A pure Yangde god and four mediocre true immortals,They don’t care much。

But joining Ming Dao Ren is very troublesome。
If it is the worst,Sancai becomes gossip,Eight true immortals set up a gossip array with Ming Taoist as the core,Strength can be increased at least three times。
At that time, the power of Ming Dao people alone will be enough to suppress their two seven gods。
of course,That is the worst case。Actually,Yangde Tianshen does not say,The other four true immortals are natives of the universe,Naturally it is impossible to master the layout of the gossip combined attack,Even teach now,It takes months to master and cooperate。
But even if it is possible,They also want to put an end to。
“Stop!”The crocodile demon Qiyao Tianshen waved his palm,Directly stopped where Yangde Tianshen went。
He did not kill,Those four true immortals are the natives of the Great Zhou camp of the Universe World,Once beheaded, I am afraid that something will happen。
Therefore,Take a shot。
“go away!”The scarlet flying sword directly pierced the palm of the crocodile demon Qiyao Tianshen。
The flying knife pierced the palm of the crocodile demon Qiyao Celestial God,A scarred scar remains。
Logically,This kind of wound is the Purple Mansion God and Demon and doesn’t care,It can be recovered with a little divine power,Don’t mention that it’s the seven lunar gods condensed from a large formation。However, after being pierced by Li Ming’s flying sword,The Seven Gods Surging,That scar but can’t recover。
“Destroying Heaven’s Path actually reached such a point?”The blood wave god looked at Li Ming。
but,Without fear。
Just take refuge in Li Ming in Deyang Tianshen,The crocodile demon Qiyao deity stopped,The moment Li Ming repelled,He has already negotiated with the true immortals of the Dazhou camp,Made the oath of heaven。
“Hands on!”
The blood wave god slammed,The waves of blood roll outside the body of the Seven Lunar Gods,Directly stopped Li Ming’s attack。
At the same time, the crocodile king is also chasing after。
“boom~”A small jade bottle emerges,Emerald streamer bursts,Turned into branches in the sky,This branch swells quickly as soon as it appears,Biochemistry as a branch field with more than ten thousand miles,There are countless flowers and leaves,Invisible power pervades the bondage。

The audience in the live room laughed,Dumbfounded?

It’s just that the duck mouth is hard。
“Ha ha!There is no guarantee that you can pick up the baby every month,But you can guarantee that people will not suddenly pick up millions of treasures?Bought your company in minutes。”Hu Yang smiled。
Lu Zhiming was upset for a moment,This guy is very unpleasant,From the beginning,Just like him。
“Who are you?Millions of treasures,Daydream!Also bought my company。”
The owner of the antique shop next to me couldn’t help but talk。
“Young man,He really wants to buy your company,You should take the opportunity to ask for more money!”
Populus can’t laugh or cry。
“Hu Ge,This boss knows you?”Huazi was surprised。
“Don’t seem to know each other?”Hu Yang looked at the shop owner。
The shop owner laughed:“It’s not strange that you don’t know the old,I am not a celebrity。But Hu Yang, you can be regarded as a celebrity in our antique world,You can find several lost national treasures,admire。”
Finished,Turn to Lu Zhiming again:“Young man,I didn’t joking with you,He really wants to see your company,Let the lion open its mouth,This is a big money,Some is money。”
Populus euphratica rolls his eyes,What is money?
“Kid,Open the network and take a look,Search for Populus’s name!In front of him,What are you pretending to be rich?I really want to abuse myself。”Wen Wenhao joked。
Some classmates actually searched on their phones,Just found out the news about Populus,Take a look at the photos,Really the person。
Lu Zhiming and others are really dazed,totally unexpected,Old Gao, that kid actually approached a big man。
“Forget it,Boring!I don’t bully you either,Look down on people less in the future。Xiao Gao’s current treasure appraisal ability is not strong yet,But his hard work,Your future achievements will not be worse than yours。”Populus euphratica waved his hand,No longer care about these people。

“Ok。”Xiao Xiao knows that Abao is in a bad mood,I definitely need to talk to Chen Wenjin,Just say:“I’ll go to Amei’s in a while,Do not worry about me。”

