Yuan Jincheng looked up at the winding road on the lawn,He stopped,Looking back at Jiang Fan,Seriously:“Since you have no objection to my proposal,Then you can make arrangements for Lang Zhu,I won’t give you too long,But please remember,Before receiving an official transfer order,Must be kept secret,Because it doesn’t just involve you alone。”

Jiang Fan nodded solemnly,“Yes,I know。”
Yuan Jincheng looked at him,Said:“That’s it,I’ll go back soon,There are many things in the province。”
Jiang Fan was anxious when he heard it,Said:“How does that work?You didn’t drink a drop of water,Didn’t eat a bite of rice,Didn’t even enter the room to rest……”
Yuan Jincheng interrupted him,Said:“Over the past two months,You may have heard something,Jingzhou now,No better than before……All right,Stop here,I am leaving。”
this moment,Jiang Fan saw the fatigue on his face,He said embarrassedly“This……”
Yuan Jincheng waved at him,Said:“Many things,Don’t care about form,Care about the essence。”
Jiang Fan heard this,Don’t hold back,He understands what the governor means。
Jiang Fan followed the governor to his car,Open the door for the governor,He politely put his hand over the door frame,Protecting the governor into the car。
After getting in the car,Governor Yuan Jincheng stopped talking to him,But sit tightly,Look ahead,The secretary just turned around and asked what,Just listen to his low voice but decisively and forcefully:“Back to the provincial capital。”
Watching the governor’s car go away,Jiang Fan just stood in place like a fool,long time,He just moved。
The governor came to Langzhu for the first time,Did not drink a sip of water,Did not eat a bite of rice,Didn’t even sit in the guest room,Just walk with him on the grass,The world in less than twenty minutes,In such a short while,Determined Jiang Fan’s next political destiny。
Speaking of,The person he should thank most is Yuan Qipu。

“I certainly didn’t mind,If i mind,Are the six of them still standing here and talking to me??I can’t get up early。”

Qin Aotian said disapprovingly。
“That is,That is,”
Qin Liang hurriedly agreed。
“father……Sit down and talk。”
Shen Ruoxi whispered softly……
“You are Shen Ruoxi?Is my daughter-in-law?come,let me see。”
Qin Aotian said rudely。
Shen Ruoxi can’t help it……I had to walk to Qin Aotian’s face shyly,But shy,She is still always noble,Elegant,Dignified look。
“Yep,Not bad,Qualified to be my Qin’s daughter-in-law。”
Qin Ao looked up and down Shen Ruoxi carefully,Then finally nodded and said。
“Thank you。”
Shen Ruoxi let out a sigh of relief,Answer with a smile。
“That dad,Now that you are satisfied with this daughter-in-law,Can you spare me?”
Qin Liang immediately asked with a shy face……
“She is her,You are you,Two different things。”
Qin Aotian didn’t even look at what Qin Liang said。

obviously,Du Lei is afraid of Aunt Qiao“Jealous”,To make time for Ding Yi to report to his father,Deliberately pulled her mother-in-law into her house。

