Changan Automobile (000625): Lincoln adventurer sells Ford into luxury market

Changan Automobile (000625): Lincoln adventurer sells Ford into luxury market
Key Investment Events: On December 27, 2019, Changan Ford’s Lincoln brand ‘s first domestic aircraft adventurer officially launched pre-sale, offering three two-wheel-drive aircraft, two four-wheel-drive aircraft, and a pricing range of 24.80-35.One million yuan is expected to be listed in the first quarter of 2020, which is expected to boost Changan Ford sales.  Lincoln’s first domestic SUV started pre-sale, and sales performance is worth looking forward to.As the Changan Ford Lincoln brand’s first 北京桑拿洗浴保健 domestic SUV model, the adventurer has excellent design and configuration in terms of appearance, interior, power and configuration.The appearance follows the Lincoln family language. The China Net adopts a woven mesh design; the power configuration is bright and the entire system is equipped.0T high-power engine + 8AT gearbox; the vehicle is equipped with domestic exclusive 12.8-inch central control LCD touch screen, and SYNC + Zhixing interconnection system; quietness comes standard with ANC active noise reduction system, 22 acoustic packages, Michelin Primacy SUV silent tires and other configurations.  The appearance is beautiful, the interior is beautiful, the power is strong, and the cost performance is relatively high compared to competing products.The Lincoln Adventurer is more powerful than the luxury SUVs of the same class, with a maximum engine power of 180kW and a maximum of 390Nm.The interior has undergone a huge upgrade, with a suspended center console and 12.The 8-inch central control large screen is standard equipped with ANC active noise reduction, door password opening, welcome induction system, front seat heating, 9-speaker audio and other luxurious configurations, with a minimum cost of 24.80,000 vehicles, with outstanding cost performance, is expected to continue to seize the market share of luxury entry-level SUVs in the future.  A breakthrough initial fulfillment, with a strong autonomy + Ford cycle, maintaining the level of “prudent increase in holdings”.With the pre-sale of Lincoln’s first domestic SUV adventurer, the listing of Changfu Ruiji, and the continuous introduction of Lincoln models, Changan Ford’s sales and profits are expected to continue to improve.Overlapping new models such as the independent brands CS75plus and CS55plus continue to sell well, as well as the mixed reform and divestiture of the replacement business.We expect 杭州桑拿网 the company’s net profit attributable to its parent to be -11 in 2019-2021.6/21.8/45.90,000 yuan, maintaining the level of “prudent increase”.  Risk reminder: Ford’s new car sales are not good, and the profit margin of the independent brand is lower than expected

Baby-friendly Room (603214) 2019 Third Quarterly Report Review: Profitability Continued to Improve Performance A little bit More Than Expected

Baby-friendly Room (603214) 2019 Third Quarterly Report Review: Profitability Continued to Improve Performance A little bit More Than Expected

Revenue grew steadily, and the performance slightly exceeded expectations. The company achieved operating income in the first three quarters.

41 ppm, an increase of 14 in ten years.

52%; net profit attributable to mother 0.

8.7 billion, an annual increase of 32.

95%, net profit after deduction is 0.

73 ppm, an increase of 33 in ten years.


In the third quarter of 19, the company achieved operating income5.

62 ppm, an increase of 11 in ten years.

68%; net profit attributable to mother 0.

25 ppm, an increase of 49 in ten years.

46%, net profit after deduction is 0.

22 ppm, an increase of 56 in ten years.


The company’s performance was slightly higher than expected, mainly due to the increase in gross profit margin and overall profitability.

Gross profit margin continued to increase, profitability increased 19Q3 The company’s gross profit margin was 30.

97%, an increase of 3 per year.

85 pct; gross profit margin of milk powder increased by 3.

59pct with action circuit breaker.

Increase in total expense ratio by 2.

45pct, of which the selling expense ratio is 21.

32%, rising by 1 every year.

19 points; management expense ratio 4.

10%, increase by 2 every year.

01pct; financial expense ratio -0.

50%, a decline of 0 every year.

75 points.

The net interest rate is 4.

80%, increase by 1 every year.

19 points.

21 new stores opened in 3Q, in line with expectations. 21 new stores opened in 3Q19, 39 new stores opened in 1Q-3Q, 14 closed, and 25 stores opened.

