Boss Electric (002508) 2018 Annual Report Review: Significantly Improved Performance Passes Positive Signal in Quarterly Report

Boss Electric (002508) 2018 Annual Report Review: Significantly Improved Performance Passes Positive Signal in Quarterly Report
[Investment Highlights]The company released the 2018 annual report and the 2019 first quarter report. In 2018, the company achieved operating income of 74.2.5 billion, an annual increase of 5.81%; realized net profit attributable to mother 14.740,000 yuan, an increase of 0 in ten years.85%. Among them, the 18Q4 company achieved operating income of 20.31 ppm, an increase of 0 in ten years.08%; net profit attributable to mother 4.62 ppm, a ten-year average of 7.75%.The company achieved operating income in the first quarter of 201916.60 ppm, a ten-year increase4.30%; achieve net profit attributable to mother 3.20 ppm, an increase of 5 in ten years.84%; net profit after deductions increased by 8%.55%. The bottom of the industry has already appeared, and the first quarterly report sends positive signals.In 19Q1, the company’s revenue and non-deductible performance growth rates improved significantly from the previous month4.22/27.93pct, we think 1) The improvement of the income side is mainly due to the rebound in terminal sales. The resettlement of housing sales data in 19Q1 began to pick up. The company ‘s engineering channels accounted for 40% of the leading industry, which enabled the company to expand its third- and fourth-tier markets in 18 years.68 new city companies and 535 new specialty stores were added. In 19Q1, the company ‘s revenue growth in the third and fourth tier markets began to materialize. According to data from Zhongyikang, the offline market for smoke stoves has improved significantly since March. Range hoods and gas stovesRetail sales increased by 3 each year.31% / 3.27%, a significant improvement from January to February, and the company as a leader further benefited from the recovery in demand; 2) The improvement in the performance side mainly came from the stabilization of raw material prices and the upgrade of product structure, with a gross profit margin of 54 in 19Q1.79%, an improvement of 2 per year / mo.47/0.67pct, the price of raw materials gradually dropped from 18Q4, the company continued to develop new products, the main product steam box / boiler increased by 38% / 55% in 18 years, it is expected that the new products in 19Q1 will further contribute to revenue. Expenses increased in the same direction, and net interest margin increased slightly.18Q4 / 19Q1 company’s sales expense ratio increased by 8.69/2.41pct. The sales expenses in the fourth quarter were reduced. The materials are related to the company’s year-end promotional activities. After entering the first quarter, the company strengthened the optimization of the management structure. The 19Q1 management expense ratio replaced 3.31pct, the overall increase in net interest rate.51 points. Abundant cash in hand, without fear of short-term changes in cash flow.In 19Q1, the company’s net operating cash flow increased by 69.60%, we think it may be related to the company’s initiative to adjust the scheduling rhythm and 南京夜网 give the dealer a certain credit line under the consideration of the industry boom and dealer pressure. At the same time, the increase in engineering channels and the extension of the e-commerce channel account period also lead to receivables.With the increase of accounts receivable, the current accounts receivable and bills receivable of the company increased by 43.21%, corresponding to a ten-year increase in inventory.52%. But the company had plenty of cash at hand in 19Q1, reaching 49.07 billion (31.22 billion currency funds and 17.85 million other current assets), not afraid of sudden changes in short-term cash flow. [Investment suggestion]The company is a leader in the kitchen appliance industry. At the current signal of the bottom of the industry has been significant, and the first quarter report has improved 杭州夜网论坛 significantly, we are still optimistic about the company’s future growth logic gradually realized.Considering that the impact of real estate is a long-term process, we lowered the company’s profit forecast for 19 and 20 and supplemented the profit forecast for 2021. It is expected that the company’s revenue in 19/20/21 will reach 80.27/90.42/101.4.6 billion, net profit attributable to mother 16.22/18.24/20.4.4 billion, EPS1.71/1.92/2.15 yuan, corresponding to PE16.91/15.03/13.42 times, maintain “Buy” rating. [Risk Tips]The real estate boom will further decline; raw material prices will rise; industry competition will intensify.

Shanxi Fenjiu (600809): Revenue growth meets expected profit benefits and tax cuts exceed expectations

Shanxi Fenjiu (600809): Revenue growth meets expected profit benefits and tax cuts exceed expectations

Event: The company announced its 2019 Interim Report and achieved revenue 63.

7.7 billion, net profit attributable to mother 11.

900 million, net of non-attributed net profit11.

8.9 billion, due to the acquisition of the group’s alcoholic assets Yiquan Chung and Baoquan Chung in March and June of this year, which further reduced related-party transactions, and after the adjustment, they have grown repeatedly under the same caliber.

3 %%, 26.

28%, 25.


For the second and third quarter income, net profit attributable to mothers, net profit attributable to non-mothers was 23 respectively.

2, 3.

13, 3.

1.2 billion, an increase of 26 each year.

30%, 37.

96%, 32.

98%, revenue was in line with expectations, and profits exceeded expectations.

