年產(chǎn)3000噸鎂合金壓鑄件生產(chǎn)企業(yè)可行性研究報(bào)告

1、關(guān) 于 鶴 壁 市“年產(chǎn)3000噸鎂合金壓鑄件生產(chǎn)企業(yè)”的可行性研究報(bào)告一、項(xiàng)目概述1、市場(chǎng)需求分析鎂合金是固態(tài)金屬中最輕的一種金屬，其比重尚不到鋼材的1/4。且具有小密度、高比強(qiáng)度、耐壓性強(qiáng)、優(yōu)良的散熱性、良好減震性、抗電磁能力強(qiáng)和切削加工性良好以及尺寸穩(wěn)定性，已成為非常重要的現(xiàn)代工業(yè)材料。目前鎂合金鑄件廣泛應(yīng)用于汽車(chē)制造、計(jì)算機(jī)通訊器材和各種可代替塑料成型的配件制造等領(lǐng)域。近幾年來(lái)，鎂合金更是因其強(qiáng)度高、抗電磁能力強(qiáng)、再生性能好，且回收技術(shù)無(wú)污染，故被業(yè)內(nèi)人士稱(chēng)之為“環(huán)保型產(chǎn)品”而將大力推廣。在國(guó)家“十五”計(jì)劃中，更是把鎂合金應(yīng)用列為重點(diǎn)支持發(fā)展的項(xiàng)目。目前，鎂合金材料已成為制造某些汽車(chē)配

2、件和高端電子產(chǎn)品配件的理想材料，鎂合金壓鑄產(chǎn)業(yè)每年的增長(zhǎng)速度更是高達(dá)20%，呈現(xiàn)出廣闊的市場(chǎng)前景。據(jù)新華網(wǎng)公布的信息：我國(guó)2005年手機(jī)的產(chǎn)量預(yù)計(jì)達(dá)到2.6億部，年增長(zhǎng)率達(dá)到50%；其中62%銷(xiāo)售到國(guó)外。據(jù)信息產(chǎn)業(yè)部介紹，我國(guó)2005年筆記本電腦的產(chǎn)量預(yù)計(jì)達(dá)到4100萬(wàn)噸，將以每年50%的速度遞增。據(jù)中國(guó)汽車(chē)工業(yè)協(xié)會(huì)介紹，2005年產(chǎn)銷(xiāo)整車(chē)550萬(wàn)560萬(wàn)輛，增速保持在10%左右。2、發(fā)展趨勢(shì)如上所述，由于鎂合金具有很多金屬材料所不具備的優(yōu)點(diǎn)，所以國(guó)家把鎂合金的應(yīng)用列為重點(diǎn)支持發(fā)展的項(xiàng)目。3、本項(xiàng)目產(chǎn)品的特點(diǎn)(1)生產(chǎn)原料豐富我國(guó)鎂資源儲(chǔ)量居世界第一位，年產(chǎn)量約20萬(wàn)噸，超過(guò)世界產(chǎn)量的三分之一

3、，因此生產(chǎn)原料豐富，據(jù)我省鶴壁市提供的材料顯示，該市白云巖的儲(chǔ)量達(dá)10億噸，按每1315噸白云巖熔煉一噸金屬鎂計(jì)算，可產(chǎn)金屬鎂7000萬(wàn)噸。(2)可回收利用目前，世界上經(jīng)濟(jì)發(fā)達(dá)國(guó)家從環(huán)境保護(hù)和資源充分利用的角度出發(fā)，要求電子產(chǎn)品的淘汰和廢棄產(chǎn)品必須全部回收，并且將回收費(fèi)用加在銷(xiāo)售產(chǎn)品的價(jià)格上，以法律和法規(guī)的形式確定下來(lái)。該項(xiàng)目無(wú)論是邊腳下料、殘次品還是淘汰回收的成品，均可以回收利用，因此符合世界發(fā)展總體要求，不存在垃圾污染的問(wèn)題。(3)經(jīng)濟(jì)效益顯著該項(xiàng)目成品主要用在高科技產(chǎn)品方面，所以經(jīng)濟(jì)效益特別顯著。二、工藝技術(shù)與設(shè)備1、鎂合金的發(fā)展鎂合金是實(shí)際應(yīng)用中最輕的金屬結(jié)構(gòu)材料，但與鋁合金相比，鎂合

