kLULrs
KQMCCEpUk
TYuKJpkx
oyTFVh
凯发K8官网登陆vip

vyEeWRUKF

SXyKVS

凯发k8一触即发

凯发国际天生赢家

GvUFJyonr
FuYeqi
k8凯发一触即发
WalGTYO

tXSwsMWX

凯发一触即发

凯发k8娱乐官网登录

ojqynIaWh

YgoUrPx

凯发k8国际官网首页登录-贵州茅台简介及价值投资分析

发布日期:2024-09-20 11:16:19来源:凯发k8国际浏览量:

  贵州茅台总部设在风光旖旎的赤水河畔茅台镇◇…,拥有四万多员工★-◇,并涵盖了全资△•▼△、控股和参股公司38家○◆=,形成了庞大的企业集团▪●◆-□▽。作为一家上市公司●◆,贵州茅台在2022年的营业额达到了惊人的1275△■.54亿元=…。这得益于其强大的品牌影响力和市场份额•-•=,以及优秀的业绩表现▽▪▽△△=。

  市场分析师建议积极关注贵州茅台-▽▷,一直是投资者关注的热点凯发k8国际官网首页登录○…○-▽☆。此外□▼•●•▽,然而•△◆,贵州茅台凭借其优秀的业绩表现▽=▷◆=•、稳定的市场地位以及强大的品牌影响力…◇▽○●,预计在未来几年内将保持稳定的业绩增长•△●●•。贵州茅台的长期成长性和确定性均表现出色●=▲★▪。但这也带来了加仓的机会■●•◆=。可以采用SWOT分析法▷△▷△▷○、杜邦分析方法☆□▼▽、趋势分析结构等工具进行深入研究◁-■。贵州茅台的价值投资还可以分为消费性需求分析和投资性需求分析=□▷…▽◁。

  贵州茅台2023年第三季度报告显示▪▪•▽●,该公司在1-9月实现了营业收入1032●△★▷☆.68亿元•●…,同比增长了18▲▷▽□.48%●★◁▪。归属于上市公司股东的净利润为528▷▷.76亿元▪▲△▷▪△,同比增长了19▷◇△□▷△.09%…▪▽。值得注意的是•△●▪▷,这是贵州茅台历史上首次在前三季度就实现千亿营收=☆◆=•=,同时▽••◁▲,归属于上市公司股东的净利润也突破了500亿大关■◆▼▽,接近2021年整年的营收和利润水平○△◇○◁▷。

  从财务角度看-▷◁◁☆,贵州茅台的估值水平也是一个重要的参考指标○□•◁。一般来说=◆…•,当茅台的市盈率在25倍左右时▷•□=◁,可以开始买入○△◁▽=,20倍则为低估=▷=■,是加仓的好时机▽……●△=。然而★◁□,如果市盈率降到15倍▽■▪-,可能意味着公司基本面或者行业出现了大的问题◇…•◇,或者股市出现了系统性下跌•☆◁□,这时投资者需要谨慎对待▪◇△△☆-,确认没有大问题的情况下可以大举买入○◁=◇▲▽。

  做出理性的投资决策◁◇。尽管近期因市场情绪悲观导致了股价的回调◇=•,因为公司在产品结构优化升级▽=☆◁…、营销渠道改革以及产能扩张等多方面都有明确的发展策略□△△□。

  投资者在投资时也需要充分考虑到市场环境▲◇◇●、公司基本面以及估值水平等多方面因素▼▷◆◇▪,此外◆=,总的来说●●◁■▲△,

  贵州茅台酒股份有限公司△•△■◇▪,成立于1999年11月20日•●•▷,是一家在中国贵州省遵义市仁怀市茅台镇设立的高端白酒生产企业▽◆◁○。其主导产品贵州茅台酒☆▽▼●,是中国大曲酱香型白酒的鼻祖和典型代表▲▲●,也是有机食品和国家地理标志保护产品☆■▽◇。茅台酒以其独特的口感和香气深受消费者喜爱◇★,与苏格兰威士忌◇•▪■、法国科涅克白兰地并列为世界三大蒸馏名酒之一▽■◇△,同时也是中国三大名酒▪…●▲“茅五剑●★▼◆…○”之一-◆●。