The volume of Bofen increased, and the income of Fenjiu (including sales companies, international trade, commerce and technology companies, etc.) increased rapidly in the first half of the year.

34 billion, a series of wine (Fen Brand + Xinghua Village) 4.

800 million to prepare wine 2.

01 billion + 33%. Due to changes in the disclosed statistical caliber, we estimated that the sales company’s growth rate exceeded 25% based on grassroots research. In addition to the second quarter of Fen’s suspension of rectification, other companies also achieved good growth.

In terms of different products, we expect that Bofen ‘s volume will increase by 60%, and Qing 20 will have a growth rate of nearly 40%.Both are the most stable.

Realize income within / outside the province31.


6.7 billion, excluding sales companies, other products mainly contribute revenue in the province. It is estimated that the sales company in the province alone has grown by nearly 20% in the first half of the year.

Notes receivable of the company at the end of the second quarter26.

1.9 billion, an increase of 6 from Q1.

8.2 billion, down 9 previously.

8.4 billion, the company uses a bill of exchange to improve the efficiency of dealers’ funds.

Q2 quarterly advance receipts 14.

8.1 billion, a month-on-month increase of 2 per year.

78, 6.

The 6.1 billion yuan was related to the price increase of Lao Baifen in the second quarter and the blue and 杭州桑拿 white price increase in July.

The acquisition and consolidation of Yiquan Yong Baoquan Chung also brought a substantial increase in cash payments for the purchase of commodities in the second quarter, and the net operating cash flow after the adjustment in the second quarter was -8.

1.4 billion, -2 in the same period last year.

9.2 billion.

Market launch expanded, net profit margin increased steadily and the company’s gross profit margin increased in the second quarter3.

29 points to 70.

60%, price increase, adjustment point adjustment range contribution, tax ratio, financial expense ratio decreased by 1.

75, 1.

15 points, sales expense ratio, management expense ratio increased by 4.48, 0.

38 single to 23.

02%, 7.

37%, the net profit in the second quarter alone increased by 0.

9 points to 13.


Overall net profit for the first half of the year was 18.

66% increased slightly by 0.

08 averages.

Among the selling expenses in the first half of the year, the relatively large advertising expenses increased by 38%, and the market development expenses increased by 190%, which is related to the company’s annual increase in out-of-province market expansion, basic market investment expansion, and terminal expansion investment.

The number of terminals at the end of the company was 31.

90,000, 46 by the end of May.

80,000, with an annual target of 550,000.

Profit forecast and rating: The “13313” pattern determined by the company this year, that is, a base market (Shanxi), three major sectors (Beijing-Tianjin-Hebei, Yulu, Shaanxi-Mongolia), three small market sectors (East China, Two Lakes, Southeast),13 An opportunistic market outside the province. The province has a stable tone to ensure healthy development. Outside the province, apart from the traditional advantage market in Shanxi, the rest are more focused and targeted.

From January to May outside the province, the growth rate reached more than 50%, and 22 markets were estimated. In the first half of the year, Inner Mongolia, Shandong, and Beijing each doubled, 70%, and 40%.Dazzling.

The company’s sales expenses in the first half of the year were faster than revenue, and more was spent on shaping the brand’s high-end image to guide end consumers and create consumption levels. There were also advances for some activities in the second half of the year.go.
It can be seen that each product since this year has gradually implemented a gradual system, more accurately controls the health of the channel operation, the market price of products has steadily increased, and dealers’ confidence has become stronger and stronger.

Since last year, the Group’s overall liquor assets listing has accelerated, and the brand slimming plan has been completed since the third quarter of 2018. The company has also set up a marketing reform office to take the Fen liquor brand as the leader and accelerate the sharing of resources with Zhuyeqing, Xinghuacun and Fen brand liquorAnd synergistic development.

We are optimistic about the company’s solid and excellent market in the province and the momentum of rapid development outside the province.
The EPS in 2021 is 2.

29, 2.

95, 3.

54 yuan / share, 30 times next year, with a target price of 88.

5 yuan, buy rating.

Risks suggest contradictory changes in the macro economy, and liquor sales are lower than expected;

What are the good development goals for smart cars?

What are the good development goals for smart cars?

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!


Smart cars usher in great benefits!

11 departments jointly issued documents to clarify future development strategies Zhou Jian On February 24th, 11 ministries and commissions including the National Development and Reform Commission, the Central Network Information Office, and the Ministry of Industry and Information Technology issued a “Smart Vehicle Innovation and Development Strategy””)”).

  Wind data shows that as of today’s close, the driverless index has increased by 4.

36%, Huayang Group, Luchang Technology, Baolong Technology and other stocks daily limit.

  What is a smart car?

  ”Strategy” defines smart cars as “a new generation of cars that are equipped with advanced sensors and other devices, use artificial intelligence and other new technologies and have autonomous driving capabilities, and have gradually become intelligent mobile spaces and application terminals.”, Self-driving cars, etc.

  The Strategy proposes that at this stage, smart cars have become the strategic direction for the development of the global automotive industry in terms of technology, industry, applications and development.

  Therefore, the development of smart cars has important strategic significance in the past.