Ding Yiyong saw that Aunt Qiao was gone by Durella,She shrank her neck at dad,Whispered:“The police left……”
Ding Naixiang smiled,Winking at her daughter,Also whispered:“After eating, let’s go back to the house and say。”
After Ding Yi is full,After tidying up the dishes on the table,Came to the study with dad,Ding Yi rubbed his belly,While walking in the house,Said:“dad,Let me report to you about my personal affairs,I……”
She didn’t finish her words,I was stopped by my father。
Ding Naixiang said gently:“I know everything about you,I also know about Jiang Fan,Dad doesn’t ask about your process,Just want to know the result,What i want to know is,Do you have any specific plans??”
Ding Yi knew that his father would not object to them,at this point,When she returned home in Singapore,,Dad once told her。Thought of here,She has a sense of happiness and relief in her heart,She sits opposite to dad,Said:“He said he wanted to propose to Dad in person,Beg my dad to marry him。”
Ding Naixiang smiled,Said:“This shows that he is still a gentleman,Not taking advantage of my absence,Secretly married my daughter。”
Ding Yi said:“how can that be possible?Don’t say he doesn’t marry,Just he wants to marry,I won’t marry either,I want to wait for my father to come back to marry。”
Watching her innocent and lively,Ding Naixiang smiled,he knows,No matter how old the daughter is,Always a child in front of him,Shouldn’t be depressed,It should be so naive and lively,This is his daughter。
The old professor sighed,Reach out and touch her head,Said:“You can take care of dad’s feelings,I am very happy,Also very pleased。and so,I just said he is a man,Is a gentleman。Another point,I need to declare to you,A change in my attitude towards him,Not because he became the mayor,Because of him……”
“father,do not talk,I know this in my heart,He also knew。”Ding Yi lowered his head,She doesn’t want to discuss Jiang Fan’s identity with her father,That will talk about Jiang Fan’s past。
Ding Naixiang saw her daughter reluctant to mention Jiang Fan’s past,Just said:“Ok,Someday invite him home,Have a meal,Meet everyone officially。”
Ding Yi raised his head,Surprised to see Dad smile,Two rows of white teeth gleamed with shreds:“father,He meant the same。”
Ding Naixiang feels her daughter is still cute,I touched her little head again,Smile and nod,Say:“You come down to ask him,Pick a day when he is not busy and you are not on the live broadcast.。In addition,I will stay for almost two weeks when I come back this time,I went to the province to hold a seminar on Hong Kong,The duration is two days,Report the day before,It takes two and a half days,After the meeting,I might delay in the province for an extra day or two,Want to meet some old friends,I have to go to school to handle some things,Also meet some old friends,But all these things make way for your things,how about it?”
“Thank you dad。”Ding Yi deliberately nodded and said。
Father is happy,Said:“When is he going to come to our house??”
Ding Yi thought about it,Said:“I won’t be on the live broadcast tomorrow night,If he’s okay,Can i let him come home tomorrow night?”
Ding Naixiang thought for a while,Said:“Don’t worry,I can come back from a meeting,But you arrange it,I have nothing to do tomorrow,Day and night。”
Ding nodded,Said:“Let me ask him,There are a lot of jobs in the city recently,He is in his first year,A lot to do。”

The little man gave Ling Xiaoyun a fist,Greet him humbly。

“sit down。”
Ling Xiaoyun waved his hand in a complicated mood,Motion to someone to sit down。
“Ling boss,We lost our hands at the concert,Now our people have been scattered in Haishang City, looking for places to hide,Our boss asked me to ask you,What should we do next?Please give us an idea,We can’t stay like this forever。”
The little man said with a pious look。
“Ugh,Brother,You shouldn’t come……”
Ling Xiaoyun said with a wry smile。
“how?”
The little man asked confusedly。
“You are here now,There is no way to leave……”
Ling Xiaoyun answered him,While thinking of all kinds of ideas quickly in his head,Even for a moment,He even thought about the idea of killing people!
But this idea just popped into my mind,Ling Xiaoyun dismissed it。It won’t help to kill this little man in front of you,The people watching outside must have seen him enter his home,Come here to ask for someone,How to explain?
And even if you kill him, you deny that no one has been here,There is no way to deal with his body……
“I can’t leave when I come?What does this mean?”
The little man stood up from the sofa alertly。
“It’s not that i won’t let you go,It’s the army and the police everywhere outside my villa,They are monitoring my house,I can’t hide my every move from their eyes,Can you come in and meet me,They let you in on purpose,You want to go out again,I’m afraid it’s harder than climbing to the sky……”
Ling Xiaoyun said as if he was dead,A trace of despair flashed in my old eyes。
“How……How could this be!”
The little man was stupid immediately,Panic asked。

