2015 Chilean America Cup Argentina National Team’s latest list of 30 people (Figure)_1

2015 Chilean America Cup Argentina National Team’s latest list of 30 people (Figure)
On May 12, Beijing time, the Argentina team announced the 30-man roster for the America’s Cup, including Messi, Aguero, Tevez leading the line, Higuain, Di Maria and other superstars.  Before June 1, Argentina will submit its final 23-man roster.The current America’s Cup Argentina and defending champions Uruguay, Paraguay and Jamaica were in the same group.  In terms of historical records, Argentina has won the Copa America 14 times, ranking third in the Americas after Uruguay.However, the last time the Argentina team won the championship goes back to 1993.In the 2011 America’s Cup, the Argentina team regretted to stop the quarterfinals as the host.(Zhou Yi) A small part of the 2015 Chilean America Cup schedule. 2015 America Cup Argentina national team 30-man big list: 2015 America Cup Argentina national team 30-man big list: Goalkeeper: Romero (Sampdoria), Guzman(Tiger), Andújar (Naples), Marchesin (Santo Lake) Guards: Sabaletta (Man City), Roncaglia (Genoa), Gare (Zenit), De Michelis (Manchester City), Otamendi (Valencia), Federico Fernandez (Swansea), Rojo (Manchester United), Casco (Old Boy Newells), Orban (Valencia)Field: Mascherano (Barcelona), Biglia (Lazio), Banega (Sevilla), Roberto Pereira (Juventus), Gago (Boca Juniors), Di Maria(Manchester United), Mancuello (independent), Maxi Rodriguez (old Newells boy), Enzo Perez (Valencia), La Mela (Tottenham), PastoRay (Paris Saint-Germain) strikers: Messi (Barcelona), Gaitan (Benfica), Aguero (Man City), Tevez (Juventus), Lavic (Paris Saint-Germain), Higuain (Naples) BGroup opponents in the same group: 2015 Chile America’s Cup Uruguay National Team’s latest 27-man roster (picture) 2015 Chile America’s Cup Paraguay National Team’s latest 30-man roster (picture) 2015 Chilean America’s Cup Jamaica National Team’s latest 30-man roster

GCL Integration: All employees of the controlling shareholder partnership company actively buy the company’s stock

GCL Integration: All employees of the controlling shareholder partnership company actively buy the company’s stock
Sauna Night News On March 30, GCL-Integrated Technology Co., Ltd. issued an announcement about the increase in the company ‘s stock transactions by the controlling shareholder to the company ‘s shareholder employees, saying that it recently received the company ‘s controlling shareholder GCL Group Co., Ltd. (hereinafter referred to as “GCLGroup “) submitted the” Letter on the increase in the shareholding of all employees of the merged company “, the specific contents are as follows:” GCL Group’s recognition of the company’s long-term investment value based on the company’s future sustainable development prospects and the company’s management team’s confidence, forMaintain market stability, enhance investment confidence, actively respond to the negative impact of the new coronary pneumonia epidemic on the capital market, and protect the interests of the majority of small and medium investors. Afterwards, GCL Group reached: to encourage companies andAll employees of the wholly-owned subsidiary and the holding subsidiary actively buy the company’s stock (stock abbreviation: GCL Integrated, stock code: 002506).The GCL Group promises that all employees who have purchased GCL Integrated Stocks for a net period from March 30, 2020 to April 30, 2020, and have held a continuous employment for more than 12 months, if they buy during the periodThe income generated by GCL-Incorporated stocks will be compensated by GCL Group; if there is any value-added income from the stocks, it will be owned by the employees. “The announcement shows that as of March 30, 2020, the company and its wholly-owned subsidiaries and holding subsidiaries had a total of 2,304 employees.The source of capital for the company’s employees to increase the company’s stocks this time is employees’ own funds.Employees purchase stocks during the period of budget increase based on the principle of employee voluntariness. The ownership and voting rights of the purchased stocks belong to the zero purchase employees.In addition, the announcement has not disclosed the stock pledge of the controlling shareholder: as of now, the company’s controlling shareholder GCL Group and its concerted parties hold a total of 2114772145 shares of the company’s shares, accounting for 41% of the company’s total share capital.61%.As of the date of this announcement, the cumulative number of pledged shares held by the company’s stocks was 1,874,340,000 shares, accounting for 88 of the total shares held by the company.63%, accounting for 36 of the company’s total share capital.88%.The company conducted a risk investigation on the controlling shareholder’s credit status and share pledge status. Its existing credit status is in good condition and has the ability to repay funds. At present, there is no risk that its share pledge amount cannot be repaid.The company will disclose the pledge of its shares in compliance with the requirements of relevant laws and regulations.Investors are advised to pay attention to risks.The announcement also reminds the company of potential risks.The announcement said that the stock market price has exceeded the development strategies and operating performance of listed companies, and has also been affected by many factors such as the macroeconomic cycle, interest rate levels, capital supply and demand, and other factors. It will also be affected by international and domestic political and economic growth and investor psychology.Changes are caused by changes in uncontrollable factors such as expectations.Therefore, the market price of the company ‘s stock may change due to the above factors, and the company reminds investors to pay attention to the risks arising from the gradual change.There is a risk of uncertainty in the part-time employee ‘s increase in holdings.In the current plan for employees’ shareholding increase by the company’s controlling shareholder, whether employees respond to and participate in the company’s shareholding increase, or whether employees are willing to participate in this plan, are voluntary behaviors of employees, and there are certain uncertainties.Investors are advised to pay attention to risks.Editor Chen Li