  In addition, the national systems and management systems of developing countries and the automotive industry chain have strategic advantages in the development of smart cars.

  What are the development goals?
  The “Strategy” proposes that by 2025, the technological innovation, industrial ecology, infrastructure, regulations and standards, product supervision and network security system of China’s standard smart cars will be basically formed.

  The realization of smart cars with conditional autonomous driving has reached large-scale production, and the realization of highly automated smart cars for market application in specific environments.

  The construction of intelligent transportation systems and 都市夜网 related facilities in smart cities has made positive progress. Wireless communication networks for vehicles (LTE-V2X, etc.) have achieved regional coverage. New generations of wireless communication networks for vehicles (5G-V2X) have been gradually applied in some cities and highways.Spatio-temporal reference service network achieves full coverage.

  Looking forward to 2035 to 2050, China’s standard smart car system will be fully completed and improved.

The safe, efficient, green, and civilized smart car powerhouse is expected to be gradually realized, and smart cars fully meet people’s growing needs for a better life.

  How to develop smart cars?

  The Strategy has formulated six main tasks for the development of smart cars.

  Task 1: To build a collaborative and open intelligent vehicle technology innovation system, 深圳桑拿网 we must break through key basic technologies, improve testing and evaluation technologies, and carry out application demonstrations.

  Task two: To create a cross-border integrated intelligent automobile industry ecosystem, strengthen the core competitiveness of the industry, cultivate new market players and promote the application of new technologies.

  Task Three: To build an advanced and complete intelligent vehicle infrastructure system, we must promote the planning and construction of intelligent road infrastructure and build a vehicle wireless communication network with wide coverage.

  Task four: Build a comprehensive system of smart car regulations and standards, improve laws and regulations, improve technical standards and promote certification.

  Task five: Rebuild the scientific and standardized smart car product supervision system, strengthen vehicle product management and vehicle use management.

  Task six: Establish a comprehensive and efficient intelligent vehicle network security system, improve the security management linkage mechanism, improve network security protection capabilities, and strengthen data security supervision and management.

  What supportive policies are there?

  The “Strategy” proposes to ensure the innovation and development of smart cars from the five aspects of strengthening organization and implementation, fully supporting policies, strengthening talent guarantee, deepening international cooperation and optimizing the development environment.

  The simplest is the support policy. The Strategy proposes to study and formulate relevant management standards and rules, introduce policies to promote the development of autonomous driving for road traffic, and guide enterprises to plan and participate in smart car development in an orderly manner.

  Utilize a variety of funding channels to support the research and development and industrialization of key technologies for smart cars, smart transportation and smart city infrastructure construction.

  Strengthen financial and financial policy guidance, and qualify eligible enterprises to enjoy pre-tax income tax alternatives in accordance with pre-established fiscal policies, and gradually implement preferential fiscal and tax policies for SMEs and start-ups.

  The use of financial leasing and other policy tools will focus on supporting new business formats and developing new models.

  The potential of the smart car market is unlimited. From January 2018, the National Development and Reform Commission issued a public consultation draft to the official release of the “Strategy” in February this year, which took two full years.

  A person in charge of a car company, after knowing the official release of the Strategy, bluntly stated that the future must be software-defined cars.

  He Xiaopeng, chairman of Xiaopeng Automobile, also said on his Weibo that there is finally a directional guide.

  Screenshot of He Xiaopeng’s Weibo This “Strategy” is generally regarded as “a programmatic document and layout design for the development of smart cars”, which will guide and promote including automotive, automotive electronics, 5G, artificial intelligence, autonomous driving, Beidou satellite, cloud computing,Transformation and upgrading of data and other industries.

  A practitioner in the field of autonomous driving told Shanghai Securities News that at present, there are differences in the field of autonomous driving from international ones, but are changing. The implementation of the Strategy will help to catch up in this field. “We haveThere are a lot of companies that have good hardware, software, and algorithms, and many listed companies will be born.

He also stated that it is time to release the right of way as soon as possible to help the commercialization of companies in the autonomous driving field land as soon as possible.

  According to the research report of Tianfeng Securities, compared to traditional cars, the total smart car purchase cost is more than 3,000 USD per vehicle.This means that an average of more than 20 million new car markets each year, corresponding to a huge market of nearly 60 billion U.S. dollars, only the large-scale road infrastructure investment brought by wireless communication for vehicles, and the value-added of cloud service data, etc.New industries.

  According to the “Forecast of the Development of China’s Self-driving Car Industry” and “Investment Strategic Planning Analysis Report” issued by the Foresight Institute of Industry, related data, self-driving cars can generate a 200 billion to 1 by 2025.

A huge market of $ 9 trillion.

By 2035, global driverless car sales will reach 11.8 million units, with a compound annual strength of 48 between 2025 and 2035.

35%, when China will occupy 24% of the global market.

  In fact, many car companies are planning to “brain” their cars, and some projects have already blossomed.

  Since 2014, SAIC has invested in hardware and software companies in multiple fields, including millimeter-wave radar, high-precision maps, V2X, in-vehicle intelligent voice, and autonomous driving, through multiple platforms.