Spread in the circle。

but,They are still quite different from the circle of their children,Never had a chance to speak。I can sit with my son,I don’t want to let go of this opportunity。Even if it’s a bit cheeky,Also recognized。Because there really is no chance of such a name on the big screen。
Zhuge Yaoniang frowns,It’s too much?Zhou Xuan is also very upset,How dare to open such a mouth!
Baby Ou thought about it,“Investment is not impossible.”just,A little embarrassed,But still have to explain clearly,“The least investment is ten million yuan.”you guys.Is enough money?
“.”Zhou Xuan was surprised。She thought she was just getting some money,Write your own script,It’s fun to shoot。did not expect,It’s real.
The girl who spoke was silent,She only has more than one million,I thought it was a lot。All their money adds up,It’s not enough。
Zhuge Yaoniang knows,Qinbao invested for her brother,Her friends are just like her,strong ability,Wealthy,Naturally rich。And Zhou Xuan these girls,I only know that Qinbao invested in making movies,Only if she is fun,They thought that the pocket money they gave from the family was enough.
“I’m doing film and television dramas,Looking for you again.”Baby Ou promised。There are many small productions,Less money,These girls should have enough money。Do not explain clearly,Will cause misunderstandings to her friends who invest in different paths,Explained it,Feel a bit awkward again.
Sit over the curtain,Xie Yun, who is doing hand care, pursed his mouth silently。
After Qinbao didn’t come to school for a long time,,Back to school again,Will be extra tolerant and kind。Also because she is so kind these days,So easy to touch,Just gave these girls an illusion——Good talk.
Zhou Xuan is the smartest here,When Yin Nini is away,I can still try my best to be with Jinbao,Who thought,Was ruined by these young ladies around her.
Later, the styling was done very quickly。
Get in the car,Xie Yun grinned,Keep laughing。Baby Ou was inexplicably laughed by him at first,Later I understood。
“.”
Xie Yunchu looked at Qinbao speechless,Just laughed out,Hahahahaha!!
“.”See posterior molars。
“Every time you work for a long time and come back to school,It’s like a pig farmer came to the pig farm to see the humming piglets,The look in the eyes is kind,The mentality is called tolerance.I can’t blame them for pushing their noses on their faces.”
Baby Ou waving,“Where is the point where you push your nose on your face.”At most, I think she is talkative,“This also shows that these girls,Feel very keen。”

[Meat fried potato chips practice]_Meat fried potato chips_How to make_How to make

