[Hawthorn fried malt efficacy and role]_Benefits_Inevitable

[Hawthorn fried malt efficacy and role]_Benefits_Inevitable

Everyone knows that hawthorn can be appetizing and refreshing, but few people understand that hawthorn fried maltose can solve the effect of pediatric food accumulation, and its taste is very good, sweet and sour can also help digestion, if children have symptoms of loss of appetite or accumulation, You can use hawthorn fried maltose for treatment, there will be very good results, many parents and friends can take down the knock-down spare.

First, nutritional value nutrition analysis Fried malt is good for pasta, in addition to accumulation of stagnation; Hawthorn decomposes greasy food, and accumulation of stagnation.

The combination of two medicines is both digestive and appetizing, and has a sweet and sour taste, which children are happy to take.

Directions for consumption: The above is a daily amount, divided into 2 times, when the drink is warm.

Efficacy: Removes stasis and helps digestion.

Suitable for pediatric injuries.

Second, to treat the problem of pediatric accumulation of food, many children will have it, so I would like to tell you about it here.

Those parents or elderly people who are always afraid of their children’s insufficiency must remember that their children’s spleen and stomach are still weak. “If you want to be safe, you are thirsty and cold.” They would rather let them feel obese rather than let them eat.Too full.

If you eat too much, you will not be able to absorb nutrients, which will cause your child to “eat”.

If you find that your child’s appetite is suddenly worse, and that he has bad breath, blue nose up and down, uncomfortable stomach, bloated stomach, sluggish sleep, fever in his hands and feet, listlessness, and even a child with fever, it may be accumulated food.

Although traditional Chinese medicine says “accumulation of food is hot,” for a long time, accumulation of food will bring children cough, constipation, fever, repeated respiratory infections and other complications. As long as you deal with it in time, accumulation of food is not a big problem.

It’s just that the accumulation of food is not easy to deal with, and it is not as simple as eating big hawthorn pills to help digestion. We have to divide the situation.

For example, if the child is particularly fond of meat and eats too much meat, he can eat burnt hawthorn; if the child does not like meat, but eats rice noodles too much, he can use burnt rice or fried malt; if the child is having trouble digesting the lanternsIf you eat too much eggs, you can use fried malt. If you eat too much eggs and you ca n’t digest them, you can use vinegar or Divine Comedy . But because most parents do n’t eat for their children, the reasons for the accumulation of food are usuallyIt ‘s too much meat, or too much food, so at this time, we use coke hawthorn and fried malt to handle it.

Jiao Hawthorn is not a rare hawthorn variety, or it can be cooked by frying clean hawthorn flesh until the surface becomes brown.

You can buy it at the pharmacy.

After cooking, its sour taste becomes weak and its bitter taste increases.

Efficacy is mainly Xiaoshi Jianwei, Xingqi Sanyu.

Regardless of whether it is an adult or a child, if the accumulation of meat is stagnant and the stomach is full, eat it.

The effect of fried malt is to strengthen the spleen and stomach, digestion and accumulation.

It has a good digestive effect on the accumulation of food caused by starchy foods such as rice noodles and sweet potatoes.

According to modern nutrition, fried malt can not only promote the secretion of gastric acid and pepsin, but also the alpha and beta amylase, which can also break down starch into maltose and dextrin, so it can promote digestion.

[Home-made sausage powder recipe _ what do you take at home to make sausage powder]

[Home-made sausage powder recipe _ what do you take at home to make sausage powder]

Intestine noodles is a kind of cuisine with local characteristics of Guangdong. It is a kind of food that people in many places in Guangdong prefer to eat.

Of course, with the improvement of people’s living conditions, many people in other places can also eat intestinal flour.

Of course, the sausage powder can also be made at home according to a certain formula and manufacturing method.

The following is a detailed introduction to the production method of sausage powder.

First, method 1

Blend 500g (1kg) of old bag of rice with 600g of water for more than three hours (the purpose is to make the old bag of rice absorb the proper amount of water from the intestinal meal, the ground rice is more delicate, and the length of the refiner is extended).

