27104_007之Goldfinger 金手指等390个文件_

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54397_007之Goldfinger 金手指等390个文件_

o do that trick.鈥?

鈥淲ell, sir, I was hypnotised like that鈥攑recisely like that. He beckoned and I 鏉窞瓒崇枟鎸夋懇浠蜂綅 followed.

鈥淪uddenly I saw a little door in the corner of the kitchen standing open鈥攁 door I had never noticed before. The shadowy vision backed towards it. Still I followed. Then he entered its portals. As I advanced he grew more and more transparent, and 鏉窞瓒虫荡娌瑰帇璁哄潧 finally melted away, and the heavy door shut upon him with a tremendous crash and rattle. The lamp fell from my trembling hand and was shattered to fragments on the stone floor. I was in pitch darkness鈥攕ilence reigned鈥擨 don鈥檛 remember how I got out to the light again.

鈥淣ext morning early I got in some workmen and took them down to the kitchen, direct to the

鏉窞澶滅敓娲荤綉绔? width=

corner where the door was through which the apparition vanished 鏉窞鍝佽尪蹇 the previous night.

鈥淶ounds, sir, there was no door there鈥攐nly the white plastered wall. I was dumbfoundered. 鈥楳rs Trombone,鈥?I said to the cook, 鈥榳here the 鏉窞spa鍝噷鍙互鍙?devil is that door gone?鈥欌€?

鈥溾€楾he door, sir,鈥?said the cook, 鈥榯here ain鈥檛 no door there that I ever saw.鈥?

鈥溾€楾rombone,鈥?I replied, 鈥榙on鈥檛 tell falsehoods鈥攜ou鈥檙e a fool.鈥?

鈥淚 made the men set to work and tear down the plaster and stuff, and, egad, sir, in an hour we 鏉窞澶滅綉spa found the door鈥攁 thick oak, nail studded, iron clamped old door. It took some time to force it open, and then down three steps we found ourselves in a chamber with mighty thick walls and with a flagged floor, about six feet square, lit by a small slit of a window.

鈥溾€楾ear up the flags,鈥?I said.

鈥淭hey did so, and there was only earth below.

鈥溾€楧ig down,鈥?I said, 鈥榙ig like thunder,鈥?

鈥淚n about an hour we came to a huge flag 鏉窞榫欏嚖璁哄潧瑗挎箹闃?with a ring in[26] it. Up it came, and below it was a dryly-built bottle-shaped well.

鈥淲e went down with lights. What do you think we found at the bottom of it?鈥?

鈥淧erhaps water,鈥?I suggested.

鈥淲ater be d?,鈥?said Captain Chester, 鈥渨e found the mouldering skeleton of a very tall man in a sitting posture. Beside him lay a large rosary and a stout oak cudgel鈥攖he rosary and cudgel I had seen in the phantom鈥檚 hands the 鏉窞钀у北澶滅綉 previous night. My friend, I had solved the problem鈥攖hat was the skeleton of the old Prior of Pittenweem who vanished in that house hundreds of years ago.鈥?
The True Tale of the Phantom Coach.
The great curtain had fallen after the pantomime, and I was standing chatting on the stage of the theatre at Cambridge when one of the stage men came to tell me I was wanted at the stage door and I must hurry up at once. Thither I 鏉窞姘寸枟spa浼氭墍鍏ㄥ proceeded, and found a lot of golfing boys, hunting boys, dramatic boys, and all sorts of other merry 鈥橵arsity boys, who shouted out 鈥淐ome along quick to the Blue Pig鈥?(the 鈥淏lue Pig鈥?is a Cambridge name for the Blue Boar Hotel), 鈥渨e want you to meet a fellow called Willie Carson, and there is to be supper, and he has something to tell us. The 鈥楤ogie Man鈥?has gone on there now, so come right away.鈥?