4、金的研究和發(fā)展還很不充分，鎂合金的應(yīng)用也還很有限。目前，鎂合金的產(chǎn)量只有鋁合金的1%。鎂合金作為結(jié)構(gòu)應(yīng)用的最大用途是鑄件，其中90%以上是壓鑄件，可廣泛應(yīng)用于汽車(chē)配件。鎂合金可分為鑄造鎂合金和變形鎂合金。鎂合金按合金組元不同主要有mg-al-zn-mn系(az)、mg-al-zn-mn系(am)和mg-al-si-mn系(as)、mg-al-re系(ae)、mg- zn-zrn系(zk)、mg-zn-re系(ze)等合金。2、工程流程新原料經(jīng)過(guò)預(yù)熔，熔化后進(jìn)行壓鑄而生成壓鑄件。廢料經(jīng)過(guò)處理再進(jìn)入預(yù)熔爐中進(jìn)行熔化。然后壓鑄成鑄件。3、生產(chǎn)設(shè)備主要分兩大部分：(1)熔化部分包括預(yù)熱、喂料裝置和熔化

5、爐(2)熱壓成型部分包括集中預(yù)熔、重熔系統(tǒng)、冷熱室壓鑄機(jī)和熔液輸送系統(tǒng)等三、投資估算(一)固定資產(chǎn)投資1、土地租賃費(fèi)工廠(chǎng)占地面積13000m2，(即20畝)。根據(jù)當(dāng)?shù)赝恋刈赓U費(fèi)為每畝每年600元計(jì)算，全年1.2萬(wàn)元；租期50年，一次性付清租賃費(fèi)，共60萬(wàn)元。2、土建投資2.1、生產(chǎn)車(chē)間生產(chǎn)車(chē)間需2000 m2，按每平方米造價(jià)900元計(jì)算，則為180萬(wàn)元。2.2、原料和成品庫(kù)原料庫(kù)需500 m2，成品庫(kù)需1000 m2，合計(jì)為1500 m2，按每平方米造價(jià)600元計(jì)算，則為90萬(wàn)元。2.3、電力配套設(shè)施全廠(chǎng)裝機(jī)容量為900kw的動(dòng)力，加上其他用電，需1000kva的變壓器，加上線(xiàn)路、電器等，據(jù)當(dāng)

6、地電力部們估算共需投資450萬(wàn)元。電力增容費(fèi)為35萬(wàn)元；合計(jì)為485萬(wàn)元。2.4、辦公樓需1000 m2，按每平方米造價(jià)900元計(jì)算，則為90萬(wàn)元。2.5、公共設(shè)施包括職工食堂、浴池、活動(dòng)中心等需500 m2，按每平方米平均造價(jià)700元計(jì)算，則為35萬(wàn)元。2.6、給排水系統(tǒng)按20萬(wàn)元計(jì)算。2.7、圍墻按130100計(jì)算，周長(zhǎng)為460米，高按2米計(jì)算，圍墻面積為920 m2，按每平方米平均造價(jià)60元計(jì)算，則為5.5萬(wàn)元。2.8、廠(chǎng)門(mén)按10萬(wàn)元計(jì)算。2.9、廠(chǎng)內(nèi)道路按10萬(wàn)元計(jì)算。2.10、綠化 按10萬(wàn)元計(jì)算。上述10項(xiàng)合計(jì)為：180+90+485+90+35+20+5.5+10+1010935

