China Decoration Construction (002822) Company Research: Decoration Clipper Enters Blue Ocean of Property Management Worth Looking Forward

China Decoration Construction (002822) Company Research: Decoration Clipper Enters Blue Ocean of Property Management Worth Looking Forward

Decorative strong corporate profits accelerated growth, many orders in hand.

The company’s main business is public fittings. While deepening the South China market, it has established regional marketing centers in South China, East China and North China.

The short-term company vigorously implemented the construction of a public installation management and control system, and its operating efficiency continued to improve. In 2019H1, revenue / profit growth increased by 25% / 40%. At the same time, it continued to strengthen its collections and achieve a significant positive cash flow in operations.

As of the first half of 2019, the company has signed uncompleted orders of 84.

500 million, which is double the revenue in 2018, and there are ample orders in hand to escort the company’s future performance.

The property management industry has entered a golden development period, and the decoration and property management businesses have synergy.

In the context of the transition from an incremental economy to a stock economy, the domestic property management industry is in a fast-growing period. In addition to the rapid expansion of the residential property market by inward and outward expansion, the leading property management industry in Hong Kong has vigorously expanded the non-residential property market.Commercial and public property markets.

There is a natural synergy between the public service and property management industries. Mergers, decoration companies have a better grasp of the overall design and operation and maintenance information of the project than third-party property management agencies, and their property companies undertake the property management business.In the subsequent maintenance and secondary decoration of the project, diversion can be provided for the public service.

The company intends to acquire the holding technology park property and cut into the blue ocean of property management is worth looking forward to.

As early as 2017, the company invested in a 25% stake in SEG Property, and 杭州桑拿 the rest of 2016/2017/2018 / 2019H1 achieved revenue1.




6 million, net profit of 683/1026/2589 / 15.3 million yuan, the current area under management reaches 1 million square meters.

Recently, the company announced plans to issue shares and pay cash to acquire 100% equity of Jiazete (total price of 1.

7.3 billion), the remaining holdings of high-quality property management company science and technology park properties in the park and public construction management field51.

6% shares, promising that the performance of science and technology park properties in 2020-2022 will not be less than 25,500, 28, 31 million yuan.

The science and technology park property has 20 years of high-tech park planning, operation and management experience. It has transportation business capabilities in industrial planning, investment promotion operations, and park business platform building. The objects of property management services and the company’s public customer groups will clearly overlap. In the futureSynergy can be expected.

The future growth of the company has three important points: 1) Public service: Since the beginning of this year, the government has continued to promote the renovation of old communities to bring business increase to the decoration industry.Renewing the company to open up the old market is expected to add momentum to the decoration business.

2) Property management business: Outward mergers and acquisitions are an important channel for rapid expansion of property management companies. Subsequent companies are expected to continue to add weight to the property management sector through mergers and acquisitions.

3) In terms of operating efficiency: The recently completed expansion of the equity incentive plan, with sufficient incentives for core employees, promotes accelerated order conversion, and promotes continuous improvement in operating efficiency.

Investment suggestion: We predict that the company’s profit will be 2 in 2019-2021.



80,000 yuan, the corresponding EPS is 0.



63 yuan (CAGR of 32% in 2018-2021), corresponding to PE is 22/17/14 times.

The company is vigorously exploring the property market while deepening the main business of decoration. The future growth is worth looking forward to.

Considering that the existing company’s decoration main business is growing faster than its peers and the broad prospects of the property market, the current estimated level of property listed companies and the scarcity of A shares, for the first time, give a “buy” rating.

Risk reminder: real estate growth tends to be serious risks, property management business development is less than expected risks, bad debt risk of accounts receivable, etc.

Ningbo Huaxiang (002048) 2019 Interim Report Comments: Performance Exceeds Expectations

Ningbo Huaxiang (002048) 2019 Interim Report Comments: Performance Exceeds Expectations

Interim profit + 40%, better-than-expected performance, Ningbo Huaxiang achieved revenue of 75 in 2019H1.

500,000 yuan, an increase of 8 every year.

14%, net profit attributable to mother 4.

1.6 billion, an increase of 39 every year.

98%, net profit after returning to mother 4.

4.0 billion, an increase of 49 per year.


Revenue in the second quarter was 38.

26 ppm, an increase of 2 per year.

81%, net profit attributable to mother 2.

97 ppm, an increase of 52 per year.