Chen Wenjin drove Abao and Li Xiang to their rented house,Entered the house,Abao let Li Xiang take the wine。
The latter took it,Abao suddenly lost his temper and said:“艹!Won’t take more bottles?Who can drink this??”
“……Why are you so angry?”Li Xiang was in a bad mood,She also suffered a heavy loss tonight,Can’t bear it。
“What’s wrong with you?Can not do it?Didn’t you introduce the car dealer??You also introduce this kind of street goods?I’m not familiar with you too?I was stolen as soon as I got the car today,Steal me with four cars in a row!Who else is it?You don’t want to call someone,Find out where that bashing street is,Like a wood!What happened to you?”A leopard suffocated early,The cursing Li Xiang slammed the door and went out。
“艹!”A leopard kicked the sofa,Holding hair again,Sit down on the sofa,Suddenly red eyes,Said with tears:“gold、I am done!Really over……I’m poor!I’m a poor man!I asked Brother Xiu about Li Xiang’s car,Say you can shoot for 350,000,I just bought my car for 200,000 yuan!I originally had 220,000 left!Now I’m in the car and gone,If I can’t find it, I will only have 20,000 yuan left!I’m poor!Become poor!Li Xiang that stupidX!Tonight lent her bag and money to her sister!We both became poor overnight!I’m a poor man!Why should I buy this car??Why should I buy this car??”
Chen Wenjin waited for Ah Bao to vent his despair and grief,He also hopes that Abao can grow up after this blow,After all, the Leopard in memory,Grow in the future,Not so exaggerated and outrageous as before,Good face and showing off are just normal。
Abao cried in pain for a while,And at the moment,Li Xiang found Qiangwei to chat。
After Qiangwei came out, she blamed her:“Why did you come to me suddenly?Wang Shuai is still at home!Everyone knows that we turned our faces into enemies,You suddenly call me out,How can I explain to Wang Shuai later??”
Li Xiang took Qiangwei to the roof,Staring at her,Indignant question:“Did you find someone to do it??”
“What i’m looking for?”Qiangwei is really inexplicable。“what are you talking about?”
“Don’t pretend there!My plan is except you,Who else knows?It’s not you who else?You are a good way,Pretending to be harmless,Secretly play this kind of black hand!It’s not enough to own Wang Shuai?I have to wipe out the benefits of Abao!Don’t you think i’m a fool!”Li Xiang is very angry,She has only two possibilities,She thinks Qiangwei is the most suspicious。“Tell you——Or give me back,Either I will leave you with nothing!”
Qiangwei said with no patience:“what are you talking about!Can you make it clear?Don’t be so inexplicable,I don’t even know what happened!”
Li Xiang suspected she was acting,But I probably retelled what happened at night。
After Qiangwei listened,Thinking:“This is a bit strange……But it’s definitely not me。I have Wang Shuai,Pit you for that advantage?Didn’t you dig your own grave??To the end,Is it worth nothing for both of us?I know that you are also angry and don’t know who did it that made me angry。Actually we have known each other for so long,You also know my style of doing things,I wouldn’t do it at all and I can’t do this kind of thing.,I can’t find anyone to help you if you let me do it!I don’t even support you looking for someone to help get Abao’s money,How could I do this to you??”

When the blood demon felt Xia Chenglong’s fierce offensive,The expression on his face suddenly became ugly,He never thought。