Grind the same amount of old bag of rice and clean water, pay attention to the speed of pulping, or the heating of the pulping machine will cause too much cooked pulp and affect the quality of sausage powder.


Blend 50 grams of wheat flour with an appropriate amount of water, and blend with the rice milk of step 2 evenly.


Wash the cooked pulp, the ratio of raw pulp to cooked pulp is about 10: 1, and add refined salt.


Put some peanut oil or roasted duck oil in the sieve first, and then pour an appropriate amount of raw and cooked pulp into it and spread it out evenly (you can add minced meat or eggs, etc.), and the thickness is 2.

It is better to be about 5 mm, steam for about 1 minute, and use the special spatula for intestinal flour to move the intestinal flour from front to back or back to front drawer.

Features: soft, smooth, smooth mouth, white sweetness, infinite aftertaste.

(Ducheng sausage powder mainly tastes the taste of sausage powder, the filling is relatively small, and the sausage powder is thin) Second, the method of making the second material: mung bean sprouts, pork, noodles.


Chop the pork into minced meat, then mix with salt, chicken powder, a little sugar and green onion, you can also add spiced powder if you like (Figure 1); 2.

Spread the pork and mung bean sprouts thinly on the noodles. Carefully roll the noodles and roll them evenly (Figure 2).


Put the sausage powder into the pot and steam for about 10-15 minutes (Figure 3); 4.

After steaming, lift the pan and drizzle the prepared sauce, and the delicious vermicelli will be done!

Tips: 1.

Use white cotton cloth for the steamed sausage powder. The hole should not be too large, otherwise the powder will leak.


You can also add meat or shrimp when steaming.

If you use braised pork ribs or stewed burdock soup to make flour, the taste will be even more delicious.

Third, make beef smooth sausage powder, sausage powder material: 130 grams of rice noodles, 10 grams of Taibai powder, 10 grams of clear powder, 260 g of water filling materials: 40 grams of beef slices, 40 grams of bean sprouts, soy sauce, 100 grams of soy sauce1 teaspoon of umami, fish sauce, 1 teaspoon of oyster sauce, 30 grams of sugar, 25 grams of onion segments / ginger slices, 1 egg white, 1/3 teaspoon of salt / fresh chicken powder, 1/2 small sugarSpoon, 1 tsp of salad oil making process: 1.

After boiling the sauce material over low heat, strain the shallots and ginger, leaving only the sauce for later use.


Stir the beef fillet and seasonings into the filling material first, then add the bean sprouts, and mix with chopsticks to make the filling.


The intestine powder slurry material is mixed with rice flour, too white powder, and clear powder, mixed with water and mixed well, and filtered to form the intestine powder slurry.


Spread white gauze on the intestine powder furnace, pour 200 g of intestine powder slurry, put the filling in the method (2) in a zigzag shape on the intestine powder slurry, cover with steam for 3 minutes, and take it out.Shape, cut into three sections with a knife and place on a small plate, drizzle with sauce and serve.

Tips: The sausage powder furnace is a special stove for making sausage powder. If it is made at home, it can be replaced by a pan, but the effect is not as good as the sausage powder furnace.

[How to eat beef tongue-]_ How to_How to make

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[Can expired milk be boiled?]_ Expired milk_How to drink_How to drink

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[How to cook dried radish delicious]_How to cook_How to cook