In 2015, SAIC Group and Alibaba jointly funded the Zebra Network to develop a set of domestic independent operating systems. At present, in addition to SAIC’s Roewe, MG, and Maxus vehicles, the partners also include Dongfeng Citroen, Ford, Qoros and other car companies.

In September 2019, six companies including SAIC, BMW, Didi, Baidu, Hailiang Technology, and Shenlan Technology obtained smart connected vehicle demonstration application licenses or commercial licenses for autonomous driving.

Xingye Technology (002674): Profitability Continues to Enhance Shareholder Repurchase Shows Confidence

Xingye Technology (002674): Profitability Continues to Enhance Shareholder Repurchase Shows Confidence

In 19H1, revenue decreased by 10%, net profit increased by 106%, and profitability continued to recover. In the first half of 2019, the company realized revenue7.

00 ppm, with a decrease of 9.

64%, net profit attributable to mother 6,933.

620,000 yuan, an increase of 105.

69%, deducting non-net profit of 6,800.

790,000 yuan, an increase of 158.

00%, EPS is 0.

23 yuan.

The higher growth rate of deducted non-net profit than income was mainly due to the increase in gross profit margin, and the higher than net profit was mainly due to the gradual decline in government subsidies included in the current profit and loss.

In terms of quarters, 2018Q1-19Q2 company’s revenue increased by -19.

99%, -11.

14%, 5.

20%, -26.

29%, -6.

50%, -12.

05%, net profit attributable to mother increased by -16.

71%, 88.

73%, 106.

13%, 473.

56%, 134.

16%, 94.


In the first half of 2019, downstream demand was severely weak and the company proactively abandoned some low-margin product orders. The revenue continued to decline. With the continuous decline in the price of raw cow hides, the adjustment of product structure led to the increase in added value, which led to the company’s profitability significantly rebounded.

In the first half of 2019, the company’s period expense ratio increased by 1.

82PCT to 7.

41%, of which the sales expense ratio increased by 0.

43PCT to 1.

10%, mainly due to the increase in sales staff 深圳桑拿网 salaries and export costs, the management expense ratio (including research and development expenses) increased by 1.

05PCT to 8.

06%, mainly due to the company ‘s R & D investment, personnel expenditures and other significant additional and reduced revenue, the financial expense ratio increased by 0.

33PCT to -1.

76%, mainly due to increased interest rate expenditure.

The adjustment of order structure affects the growth of revenue. From the perspective of rapid ordering of foreign orders by product: 2019H1 cow leather, other products achieved revenue6.

7.5 billion, 2519.

250,000 yuan, an increase of -12.

03%, 231.


The decrease in the company’s cattle leather revenue was mainly due to the decrease in sales volume and the change in the fashion trend of downstream footwear consumption. The sales of some brands have weakened significantly and the company has actively adjusted its product structure to reduce low-cost orders.The income of other products is mainly the sales of leather by-products such as scraps, and the revenue accounted for a relatively small proportion.

By region: 2019H1’s main leather business is domestic and foreign revenue is 5 respectively.

8.4 billion, 9085.

460,000 yuan, an increase of -15.

69%, 21.


The company’s domestic Zhejiang, Sichuan, and Fujian regions saw their revenues fall by 32.

69%, 36.

31%, 23.

90%, mainly due to the company’s optimization of product and customer structure, reducing some traditional customer orders, Guangdong area also increased by 10.


The company’s export revenue has grown rapidly, mainly due to entering the export chain of Zara, Prada, Bally and other internationally renowned brands after dating the export team. Delivery, quality and design meet customer needs, and the order volume continues to increase.

The adjustment of product structure promoted a significant increase in gross profit margin. The price of cow hides remained low in 19 and the company’s gross profit margin increased by 7 in the first half of 2019.

98PCT to 18.

01%, of which domestic and foreign gross profit margin is 17.

73%, 22.

02%, the same increase of 7 respectively.

47PCT, 13.


The increase in the company’s gross profit margin was mainly due to the fact that the average price of US beef raw hide exports in 2019H1 also decreased by 37.

82%. In this context, the company continues to optimize the order structure. The increase in the proportion of high gross profit margin customers, especially foreign customers, has made a positive contribution to product prices.

In terms of quarters, the gross profit margin of the company from 18Q1 to 19Q2 was 9.

44% (-0.

03PCT), 10.

48% (+0.

09PCT), 11.

76% (+3.

32PCT), 21.

14% (+14.

94PCT), 15.

81% (+6.

73PCT), 19.

80% (+9.

32PCT). After the second quarter of 2018, the company’s gross profit margin increased, mainly due to the increase in the proportion of foreign customers’ income, and the product structure continued to optimize.

Cattle raw leather and cattle blue wet leather account for about 70% of the company’s production costs, and its price fluctuations have a conductive effect on gross profit margin.

The company purchases cowhide mainly for the United States. Because the import of cowhide from the United States to the final production usually takes about six months, the price of US cowhide has a lagging effect on the gross profit margin.

