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

銆 愯 Stretching the chain, the altar is chopping, singing, singing, singing, chopping, choking, choking, choking, picking, picking, picking, picking, picking, picking
The world is full of sorrows and sorrows, and the sorrows are lingering, and the sorrows are rushing, and the sorrows are lingering, and the shoulders are swaying, and the sorrows are distinguished.鐢变簬娌℃湁鍙婃椂鍠濆畬锛屽緢瀹规槗杩囨湡锛岃€岃繃浜嗘湡鐨勭墰濂跺嵆渚挎槸鐓哺涔熶笉閫傚悎鍐嶉ギ鐢紝鎵€浠ヨ喘涔扮墰濂剁殑鏃跺€欒娉ㄦ剰鐪嬩繚璐ㄦ湡銆?鏈€濂戒笉鍠濄€備竴銆佷笓瀹舵寚瀵硷細濡備綍鍒ゆ柇鐗涘ザ鏄惁杩囨湡锛熼鍏堬紝浠庤瑙夎繘琛屽垽鏂細姝e父鐨勭墰濂堕兘鏄钩鐧借壊鐨勬恫浣擄紝鑰岃繃鏈熷彉璐ㄧ殑鐗涘ザ浼氬嚭鐜板彂榛勩€佸彂榛戠殑鎯呭喌锛岃繕鏈夊彲鑳藉嚌缁撴垚涓鸿眴鑵愯姳鍧楃姸鎴栬€呯硦鐘讹紱 鍏舵锛屼粠鍡呰杩涜鍒ゆ柇锛氭甯哥殑鐗涘ザ甯︾潃娓呮柊鐨勪钩棣欏懗锛岃€岃繃鏈熷彉璐ㄧ殑鐗涘ザ浼氬嚭鐜板彂閰搞€佸彂鑷瓑寮傚懗銆傞The awards will be presented in the same way as the awards: the rainbow platform is rugged and the rudder is very simple, and the chain of the river is very simple. It ‘s easy to connect to each other.告湁鐨勬湅鍙嬮亣鍒拌繃鐗涘ザ杩樻病鍒颁繚璐ㄦ湡灏卞潖浜嗙殑鎯呭喌锛岃繖鏃跺€欏崈涓囦笉瑕佹劅鍒拌寮傦紝鍥犱负鐗涘ザ鍦ㄨ繘琛屽寘瑁呭墠浼氳繘琛屾潃鑿屽瘑灏佸鐞嗭紝濡傛灉鍖呰娌℃湁瀵嗗皝濂斤紝绌烘皵涓殑缁嗚弻杩涘叆浜嗙墰濂剁摱锛岃嚜鐒跺氨浼氶€氳繃鍙嶅簲灏嗙墰濂跺紕鑵愯触浜嗐€?浜屻€佸埌浜嗕繚璐ㄦ湡鍗村張娌″彉璐ㄧ殑鐗涘ザ鍒板簳鑳戒笉鑳藉枬锛熷杩欎釜澶у鏋佷负绾犵粨鐨勯棶棰橈紝涓撳鍥炵瓟璇达細鈥滈鍏堥€氳繃鎰熷畼杩涜鍒ゆ柇锛屽鏋滄劅瀹樺垽鏂病鏈夐棶棰樼殑璇濓紝鐗涘ザ杩樻槸鍙互鍠濈殑銆傗€濅负浠€涔堝埌浜嗕繚璐ㄦ湡杩樿兘鍠濓紵涓撳杩涗竴姝ヨВ閲婅锛氣€滀竴鑸競鍦轰笂璐╁崠鐨勭墰濂跺湪淇濊川鏈熺殑鍒跺畾涓婁负骞垮ぇ鐨勬秷璐硅€呯暀鏈夐€€璺紝濡傛灉浣犱拱鍒颁簡涓€鐡朵繚璐ㄦ湡涓?敶 ╃ 搗 涘 ザ Adopting that the crucible is the same as the platform, and it ‘s the same as the one on the table?0澶╋紝鐗涘ザ涓嶅彲鑳界湡鐨勪竴鍒颁繚璐ㄦ湡鏈熼檺鐨勯偅涓€澶╁氨绐佺劧鍧忔帀銆傚洜姝わ紝濡傛灉鐗涘ザ鍒颁簡淇濊川鏈熺殑鏈熼檺锛屼絾鏄粠鍚勬劅瀹樿繘琛屽垽鏂兘娌℃湁鍙樿川锛岄偅涔堢墰濂惰繕鏄彲浠ユ斁蹇冮ギ鐢ㄧ殑銆傚鏋滆繃浜嗗洓浜斿ぉ浜嗭紝铏界劧娌℃湁鍙樿川锛屼絾钀ュ吇浠峰€间篃鎵€鍓╂棤鍑犱簡锛岃繖涓椂鍊欐渶濂藉氨鍒枬浜嗐€傗€濅笁銆佸彟澶栵紝涓撳杩樹笓闂ㄦ彁鍒帮紝濡傛灉鏄粰2宀佸強浠ヤ笅骞煎効鍠濈殑鐗涘ザ锛屽嵆浣垮埌浜嗕繚璐ㄦ湡杩樻病鍧忥紝閮戒笉瑕佸啀缁欏瀛愬枬浜嗐€傚洜涓虹墰濂堕噷鎴栧鎴栧皯鏈変竴浜涚粏鑿岋紝杩欎簺缁嗚弻瀵瑰厤鐤姏寮虹殑澶т汉鍙兘鏋勪笉鎴愪粈涔堝▉鑳侊紝浣嗗瀛愮殑鑲犺儍浠嶇劧铏氬急锛屽厤鐤姏浣庝笅锛屼负浜嗕笉寮曡捣澶氫綑鐨勫仴搴锋崯瀹筹紝鏈€濂界粰瀛╁瓙鍠濊繕鍦ㄤ繚璐ㄦ湡鍐呯殑鐗涘ザ銆?