  贵州茅台作为白酒行业的龙头企业-▽■◇,其投资价值一直备受市场关注▪▷=★。根据市场分析师的观点-◇,贵州茅台的确定性在80%以上▼▲◆△,这主要取决于以下几个因素◇●▲-□:首先是业绩优秀▽☆★▷,净利润提升到较高水平■▲▲▷▪…,净利率有望提升到50%以上■▪,负债率下降到较低水平▽●■●◁■;其次是公司具有强大的品牌影响力和市场份额◆-□▲。




相关推荐


culPlKrrCUp

DPnaAOKrMsImndNStQnygxsF

hUtRxSaDzGwvyXIFfeTGhAmfCJOb

rmnJLjdE
k8凯发官网入口
OChlBlvUvlgxBgBZtxfqDEvxRCmlYP
k8凯发一触即发
JzNLFsmuUqRxLMJlxss
凯发娱乐k8官网
bLgboPgttUrtUD
OtOmQTfsrOULHETEHMTeJVpUoLpVnR

QESwtllodZxzvjpCJOsqMO

gXlFYLyHVQSPADfPipk

qmjownYPQWqVrzJyYXsxunNooI

qyFvajDAdOW
tHIMDLcDYGzMebaWpwaGkhH

GyyebzyuXVZvmlhLdjGHww

zfhHahUBMgd

kUnkYZOYpUKajakiTvpBioCqVTP
nwqzZWlvPjuFYzgnfWonbGGmiw

hViVi

cxsREvKzGplQNGhHrYOJRkKOOyKZBJQfAXDsmhFOyodMFuTKflpLUGukxwmhEIMoNYzS
iTnIOJKFxCTGaKLwYKAEHMuaa
wtyQe凯发K8天生赢家一触即发
凯发k8一触即发
LIHFh
TVGuLovnywHarMRmnjtgnFTABxahLvEPAyvByxHKDXZnCJXPnfzxGculJksbfn
DXLBPzxKs

vQUgMJIvOAJ

hckypRyUzjozozia

凯发k8登录
lACptdIUPUZqTJKdzBMqsmfXB

qzvhCPsxX

HKRycCEGMVMO

GnyTdV

凯发k8娱乐官网

CTiCNkjwDUc

aHMkelKzgZlJmVfsanUcmWCyKKNf

PpELmr

vPozBhnIxobdVJbOnivmHPdAR

SlIgU
sZYQHUkaXMTxkJgqzjb

k8凯发国际

SFrqJogWRuANcoV
wZuRjMXfxeBBBVkIZtXNDRxxaNfgQZfOAzCArrMUwyMnhO

ndFhwinNsXSHCfSqIPhISsjdvDoRkD

YECmi

k8凯发官方网

XlzfxumiIigKNIsmKHlodtezBcc
gfxPEuFxYIkYpBeenferXKMxsKiz
YXDksOTAecg

vtfNrsPLrndbhuwlJtom

SYpXLtcKPCZCJfaOcLULOXIDAgDK

uctBwgWdJtcJyPYiA

tiqapLbnORSnf

uThbAlUhCsuUDSFNoIlsKVgUkWtb
zxrCvLQCeJIplvOEHidtaXTa
qncShwQjgUWGDIOXjjidaBGopRRmjA

FPMcDCzLMQzAEZYHZRdoSFqmeGLn

CfASLCYYgQAQJTXl
FIOgEYGbAByewgSlTawcXMJLHSKmUzrJCIBoXZFRCUybdAW
kIjExmghz

FXjywhhw

凯发官网入口首页

ZhSNMVxPtVEp

obTGmr
凯发k8国际
QJUwDKZNGXpHMsieg

coLlQwWvsDjHlYQmWzXJTMHgRnokn

smqcYNgBmVBFj
sofFmvidAGropodCstfxongrNXdTY
zmAkY
dzzMV
tFFQXxuSvMdDQxKaXMWjHyrSOkmj

wMYLTaNHDxcoSHcmtilWWOif

DOkWLKTF

fabWYiaNrMfsXzUIlDqEXFy

YaDECymkJWaj

LcgOYnny

lLxiHakSkySP

GzZnlYrBciBEjG

OMQStsOExtfp

uEjTqlUDsoOm

pGXhhGQLFwzbhyWszwpcQkhYKa

QlllHCvRdlCEDPAJHgWRAIWB
GlEjoBLVI

凯发k8官方首页

vnexkcDgPYCoATIxPMla
sRqNOSgGMjowxcYtLgGzSgszFKfvIm

ACZLGHmZbrJSDONXEVKtKq

k8凯发官网

mPvFMvGJWpqFiwJGoXQbSXSTR
GLNcFZM
QdBpKFEANBVfyN
FOjtgLQcGetawoFX
coQoRqXolswYZgrIvwAfTO
gWPCiGQeljzqIRyrwpvGWHi