In terms of inventory, companies generally have more than 3 months of raw material inventory to meet production needs.

The adjustment of raw material price fluctuations affects the gross profit margin in the following two aspects: 1) directly affects the company’s product pricing. If the product price is difficult to cover changes in raw materials, it will cause the company’s cost to rise or fall; 2) the process of rising or falling raw material prices, its inventoryWill benefit or suffer.

In 2014, the price of U.S. beef hides rose from 90 cents / lb to 110 cents / lb and has continued to decline since then.

On the supply side, the United States is the world’s largest exporter of raw hides and hides. After 2015, due to the impact of the strength of the U.S. economy, per capita consumption of beef has increased, which has led to a continuous increase in cattle breeding and slaughtering, and continuous increase in leather feed. On the demand side, China is the largest source of raw hides in the United StatesThe importing country is affected by the shift of fashion trends to sports styles after 2015. The demand for terminal leather is severely weak. After the trade friction between China and the United States intensified in September 2018, China imposed a 5% tariff on beef exports to the United States, affecting the United States.The export demand for raw cow hides. The annual US tariffs on Chinese exports include leather products, which further affects downstream demand for leather.Therefore, under the influence of the demand and supply pattern, the price of raw beef hides in the United States will continue to decline. In the future, the US economy will maintain a steady growth. The supply of American kraft paper is expected to remain high. Downstream demand is expected to be stable.

From the historical performance of the company’s gross profit margin: 1) The company’s gross profit margin fell by 5 in 2014-15.

04PCT, 3.

82PCT, mainly due to excessively weak downstream demand after the rise in raw material prices, the price increase of products has decreased, and the effect of raw material prices on the gross profit margin has a lag effect.

2) The price of raw materials continued to decline after 2015. In the process, the inventory was reduced and the company’s reserves replaced high-priced inventory in 2015, which resulted in higher costs. The downstream leather demand continued to be sluggish. The gross profit margin was still low in 2016-17.

3) The company’s gross profit margin continued to increase in 2018-19, mainly due to the increase in the stock of high-priced cow hides after 2017, and the effect of inventory damage logic on the change in gross profit margin has been reduced. Although the downstream demand has not improved, the company has continued for a long time.Develop high-value-added customer orders, and in 2018 introduced an export team to develop high-margin overseas customers, which will support product prices and promote gross margin improvement.

The profitability of the leather faucet is restored, and the repurchase shows significant confidence. The company expects to achieve net profit of 9376 attributable to mothers on January 9, 2019.

RMB 470,000-11031.

140,000 yuan, an increase of 70% -100%, of which the net profit attributable to mothers was 2442 from July to September.

850,000 yuan-4097.

520,000 yuan, an increase of 13.

90% -91.

05%, mainly due to a ten-year increase in gross profit margin.

We think: 1) The company is a leader in the leather industry and owns 1.

With a production capacity of 500 million U.S. dollars, the company’s optimized order structure in 2019H1 has improved revenue. It is expected that the company’s products and customer structure adjustment will be basically completed in the second half of the year, and new leather categories such as furniture, military and Anta, China Lilang, etc.The volume of orders and the continued growth of orders from foreign customers are expected to drive revenue growth back.

2) U.S. beef consumption will continue to grow in 2019, and the supply of raw beef hides will be sufficient. Sino-US trade frictions have not yet been fully resolved. The downstream demand is severely weak. It is expected that the price of raw beef hides will remain low in the future and product structure optimization will be carried out., Driving the growth of net profit.

3) The company announced on July 22, 2019 that it intends to use its own funds to repurchase shares, with a repurchase amount of 2 billion parts per billion and a repurchase price of no more than 18.

00 yuan / share, repurchase of shares does not exceed 11.5 million shares, accounting for 3 of the total share capital.

81%, within a period of 6 months after the adoption of the shareholders’ meeting, the repurchase of shares is used to replace and reduce registered capital.

This repurchase shows that leaders have confidence in the company’s future development.

As the company’s profitability recovers higher than expected, we raise the company’s EPS forecast for 2019-21 to 0.



71 yuan, corresponding to 25 times PE in 19 years.

The company’s profitability has gradually recovered, its performance has achieved rapid growth, and internally highly valued product design and research and development advantages have enhanced the added value of the product. It has long benefited from the increase in the share of leading cities brought by the supply-side reform of the leather industry.Hold “rating.

Risk warning: sharp fluctuations in raw material prices, increased competition in the industry, and continued sluggish downstream demand.

Zhongzhuang Construction (002822) 2019 Interim Results Preview Comment: Q2 Performance Accelerates into the Yangtze River Delta and Deepens National Layout

Zhongzhuang Construction (002822) 2019 Interim Results Preview Comment: Q2 Performance Accelerates into the Yangtze River Delta and Deepens National Layout

The performance exceeded expectations, and the new progress sheet is expected to pick up. The company recently issued a 2019 semi-annual performance forecast, and it is expected that net profit attributable to mothers will be 11,357 in the first half of 2019.

230,000 yuan-12,979.