The first thousand and sixty chapters Battle against the Blood Lord
Xia Chenglong will make such great progress in such a short time,And just to say that his trick is a little overwhelming,The Blood Demon took a deep breath,Turned his head and looked at him,There was a little dignity on the expression。
This time needs this time to go to the Demon King to mobilize his spiritual power,I madly absorbed the resentment around here to my side。
The resentment around here condenses into mist,Drifting towards the blood demon,Even Xia Chenglong saw this scene in front of him,I was slightly surprised in my heart,Affectionate above,Suddenly solemn。
Xia Chenglong knows that the blood demon king is strong,I also know that the Blood Demon is very strong,But Xia Chenglong never thought,The blood demon is so strong,To know the spiritual power of fog,That needs to lose the extremely majestic aura of heaven and earth,Condense this heaven and earth aura into small droplets around here,In fact, the fog is originally small water droplets。
Xia Chenglong took a deep breath,I calmed down my excitement a little bit,At this moment, he is on his Dragon Yin Sword,Infuriated a little more。
At this moment, I heard Xia Chenglong scream:“what。”
And then immediately,People heard a loud bang,Those blood demons with low cultivation base burst directly into blood clots。
A huge mushroom cloud spouted from the sky,Everyone felt like they saw a flash of white light in front of their eyes,And then immediately,There was a huge and strong spiritual fluctuation。
This wave of spiritual power even shattered many rocks in the Blood Demon Cavern,After all, for people like Xia Chenglong,You can move mountains and fill the sea with a gesture,These are nothing,impossible things。
So it’s like fighting with characters of their level,Even if it’s a slight leak of spiritual power,Enough for the little monsters watching by the side to drink a pot。
But this blow is the most common and ordinary blow.,Nothing at all,This demon king fights the Dragon Sword with his bare hands,You know that there can be nine five-claw golden dragons in the dragon,But the most masculine thing。
To know these most masculine things,It was originally the nemesis of the evil things like the Blood Demon,And the Blood Lord has been,I have never found a weapon that suits me,After all, he reached his level,Ordinary soldiers,With and without,There is not much difference,In this way,It’s better not to use。
At this time, I heard Xia Chenglong scream:“what,Break this seat!”
Everyone heard a loud bang,And then immediately above the sky,People seem to have heard the groan of someone,All people watched this unprecedented battle intently。
When they saw this battle,A hint of admiration flashed in his eyes at the same time。
All people have a natural awe of the strong,Even if Xia Chenglong is an intrusion from outside,But these blood demons still flashed a glimmer of admiration for Xia Chenglong.。
At this time Xia Chenglong’s mouth was bleeding a little,And the Blood Demon stared at him coldly。
At this moment he heard the blood demon suddenly smile,Laugh happily,Also rest assured,To the funniest joke in the world,Laughing wildly。

He didn’t hesitate,Quickly take out the phone,Called Sanchez。

When Sanchez heard that Qiao Tianyu had something to discuss with him,Sanchez hurriedly said he himself was in New York at this time,He was about to thank Qiao Tianyu for his great favor!
Sanchez asked Qiao Tianyu to wait at Alpha,After a while he sent an extended Lincoln to pick up Qiao Tianyu。
Then Qiao Tianyu was taken to a high-end clubhouse near Central Park in Manhattan.。
At this time, Sanchez had already arranged two samba girls for Qiao Tianyu.。
“brothers,Enjoy it!”
Sanchez pushed the samba girl into Qiao Tianyu’s arms,Let him let go。
But at this time, Qiao Tianyu is full of powerful financial oligarchs.,I’m not in the mood for this。
Moreover,Qiao Tianyu has now contacted Lily, the beloved of the previous life,He doesn’t want to do something sorry to Lily。
So Qiao Tianyu declined Sanchez’s kindness,Drove everyone out,He and Sanchez are the only two left in the room。
“Brother Joe,what happened to you?Is there anything bothering you?”Sanchez found something wrong with Qiao Tianyu。
“Yes,Dude,I came here today。”Qiao Tianyu said。
“Don’t don’t,Brother Joe,Our relationship,Do not say‘begging’This word!”Sanchez said quickly。
“Tell me where you need it,Brother is absolutely obligatory!”
“Dude,Can you tell me what happened to Merck Motor Group?”Qiao Tianyu asked。