Well, off we went 鏉窞涓嶆瑙勭殑瓒虫荡搴楄繕鏈夊悧 to the Blue Boar Hotel, and we found Carson sitting over a blazing f

31 + 11 + 4 thanks to 12 years of G6 Boston has become the battlefield of King Zhan killing

31 + 11 + 4 thanks to 12 years of G6 Boston has become the battlefield of King Zhan killing
The Cleveland Cavaliers 103-95 away from the Boston Celtics, a big score of 3-0 to win the series points.LeBron James replayed well in his hometown. He made 13 of 26 shots, contributed 31 points, 11 rebounds, 4 assists, 4 steals and 2 blocks. He was almost perfect.  The North Shore Garden Junior Arena has an extraordinary meaning for James.I thought that when he played for the Cavaliers for the first time, it was his nightmare. He visited Boston seven times in the playoffs, and he only won one victory.However, in the sixth game of the 2012 Eastern Conference Finals, he turned over. In that game, he faced 20,000 Green Army fans at the scene with 45 points, 15 rebounds and 5 assists. He raised his eyebrows and broke the curse.Since Irving broke through, James has been able to play well every time he visits Boston. This has become his killing battlefield.However, due to the rebuilding of the Green Army, today is his first visit to North Shore Garden in the playoffs since the shocking World War I in 2012.  Although he broke through twice in succession at the opening today, James spent most of the first half uncomfortably.The Celtics realized that they had done enough homework to defend him. Although he was sometimes shot into the basket, there was always someone intervening in front of him and behind him, causing him to miss five layups in the first two quarters.  The decline in LeBron’s assault efficiency, coupled with Irving’s cold hand, made the Cavaliers suddenly very passive.In the middle of the second quarter, they were beaten by a wave of 13-2 until the last two minutes before halftime, they were 44 points behind their opponents 44-48.The team’s bad situation and the opponent’s wild body language irritated Zhan Huang. At the end of the first half, he suddenly broke out!  James grabbed two backboard rebounds in a row and spurred a quick counterattack. After creating an open opportunity for JR Smith and hitting a three-pointer, he also hit a long shot from the three-point line.In the next round, James came up with defensive aggression, only 1 height from the opponent.75-meter Isaiah Thomas succeeded in steals in the hands, and then slammed into the frontcourt.  The opponent had no choice but to stop Zhan Huang from committing a foul. As a result, he was convicted of a malicious foul and made two free throws. Zhan Huang fully grasped the opportunity. After the two free throws were hit, he made a jumper and succeeded, helping the team to complete in just 55 seconds.A wave of 9-0 score climax, instantly overtake the score.After halftime, he has contributed 17 points and 8 rebounds!  This wave of force completely reversed the Cavaliers’ decline. Although the well-trained Celtics still worked hard in the second half and once tied the score, the momentum of the game has completely returned to the visiting team.James even took out the momentum of the king’s world, and often shot at a critical moment, and the bullets were full.  1 minute and 15 seconds before the end of the game, Evan Turner broke through the basket and wanted to cheer up the morale of the Green Army with a clasp. As a result, Zhan Huang jumped high and pressed the ball hard in front, showing his dominance on the defensive end.This cover at least blocked Turner’s dunk, and more thoroughly suppressed the opponent’s final counterattack. In the end, the Cavaliers remarkably rewritten the big score to 3-0.  It is worth mentioning that this is the first time James has played 30 + 10 + 4 + 2 on four rebounds and steals and blocked blocks in his postseason career. Even if the regular season is counted, similar data will only appear.Once.In addition, in this game, James only made two mistakes in total, and also fulfilled his promise to reduce errors before the game.

The next goal of Baixing Credit Information at the age of two is to overlap the product system to cover the credit cycle