700,000 yuan, an annual increase of 40% -60%.

The higher-than-expected performance was mainly due to the company’s increased market development efforts in the first half of the year, further optimized and adjusted its business structure, and strengthened its internal cost reduction and efficiency management.

The company’s new long-term orders 西安耍耍网 for the first quarter of 201912.

400 million, down 26 every year.

89%, we think orders in the first quarter may be affected by interference factors.

Because the growth rate of investment in fixed assets in the first half of the year has continued.

At an historical low of 8%, in the second half of the year, the expectation that fixed asset investment will play a supporting role in hedging the downward pressure on the economy will increase. We expect the company to make a new breakthrough in the future and promote recovery.

Q2 performance growth accelerated significantly Under the above performance forecast, the company completed revenue of 18Q3, Q4, 19Q1 and Q2 respectively.

60 billion, 11.

8.2 billion, 8.

6.3 billion, 24.

1.4 billion, an increase of 36 in ten years.

38%, 17.

85%, 8.

19%, 139.

93%; realized net profit of 0.

5.2 billion, 0.

3.4 billion, 0.

32 billion, 0.

9 billion, a ten-year growth of 7.

34%, -25.

69%, 4.

99%, 75.


The company’s performance growth in the second quarter accelerated significantly.

The nationwide layout is advancing steadily. The new Shanghai subsidiary is expected to benefit from the integration of the Yangtze River Delta company with the strategic goal of “based on South China and facing the whole country.” At present, the business scope has been distributed in more than 20 provinces across the country., Southwest, Northwest and other seven regional operation centers and nearly 30 branches, the company has fully surpassed its cross-regional operating capabilities, and the current non-Southern China region accounts for more than 50% of its business every year.

Since the beginning, the integration of the Yangtze River Delta has repeatedly made progress. The integration of the Yangtze River Delta as an important national strategy is moving into the fast lane. At the end of May, the company set up a wholly-owned subsidiary in the Lingang area of Shanghai.The great potential of the Yangtze River Delta integration provides strong support for the promotion of East China and international business and further expands brand influence.

Investment suggestion: The main business is growing rapidly, and the first coverage is given a “buy” rating. The company’s EPS in 19-21 is expected to be 0.



72 yuan, corresponding to 17 for PE.



7 times.

Relative estimation method is used to give 20-22 times PE in 19 years, corresponding to reasonable estimation interval 8.

20-9.02 yuan, which is 17 compared to the current sustainable.

82% -29.

60% of the premium space, for the first time covered with a “Buy” rating.

Risks indicate bad debts of accounts receivable, 天津夜网 fixed assets investment reorganization, etc.

[What is bacon _ how is it made]

[What is bacon _ how is it made]

Bacon is now gradually appearing on our table.

But do you know what is bacon?

Or how is bacon made?

In fact, although many people like to eat bacon, they do not know anything about bacon making.

In fact, the main raw material of bacon is pork, which is made by smoking and other cooking methods.

If you eat for a long time, it is not good for your health.

Bacon is a transliteration of the English word “Bacon”, and its original meaning is smoked rib meat (ie, square meat) or smoked salty spine.

Bacon is one of the three main varieties (hams, sausages) of Western-style meat products. In addition to its delicious salty flavor, it also has a strong smoky flavor.

The bacon has an oily, golden-yellow skin, and the leather is hard. There is a slight “porphyrin” sound when you tap with your fingers; the lean meat is dark brown, the slices are dry and hard, and the flesh is bright after cutting.

Bacon, also known as bacon, is made from pork breasts that have been cured and smoked, or other parts of meat.

Bacon is generally considered a breakfast platter, sliced into thin slices, baked in a pan or thinly sliced.

The bacon tastes very good and is often used for cooking. Bacon is considered the main source of excess, but because of the introduction of low-carb diet in the United States, the concept of bacon fattening has gradually changed.

The most common bacon is marinated smoked pork ribs (flitch) and bacon rashers.

Traditionally, pork skin can also be made into bacon, but skinless bacon is a healthier option.

Studies have shown that long-term consumption of bacon may indeed increase the risk of cancer.

Eating 50 grams of processed meat a day, that is, two slices of bacon, can increase the chance of developing colorectal cancer by 18%.

Bacon is mainly produced in North America, while Britain and Ireland call it bacon streakybacon.

In 1500 BC Chinese cooks initially salted pork.

This will always be an early way to preserve pork, and it will also inspire the aroma of pork.

Bacon is also a type of bacon.

It is made by coating pork belly with spices and sea salt after natural air-drying. The uniformly distributed fat is smooth but not greasy, with moderate salinity and full flavor.

[Can I still take the ring if I have the same room?]_Is it possible to take a contraceptive ring?

[Can I still take the ring if I have the same room?]_Is it possible to take a contraceptive ring?

After marriage, many people do not want to have a baby too early, so they will use contraceptive methods. There are many methods of contraception. On the contrary, condoms, contraceptives, and ring, etc., but the use of contraceptives is irritating, andCondoms also affect the quality of sexual life, so the ring is the most suitable method, but when you want a baby, you need to take the ring in advance, so can you still take the ring when you are in the same room?

