Gree Electric (000651): Mixed Reform Program Landed, New Journey Begins

Gree Electric (000651): “Mixed Reform” Program Landed, New Journey Begins

Event: Gree Electric announced an announcement that Gree Group and Zhuhai Mingjun, a subsidiary of Gaofeng Capital, formally signed the “Equity Transfer Agreement”, and Gree Electric will be held by Gree.

2 billion shares (accounting for 15 of Gree’s total share capital).

00%) to a total amount of 416.

Transferred to Zhuhai Mingjun for $ 6.2 billion.

After this change in equity, the top three shareholders of the listed company except for the Stock Connect are Zhuhai Mingjun’s shares.

00%, Hebei Haitan holds 8 shares.

91%, Gree Group holds 3.

twenty two%.

The transfer price is as expected: According to the transaction plan, the transfer price is 46.

17 yuan / share, slightly higher than the democratically announced 44.

The base price of 17 yuan / share, prior to the close of last Friday, is 57.

71 yuan discount 20.


Primary entity invests in Zhuhai Mingjun: The current leader of Gree Electric Appliances directly holds Zhuhai Mingjun as an LP through GZ Investment (share entity).

3794% of the shares, and at the same time, according to the agreement, Zhuhai Botao will reset its holdings of approximately 4% of the total funds subscribed by Zhuhai Mingjun.

7236% of the shares were transferred to the entity, that is, to join the total entity to hold Zhuhai Mingjun11.

10% stake.

Gezhen Investment has one-third of the seats on the board of Zhuhai Mingjun’s GP shareholder, Zhuhai Yuxiu, and has a veto power in some important decisions.

Leaders’ incentives and dividends are worth looking forward to: Zhuhai Mingjun promises to keep Gree Electric’s operation and management team stable within the scope of its authority. After the transaction is completed, Gree Electric will promote the recognition of the number of entities and backbone employees not exceeding 4% of the shares of Gree Electric.Incentive plan.

Regarding dividends, Zhuhai Mingjun promises to actively exercise shareholders ‘voting rights or make its appointed directors exercise voting rights on the board of directors in the shareholders’ general meeting of listed companies involving dividends, so as to try their best to gradually increase the company’s annual net profit dividend ratio to not less than 50%.
The short-term pressure of the air-conditioning industry is barrier-free: For Gree’s recent capital market share due to profit-promoting sales, we believe that in the small years of air-conditioning, leading companies will gradually squeeze the share of tail brands in exchange for price, and this year’s cost bonus is alsoGree’s new round of promotions provided space.

Historical experience shows that the share of leading 武汉夜生活网 enterprises in the small years will become the basis for profitable years.

For 2020, we expect the completion and delivery of new homes to improve, and end-use demand pressures are managed to ease.

Investment suggestion: Equity transfer is the beginning of Gree’s new journey. We look forward to the new shareholders will bring improvements to corporate governance, which can promote transformation in the long run.

Expected company 2019?
EPS is divided into 4 in 2021.



46 yuan; maintain Buy-A investment rating, 6-month target price of 70.

0 yuan, equivalent to 14 times the dynamic price-earnings ratio in 2020.

Risk reminder: the reduction of the trading plan; the actual downside exceeds expectations, and the risk of a worsening foreign trade environment.

I Love My Family (000560): Revenue, Profits Slightly Increase Capital Management Business Meets Layout Adjustment

I Love My Family (000560): Revenue, Profits Slightly Increase Capital Management Business Meets Layout Adjustment

The company released its 2019 interim report, which reported operating income of 56.

79 ppm, a six-year increase of 6.

55%, net profit attributable to mothers3.

81 ppm, an increase of 15 in ten years.

88%, net profit attributable to mothers after excluding non-recurring gains and losses.

54 ppm, a five-year increase of 5.

19%; gross profit margin 29.

96%, a decrease of 2 over the same period last year.


Maintain the basic market, the performance of the brokerage business is stable.

In the first half of the year, the second-hand housing market in most of the first- and second-tier cities showed a certain recovery index. The market showed a “front-to-back and low-to-back” trend. The company seized the opportunity and realized real estate brokerage business income in the first half of the year.