The next goal of Baixing Credit Information at the age of two is to overlap the product system to cover the credit cycle
On May 23, Baixing Credit Information Co., Ltd. (hereinafter referred to as “100 Credit Information”) antique two-year anniversary celebration and performance conference.As of May 22, Baixing’s basic credit reference product-personal credit report, had an average of 500,000 queries per day, and the cumulative usage exceeded 1.200 million; special attention to value-added products such as checklists, information verification, anti-fraud series, etc., with an average of 250,000 queries per day, and a cumulative usage of over 53 million.The amount of credit information products gradually exceeded 1.700 million pens, all products use 8 per second.7 times, and rising steadily.Baixing Credit Reporting is a national-level network financial personal credit basic database established by the pre-traction head. The main purpose is to replace the transfer credit information center with the financial credit data of individual customers covered, to achieve industry information sharing to effectively reduce risk costs.On May 23, 2018, Baixing Credit Reporting Co., Ltd. was officially inaugurated in Shenzhen. It was gradually the first and currently the only market-oriented company to obtain a personal credit business license.From the perspective of the cooperative agencies and the data collected, at present, Baixing’s credit reporting service has covered the B-end (institutional end), C-end (individual end) and G-end (government end).As of May 22, Baixing Credit Reporting has developed 1,710 financial institutions, and contracted nearly 1,000 credit data sharing institutions. The personal credit information system contains more than 85 million personal information subjects and 2.2 billion credit records.A total of more than 40 million P2P people have been included, basically achieving full coverage of the online lending population, and effectively cooperating with the special rectification work of Internet finance.In order to meet the needs of consumers’ right to know, the APP service launched by Baixing Credit Information System at the beginning of this year formally provides personal credit reports to the public.In addition to financial information, Baixing Credit Information has also connected with 9 types of financial alternative information such as public security identity information, operator’s mobile phone information, bank card information, air and rail travel information, broken trustee information and mutual gold debt evasion and debt cancellation information, andAchieve cooperation intention with 5 types of information sources such as map address information, local government affairs information, life service information.Baixing Credit Information has currently launched 6 products, and 10 products are under development. It is expected that by the end of 2020, the total number of products will reach more than 17 products, resulting in multiple overlaps in the credit life cycle, direct service to information subjects and marketMulti-domain, multi-faceted and multi-level product system such as customized services of the organization.In addition, for the arbitration data, consumer credit data, and subsequent credit evaluation, credit asset value evaluation, etc., Baixing Credit has initially planned more than 33 products in 4 product reserve pools, and strive to gradually realize credit within three years., All-round service and marketing, full coverage of credit information products in the whole process before, during and after the loan.In April of this year, Baixing Credit Information was announced for the filing of the enterprise credit information license, and it is advancing the construction of the enterprise credit database to help the development of small and micro-enterprise financing and small and micro-finance.”Baixing’s credit reference combines small and micro enterprises and business executives with strong personal characteristics, and takes small and micro enterprises’ credit reference business as an entry point to gradually cultivate and develop corporate credit information services.The company actively promotes the construction of enterprise databases, expansion of data sources, product development, and marketing, and has made progress in stages.”Baixing’s credit information said to the sauna, Yewang.Regarding the information collection boundary and personal information protection issues with high market attention, Baixing Credit Information told the sauna and Yewang that it always adheres to the bottom line of information security and proprietary protection, and practical and relevant laws such as the “Credit Management Regulations” and other relevant lawsThe law requires that we pay attention to and strengthen the protection of the rights and interests of personal information in every switch of information collection, collation, preservation, processing and use, and guarantee the rights of information ownership, right of objection and right of correction, etc.Zhu Huanqi, chairman of Baixing Credit Report, recently wrote about the exploration of the application of the alliance blockchain in the field of market-oriented personal credit reporting. The reporter learned from Baixing Credit Investigation that the alliance chain technology can give full play to its multi-party participation and encryption features.Promote the point-to-point secure sharing of data.This technology is a feasible and innovative alternative to post-loan non-performing asset management, sharing of scientific and technological achievements, and other related fields.Reporter Cheng Weimiao editor Sun Yong proofreading Liu Yue

[Is pregnant woman eating eggplant good for the fetus?


[Is pregnant woman eating eggplant good for the fetus?

Eggplant is a relatively common vegetable. The nutritional value of eggplant is relatively high. It is rich in supplementary fiber and rich in vitamins and minerals. It is good for the body to eat some, especially the rich in eggplant.Containing vitamin p, this nutrient element can enhance the elasticity of capillaries, and it is also very good in preventing microvascular rupture. For pregnant women, eating some eggplant properly can also help the body to nourish, especially in preventingThe effect of abortion is also very good, of course, it is best not to eat too much eggplant.

After all, eggplant is a kind of cold vegetable.

When eating eggplant, be sure to choose fresh eggplant.

Benefits of eating eggplant for pregnant women: 1. Protect cardiovascular and anti-scurvy: Eggplant is rich in vitamin P. This substance can enhance the adhesion between human cells, enhance the elasticity of capillaries, and reduce the brittleness and permeability of capillaries.To prevent microvascular rupture and bleeding, so that cardiovascular function remains normal.

In addition, eggplant also has the effect of cancer scurvy and promote wound healing; 2, implanted gastric cancer: eggplant contains solanine, can inhibit the proliferation of digestive system tumors, and has a certain effect on implanted gastric cancer.

