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信义光能(00968):2019将全面步入成长快车道

2019-03-15     牛牛财经   来源:
文章摘要:本文来源微信公众号“鲍大侠之建材”,作者为国君建材首席分析师鲍雁辛和研究助理赵晨阳,原标题为《信义光能(0968.HK):严冬过尽绽春蕾,步入成长快车道(国君建材鲍雁辛 赵晨阳)20190314》。维持“增持”评级。我们认为光伏平价上网在即,竞争赛道将由“政….

benwenlaiyuanweixingongzhonghao“鲍baodaxiazhijiancai”,作zuozheweiguojunjiancaishouxifenxishibaoyanxinheyanjiuzhulizhaochenyang,原yuanbiaotiwei《信xinyiguangneng(0968.HK):严yandongguojinzhanchunlei,步buruchengchangkuaichedao(国guojunjiancaibaoyanxinzhaochenyang)20190314》。

weichi“增zengchi”评pingji。我womenrenweiguangfupingjiashangwangzaiji,竞jingzhengsaidaojiangyou“政zhengcequdong”向xiang“成chengbenqudong”切qiehuan,需xuqiubaofalinjiedianjiangzhi。PERC电dianchijiasutidaixiaoyingyiranzhangxian,双shuangboshuangmianzujianyouwangkuaisushentou,释shifangguangfubolixuqiuhongli。信xinyiguangneng(00968)为weiguangfubolilongtou,打dazao“资zijin+规guimo+布buju+商shangyemoshi”四sizhongjingzhengbilei,全quanmiangouzhukuan广guanghuchenghe,行xingyejiyuqiyouwangyouxianhuoyi。我womenyujigongsi2019-20年nianguimujinglifenbiewei25.96、30.38亿yigangyuan,同tongzeng39.32%、17.05%,若ruokaolvgongsiyijiuhuanxinpeigu3.8亿yi(将jiangyu3月yue22日riqianfaxing),则zegongsiduiyingeps为wei0.32、0.38港gangyuan。根genjukebigongsiguzhi,给geiyugongsiPE 14.62 x,目mubiaojia4.7港gangyuan

shuangboshuangmianzujianxuqiufangliangzaiji,光guangfuboliyouwangyinggaochengchanghongli,龙longtouyouwangyouxianhuoyi。我womenrenweixingyepingjiashangwangsuqiudezengqiangjiangqu使shiPERC电dianchijiasutidaichuantongBSF,而ershuangmianjishuyuPERC电dianchitianranjianrong,具juxianzhufadianzengyiqiejiweizengjiachengben,渗shentoulvyouwangtisheng,进jinertizhangguangfubolixuqiu。我womencesuan1GW双shuangbozujianyuexuguangfuyuanpian8.99万wandun,较jiaodanbozujianboliyongliangdafuzengchang(5.53万wandun)。2018年nian10月yueguangfubolijiagechudifanzhuan,有youwangqudongxinyiguangneng2019业yejidanxing

xinyiguangneng:打dazao“四sizhongjingzhengbilei”,构gouzhukuan广guanghuchenghe。一yi、信xinyiguangnengweiguangfubolilongtou,借jiezhushangshigongsipingtai,辅fuzhixiangganggengjuyoushiderongzihuanjing,构gouzhuzijinbilei;二er、总zongchannengxingyelingxian,更gengdadedan线xianchannengjuguimoyoushi,且qiemugongsixinyiboliyuancailiaojizhongcaigou,自zidonghuashuipinglingxianxingye;三san、贴tiejinxiayoukehu沿yanjiangjian线xian,自zijianmatou,以yizuidideyunshuchengbenshouwangzuihexindeshichang;四si、绑bangdingyouzhikehu,以yixiayoudaidongshangyoudeshangyemoshijiamayingliwentai