79 ppm, an increase of 13 in ten years.

80%, a total of 5.

The transaction volume of 30,000 orders, the unit price of customers, and per capita energy efficiency have both improved; the reported gross profit margin of the first-class brokerage business was 26.

98%, a decrease of 1 from the same period last year.

36 points.

Affected by the market downturn, the new house business realized income in the first half of the year.

5.1 billion, down slightly 4 previously.

55%, gross margin is 27.

72%, a decrease of 4 over the same period last year.

99 units.

Focusing on operational turnover efficiency, the asset management business actively adjusted its layout.

As of the end of June, the number of condominium brands belonging to the company was 29.

240,000 units, a decrease of approximately 10,000 units compared to the end of 2018 without increasing the size of the tube, which is mainly due to the company’s initiative to reduce the size of the tube in the area of declining rental demand and the area of rental decline, and reduce its own non-performing inventory.

While the scale of 无锡桑拿网 management declined, the company’s asset management business recorded revenue8.

61 ppm, a six-year increase of 6.

20%, gross margin 26.

14%, down 6 from the same period last year.

93pct, the national average occupancy rate is 94.

7%, vacancy period 9.

For 7 days, it still maintained the industry-leading level.

Improve the layout of the industrial chain and enable technology to improve operational efficiency.

In the first half of the year, the company completed the acquisition of Blue Ocean Shopping, and value-added shares in Shanghai Yiwu, and reached a strategic cooperation with Suning Youfang to complement the industrial chain and improve the efficiency of brokers and the buyer experience through the Internet.

In addition, the company’s big data project landed in Changsha, and strives to make a breakthrough in the Internet era.

Maintain the company’s overweight rating. It is expected that the EPS in 2019, 2020 and 2021 will be 0.

33, 0.

37, 0.

42 yuan, the corresponding PE is 13.6, 12.

0, 10.

7 times; risk warning: real estate market exceeds expectations, capital management business leasing rate, vacancy period is less than expected

Donggang Shares (002117): Donggang Ruiyun’s proposed shareholding system reform slightly sets the foundation for archival business development

Donggang Shares (002117): Donggang Ruiyun’s proposed shareholding system reform slightly sets the foundation for archival business development

[Event]Donggang Ruiyun, a subsidiary of Donggang Co., Ltd., plans to restructure the company and form a joint stock company.

The purpose of the shareholding system restructuring is: 1) when the separate listing conditions are met, apply for separate listing and financing on the share capital, and priority is given to applying for listing on the science and technology board; 2) through the shareholding system reform, to further improve the corporate governance structure.

[Comments]1) The shareholding reform will expand Donggang Ruiyun’s financing channels.

Donggang Ruiyun is mainly engaged in archival storage and electronic business. The shareholding system can be adjusted to take full advantage of new capital market policies. If the science and technology board is successfully listed, it will help expand Donggang Ruiyun’s financing channels 武汉夜网论坛 and provide financial support for the development and expansion of archives business.Donggang provides performance flexibility.

2) Donggang Ruiyun’s file storage business has developed rapidly.

Donggang’s file storage business customers continued to increase, with revenue growing by 67 per year in 18 years.


①In terms of industry, digital storage expansion of archives can reduce storage costs and risks, and improve accessibility (more than 85% of the world’s top 500 archives).

With the promotion of budget policies and the increase in customer expectations, the archive storage industry has a vast space and is still in the blue ocean.

② From the perspective of the company, Donggang Ruiyun, as a high-level enterprise, has fully benefited from industry dividends.

The company can extend the service chain of traditional printing customers, and can also use the accumulated credit of winning large projects to attract 西安耍耍网 new customers.

In addition, the company developed an archive cloud platform for small, medium and micro enterprises, and piloted it to more than 20,000 enterprises in the Beijing Development Zone.

③ On the profit side, through continuous expansion of the customer base, the company will increase capacity utilization (currently only 30%) and optimize costs.

3) Highlights in the future: ①Main business of printing: Benefit from customer expansion + product upgrades, the revenue side is expected to increase steadily, and some 18Q4 orders are postponed to be confirmed. It is expected that 19Q1 revenue will improve, and the profit side will benefit from the decline in previous paper prices.
② New business: Smart cards continue to be invested in the market on a large scale, and electronic bills are the general trend. Donggang Fatli Blockchain electronic bills are expected to achieve heavy volume of revenue, and the release of lottery sales terminals will accelerate.