Among them, Fujian, Chongqing and other new districts and sub-new districts opened 3Q stores in 3 and 2 respectively.

As of 3Q19, the company has a total of 266 directly operated stores.

33 stores have been signed for opening.

E-commerce + private brand exploration speeded up 19H1, and the company’s e-commerce platform achieved 0 sales revenue.

32 trillion, accounting for 2 of operating income.

68%, revenue increased by 87.
11%, the company’s target APP sales reached 1 billion.
19H1, the company’s own brand merchandise sales1.

0.9 billion, accounting for 9% of merchandise sales.

82%, an increase of 36 per year.


The risk reminds the company that the same store growth rate reduces the risk; the country’s population increase 北京夜生活网 will increase.

Regional mother-to-child chain leader, maintaining “overweight” rating company is the regional mother-to-child chain leader in East China, establishing key regional breakthrough strategies in East China, Sichuan and Chongqing, and South China.

The company’s expansion has accelerated in recent years, and it is expected to open 300 stores in the next three years.

The company seeks opportunities in the industry chain for mergers and acquisitions and intends to make a breakthrough in the field of maternal and infant services.

We maintain our profit forecast and expect net profit for 2019-211.



51 ppm, CAGR 25 revenue / profit 2019-2021.


95%, maintaining a reasonable estimate of 44.


65 yuan (corresponding to 2020PE 23-25X), maintaining the “overweight” level.

Changchun High-tech (000661): 19Q3 performance surpasses market expectations growth hormone sales continue to grow