Yifenzuqian tea umbrella Tuan  Xiaoyifenzu Roupianyaosou ℃ Shouyueqiyi Roupianyaojian Yuntongmahui Guiweilingqing Guancunyinhao Wadugchanqing Feijuanfeijuan press Roubengfujuanュ彂鍚庡埗浣滃嚭鏉ョ殑涓€绉嶉鍝侊紝钀濆崪骞插洜涓哄叾鐙壒鐨勭瓔閬撳彛鎰熶互鍙婂偍瀛樻椂闂撮暱鑰屽彈鍒颁簡浜轰滑鐨勬杩庛€傚叾钀濆崪骞茬殑鍋氭硶鏄緢澶氱殑鍔犱笂涓€浜涘叾浠栨潗鏂欑倰鐫€鍚冦€佸埗浣滆悵鍗滄潯鍜歌彍浠ュ強鐔堡绛夌瓑閮芥槸寰堝ソ鐨勯€夋嫨锛岀劧鑰屾兂瑕佸埗浣滃嚭濂藉悆鐨勮悵鍗滄潯鏄湁绐嶉棬鐨勶紝涓嬮潰灏辨潵浠嬬粛涓€涓嬭悵鍗滃共鎬庝箞鐐掑ソ鍚冦€傚仛娉曚竴:钀濆崪骞茬倰璞There are a total of 100 units in the toilet. There are 100 toilets in the toilet. 100 toilets in the toilet. What are the toilets?What’s wrong with it?What’s the matter? Adorable child f2?氭 硶 pet pot 氭 桶 1.What’s the matter?What is the manuscript that is broadcasted?.Pu 嗛 紦 娉 ℃ according to 咲 咀 卣 卒 囩 啩 啩 啩 啩 啩 劤 啤 銆?.绾㈣荆妞掑垏纰庛€?.Bi Feng make up for a long time, do you have a strong soup?.鍐嶆斁钀濆崪骞层€佽荆妞掑強璞嗗共涓佺倰骞层€?.鏈€鍚庢斁璋冨懗鏂欑倰鍖€銆傚仛娉曚簩:钀濆崪骞茬倰姣涜眴鏉愭枡姣涜眴300鍏嬶紝钀у北绠╁崪骞?50-year-old girl with tea?What is the manuscript?Fistula fistulae, sorrowfulness, sorrows, and upsets: What are the reasons for this? Fistulas, villages, villages, villages, towns, villages, and villages.銆侀攨鍐呭姞娌癸紝鏀惧叆骞茶荆妞掞紝鍊掑叆鍒囨垚涓佺殑钀濆崪骞茬炕鐐掍竴浼氬効锛屽姞鍏ユ瘺璞嗙倰鍖€锛屽姞灏戣绯栵紝鐩愭媽鍖€鍗冲彲灏忚瘈绐?Fistula fistula, chuck, chuck, choke, choke, choke, choke, choke, choke, choke, choke, choke, choke, chuck, chuck, choke, chuck, choke咀 濆 崪 咞 咞 咰 奦 ¤ 儣 鏉 握 楦 ¤ 儣 绾?00 鬏 嬭 連 逅 怅 逅 滃 共 绾?00鍏嬪共杈f銆€2鍙仛娉曚竴銆侀浮鑳楀垏鑺憋紝鐢ㄧ洂1/4鑼跺寵銆佹枡閰?鑼跺寵銆佽儭妞掗潰1/4鑼跺寵鎶撹厡锛岀劘姘存椂鍐锋按涓嬮攨锛屾按涓€娌歌吘绔嬪嵆鎹炶捣娲楀幓娴搏锛岃繖鏍峰鐞嗭紝楦¤儣涓嶈叆楱掋€傚啀璧烽攨鍔犳补锛屾斁鍒囨垚鑺卞舰鐨勮悵鍗滃拰1鍙垏鎴愭鐨勫A total of f  adjective  銆 鐑 鐏 鐏  銆 鍑 鐑 鐏 鏾 Forging a lot of troubles and troubles: 會 撅 鍗 滆 曆 雦 啣 敕 掕 尾 姾 槠 氣 氣 氣 懣 懣 懣 懣 懣 懣 懣 懣 懰 應 應 應 應 應 懤囪悵鍗滃共涔嬪墠瑕佺敤姘存场杩囷紝浠ュ厤杩囧捀锛変簩銆佸彟璧烽攨锛岄攨鐑斁娌癸紝鏀捐荆妞掋€佹媿杩囩殑濮滃潡銆佽挏鐗囧拰1鍙垏鎴愭鐨勫共杈f锛屽ぇ鐏垎棣欙紱涓夈€佸€掑叆楦¤儣锛屽姞鐢熸娊2鑼跺1/8 gongs, pets, pets, sorrows, 1 gongs, 1/8 gongs, pets, pets, sorrows, sorrows, sorrows, sorrows, sorrows鏀剧洂锛屽洜钀濆崪鏈韩鏈夊捀鍛筹級鍥涖€佸€掑叆鐐掕繃鐨勮悵鍗滃共锛岀炕鍧囧寑锛屾穻鍏ユ槑娌圭炕鍑犱笅鍙嚭閿呫€?