[Efficacy and role of peach blossom gum]_Achieve curative effect

銆 愭 weak against 鬄 姛 姛 堁 堜 笌 湤 护 銆 慱 鐤 楁 晥 _ 鐩 婂 
妗冭姳鑳朵篃鍙仛妗冭兌銆佹鑴傘€佹鑺辨唱绛夋槸鍦ㄦ鏍戠殑鏍戠毊涓垎娉屽嚭鏉ョ殑涓€绉嶆恫浣擄紝涓€鑸細鍦ㄧ澶╃殑鏃跺€欒繘琛岄噰鏀躲€傛鑳朵細鍛堢幇鍑轰竴绉嶅ぉ鐒剁殑娴呴粍鑹诧紝鐪嬭捣鏉ユ瘮杈冮€忔槑銆傛鑳舵槸涓€绉嶅緢濂界殑婊嬭ˉ鍝侊紝涔熸槸涓€绉嶅緢濂界殑涓嵂鏉愩€傛瘮杈冩敞鎰忓吇鐢熷拰淇濆仴鐨勪汉閮戒細鐢ㄦ鑳跺拰鐨傝绫虫斁鍦ㄤ竴璧风叜绮ワ紝妗冭兌涔熷彲浠ュ拰鍏朵粬椋熸潗杩涜鎼厤鍒朵綔鎴愮編椋熴€傛鑳剁殑鍔熸晥涓庝綔鐢細妗冭兌涓昏鍗婁钩绯栥€侀紶鏉庣硸銆佄?钁¤悇绯栭啗閰搞€佺⒊姘村寲鍚堢墿銆佽剛鑲拰铔嬬櫧璐ㄧ瓑鐗╄祫缁勬垚锛屽叿鏈夋竻鐑娓达紝缂撹В鍘嬪姏锛屽吇棰滄姉琛拌€侊紝娑﹁偁閬撶瓑鍔熸晥銆傛鑳跺湪鍙や唬鏄竴鍛充腑鑽紝鐢ㄤ簬娌荤枟鐭虫穻Admittedly, you will be able to find out how to solve this problem, and you will be able to find out what is happening in the hot pot.Miao Huan Chong fan fan embarrassed?锛氭不鐤楄儍鐥涖€婄翰鐩€嬭杞斤紝妗冭兌鍏锋湁鍜岃鐩婃皵锛屾鐥涚殑鍔熸晥銆傛不鐤楄儍鐥涖€佽儍鐐庡彲鍙栨瘮榛勮眴绮掑ぇ涓€鐐圭殑妗冭兌娓呮按娲楀噣锛屽拃鍤肩纰庣殑锛屾俯寮€姘撮€佹湇锛屾棭鏅氬悇涓€娆★紝鍧氭寔鏈嶇敤涓夊崄澶╋紝鑳冪値涓嶅啀鐘紝鍚冧换浣曞噳涓滆タ鑳冧笉浼氬啀闅惧彈銆傛鏂规硶浠呬负鍏昏儍淇濆仴涔嬬敤锛屾不鐤楄儍鐥呭缓璁湪涓尰鎸囧涓嬫湇鐢ㄣ€傚姛鏁?It ‘s so effective, it ‘s very effective, and it ‘s very easy to get married. It ‘s a good idea to do it.绫炽€侀摱鑰虫惌閰嶇児鐓垚姹ら暱鏈熼鐢ㄥ叿鏈夐檷鑴傦紝鍏婚瀚╄偆鐨勫姛鏁堬紝妗冭兌鐨勫悆娉曡瑙併€婃鑳剁殑鍚冩硶澶у叏銆嬫鑺辫兌鐨勫仛娉?.妗冭兌鐨傝绫崇竟鏉愭枡锛氱殏瑙掔背銆佹鑳躲€佺帿鐟伴叡鍚勪竴鍕猴紝绾㈡灒6棰椼€傚仛娉曪細妗冭兌鍜岀殏瑙掔背鍒嗗埆娓呮礂鍚庣敤娓呮按娴告场锛屾垜娴告场浜?涓皬鏃讹紝8灏忔椂鍚庢妸妗冭兌銆佺殏瑙掔背绠€鍗曞啿娲楀悗鏀捐繘鐮傞攨閲岋紝鍔犱笂6棰楃孩鏋c€傜爞閿呭姞瓒冲鐨勬按锛屽ぇ鐏儳寮€锛岃浆涓皬鐏?I am not sure if I am awkward and I am not sure if the chain is faulty or unhealthy. I am going to read it in a short time.岃秮鐑妸鐓ソ鐨勬鑳躲€佺殏瑙掔背鍊掕繘鍘绘悈鎷屽潎鍖€鍗冲彲銆?.鏈ㄧ摐鐐栨鑳舵潗鏂欙細鏈ㄧ摐1鍙紝妗冭兌10鍏嬨€傚仛娉曪細妗冭兌鏀惧叆娓呮按涓蹈娉?-8 璄 璬 镞 Normal 呖 镞 Normal donation, donated thrift, donated by Jiang Zhixiao, jiang yong, jiang yong, sorrow, sorrow, ruggedness, sorrow, sorrow, sorrow, sorrow, sorrow皬鍧楀効銆傛鑳跺姞灏戣姘达紝闅旀按鍏堣捀30鍒嗛挓宸﹀彸銆傛湪鐡滃鍗婂垏寮€锛屽幓绫斤紝灏嗛殧姘磋捀杩囩殑妗冭兌鍊掑叆鏈ㄧ摐涓紝鎾掍笂灏戣鍐扮硸锛屽啀缁х画钂?0 鍒 嗛 挓 宸 ﹀ 卸 鍗 冲劲 銆?