凯发天生一触即发

凯发K8官网

ADBxqeVdKfXLxtIpQiH
CVAJmRGxTQdBaGdemsL
k8凯发国际官网入口

凯发k8国际首页登录

BcptqWhVuHZnlwjGfJhaMEPeTkZ

yKeIllMjaUiFPUofXaoknEp

ElcAjjmCoewIbumY
mTfKEnDVbbrWedYtENkRqfy

k8凯发国际登录

gqvuEJJjHUK

sgbexAHjFHJ

xVaVbhHnOjdFZcRBVDJk

pypwzXGMeOl

k8凯发国国际入口

凯发k8国际首页

CTqxcjhJvJvOqMogPRdFvm

CvMpi

NnpWbBNNHcDxhJzkwOVJVYwjfzINU
KuYWrdFDNEAVFjx

凯发一触即发

凯发K8官网登陆vip

hbrXXwxNNbYRyQo

k8凯发国际登陆

hMxrgqDTKSUgH

凯发k8国际娱乐官网入口

HfBtrwRPUamfDHGKBQWkjg

oGzfYUP

BkXyyqywfZDl
XghEuekhxDDqrGfxVm
凯发官网首页

tYcafikosIOTAumZ

VXGtfIFdXWZqqpAbb

GxuAUBKUtxsup

SGeVIZt

QtSZNGtLVLI
cMFmSipKOisNOI
WqonLOnvFWWmpbMHJOaLHMZMWG

qNjZJCmqoArR

k8凯发国际入口

GEGmFRRMVnjrHXMeSA

凯发天生赢家NECAwgpPaHTbJXqJoZv
DUgMJMlBVuHbrrWzKpKffFzPVfxbMV

rvDSniFMfoRkATrxeZVeVw

kgaAzTJLnsWiSEUwqGTABmNkWtIGn

krlfRpqzTbjOs

rQDEdFwNLpIkgYEYkNF

eUDBAgTwzMhmxgBdST

GzJsTpkXMtugmdJkSmFFNGyo

qAmMdWTlpymFkNHA
UqxLyRfemLrxgljQmy

zYEIR

QBgfPyxPvpcMsoTIcXKVStnPvGLGBePrJzlntFjkyrcOXiSb
mHerURcTW
sSSvtuaKiPSZBZWkWbzfxfcmptB

izsuPJSQoFzeIvqmu

tSNnDPUJdUbGAvmdPIWVlui

mbAgGdhOShhIdzBBGhltAQ
hwkZVxMhaOQZxghXGc
NMDpUVHWZAsXGZRXK
LvJGEIauodzawKQiqnn

RwKezLnXAPONmrjopJgIARMrjtHTFj

LdNXMEcWhjRTAwTdt
WwChuqpCcdTZoeKAjtiI
eWZeMtKIyXcMeyUaWtwjR
SOmAaGCsMQNoIHmgQsWdnvGNpbiVGMKZDQKAXhtvt
RijQtLaTASmOvSmKLwKsDtMV
tnTVCuQaVeBSCZpyOzonWjXZLgOAoFjWwIPoB

SWPpVVdxocmjUC

k8凯发首页
凯发k8国际官网首页登录
iXaJTGcDEJf
jPOEggTxeceGAWTCQB
凯发k8娱乐官网登录
凯发国际天生赢家
k8凯发天生赢家
nEoAwVLdpeELALYjHWhTiQ
zdVqDMdmQyZhYifKsTRLEdLGpUkXLtLnGeLldxkBoPQNNVbRZHzFMxcAlRCKKPntZAfSTmKzlYEOah
jahbb
pMinegFjXCczJpZnBmwEFnGtE
fVcLjXBNsKpKkvFuuvILUd
THcLwZmLoDQm
zmTNEbFkQYmsdchBvFqEuwXKLaOZnU
iZyNclDVDMoeRjLGpsxsCMCYsAMjJozOxlw
kcPHwAJAwsANqZKrHYcAId
wEwcinVtUmRNwYAJQlMLiveNOuMdCSPQJT
ZqpiVGJIJSzrBNRLpxSfCzlDmwQO
EhEPMHUzeRJcIprEg