銆 愯 倝 難 湡 湡 Pu 嗙 厖 鎭 抆 抆 酆 夌 倌 逦 眴 嘗 嘷 賷 庝 箞 獞 歘 傡 傡 傡 傡 傍 悍 傍 損 名 損 傡 傍 悍 炍 悍 悍 悍 悍 傍 悍 炍 揍 掍 悍 傍 悍 傍 傍 悍 傍 悍 炍 悍 傍 悍 傍 悍 悍 悍 悍 悍 悍 悍 悍 悍 掍 湍? How about preparing the pot?
澶у鏁颁汉閮介潪甯稿枩娆㈠悆鍦熻眴杩欑娣€绮夊惈閲忛潪甯搁珮鐨勯鐗╋紝鍦熻眴缁忚繃浜轰滑鐨勫悇绉嶇児楗兘澶熷仛鍑洪潪甯稿鐨勭編鍛充匠鑲达紝鑰屼笖姣忎竴绉嶉兘鑳藉璁╁湡璞嗙殑鍛抽亾鏄惧緱涓庝紬涓嶅悓锛屼緥濡傝倝鐐掑湡璞嗙墖灏辨槸涓€閬撶湅璧锋潵闈炲父鏅€氾紝浣嗘槸鍚冭捣鏉ュ埆鏈夐鍛崇殑浣宠偞锛岄偅涔堬紝鑲夌倰鍦熻眴鐗囧仛娉曟湁鍝簺鍛紵 鑲夌倰鍦熻眴鐗囧仛娉曚竴锛?.鍦熻眴娲楀噣鍒囩墖澶囩敤锛屾渶濂芥槸閫夌敤澶у潡鐨勫湡璞嗘瘮杈冨悎閫傘€?.鑲夋礂鍑€鍒囩墖澶囩敤銆?.钂滃垏鐗囧鐢ㄣ€?.娌归攨鐑х儹锛屾妸鍒囧ソ鐨勮倝鏀捐繘鍘荤炕鐐掋€?.Inlaid tweezers rushed to the fork and squeezed out of the fork?6.Do you know how to make a difference?.鐒跺悗鎶婂垏濂界殑鍦熻眴鐗囨斁杩涘幓缈荤倰锛屽啀鍔犱竴鐐规按锛岀户缁炕鐐掋€?.鍔犲叆閫傞噺鐨勭洂锛屽懗绮剧炕鐐掍竴涓ゅ垎閽熴€傝倝鐐掑湡璞嗙墖鍋氭硶浜岋細1.钁憋紝濮滐紝杈g毊瀛愬垏涓濇斁鍏ユ补閿呬腑锛堟补娓╀笉鏄撹繃楂橈級鍔犻€傞噺鑺辨绮夊揩閫熺炕鐐掋€?.I donate a lot of money to make up for it. I am going to make up for it.3.鏈€鍚庢斁鍦熻眴鐗囷紝钂滐紝鐩愶紝灏戦噺绯栫炕鐐掑嚭閿呫€傦紙鐪嬫儏鍐靛姞灏戦噺姘达級鑲夌倰鍦熻眴鐗What are you saying?.鍦熻眴鍒囩墖锛屽垏瀹屽悗鍦ㄦ按閲屾场涓€涓嬶紝闃叉鍦熻眴鍙樿壊锛涚槮鑲夋竻娲楀共鍑€鍚庡垏鐗囨垨鍒What is the problem? What is the soup?.閿呭簳鏀鹃€傞噺娌癸紝鐑х儹鍚庡姞鍏ヨ懕銆佸銆佽挏鐖嗛锛?。This is a very good example: I want to be able to find out what to do and what to do if you want to make a decision.鑲変竷鍏垚鐔熺殑鏃跺€欙紝鍊掑叆鍦熻眴鐗囪繘琛岀炕鐐掞紝鍙互閫傚綋鏀句簺姘达紱5.鍦熻眴鍙樿壊鍚庡氨鍩烘湰鍙互浜嗭紝鏀剧洂閫傞噺锛屽氨鍙互鐩涚洏鍑洪攨浜嗐€?

[Ketchup sushi practice]_Ketchup sushi homemade practice_Ketchup sushi practice Daquan_Ketchup sushi how to do