VS隆longjigufen,估guzhiyouwangzhongsu。信xinyiguangnengyulongjigufenzhuyingyewusaidaosuiwujiaocha,但dansuoshuxingyejunshuguangfuchanyelian,且qiejingzhenggejuxiangsi,同tongshiliangzheyinglinenglijundafulingxianjingzhengduishou。与yulongjixiangjiao,信xinyiguangnengyinglinengligengqiang,负fuzhaishuipinggengdi,且qieguangfubolizhizaogongyigengweipingwen,不burongyibeixinjishudianfu,我womenrenweixinyiguangnengguzhibeixianzhudigu

fengxiantishi:光guangfuzhengce“急jishache”、地diyuanzhengzhifengxian

1. 投touzigushi

womenrenweiguangfupingjiashangwangzaiji,竞jingzhengsaidaojiangyou“政zhengcequdong”向xiang“成chengbenqudong”切qiehuan,需xuqiubaofalinjiedianjiangzhi。PERC电dianchijiasutidaixiaoyingyiranzhangxian,双shuangboshuangmianzujianyouwangkuaisushentou,释shifangguangfubolixuqiuhongli。信xinyiguangnengweiguangfubolilongtou,“资zijin+规guimo+布buju+商shangyemoshi”四sizhongbileiquanmiangouzhukuan广guanghuchenghe,行xingyejiyuqiyouwangyouxianhuoyi。公gongsiyulongjigufenxiangjiao,具juxiangsidejingzhenggeju,领lingxiandeyinglinengli,宽kuan广guangdehuchenghe,但danguangfubolizhizaogongyigengweiwending,难nanyibeixinjishudianfu,且qiexinyiguangnengyinglinengligengqiang、负fuzhailvgengdi,估guzhibeixianzhudigu

1.1 盈yingliyucejiguzhi

shoucifugaigeiyu“增zengchi”评pingji。我womenyujigongsi2019-20年nianguimujinglifenbiewei25.96、30.38亿yigangyuan,同tongzeng39.32%、17.05%,,若ruokaolvgongsiyijiuhuanxinpeigu3.8亿yi(将jiangyu3月yue22日riqianfaxing),则zegongsiduiyingeps为wei0.32、0.38港gangyuan

womenfenbiecaiyongPE和hePB估guzhifangfaduigongsijinxingguzhi,选xuanquA股delongjigufen、中zhonghuangufen、通tongweigufenyiji港股xiexinxinnengyuan、福fulaiteboliweiqikebigongsi

  • PE估guzhi:根genjukebigongsi2019年nianpingjun14.62倍beiPE,对duiyingmubiaojia4.7港gangyuan

  • PB估guzhi:根genjukebi2019年nianpingjun1.92倍beiPB,对duiyinggujia2.94港gangyuan

kaolvdaoguangfubolixingyexuqiufangliangzaiji,且qiegongsiweilongtou,盈yinglinenglijijingzhengyoushikanchengguangfubolizhilongji,我womenrenweigongsiguzhiyingzhongsu,我womenquPE 14.62x,对duiyingmubiaojia4.7港gangyuan

2. 公gongsiweiguangfubolizhizaolongtou

xinyiguangnengweiquanqiuzuidadeguangfubolizhizaoqiye,亦yiweiguoneilingxiandeguangfudianzhanjianshejiyunyingqiye,其qiyu2013年nian12月yue12日rifenchaishangshi,母mugongsiweiquanqiubolizhizaolongtouxinyiboli(00868)。截jiezhi2018年niandi,公gongsiguangfuboliyuanpianchannengda7800t/d,国guoneizhanbichao30%,而ergongsiyihezhunbingwangzhuangjirongliangda2086MW(截jiezhi2018年nian6月yue30日ri)。

gongsishangshihouguangfubolijidianzhanyewuxunsufazhan,收shourujilirunzhunianzengchang。我womencesuangongsi2013-17收shourujiguimujinglinianjunfuhezengsufenbieda48%、66%,一yifangmian,光guangfubolichannengjinsanbeizengchang:上shangshiyishirirongliangjin2000t/d(4条tiao),2018年nianmochan线xianyida7800t/d(10条tiao);另lingyifangmian,公gongsi2014年nianjinzaianhuiwuhubingwang250MW(地dimiandianzhan),而er2018年nianzhongbaopilugongsidaxingdimiandianzhanbingwangguimoyida1934MW,电dianzhanfenbuyuanhui、天tianjin、湖hubeidengzhongdongbudiqu。以yi2018中zhongbaoyingshoukoujingcesuan,光guangfuboli、光guangfufadianjiEPC服fuwufenzhan74%、23%、3%。

2.1. 实shikongrenweilixianyijiazu

xinyiguangnengmugongsiweixinyiboli(00868),持chigu29.5%,实shikongrenweilixianyijiazu。李lichiguxinyiboli31.28%,亦yichiyouxinyiguangneng11.76%股guquan