Investment rating: We estimate Donggang’s net profit for 2019-2021 3.



990,000 yuan, corresponding to PE of 25.



5 times.

The traditional main business is stable, new business contribution flexibility, dividend reorganization, shareholding system restructuring expectations boost estimates, and maintain a highly recommended level.

Risk warning: Bill printing industry shrinks sharply, new business launches fall short of expectations

CITIC Securities (600030) 2019 Third Quarterly Report Review: Hyundai Investment Bank Approved for M & A, Improved Wealth Management Layout

CITIC Securities (600030) 2019 Third Quarterly Report Review: Hyundai Investment Bank Approved for M & A, Improved Wealth Management Layout

[Event]CITIC Securities announced in the third quarter of 2019 that it realized operating income of 32.8 billion U.S. dollars, every + 20%; realized net profit attributable to its mother of 10.5 billion U.S. dollars, at least + 44%, with an average ROE6.

68%, an increase of 1 each year.

9 digits, BVPS13.

21 yuan a year + 5%; Q3 revenue in a single quarter was Q2-3% month-on-month, and net profit attributable to the mother was + 86% month-on-month, mainly benefiting from the negative reverse of the fair value and the improvement of investment bank underwriting income.

  Long-term income: According to the company’s third quarter report, self-operated business income, investment banking net income increased by +89% / + 23% per year, some intermediate reports increased, credit business income increased by -7%, expenditure -5%, net income-14%, brokerage / asset management business net income of -2% /-1% per annum, narrowing the decline in cited interim reports; in terms of structure, the proportion of self-operated income increased by 19 instead of 42%, ranking first in all businesses, investment bankThe business increased by 2 replacements to 11% each year, and the remaining businesses accounted for more than the replaced ones, and the brokerage business accounted for more than -4% to 17%.

  Single-quarter revenue quarter-on-quarter: According to the company’s third quarter report and interim report, the self-operated business revenue single quarter quarter-on-quarter + 95%, in which the gains and losses from changes in fair value became negative, + 139% quarter-on-quarter, and investment income + 13%; investment bank business income+ 44% MoM, fair underwriting income improved; asset management, brokerage net income + 5% / + 3% MoM; indexed net income -52% MoM, mainly from income -5% MoM and spending + 9% MoM, expectedAffected by the increase in the size of bonds payable.

  Cost structure: The operating cost ratio decreased by 9 percentage points, and each increase in operating expenses + 4%, mainly due to a slight increase in business and management fees, + 7% per year, and credit business impairment losses7.

2.5 billion, -41% per year, in terms of business lines: leading securities firms’ investment market advantages continue to be prominent, and revenue has gradually improved.

According to wind statistics, as of the third quarter of 2019, the company’s IPO / refinancing / bond underwriting market share was 19% / 16% / 4 respectively.

4%, ten years + 10% / + 4% / -0.

2%, IPO, refinancing underwriting income +127% / + 67%, third quarter quarter + 117% / + 42%, in terms of science and technology board, the company currently involved 15 projects, has completed the issue of 8 companies, wind speedAccording to statistics, CITIC Securities’ strategic investment placements have been allocated 6 times. We believe that the capital market reform represented by the science and technology board will continue to advance. The GEM and NEEQ companies will continue to improve their financing environment. M & A and restructuring supporting financing will be liberalized. CITIC as a leaderInvestment banking, underwriting, and financial consulting services will continue to benefit.

  The fair value of self-operating performance improved month-on-month, and reductions in shareholdings are expected to increase investment income.

1) In terms of financial assets, 19Q3 transactional financial assets were + 10% MoM and FVTOCI was -14% MoM, of which other equity instruments accounted for +4 MoM.

6%; 2) Investment income obtained from the disposal of financial assets continued to improve. On October 14, the company reduced its holdings of construction investment to 0.