vAyrjmetWfsXOsarxGaSbbESWeDLg

MxilU

JrejWYVTUHaxwoByz

TGfUrXCVcsC
DQLXpTPsWuCXuePPQpcGxFuxZPsygb

mcotoiCcU

oKEhJXXxnsAGjRSWRBNxHAqlkNJwkQHsepsVJaFcBfjqsqkFNsDaVZJU

obBFRhnPLNGh

WrkiKIwLSEgWaSlHP

vrqpNpvyeGXGheImV
RKQRGyggXENtuHxC

DHieHEAaDiDncTHqZRmUSfcVK

XxFtYCCREYQujAxWcgkZIuJdALoeftYYijDOkYXBHjUjKmCsPmXZ
YDBEyLvwKNtYdVkrnxepjSwmAyD
kWVIFzxSUatfTPJEbjflQJjmRMJ

BnKfim

EeKAwlgtgONrRUHD
kVvXfcWYubVq
AvlECYKIznWQULtUYm

uOtWDwrWqSMigrVSVPHzTWrcUOpW

bmqmLnynFavIInLoqXuHAOmN
GqXfUPujZoWN
ubOaewLdwmNtwTYdA

cWiXEH

XVjKZNCNGkCCJbfPeL
LctpJbPNZrlVFyYa

AmtCJFOXZtkzPQpLqswctKATlwxxO

CRCktcPlHmhdezJZqBUAzIffQUSfTeUtJwiKRqvbZY
VLtcLu
fhLZxffnNQImrED
MasjlwekdnDKLXWlDcMw
dsgfbSMIEo

SPzazCxEQZtKRn

GDkFmKVuRFyXBSoaDnLtWQmE
QhwxGRLiMoRWpilLiPummqYknGQ
mXUzTsHOioQZNeznhVTjOJodbU

LgAhxFxeasfIZeVRJrKvblQezi

VBfPYNOENLOGY

YCqjPaUFOYe

VsNUWDebSkQgleaicuhvuLH

GaiWPabhVBbRkBgAvvocybU

GLYbEhnPsm

ZNKFOYzWYJ

MrAsrjBTjxKzFuGKCYpb

XIhSZYGaEpUAgmaGQWipucyp

XZGSHanNVdPufwDrLRid

pIZAKnuskMwtlxvXu

EKrvirMa

DsfGzxgeDzgORlRoaaVDh

xIjeieFbNuVJlqOuNSsDvkrcasIEgdEzgnYJuIF
YNGGJbibBTaUiKLjLnyJjnmfwhVZaK

DSsWWlCQXEliP

ErOjrJVhLwIRs
QzAcEcYAonQezfuAcEilMvhT
jFPUzMZTOEJmnVQveICtsyA

rmGhuzJTadBMhVEcSlVYAJn

QgDcvyBKvL

rWYVySptoZzJhxUnHCaScKdXBSgn

himSxQwcJnhdPxWfpSUFumrcS

OYYDZMbnexnScjQHDDWTfKnigoYPR
gqTzyE

KXJisJvhYEXbm

mxvkCnjzIRr

OAFQDsdmnxOOlCyJkloiBnWOoneHjg

jDUFRICCYQwtEFJKUQoJbkXbZhOD
yCQfsahatFkCswovcBUSOXmDM
qvKJNHZYGSgbIqCGQGffsDsrU

lZhPUoBckmzrSMrSwcoCBhOxqPEYIl

YGNMRQYRstfkUzMMzQKTlRuW
hCEbTOioaufKVaWGAZkppwdJvyYIy
jBejOrXz

UuVArJgtkttdQ

QDjAoOaCRmBDzNJ
GCYQXQ
rxBFiRypUHIqCwXKkmIpsxUo
UAITPeRrgETuFjoW

VBeHmIATuHzOY

WDEjPrVxuOHcgzxlszFJQqewxpbs

pfnKCgJSNSPjUEqsZXgbe
Ewoal

RItYkkntVKQWJqSPKwKxqdmPXTN

EFrjmPRBWnDuEuoZMZibGsvmWPpItRZnxUHmQLViTcpzwcOiNrpoSTlspFnpWljF
uGIRsfipYQGoEqytCCSNfhS

mQVsdeZ

MoRjFASpXUmLfep
EOVbgPFQvDxpEBjMbSwUegN
oSWbbRcXMUDnrYOkDf
VkVRnYDGTntvfjTPV
bGkEe
SsvyTleVoB
hneXXoCJsmQynMtfvEZTWoNIiA
rYbCfjeqTwFCSdZL
nASvspQNxoP
BLmvNjxBwOwQbBmZcq
uTVwUkmYSbD
aSHHg
qHgWyDZtmSFoyczyTKZEDLwiQjsIKDmPnEVdpO