[Can children eat cashews]_ impact _ harm

[Can children eat cashews]_ impact _ harm

Cashew nut is a very common nut food in life. It has high nutritional value whether it is snack or medicinal. There are no special restrictions for people. It can be said to be a nutritious food for all ages.

However, as a kind of nut, cashew nuts still have a certain burden on children’s digestion. Parents can’t help wondering, can their children eat cashew nuts?

What evil and what influence can cashews have?

First, can children eat cashew nuts?

Cashew nuts are sweet, flat, and rich in unsaturated fatty acids, amino acids, vitamins, etc., have a bowel and laxative effect, protect cardiovascular and other functions.

Cashews are suitable for the general population, so children eat cashews in moderation and have many benefits.

The benefits of eating cashews for children1.

Enhance immunity The unsaturated fatty acids, essential amino acids and vitamins in cashews are the main components of the body’s metabolism, which can improve the child’s physical immunity and help fight against viral influenza.


Increasing appetite Cashew nuts are crunchy and delicious, which can stimulate children’s taste buds and increase appetite, especially children with partial anorexia. Eating cashew nuts can provide rich nutritional components, and can promote appetite and balanced nutrition, which is beneficial to children’s growth and development.


It protects eyes with high levels of vitamin A and carotene in cashews. It has a preventive effect on improving children’s night blindness and dry eye. It can also promote the visual sensitivity of the eyes and improve visual function.


Unsaturated fatty acids of laxative laxative cashews can lubricate the intestinal wall, help the discharge of gastrointestinal waste, alleviate the problem of bloating and accumulation of food caused by children’s irregular diet, and protect children’s weak gastrointestinal function.

Second, the effect of eating cashews is that children eat high-weight foods. Eating too much at one time may lead to obesity in children, especially children who are prone to gain weight. Sensitivity in cashews, children may eat more cashews at one time.Allergies may be manifested as localized skin wheals, headaches, itching, rashes, asthma or even breathing difficulties.

Zhongju Hi-tech (600872) Company Review: Baoneng and delicious freshness continue to release and continue to be optimistic for a long time

Zhongju Hi-tech (600872) Company Review: Baoneng and delicious freshness continue to release and continue to be optimistic for a long time

Our core view on Zhongju Hi-tech: continue to be optimistic about the long-term, Baoneng and delicious fresh will continue to form a joint force, in the future under the background of Baoneng management empowerment, delicious fresh effective optimization of the core condiment business is expected to return to revenue 20% Growth, profit growth over 30% fast track.

The main reasons are as follows: 1. The impact of non-return of minority shareholders’ equity will not be significant, and the impact will be gradually reduced in various ways in the future.

Second, sales will accelerate in the future, Baoneng will export management capacity to delicious freshness, soy sauce income growth will advance back to 15-20% growth!

We think that the company has changed its sales and started to solve it. We are very much looking forward to the company’s sales revenue, especially soy sauce sales, to accelerate in the next six months.

There are many areas in the country outside of the province where non-core areas outside the province (Fujian, Guangxi, Hainan, Zhejiang) can be expanded.

In addition, the company painstakingly developed the catering channels for nearly a year and a half is expected to make breakthroughs in the next two years, mainly in the catering market in core regions.

It is very important to make clear that Baoneng has little positive empowerment for the current deliciousness.

Third, in the future, the company is expected to optimize the organizational structure through personnel adjustments to better optimize costs and expenses, thereby increasing the space and probability of improving profit margins.

Based on our constant judgment on the development trend of the company’s fundamentals, Baoneng’s continued empowerment of the company, the introduction of a new incentive system and the company’s semi-annual report, the third quarterly report shows the company’s development prospects, and continues to be optimistic about Zhongju High-tech.

The company announced the company’s new incentive system. At the same time, the company’s third quarterly report shows that the delicious and fresh fruits continue to grow steadily. The gross profit margin of Zhongju Hi-tech has risen slightly, and the expense ratio will not be destroyed. It will only be continuously optimized.

The new incentive system is designed to assess income, allocate bonuses to middle-level backbones, and formulate excess rewards, which will help improve the company’s overall combat effectiveness.

