Blockchain Hubei Zhangpeng

1.

At present, there are quite a lot of MSB licenses in the United States. The bigger ones are Huo coin, coin an, and the smaller domestic second and third tier exchanges are all licensed. At present, the licenses are also a trend in the future. They are all moving towards standardization, and there are more than 20 applications for licenses every month

for example: US MSB, Estonia, Australia

2. Task help can make money by doing task help, but now it's a simulated transaction. Only cash coupons are sent. Cash coupons can be used when releasing tasks. We can make money when we make a real deal in the future. For example, someone needs to move, unlock, punch holes, make statements, etc. you can make other people's money by helping others, so that your efforts can be rewarded, and other people's needs can be valued

3. South Korea's MLM, this DGC (cigicoin shared currency) does not exist in the international market, the real DGC (digital coin) in the United States, you can search the "DGC digital currency" to know the difference between them. They are trying to change their concepts and cheat people by fishing in troubled waters. Check more, you will find too many doubts.

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5. Focus on the value of investment, select the market performance leader, have performance support to have the value of investment, other speculation<

Haida group (002311) Research Briefing: the turning point of the instry may come ahead of time, and the performance growth in 2013
we agree with the company's development strategy and competitive strategy. Instrial chain integration and specialized management are the main ways for the development of excellent feed enterprises in Japan and the United States. Different from competitors focusing on channels, the company focuses on proct R & D, focusing on improving farmers' breeding efficiency and cost control, and provides the whole instrial chain procts of seedlings, microecological agents and feed; We should pay attention to service and marketing, bring distributors into the construction of marketing system, and continuously enhance customer stickiness through the superposition of procts and services, so as to realize the continuous improvement of market share
a number of initiatives are committed to improving the gross profit margin: 1. Adjust the proct structure and increase the proportion of procts with high gross profit margin. In 2012, the proportion of high-end aquatic feed is less than 50%, and that of front-end pig feed is less than 20%. The company plans to continue to increase the proportion of high-end procts such as extruded feed, and consider upgrading the procts of microecological agents this year; 2. We expect that the cost of feed proction per ton can be reced by more than 5%
with the help of refinancing and large-scale development of central China and East China, the company operates actively and steadily, and only after the advance market development and cultivation can it consider the layout of new proction capacity. It is estimated that in 2012, central China and East China will grow by more than 40% and 50% respectively. The private placement (the plan has been announced on January 22) increased proction capacity mainly concentrated in Central China (48%) and East China (31%), demonstrating the company's confidence in the development of the two areas
Hubei and Hunan are the cities with the most definite growth in the next three years. The market is characterized by large feed capacity and scattered competition. At present, the company's fish feed accounts for about 30% in Hubei and 20% in Hunan. Compared with the market share of more than 50% in the core area of the Pearl River Delta, there is still much room for improvement. With the help of the brand effect of aquatic procts and the proction capacity of livestock and poultry, it is estimated that the growth rate of livestock and poultry in the regional market will be more than 50% in 2013
Jiangsu market is expected to grow rapidly. The company entered the East China market later than Tongwei (600438), but the proportion of high-end materials was significantly higher than that of its competitors. Northern Jiangsu and other regions have advanced breeding concept and high degree of specialization, so the demand for high-end feed is significantly higher than that of other cities. It is expected that with the promotion of intensive culture mode of grass carp and other freshwater fish, the sales volume of high-end feed of the company is expected to be more than 250000 tons in 2013, with a year-on-year growth of more than 60%
some positive changes are taking place in the feed instry, and the inflection point may come ahead of time. The demand is sluggish, the cost is rising, and the feed instry is in a downward trend in the second half of 2012. Three months behind the pig cycle, the market agreed that the turning point of the feed instry may be in the fourth quarter of this year. However, there are some positive factors in the near future: in mid November, pig prices continued to rebound, with a cumulative increase of 15%, and farmers quickly came out of the market. If the demand exceeds the expected recovery, this round of pig downward cycle may end ahead of schele; Since December last year, chickens and cks began to have a high enthusiasm for breeding. Due to the relatively small number of breeding chickens and cks, they queued up until May this year. The inflection point of feed instry may come ahead of time to remind investors to pay close attention
