[Can onions and beer be eaten together]_Draught beer_ 同 吃

銆愭磱钁卞拰鍟ら厭鑳戒竴璧峰悆鍚椼€慱鐢熷暏_鍚屽悆
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[Authentic Casserole Chicken Practices and Ingredients]_How to_How to do

銆愭瀹楃爞閿呴浮鍋氭硶鍙婇厤鏂欍€慱鎬庝箞鍋歘濡備綍鍋?
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[How to make chestnut roasted bullfrog]_ Common practice of chestnut roasted bullfrog _ How to make chestnut roasted bullfrog _ How to make chestnut roasted bullfrog

[How to make chestnut roasted bullfrog]_ Common practice of chestnut roasted bullfrog _ How to make chestnut roasted bullfrog _ How to make chestnut roasted bullfrog

Some people hope that they can eat healthy, but suddenly they feel helpless in the face of work. After all, it is troublesome to prepare dinner after a tiring day. However, the method of roasting chestnut bullfrog is not difficult. Just a few simple steps, You can make nutritious and delicious home cooking, it is worth a try.

1. Peel the bullfrog and head to the internal organs, and wash them for future use.

2. Cook the chestnut to remove the skin and wash it for later use.

3. Cut the shallot into segments, cut the ginger into the end, smash the garlic, and cut the millet pepper into a circle for later use.

4. Chop the bullfrog into pieces.

5. Heat the pot over high heat, add oil after the pot is hot, and add onion, ginger, garlic, and shabu-shabu when the oil is 60% hot.

6, add the bullfrog, stir-fry the bullfrog, then pour into the old soy sauce, cooking wine, add thirteen spices and stir-fry.

.
7. Fry the bullfrog into a sauce color and add chestnut to stir fry a few times.

8. Add water to the pot and cover the bullfrog with water.

9. Add red pepper, salt, and stir-fry red pepper to 50% heat before collecting juice.

10, put the shallot section before the pan, chicken flavor.

11, just pop out and load it.

The fancy chestnut-roasted bullfrog brings you a different fresh life. Making such a part every three or five times is full of strong happiness and can make your family very happy.

