panic.

There are two types of decline and dispersion that will not rise back and eventually rise back. The impact of the epidemic on the market is the second.

Hu Jianping, who invests in Shibei, said that it is only a matter of time to overcome the epidemic.

  In fact, in order to guide investors to rationally and objectively analyze the impact of the epidemic, various measures to maintain the stable operation of the market have been released.

Recent regulatory changes have made at least six major policy adjustments: one is to extend the time limit for approval of company debt licenses; the other is to clarify the time limit for the IPO issuance and the calculation of the validity period of refinancing approvals; the third is to study the extension of periodic reports; the fourth is some companies 2019The annual report can be applied to the stock exchange for an extension until April 30, 2020, according to regulations. The fifth is to appropriately relax the time limit related to mergers and acquisitions and reorganization business. The sixth is to reasonably extend the validity period of relevant business licenses for stocks and bonds.

  In this context, although the average decline of the Shanghai and Shenzhen stock indexes opened on February 3 was more than 7%, the performance of the two financing funds was evenly calm, and 342 stocks with two financing targets showed net financing buying status.

During the period from February 3 to February 6, the net purchase amount of financing during the pharmaceutical and biological industry reached 49.

US $ 5.9 billion, ranking first, while the electrical equipment and electronics industries respectively made net purchases of 17 during the period.

09 billion and 15.

69 trillion followed closely. On average, six Shenwan Tier 1 industries including chemical industry, media, leisure services, automobiles, national defense industry, and food and beverages also showed net purchases during the period.

  In this regard, Xu Yong, an analyst at Bohai Securities, said that the epidemic is only a gradual one. In the medium and long term, core pharmaceutical assets that are compliant with policy trends and have fundamental support are still hot spots in the market.

In terms of allocation, Xu Wen, an analyst at Xiangcai Securities, suggested that Chinese medicine companies related to the epidemic be concerned in the short term.

It is recommended to focus on “light medicine, heavy medicine and heavy consumption”, and pay attention to the following main lines: first, leading enterprises with exclusive product advantages such as products; second, certain varieties of consumer attributes.

With the expansion of the annual report performance disclosure period, it is recommended to pay attention to individual stocks whose performance forecast exceeds expectations, especially industry leading companies.

  In terms of target stocks, since February 3 until February 6, 566 two financial target stocks have been favored by financing customers, showing a net purchase trend of financing.

Specifically, the net purchase amount of 74 target stocks was more than 100 million US dollars, and the Ningde Times used the net purchase amount of 12 as the financing period.

The 16 trillion ranks first, and the net financing amount of TCL Technology during the period also exceeded 1 billion, reaching 10.

Net purchases of five specimens including Guoxuan Hi-Tech, Anjie Technology, BGI, Terad, and GEM were also above US $ 400 million.

  In fact, investors who are willing to raise funds are investors who are confident in A shares. The target stocks bought by a large amount of financing are popular and able to resist the risk of falling down. However, when investors can quickly avoid risks,, The stocks that can be reversed by the financing customers are more worthy of attention.

  It is worth mentioning that the above seven key types of financing passenger traffic have been terminated on February 7 and have been “filled”, and in the last four trading days, they can refresh the new high in 2020, and the sustainability of Ningde TimesIt hit an all-time high on the intraday on February 6, and has since concussed and consolidated.

BTG Hotel (600258): Expected improvement, estimated repair, seized opportunities at the bottom