maintain the "recommended" rating. It is estimated that the EPS of the company from 2012 to 2014 will be 0.59, 0.78 and 1.06 yuan respectively, and the PE corresponding to the closing price of 17.99 yuan on January 28, 2013 will be 30.4, 23.0 and 16.9 times respectively. We are optimistic about the long-term development of the company and maintain the "recommended" rating
risk tips: the prosperity of aquatic procts and livestock and poultry breeding has dropped sharply, the prices of raw materials such as corn and soybean meal have risen sharply, and feed safety accidents have occurred Ping An Securities analyst: Wang Hua)
Yongtai energy (600157): the ten-year plan is expected to be realized in five years, and the growth stocks in cyclical stocks are expected to grow well
1. Endogenous growth is good: the compound growth rate of equity proction in the next three years will be as high as 25%
in the early stage, the company acquired a large number of coal mines, which will graally achieve proction and efficiency in the future. We expect the compound growth rate of the company's output in the next three years to be 30%, and the compound growth rate of equity output to be 25%
the annual output of 12-15 was 7.5 million tons, 10.55 million tons, 13.12 million tons and 16.62 million tons respectively, with a year-on-year increase of 185%, 41%, 24% and 27% respectively. The annual output compound growth rate is 30%
in 2012-15, the equity output was 6.17 million tons, 7.88 million tons, 9.46 million tons and 11.91 million tons respectively, with a year-on-year increase of 158%, 28%, 20% and 26% respectively. The compound growth rate of annual equity proction was 25%
2. The company is in the period of rapid expansion by diluting the financial cost of per ton of coal through increasing the output, and achieving the unconventional development of the company through a large amount of financing before, which will greatly rece the financial cost of per ton of coal in the future
in the first three quarters of 2012, short-term borrowings amounted to 5.13 billion yuan, long-term borrowings amounted to 5.23 billion yuan, non current liabilities e within one year amounted to 1.37 billion yuan, bonds payable amounted to 500 million yuan, long-term accounts payable amounted to 1.53 billion yuan, interest bearing liabilities amounted to 13.78 billion yuan, and financial expenses amounted to 800 million yuan. We estimated that the financial expenses in 12 years would be 1.3 billion yuan, and the financial expenses per ton of coal would be 173 yuan / ton
in 2012, the company issued 1.6 billion bonds in the first issue of 2.5 billion bonds, and it is estimated that 600 million bonds will be issued in the near future. In 2013, the company will continue to issue 3.5 billion bonds, and the overall scale is expected to reach 6.5 billion yuan. Through issuing bonds, the company will greatly rece its financial expenses (the interest rate of trust loans is higher, most of which is more than 9%). On the other hand, the company will continue to issue 3.5 billion bonds, The company will continue to finance the acquisition of coal mines, and the overall financial costs may still be the same as in 2012
in 2013-15, the financial cost is still expected to be 1.3 billion yuan, but with the increase of proction, the financial cost will drop to 123 yuan / T, 99 yuan / T and 78 yuan / T in 2013-2014
compared with the base of 12 years (net profit per ton of coal: 163 yuan), the net profit per ton of coal in 2013-15 can be increased by 38 yuan / ton, 56 yuan / ton and 71 yuan / ton, reaching 201 yuan / ton, 219 yuan / ton and 234 yuan / ton respectively, and the net profit per ton of coal can be increased by 23%, 9% and 7% respectively
3. It is expected to continue to acquire internal and external coal assets
it is possible to acquire the equity of subsidiaries internally: the company has strengthened the equity control of subsidiaries, transferred Xinyi rich coal (49%) which holds less than 51%, and other coal companies which hold more than 51% will further increase the equity ratio. Suppose that the rights and interests of subsidiaries are all increased to 100%: Huaying Shanxi increases the proction capacity by 680000 tons = Huaying jintaiyuan 900000 tons * 10% + Jiguang coal instry 60 * 49% + bogou coal instry 60 * 49%
Yinyuan coal coking increased its proction capacity by 960000 tons = 195 * 49%, and Kangwei coal increased its proction capacity by 1.33 million tons, with a total increase of 2.87 million tons