Ctrip’s net revenue increased by 15% last year, 31 billion sleep demand to be awakened

Ctrip’s net revenue increased by 15% last year, 31 billion “sleep demand” to be awakened
Beijing time, March 19th news, Ctrip travel network announced its fourth quarter of 2019 and the financial results of the reorganization.The data shows that Ctrip’s annual total transaction volume (GMV) reached US $ 865 billion in 2019, an increase of 19% while continuing to maintain the number one position in the global online travel industry; incremental operating profit growth increased by 94% to US $ 5 billion, higher than in the pastThe sum of operating profit for 5 years.Excluding the payment of share capital compensation fees, the profit and loss from changes in the fair value of equity-sold financial assets, the net profit attributable to Ctrip shareholders in 2019 was 6.5 billion yuan, equivalent to 5.5 billion yuan in 2018.According to the financial report, Ctrip’s annual net operating income for 2019 is 35.7 billion yuan, an increase of 15%; if it does not include equity compensation fees, operating profit income is 19%, which is about 14% in 2018.As of December 31, 2019, Ctrip ‘s funds were in good condition, and its cash and cash equivalents, restricted cash, short-term investment balances, holding to termination and long-term financial investment balances were US $ 59.9 billion-this is also a case of portability”The darkest moment of the global tourism industry” lays the foundation for possession.Net profit growth of 132% in the fourth quarter of 2019 G2 strategic value highlights the breakdown of revenue. Ctrip ‘s core four businesses have grown steadily: Ctrip ‘s accommodation booking revenue in 2019 was 13.5 billion, an increase of 17%; transportation ticketing revenue was14 billion US dollars, an annual increase of 8%; operating income of tourism and vacation business is 4.5 billion US dollars, an increase of 20% each year; operating income of business travel management business is 1.3 billion US dollars, an increase of 28%.Ctrip’s profitability is still strong, especially at the end of last year: Ctrip’s operating profit increased by more than 4 times to 5 in the fourth quarter of 2019.8 trillion; without scoring equity compensation fees and gains and losses from changes in the fair value of equity-sold financial assets, net profit in the fourth quarter of 2019 increased by 132% to 1.2 billion.According to financial report data, in the fourth quarter of 2019, Ctrip International Hotel revenue (except for destinations in Greater China) increased by 51%. travel.The com brand’s international ticket business has maintained a three-digit growth for 13 consecutive quarters; it will end travel by the end of 2019.The com brand has entered 27 markets and supports 20 languages.As of the end of 2019, Ctrip operated and built nearly 8,000 offline stores.Ctrip CEO Sun Jie introduced in the financial report meeting that in 2019, Ctrip further expanded its market share, and the second and third-tier markets contributed more than 60% of new users; low-star hotel and transportation products are effective new user diversion productsThe night volume among low-star hotels increased by 50% quarterly in the fourth quarter.The results achieved in each market finally formed a joint force: Ctrip’s GMV reached 865 billion yuan in 2019, which increased by 19%, and continues to maintain the number one position in the world since Q3 2018; in contrast, the other two global online travel manufacturers预订 Holdings和Expedia,其2019年的GMV增速分别为4%和11%。This all reflects the rapid development of emerging strategies in Ctrip’s “G2 strategy”.Ctrip has also gained a lot in its high-quality strategy.For example, in the mid-to-high-end hotel booking market with obvious advantages, Ctrip ‘s competition has been increasing: in 2019, more than 50,000 hotels agreed to provide alternative discounts to Ctrip ‘s cross-selling users, and the number of hotel transactions participating in the plan wasIncrease.The G2 strategy (rationality and high quality) is continuously creating richer business value for Ctrip.At least, as of December 31, 2019, Ctrip ‘s cash and cash equivalents, restricted cash, short-term investment balance, held-to-maturity and long-term financial investment balance were $ 59.9 billion.Ctrip said that this is the company’s “dark moment in the global tourism industry” to lay the foundation for possession.Non-destructive unsubscription involves a transaction volume of more than 310 million Ctrip users’ satisfaction creating a record high, the new coronary pneumonia epidemic outbreak in early 2020, the