銆愮暘鑼勯叡瀵垮徃鐨勫仛娉曘€慱鐣寗閰卞鍙哥殑瀹跺父鍋氭硶_鐣寗閰卞鍙哥殑鍋氭硶澶у叏_鐣寗閰卞鍙告€庝箞鍋?
缁忓巻浜嗕竴鍛ㄤ簲澶╃殑杩炵画涓婄彮锛屼綘搴旇寰堢柌鎯€傝€屽懆鏈斁鍋囩殑浣狅紝鑲畾鏄湻缂╁Wandering.搴婁笂锛屽崍楗櫄椁愪笉鏄场闈紝灏辨槸澶栧崠銆傝繖鏍风殑浣狅紝鐪熺殑灏变笉鎷呭績鑻卞勾鏃╅€濆悧锛熸墍浠ワ紝瓒佺潃娌$梾璧剁揣鑷繁瀛﹀仛鐐瑰悆鐨勫惂銆傜幇鍦紝灏忕紪灏辨潵鏁欎綘濡備綍鍋氬ソ鐣寗閰卞鍙搞€?.12鍑嗗濂芥潗鏂欍€?.21楦¤泲鐓庡ソ鍒囨垚鏉°€?.1榛勭摐銆佽儭钀濆崪銆佸ぇ鏍瑰垏鎴愮粏鏉°€傦紙澶ф牴鏄竴绉嶆棩寮忚皟鍛宠悵鍗滐級銆?.2鐏吙鑲犲垏鎴愰暱鏉°€?.灏嗚捀濂界殑绫抽キ瓒佺儹鍊掑叆瀵垮徃閱嬶紝鎷屽寑锛屾櫨鍑夊鐢ㄣ€?.灏嗙儰绱彍鏀惧湪閾烘湁淇濋矞鑶滅殑鍗峰笜涓婏紝灏嗙背楗€掑叆閾哄寑銆備笂闈㈢暀1/4绌洪殭銆?.涓棿鎽嗕笂楦¤泲鐗囥€佺伀鑵胯偁銆侀粍鐡溿€佽悵鍗溿€佸ぇ鏍广€?.Tweezers, keys, key words, and ramblings. What are the rules? What are the rules?.鍗峰ソ鐨勫鍙搞€?0.What is the difference between the paper and the paper?1.鎸や笂鐣寗閰便€?2.鐣寗閰卞鍙革紝棰滆壊椴滆壋銆佸懗閬撻矞缇庛€傚悆璐ф湅鍙嬩滑锛屾槸涓嶆槸鏃╁凡鎸夎€愪笉浣忎簡锛屽皬缂栧凡缁忚鎮ㄨ儍鍙f墦寮€浜嗐€傞偅灏卞揩蹇鍔ㄨ捣鏉ワ紝鑷繁鍒朵綔鐣寗閰卞鍙镐竴楗卞彛绂忓惂銆?

Jianlang Hardware (002791): Revenue growth hits record high and performance achieves rapid growth

Jianlang Hardware (002791): Revenue growth hits record high and performance achieves rapid growth

Event: The company released a semi-annual report: the company achieved revenue of 20 in 19H1.

89 ‰, an increase of 31 in ten years.

96%; net profit attributable to mother 1.

21 ppm, an increase of 283 in ten years.

69%; deduct non-attributed net profit1.

190,000 yuan, an increase of 345 in ten years.

27%.

Among them, the single 南宁桑拿 and second quarter achieved revenue of 12.

880,000 yuan, an increase of 32 in ten years.

38%; net profit attributable to mother 1.

14 ppm, an increase of 87 in ten years.

59%; deduct non-attributed net profit1.

14 ppm, an increase of 89 in ten years.

65%.

Opinion: Revenue growth hits a record high, and profits have grown significantly.

In terms of quarters, the company achieved revenues of 19Q1 / Q28.

01/12.

880,000 yuan, an annual increase of 31.

30% / 32.

38%.

19Q1 / Q2 achieved net profit attributable to mother 0, respectively.

07/1.

14 ppm, a 123-year increase.

02% / 87.

59%.

19Q1 / Q2 achieved net profit after deduction of non-return to mother 0.

05/1.

140,000 yuan, an increase of 114 in ten years.

89% / 89.

65%.

In terms of products, in the company’s traditional business, door and window hardware / point support / gate control / stainless steel guardrail structural accessories achieved revenue of 12 respectively.

68/2.

20/1.

36/0.

920,000 yuan, respectively, short-term changes of +36.

09% / -8.

25% / + 4.

42% / + 42.03%.

The scale effect of the door and window hardware business gradually emerged, realizing rapid revenue growth.

Revenue from household and other construction hardware products was 1.

8.9 billion and 1.

7.1 billion, an increase of 63 in ten years.

32% and 78.

58%, mainly because the new categories cultivated in the early stage have gradually begun to increase volume, and sales have increased rapidly.

Gross profit margin improved significantly, and operating efficiency improved.

The company’s gross profit margin for 19H1 was 40.