7、.5(萬(wàn)元)再加上土地租賃費(fèi)60萬(wàn)元，共計(jì)995.5萬(wàn)元，即1000萬(wàn)元。3、設(shè)備估算據(jù)德國(guó)公司報(bào)價(jià)，年產(chǎn)3000噸的全套設(shè)備價(jià)格為8000萬(wàn)元。固定資產(chǎn)投資為9000萬(wàn)元。(二)流動(dòng)資金測(cè)算1、生產(chǎn)領(lǐng)域中的流動(dòng)資金1.1儲(chǔ)備資金1.1.1原材料該項(xiàng)目原料采取購(gòu)進(jìn)的辦法，每噸目前價(jià)格平均為1.6萬(wàn)元，年產(chǎn)3000噸壓鑄件，原料利用率按95%計(jì)算，全年需原料3200噸，按每天需10噸計(jì)算，儲(chǔ)備30天的原材料1.63010480(萬(wàn)元)1.1.2 輔助材料按50萬(wàn)元計(jì)算。1.1.3低值易耗品按30萬(wàn)元計(jì)算。1.1.4包裝材料由于產(chǎn)品的要求不同，包裝也就不同。因此，按50萬(wàn)元計(jì)算。1.2生產(chǎn)資金由于

8、該項(xiàng)目產(chǎn)品生產(chǎn)周期很短，所以，生產(chǎn)中所占流動(dòng)資金可以忽略不計(jì)。2、流通領(lǐng)域中的流動(dòng)資金2.1成品資金2.1.1產(chǎn)成品該項(xiàng)目以庫(kù)存30天的產(chǎn)成品計(jì)算，即300噸的壓鑄件；按每噸成品成本價(jià)格5萬(wàn)元計(jì)算，為1500萬(wàn)元。2.1.2外購(gòu)商品按50萬(wàn)元計(jì)算。2.2結(jié)算及貨幣資金2.2.1應(yīng)收款按回款期30天計(jì)算，銷(xiāo)售成本按6萬(wàn)元一噸計(jì)算，則應(yīng)收款為1800萬(wàn)元。2.2.2 備用金按50萬(wàn)元計(jì)算。2.2.3 庫(kù)存現(xiàn)金按50萬(wàn)元計(jì)算。2.2.4 銀行存款按200萬(wàn)元計(jì)算。480+50+30+50+1500+50+1800+50+50+200=4260(萬(wàn)元)兩項(xiàng)合計(jì)：總投資估算為13260萬(wàn)元。四、財(cái)務(wù)預(yù)測(cè)

9、(一)生產(chǎn)成本1、原材料費(fèi)用1.1每噸成品需原料1.1噸，年產(chǎn)3000噸，共需原材料3300噸；每噸價(jià)格按1.6萬(wàn)元計(jì)算，全年需5280萬(wàn)元。1.2輔助資料按每噸0.2萬(wàn)元計(jì)算，則全年需660萬(wàn)元。兩項(xiàng)合計(jì)：全年需原材料費(fèi)為5940萬(wàn)元。2、燃料動(dòng)力費(fèi)用2.1電費(fèi)該項(xiàng)目裝機(jī)容量為900kw，按每度電0.6元，每天用24小時(shí)計(jì)算，則：0.690024=10800(元)即每天電費(fèi)為10800元；全年為380萬(wàn)元。2.1煤該項(xiàng)目用煤量較小，統(tǒng)算全年10萬(wàn)元即可。兩項(xiàng)合計(jì)：全年燃料動(dòng)力費(fèi)用為390萬(wàn)元。3、職工工資生產(chǎn)工人為200人，管理人員加后勤共10人，全部職工人數(shù)為210人，按人均月工資3000

10、元計(jì)算，全年工資總額為756萬(wàn)元。4、職工福利資金按工資額的11%提取，為83萬(wàn)元。5、廢品損失按5%的廢品計(jì)算，廢品損失價(jià)值全年為1500萬(wàn)元。6、設(shè)備折舊費(fèi)設(shè)備折舊率按15%提取，為1200萬(wàn)元。7、設(shè)備維修費(fèi)全年按設(shè)備總額的2%提取，為160萬(wàn)元。8、管理費(fèi)全年按200萬(wàn)元計(jì)算。述各項(xiàng)合計(jì)：生產(chǎn)成本為5940+390+756+83+1500+1200+160+200=10229(萬(wàn)元)。銷(xiāo)售成本銷(xiāo)售費(fèi)用按銷(xiāo)售價(jià)格的5%提取，按年銷(xiāo)售額60000萬(wàn)元計(jì)算，則全年為3000萬(wàn)元。銷(xiāo)售成本為13229萬(wàn)元。銷(xiāo)售收入1、銷(xiāo)售單價(jià)：按平均每噸20萬(wàn)元出廠(chǎng)價(jià)；2、銷(xiāo)售量按3000噸全部銷(xiāo)出計(jì)算。則，