global tourism industry began to face huge uncertainties.In this financial report, Ctrip also received expectations for the first quarter of 2020: net operating income decreased by 45% to 50%; if it does not include assessed compensation costs, the operation in the first quarter of 2020 reached 17.5 billion to 18.500 million yuan.Judging from the magnitude of the fund reserve, Ctrip is fully capable of digesting these influencing factors, and at the same time, throttling measures such as salary cuts for executives are also in the process of being replaced; instead, Ctrip provides users with non-destructive unsubscription in the early stage of the outbreak as well as suppliersThe shared financial losses have already been reflected in the expectations for the first quarter of 2020.It can be said that in the most special first-quarter performance expectations in the past two decades of this participation process, basically all the negative factors have been taken into account.Many positive factors have gradually revealed in the crisis.After the outbreak of the new coronary pneumonia epidemic in early 2020, Ctrip gradually unsubscribed tens of millions of orders, involving an amount of more than US $ 31 billion, resulting in a significant increase in user satisfaction.Returning to the present, the general consensus in the tourism industry is that the recovery of the tourism market after the epidemic will gradually carry out the order of domestic travel, outbound travel, and inbound travel; gradually, the successive resumption of work in the whole society will also first activate domestic business travel.Last year, Ctrip ‘s performance in the Chinese domestic market laid a foundation for alternative recovery.Ctrip’s financial report data shows that in 2019 Ctrip further expanded its market share, in which low-star hotels and transportation products are effective new user diversion products.Overall, the night volume of Ctrip ‘s low-star hotels increased by approximately 50% annually in the fourth quarter, and the development momentum of nearly 8,000 offline travel stores was also very good.In fact, Ctrip will also play an important role in leading the recovery of the global tourism industry in the future.According to the relevant data of the World Tourism Index (WTTC), China has made a quarter contribution to the growth of the global tourism industry, accounting for 35% of the total GDP of the global tourism industry.2%.At a time when the global epidemic is intensifying, tourism markets in many countries and regions have been “frozen”. It is foreseeable that these destinations will need the activation of Chinese tourists on the day of recovery.Of course, the complication of all this is that the carrying process can make good reserves during the impact of the epidemic and accumulate strength for the day of recovery.Liang Jianzhang, co-founder of Ctrip Group and chairman of the board of directors, said that Ctrip ‘s ability to resist risks is not comparable to that of 17 years ago. It is very necessary to make a good plan at present-how to ensure the stability of the team and keep the company ‘s financial statusStability will be the focus of the entire industry in the short term.”After the recent outbreak of new coronary pneumonia, we immediately took action to protect our users and partners, and were also affected by short-term sustained financial impact.We firmly believe that this is what we should do as an industry leader, and we look forward to becoming stronger after the epidemic is contained.”Liang Jianzhang said in the financial report meeting.The earliest is that on March 5 this year, Ctrip antiques released the “Tourism Revival V Plan” conference.At the press conference, Ctrip released a tourism revival plan V aimed at revitalizing the industry, and announced that it will unite more than 100 destinations, and 10,000 brands have invested a total of 1 billion US dollars in recycling funds to promote tourism consumption and revitalize the post-epidemic tourism economy.”The epidemic completely wiped out travel demand, it was only delayed.”The pre-judgment of Ctrip Group CEO Sun Jie has been tested.Only 2 weeks after Ctrip opened the “Renewal V Plan”, the hotel’s pre-sales sales have increased by 20 times, and one of the 3,000 hotel pre-sale packages was robbed within half an hour.This fact thoroughly verifies Sun Jie’s judgment, and at the same time is a return to Ctrip’s “hard practice of internal skills” during the industry shutdown.Whether Ctrip will be stronger after the epidemic will be seen.Sauna, Ye Wang Zhang Zeyan Editor Zhao Ze proofreading He Yan