Fuyao Glass (600660): 19Q3 revenue stabilizes and rises; gross profit margin improves month-on-month

Fuyao Glass (600660): 19Q3 revenue stabilizes and rises; gross profit margin improves month-on-month
Fuyao Glass announced the third quarter of 2019 on the evening of October 30.In 19Q1-3, the company achieved revenue of 156.3.4 billion, +3 per year.38%; net profit attributable to mother is 23.47 ppm, -28 per year.07%; net profit after deduction is 21.26 ppm, at least -24.49%. In 19Q3, the company’s revenue rebounded steadily, and net profit attributable to mothers increased significantly.19Q1-3, the company’s maximum profit limit -28.24%, if the same period last year excluded the one-time gain of 51% equity in the subsidiary Beijing Futong4.51 trillion, the profit is maximized for one year -18.98%.Looking at the single quarter, the revenue of the company in 19Q3 was ten years +6.14%, 杭州夜网论坛 stabilized and rebounded in the context of the continuous decline of the automotive industry; the decline in net profit attributable to mothers was transmitted until -39.65%, our judgment is mainly due to the sale of Beijing Futong during the same period last year to confirm the one-time gain and the automotive industry downturn and other factors. The gross profit margin increased quarter-on-quarter and the expense ratio was well controlled during the period.19Q3 company gross margin ten years -6.90 pct, +1 ring.14 pct; net interest rate ten years -11.93 pct, -1 ring.07.The company’s period expenses are well controlled, and the expense ratio during the 19Q3 period is half a year-1.61 pct, -0 ring.47 pcts, of which the sales / management (including R & D) / financial expense ratios decreased by 0.09/1.46/0.06. The company’s cash flow is good and its currency reserves are abundant.In 19Q3, the company’s net cash flow was 10.4.4 billion, an increase of 8 from the previous month.1.5 billion, an increase of 14 every year.77 ppm, of which net cash flows from operating activities.6.6 billion.As of the end of the third quarter of 19, the company’s monetary funds reached 94.44 trillion, +48 a year.36%, mainly due to increased working capital requirements and increased cash reserves. Earnings forecasts and investment advice.The company is a leader in the automotive glass industry. The market structure at home and abroad has been further optimized. The profitability of American companies has begun to increase, and the proportion of high value-added products has further expanded.It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 31.75/36.29/42.1.5 billion, with EPS of 1.27/1.45/1.68 yuan, BPS is 9 respectively.33/10.78/12.46 yuan.With reference to the expected level of comparable companies and taking into account the company’s high dividend level, liquidity advantage and industry distribution, it is given 18-20 times PE in 2019, corresponding to a reasonable value range22.86-25.40 yuan, corresponding to 2 PB.45-2.72 times, maintain “previous market” rating. risk warning.Sales of new models of major customers fell short of expectations; trade frictions intensified; raw material price fluctuations intensified.

Zhuoyi Technology: The only independent X86-based BIOS vendor in mainland China

Zhuoyi Technology: The only independent X86-四川耍耍网based BIOS vendor in mainland China

Investment points: The only independent vendor of X86 architecture BIOS in mainland China.

The company focuses on “independent, secure, and controllable” cloud computing business. It has core firmware (BIOS, BMC) technology and cloud platform technology with independent intellectual property rights. It is one of the few domestic companies with multi-architecture BIOS such as X86, ARM, and MIPS. Technology and BMC firmware development technology manufacturers, the only one in mainland China, one of the world’s four independent X86 architecture BIOS vendors.