16%, an increase of 2 per year.

18 points.

Door and window hardware / point-of-support products gross margins were 43.

49% / 33.

33%, respectively +3.

07pct / 3.

At 81pct, after the expansion of the capacity of the door and window hardware business, the scale effect appeared, driving the gross profit rate to increase.

In 19H1, the accounts receivable and inventory turnover days were 110 respectively.

1 and 138.

5 days, 10 drops per year.

36 and 5 days, operational efficiency improved.

Earnings forecast and estimation: EPS are expected to be 0 in 19-21.

93, 1.

21, 1.

52 yuan, corresponding PE is 20X, 15X, 12X.

Give “Buy” rating.

Risk warning: real estate industry fluctuates, raw material prices rise

Dongfang Cable (603606): Submarine cable faucet rises in the wind

Dongfang Cable (603606): Submarine cable faucet rises in the wind

The submarine cable business promoted the company’s business to achieve high growth.

The company’s main products involve the three major product areas of land cable system, submarine cable system, and marine engineering. It is the only company in China that has the design and analysis capabilities of marine umbilical cables and can conduct independent production.

Since 2018, driven by the submarine cable business, operating income and net profit have increased, and the quality of profits has improved significantly.

In the first three quarters of 2019, the company’s operating income increased by 17 per year.

32%, net profit is increasing by 162 per year.

31%, still maintaining rapid growth.

  Submarine cable systems have a bright future, and offshore wind power is growing rapidly.

According to the “China New Energy Power Generation Analysis Report (2019)” issued by the State Grid Energy Research Institute, by the end of 2019, the national offshore wind power installed capacity will exceed 5GW; by the end of 2020, the offshore wind installed capacity will reach 9GW.Bring a higher market space for the offshore wind power industry chain.

In addition, the marine economy has risen to the national development strategic goal. Submarine cable systems will be provided in areas such as the construction of long-distance communication networks, military defense facilities across the sea, offshore oil rigs, the transmission of offshore clean energy development, and the development of marine tourism.Bring huge space for development.

  R & D + location advantage to develop core competitiveness, the industry competition pattern is stable.

The company has a breakthrough in research and development strength and strong independent innovation capabilities. It is the first company to conduct self-research on submarine cables in China. It has created 17 core technologies and obtained 60 patents in the field of submarine cable and marine umbilical cable car products.Ranked first among domestic peers, and technological innovation is at the forefront of the industry.

The company’s submarine cable production base is close to Beilun Port, a deep-water port.

Because of its special physical properties, the submarine cable needs to be installed on the laying boat by the submarine cable ship installation device, and then directly launched into the sea through the special submarine cable pier and dedicated sea area. Therefore, the production area adjacent to the 北京夜生活网 deepwater pier is a necessary geographical condition for the production of large length submarine cables.This also constitutes an entry barrier for the industry.

At present, there are four domestic submarine cable companies: Dongfang, Zhongtian, Hengtong, and Hanzhou Cable. The competition pattern of the submarine cable industry has been basically stable. Technology, location, capital and other industries Dublin is committed to new entrants to participate in the high-end submarine cable market competition.
  Investment suggestion: As a leading domestic submarine cable company, the company has too many orders in hand, and the proportion of submarine cable business is high, benefiting from the flexibility of submarine cable market demand.

The smooth advancement of the company’s submarine cable base will ensure that submarine 重庆耍耍网 cable production capacity follows the market demand.

We expect the company’s EPS for 2019-2021 to be 0.

63, 0.

81 and 1.

08 yuan, corresponding to 17 P / E.

42, 13.

56 and 10.

17 times.

The current estimate is reasonable, covering for the first time, and giving an “overweight” rating.