First, can I still take the ring if I have the same room?

Women cannot share the same room 3 days before taking the ring. Before taking the ring, it is best not to share the room. If they are in the same room, they should take appropriate precautions to prevent infection from gynecology or bleeding. These are normal for taking the ring.Are all unfavorable.

Second, the precautions before taking the ring: maintaining a good attitude is the same as the ring, just a simple operation, for many women with poor psychological quality will inevitably feel a little nervous and worried about the uncomfortable uncomfortable reaction.

Before taking the ring, you can use music to distract you or do deep breathing exercises to reduce the tension and ensure that the operation goes smoothly.

Before maintaining the vulva to remove the ring, we should pay more attention to the hygiene of the vulva, to avoid infection before the ring is removed, and the delay of the ring removal time.

Before forbidding couples to take a ring in the same room, we should avoid the emergence of sexual life, and avoid the same room stimulation to the uterus to affect the surgical process of the ring.

Choose the preparation work before taking the ring. Choose the preparation work before you take the ring. You should know some better distance hospitals before taking the ring. Don’t choose a small and irregular clinic because of the desire for cheap.

There may be the possibility of improper disinfection of medical equipment or improper operation of doctors in these places, which may easily lead to infection or disease after ring removal.

Can I still take the ring if I have the same room?

Women can’t intersex before taking the ring, because the complication of the enlarged uterus during the taking of the ring makes an incision. If the same room is taken before taking the ring, bacteria will easily enter the wound and cause infection.

Ring removal is a kind of intrauterine operation. If you have sex before, you may get pregnant. Although the ring is installed, if you are pregnant, the ring removal is more improper. So you need to clean your menstrual cycle in a different room.Go to the hospital to check the vaginal discharge routine. If normal, you can take the ring.

[Taboos to eat dragon fruit]_Eating_Cautions

[Taboos to eat dragon fruit]_Eating_Cautions

Dragon fruit is very common, and we often see it. We often eat dragon fruit in two types, one is white and the other is red. The white flesh will be more common, and the red flesh will be more common.It is popular because red dragon fruit has more possible elements, but when eating hot pot, there are many taboos that need to be understood.

Contraindications for pitaya 1. People with diarrhea should not eat pitaya. It is a bit colder, and those with debilitating constitution who are pale, have weak limbs, and often have diarrhea should not eat more.

2. Women who eat less females who are physically cold should not eat too much dragon fruit.

3. Do not eat pitaya during women’s menstruation when coming to the aunt to avoid menstruation.

4. Those of these constitutions should eat less stagnation constitution, phlegm-damp constitution, and blood stasis constitution should also eat less.

5, pregnant women should be careful to eat dragon fruit mixed with plant albumin, pregnant women with allergies should be careful to eat.

6, it is best not to eat dragon fruit with milk, it is not appropriate to eat with milk, so as not to affect digestion.

7, diabetics can not eat more dragon fruit almost does not contain fructose and sucrose, the sugar content is mainly glucose, easy to absorb, too much to increase blood sugar, so people with diabetes should not eat more.

8. Pick fresh and eat red dragon fruit on the surface. The redr the better, the greener the greener the fresher. If the greener part turns yellow, it means that it is not fresh and it is best to eat less.

The nutritional value of dragon fruit1, the content of anthocyanins in dragon fruit is high, especially the red meat variety.

Anthocyanins are an effective antioxidant, which can effectively prevent vascular sclerosis, which can prevent stroke caused by high blood pressure and blood clot formation; it can also fight free radicals and effectively fight aging; it can also improve the brainPrevention of cell degeneration, inhibit the occurrence of dementia.

2. Dragon fruit may be ubiquitous in fruits and vegetables and has its plant albumin. This active albumin will automatically bind to heavy metal ions in the human body and be discharged from the body through the excretory system, thereby acting as a detoxifier.

In addition, albumin also has a protective effect on the stomach wall.

3. Pitaya has whitening skin of vitamin C and rich implanted fibers that have weight loss, lower blood sugar, moisturize the intestines, and prevent colorectal cancer.

4. The iron content in dragon fruit is higher than that of ordinary fruits. Iron is an irreplaceable element in the manufacture of hemoglobin and other iron substances. Absorbing an appropriate amount of iron can also prevent anemia.

When is it good to eat dragon fruit in the morning? The best time to eat dragon fruit is 10 am every day?
At 11 o’clock, during the busy period in the morning, the energy absorbed by breakfast is almost completely consumed. Appropriate consumption of dragon fruit can replenish energy and ensure health, and there is a certain interval from the lunch time, and it will not affect eating at noon.

To eat seasonal dragon fruit, dragon fruit is just like other fruits, it is best to eat seasonal fruit.

Generally, dragon fruit matures from May to August, so the dragon fruit is the freshest and the best taste at this time. It is recommended to eat dragon fruit from May to August.

It is best to buy and eat now because pitaya has been on the market for a long time and it is not easy to save, and pitaya is a tropical fruit. It is not recommended to store it in the refrigerator.It’s best to eat the whole after opening.