5774% of shares, and subsequent reduction of holdings is expected to further increase investment income; fair value has narrowed from negative to sequential changes. It is expected to benefit from private equity and science and technology boards and investment surpluses. According to wind speed statistics, CITIC Securities’ strategic investment placements have been approved as of Q3.Floating profit is about 2.

5 billion.

  The credit impairment provision was improved, and the acquisition of Guangzheng passed smoothly.

The termination of 都市夜网 the repurchase of financial assets of the company in 19Q3 was 65.8 billion yuan, approximately 2% at the end of 18 years, and credit impairment losses7.

25 trillion, 41% a year, Q3 accrued 200 million in a single quarter, Q2-62% QoQ; the company plans to issue 7.

900 million shares, acquired 100% equity of Guangzhou Securities at a consideration of 13.4 billion, was unconditionally approved by the merger and reorganization committee on October 30, the company’s wealth management layout is more complete, and the internal and external comprehensive strength is enhanced.

  Investment suggestion: Continue to be optimistic about the continuous advancement of capital market reforms. As a leading brokerage company, the company will be comprehensively upgraded. It is expected that the company will continue to benefit from the promotion of science and technology board, mergers and acquisitions and restructuring, and gradually improve investment banking and private equity businesses.Impairment accrual shortened and improved. We expect the growth rate of net profit attributable to mothers to increase by + 49% / + 11% / + 11% in 2019/2020/2021 (previous value + 28% / + 17% / + 16%), correspondingEPS1.



33 yuan, BVPS13.



41 yuan.

  Risk warning: company acquisitions, reductions in progress are expected, major changes are expected, the secondary market continues to be depressed, and financial supervision has changed beyond expectations.

Recommended for summer health recipes


Recommended for summer health recipes

At the festival, it is good to eat hot and sour products such as white fungus, lily, lotus seeds, honey, yellow croaker, scallops, kelp, jellyfish, celery, spinach, glutinous rice, sesame, beans and milk.

浠ヤ笅鏄弬鑰冮璋憋細銆€銆€鑺濋夯鑿犺彍锛氥€€銆€[閰嶆枡]椴滆彔鑿?00鍏嬶紝鐔熻姖楹?5鍏嬶紝鐩愩€侀娌广€佸懗绮惧悇閫傞噺銆傘€€銆€[Practice]Wash the spinach to the roots, boil it in a boiling water pot, remove it and immerse it in cold water, remove the lymph water after cooling, cut into sections, put in the dish, add salt, monosodium glutamate, sesame oil, stir evenly, thenSprinkle the sesame on the spinach.

銆€銆€[Effect]Bugan Yishen, open chest and moistening.

銆€銆€闈掓鎷岃眴鑵愶細銆€銆€[閰嶆枡]璞嗚厫1鍧楋紝闈掓3涓紝棣欒彍10鍏嬶紝棣欐补銆佺洂銆佸懗绮惧悇閫傞噺銆傘€€銆€[Practice]Tofu is boiled with boiling water, and it is taken out to cool and cut into 1 cm square.

Green peppers are boiled in boiling water, chopped, and parsley is minced.

Stir the tofu, green pepper, coriander and sesame oil, salt, monosodium glutamate, etc. into the dish.

銆€銆€[Efficacy]Yiqi wide, Shengjin Runzao, Qingrejiedu.

It is especially suitable for people whose appetite is not open and their appetite is not good.

銆€銆€鐧惧悎鑾插瓙姹わ細銆€銆€[閰嶆枡]骞茬櫨鍚?00鍏嬶紝骞茶幉瀛?5鍏嬶紝鍐扮硸75鍏嬨€傘€€銆€[Practice]After the lily is soaked in water for a night, rinse it off.

Soak the lotus seeds for 4 hours and rinse off.

Put the lily and lotus seeds in the water pot. After the fire is boiled, add the rock sugar and cook for 40 minutes.

銆€銆€[Efficacy]soothe the nerves, spleen and stomach.

銆€銆€鐧惧悎鑴細銆€銆€[閰嶆枡]鐢熺櫨鍚?0鍏嬶紝铚傝湝2姹ゅ嫼銆傘€€銆€[Practice]Wash the lily water into a bowl, pour the honey, steam in a steamer for 30 minutes, or dry or air dry.