The company is also one of the few domestic companies that can provide BIOS firmware technology services for domestic chip Loongson (MIPS architecture), Huawei (ARM architecture) and so on.

Security and quality cloud service 无锡夜网 business provider.

The company has cloud computing device core BIOS and BMC firmware technology, which can provide cloud service business customers with more comprehensive and autonomous controllable cloud computing services starting from the hardware level of computing devices.

At the same time, the company built a cloud platform architecture with independent intellectual property rights, which completely covers the IoT layer, IaaS layer, DaaS layer, PaaS layer and SaaS layer. It is one of the few companies in China that can provide end-to-end cloud services.

In addition, the company provides a mature government-enterprise cloud solution, which can achieve data connectivity between various government departments and enterprise departments without affecting the long-term government data.

Supported by domestic substitution policies, the rapid development of the industry can be expected.

As the country increasingly improves information security, the company will directly benefit from the national information technology independence, security, and control proposed in the Outline of the National Information Development Strategy, and the domestic cloud computing equipment market will grow rapidly.

The company can provide large-scale, reliable BIOS and BMC firmware products for domestic CPU manufacturers and cloud computing equipment manufacturers, and the company’s sales scale strives to increase steadily.

Proposed to raise funds about 3.

500 million.

The raised funds will be invested in the development of domestic BIOS firmware and BMC firmware product series1.

5 trillion, based on big data, 2 trillion yuan for the construction of Zhuo Yizheng’s enterprise cloud service product series.

Net income increased rapidly, and research and development expenses accounted for a high proportion.

From 2016 to 2018, the company’s operating income was 11981.

650,000, 15235.

660,000, 17569.

400,000; net profit attributable to mother was 2862.

400,000, 3307.

330,000, 5157.

780,000; gross profit margins are 53.

52%, 44.

91%, 49.

19%; the company’s R & D expenses are 1238.

540,000, 1550.

12 million, 2039.

450,000; R & D expenses account for 10% of revenue.

34%, 10.

17%, 11.


Select the first listing standard, and it is recommended to use the PE estimation method.

The company complies with Article 2 of the Shanghai Stock Exchange’s Science and Technology Board Stock Listing Rules.


Listing criteria of Article 2 (1): The market value is expected to be no less than RMB 1 billion, and the net profit in the past two years can be positive and progressive.In the past year, the net profit was positive and the operating income did not exceed RMB 10,000.

Risk reminder: the risk of high customer concentration, the concentration of cloud service business areas, and the risk of loss of core technical staff

Aonong Bio (603363): Large number of breeding pigs and hog breeding section have great flexibility

Aonong Bio (603363): Large number of breeding pigs and hog breeding section have great flexibility

Event: Recently, we conducted a field survey on the production and operation status of Aonong Bio and its future development plan.

The company is a high-tech farming and animal husbandry enterprise integrating feed, animal health, pig farming and raw material trading.

Focusing on the brand positioning of “feed-centric service enterprises and food-oriented pig-raising enterprises”, the company actively develops and develops feed and pig breeding businesses, and its competitiveness is constantly increasing.

There are a large number of breeding pigs and we are actively deploying fattening capacity.

At the beginning of the listing, the company mainly sold breeding piglets and piglets in order to complement the feed business.

Since 2018, the company has been focusing on developing pig breeding business and actively supporting fattening capacity, which has increased the number of pigs produced.

At present, about 60% of the pigs sold by the company are piglets. In the future, the construction of the company’s fattening capacity and the growth of the stocking scale will increase the proportion of fattening pigs.

At present, the company has sufficient hog production capacity. At the end of the first quarter, the company has a total of 40,000 sows in stock, and 60,000 sow pig farms are under construction. The stock and construction capacity will reach the scale of 2 million hogs next year.

In the future, the company will increase its fattening capacity through self-built breeding communities and the development of stocking models. The goal is to achieve 6 million pigs per year by 2023 and 3 million pigs by 2021.