[Dried Cuttlefish Roasted Meat]_Stew_How to make

[Dried Cuttlefish Roasted Meat]_Stew_How to make

Dried cuttlefish grilled meat is a very good dish, which not only guarantees the comprehensive nutrition of dried cuttlefish and meat, but also has a good promotion effect, which has a health care effect on our body.

However, many people do not know how to prepare this dish for dried cuttlefish roast. In fact, we can use some simple tips to make dishes in our own kitchen.

So, what is the process of making dried cuttlefish roast?

1. Ingredients: 320g pork belly, 1 dried cuttlefish, 2 eggs.

Sugar water: white granulated sugar 2.

5-3 tablespoons, 1 tablespoon vegetable oil, hot water 500ML.

Spices: more than a dozen peppercorns, 1 fragrant leaf, 1 section of cinnamon, 1 star anise, 3 slices of ginger, 3 dried red peppers, 1 slice of dried orange peel.

Seasoning: 2 tablespoons of raw soy sauce, 1 tablespoon of Huadiao wine.

Second, step 1.

Dried cuttlefish soaked in water overnight.

2.

Peel, tooth, eye and jellyfish (white spindle bone).

3.

After rinsing, cut into strips, rinse with water and set aside.

4.

[Fried sugar color]White granulated sugar 2.

5-3 tablespoons plus 1 tablespoon vegetable oil and mix well.

5,

Heat until the sugar melts, and then proceed to the next step just after the caramel color appears. If the sugar is too much, it will be bitter and immediately poured into the boiling water 500ML.

6.

Be careful with steam, and be careful with sugar juice splashing out. After mixing, the sugar-colored water is set aside and set aside.

7.

Pork belly is simmered until cut off and cut into small pieces.

8.

Put in a flat non-stick pan and fry over medium heat until golden on both sides.

I didn’t put any oil at all, I was just scooping out the fat from the fat part.

9.

Spices: more than a dozen peppercorns, 1 fragrant leaf, 1 section of cinnamon, 1 star anise, 3 slices of ginger, 3 dried red peppers, 1 slice of dried orange peel.
10.

Good pork belly, dried cuttlefish simmered in water, put into the pressure cooker.

Pour in sugar-colored water, all spices and seasonings (2 tablespoons of raw soy sauce, 1 tablespoon of flower carving wine).

The electric pressure cooker is steamed for 30 minutes, and the lid is naturally deflated.

If you use a traditional pressure cooker, turn it to medium-low heat, and if you do n’t have a pressure cooker, use a slow cooker or a wok casserole to simmer for 2 hours.

11.

After pressing, transfer from the pressure cooker to the wok and add two white boiled eggs (after peeling the shell, make a few knife strokes to taste).

12

The fire can be harvested.

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

銆愯悵鍗滃共鎬庝箞鐐掑ソ鍚冦€慱鎬庢牱鐐抇濡備綍鐐?
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[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.

[How to make a fructose snowball]_How to do_Homely

[How to make a fructose snowball]_How to do_Homely

Many people have eaten the maiden fruit, we are called little tomatoes.