[Effects and effects of soft-shelled turtles and some taboos-]_ certain_jikou

Do you know how to fry the pancakes? Do you want to eat them?  蹇 屾 湁 鍝  簺?銆 慱 鐩 婂 _ 蹇 屽 彛
You can find any song in Ningge and Ningge, you can get a good song. You will be hung up and down on your shoulders, and you will be caught on the chain. You will be asked to click on the button and click on it.紝鑰岀敳楸煎叾涓惈鏈変赴瀵岀殑钀ュ吇浠峰€硷紝鍚屾椂涔熷惈鏈夊ぇ閲忕殑铔嬬櫧璐ㄤ互鍙婂绉嶈泲鐧借兌绛夎惀鍏荤墿璐紝椋熺敤鍚庡彲浠ュ韬綋璧峰埌棰勯槻韬綋鐤剧梾鐨勪綔鐢紝鍚屾椂杩樺彲浠ユ敼鍠勮韩浣撹传琛€琛ラ槼鐨勫姛鏁堬紝瀵归闃茶韩浣撶檶鐥囦篃鏈変竴瀹氱殑浣滅敤銆傚姛鏁堜綔鐢ㄧ敳楸煎湪鍏ㄥ浗婀栨硦銆佹睜濉樸€佹按搴撱€佷笁瑙掓咕鍜屾祦鍔ㄧ紦鎱㈢殑娌抽噷閮芥湁鍒嗗竷銆傚叾鍛抽亾椴滅編锛岃惀鍏讳环鍊兼瀬楂橈紝瀵屽惈鍔ㄧ墿鑳躲€佽铔嬬櫧銆侀摐銆佺淮鐢熺礌D绛夎惀鍏荤礌銆傝繕鍏锋湁璇稿婊嬭ˉ鑽I want to know how to get married, how to get married, how to get married, what to do, what to do, what to do and what to do.屽鑲濈‖鍖栥€佽倽鑴捐偪澶с€佸皬鍎挎儕鐥瓑鏈夌枟鏁堛€?銆侀檷鍘嬮檷鑴傜敳楸间腑鍚湁浜氭补閰革紝鑳界紦鍜屽噺杞昏儐鍥洪唶娌夌Н銆侀槻姝㈠姩鑴夌‖鍖栥€傛湁寰堝ソ鐨勫噣琛€浣滅敤锛屽楂樿鍘嬨€佸啝蹇冪梾鎮h€呮湁鐩娿€?銆侀闃茶传琛€鐢查奔涓惈鏈夐搧鍏冪礌锛岃兘鏃虹洓閫犺鍔熻兘锛屽浜庢偅鏈夎偤缁撴牳銆佽传琛€銆佷綋璐ㄨ櫄绛夌梾鐥囩殑鎮h€呮湁涓€瀹氱殑杈呭姪鐤楁晥銆?銆佸吇棰滄姢鑲ら緹鏉胯兌鏄ぇ鍒嗗瓙鑳跺師铔嬬櫧璐紝鍏剁敳澹冲仛鎴愮殑榫熸澘鑳跺惈鏈夌毊鑲ゆ墍闇€瑕佺殑鍚勭姘ㄥ熀閰革紝鍙互鍏婚鎶よ偆銆傜敳楸煎惈鏈夌淮鐢熺礌E锛岃兘鎶楁哀鍖栥€侀槻鐧屻€佸欢璂 撹 “The key to the vinegar mustard 繳 稳 娑 幑﹁ 倢 鋰 鍑 卓 璯 駄 瓄 鏄 銆?TOWER Huo  Liaodouliding  Ai Qiujianqiangyang  Chi Chán Yang  Yi ュ Jiweimilei Benyenshili Taijibanghong Hongfeijuanzi Shanqi Chenjianjieman Benyenshanjian Jiezequxiao却 鍒 嗘 甗 煷 酘 銆?銆 佽 ? Argon.闃崇敳楸艰繕鑳解€滆ˉ鍔充激锛屽.闃虫皵锛屽ぇ琛ラ槾涔嬩笉瓒斥€濄€傞鐢查奔瀵硅偤缁撴牳銆佽传琛€銆佷綋璐ㄨ櫄寮辩瓑澶氱鐥呮偅浜︽湁涓€瀹氱殑杈呭姪鐤楁晥銆?銆佹姉鐧屾姂鐧岀敳楸艰倝鍜屽叾鎻愬彇鐗╄兘棰勯槻鍜屾姂鍒惰倽鐧屻€佽儍鐧屻€佹€ユ€ф穻宸存€х櫧琛€鐥呯瓑锛岃兘闃叉不鍥犳斁鐤椼€佸寲鐤楀紩璧风殑铏氬急銆佽传琛€绛夌棁鐘躲€傝惀鍏讳环鍊肩敳楸兼墍鍚泲鐧借川姣旈浮铔嬮珮30%锛屾槸鐗涘ザ鐨?The chains are inconsistent with each other, and the rivers are inseparable. They have just been set up, and they have been returned to each other. Are they both cumulated and stunned?杩樺惈纾疯剛閰拌儐纰便€佺硸绫汇€佽儐纰憋紝浠ュ強閽欍€佺7銆侀搧銆侀捑绛夋垚鍒嗐€?銆佺敳楸间腑鐨勫涓嶉ケ鍜岃剛鑲吀鐨勫惈閲忓緢楂橈紝瀵归珮琛€鍘嬨€佸啝蹇冪梾銆佸姩鑴夌‖鍖栧拰鑰佸勾鎬х棿鍛嗐€佽蹇嗗姏鍑忛€€銆佸仴蹇樼瓑鐥囨湁鑹ソ鐨勯闃插拰娌荤枟浣滅敤銆傝繕鍏锋湁鎶よ偆缇庡鐨勫姛鏁堛€?銆佺敳楸间腑鍚湁鎶楄绠¤“鑰佺殑鐗╄川鈥斺€旂儻鎴婇吀锛屽父鍚冪敳楸艰兘鏈夋晥鎶楄“鑰併€?銆佺敳楸间腑瀵屽惈榫熸澘鑳讹紝榫熸澘鑳舵槸澶у垎瀛愯兌鍘熻泲鐧借川锛屽惈鏈夌毊鑲ゆ墍闇€瑕佺殑鍚勭姘ㄥ熀閰革紝鏈夊吇棰滄姢鑲ゃ€佺編瀹瑰仴韬箣鏁堛€?銆 为 楸 楸 餜 璜 駖 悢 姩 鐗 ╄converted to 銆 佽  铔 嬬 駆 集 雺 雺 餤 Don’t know how to do itThe Chinese are prepared for the Han dynasty, and the Chinese people are in trouble. They are in trouble, and they are in trouble.粙琛ヤ匠鍝併€?