In addition, eggplant also has the effect of clearing the cancer fever; 3, anti-aging: eggplant contains vitamin E, has the function of preventing bleeding and anti-aging, eat eggplant often, can not increase the cholesterol level in the blood, and has a positive significance in delaying human aging.

Can pregnant women eat eggplant?

From the above analysis, it seems that it is edible, but it must be determined according to physical fitness, and you should not eat too much.

Like all foods, a balanced and moderate amount of food is the most healthy diet.

Precautions for pregnant women to eat eggplant 1, choose fresh eggplant: friends of pregnant women should also choose fresh eggplant when choosing eggplant.

It is best not to choose old eggplants, especially old eggplants after autumn, which contain a lot of solanine, which is harmful to the human body and should not be eaten more.

2. Don’t eat more: Li Shizhen said in the Compendium of Materia Medica: the coldness of eggplant is cold, and more food will bring abdominal pain.

So don’t eat too much eggplant at once.

[How to make clam noodles]_How to make_How to make

[How to make clam noodles]_How to make_How to make

The way people eat noodles is different in each region, and the way they eat noodles is different, mainly by adding the seasoning to the noodles.

In coastal areas, because these areas are rich in seafood, they like to add some seafood when eating noodles. For example, clam noodles is a good seafood noodle.

Because clam noodles have a delicious seafood flavor, what is the specific method of clam noodles?


Wash the clams and put them in the pot. Add the water to the clams. Put the shallots and ginger slices in the pot. Pour a spoonful of cooking wine, cover with a high heat and cook. After boiling the water, cook for about 2 minutes.It can be opened, if there is an individual that does not speak, it is dead;

2. Remove the clams and cook the water for the clams.

Put the oil in the wok, first stir-fry the minced ginger, minced garlic and tempeh, then stir-fry the sliced pork belly, add a spoonful of raw soy sauce, and pour the broth of clams into the potAfter a short time of flowering clams, there will be a small amount of mud and sediment). After boiling the fire, add chives, clams and season with salt;

4. Disperse the eggs and pour into the pot and turn them into the frangipani, then turn off the heat; 5.

Cook and remove the noodles, rinse with clear water, and pour them with brine.

Tips: After buying the clams, soak them in water for a while to let them spit out the mud. Clams and other seafood products are very delicious. Do not put MSG or chicken essence when cooking, and use less salt.The seafood is best cooked so as not to be unhygienic. When choosing clams, if you spit the meat, it will retract if you move it. Of course, it can also be closed by tapping the “giggle” sound.Yes, the “bang” sound is dead, half open mouth is not fresh, and those that do not open the shell after cooking are dead, so do not eat.

[How to grow soy sprouts in the family]_Soy sprouts_How to grow_How to grow

[How to grow soy sprouts in the family]_Soy sprouts_How to grow_How to grow

There are many types of soy sprouts. Cold soy bean sprouts and fried bean sprouts are all delicious. If you don’t want to buy soy sprouts outside, then you can learn about the methods of making soy sprouts in some homes.


Choosing beans: Spread a cup of soy beans evenly on the seedling tray. Carefully selecting the first step of the beans is related to the final quality of the bean sprouts.

Pick out those that have worm eyes, black ones, and particles that are not full.


Soy beans: Rinse the soybeans, put them into a clean, oil-free container, and add water to the soybeans about 8-10 cm.

Soak for 10 hours (adding more than three times of water is for soy beans to absorb more water in 10 hours of soaking, re-absorption of sprouts, winter time can be extended to 24 hours).


Temperature: Soy beans and mung beans are soaked together. The temperature above 30 degrees in the kitchen will affect the sprouts, so they are moved into the living room microwave oven, and the temperature changes about 28 degrees. The beans will not spoil at the appropriate temperature.


Rinse: I only soaked for about 10 hours in summer, and the beans have grown a lot. At this time, I washed the beans with running water and discarded them.


Nursery: Clean the nursery tray and put in a piece of wet nursery paper.


Spread beans: Spread the clean soy beans evenly.


Watering: The most important copy.

Beans must be moist at all times, but not too much water, and no water can be left at the bottom of the plate, otherwise the roots may rot.