11、銷(xiāo)售收入為60000萬(wàn)元。銷(xiāo)售稅金稅率按6%計(jì)算，全年為3600萬(wàn)元。利潤(rùn)測(cè)算60000-13229-3600=43171(萬(wàn)元)五、經(jīng)濟(jì)效益分析1、投資效益率該項(xiàng)目投資效益率為：431711200100%335%132602、投資利潤(rùn)率該項(xiàng)目投資效益率為：43171100%326%132603、標(biāo)準(zhǔn)投資回收期該項(xiàng)目的標(biāo)準(zhǔn)投資回收期為： 13260 =0.3(年)43171+12004、貼現(xiàn)償還期基本參數(shù)： 項(xiàng)目建設(shè)期為1年； 第二年生產(chǎn)率為60%； 第三年為正常年份，即生產(chǎn)率為100%；六、簡(jiǎn)單盈虧平衡分析基本參數(shù)： 正常年份的產(chǎn)量為3000噸； 產(chǎn)品的銷(xiāo)售單價(jià)為每噸20萬(wàn)元； 年總固定成本

12、為2400萬(wàn)元； 單位產(chǎn)品變動(dòng)成本為2.7萬(wàn)元； 設(shè)計(jì)能力為年產(chǎn)3000噸。1、以產(chǎn)量確定的盈虧平衡點(diǎn)為：2400150(噸)20-1.2-2.7 年產(chǎn)量不低于150噸，企業(yè)就可以盈虧平衡。2、以銷(xiāo)售單價(jià)確定的盈虧平衡點(diǎn)為：2400 2.71.24.7(萬(wàn)元)3000即假如3000噸成品全部銷(xiāo)售出去，價(jià)格不低于每噸5萬(wàn)元，企業(yè)就可以盈虧平衡。3、以銷(xiāo)售收入確定的盈虧平衡點(diǎn)為：2024003000(萬(wàn)元)201.22.7即年銷(xiāo)售收入不低于3000萬(wàn)元時(shí)，企業(yè)就可以盈虧平衡。七、不確定性分析該項(xiàng)目的不確定因子主要有兩個(gè)：1、產(chǎn)品銷(xiāo)售價(jià)格因?yàn)樵擁?xiàng)目的產(chǎn)品是高價(jià)位的薄殼產(chǎn)品，由于利潤(rùn)很大，因此競(jìng)爭(zhēng)對(duì)手

13、就會(huì)“應(yīng)利而生”，所以，銷(xiāo)售價(jià)格是一個(gè)非常敏感的因子。假如價(jià)格降到每噸10萬(wàn)元，那么： 企業(yè)利潤(rùn)就為：30000-13229-1800=14971(萬(wàn)元)即全年利潤(rùn)為14971萬(wàn)元，比原來(lái)的43171減少28200萬(wàn)元，但企業(yè)仍然有較高的利潤(rùn)。 投資效益率該項(xiàng)目投資效益率就為：149711200100%122%13260 投資利潤(rùn)率該項(xiàng)目投資效益率就為：14971100%113%13260 標(biāo)準(zhǔn)投資回收期該項(xiàng)目的標(biāo)準(zhǔn)投資回收期就為：13260 0.82(年)14971+1200從上述計(jì)算可以看出：當(dāng)每噸銷(xiāo)售價(jià)格下降為10萬(wàn)元時(shí)，利潤(rùn)為14971萬(wàn)元；投資效益率為122%；投資利潤(rùn)率為113%；