57%, net profit after deduction to mother 2.

92 ppm, an increase of 72 per year.


The essence of the company’s performance growth lies in: 1) The production capacity of its subsidiary Changchun Huaxiang Thermoforming Line (supporting FAW-Volkswagen); 2) Huaxiang, Germany, turned losses.

The high-yield period has passed, and the gross profit margin of the company’s climbing capacity has increased in the first half of 2019H1.

78%, an increase of 0 every year.

65pct, net interest rate 5.

55%, an increase of 1 each year.

26 points.

Report statutory three fee ratio12.

11%, an increase of 0 every year.

20pct, of which selling expenses cost 3.

03%, increasing by 0 every year.

07 points, management costs 8.

66%, a decrease of 0 every year.

06pct, financial expenses 0.

43%, an increase of 0 every year.


In the second half of the year, Changchun Huaxiang continued to 西安耍耍网 be optimistic about increasing revenue and increasing profits. This year, Changhua Huaxiang, a subsidiary of Ningbo Huaxiang, contributed the main profit increase. Its main business is body metal parts. The core products are car muffler and exhaust system assembly.

In December 2017, the company decided to raise funds by 20.

1 trillion, of which about 11.

US $ 400 million planned investment in thermoforming lightweight projects at the Changchun Huaxiang Qingdao and Foshan plants.

As of now, the subsidiary Changchun Huaxiang has five production bases in Changchun, Foshan, Tianjin, Qingdao, and Chengdu. It is adjacent to the FAW-Volkswagen plant, supporting Bora, A3, Golf, CC, Jetta and other models.Grow cyclically.

From January to June 2019, the subsidiary Changchun Huaxiang, 9 “hot-formed steel” production lines (including 杭州夜生活网 5 raised funds projects) have successively achieved batch production, bringing new profit growth points to the company. In the first half of the year, Changchun Huaxiang soldThe previous growth was 47%, and net profit increased by 249% per year, which is also one of the leaders of listed companies’ overall performance against the market growth.

Risk warning: Changchun Huaxiang’s production capacity climbed less than expected.

Investment suggestion: The bottom product with reversed performance is given a Buy rating.
As the core supplier of FAW-Volkswagen, the company’s subsidiary Changchun Huaxiang is currently in the period of capacity release to increase revenue and expand production. The new cycle of supporting FAW-Volkswagen’s new capacity has grown rapidly, and we expect the EPS in 19/20/21 to be 1.


72 yuan, corresponding to 7 for PE.



4x, with reference to comparable company’s 2020 target range of 15.


2 yuan, it is estimated that the bottom performance reversal target, the first coverage, give a buy rating.

China Satellite (600118) 2018 Annual Report Comments: Performance Exceeds Expectations, Satellite Application Prospects Are Better

China Satellite (600118) 2018 Annual Report Comments: Performance Exceeds Expectations, Satellite Application Prospects Are Better

The company achieved EPS 0 in 2018.

35 yuan, lower than expected performance.

The company’s product delivery was slightly lower than our expectations, and accordingly lowered its EPS forecast for 2019/20 to 0.


42 yuan (previous forecast was 0.


47 yuan), given EPS forecast of 0 in 2021.

46 yuan.

Taking into account the company’s industry level and scientific research institutes’ restructuring expectations, maintaining the “overweight” level, the target price is 30 yuan.

Revenue growth in the fourth quarter, the expected performance was slightly lower than expected.

The company achieved revenue of 75 in 2018.

8.3 billion (2.

68%), net profit attributable to mother 4.

1.8 billion (+1.

96%), achieving EPS 0.

35 yuan, lower than expected performance.

Or due to the rhythm of product delivery, the fourth quarter revenue increased instead.

98%, but at the end of the year, the product increased by 26% in ten years.

The company’s large-scale R & D investment in satellite applications increased R & D expenses by 81%, reduced index revenue led to 73% increase in financial expenses, and increased bad debt provisions increased asset impairment losses by 112%.

With the advancement of space-based systems such as Beidou-3, Hongyan Constellation, and the company’s continued development in the field of satellite applications, the company’s business development prospects are good.

Aerospace manufacturing business: The stability of the small satellite manufacturing leader is expected to bring high-density space launches.

In 2018, the main satellite research and development subsidiary Aerospace Dongfanghong achieved net profit3.