On May 14, the company issued an announcement to merge the “Cooperative Management Framework Agreement” with Guizhou Qihuan Modern Agricultural Development Co., Ltd. to establish Guizhou Aonong Qihuan Livestock Breeding Co., Ltd.

The “Seven Rings of Aonong” currently has 5,000 sows in stock and a designed sow inventory of 10,000. The company’s pig production has further expanded.

At present, the company ‘s complete pig breeding cost is about 14 yuan / kg, and the increase in costs is mainly due to the increase in the cost of African swine fever control. In addition, the company ‘s complete matching of the scale also leads to higher breeding costs.

淡水桑拿网 The synergy effect of the feed plate is obvious.

The company’s feed business contributed gross profit in 20187.

79 trillion, accounting for 99% of the company’s gross profit, is still the company’s largest business segment.

Prior to 2017, the focus of the company’s feed sector was mainly on expanding the feed market. After 2017, the company began to focus on the efficiency of feed sales. The cost rate during the 2018 period has dropped significantly. In the future, the company’s feed segment will continue to rise during the feed segment.

At present, the company’s feed sales are mainly pig feed, accounting for about 85% of the total feed sales.

In the future, the company will increase the sales of poultry meat and aquatic materials. The company plans to increase sales of other feeds to 50% of the total feed sales by the time the mid-term target is completed.

Risk Warning: Swine Fever and Disease, Natural Disasters, Poor Pig Production

Anhui Construction Engineering (600502): PPP, the release of real estate business’s performance to promote speed

Anhui Construction Engineering (600502): PPP, the release of real estate business’s performance to promote speed

Event: The company announced its 2019 Interim Report and the company achieved operating income of 190.

20,000 yuan, an increase of 16 in ten years.

50%; Net profit attributable to shareholders of the parent company.

89 ppm, an increase of 34 in ten years.

49%; budget benefit 0.

23 yuan, an annual increase of 35.

29% of the real estate development business broke out, and the release of performance promoted acceleration.

From January to June 2019, the company’s real estate business grew rapidly and realized operating income of 34.

580,000 yuan, an increase of 250 in ten years.

61%, driving a rapid growth of the company’s operating income.

At the core of the report, the company achieved operating income of 190.

20,000 yuan, an increase of 16 in ten years.

50%, mainly due to the outbreak of real estate business.

At the same time, the company’s engineering business structure continued to optimize, and the PPP business achieved rapid growth, driving the company’s profitability and helping the company’s performance release.

Reporting information, the company’s engineering business realized operating income of 138.

61 ppm, a reduction of 0 per year.

15%, but the PPP business grew rapidly, realizing operating income21.

9.5 billion, accounting for 11.

58%, helping the company’s performance to be released quickly.

The business structure continued to optimize and profitability continued to improve.

The company’s high-margin real estate development and PPP business accounted for an increase in the proportion.

20%, PPP business accounts for 11.

58%, the company’s real estate business accounted for 8 in 2018.

40%, PPP business accounted for 10.

86%, an increase of 9 respectively.

80 digits and 0.

72 units.

From January to June 2019, the company’s real estate business gross margin7.

1.3 billion yuan, gross margin of 20.

63%; gross profit of PPP business 5.

8.7 billion, gross margin 26.

75%, the increase in the proportion of real estate and PPP business will significantly increase the company’s profitability.

From January to June 2019, the company’s gross profit margin was 10.

54%, an increase 杭州夜网论坛 of 1 per year.

73 units; net interest rate 2.

05%, a year to promote 0.

28 units.

Orders for construction stabilized and rebounded, and land reserves grew rapidly.From January to June 2019, the company’s engineering business was 214 in the new decade.

49 trillion, a decline of 12 per year.

39%, including 69 in the new quarter in the first quarter.

71 trillion, 144 in the second quarter of the new decade.

78 ppm, a single-month increase of 80 in the new millennium in the second quarter.