3. 双shuangboshuangmianzujianxuqiufangliangzaiji,光guangfuboliyinggaochengchanghongli

3.1. 2019年nianhuojiangchengweiguangfupingjiaxiangmuluodiyuannian

congxingyeshengmingzhouqidejiaodu,光guangfuxingyeshangchudaoruqi,市shichangpeiyushangbuchengshu,同tongshiguangfufadianchengbengaoyuchuantonghuodian,但danshitaiyangnengweikezaishengqingjienengyuan,为weichuantonghuodiandelixiangtidaipin,因yinerguowang10年nianzaizhengfubutiequdongxia,全quanqiuguangfuzhuangjiliangzengchangxunmeng,其qizhongzhongguoxinzengzhuangjizhanbitishengxianzhu

suizhuozhuangjiguimodekuodajifadianxiaolvdetisheng,光guangfuxitongchengbenchengzhunianxiajiangtaishi。2018年nianzhongguo“531新xinzheng”后hou,光guangfuchanyelianjiagedafuxiatan,驱qu使shidianzhanzhuangjichengbenjinyibuxiajiang。根genjuCPIA数shuju,2018年nianwoguodimianguangfuxitongchushitouzichengbenwei4.92元yuan/W左zuoyou,较jiao2017年niandafuxiajiang1.83元yuan/W。预yujidao2019年nianquantouzichengbenkejiangzhi4.48元yuan/W,2020年nianjinyibujiangzhi4.17元yuan/W。另lingyifangmian,“531新xinzheng”刺cijiliaohaiwaiguangfuxuqiudeshifang,而er2018年nian8月yueoumengquxiaoduizhongguodeguangfuxianzhiling,我womenrenweihaiwaixuqiujiangdailaiquedingxingzengliang

2019年nianhuojiangchengweiguangfupingjiashangwangxiangmuluodiyuannian。2018下xiabannianguoneiguangfupingjiahuowubutiexiangmuluxuxianxian,其qizhong2018年nian12月yue29日rizhongguoshouge500MW平pingjiashangwangguangfulingpaozhexiangmuzaiqinghaigeermubingwangfadian。根genjuCPIA全quantouzimoxing,2018年niandimianguangfudianzhanzai1800h、1500h、1200h、1000h等dengxiaoliyongxiaoshishudepingzhunfadianchengben(LCOE)分fenbiewei0.22、0.37、0.46、0.55元yuan/KW,预yuji2021年nianhouzaibufengaotuoliumeidianjiadiqukeyouxianshixianyumeidiantongjia

3.2. 双shuangmianshuangbozujianshentoulvtishengzaiji

woguodimianguangfuxitongdechushitouzizhuyaobaokuozujianjiguangfupinghengxitong(BOS,含hannibianqi、支zhijia、电dianlan、一yicishebei、二ercishebeideng,及jitudifeiyong、建jiananfeiyongdengbufengoucheng)成chengben,其qizhongyiercishebei、土tudijijiananfeiyongdengxiajiangkongjianbuda,组zujianweiguangfufadianxitongdehexinbufen,成chengweitishengfadianxiaolv、降jiangdichengbendeguanjian。从congzujianjiangbenzengxiaodelujingshangkan,提tishengdianchipiandezhuanhuanxiaolvchengweiguanjianyaosu

PERC电dianchizhengjiasutidaichuantongBSF电dianchichengweizhuliu。光guangfudianchipiananjiegoukefenweiAL-BSF(铝lvbeichang)、PERC(发fashejidunhuahebeimianjiechu)、PERT(发fashejidunhuahequanbeimiankuosan)、HJT(异yizhijie)等deng。BSF电dianchirengweishichangzhuliu,但danzhengjiasubeiPERC高gaoxiaodianchitidai,其qi2018年nianzhanbiyue60%,较jiao2017年niande83%已yijingdafuxiajiang。与yuchuantongBSF电dianchixiangjiao,PERC电dianchizhuanhuanxiaolvjuxianzhuyoushi:2018年nian,规guimohuashengchandeduojingheiguidianchipingjunzhuanhuanxiaolvyue19.2%,而er使shiyongPERC技jishudedanjingheduojingguidianchixiaolvfenbieda21.8%、20.3%。

womentongjidisanpiyingyonglingpaozhejidizhongPERC占zhanbichao60%。根genju《中zhongguoguangfuchanyefazhan线xianlutu》,2025年nianPERC电dianchizhanbiyouwangda61%,成chengweishichangzhuliu