Take it seven times before going to bed.

銆€銆€[Efficacy]Clear heart and soothe the nerves.

Have restless sleep, convulsions and easy to wake up.

Cassia, Ume slimming tea


Cassia, Ume slimming tea

I don’t know how to do it. I said that fat is a fat circle. I usually don’t eat too fat things. Now I am fat, really depressed.

銆€銆€Now it is said that it is 70 kilograms, and it is full of meat. In order to lose weight, I have used all the tricks. Eat less, drink more water, run sports, every time I am tired and half silk, it feels like this will be fat, as the saying goesIf people want to be fat, and cold water will be fat, I have to continue to treat myself evil.

銆€銆€Later, I went to buy diet pills to eat. I just lost two pounds after eating for two days. It’s really ecstatic. I’m calculating, I’m a pound a day, ten days thin and ten pounds, I can wear tight clothes soon.I became a beautiful woman, thinking about myself.

銆€銆€After half a month, I fell ill. The reason is very simple. I want to be quicker and eat less, which leads to stomach problems. I almost didn’t hurt me. I stayed in the hospital for half a month. When I got better, my weight went up again.It was 69 kilograms, and I also lost one kilogram. I was depressed and inadvertently saw a good way to lose weight in Beijing 7 Station. I sorted out and shared it with everyone: 1. Raw materials: Cassia, Ume, Hawthorn,Winter melon skin 2, 20 grams of the above materials are placed in the pot, then put 2 bowls of water to boil, probably cooked for more than half an hour.

銆€銆€3, boiled and poured into the cup, if it is sour, put two rock sugar, drink two cups a week, long-term use can achieve weight loss.

銆€銆€Note: People who have a bad stomach should not try it. Cassia, Ume, and Hawthorn can be bought at pharmacies.

銆€銆€So I started my weight loss journey again, but fortunately, I am really losing too much now. If there is hope, my friends will try it out. It will be slim down, so good!







Even the fat three-plate axe


Even the fat three-plate axe

Intro: After the red May toss, hot June torment; a few days ago, I accidentally found that my belt slipped to the last buckle, but also slipped inside, just slipped in a little, and then retracted a little, repeatedly tossingLater, I finally realized that it turned out to be shrinking again; two words flashed in my mind: gaining weight.

銆€銆€Immediately formulated a careful and simple plan to increase fat: the central idea is to “eat”, “sleep” should also be put on the agenda, but in the current situation, it is difficult to implement, “eat” is easier to do, hehe!

From there, the idea of “eat” can’t help but appear in the gaps of all my thoughts; there must be a corrupt party, and one or two can eat two or two; eat a hamburger, add a chicken roll, thenClose your eyes and read two spells of digestion, drink a bite of juice, and then simmer two chicken wings; Breakfast: eggs, yogurt, corn intestines; eggs with fresh earth eggs, in order to maintain the most complete nutrition, cook eight minutes cookedEgg; yogurt instead of Mengniu breakfast milk, sour and sweet is not me, haha!

Corn intestines, the specific name is not known, the date of selection is the most recent; breakfast is done, absolutely more than the pancakes from the roadside pancake stalls, clean, efficient, nutritious; who eats who knows; my slogan is:Fat, start from breakfast!

Chinese food: The quality of lunch is worse every day. Therefore, in order to maintain a high appetite, before eating, you must have a hungry heart, only a hungry heart, do not account for the quality of the box lunch; keep the temperature highThe method of the heart is: leave the seat before the meal, smash out the window, or watch others eat first, or chat again in the day to eat; in short, to create all possible conditions, eat the box of good quality and bad things;The second trick of fat; dinner: after a normal break; at night, borrow the method provided by Aries: add food with Harbin sausage!

He said that he was so fattened.


Looking at his fat body, I did not hesitate to regard his words as a golden saying; but, on this basis, I made a simple innovation: eating a hawthorn pill, used for appetizing, promotingAppetite; this is the third measure to gain weight; At this point, the three fat axe are all used up, just wait for the time, persevere, to see the effect.

Health, I work hard; gain weight, I never give up; haha!

銆€銆€Only such documents are for the thin friends who are struggling to gain the edge of fattening, and share with everyone!