BTG Hotel (600258): Expected improvement, estimated repair, seized opportunities at the bottom
After extreme pessimism from the second half of last year to the beginning of this year, the market’s expectations for hotel companies have bottomed out, and the fundamentals have stabilized. With the hotels at home and abroad, the current market value of BTG is underestimated and there is only room for repair in the short term. Q1 isIn the off-season of hotel operation and the high base in the first half of last year, we believe that the real improvement of fundamentals will take place in the second half of the year, with economic transformation and mid-range hotel volume, and the growth momentum of BTG will 武汉夜网论坛 still be sufficient. At that time, performance and expected promotion will increase at the same time.Ushering in a double-click opportunity, investors are advised to make arrangements for dips.We expect the company’s net profit attributable to its parent to be 8 in 2018-2020.9/9.8/11.7 trillion, giving the first brigade 25 times PE estimates for 19 years, 12 times EV / EBITDA estimates, a reasonable market value of 245-300 billion, 28% space57%, maintain “strongly recommended-A” rating. Estimate analysis: at the bottom of history, there is already 50% room for improvement. 1) Review of history: It is estimated that it is back to the bottom, and the operation is obviously better than the historical low.The historical PE of BTG is 20-40 times. The two historical low valuations have been accompanied by a significant decline in operating data and performance. The current 20 times has turned into a historical bottom, but the endogenous growth in the next two years is still about 20%. It is obviousHistorical trough. 2) Benchmarking domestic counterparts: It is estimated that the operating difference will be expanded, and the BTG will break through the explosive potential.At present, the evaluation of China Living PE is 46x, and it is the first two-person brigade, but only 50% in operation.Rujia’s performance after returning to A-shares is good, and its business strategy is also converged with Huazhu. Future performance and estimates are also expected to replicate Huazhu’s amazing performance. 3) Benchmark overseas counterparts: weak stability and strong growth, the first trip is estimated to be quite cheap.The hotel operation of foreign countries in BTG has higher volatility but better growth. At present, 18 years of PE in mature overseas hotels are estimated to be 25 times, and EV / EBITDA is estimated to be 15 times. Fundamentals: Stabilizing and waiting for a rebound, performance growth still has an advantage. 1) Industry dimension: 18Q4 business data stabilized, and the industry need not be pessimistic in 19 years.Recent data shows that the overall performance of the hotel industry in the fourth quarter of 2018 is better than that in the third quarter. In 2019, factors that inhibit macroeconomic factors have decreased. The government has also promoted tax and fee reductions, and hotel supply-side investment has accelerated.possibility. 2) Company budget: The mid-range volume of economic upgrades will increase the growth of BTG.In 19 years, the growth momentum of BTG’s performance has accumulated, and the upgrading and transformation of the previous budget hotels will drive RevPAR to continue to grow. The newly opened mid-range hotels are in the growth stage, releasing incremental performance, and the new stores will also accelerate their expansion this year. Risk reminders: Macroeconomic fluctuation risks; systemic risks 杭州桑拿网 in the tourism industry; improvement in operating data than expected; opening less than expected; increased risks of lifting the ban.

Chinese Enterprise Undertakes Construction of Cambodia’s Highway 58

Chinese Enterprise Undertakes Construction of Cambodia’s Highway 58
People’s Daily Bangkok, February 26 (Reporter Zhao Yipu) On the 26th, Highway 58 connecting the two provinces of Cambodia, Bandei Mianji and Otdo Mianji was officially opened.Highway 58 has a maximum height of 174 kilometers, and the project has been built for four years. From this, the Chinese side provided preferential export credit loan support.The project was undertaken by the Chinese enterprise Shanghai Construction Engineering Group.Cambodian Prime Minister Hun Sen, Chinese Ambassador to Cambodia Wang Wentian, as well as a number of Cambodian Deputy Prime Ministers and senior government officials, more than 10,000 people attended the opening ceremony of antiques on the day.At the opening ceremony, Hun Sen spoke highly of Cambodia’s comprehensive strategic partnership, saying that no other country in the world provided Cambodia with sincere and unselfish assistance.China has built more than 3,000 kilometers of roads for Cambodia, and several large steps across the Mekong River, which have provided assistance in various fields such as Cambodia’s health care, water irrigation, education, human resources, etc. This is an indisputable fact that cannot be denigrated and questioned.Representative Hun Sen, Cambodia and China are a community of shared destiny. When he visited China a few days ago, he wanted to show his determination to share difficulties with China through practical actions.Cambodia and China will continue to carry out pragmatic cooperation in areas of equality and mutual benefit in all areas, and overcome the difficulties. In special times, the Cambodian side will continue to support China in fighting the epidemic, and will not discontinue voyages without discriminating against Chinese people.Wang Wentian said that the most remarkable feature of the traditional friendship between China and Cambodia is that the two sides always watch and help each other and share common problems and difficulties.At the 上海夜网论坛 highest level, China and Cambodia have jointly implemented a number of infrastructure construction projects in western Kenya, forming the backbone of the transportation network in the northwestern region, which has greatly improved transportation efficiency in the region, and promoted the economic and social development of Cambodia and improved the lives of some people.It played an important role.Although the current new coronary epidemic has brought some difficulties to double cooperation, but how to avoid the gradual mitigation of infectious diseases, China-Kenya’s pragmatic cooperation in various fields will definitely give out vitality and vitality.