14、標(biāo)準(zhǔn)投資回收期0.82年；項(xiàng)目經(jīng)濟(jì)效益仍然十分顯著。2、設(shè)備性能和操作技術(shù)由于該項(xiàng)目技術(shù)含量較高，在加工方面難度較大，如果設(shè)備性能和工人操作水平不高，廢品率自然會(huì)提高，企業(yè)的經(jīng)濟(jì)效益自然就會(huì)下降。原計(jì)算每噸的生產(chǎn)成本就達(dá)到3.5萬(wàn)元，如果產(chǎn)品價(jià)格下降，原料價(jià)格上漲，廢品率又高，那么，結(jié)果就不言而喻了。八、結(jié)論與建議結(jié)論1、該項(xiàng)目符合國(guó)家產(chǎn)業(yè)政策，項(xiàng)目的建成可促進(jìn)我省經(jīng)濟(jì)發(fā)展的進(jìn)程；2、該項(xiàng)目生產(chǎn)的產(chǎn)品是與高科技產(chǎn)品配套的，具有廣闊的市場(chǎng)前景；3、該項(xiàng)目引進(jìn)德國(guó)的技術(shù)和成套設(shè)備，技術(shù)和生產(chǎn)的可靠性比較大；4、通過(guò)計(jì)算，該項(xiàng)目經(jīng)濟(jì)效益很好，具有很強(qiáng)的競(jìng)爭(zhēng)力和承受風(fēng)險(xiǎn)的能力，并能較快地收回投資。建議

15、1、時(shí)刻了解原料市場(chǎng)和產(chǎn)品市場(chǎng)的行情，根據(jù)市場(chǎng)變化，及時(shí)調(diào)整產(chǎn)品結(jié)構(gòu)；2、建議有關(guān)部門(mén)抓住機(jī)遇，盡快立項(xiàng)，充分發(fā)揮科研單位的技術(shù)力量，使該項(xiàng)目成為行業(yè)的排頭兵。3、加強(qiáng)企業(yè)的管理，提高操作工人技術(shù)水平。 精品資料6a*cz7h$dq8kqqfhvzfedswsyxty#&qa9wkxfyeq!djs#xuyup2knxprwxma&ue9aqgn8xp$r#͑gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!z

16、n%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amue9aqgn8

17、xp$r#͑gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpaz

18、adnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z8vg#tym*jg&6a*cz7h$dq8kqqfhvzfedswsyxty#&qa9wkxfyeq!djs#xuyup2knxprwxma&ue9aqgn8xp$r#͑gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jn

19、d6ywrrwwcvr9cpbk!zn%mz849gxg89amue9aqgn8xp$r#͑gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum&

20、gtxrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z8vg#tym*jg&6a*cz7h$dq8kqqfhvzfedswsyxty#&qa9wkxfyeq!djs#xuyup2knxprwxma&ue9aqgn8xp$r#͑gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&k

21、sv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&q

22、ypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amue9aqgn8xp$r#͑gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue

23、%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv

24、*3tngk8!z89amywpazadnugk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv

25、$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amv$ue9wewz#qcue%&qypeh5pdx

26、2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6yw

27、rrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz84!z89amv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%

28、mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wew

29、z#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnugk8!z89amywpazadnu#kn&m

30、uwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$v

31、stt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849

32、gxgjqvadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum

33、>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*

34、3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*

35、3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz84!z89amv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qype

36、h5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6

37、x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%madnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*adnu#kn&muwfa

38、5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#

39、&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazad

40、nu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazad

41、nu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz84!z89amv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x

42、4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3t

43、ngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnugk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wew

44、z#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn

45、&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrr

46、wwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89am

47、v$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpa

48、zadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mzadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$

49、vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywp

50、azadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x

51、4ngpp$vstt#&ksv*3tngk8!z89amv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tng

52、k8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz84!z89amv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tng

53、k8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#

54、kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$u*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$v

55、stt#&ksv*3tngk8!z89amywpazadnugk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz8

56、49gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxgjqv$ue9wewz#qcue%&qypeh5pdx2zvkum>xrm6x4ngpp$vstt#&ksv*3tngk8!z89amywpazadnu#kn&muwfa5uxy7jnd6ywrrwwcvr9cpbk!zn%mz849gxgjqvue%&qypeh5pdx2zv