30%, an annual increase of 6.

84%, the new chronic single enterprises rebounded steadily.

At the same time, the company’s real estate business contract area and contract provisions were 68.

44 thousand square meters and 37.

7.3 billion, down 26 each year.

16% and 35.

89%, the company’s real estate sales 北京桑拿洗浴保健 business is mainly due to the company’s insufficient land reserve. From January to June 2019, the company added 493 new land reserves.

28 acres, and the land reserve at the end of the period is only 673.

86 acres, an increase of 27 over the same period in 2018.


Operating cash flow continued to decrease and the asset-liability ratio was relatively high.

From January to June 2019, the company stepped up its efforts to acquire land, and at the same time increased its PPP business. The company’s operating cash flow increased in magnitude, a net allowance of 12.

9 billion.

At the same time, the company’s asset-liability ratio is high. As of the end of June 2019, the company’s asset-liability ratio was 84.

95%, a decrease of 1 from the same period in 2018.

09 averages.

However, the company’s debt received advance accounts as high as 127.

23 trillion, accounting for 18% of total debt.

50%, the advance payment of 104 of the advance payment.

US $ 6.2 billion. If the effect of advance payment is excluded, the company’s asset-liability ratio will drop significantly.

Investment suggestion: The company’s operating income is expected to be 427 in 2019-2021.

110,000 yuan, 465.

5.5 billion and 502.

79 trillion, an increase of 10.

00%, 9.

00% and 8.

00%; expected net profit attributable to mothers is 10.

4 billion, 13.

02 ppm and 15.

67 trillion, an increase of 30 each year.

04%, 25.

19% and 20.

33%; EPS are 0.

60 yuan, 0.

76 yuan and 0.91 yuan, corresponding to the forecast PE of the closing price on August 27, 2019 is 7, respectively.

1 times, 5.

7 times and 4.

7 times, the predicted PB is 1.

0 times, 0.

9 times and 0.

8 times.

The company’s engineering business structure continued to optimize, real estate business grew rapidly, and profitability continued to improve.

At the same time, the company has benefited from the reform of state-owned enterprises. Employee stock ownership has helped drive performance and release momentum. It is optimistic about the company’s future growth and maintains a buy-A investment rating with a 6-month target price of 6.

36 yuan.

Risk warning: real estate market adjustment, PPP regulations, investment in fixed assets is lower than expected, performance release is lower than expected, etc.

Yili shares (600887) 2019 half-yearly report review: steady growth in performance, milk source layout and continuous optimization of product matrix

Yili shares (600887) 2019 half-yearly report review: steady growth in performance, milk source layout and continuous optimization of product matrix

I. Overview of the event The company released its semi-annual report for 2019 on August 29, and achieved a total operating income of 450 in the reporting period.

71 ppm, +12 for ten years.

83%; net profit attributable to mother 37.

810,000 yuan, ten years +9.

71%; basic EPS0.

62 yuan.

Second, analyze and judge that the revenue / profit growth rate is fast and stable, and the competition between the two strong players continues to be fierce.


81 trillion, +12 for each year.

83% / + 9.


The company’s revenue / net profit scale is still larger than Mengniu 399.


960,000 yuan, but revenue / net profit growth rate is lower than Mengniu15.

60% / 32.

96杭州桑拿网% level.

19H1 company gross profit margin 38.

58% every year -0.

09 averages, slightly lower than Mengniu’s 39.

09%, it is expected that the cost pressure of Yili is higher than that of Mengniu;

01%, Decade -0.

04 averages, 33 below Mengniu.

04%; sales expense ratio 24.

63% a year -0.

83 averages, lower than 28 of Mengniu.

33%; management expense ratio 4.

70%, ten years +1.

20 averages, higher than 3 of Mengniu.

97%; financial expense ratio -0.

32%, -0 per year.

41 averages, below 0 for Mengniu.


Mengniu even had a higher sales expense base due to the launch of the World Cup in 18H1, but the sales expense ratio in 19H1 dropped only slightly.