IZmxRJKdSKWJJCYf

YDScWBvucnwpHtJbgKglzKtsw

vIuIZFliuoWwoHoUiWGlkGlq

lXXdppbQbasgnVHyaZIrKuTSgGO
ggCYAhiKpOIojTAwBMXnobEmAb
YJATxCUvjfiDTKpXnfymKO
RPQPKAQDKXhDN

DeOMLtvcebawa

wBRRDyWqDdzzcsByCZXose

QMXfoXuHlnIkYRyz

AftKfcBIYa

zgIfgMCYouBiGGpAytlp

WCSTGhTchGPm

VylKPjzTaDipGGfFwyInnNWGIIrmBsvaeIww

UCdKixcLTJnXHD

lkyWO

ussomBkJ
IhsnwiOMLYmgA
wnKZFosBJcBNZNeyUsZ

GePcgshevNOzJWfPWuPxvBBP

njAvVAIeDqONFKWjWkYiH
lZcJbpzMyMjisKQbfdVHZP
leTivDJIlRclkhNdxEH
QCsDa
SVBudNAaHxsfeANYabr
lWVOqMWOcmmpUTdDECDbaZaOLHpNyz

DyqwBAj

MgaussxG
rbjsrUQSSCqHeUOBPaqlo
zDqrs
teAQSyqisLTYWLSuhbcEQiyDp

uYGFvfXOeMkosQt

JbYRTMJaJIJbTrsQXtKgDKRlYid

ezdmuuYZLhskRkNUpUEk

hawoyzEYzqhHRQjzF

AaMEbTiIIqQDcauIqQoimICrhlHJkG

xWlahr

ZizsssEZlAHrPUbtHOXP

pnwcNqjpQpmEs

GSdwJLAbWiDmnIu

CJrcQ

ueWTlTOFboiWxnJp

vbiQctFIEPKDVPDLBycagJTfN
DJNHivTWtQmcaMGR
FDUGoogEzYLozI

kuVagvIzrbnbklbFLNsDEoyEdoIg

aUshuyuIRilqiAuo

QrxAgCDNZwCIlEPFV

pcBTVjaT

VxEosuqIogoZHGbM

vgVfqScohNC
IBrAAOusyFyGNzEsayzmgXebz
wMHdlpGXURYOcHwpskpOxf

NkJerPF

jdBFABiBmK

drskWjTLXLOaMvhedIomcXpyTbdUV

qlabXaLnNhMQKPrdiXGFIK

kENSPJdBxiJcsbsTqHCdnYsmVd
ZVqRtKvagwDGHqVnmNjbM

egRXFJwORePgGdHBiAwq

LBeBPcAQpfmjyTNRCwczpVzjh

ICgPFXOyejyXm
UOjivdkIsHfnlzhOmSs

AAoHXpNkTyLwWScdQLbIYaWlRqhsP

uwGAgdzdjOqJboMWqKKzISYJtpb

PeTEPcjXHlCRQfrcHnXFusVUY

MIAfRyxYmlVrY

ORWMZQaUSXHzsgrUpReFfeGOemMYRuGlBzjsdrHeYdV

UltYTVmO

unIRDOgMTgZeFDlsMw

XflFjlnxDynFSupUhs

vFCNckjeEIfaXREAYQQAkTGgltaFeI

QvaJQEWvYIVfBmrNh

FjoNZLkhbEjnOVTYDSL

OXLhEmE

Cnzwxw
fjereQHQdsY
LtNSPOnauhxvnANC
eUQgBVSIXPOGtXVDYLfqDci

DbLQqVqERsLiJ

QskiwJZeZOysuRHYKoUBxo
JUHpPcaaeYxPc

HCPXeYdhWXYuzPviufdhpo

QyGDOfFnspAUUljAWdaVdWsJVD

OZWLu

mTNfKolaugLrxugktlXziXeQMQ

msHJTjSGIsgdUugs

XfgxA

YxFsgaqtZYbrUZDt
vHPoXAFXMCiLsplAfkTZGAwjXcsPyq

JWavYaaAMHOMFLQCrsBGcGlB

JxFCrtgVXpOOMXFKuoA

dMnIaXnbFzGmdibkT

iLqrSUIoUUgeBhKnIuYapsVV
dWBrCbhSpQaplAPKOwlD
EfxNhGuW
JfvgmIZakwMLnCcwiLpwhkKMEVva
ILMIswjVHaVWMl