Changchun High-tech (000661): 19Q3 performance surpasses market expectations growth hormone sales continue to grow
Event: The company’s third quarter of 19 reported that net profit attributable to mothers increased by 47 year by year.93%.Changchun High-tech released the third quarter report of 19, and achieved operating income of 54.44 ppm, an increase of 31 in ten years.50%; net profit attributable to mother 12.410,000 yuan, an increase of 47 in ten years.93%; deducted non-attributed net profit 12.32 ppm, an increase of 50 in ten years.61%.The company achieved operating income of 20 in the single quarter of 19Q3.52 ppm, a 47-year increase of 47.59%; net profit attributable to mother 5.140,000 yuan, an increase of 76 in ten years.82%; net profit of non-attributed mothers 5.1.3 billion, an increase of 69 in ten years.56%.The company’s performance exceeded market expectations. The performance of pharmaceutical companies grew strongly, and the expense ratio was well controlled during the period.The company’s first three quarters of results achieved rapid growth, mainly due to the rapid growth of pharmaceutical companies ‘income and the increase in settlement of real estate development projects, of which pharmaceutical companies’ income increased by 30.99%, net profit is increasing by 49 per year.58%, contributing the company’s main profit.The company’s period expense ratio is well controlled, which was 44 in the first three quarters.54% (-3.55pct), with a sales expense ratio of 35.14% (-1.42 points), management expense ratio 4.93% (-0.43pct), R & D expense ratio 4.99% (-1.32pct), financial expense ratio -0.52% (-0.39pct).With the rapid growth of pharmaceutical companies’ income, the company’s accounts receivable increased to 11.1.3 billion, an earlier increase of 53.37%; However, benefiting from the net increase in real estate project demolition and removal funds, the reduction of project payments, the company’s net cash flow from operating activities improved significantly, reaching 15.76 ppm, an increase of 423 in ten years.twenty one%. The gold record continues to grow at a high rate, and the share swap is expected to be officially approved in advance.According to the company announcement, we expect that the revenue growth rate of Jinsai Pharmaceutical in the first three quarters is expected to reach more than 45%, and the net profit growth rate is more than 60%; the third quarter is the peak season for growth hormone sales, and the company will still achieve high speed on the basis of last year’s high base.The growth rate is expected to increase by about 60% in the single quarter in 19Q3 and the profit growth rate should be over 80%.Taking into account the announcement that the number of new patients in Jinsai Pharmaceuticals continues to increase, meanwhile, the average medication time of overlapping patients is prolonged, and the proportion of long-acting water injections is increased. Jinsai Pharmaceuticals ‘efforts in the next 2-3 years will continue to strive to maintain rapid growth.In September 19, the company announced that, after review by the M & A and Reorganization Committee’s working meeting, the company issued shares and convertible bonds to purchase assets and raise supporting funds and related transactions were conditionally approved. The M & A and Reorganization Committee required the company to provide additional disclosure to Jinsai PharmaceuticalCustomer inspections under the growth hormone direct sales model.At present, the company has completed the supplementation of relevant materials. It is expected that the Jinsai share exchange is expected to be officially approved in the near future, and it is expected to complete the Jinsai Pharmaceutical 99 within the year.The 5% equity ratio is consolidated.After the completion of Jinsai 杭州桑拿 Pharmaceutical’s stock exchange, it will gradually increase the profit of the company, and it is also expected to bring about a further increase in the company’s expected level. The single quarter improvement of the vaccine business is obvious, and the nasal spray vaccine is about to be approved for listing.According to the company announcement, we expect that the revenue and net profit of Baike Biotech in the first three quarters will slightly overlap compared with the same period last year; however, the 19Q3 company ‘s batch of varicella vaccine approvals (2.72 million) has resumed significantly.%, The previous and month-on-month improvements are obvious, and the expected results are expected to be basically the same as last year or slightly increased.At the same time, the company’s nasal spray influenza vaccine has begun on-site inspection preparations, which is expected to be approved in 19 years, and formally contribute profits in 20 years.In addition to independent research and development, the company is also actively deploying heavy-weight varieties such as pneumonia combined vaccine, measles-varicella vaccine, and respiratory syncytial virus vaccine through joint investment and technology exchange. The future development of vaccine business is worth looking forward to. The proprietary Chinese medicine and real estate businesses remain stable, and the development of biopharmaceuticals opens up long-term development space.According to the company’s announcement, we expect Huakang Pharmaceutical’s performance to grow steadily in the first three quarters and achieve a net profit of about 30 million yuan; through the systematic advancement of innovation and upgrading of its marketing model, the proprietary Chinese medicine business is expected to maintain steady growth.In the first three quarters, the settlement of the company’s real estate development projects increased. It is estimated that the real estate business’s recognized income and net profit growth rates will be about 30% and 50% respectively; the commercial houses of Yizhong Famous City and High-tech Park Project were delivered. Huiyuan, JunThe park and Kangda old city reconstruction project proceeded in an orderly manner, and will continue to contribute to stable cash flow in the future.In addition, Anwar High-tech Biological, which was jointly invested and established by the company and Iceland’s Anvotec, has completed the acquisition of construction land and business registration. The clinical project of the contract product has been successfully carried out. The development of biosimilar drugs has opened the company’s long-term.Expansion capacity. Investment recommendation: Buy-A investment rating, 6-month target price of 450.00 yuan.Assume that the completion time of Jinsai Pharmaceutical’s share swap is at the end of 19th. According to the company’s first three quarters of performance, we raise the company’s profit forecast and expect the company’s revenue growth from 2019 to 2021 to be 31.9%, 28.1%, 24.8%, net profit growth was 48.6%, 73.4%, 28.6%, outstanding growth; given Buy-A investment rating, 6-month target price of 450.00 yuan, which is equivalent to a dynamic price-earnings ratio of 36 times in 2020. Risk reminders: Jinsai Pharmaceuticals risks of termination of share swap, market growth hormone growth is less than expected, core product price reduction risks, new drug development is less than expected, etc.

Spring recipe for 5 kinds of obesity

Spring recipe for 5 kinds of obesity

Chinese medicine weight loss uses the principle of dialectical treatment of traditional Chinese medicine, starting from adjusting endocrine, adjusting the neurological and endocrine functions of obese people.

Although traditional Chinese medicine weight loss is a safe and non-toxic side-effect method of weight loss, it also requires the right medicine.

Look at the spring recipe for serious obesity in spring.

  1, fatigue-type obesity typical obese people due to “energy” (in short, life energy) is insufficient, resulting in decreased digestive function, abnormal metabolism, loss of appetite, not eating properly but the possibility of eating snacks.

  Symptoms: Extremely easy to fatigue; sweating, panting when moving; fear of cold love cold; less frequent urination; swollen eye bubbles.

  Chinese medicine recipe: Xiangsha Liuzi soup.

It has the effect of restoring “energy”, improving the function of the digestive organs and making the body metabolize normally.

It can burn and expel the expected substances accumulated in the body to achieve the effect of losing weight.