08 million yuan, an increase of 7 in ten years.


In terms 杭州桑拿网 of satellite development, the company successfully launched and successfully launched 30 small / micro satellites in 2018, including the Chang’e-4 relay satellite, the Sino-French ocean satellite, and the first star of the Hongyan constellation.On-orbit satellites work well.

In terms of component manufacturing, the production and delivery of satellite-borne and ship-borne navigation receivers proceeded as scheduled, and power supply products and high-end fasteners completed a number of supporting tasks in the aerospace field.

The number of space launches in 2019 is expected to exceed 30 and more than 50 spacecraft will be launched, and the company is expected to benefit.

Satellite application business: increase research and development and market development, the development prospects continue to improve.

As for satellite application systems, batches of products such as the information chain and “Dongtongtong” antennas have been implemented, and Sinotrans Beidou-3 has completed global user verification and delivery of a small number of navigation terminals.

In terms of satellite application services, more than 30 system projects such as the first phase of Guangdong Ocean Fisheries have been completed, and unmanned aerial vehicles and data link products have been sold. Satellite application services have continued to be extended to smart cities and industrial informatization.

The company’s R & D expenditure in 20182.

6.5 billion US dollars, mainly invested in big data public service platform, satellite emergency communication test system, Beidou three generation technology platform development and other projects.

With the increase of R & D promotion and market development, the company’s satellite application business development is expected to accelerate.

The reform of the Group has been progressing steadily, and asset injection is worth looking forward to.

Aerospace Technology Group was included in the creation of a “world-class” demonstration enterprise. In the future, it will gradually accelerate the progress of the company’s mixed reforms, employee shareholding, and distribution incentives.

As a listed platform for the satellite-related business of the Fifth Academy of Aeronautics, the company has the expected asset injection of related scientific research institutes in the reorganization, and the asset securitization rate will be further improved. It is expected to become an integration platform for the satellite manufacturing and related satellite application business of the Fifth Academy.Then the company’s performance is expected to achieve a significant increase, while competition may further strengthen.

Risk factors: The reform of scientific research institutes is not up to expectations; the expansion of satellite application business is not up to expectations; the asset injection is not up to expectations.

Investment suggestion: The company’s product delivery is slightly lower than our expectation, and the EPS forecast for 2019/20 is accordingly reduced to 0.38/0.

42 yuan (previous forecast was 0.


47 yuan), given EPS forecast of 0 in 2021.

46 yuan.

The current price is 26.

18 yuan, corresponding to 2019/20/21 PE divided into 68/63/57 times.

Taking into account the company’s industry level and scientific research institutes’ restructuring expectations, maintaining the “overweight” level, the target price is 30 yuan (corresponding to 78 times PE estimates in 2019).

How do people block obesity in middle age?


How do people block obesity in middle age?

At the class reunion, the classmates who have not seen for a few years said that Guan Lei was “fat”.

The last class reunion was five years ago. At that time, almost all the students who attended the meeting had different degrees of “horizontal development” compared to the university period. Only Guan Lei’s body shape did not change, but once, Guan Lei wasObviously getting fat, some students also teased: Is it because the scorpion adds baking powder to your food, how can it expand so much?

Another classmate said.

Lian Guanlei’s 鈥減enny鈥?is also fat. It seems that people are not able to escape from 鈥渇ertilizer鈥?in middle age!

銆€銆€Yes, Guan Lei is a lot fatter this year. I don’t want to admit it. The stomach is especially big.

The wife is also continuing: Guan Lei, how do you like a child who is licking a child, the pants change every year!

No, Guan Lei wears pants, 30 yards the year before, 31 yards last year, 33 yards this year, the average is more than one yard per year.

銆€銆€Guan Lei didn’t know when he started, and he didn’t know how to get fat. The wife immediately pointed his finger at Guan Lei’s nightingale and immediately gave instructions: Don’t eat nightingale.

Guan Lei thinks that his wife’s idea is arbitrary and unobtrusive. It is a prejudice against the nightingale.

銆€銆€Guan Lei’s habit of eating supper was cultivated from college.

Three or five confidants, a round table, beer bubbling, fried tofu outside crispy, peanuts full of grain . Of course, the highlights of the nightingale, mainly the boys’ unrestrained laughter and the night when the wine isThe voice of pouring. This constitutes Guan Lei’s most beautiful memory of life, so that he can’t sleep without eating anything before going to bed every day, even affecting his ideal of being a family: looking for a wife who also loves the nightingale!