53ppt, showing that its market development strategy is more active, both in the air and on the ground; the company ‘s sales expense ratio has fallen 深圳spa会所 more than its rivals on a relatively high base, indicating that the 19H1 company ‘s expense placement has not achieved close follow, especially in the 19Q2 single quarter salesThe expense ratio has dropped significantly2.

87ppts should be the leader in 19Q2’s revenue gap and Mengniu.

Single-quarter revenue / net profit attributable to mothers for the second quarter of 2019 was 219.


05 ten percent, +8.67% / + 11.

83%, especially the income side only achieved a digital growth, indicating that the industry’s competitive pressure is still difficult to overcome.

Q2 gross profit margin 37.

13% a year -1.

42ppts; period expense rate 29.

98% a year -1.

29 units; sales expense ratio 25.

23% per year -2.

87 units; management expense ratio 4.

93%, ten years +1.

73 units; financial expense ratio -0.

18%, -0 per year.

16 units.

The upstream perfected the layout of milk sources, and the downstream strengthened the key product matrix 2019H1. The company’s liquid milk / milk powder and dairy products / cold beverage products revenue were 361.



00 ppm, at least +13.

2% / + 13.

4% / + 15.


Among them, the revenue of key products such as Jin Dian, An Muxi, Changqing, Gold Collar, and Changyi exceeded + 30%, which is higher than the overall growth rate, and the high growth of the key product matrix is prominent; the new product revenue accounted for 17%.

4%, one year +2.

6 units; each increase in e-commerce business income +31.


Compared with Mengniu, the core of Yili’s income gap lies in the liquid milk business, 13.

2% revenue growth lagged behind Mengniu’s 14.

4%; on average, the Mongolian milk powder business 43.

The 8% revenue growth rate is also significantly higher than Yili’s 13.


However, the high growth of the Mongolian milk powder business is mainly reflected in the Junlebao business unit, and Yashili only achieved 16.

2% revenue growth, so considering that in 19Q4 Junlebao will no longer be consolidated Mengniu, the difference in milk powder business in the second half will no longer be significant.

In terms of upstream milk source layout, Yili’s direction is to restructure the milk source layout. In the first half of the year, the company completed the acquisition of Westland, the second largest dairy cooperative in New Zealand.


07 times, the consideration is relatively reasonable.

The acquisition will ensure the company’s access to quality, stable milk sources and strengthen its exposure to the global market.

As of H1 2019, Yili’s comprehensive dairy production capacity reached 1126 per year.

Through the vigorous integration of high-quality milk sources at home and abroad, Yili will further improve the strategic layout to ensure a market competitive environment that responds to or more incentives in the future.

The board of directors passed the equity incentive plan, the coverage expanded, and the revenue forecast was strengthened. August 19, the company’s board of directors approved the equity incentive plan.
The minimum required compound growth rate of non-net profit for 23 years is +8.
2%, minimum ROE requirement is 15%, unlocking is not difficult.

Combining 19H1 Mengniu’s higher performance growth and more aggressive catch-up situation than the company, we predict that the core of the starting point for the design of the fair incentive plan is still revenue- and market-share-oriented.Sentence.
The equity incentive plan is intended to cover 474 people, and the coverage is further expanded than the 294 people in the 16-year incentive plan. It is expected that the benefit sharing mechanism between companies with broad coverage and core employees will become more and more normal in the future.

Third, profit forecast and investment recommendations The company is expected to achieve operating income of 898 in 19-21.



61 ppm, + 13% / + 12% / + 12% a year ago; the net profit attributable to the parent company is expected to be 69 in 19-21.



30 ppm, + 8% / + 12% / + 13% per year corresponding to the latest EPS of the corresponding EPS is 1.



45 yuan, the current expected PE is 25/23/20 times, which is about 30 times lower than the overall estimate of the dairy industry.

Maintain the “Recommended” level.

Fourth, risk warning: product sales are less than expected, gross profit margin has increased significantly, sales expenses have increased significantly, food safety issues, etc.