PERC渗shentoulvdetishengyouwangladongshuangmianzujianxuqiu。因yinchuantongBSF电dianchibeimiancunzaishaozifuhewenti,使shiyongshuangmianjishuhuidafujiangdizhengmianzhuanhuanxiaolv,因yinerguoqushuangmianjishubingweiyouxiaotui广guang。但danshuangmiandianchijishutianranjianrongPERC、HJT等denggaoxiaodianchi,从cong“领lingpaozhe”项xiangmukan,双shuangmianzujianzhanbiyuPERC渗shentoulvdetishengxiangpipei,第disanpizhongbiaoshuangmianzhanbida52%(第diyipishuangmianzhanbijin5%)。

shuangmianjiaodanmianshixianxianzhufadianzengyi,且qiejihumeiyouchengbenzengjia。晶jingaohuanghechenyangjinanfeiBoston屋wudingxiangmusuohuoshizhengshuju,在zaitongyangtiaojianxia,双shuangmianzujianfadianliangjungaoyudanmian,其qizhongjingaohuanghechenyangxiangmudedaoguojiquanweijiancejigouTUV莱laiyinxianchangceshirenzheng。而ergongyicengmian,仅jinjiangdanmianPERC电dianchibeimianquanlvbeichanggaiweibeilvzha线xianyinshuajichengshuangmianPERC,改gaizaochengbenzengjiajikehuluebuji(约yue2-3cent/w),且qiechan线xiangengxinjinxu2个geyuezuoyou

womenrenweisuizhuogaoxiaodianchidejiasushentou,双shuangmianzujianyouwangsuizhifangliang。根genju《中zhongguoguangfuchanyefazhanlu线xiantu(2018 年nianban)》预yuce,2020-2025年nianshuangmianzujianzhanbiyouwangfanbei,增zengchangzhi60%。

3.3. 光guangfuboliyingbaofashizengchangfengkou

shuangboshuangmianzujianchengchangkongjiandakai,有youwangshifangguangfubolixuqiubaofashizengchanghongli。双shuangmianzujianyibanyoubolidaitichuantongbeibanfengzhuang,为weishuangbojiegou。传chuantongdanbozujianfengzhuangjiegouweizhengmian3.2mm光guangfuboli+背beimianbeiban,而ershuangbozujianjunyi2.5mm光guangfubolijinxingfengzhuang。我womencesuanshuangmianzujianshentoulvdetisheng,将jiangxianzhulashengguangfuyuanpianxuqiu:1GW双shuangbozujianyuexuguangfuyuanpian8.99万wandun,而erdanbozujianjinxu5.53万wandun。根genju《中zhongguoguangfuchanyefazhan线xianlutu2018年nianban》对duiyushuangmianzujianshentoulvdeyuce,我womenfenbaoshoujileguanduiweilaiguangfubolixuqiujinxingcesuan,2019年nianhouguangfubolixuqiuzhongshuzhuniantaisheng,2025年nianxuqiujunyouwangfanbeizengchang

guangfubolixingye“头toubuxiaoyingxianzhu”,龙longtougongsiyouwangyuxingyexuqiuhongliqixianzhuhuoyi。截jiezhi2018年nianmo,国guoneigong124条tiaochan线xian,在zaichanchannengyue20590t/d。从congjingzhenggejushangkan,行xingyejingzhenghouzhubushixianjinghe。根genjufulaitezhaogushupilu,2013年nianqianwudaguangfubolishengchanshangchannengzhanbiyue63.3%,而er2015年niandida68.8%,我womencesuanjiezhi2018末mo,CR5已yichao75%,而erxinyiguangnengjifulaitebolichannengguimoxianzhulingxianxingye

3.4. 光guangfubolizhangjiayouwangqudongxinyiguangnengyejidanxing

zhengfuzai11月yueminyingqiyejiazuotanhuihouluxuchutaizhengce,纠jiupian“一yidaoqie”模moshi,同tongshi18年nianxiabannianhaiwaixuqiubaofa,促cu使shiguangfuchanyelianhuinuan。光guangfubolijiagezi18年nian10月yuehouchudifanzhuan,19年nian3月yuechujibenhuidao531新xinzhengqianjiage。我womenrenweisuizhuoguangfubolixuqiudeshifang,涨zhangjiayouwangqudongxinyiguangnengyejidanxing。根genjuwomendecesuan,光guangfubolidanweijunjiameitizhang1元yuan,公gongsiguimujingliyuezengjia1.7亿yigangyuan(约yue9.1%)。