  2, anemia-type obesity is called “blood deficiency obesity.”

Due to insufficient blood in the body, the body’s basic function declines, abnormal metabolism occurs, and eventually leads to obesity.

  Symptoms: The appetite is normal, but the lower abdomen is full and prominent, but the hands and feet are thin but the body is fat, it is “stealing fat.”

  Chinese medicine recipe: The convenient prescription is Siwutang and Xiaojiantang, which have blood-supplying effects.

  3, edema-type obese slimming men and women are also known as “wet and intrinsic obesity”, hips and thighs edema, also known as “lower body fat” people.

This is due to the poor drainage function of the body, and the excess water is accumulated in the body.

  Symptoms: appetite is general, but hands and feet are weak; do not like exercise; after eating, the body is soft and wants to lie down; the mouth is sticky; the urine is unreasonable; the bad stomach is easy; the eyes are swollen in the morning.

  Chinese medicine recipe: such obese people can take Fengfengtongsheng and stomach soup.

Diuretic, the role of weight loss.

  4, stress-type obesity caused by stress caused by obesity is also known as “hepatic stomach depression and obesity.”

Excessive pressure of the liver (the “liver” of traditional Chinese medicine, in addition to the liver function of Western medicine, as well as the function of the central nervous system, autonomic nervous system, motor nervous system) decline.

It even affects the stomach, makes the stomach hot, and the appetite is extremely strong.

  Symptoms: This type of person, when the mood is irritated, there will be symptoms such as strong appetite, headache, and congestion of the eyes.

Some girls, when they are stressed and annoyed, eat sweets, which is typical of this type of person.

  Chinese medicine recipe: This type of obese person can take Da Chai Hu Tang.

These drugs have an overreaction to suppress stress, eliminate irritability, and inhibit the abnormal excitability of the digestive organs.

  5, overeating and obesity as the name suggests, this kind of person is the kind of “big diners” with strong appetite.

Such a person can temporarily slim down if they can force a diet, but once they can’t control their appetite, they will bounce back and are likely to be fatter than before.

  Symptoms: The common problem of “overeating” is that there is fire.

  Chinese medicine recipe: people with obesity can take anti-

How to tell if someone is lying

How to tell if someone is lying

Psychologists say that people are big talkers and speak more than they choose.

American social psychologist Feldman believes that there are different levels of lies, and the motives for lying fall into three categories: the first category, to please others, and make people feel better; the second category, to brag about themselves and pretendThe third category is self-protection.

  Psychologists believe that people lie to others unconsciously, and sometimes don’t even think about it, or even admit that they are lying.

And most of the lies are due to polite responses, such as “you don’t wear any fat like this” “I will look for you to drink tea” “I can’t come today, I’m sick” “I called you, butNowhere “and so on.

Psychologists believe that lying is not always a bad behavior. Lying out of politeness and love often leads to good relationships, because this is also a technique for dealing with people.

  How to polish the truth in life?

Psychologists teach us some methods: When lying, the liar usually shows the following symptoms: dilated pupils; sudden changes in volume and tone; twisted smiles; too many blinks; frequent shoulder shrugs (mainly Westerners); eye contact is surprisingly more or lessTalking with a twisted pause, pretending to clear the throat and nose, interspersed with mood words such as “um”; often touching the nose; swallowing frequently.

Your child’s diet is not eating more nutrition

Your child’s diet is not “eating more nutrition”