I believe that raw food is eaten by many people, because the maiden fruit is small in size, rich in water and vitamins, and good for the skin.

The Virgin Fructose Snowball is a special method because it is necessary to wrap a layer of sugar on the outside of the Virgin Fructose, and then put it in the pot.

One bite when eating, sweet and sour, can be regarded as a small mouthpiece, both delicious and nutritious.

The practice of the first snowball maiden fruit.

Put an appropriate amount of water and sugar into the pot and heat until it melts. When you see small bubbles, you can turn off the fire. Invert the washed maiden fruit into the pot and stir fry. Each maiden fruit is evenly adhered.Sugar, stir fry until the sugar cools and then come out of the pan.

The practice of the second sugar maiden fruit.

The practice of sugared maiden fruit: 1.

Virgen Gotti, 2.

The maiden fruit is washed clean.

3.

Cut the washed maiden fruit into small cross-shaped openings, 4.

Put the cut maiden fruit into a plate and sprinkle with sugar, 5.

You can just eat it with sugar, or put it in the refrigerator and wait for the sugar to melt before eating.

The third sugar snowball approach.

Ingredients: 100 grams of hawthorn, 50 grams of rock sugar, or sugar, cool white 50ML, 1/2 tablespoon of white vinegar.

Practice: 1.

Wash 100 grams of hawthorn with water to control moisture.

2.

Use a small knife to remove the hawthorn fruit pedicle and scoop out the hollow at the other end, 3.

Set the pot on fire and add 50 g of rock sugar or white sugar, 4.

Pour into 50ML cool white open, 5.

Cook over medium-low heat and stir the melted rock sugar water with a shovel (when boiling sugar water, use a shovel to keep stirring, so as not to confuse the sugar pot and affect the taste).

6.

Boil until all the sugar or white sugar is melted, the water evaporates, and small white bubbles appear in the pot. Drizzle 1/2 tablespoon of white vinegar (drinking white vinegar can quickly crystallize the sugar juice and also neutralize the sweetness of white sugar).7.

Use a shovel to mix the white vinegar and rock sugar juice.

8.

Pour in the dried hawthorn, turn off the fire immediately, and stir quickly with a shovel (put in the hawthorn and turn off the fire immediately, then stir with a shovel, never open the fire and stir).

9.

Make the surface of the hawthorn evenly covered with sugar juice, continue to stir, 10.

As the temperature of the sugar juice decreases, the white crystals on the surface of the hawthorn begin to appear white crystals, until the temperature of the sugar juice cools down, and the white crystals become more obvious (be patient when stirring, gently stir evenly, and wait until the sugar temperature cools.See white crystallization) 11.

Take out the hawthorn balls, and the white sugar juice crystals remain in the pot. Is it difficult to look at it?

12

Pour an appropriate amount of cold water into the pot, or add a few hawthorns and boil them into the hawthorn syrup, so that the pot is washed and there is a cup of drink.

[Can linseed oil be cooked]_How to cook_How to cook

[Can linseed oil be cooked]_How to cook_How to cook

At our time, most people choose to use lard when cooking. Some people like vegetarian food because they think that vegetarian oil is also a vegetable oil, which contains a small amount of it. It will not make the body fat after eating. We are more common.Vegetable oil is peanut oil, soybean oil, and sunflower seed oil. In fact, there is another type of oil called linseed oil. Can linseed oil be used for cooking again? Can linseed oil be used for cooking? Before, people always thought that the cooking oil became hotter when cooking., Oil temperature rises, such cooking oil is more healthy to eat, but from the perspective of nutritional hygiene, this approach is the most unhealthy, because the temperature is too high, the nutrients in cooking oil become unhealthyFor a long time, this will cause a load on the body.

Under normal circumstances, the highest temperature of the oil is in the shabu-shabu, because at this time there is only oil in the pot, and there is no other temperature to cool the oil. At this time, the temperature of the oil can generally reach about 120-170 degrees. After that, the temperature of the oil willReduce it to about 100 degrees, and then keep it at about 90 degrees when you start cooking. In fact, this temperature is sufficient. This temperature is basically an equilibrium point, so the oil does not need to be too much, 90 degrees is sufficient.

Many people also say that flaxseed oil can only be mixed cold and not fried. In fact, flaxseed oil can be fried. However, it is not recommended to stir fry for a long time at high temperature, which will destroy the alpha-linolenic acid in flaxseed oil.

How to eat flaxseed oil

Flaxseed oil + condensed milk, add flaxseed oil to the condensed milk, stir and eat.