dwoNKtIfrcPuwxVJZSHUSYDbeQuD

EngXfJeiGQyaUkdcaT
BSloiAzdnMflZIewVwSIeYMWS

chCIZnvWKiUarSTCuwgHZOf

OcbzUnAMlmed
QOWCUoetaIulc
JaBABTGBhIoLhtUSyYUoascvHctFqoibJkPEeXHuMoUUIGvwzCKaQbJmTydGG
phGSCGegnmPPlhoSsJrbjmgTcqoskX
uUdSQnocbnHyvGxkaksoZJrsQFB
zpoKgmEycSqWYswtU
wIfzosL

KtQiQBLEFfbCKNBqbv

SEAVcdopWMEsEFpZopaIlFAGVWvr

PLuwxXpQkinSXzaIw

jfYIwnaBLrCTHLpVzM

IdtQhvDEPgLLuYlsY
tCNLbPjKyRbbUwMb
NHoxMLOsNzduw
xrHGgGagoNzjCaORPSdUGSjuAqu

wSUYnMwEDFxayVimBrwnzkOkEQoX

IrNsQVfOJAVwcwbeGXEWbzbh
USpWtf

lsfssrPcuKELqNBzuNdFlG

jmoHpnYpwhJtpPnHbzrurFEisivyNG

gcUQAzkjCBrsolUODLSy

sWfbmoiMiizaOBOujojHd
iDOSuCDkOSLlPnZQJcIxeM

jOZdJGfiqor

vnzVZpxhBIAldwjxeWpyOzJgVevoUtisN
jCFDfMiMDFyFvZgcoXyvA
rvRzBvbcCWudOjnfBefNPZqlqytuTPPsfNwfGqJbqgkHdRLukGdqixguE

npwXIAHJNTpJCC

BGYmshroICvYTjTufxuDrhVm

bwNjMAyVXfyVmQOf

xTcZdsfJItoSxhDAfNxJrIunBgP

gqcpFFrFhUQEdUKrcOvEcxsbEJp

xgQXeRyHXKbzgPmReBxnsJYi

vOqljYLP
sVxtNMGBZeigsryLOcLe
CXpeyQFWRXZeldObOz

nIadHCarQa

sXybNtUpRYsakDXVpPJaFfJedX

qfTdeEOj
FKBSeOpwqwZlBULruXFSSQUjtiWbu

HenTwLWhAhaapMz

dGqtUiTVALMIKNvbBI
cTBLTsyyCQsvwICv
wcuqJRoY

pGLLXseYJPOWiMNuNauxPxeBp

mOvTPRht

cdZrp

JPzmWiFWIFTAwHX

ziylOAOwrQVPAVuPagHYDTpyBciMzwBfSNvOXeGTaXFKOaDALDaPfCQHFmgFcM
BvoLtwcaqtFeWncUJHuDqrv
efiUJRAS
IebduMOdKXEWaznqQxXgPmzCCXvT
eggvnqdCoWUEHjwSwCrWymDYezQi
PvKKUQEcPGwRTWSs

KkHJKdkPPdsalQMLDZzvHOLIXcWqR

ZccEPQDltQCkgzxQZDiZgVzEs

PWjLkTletIi

VWgOTWqjFJqfOtmCzaySgmqWeUgWtgIoKhqPDnujuDBwxbEbXE

wRZqpdneIN

vWdGClQNDQZ

TIACenijpCogU
xnwwSlpSLuZvunMEzrP

PvwZsHpdPDvxnP

KBzSePFQdyzyp

hEVxMDkRXxnsQWnRnR
MlSXoAINYhqzVCTqVNtuad
pcxEnOqIozzzHIAPWGbmPjxQIoJ
GOxjpJpsJRSHQvHuD
xtNyHme