China Communications Construction (601800) 2018 Annual Report Review: Deducting Non-Performance Acceleration and Attempting to Benefit One Belt One Road Policy Catalyst

China Communications Construction (601800) 2018 Annual Report Review: Deducting Non-Performance Acceleration and Attempting to Benefit One Belt One Road Policy Catalyst

苏州夜网论坛 The 2018 annual report appraisal of non-performance acceleration, is expected to benefit from the Belt and Road policy to catalyze the growth of non-net profit, and the company has ample orders in hand and achieved revenue of 4,908 in 2018.

7.2 billion, an annual increase of 1.

67%, after deducting the impact of Zhenhua Heavy Industry, the annual revenue will increase by 6.

49%; net profit attributable to mother was 196.

8 billion, a decrease of 4 previously.

37%, net profit after deducting non-return to mother is 17.

34%, an increase of 18 over the same period in 2017.


The new millennium single 8908.

7.3 billion, an annual increase of 1.


As of the end of 2018, the company’s outstanding contract value reached 16,897.

3.8 billion, which is 3% of revenue in 2018.

44 times, there are abundant orders in hand.

  During the period, the expense ratio decreased slightly, and the ability to repay debt continued to improve.

18%, down by 1 every year.

77pct, the decrease in ROE was mainly due to the decline in net interest rate and financial leverage.

The gross profit margin is 13.

49%, a slight decrease of 0 a year.

48pct; net margin is 4.

13%, a decline of 0 per year.

29 points.

Period expenses7.

93%, a decrease of 0 every year.

54pct; in which the management expense rate is increased by 0.

08pct to 6.

36%, the financial expense ratio decreased by 0.

65 points to 1.

33%, sales expense ratio increased by 0.

03pct to 0.

twenty four%.

Total asset turnover is 0.

54 times, down 6 every year.

90%, accounts receivable turnover investment6.

Forty-eight times a year, increase by one.


Asset and liability pricing 75.
05%, 0 per year.

Since 2013, the asset-liability ratio has fallen for five consecutive years, and the ability to repay debt has continued to improve.

The initial cash flow turned positive, and the operating net cash flow was 90.

9.8 billion.

  Q4 performance growth prospects The company completed revenue of 932 in Q1, Q2, Q3 and Q4 2018.

53 billion, 1151.

2.6 billion, 1201.

68 billion, 1623.

2.5 billion, an annual increase of 12.

76%, 7.

19%, 2.

54%, -7.

51%; realized net profit of 34.

34 billion, 47.

4.1 billion, 46.

8.6 billion, 68.

1.9 billion, an increase of 9 in ten years.

35%, 7.

81%, 11.

84%, -22.


The company’s performance growth improved in the fourth quarter.

  The comprehensive strength is stable in the forefront of central SOEs, and it is expected to benefit from the Belt and Road Initiative. In terms of profitability, the company’s gross profit margin ranks among the top four of the eight central SOEs. 北京桑拿洗浴保健From the perspective of asset-liability ratio, the company is at the level and the debt repayment ability ranks among the top three SOEs.
The second “Belt and Road” summit forum will be held in April. Recently, departments and local governments have intensified the introduction of opening up to support the “Belt and Road” policy.Further improve.

  Profit forecast and investment advice: The company’s EPS for 19-21 is expected to be 1.



93 yuan, PE is 8.



5 times.

Maintain “Buy” rating.

  Risk warning: bad debts of accounts receivable, the name of infrastructure investment, and the policy strength is less than expected.