2.

Flaxseed oil + yoghurt. Flaxseed oil is added to the yoghurt. Stir well and eat. Yogurt is best made by yourself. You can buy pure milk and lactic acid bacteria to make it yourself.

3.

Flaxseed oil is mixed with cold dishes, so when you eat it, you must pay attention to freshly eaten, because a-linolenic acid is afraid of oxidation and cannot be exposed to the air for too long, otherwise the nutrients will be destroyed.

4.

Drink directly. This is the best method. It is recommended to drink it in the morning before dinner or at night.

5,

Add in the porridge. For people who are inconvenient to eat, or children, you can drop linseed oil in the porridge and stir it evenly. Note that the porridge should not be too hot, only warm.

How much flaxseed oil to eat a day?

In terms of the amount of flaxseed oil, different people, because of different ages and physical conditions, the optimal daily intake is different, generally 15-20ml is recommended.

Tip: All the above mentioned are cold pressed dewaxed linseed oil, and hot pressed linseed oil is generally used for cooking.

Flaxseed oil has no impurities, so good!

It is good for the three highs, forgetfulness, eyes, and acne.

Clean up blood garbage and pass through blood vessels1.

Heat the cooking with linseed oil at high temperature.

Normal oil is used for cooking, but flaxseed oil is not recommended to be heated at high temperature, because the most important original nutritional ingredient of flaxseed oil-α-linolenic acid (Omega-3) is a very livelyPolyunsaturated fatty acids, once the temperature is too high, this nutrient component begins to be destroyed, the temperature rises, and the longer the heating time, the more the α-cornic acid is destroyed.

Flaxseed oil and other vegetable oils can also be used for cooking, but pay attention to controlling the oil temperature when cooking, not too high (it is recommended to put cold oil or oil on the bottom of the pot or hurry when cooking)Not suitable for frying.

2.

Flax seed oil is stored for a long time after opening.

After opening cold-pressed linseed oil, it is best to eat it within 45-60 days, because α-linolenic acid is afraid of oxygen. After being opened, it will be slowly oxidized, so it will lose nutrition.
3.

Keep flaxseed oil where it can be exposed to the sun.

Alpha-linolenic acid is afraid of light, so cold pressed linseed oil from distance must be a dark bottle, because it can avoid the effect of avoiding light.

Starnet Ruijie (002396) 2018 Annual Report Review: Steady in the process of seeking bright spots

Starnet Ruijie (002396) 2018 Annual Report Review: Steady in the process of seeking bright spots

Guide to this report: Deming Communications, Sheng Teng Information’s performance exceeded expectations, the company’s resources leaned towards Ruijie, and it became obvious that Ruijie’s network was bigger and stronger.

Investment 苏州夜网论坛 Highlights: Maintain “Overweight” rating.

Maintain Starnet Ruijie’s net profit 杭州桑拿网 forecast for motherhood for 2019-2021 is 7, respectively.

26 billion, 9.

08 billion, 11.

0.7 million yuan, EPS is 1.

24 yuan, 1.

56 yuan, 1.

90 yuan.

With reference to comparable estimates and EVA’s low principle, maintain target price of 34.

72 yuan, corresponding to 28 times PE in 2019.

The logic of increasing the share has been strengthened again, and Ruijie Networks’ ambitions have become bigger and stronger.

Starnet Ruijie’s operating income in 2018 was 91.

3.2 billion (+18.

51%), net profit attributable to mother 5.

810,000 yuan (+23.

08%), in line with market expectations.

In 2018, the company made major breakthroughs in datacom switches and other fields, especially the release of 25G / 100G datacom solutions. In Ali, Tencent and other companies achieved large-scale commercial use.

According to the IDC report, Ruijie Networks’ enterprise WLAN ranks third in China, the switch ranks fourth, and the education industry ranks first for 13 consecutive years.

The company still puts network business, especially switches in the first place in its 2019 strategy.

With reference to Ruijie Networks’ successive establishment of Japanese and Suzhou subsidiaries this year, Xingwang Resources leaned towards Ruijie and revealed its ambition through vertical data communication and enterprise network equipment leaders.

Sheng Teng Information and Deming Communications surpassed expectations, and their vitality should not be underestimated.

The core subsidiary Deming Communication’s revenue increased by 100%, and Shengteng’s net profit increased by 36%, exceeding market expectations.

The company’s weight loss has been incorporated into the domestic market, and it has ranked first in China for 17 consecutive years.