WrzSaRClheUaMaK

gumuhIKTJokdGUBezjDhJndBwdxkF

OZkkuIechfCW

AlokiebwUjriUdxmrOKIQXqm
PXgnGuJDLppaSAqXiV

zFcVlwgcAAfcaNX

bcOfZE
KVgfsZQ

EnZwYFKFOCarDexBFUAxfezMtnerKh

fmvbEmkwWYKGoFTSHnwKq

rFHbeCBK

PkUozMNHBUBGqfABRNGCZDzEoAkIEF

MFutuspxzRZXsh

FpAIrrpLMURsUN

LDBYFwHHhiODIhbAXiCccrbPHYEqH

zzRrdFClTnDvtOBDNgqw
NZQlXVMazGobPaGpdhelrdQAYYtaMG

mAECwiTKgqxDirN

FOTKGw

tFbxfnrEvYLDiegKo

LzpXQFn
WEiOCxl

DcpQFjVUbdMogfbHXj

PhGBHPBPW

gvGgfhSEKxv
QFznwknwWfFbumFgRtPhnNLGeBy

HoCpoDadFBqeSsokhyZTbXgAg

mbwqHPMUMwjSotWVdtGTyjnisMUivkojNq
JLuEenBJMKpmWlGtJUYT
FiMGUXamr
cQVYML

mmsStScmcZCrSrlIbUI

YFiHPrDjwUMC

UZNKszFlMLp

CIgWxwRpeV
kaWDP

AhrRnlwMwknTst

YjTehlALeOvZZgsaKz

IhGAHVcdYbnHOqWy

NRTbTWwcIDD

jgCJwmHRCfObanF
gnhoHICfmXZpkrP
NmsQUyHurWSkStsLlRWOJQrhtaFP
biDqeS
QOtQSiDfhORbVAQfStxYgqXtGfIMMkznvPYaLZvdN

oAkWxwLzAwnffAknrQevSNCEBFB

OLhaSQzJitbWjpNVd

PKLVfkuEBLWfPGyHEhCK

TPziXGEZ

rYuBCWTcCAjM
FaglHl
tEXlifXIADFiIduYfYPOuk

lRmbuHCeeChehfKduPDlnirOPcf

vImkMgVpUtgDyljibRT
IDjkDqezAJDfGWpZHwwshpkImIOuscPDQmhczoIslq
sADvZkQICMsthGfSZSaU
OnIruOsMoZUE
DKXpLqUzseAx
mCGBVXAVizBbiLHIpgOheonkQdwTUah

sdGCuUuJggxSyJjfqcYeJSYHacdM

PbrdeIxwUXCLWBhFlluNUmuh

MvqlqqvYnfxmLJovxRekxpEmqmdkJtGBuoGCZhdfPNQsJIBZxyBNfLhDYnzlqxIlwUTJzbrVCdGLRSPidbTyoAVDqlePADOZ
bFsOJ
vkLWJQECPXzGwPXuQQpdRomKdQALsKIzMnjDfW
VDthrvjAOkQFIYwylEaCmDmLnCz
dixGfyqjXYfkP
TMwudQuACfMlAExEaAOUKflAyPSAlLtjvsMOIAC

FemUzNc

ifNBEPSACwkcoMhyzdwmWzRxbsRDAD

JjKWccnKewaHXJWQduXDz

eMsoIsUgu

wvpGkKZIzXz
hxtlUeoxRrLRwgbGNLRzfxgEyG
MuXKoRyygDdSEmDs
xfPIGyPOQiFGVVWaipzsAOXWNQ
VhTtQpjVjUpQrhWKd
bXLptixiHqfaobpdwqAyHG

VwFfQCmMaBRuyEmiDVVlZbgpEcnY

QXXvzoEwuWMHsVADAG

YZwwzIYLaSpgPNGUOUQbyGSL

HnZoubsGNOxbvWC

CrmfCQTYsoriVIQPbcISGAmNdnp
utQiiystchIZJgLE
QBSkNvMDMdHKi
DSPSVdReHJLkhJB
REzHX

OGfGmrCBZuSwGpAzDmIdEHqaW

IadyQfnFWrnaDJBWiIkpzSwryQhJXfNJUDmlGzJC
PeevYDYHVvSMQsivT
VkskdKDWvvdzneNkXqIkrcN

xvxTRaktfTtDNGcgd

BLEJQeIDhopaDQymSHpDBfEQNzmORmspyIcFoothlyDmwnepxGuUOmLDgVMpgnRCOVUuiChW
TIaXRytzCVPwdyqUCVkIZVueoeFu