The two of them brought the wine to the wind and thought about the future in the smell of peanuts. It is not beautiful, right?

銆€銆€Mei Lei has always felt that the requirements of graduates are not high, but they have repeatedly hit the wall in reality.

Whether it is a full-bodied crush or a slim figure, the attitude toward the nightingale is strikingly consistent: eating supper is easy to gain weight, can not eat!

銆€銆€In the end, Guan Lei couldn’t find Ken Tiantian to accompany him to eat the nightingale. He had to find a Kentian night to give him a snack. Sometimes he also cooked a small dish for him. He added pork red soup to the onion cake, white cut beef with peanuts.Mi’s wife.

His wife’s cooking skills are quite good, and Guan Lei shook his head.

From time to time, he recruited a few iron buddies from the unit on the weekend, and watched the football game at the delicious nightingale in the middle of the night. It was a great pleasure in life!

銆€銆€Once the wife’s 鈥渃urfew鈥?order is implemented, can this wonderful time only be savoured?

No, Guan Lei was very upset and protested: “I used to eat the same before, how can I not get fat?

“At that time, you are young, metabolism is fast, you can be 36 years old this year!”

“Guan Lei moved out another reason: dinner time is 7 o’clock, until the next morning at 8 o’clock in the morning to have breakfast, this interval is nearly 13 hours, how to do it without eating something!”

Under his “reasonable argument”, his wife relaxed the policy, like Beijing’s attitude toward fireworks – “forbidden to change the limit.”

However, it is still absolutely forbidden to fry, fry, roast, wax and other nightingales, only to eat some light taste, such as black rice porridge, boiled radish. Guan Lei lamented: once again, it is not good, but also to get bowl of braised beefInstant noodles plus two ham sausages!

What makes him sad is that the two doors have passed, and this night is limited to a limit, but his weight is not light.

He wants to know, is it true that when people reach middle age, they can’t escape a fat?

銆€銆€The doctor commented: “Middle-aged blessing” is indeed a relatively common phenomenon.

There are many reasons for this, and it is difficult to boil down to a certain factor.

To analyze the reason for “middle-aged blessing”, we must first talk about the cause of obesity. In addition to pathological obesity, simple obesity is broken down with the simplest words. Then, the absorption is too much, and the excess is converted to aunt., thus forming too much.

銆€銆€There are many reasons for the “middle-aged blessing”. There are biological reasons, that is, after 30 years of age (also known as the 25-year-old literature), the metabolic rate gradually decreases, that is, the reduction required for life-sustaining activities.

But more is the reason for sociology. I have summarized it a few times here. You don’t hinder the reference and see if you have a similar situation.


After entering middle age, life is usually more comfortable, physical labor is reduced when younger, and the personality tends to be rational and calm, and the face is more serious. For example, the speed of walking slows down, the speech rate slows down, and it is not easy to be excited.A decrease in interest or a reluctance to show up, causing a reduction in consumption.


After entering middle age, work and life have a certain foundation, the military physical work is enough, for example: it is a staff member, often need to run errands, after a few years of hard work, become a section chief, more time to stay in the office;The hard seat can only stand still, and now you can sleep in a sleeper or even a soft sleeper; the original often travels outside, regardless of the heat and cold, and now stays in the air-conditioned room all day, all of which consume less human body.


After entering middle age, overall, the pressure is younger when you are younger. When you are young, you have the test, the entrance to school, the graduation, the pressure to find a job, and you have to go all out. In middle age, most of the work is stable, and the pressure is of course.But the nature is different.

If you are dealing with the promotion, some people may look at it and think it is a matter of time.

Even if it doesn’t rise, it doesn’t matter much. This kind of pressure is obviously lighter than when it is younger, and the consumption is naturally reduced.銆€銆€4.

After entering middle age.

With the improvement of economic conditions, the work foundation is solid, the living standard is gradually improved, and the entertainment is increasing. As a result, the displacements that are often replaced are constantly increasing.

銆€銆€The above is just a simple analysis. It is enough to confirm that after entering middle age, there is a problem that the dose consumption is reduced and the increase is replaced, so this period is easy to be obese.