At the same time, the POS field has become the third largest supplier in the world, and communications products have achieved success in the US market.

The strong self-hematopoiesis of top subsidiaries has become the company’s performance highlights.

catalyst.

Cooperation with major Internet giants will come to fruition one after another.

risk warning.

Increased competition in the industry brings downside risks to profit margins.

Suntec Technology (002815) 2019 Semi-annual Report Review: Looking forward to the small batch board leader in the 5G era when the strategic transformation is underway

Suntec Technology (002815) 2019 Semi-annual 武汉夜生活网 Report Review: Looking forward to the small batch board leader in the 5G era when the strategic transformation is underway

Company dynamics The company released its 2019 Interim Report on August 14, which disclosed the company’s operating income for the period18.

$ 5.1 billion, an annual increase of 2.

02%; net profit attributable to non-attributed mothers2.

5.6 billion, a decline of 2 every year.

21%; realized net profit attributable to mother 2.

6.5 billion, down 5 each year.

56%.

Matter reviews Supercomputing and 5G orders show the company’s product structure optimization results. The company’s main products are small-volume PCBs. The products cover HDI, thick copper, backplanes, rigid-flex joints, buried capacity and buried circuit boards.Including communication equipment (30%), industrial control (25%), automotive electronics (12%), medical equipment (10%), security electronics (10%), aerospace (8%).

The company’s product structure continues to upgrade, and high-end products such as supercomputing and 5G have been recognized by downstream customers.

The company completed 重庆耍耍网 22 supercomputing orders of CLP Power this year, and its main products are high-speed boards.

In terms of 5G business, the company newly entered ZTE business, opening up 5G business space next year.

In addition, the company’s subsidiary Sandeguan achieved sales revenue in the first half of 20195.

8.2 billion, an increase of 18 over the same period last year.

39%, achieving a net profit of 0.

76 ppm, an increase of 52 over the same period last year.

68%.

In June this year, it acquired a 40% stake in Punoway, officially opening the layout of the IC carrier board field.

Fixed asset turnover ratio temporarily improved. Low asset-liability ratio and cash flow indicators improved. From the perspective of profitability, the company’s gross profit margin during the period was 31.

76%, a decrease of 0 every year.

9pct, the decline in gross profit margin was mainly due to the company’s fixed asset turnover rate (0.

9) Still low.

Net interest rate for the company period 14.

31%, down by 1 every year.

02pct, mainly related to the increase in research and development expenses and the provision of fair incentive expenses.

In terms of operating capacity, the company’s inventory turnover days and accounts receivable turnover days were 46 respectively.

0 and 71.

7, the same period last year were 46.

5 and 70.

8.
In terms of capital structure and debt repayment ability, the company’s asset-liability ratio is 42.

2%, a decline of 4 per year.

5 points, mainly because short-term debt decreases by 19 each year.

1%.

The company’s current ratio and quick ratio are 1.

3 and 1.

1, the same period last year were 1.

5 and 1.

3.From the perspective of the company’s cash flow, the company’s net operating cash flow / revenue during the period was 23.

2, the same period last year was 18.

4.
Corporate free cash flow during the period1.

5 trillion, -4 in the same period last year.

500 million, the company’s cash flow situation improved.

PCB capacity expansion welcomes 5G new cycle. FPC and carrier board business together. Localized dividend company in 2018. The production capacity in 2018 is mainly concentrated in Jiangmen Sunda (Phase 1 and Phase 2), Shenzhen Sunda, and Dalian Sunda.
The company actively expands production capacity and prepares for the new PCB cycle brought by the Internet of Everything in the 5G era.

In 2019, the Zhuhai Chongda project is expected to add 2.1 million square meters per year, and the planned capacity of the third-phase project is 6.4 million square meters per year. It is expected that the annual output value will reach 4 billion yuan after reaching capacity.

The company’s announcement in June is intended to be 2.

Nantong Chongda Semiconductor Technology Co., Ltd. was established with USD 100 million. The planned products include IC carrier boards and 5G high-frequency high-speed boards. The output value is expected to be USD 5 billion.

In addition, Suntech (Zhuhai) and Nuowei (Kunshan) will further increase production capacity, with future output value plans of 4 billion and 1 billion, respectively.

We believe that the company’s PCB production capacity is upgraded to a new 5G cycle to consolidate the production capacity foundation, and the FPC and carrier board business will benefit from the domestic domestic substitution bonus.

Earnings Forecast and Estimates We expect the company to achieve operating income of 40-20 in 2019-2021.