4.信xinyiguangneng:“四sizhongjingzhengbilei”,构gouzhukuan广guanghuchenghe

womenlijiedexinyiguangneng,演yanyiliaoguangfubolixingyechengbenlingxiandejizhi,公gongsidazao“资zijin”+“规guimo”+“布buju”+“商shangyemoshi”四sizhongbilei,构gouzhukuan广guanghuchenghe,我womenpanduangongsijiangyouxianshouyiyuguangfuxingyedafazhan

  • shangshigongsipingtairongzi便bianli,且qiexianggangrongzichengbengengdi,构gouzhuzijinbilei。光guangfubolizhizaoweijugaotouziqiangdudezhonghuagongxingye,一yibaneryan500t/d光guangfubolichan线xiantouzieyue5亿yiyuan(含hantudi)。信xinyiguangnengjiezhushangshigongsipingtai,背beikaomugongsixinyiboli,具jujiqiangzijinbingfu。2019年nian3月yue8日ri,信xinyiguangnenggonggaoxiangkonggugudongxianjiuhouxinzherang7.7%配peigujingchouyue13.05亿yigangyuan,用yongzuoguangnengtaiyangnengfadianchangjiguangfubolichannengkuodadezibenkaizhiyijiyibanyingyunzijin。而erxianggangrongzichengbengengdi,银yinxingdaikuanshijililvchangnianzai4%以yixia

  • dan线xianchannenglingxianxingye,且qiebeikaomugongsixinyiboliyuanranliaojizhongcaigou,具juguimoyoushi。截jiezhi2019年nian1月yuedi,光guangfubolixingyegong124条tiaozaichan线xian,在zaichanchanneng20590t/d,由youcicesuanxingyepingjunchanneng166t/d。信xinyiguangnenggong10条tiaochan线xian,总zongrirongliang7800t/d,单dan线xianchanneng780t/d,显xianzhulingxianxingye。天tianranqi、纯chunjianjiguishashiguangfubolishengchanzhuyaoyuanranliao,与yumugongsixinyibolifufaboliyewuyizhi,背beikaoxinyixietongcaigou,采caigouchengbengengdi。而ergongsiliyongyurefadianjiwudingtaiyangnengfadian,有youxiaojieshengyongdianchengben。另lingyifangmian,公gongsizidonghualvshuipinlingxianxingye,人renjunchuangshoujuxianzhuyoushi

  • 沿yanjiangjian线xian,自zijianmatou,以yizuidideyunshuchengbenshouwangzuihexindeshichang。公gongsiguangfubolichan线xianzhuyaobujuanhuiwuhu、天tianjinjimalai西xiya,生shengchanjiditiejinxiayoukehu,且qiezijiangangkoumatou,运yunshufeiyonggengjuyoushi。以yiquanqiulingxiandeguangfuzujianqiyejingkenengyuanjijingaotaiyangnengweili,其qishengchanjidizhuyaofenbuzaizhejiang、江jiangsu、河hebeijianhuidengzhongdongbudiqu

bangdingyouzhikehu,以yixiayoudaidongshangyoudeshangyemoshijiamayingliwentai。公gongsijunzuoweidiyidagongyingshang,与yuatesi、天tianhedengdakehuxingchengchangqiwendinghezuo。而ergongsibujuzhongduanguangfudianzhanyewu,向xiangzujianchangjinxingcaigou,以yizhongduandianzhandaidongshangyouguangfubolideshangyemoshixiaochuliaodanxiang“甲jiayifang”的delieshi,巩gongguliaoguangfubolizhuyedeyingliwentai


womenrenweiguangfuchanyeliandegaoxiaohualujingyiranmingque,单danjingtidaiduojing、双shuangbotidaidanbojunxianzhushixianfadianzengyi。信xinyiguangnengyulongjigufenzhuyingyewusaidaosuiwujiaocha,但dansuoshuxingyejunshuguangfuchanyelian,且qiejingzhenggejuxiangsi,同tongshiliangzheyinglinenglijundafulingxianjingzhengduishou