[Homemade Scallop Soup]_How to do_How to do

[Homemade Scallop Soup]_How to do_How to do

Human food culture is vast and profound. When we are lamenting that food makes life better, we should also try to make ourselves a few good dishes.

After all, the deliciousness made in person is better than the food bought outside.

I like scallops very much, so when I ‘m okay at home, I will ponder the practice of scallops. At last, I ‘m willing to take care of myself. I learned a few ways to make scallops at home, and I will share with you.

First, Zucchini Yaozhu pot lean meat soup material Zucchini is one of the seasonal vegetables in summer, the taste is fresh and sweet, clearing away heat and reducing heat.

Zucchini roll soup, soup can be cooked, zucchini rolled salted egg soup, zucchini soup with pork ribs is a home-made pretty soup, zucchini flower gum chicken feet soup is both nutritious and beauty, is a lady beauty beauty.

The zucchini lean broth to be introduced today is flavored with Yaozhu and winter mushrooms. It is delicious and sweet.

Zucchini for 3-4 people: 1 (about 600 grams) Yaozhu: 30 grams of lean meat: 500 grams of dried mushrooms (dried): 8 candied dates: 2 slices of ginger: 2 slices of water: 8 bowls.

Wash and peel the zucchini and cut into large pieces; 2.

2. Wash and soften the Yaozhu; gently rub the mushroom umbrella of the mushrooms with your hands to scrape off the black substance on the pedicle; 3.

3. Wash and cut lean meat;

Boil water, add all ingredients, cook for 20 minutes on high heat, turn to low heat for one and a half hours, season with salt and serve.

Second, spinach scallop soup material scallops 10 grams spinach 250 grams eggs 2 starch moderate edible oil 20 grams chicken oil 1 tsp cooking wine big spoon pepper 1 tsp refined salt 1 tsp practice1.

Wash the scallops, add cooking wine in the bowl, and soak in water for 30 minutes; wash and tear the spinach; take only the egg whites;

2. Scallops are steamed on the steamer for 30 minutes, then taken out, kneaded, and the soup is reserved;

4. Pour oil into the pot, heat up, slowly pour in egg whites, and fry into egg flowers.

Boil the steamed scallop soup, add scallops, refined salt, pepper, egg flowers, drizzle with chicken oil, pour in spinach, cook, and thicken with water starch.

Third, scallop and winter melon soup materials: 75 grams of scallops, 250 grams of winter melon, 150 grams of pork bones, ginger, refined salt, cooking wine, and pepper.

Method 1: Cut and wash the pork bones, remove the flying water, skim off the floating foam, and then boil in boiling water for 40 minutes to pick out the pork bones.

2. Wash scallops and add hair to warm water.

Winter melon peeled and diced.

3. Boil the boiled pork bone broth again, add scallops, melon, and ginger to a low heat for 40 minutes, season with salt, cooking wine, and sprinkle with pepper.

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.

84%.

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.

49/31.

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.

49%.

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!

  Heavy!

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.

天津夜网
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.

68%.

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.

68%.

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.

94%.

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.

11%.

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.

76PCT.

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.

51/0.

60/0.

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.

49%.

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.

41/0.

55/0.

72 yuan, corresponding to 17 for PE.

2/12.

6/9.

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.