Light: Soy beans, mung beans, black beans, etc. must be protected from light seedlings. After spraying water, the seedling tray should be covered with a thick layer of moist gauze.

(Generally, filter the soybean dregs or white cotton cloth, you can try to cut a larger one to completely block the light.


Sprout: Place the entire seedling tray in a dark room or in a clean, ventilated container.

Watering must be done every 3 hours in summer. Generally, when the cotton cloth touches it, it is ready to be watered.

The bean sprouts should be completely poured, and the cotton cloth should also be sprayed and covered, and usually the fine buds will be emitted by the next night.


Day 4: The bean sprouts are almost 5-6 cm in length. The bean sprouts of this length are also the time when the nutritional value is the highest, and they can be eaten immediately.

Annual report series of thematic analysis of catering and tourism companies (4): Zhonghui Travel (834260): R & D overweight drives the transformation of intelligent local integrated service providers

Annual report series of thematic analysis of catering and tourism companies (4): Zhonghui Travel (834260): R & D overweight drives the transformation of intelligent local integrated service providers
Event: The company released its 2018 annual report, which reported that it had integrated its headquarters 2.370,000 yuan, an increase of 42 in ten years.18%, net profit attributable to mother was 4,208.960,000 yuan, an increase of 98 in ten years.9%. Destination attractions integrated service providers, intelligent attractions system business accounted for a 天津夜网 significant increase: the company is a tourist destination attractions integrated service provider, the main business is tourist attractions operation and management.The report’s major main business includes tourism services (accounting for 66.95%, an annual increase of 24.15%), covering self-operated scenic spots in Changsha Shiyan Lake Tourist Area, glass bridge scenic spots in Shiniuzhai Village, entertainment projects, catering and accommodation and other service projects; planning and planning revenue accounted for 13%.72%, an annual increase of 58.92%, mainly contributed by Hunan Zhonghui Travel Planning Institute, a wholly-owned subsidiary, which contributed over 90% of its revenue; operating management services accounted for 6%.86%, an annual increase of 45.28%, which is due to the increase in the number of chain business prospects 杭州夜网 and increased operating management revenue. The main hosting attractions include Fujian Xiatianxia Tourist Area, Luzhou Jiulongjiang National Forest Park, etc .; the proportion of smart scenic area system business.93%, with revenue growing 329 annually.94%. In 2018, 3 companies were invested and integrated tourism services were added. In July 2018, the company established a wholly-owned subsidiary, Guangdong Zhonghui Travel Intelligent Planning and Design Co., Ltd .; in November 2018, the company and Xingjiang CountyDianjiao Tourism Development Co., Ltd. co-funded the establishment of Chongqing Xingdian Zhonghui Tourism Cultural Tourism Development Co., Ltd., which accounted for 10%; in December 2018, the company established a wholly-owned subsidiary, Zhangjiajie Zhonghui Tourism Great Falls Tourism Management Co., Ltd.The report summarizes that the company supplemented the comprehensive tourism services of Wugong County in Shaanxi, Fujian Xiatianxia, Yiyang Carnival, Tonggu County in Jiangxi, Hubei Sky City and other integrated tourism services for hosting operations. 37.Higher investment in research and development of intelligent tourism systems, incubating digital entertainment experience: Reports and the company’s increased investment in research and development of intelligent tourism systems, increased research and development costs.41% reached 7.84 million yuan, and gradually applied for 66 proprietary intellectual property rights such as patents, trademarks, copyrights, and focused on creating a mixed reality intelligent travel system “AI Travel”, a smart overall solution “Hui Lun Intelligent” series of software and hardware products and “”Smart cloud” equipment and big data operation and management platform accelerate product conversion and provide full technical support before, during and after the tour for the continuous upgrade of smart tourism.In March 2018, the company participated in the “Hunan-Britain Future Innovation Summit” and signed a cooperation agreement with Holovis of the United Kingdom, including the exploration and development of cutting-edge technologies for digital entertainment experience, research and development of cultural experience products, digital entertainment experience projects, product incubation,Tourism IP creation and other aspects.(Source: Annual Report, Xinhuanet) Cooperative Schools Established China’s First College “Experience Industry College”: The company cooperated with Anhui Engineering University in July 2018 to establish the first Experience Industry College, and was approved by the Ministry of Education to begin recruiting graduate students.Focusing on the needs of industry development, promote the training project of the “hundred companies, thousands of people plan” of the experience industry, and set up experience industry management, experience education, event planning, camp education, experience tourism, study trips, comprehensive practice, experience design and other applications for the industryTraining courses and study tours.(Source: annual report, Xinhuanet) Investment advice: The company’s current total market value is 9.64 ppm, corresponding to the 23X budget surplus, it is recommended to pay attention. Risk reminder: force majeure risk, receivables increase.