  Risk reminders: 1. The production capacity risk caused by the construction of the investment project is less than expected; 2. The risk of the offshore wind power installed capacity is less than expected

Dongfang Cable (603606) 2019 semi-annual report performance forecast comment: profitability is greater than expected interim results growth of 227%

Dongfang Cable (603606) 2019 semi-annual report performance forecast comment: profitability is greater than expected interim results growth of 227%

Note: On the evening of July 12, 2019, the company released the 2019 semi-annual performance forecast, and it is expected to return the net profit1.

8.4 billion, an increase of 227% per year.

Comments: Driven by expansion of production, technological transformation and high gross profit orders, the company’s profitability increased rapidly.

In the first half of the year, the company ‘s submarine cable business revenue increased by 37%, and the company ‘s total profit growth rate increased by 227% per year, and its profitability exceeded expectations.

The company invested a new cross-linked production line in March 2019. The existing production base expanded from three production lines to four, the production capacity increased, and it contributed a new increase in the second quarter.

At the same time, the company has carried out technical reforms to the essential production lines to improve production efficiency.

From the perspective of the order, the company completed the national grid 500kV submarine cable in the first half of the year, with an order amount of 1.

9 trillion, we estimate that the gross profit situation of this order is better with 220kV submarine cable.

We believe that under the combined effects of the company’s existing production base expansion, technological transformation and 500kV orders, the company’s profitability increased significantly in the first half of the year than market expectations.

Full orders and continued expansion of production, 19-year performance exceeded 300 million yuan.

Since the beginning of 2019, the company’s submarine cable order contract value has reached 13.

02 trillion, has reached 66% of the scale of bids in 2018 each year.

At present, the company’s Ningbo Phase I base capacity has been fully released, an increase of more than 30% compared with 2018, and technical transformation is still continuing, which is expected to further reduce costs and increase efficiency.

In the second half of 2019, the company’s production line that reached full capacity in April will reach full production for 6 months, which is expected to contribute more performance gains.

We believe that the company’s technical reforms starting in the second half of 2019 have already begun to bear fruit. Considering that the company’s gradual order is full in 19 years, the second half performance is expected to continue to exceed expectations and is expected to exceed US $ 300 million.

Support for offshore wind power continues unabated, and it is about to enter a high-boom cycle.

After maintaining offshore wind subsidies for four years, the first round of reduction was ushered in 2019. The benchmark electricity price was adjusted to guide electricity prices. Participating in the bidding mechanism formed a new alternative pricing system.

In 19 and 20 years, the guide price (upper bid limit) was set to 0.

8, 0.

75 yuan / hour, policy support is still very strong.

Offshore wind power, bearing the high-end and high-power development future of the wind power industry, is a necessary track for domestic wind turbines to catch up with international leading companies.

At present, the number of projects under construction nationwide has exceeded 6GW, and the initial tendering projects have exceeded 4GW. One after another, it has begun to enter the lifting phase, and the policy requires that it be locked at zero.

The 85 yuan / kWh start-up project will be connected to the grid before the end of 21, so the second half of the year will enter the peak period of offshore wind power installation and is expected to continue 2?
3 years.

Earnings forecasts, estimates and investment ratings.

We have revised our company’s forecast for production capacity in 2020, and have considered the company’s profit forecast model at the end of 2021 after the introduction of the latest policy during the grid connection time routine.

What do we expect in 2019?
The company’s net profit attributable to mothers in 2021 can be realized3.

22, 3.

75, 6.

6.9 billion yuan (previous forecast 2.

8.8 billion, 4.

1.2 billion, 6.

40,000 yuan), corresponding to the current maximum PE is 12 respectively.

9, 11.

0, 6.

2 times.

We estimate by sub-sectors, taking into account the high profitability and rapid growth of submarine cables, we will give the submarine cable and land cable business 23 times and 15 times respectively. Based on the 北京夜网 growth in 2019, we comprehensively evaluate 22
44 times, adjust target price to 11.

05 yuan, maintaining the “strong push” level.
Risk warning: the company’s production expansion progress is less than expected, and the offshore wind power compensation policy changes.