[Cream of Lemon Yogurt Qifeng Cake (8 inches)

Method]_ common practice of lemon yogurt Qifeng cake (8 inches) _ lemon yogurt Qifeng cake (8 inches) practice _ lemon yogurt Qifeng cake (8 inches) how to make

[How to make lemon yogurt chiffon cake (8 inches)]_ Common practice of lemon yogurt chiffon cake (8 inches) _ How to make lemon yogurt Qifeng cake (8 inches) _ how to make lemon yogurt Qifeng cake (8 inches)

Arranging your own daily diet is actually a very important part of life. We ignore and ignore it. It is okay to eat outside occasionally, but it is best not to alternate too much. It is best to cook by yourself. Lemon yogurtThe wind cake (8 inch) method is very simple, and those who are willing to cook by themselves do not prevent them from learning.

1. Prepare the materials.

2. Squeeze and peel the lemon.

3. Mince the lemon zest and marinate with 15 grams of sugar for 20 minutes.

4, egg yolk and egg white separated.

Pour a few drops of lemon juice into the egg whites.

5. Add oil, lemon juice, lemon zest, yogurt, vanilla extract (optional) to egg yolk, then add the sieved corn starch and low-gluten flour and stir well.

6. The egg whites were beaten with electric eggbeater. The first fine sugar was added, and the fine sugar was added three times to form small spikes. The protein frosting was done.

7. Add 1/2 of the meringue to the egg yolk paste and mix well by turning it over. Pour the well-mixed yolk paste into the meringue and mix well.

Preheat the oven at 130 degrees.

8. The bottom of the mold can be easily released with greased paper. I use a solid mold here.

Friends who do not have a mold can cover the sides and bottom of the bottom mold with tin foil to prevent water from entering.

9, pour the well-mixed lemon yogurt paste into the mold, shake a few times on the table, the small bubbles in the batter disappear, so the baked cake is more delicate.

10. Prepare a baking sheet. Fill the baking sheet with warm water.

Water bath method.

11. Put the cake mold into the mold baking dish.

Heat in the oven at 130 degrees and bake for 60 minutes.

It takes 60 minutes to get out of the oven.