Rainbow Group (002419): A large number of same-store and newly-opened data show stores under the guidance of three strategies to speed up the reserve project

Rainbow Group (002419): A large number of same-store and newly-opened data show stores under the guidance of three strategies to speed up the reserve project

Event: On March 15, 2019, Tianhong Co., Ltd. released its 18-year annual report, and the company achieved operating income of 191 in 2018.

38 ppm, an increase of 3 per year.

25%; net profit attributable to shareholders of the parent company9.

40,000 yuan, an annual increase of 25.


Basic income is 0.

75 yuan, basic income after excluding non-recurring gains and losses.

66 yuan, in line with our expectations.

Opinion: Three major strategies help to increase the same store profit and realize the obvious turnaround in improving the store.

The company firmly promotes the three major development strategies of “digitalization, experience-based, and supply chain.”

Digital strategy strengthens customer access and insights, while improving mid- and back-office technological transformation; experiential strategy thickens thick store service values and differentiated characteristics, and ultimately improves passenger flow and revenue; supply chain strategies help category management and promote national supply chain integration.

Under the guidance of the three strategies, the company’s comparable store performance and expected store to significantly reduce losses have achieved significant results.

Comparable store revenue previously increased by 1.

58%, profit maximization increased by 17 in the short term.

07%, the first and foremost is the comparable store revenue growth of the shopping mall format5.

55%, profit growth increased by 64.


In terms of reducing losses, the five expanded stores realized losses, reduced the number of stores, and the ratio of replacement to the profit of profitable stores decreased for three consecutive years.

Profitability continued to improve.

In 2018, the company’s comprehensive gross profit margin was 27.

25%, an increase of 1 over 17 years.

50 samples; in terms of categories, the gross profit margin of all categories except food has fallen slightly compared to 17 years, and the gross profit margin of all other categories has improved compared to 17 years, and the company’s profitability has continued to increase.

In terms of expenses, the reporting fee is 21

10%, a year to raise 0.

66 levels, mainly due to the scale of opening stores and employee salary increase.

The sales expense ratio / administrative expense ratio increased by 0, respectively.


22 / unit, the financial expense rate decreased by 1 unit.

The company’s net profit margin was 4 in 2018.

73%, an increase of 0 from the previous 17 years.

85 units.

The store expedited, and the report strategy opened 16 new stores.

In 2018, the company opened 16 new stores in Hunan, Fujian, Jiangxi, and Guangdong provinces, including 8 department stores and shopping malls and 8 supermarkets, which is faster than 2017 (5 new stores opened in 17)/ 1 supermarket).

In terms of perspectives, there are 4 direct-operated shopping malls and 1 management output; 1 direct-operated department store, and department stores and shopping malls take over the two franchised store projects of Dingnan and Jiujiang, respectively;2 homes.

As of the end of 2018, the company has settled in 25 cities in 8 provinces / cities, operating a total of 13 shopping mall stores, 68 department store stores, 81 supermarket stores, and 159 convenience stores, with a total area of more than 3 million square meters.
There are sufficient reserves.

In the total number of reports, the company signed 17 shopping mall and department store projects and 13 independent supermarket projects.

It is mainly distributed in Shenzhen (6), Guangdong (12), Jiangxi (4), Hunan (4), Jiangsu (2), and Fujian (2).The company has sufficient reserves to fully prepare for orderly and stable store opening in the future.

Earnings forecast and rating: We estimate that the company’s net profit attributable to its parent in 杭州夜网论坛 2019-2021 will be 10 respectively.

7.1 billion, 12.

2.7 billion, 13.

5.3 billion; diluted earnings are 0.

89 yuan, 1.

02 yuan, 1.

13 yuan.

Maintain the “overweight” rating.

Risk factors: Consumption recovery is not up to expectations, store expansion is not up to expectations, same-store growth.