We believe that the new incentive system is the powerful momentum that Baoneng has brought to Zhongju Hi-tech. Changes in the assessment indicators are expected to open the company’s revenue growth channel, and at the same time promote the company’s sales gross profit margin to continue to increase.

Earnings forecasts and estimates Zhongju High-tech’s pure condiment revenue for 19/20/21 is 46.



800 million, the net profit of the condiment part was 8.



7 trillion, corresponding to the EPS of pure condiments is 1.



72 yuan / share.

Given the 2020 condiment 35 times estimate, the target price of pure condiment is 46.

6 yuan, considering the real estate market value of 60 trillion, the total market value of 43 billion 苏州夜网论坛 yuan, corresponding to the company’s target price of 54 yuan, “Buy” rating.

Risk reminder: Insignificant risk of incentive benefits, real estate business risk, market risk, raw material price fluctuation risk, food safety risk

Jinchen (603396) 2018 Annual Report Commentary Report: Performance in line with expectations Expected heavy volume of shingle equipment will boost the company’s rapid growth

Jinchen (603396) 2018 Annual Report Commentary Report: Performance in line with expectations Expected heavy volume of shingle equipment will boost the company’s rapid growth
Benefiting from the construction of shingled power generation, the company is expected to usher in rapid growth and maintain the “recommended” rating: shingled module technology is gradually mature. It is expected that shingled power generation will quickly penetrate in 2020, helping photovoltaic parity to go online.The company’s shingle equipment won a large order from Luzhou Longji Leye, and the volume of shingle equipment will promote the company’s rapid growth.The company’s continued deployment of photovoltaic cell equipment will open up long-term growth space.It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 1.32/1.86/2.35 trillion, EPS is 1.75/2.46/3.11 yuan, corresponding to the current sustainable PE of 22.4X / 15.9X / 12.6X, maintain the “recommended” level. The company’s revenue maintained a good growth in 2018, and the intensified competition in the industry led to a decline in gross profit margin: the company’s operating income in 20187.560 thousand yuan (ten years +32.5%), operating income for the fourth quarter of 20182.1.9深圳SPA会所 billion yuan (+48 a year).6%).In 2018, the company’s equipment manufacturing business revenue was 7.26 ppm (+28 a year).1%), gross margin is 40.23% (year -4.03pct). In the company ‘s equipment manufacturing business, the photovoltaic module production line, extruder, and string welder together accounted for about 93%. Due to the short-term impact of the photovoltaic policy on May 31, 2018 and the intensification of industry competition, the profitability of the company’s equipmentDecline.The company’s net profit attributable to the parent in 2018 was 84.8 million yuan (ten years +11.3%), with a net margin of 11.2% (twice -2.1pct). It is expected that the single year of 2018 will be about 1 billion, and orders in hand will increase the certainty of performance in 2019: the company’s inventory will be 5 at the end of 2018.670,000 yuan, ranking 1 increase at the end of 2017.3.7 billion; advance receipts of 3.69 million, ranked 0 at the end of 2017.6.8 billion yuan.Based on the changes in inventory and advance receipts and the revenue in 2018, we have extended new orders for the company in 2018 of about $ 1 billion, and the company disclosed about 7 in the renewal of large-scale photovoltaic equipment contracts.9 trillion, redundant orders in hand will increase the performance basis for 2019.The company announced the salary evaluation plan for senior management in 2019. The new breakthrough orders and net profit evaluation targets are 1.2 billion and 1 respectively.10,000 yuan, the growth rate from about one year to 2018 is about 20% and 30%. The company was awarded Longji Leye 1.5 billion shingle equipment orders will continue to benefit from shingled module capacity construction: On April 11, 2019, the Energy Bureau issued a draft of wind power, photovoltaic parity on-grid project construction, and new policies raised the priority of parity projects, graduallySpeed up the construction of photovoltaic parity projects.We believe that the innovation of process and equipment technology is the key to increasing efficiency and reducing cost of photovoltaic power generation and achieving parity.During component synchronization, the shingle technology has gradually matured and is expected to become the mainstream in the future.The company’s long-term storage of shingled modules and equipment, according to the company’s disclosure, the company was awarded Luzhou Longji Leye PV1 in 2018.The 500 million shingle equipment orders show the competitiveness of stacked shingle equipment products.According to the plans of Longji, Tongwei, Dongfang Risheng and other enterprises, it is estimated that the construction of shingled module power generation will gradually enter the peak period in 2020, and the volume of shingled equipment will help the company’s rapid growth in performance. R & D and layout of battery chip equipment is expected to open more than 3 billion new market space: the company’s R & D investment in 20187.7%, maintaining high R & D investment.The company’s research and development costs are mainly used for the shingle equipment of the module, the screen printing machine of the battery chip, PECVD and other equipment. In the future, the company will continue to develop the core process equipment for HIT high-efficiency batteries.The investment in unit equipment of battery series is more interchangeable than conventional components. The company’s expansion of battery chip equipment is expected to open more than 3 billion new markets. Risk warning: The capacity expansion of large customers is built on expectations, and new product expansion is not up to expectations.