12, baked.

The scent of lemon is everywhere.

13, demolding.

14, cut into pieces.

It’s better to put it in the refrigerator.

15. I baked another one.

16. One more closer.

Eating out may not ensure the hygiene of the food, so you can eat it with peace of mind. The method of lemon yogurt chiffon cake (8 inches) is simple and healthy.

[Can goat milk and breast milk be eaten together]_How to drink_How to match

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[How to make konjac tofu in Guizhou?】 _How to do_How to do

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[How to get rid of pork waist]_How to get rid of fishy_How to get rid of fishy


Jingchen (688099): a leading multimedia smart terminal SOC chip maker

Jingchen (688099): a leading multimedia smart terminal SOC chip maker

Main point of view: The company’s main business is the R & D, design and sales of multimedia smart terminal SoC chips. The company’s business model is clear and the product market is highly recognized.

The company reorganized its global advantages in terms of location and market resources, and accumulated a world-renowned domestic and foreign customer base.

The products of Xiaomi, Alibaba, ZTE, Google, Amazon and other companies use the company’s chips.

In the future, the company will launch new products and full-system solutions based on its own technology precipitation, and lay out consumer security markets such as IPC and automotive electronics markets such as car entertainment and assisted driving to promote the development of AI audio and video system terminals.

Affected by industry policies and downstream market demand, the company’s operating performance in the past three years has maintained high growth.

The operating income for 2016-2018 was 11.

5 billion, 16.

90 ppm and 23.

690,000 yuan, 杭州桑拿 with a compound annual average operating income of 43.

56%; during the same period, the company’s net profit attributable to its parent was 0.

7.3 billion, 0.

7.8 billion and 2.

8.3 billion, after deducting non-return to mother’s net profit compound annual growth of 103.


Intelligent set-top box chips and smart TV terminal chips still have a vast market space. At the same time, AI audio and video system chips are still emerging.

From 2013 to 2018, the previous set-top box gradually expanded to 3.

1.4 billion units, with a total of 4 households in 2017.

5.2 billion households, with two set-top boxes per household, the penetration rate is currently only 34.

73%, the demand is expected to maintain a certain growth in the future; until the end of May 2019, the three major operators in the ten years to develop IPTV (Internet TV) users reached 2.

With 7.8 billion households, the total number of registered households reached 61.


The future needs of smart TVs still bear space; and AI audio and video system terminals are emerging as the entry point for smart homes.

Progressive development of industrial policy in the future, it is expected that the chip design industry may usher in new development opportunities.

The company has multiple advantages such as high quality products, perfect sales network, leading technology, and stable team.

The company’s product market is highly recognized and has a complete distribution network; leading technology and stable core technical team; in the future, the company will deploy consumer security markets such as IPC and automotive electronics markets such as car entertainment and assisted driving to promote the development of AI audio and video system terminals.
Issuance Overview: The total share capital of the company before the issuance was 3.

7 billion shares. The number of shares to be issued this time does not exceed 41.12 million shares, accounting for no less than 10% of the total share capital after issuance. The over-allotment portion does not exceed 15% of the total number of new shares issued.

Fundraising projects: The budget for the funds raised this time.

1.4 billion, the specific investment projects are: (1) R & D and industrialization of AI ultra-clear audio and video processing chips (2.

US $ 3.7 billion; (2) Global digital analog TV standard integrated intelligent main chip audit project (2.

US $ 4.8 billion; (3) International / domestic 8K standard codec chip upgrade project) (2.

31 ppm); (4) R & D center construction project (1.

9.8 billion); (5) Development and science and technology reserve funds (600 million).

Earnings forecast and estimation: We expect the operating income for 2019-2021 to be 25.

5.7 billion, 26.

58 ppm and 31.

1.2 billion; net profit attributable to mothers is 2.

6.1 billion, 2.81 ppm and 3.

4.1 billion.

Reference Science and Technology Board Internet of Things chip company Espressif Technology listed PE 53.