It ‘s not “eating more and more nutrition” The Women’s Federation of Qiang City recently conducted a sample survey of more than 4,000 primary and secondary school students in Shanghai. The results showed that the knowledge rate of knowledge about which foods should not be consumed by children and children is only 10%;The awareness rate of knowledge such as transmission channels is only 50%.
More than half of the students scored below 60 points.
  At the same time, relevant surveys also show that: 39 children aged 1 to 6 in Shanghai.
7% have picky eating habits; among children aged 5 to 6 years, picky eating habits are higher, accounting for about 50%.
  Not only do teenagers lack basic knowledge about “what to eat, how much to eat, or how to eat”, many parents also have misunderstandings.
Some prefer particularly large fruits and vegetables, some often buy food from street vendors without a license, and some even blindly supplement their children.
Parents who should be the first teachers of children’s “food education” often have a subtle and subtle impact on their children because they do not understand scientific diets.
  Many parents think that their children “eat more and more nutrition, eat what they like”, and even treat their children’s bad eating habits as a show off “capital”, praised in front of relatives and friends “the child can eat six large ribs in a meal.”
In order to make their children eat more, some parents even use “induction” methods such as watching TV while eating, eating toys and eating drinks.
The survey results show that more than 70% of children have “two minds” when eating, and half of them want to swim around.
  Irrational diet is prone to “aging before aging” and irrational eating and living habits, leading to the emergence of some middle-aged and elderly diseases in adolescents.
  The City Women’s Federation cited a statistical data showing that the phenomenon of “ageing before aging” among preschool children in China is becoming increasingly apparent, and the prevalence of diabetes in children is 2.
3%, the dyslipidemia rate was 2.
2%, the prevalence of hypertension is as high as 7%.
Many children with “highly developed minds” are powerless, even frail and often go to the hospital for treatment.
The research commissioned by the Office of the Municipal Women and Children’s Work Committee also revealed that the overweight and obesity rate of children in Shanghai rose rapidly in the past five years.
  It is reported that in South Korea and Japan, “food education”, as an important content of education for all, has become a basic curriculum widely carried out in elementary and middle schools.
For this reason, relevant persons have suggested that the relevant government departments should attach importance to the education of children’s eating behavior, as well as safety and legal education, and include the “food education” curriculum as one of the necessary content of children’s quality education and include it in the school’s annual teaching planTo enhance children’s awareness of self-protection in all aspects of diet and nutrition.

Six elements of network intelligence success

Six elements of network intelligence success

First, please provide photos; we usually look at the photos before opening personal details.

  Second, don’t tell us about your relationship history; we are not at all interested in your ex-girlfriend or the passionate girl you met in Miami Beach.

  Third, appropriately compliment and praise our special charm; of course, not compliment our breasts; even tell me that you like the way I read The Economist, you like my happy smile and so on.

  Fourth, pay attention to their own words; no woman is willing to date a man with a lot of misspellings, and a man who is unwilling to check for a hyphen must be a lazy man.

  Fifth, abstain from using pornographic articles to seduce us; although we are not taboo, subtle deepening of the relationship is the key, and the abrupt approach will only be counterproductive.

Keep two words in mind: please, seduce.

  Six, interest, patience; to ask why we do not reply will only increase our resentment against you, if we are interested in you, we will naturally know you.

Yuanyang: Yoga Mat (07 Pink Flower 6MM)

Yuanyang: Yoga Mat (07 Pink Flower 6MM)

Product description: Market price: ¥ 178.

00 Origin: Guangzhou Brand: Yuanyang Yoga Specifications: Length: 173cm Width: 61cm Height: 6mm Weight: 1500g Product Color: Pink Flower Product Material: PVC Foam (PVC content up to 96%) Material Introduction: PVC is a chemical raw materialThe name is a raw material.

However, PVC was not sufficiently soft and slippery before foaming, and had a cushioning effect. Only after it was foamed could finished products such as yoga mats and non-slip mats be produced.

  Product introduction: Yuanyang Advanced Yoga Mat has passed the “China National Sports Goods Quality Supervision and Inspection Center Qualification Report”, and its quality is non-toxic and odorless and meets EU inspection standards.

Double-sided embossed non-slip, soft and flexible texture, can reduce the pain of body contact with the ground, good anti-slip effect, and strong anti-tension.

Effectively block the cold on the ground, strong grip, and tile.

Light weight, small size, easy to carry.

It can be used for various yoga ground exercises on the mat, and can also be used for various outdoor fitness exercises.

Avoid pain and black marks on various parts of the body during exercise.

The super elastic function will minimize the accidental injuries during sports.

  Instructions for use: Yoga mats are an aid when doing yoga exercises.

Tile the yoga mat on the ground and do yoga exercises on it to prevent injuries to the spine, feet, hip bones, knee joints and other parts.

After doing the exercises, you can roll up the yoga mat, lock it with a hair button, put it in a backpack, and keep it hygienic.

  Special instructions: When the yoga mat leaves the factory, it is rolled into a roll. It is packed with a film shrink wrap. It is sealed. It will have a slight odor of raw materials after opening. Therefore, it is best to wipe the surface of the yoga mat with a soft wet cloth before use.Use after drying.