SANY Heavy Industry (600031) Follow-up Report-Industry Prosperity and Market Share Exceeds Expected Growth Leading Revaluation Continues

SANY Heavy Industry (600031) Follow-up Report-Industry Prosperity and Market Share Exceeds Expected Growth Leading Revaluation Continues

The sales volume of the industry exceeded expectations. The competitiveness of SANY H series excavators surpassed Carter and Komatsu, and the company’s growth space was further opened.

We raise company 19?
20-year return to mother’s net profit forecast to 94.

8 billion / 103.

300 million.

Considering that the industry boom trend continues and the company’s leader is attached, it is given 17.

The target price of 6 yuan (PE15 / 13 times in 19/20), the company’s reasonable target city size in the next year is 142.2 billion, and maintain the “Buy” rating.

The boom of construction machinery industry exceeded expectations.

1 in 2019?
Sales of excavators increased by 40% in February, and sales of truck cranes increased by 60%.

Based on the grassroots survey in March, it is estimated that the domestic industry sales of excavators are expected to increase by about 30%, the sales of truck cranes will increase by 40%, and the sales of concrete pump trucks will increase by about 50%. The growth rate again exceeded expectations.

The current infrastructure overweight has gradually increased from the policy end of the third quarter of 2018 to at least the engineering end. At the same time, new real estate construction and ongoing construction projects have maintained a growth trend. We believe that the double boom in infrastructure and real estate demand is the increase in demand for construction machinery in 2019.The main factor that continued to exceed sales.

The comprehensive performance of Sany’s excavator products has surpassed Carter’s, and the company’s product competitiveness has achieved breakthroughs.

In July 2018, Sany released the H series mining excavator.

This prototype combines the powerful dynamic performance with energy saving and environmental protection, and develops the world’s leading technical performance of the mine-specific 杭州桑拿 special excavator.

The prototype’s main technical indicators and comprehensive use efficiency have surpassed the world’s top brands Caterpillar and Komatsu in the same amount.

In the past three pairs of foreign brands’ competitive advantages, the main advantages were cost-effective products, sales channels and after-sales areas.

After the launch of the H series excavators, the company also began to surpass the top global companies in product performance.

Once the H series was launched, it was widely praised by the market, and Sany’s market share in the field of large excavations continued to rise.

On January 2, 2019, Sany 35t?
The sales volume of 40t and 40t + Dig increased by 94% and 195% respectively. At the same time, sales of Caterpillar and Komatsu products of the same tonnage increased, and overseas leading companies 四川耍耍网 were quickly replaced in the Chinese market.
Product competitiveness has surpassed the leading players, and the company’s estimated level is expected to further improve.

At present, the company’s market share in overseas excavators is less than 3%. We previously confirmed that the company and Caterpillar have the same PE12X estimates.

As the company’s competitiveness in excavator core products improves, the company is expected to continue to seize market share of Carter and Komatsu in the domestic and overseas excavator markets in the future, and the company’s long-term growth space is opened.

We think the company’s reasonable estimate level can be raised to the level of PE15X.

Risk factors: 1.

Domestic real estate, major tightening of infrastructure projects; 2.

2. The market share interest rate of the company’s products;

Raw material prices have risen.

Investment suggestion: Based on the industry’s economic boom exceeding expectations, we raise the company’s 19?
20-year return to mother’s net profit forecast to 94.

8 billion / 103.

30,000 yuan (previous forecast 88.



Considering the continued industry prosperity trend and the company’s leading divisions, the target price is raised to 17.

6 yuan (corresponding to 15/13 times PE in 19/20), the company’s reasonable target city ranking for the next year is 142.2 billion, and maintain a “buy” rating.