At this time, it is not easy to lose weight. Therefore, it is not only necessary to lose frying, frying, roasting and other greasy foods, but also to reduce the total amount of conversion, especially before going to bed to try not to eat or eat less nightingale.

Night metabolism slows down, and the absorption of the absorption is more easily converted into a small amount of storage.

Great summer health diet recommended


Great summer health diet recommended


Rice red bean porridge: 50 grams of glutinous rice, 25 grams of red beans, both washed and put into the pot, add appropriate amount of water to soak for 3-4 hours, cook until cooked, cool and eat.

This porridge has the effect of clearing heat, diuresis and detoxification.

Frequent urination, urgency, and dysuria can be eaten regularly.


Lotus leaf winter melon soup: fresh lotus leaves (washed, chopped), fresh melon 500 grams, add water soup, seasoning with salt, drink soup to eat melon.

It has the effects of clearing heat and relieving heat, diuretic dehumidification, and thirst, especially suitable for summer thirst, cough, phlegm and yellow thick, less urine, yellow color, and oral ulcers.


Bitter melon lean broth: 200 grams of fresh bitter gourd, go to simmer, 100 grams of lean pork, diced.

Add the appropriate amount of boiled soup to the casserole.

After cooking, add some salt to taste.

It can clear away heat and heat, clearing eyes and detoxifying, especially suitable for polydipsia caused by heat, gum swelling and pain, and excessive secretion of eyes.


Mung bean pumpkin soup: 50 grams of mung beans, 500 grams of old pumpkin, similar to salt.

Wash the mung bean water, add salt instead of water (3 grams), mix well, marinate for a few minutes, rinse with water.

Peel the pumpkin, wash it with water, cut into 2 cm square pieces for use.

Add 500 ml of water to the pot. After boiling, first boil the green beans for 2 minutes, pour in cold water, boil, add the pumpkin to the pan, cover the lid, and boil for about 30 minutes with simmer until the mung bean blooms and add some salt.Season it.

It has the functions of clearing heat, detoxifying, diuresis, and promoting vital energy.

Three types of people should not do liposuction


Three types of people should not do liposuction

“Slimming” is an eternal topic for women, and the method of losing weight is endless. Liposuction is a relatively advanced method of weight loss.

The relevant experts pointed out that three types of people should not do liposuction to lose weight.

銆€銆€According to experts from Beijing Mengniyhuang Shuanghua Hospital Plastic Surgery Center, the three types of people who are not suitable for liposuction and weight loss surgery are: people with high blood pressure, high blood pressure, diabetes and blood dysfunction; due to endocrine excess or some degreeDisease-induced obesity caused by disease; children under the age of 18, physical development is not perfect, the number of accidental body is not constant, if blind liposuction, it is easy to rebound, it will destroy the child’s growth cycle and endanger health.

銆€銆€It is understood that when exercise therapy, drug therapy, growth therapy and other traditional weight loss techniques are not very effective, in the early 1980s, French beauty doctors proposed a “liposuction diet.”

At present, this method of weight loss is prevalent in Europe and the United States with its special effects, so it has also been introduced.

Liposuction and weight loss have become the new favorite of the obese family because of its short operation time, no pain, quick effect, and difficulty in rebounding.

However, many people are less fat-minded, and when they know little about liposuction, they can find a beauty salon to do liposuction. The result is not only the expected results, but also the unevenness of the wounds, skin necrosis, infection.Complications, etc., cause damage to health.

Experts say that liposuction and weight loss surgery is done well, the key is to look at the balance between equipment, operator technology and the amount of liposuction.

Experts suggest that consumers should carefully consider the hardware technology and personnel quality of the institution when doing liposuction and weight loss surgery. Otherwise, blindly doing liposuction surgery is indeed dangerous.

銆€銆€Experts also remind consumers that a small amount of human beings exists between the skin and the muscles, and the effect of excessively thin or blindly sucking unfortunately is unfavorable to the human body. Liposuction and weight loss surgery are limited to subcutaneous mast cells.The adult layer can actually be reduced to one-fifth of the original adult population to achieve slimming effect.

Before liposuction, the doctor will perform an ultrasound scan on the person who comes to the liposuction, so that the person’s microlayer thickness can be clearly displayed on the screen if it can be used for liposuction.

Generally speaking, if the adult layer is within 2 cm, it is not necessary and can not be used for liposuction, if it is 3.


5 cm, then it is necessary to perform surgery.