danjingjishuangbozujianjunzuoweitidaipinyouxiaoshixianfadianzengyi,代daibiaoxingyeweilaifazhanfangxiang。较jiaoduojingguieryan,单danjingguijugengdidejinggequexian,其qijixieqiangdu、光guangdianxuexingnengxianyoushi,测cesuandanjingguidianzhanbiduojingguidianzhanfadianlianggao5-6%;与yuputongzujianxiangjiao,双shuangbozujianshengmingzhouqigengchang(约yue30年nian,普putongzujian25年nian),且qiefadianxiaolvgao4%左zuoyou,因yinershengmingzhouqineiqizongfadianlianggaochu25%左zuoyou。我womenrenweidanjingtidaiduojing,双shuangbotidaiputongzujiandeyadaoxingshentouqushinanyinizhuan

xinyiguangnengjilongjigufensuoshuxingyejingzhenggejuxiangsi,且qiejieweixingyelongtou,同tongshiyinglinenglilingxianxingye。光guangfubolixingyejizhongdujiaogao,截jiezhi2018年niandi,CR5超chao75%。信xinyiguangnengchannengjuxianzhuyoushi,占zhanbiyue32%,排paimingdierdefulaitebolizhanbi18%,同tongshixinyiguangnengyinglinenglixianzhulingxianxingye;单danjingguixingyeweishuanglongtouyinling,2018年niandilongjigufendanjingguipianchannengda28GW,占zhandanjingguishichangfeneyue45%,中zhonghuangufenyue23GW,产channengzhanbiyue38%,但danlongjiyinglishuipingxianzhugaoyuzhonghuan

gouzhuhuchenghekuan广guang,竞jingzhengduishounanyidianfu。隆longjishengchanshebeizizhuyanfasheji,与yuchanyeliangongsishenruhezuo,部bufenyiguquanhuopaizhuguanlirenyuandefangshijieru。且qiegongsizhongshiyanfa,且qiepeiyuchuquanqiuzuida、技jishuzuiqiangdejingang线xianqiyeyanglingmeichang,工gongyijishudeshengjidiedaiyinlingxingye;信xinyiguangfubolibeikaomugongsixinyiboli,且qiexianggangrongzichengbenxianzhudiyudalu,得detianduhoudeyoushigouzhuzijinbilei。产chan线xianzizhusheji,单dan线xianchannengxianzhulingxianxingye,且qiezidonghuashuipinggenggao

yituozishenzhuye,稳wenjiantuozhanxiayouchanyelian。隆longjigufenjiezhudanjingguipianjingzhengyoushi,进jinyibuchaoxiayoudanjingdianchizujianjidianzhanyanshen,截jiezhi2018三sanjidumo,公gongsigaoxiaozujianchannengda8.8GW,并bingqieyanfashuipingxingyelingxian:公gongsiyanfadedanjingPERC电dianchizhuanhuanxiaolvzuigaoshuipingda23.6%、60型xinggaoxiaodanjingPERC组zujianzhuanhuanxiaolvda20.66%,均jundaxingyezuigaoshuizhun;信xinyiguangnengzhuyehangaishangyoubolijizhongduandianzhan,公gongsitiaoguozhongyouzujian,“管guankongshouwei”的dejingyingmoshizengqiangliaogongsiyijianengli。公gongsijihuayixinyinengyuanweizaiti,将jiangguangfudianzhanyunyingyewudandufenchaishangshi,我womenpanduandianzhanyewuyouwangburuchengchangkuaichedao

yulongjixiangjiao,信xinyiguangnengyinglinengligengqiang,负fuzhaishuipinggengdi。信xinyiguangnengROE常changnianwendingzai20%以yishang,而erjinglirunlvxianzhulingxianlongji,另lingyifangmianxinyiguangnengzongzichanfuzhailvgengdi。技jishuduanguangfubolizhizaojiaodanjingguidiedaipincigengdi,更gengweipingwen,不burongyibeixinjishudianfu,我womenrenweixinyiguangnengguzhibeidigu,有youwangzhongsu

6. 风fengxiantishi

guangfuzhengce“急jishache”:当dangqianguangfuxingyerengranmeiyouwanquanbaituozhengfubutiedemoshi,若ruoleisi“531”行xingyezhengcezaixian,短duanqineijiangyingxiangguangfuchanyefazhan

diyuanzhengzhifengxian:信xinyiguangnengzaimalai西xiyajianyoushengchanjidi,若ruomazhengjubuwenhuozhengcejubian,或huojiangyingxianggongsiquanqiuhuakuozhangjiezou


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