34 times (2018 return to net profit of the mother / total share capital after issuance). Considering the weak growth rate of the set-top box and smart TV chip market, we give the company a 45-50 times PE range, and the company’s inquiry range is 30.


36 yuan / share.

Risk reminder: the risks brought by the Sino-US trade friction, the market demand is less than expected, the risk of business loss caused by market competition, the risk of technological research and development, and the risk of brain drain.

Jiangshan Oupai (603208): Wooden door tooling pioneers benefit engineering business outbreak

Jiangshan Oupai (603208): Wooden door tooling pioneers benefit engineering business outbreak

Recommended logic: The company is the first wooden door company listed in the country. It has a good business momentum, and its revenue and profits continue to grow rapidly. In 2018, the company achieved revenue of 12.

80,000 yuan, an increase of 27 in ten years.

1%, net profit attributable to mother is nearly 1.

600 million, an increase of 13% in ten years.

The company’s main sales channels are retail channels and engineering channels. Currently, retail sales are steadily expanding, and engineering channels ushered in a golden period of development.

The company’s production capacity layout is leading, and new investment capacity is expected to start in 2019, which will be a strong guarantee for the company’s rapid growth in performance.

Engineering business welcomes the golden development period.

Against the backdrop of a clear improvement in the proportion of refined decoration, the increase in the concentration of land faucets, and the vigorous promotion of government security and housing projects, the outbreak of engineering business will be the main focus of the wooden door industry in the next few years.

The company is a wooden door leading enterprise that entered the tooling business earlier and has obvious first-mover advantages. At the same time, the company is stronger than SMEs in terms of delivery cycle, cash flow, landing service capabilities, and project management capabilities.

In 2018, the company’s engineering business revenue is expected to account for 60%, with a growth rate of about 50%.

The company has established cooperative relations with Evergrande, Vanke and other domestic leading housing companies, and has a long-term strategic cooperation agreement with Evergrande. Evergrande’s intention to purchase in 2017-2021 is expected to reach 2 billion US dollars.Further deepening, orders from core customers are guaranteed in the next few years.

The retail business grew steadily, and the construction of production capacity continued to advance.

The company has formed a layered distribution model of single-line distributors, large-scale distributors and ordinary distributors.

At present, it has covered 31 provinces and cities across the country, with more than 319 dealers and more than 1,300 existing stores. The number of third- and fourth-tier cities covered is close to 70% of the total number of cities covered, and the regional layout is complete.Large, in line with the company’s mid-range price positioning and strategic goals of channel sinking.

In the future, the company will continue to promote store expansion and expand its retail business steadily.

The company has a production capacity of 200,000 sets of solid wood composite doors and 800,000 sets of molded doors. The newly invested 300,000 sets of solid wood composite doors and 300,000 sets of molded doors have been put into operation since 2018. It is expected to start volume in 2019.The expansion of production capacity strongly supports the company’s rapid development.

Earnings forecasts and investment advice.

The EPS for 2018-2020 is expected to be 1.

92 yuan, 2.

50 yuan, 3.

29 yuan, the return of net income to mother in the next three years is expected to maintain a compound growth of 25%.

Since there are no other listed wooden door companies in the A-share market, if the engineering business target in the light industry is analogized, the company will be valued at 18 times in 2019, corresponding to a target price of 45.

0 yuan, covering for the first time, give “buy” rating.

Risk reminder: the risk of sharp fluctuations in the price of raw materials, the risk of a downturn in the real estate industry, the expected risk of advancing the housing project, and the progress of the project construction and completion of production may or may not be as 北京桑拿 expected.

CNOOC Engineering (600583) Tracking Report: Fundamentals have bottomed out and attempt to follow up

CNOOC Engineering (600583) Tracking Report: Fundamentals have bottomed out and attempt to follow up

The short-term average was under pressure due to the release of higher-than-expected results, but the fundamentals rebounded to make the performance recover quickly: the domestic policy of beneficially increasing the energy self-sufficiency rate, and the revenue scale breaking through the previous boom high; the overseas expansion has achieved significant results.Super Japanese and Korean blacks.