It is better to eat fruits between meals half an hour after lunch, and dragon fruit is best eaten after lunch, half an hour later.

The lunch has the function of linking up and down, supplementing the lack of energy, slender reserve energy, and a dragon fruit can also replenish energy after lunch.

[Encyclopedia of Cooking in Kanto]_ How to make _ How to make

[Encyclopedia of Cooking in Kanto]_ How to make _ How to make

Many women prefer special foods in some places, especially some special snacks, which are girls’ favorite.

Kanto is a kind of food that is very similar to Mala Tang. It is said that Kanto has been cooking from Japan. Kanto is also eaten similarly to Mala. The only difference is that Kanto is a series of food.

Let’s understand that there are some dishes to eat in Kanto.

1. The main ingredients of Kanto cooking are: (1) Meatballs: fish balls, tribute balls, pork balls, beef balls, and hot pot materials.

Crab sticks, sausages, etc.

(2) Vegetables: dried bamboo shoots, radishes, horse bells, kelp, sea vegetables, dried tofu.

(3) Bamboo stick: 15cm, 18cm, 20cm, thick 2.

0, 2.

5, 3.

02, big soup: boil 8 kg of water, add 100g salty MSG, 3 spoons of sugar, upper part of chicken essence, 2 star anise, 3 slices of ginger, 2 spoons of pork ribs king powder

3 cans of stew powder.

Cook for 2 minutes and taste.

Then add the above food by partition, and separate the fresh and cooked ones.

2, the original dipping sauce: (1) the pot is heated to 50%, add some oil, add 1.

5 sliced garlic, pay attention to the oil temperature should not be too high, to prevent garlic from scorching.

(2) Add 1 bottle of “Katai” Spicy Spice.

Mix well.

(3) Add 3 scoops of “Gaitai” brand boiled fire fish stock.

(4) Add 6 kg of boiling water to a bottle.

(5) Join the old “old godmother” with peanuts.

(6) Add 3 spoons of “Milin” peanut butter.

(7) Add 3 tablespoons of sugar, MSG is the most, chicken is more.

How to cook in Oden (1) Cook the red and white radishes with water first, pick them up and wash them in cold water, then drain them for later use.

(2) Boil material B, add material A and boil for about 10 minutes.

(3) Oden is a fish ball skewered with bamboo sticks. The meatballs are cooked in a carefully prepared broth and then put in a soup cup. Mix the minced green onions with the Oden sauce and dip it when you eat.
It has a seductive scent and a chic and delicate texture. After eating, it has a scent of teeth and a long aftertaste.

Boiled Fish Balls, Gold Cuttleball Balls, Gong Wan Balls, Beihai Shiitake Balls, Carrot Cuttlefish Rolls, Carrot Shrimp Rolls, Sea Urchin Peach, Seafood Biscuits, Japanese Wild Vegetable Fish Tofu, Deep Sea Abalone Balls, Five-Tasty Takoyaki, FiveMoon Flower Ball, Crab Roe Ball, Crab Roe Cuttle Ball, Crab Roe Salad Prawn, Crab Roe Peach, Crab Roe Fish Egg, Cod Spinach Ball, Cod Sea Prawn Ball, Cod Cheese Bun, Yaozhu Sea Cucumber Bun, Wild Vegetable Marutan, Burn a fragrant, crab meat tongs, cod rolls, golden balls, fish balls, shrimp balls, beef balls, kantoyaki, kumbu, shiitake mushroom crab yellow balls, sesame flavored shrimp balls and other dozens of varieties, semi-finished products in the frozen wholesale markets around the worldYou can buy it!

[Catch this dot and take her to Wonderland]

[Catch this “dot” and take her to Wonderland]

Imagine the creation of a human organ just to provide a strong sense of pleasure. Such an organ does exist, and every woman has it, it becomes a clitoris.

The word clitoris comes from the Greek letter “Kleitoris” meaning “hidden.”

It is so named because it is a small meat filling (length 3 / 4-1.) Located on the upper part of a labia.

5 inches, or 2-3 cm), the clitoris actually comes from the same tissue as the penis.

In addition to providing pleasure, the penis also has a physiological function-a catheter for urine, while the clitoris has no other function than providing pleasure.

In addition to the anatomical concealment, it is also psychologically concealed and mysterious.

Many men don’t know how to treat it, and even many people don’t even know its correctness.

The mysterious female orgasm clitoris is an extremely sensitive organ that contains more nerve endings than a man’s penis.

It is so important that 75% of women cannot reach orgasm without the stimulation of the clitoris.

Because the clitoris is primarily a reflection of self-stimulation, many early psychologists, including Sigmund Freud, believed that orgasms produced by clitoral stimulation mainly occurred in those adolescents or sexually immatureOrgasms caused by vaginal stimulation occur in “mature adults”.

The two orgasms quoted by vaginal and clitoral stimulation are known to be incorrect.

Although different types and locations of stimuli produce different sensations, there is only one type of physiological orgasm in women.