the company continues to acquire coal mine assets from outside: the coal mine capacity acquired by the company in Shanxi has reached 9.65 million tons, and it may further acquire 15 million tons in the future, which is planned to be realized in ten years and five years. It is expected to realize the group's 30 million tons strategy ahead of schele in the 12th Five Year Plan (the original plan is to achieve 15 million tons of proction capacity in Shanxi, 10 million tons in Shaanxi and 5 million tons in Xinjiang by 2020)< The company's wholly-owned subsidiary Huaying Shanxi Energy Investment Co., Ltd. has obtained the exploration license for shale gas mineral resources in Fenggang block 2, Guizhou issued by the Ministry of land and resources. The exploration period is from January 18, 2013 to January 18, 2016, and the exploration area is 1030.404 square kilometers, The total exploration investment in this block is estimated to be 437 million yuan, and the shale gas resources are estimated to be 127.18 billion cubic meters< The company is a pure coking coal company, and the clean coal washing rate is as high as 65%. According to the calculation of all washed coal, assuming that the clean coal price rises by 100 yuan / ton, we can calculate the thickening performance: the equity output of coking raw coal is 7.48 million tons * 65% * 100 / 1.17 * 0.75 = 310 million yuan, the earnings per share is 0.18 yuan, and the performance thickening range is 25%. The performance elasticity of coal price rise is as high as 3 times (25% / (100 / 1280))
6. Earnings forecast and investment rating
it is estimated that the EPS of the company from 2012 to 2014 will be 0.57 yuan, 0.71 yuan, 0.86 yuan and 1.2 yuan respectively, with a year-on-year growth of 212%, 24%, 21% and 39% respectively
the company has high endogenous growth, strong internal and external asset acquisition expectations, and the newly entered shale gas field is expected to become an explosive point of future performance growth. It maintains a strongly recommended investment rating and gives a target price of 14 yuan
risk factors: macroeconomic recovery is lower than expected China Merchants Securities Analysts: Lu Ping, Zhang Shun, Wang Peipei)
Shimao shares (600823) research express: operational efficiency improved, performance steadily increased
focus 1: Housing sales steadily developed.
the company's sales performance in 2012 is ideal, one of the reasons is that the real estate market has exceeded expectations since 2012; Second, the company launched a large volume of goods in early 2012, and made some adjustments to the proct structure of some unsalable properties, which achieved good results. We expect that the total sales amount of the company in 2012 will exceed 8 billion yuan, with a year-on-year growth of more than 50%. Xiamen, Nanjing and Changshu are the regions with better sales, and the three cities account for about 60% of the company's total sales. Compared with 2011, the sales unit price of the company has decreased. On the one hand, some changes have taken place in the proct structure: in 2011, the company sold some high price office buildings in the core area, while the proportion of residential buildings in the sales volume in 2012 increased. At the same time, the company did some price rection promotion at the beginning of the year, which led to a certain degree of decline in the sales unit price of the company in 2012
it is estimated that the sales volume of the company in 2013 will increase slightly compared with that in 2012, and the new sales volume will be basically the same as that in 2012, among which the value of Nanjing, Xiamen, Jinan and Shanghai is larger. We expect that the company will still achieve good sales results in 2013, and the sales volume is expected to exceed 10 billion yuan<
focus 2: the company's operating income continues to explode.
the company's operating income mainly includes real estate leasing, department store business, cinema business, children's business, etc. Among them, 1. The rapid growth of income from real estate leasing business is mainly e to the company's high-quality business facing the arrival of lease adjustment period. We expect that the company's real estate leasing business will still maintain a rapid growth trend in 2013. 2. The revenue of department store business is lower than that in 2011, mainly because the company has made some adjustments to the department store business. 3. The company's cinema business has made a breakthrough, mainly e to the hot development of the film market in 2012. With the opening of more cinemas in 2013, the operating revenue of cinema business can still maintain a very rapid growth< In 2012, the company carried out a series of internal reforms, which made the whole management system more flat and the instructions issued by the headquarters more direct, recing the attenuation cost of instruction transmission; The evaluation of KPI is more clear, and the link between performance and income encourages team morale. In 2012, the company changed the leadership of important departments, and the development momentum of the company will be more abundant in the future
conclusion: the company is a leading enterprise in the development of urban complex. In the proct structure, commercial, residential and residential basically account for one third each. At present, more than 50% of the company's project reserves are obtained by means of asset injection in 2009, with relatively low cost and strong profitability. At present, the company has passed the running in period after the reorganization, and the internal reform is graally implemented, which has initially achieved good results. The company's operating property is developing rapidly, and there is still a lot of room for growth in the future. We believe that the company's current series of changes will significantly improve the company's operating performance. We expect the company's operating revenue from 2012 to 2014 to be 57

6. It's not issued by the central bank! DCCB is the abbreviation of loan chain. Its founder is Mr. Zhang Peng, partner of uskd exchange! Zhang Peng is the representative of the post-90s Internet blockchain entrepreneurs!