Spring Airlines (601021): The quality of income keeps improving and the net profit is better than expected

Spring Airlines (601021): The quality of income keeps improving and the net profit is better than expected

Investment Highlights: Spring Airlines announces 2019 interim results.

In 2019H1, Spring Airlines achieved operating income of 71.

500 million / + 12.

9% (/ means short-term, the same below), realizing net profit attributable to mother 8.

500 million / + 17.

5%, realized non-net profit deduction of 7.

2 ppm / + 15.

3%, basically 0 benefits.

93 yuan.

Of which Q2, the company achieved operating income of 35.

1 ppm / + 13.

1%, realizing net profit attributable to mother 3.

800 million / + 11.


The net profit attributable to mothers is slightly higher than the forecast issued in the July 15 report “Intensified differentiation of airport performance and substantial stability of airlines.

  The level of refined management continued to improve, and the quality of revenue continued to improve.

In 2019H1, the company’s ASK and RPK growth rates were 9 respectively.

3%, 12.

2%, passenger load factor 91.

7%, an increase of 2 per year.

4 points, among which the domestic, international and regional occupancy rates doubled and increased by 1.

1, 4

9pct, 5.


In terms of revenue quality, in 2019H1, the company’s overall passenger kilometers revenue increased by 0.

73%, among which domestic, international and regional are 0.

91%, -0.

09%, 0.


By quarter, Q1 and Q2 passenger load factors increased by 3 respectively.

0pct, 1.

8pct, we estimate that the passenger-km revenue Q1 and Q2 increase by 0% and 1, respectively.


In the first half of the year, the company added 5 A320neo nets, and the daily utilization of the aircraft was 11 hours.

19 hours, a year increase of 0.


This year, the company set up a new Lanzhou base on the basis of seven first-tier bases. In the first half of the year, the passenger kilometer revenue of bases other than Lanzhou increased.

  Affected by the introduction of new aircraft and rising take-off and landing fees, unit costs rose slightly.
2019H1, the company’s operating cost is 61.
800 million / + 11.


The unit ASK operating cost increases by 1 every year.

9%, of which the unit fuel cost exceeds ten years.

3%, unit non-oil cost increased 2 ahead of schedule.


The increase in unit non-oil cost is mainly due to the company’s annual replacement of A320neo aircraft, which has a higher lease price than the previous generation of CEO, and the depreciation of the RMB against the US dollar, which has resulted in the unit flying lease fee exceeding 14.

Overall, due to the increase in airport-related landing standards, unit take-off and landing fees increased by 13.


In addition to breaking the cost of jet fuel and take-off and landing fees, unit operating costs in the first half of the year decreased by zero compared with the same period last year.


At the same time, we noticed that the company’s Q2 supplemented revenue2.

3 ppm / -21%, our judgment is mainly due to airline supplements and financial subsidies or substitutions.

  The favorable policies in the second half of the year have been implemented and are optimistic about performance.

Looking forward to the second half of the year, we believe that there will be measures that are favorable to the airline company. (1) The supply-demand gap caused by the 737max ground-breaking of the entire industry will be realized in the peak season; (2) The market-based pricing of major domestic airlines will continue to be liberalized.Conducive to revenue management; (3) The introduction of a combination of tax reduction and fee reduction policies, including a 50% reduction in the levy standards of civil aviation funds, suspension of the rise and fall of the relevant charging standards for aircraft takeoffs and landings, a reduction in the aviation kerosene purchase and sales spread, a reduction in the level of maritime cargo insurance premiums, etc.The cost burden of the airline company is conducive to the rise of the company’s profitability.

In addition, if oil prices remain at current levels, oil prices will increase by about 13% in the second half of the year.

  Earnings forecasts and investment advice.

We expect the company’s EPS to be 2 in 2019-2021.

14, 2.

47, 2.

85 yuan, considering that the company is the only beacon listed in China, and the future conversion of Pudong Airport Satellite Hall, Beijing Daxin Airport, Chengdu New Airport and other large infrastructures into production will bring new opportunities for the company’s development.

  22-24 times of PE in 2西安耍耍网019, corresponding to a reasonable value range of 47.


36 yuan, maintain the “preliminary market” rating.

  Risk warning: oil prices increase sharply, supplements increase, and the growth rate is less than expected at any time.