Long-term recommendation, target price 8.

00 yuan, maintain “Buy” rating.

The domestic offshore oil and gas engineering service is absolutely the leader.

The company’s main business is offshore oil and gas engineering services, contracting engineering contracts in the form of general contracting or subcontracting, participating in offshore oil and gas field engineering, onshore LNG and other project construction.

The company is a subsidiary of CNOOC, which has undertaken almost all of CNOOC’s key offshore engineering businesses, and has absolute priority in China’s offshore oil and gas development and production market.

CNOOC’s long-term plan guarantees the intensity of capital expenditure and the company’s workload.

CNOOC has formulated a “Seven-Year Action Plan” with a target of compound annual growth in grain storage22.

5% / 17.

5%, which is expected to drive an average annual investment of more than 200 billion yuan, and the average value of the previous 2015-2018 tripled.

The national revenue of CNOOC projects accounts for 15-20% of CNOOC’s capital expenditures. If CNOOC’s expenditures are fully in place, it is estimated that CNOOC’s domestic revenues can reach 30 billion, which is higher than the previous boom.

The market prospects for offshore oil and gas development engineering services and onshore LNG liquefaction modules are bright.

The engineering service industry cycle rebounded in three stages: orders picked up> major equipment utilization increased-> price increases, current industry leading orders have picked up 2-3 quarters.

Rystad predicts that most of the increase in global crude oil production in 2016-2025 will come from offshore.

With the coming of the international oil company’s output as the stage of connecting resources, investment in offshore crude oil development is bound to increase.

wood mackenzie predicts that there are currently more than 400 offshore projects to be developed 武汉夜网论坛 around the world, and the offshore projects approved in 2019-2020 will be + 100%.

In terms of LNG, according to IHS statistics, as of the beginning of 2019, the nominal production capacity of LNG was 379 million tons, 9700 was under construction, and the plan was 220 million tons. The market space is still broad.

The company has made its appearance in overseas markets.

Starting from the Yamal project in Russia, CNOOC Engineering has gained attention and recognition in the international market.

Since then, the company has gradually become a qualified supplier of 24 international oil companies and 40 international engineering companies, breaking down into an international first-class LNG insertion project to build the ‘first echelon’.

The company bid for the Canadian LNG Shell project and entered the short list 天津夜网 directly.

In November 2018, the company entered the Saudi Aramco long-term supply agreement (LTA) list, which means that it can participate in the rapid bidding of Saudi Aramco projects within 12 years, which will facilitate the rapid growth of business scale.

Risk factors: Party A’s continued insufficient spending; the company’s lack of overseas operating experience leads to a reduction in its projects; the sudden increase in workload caused by the expansion of service costs has exceeded expectations; the decline in international oil prices dragged down overseas investments; the exchange of ETFs by central enterprises caused the company’s shares to be reduced.
Investment suggestion: In 2018, the company’s order / revenue ratio reached a record high and is expected to continue in 19 years; the current income / fixed assets ratio is 0.

9, is the second lowest after 2011-12, the capacity utilization rate is at a low level.

On the whole, the company’s fundamentals have bottomed out. Based on the order in 2019, delivery will start in 2020, and the domestic market order will start to be released in 2019. We raise our forecast for net profit attributable to mothers for 20-21 years to 17.


9 trillion (the original forecast was 12/17 trillion). Taking into account the drag on overseas projects in the first half of the year, the 19-year forecast was lowered to 0.

85 trillion (the original forecast was 8 trillion), the corresponding EPS forecast is 0.



63 yuan, currently corresponding to PE280 / 14/9 times, refer to international counterparts, according to 20 times in 2020, 8 is given.

00 yuan / share target price, maintain “Buy” rating.