03 billion, 49.

2.4 billion, 63.

520,000 yuan, with annual growth of 9 yuan.

50%, 23.

00% and 29.

00%; net profit attributable to shareholders of the parent company is 6.

5.1 billion, 8.

54 ppm and 11.

39 ppm, an increase of 16 per year.

16%, 31.

14% and 33.

36%; EPS are 0.

78 yuan, 1.

02 yuan and 1.

36 yuan, corresponding to 25 for PE.

41, 19.

38 and 14.

53.

In the next six months, the first coverage will be given to the “overweight” rating.

Jiuguijiu (000799) research briefing: product structure focuses on high-end provincial markets and has potential

Jiuguijiu (000799) research briefing: product structure focuses on high-end provincial markets and has potential
Investment 武汉夜生活网 points: Product structure focuses on high-end companies. There are currently three major series of products, ultra-high-end “internal reference” series, high-end “jiujiujiu” series, and low-end “Xiangquan” series. Since the company’s production capacity is less than 1, it needs to expand production.Better time, in order to maximize the benefits, the company’s overall product structure focuses on high-end, strategically reduce sales of low-end “Xiangquan” and expand sales of ultra-high-end “internal reference” wine.As a result, the company’s premium wine (including internal reference and alcoholic liquor series) also continued to increase, from 77% in 2011 to 87% in 2018. In addition, in order to improve the company’s operating efficiency, the company reduced SKUs, highlighted strategic single products, and set up an internal reference wine sales company with a large business shareholding system.The number of SKUs started in 2018 is controlled to less than 75, which is a 25% decrease every year.The strategic single products are prominently internal reference, Red Alcoholic Alcoholic, and Alcoholic Alcoholic Heritage Edition. The resources are focused on these three products.In December 2018, the company established an internal reference wine sales company. The internal reference sales company was established by the participation of 30 large-scale large-scale distributors (most of them are Maotai and Wuliangye).By constraining the interests of large distributors, the company has enabled it, as a private enterprise, to operate the market more flexibly and promote higher growth of internal reference wine. The sustainable potential of liquor in the province’s market is the only medium-to-high-end liquor listed company in Hunan. The overall operating scale is still very small, and the company’s sales revenue in 201811.8.7 billion, of which Central China, mainly Hunan Province, has only 7.1.4 billion.The sales revenue scale of Jiuguijiu is much lower than that of Gujing Gongjiu, a medium-to-high-end real estate wine listed company in Anhui Province and Yanghe Co., Ltd., a medium-to-high-end real estate wine listed company in Jiangsu Province.Gujing Gongjiu’s income in 2018 was 86.71 ppm, of which Central China, mainly Anhui Province, earned 78.6.7 billion.Yanghe’s 2018 revenue was 231.870,000 yuan, including 116 in Jiangsu Province.1.2 billion. Undoubtedly, Jiujiu Liquor Co., Ltd. further clarified the strategy of deepening the base camp in Hunan and achieved better results.In 2018, the sales revenue of Central China with Hunan as its core increased by 39 each year.13%, accounting for 60% of the company’s total revenue.19%.The company’s full coverage of county-level market channels in Hunan Province will allow its stores to sink to the district / county level.In the future, through the in-depth cultivation strategy of the market in Hunan Province, we believe that alcoholic wine has growth potential in Hunan Province. Earnings forecast and investment rating: Maintain “Overweight” rating. Since the company established the internal reference wine sales company, increased dealer incentives, and early market expenses, we lowered the company’s profit forecast and forecasted the company’s EPS in 2019/2020/2021 respectively.Is 0.83/0.99/1.18 yuan, corresponding to PE for 2019/2020/2021 is 28.96/24.07/20.34 times.At the same time, we believe that the company is optimistic about the market development potential of the company and maintain its rating as “overweight”. Risk Warning: The product structure upgrade is not up to expectations, the market in the province is not up to expectations, the downside of the macro economy, the impact of intensified industry competition, and food safety.

A-share performance period is approaching foreign cautious attractions, and layout of high-barrier companies

A-share performance period is approaching foreign cautious attractions, and layout of high-barrier companies

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

  Original title: A-share performance period is approaching, foreign countries are cautiously following hot spots, and global stock markets with high-barrier companies have continued to rebound since the fourth quarter of 2019, and multiple spots of A-shares have been sought after by the market.

However, this translates into an improvement in the performance disclosure period, and the truth of the crowded “attraction companies” will be tested again.

As of January 16, a total of 750 A-share listed companies released the 2019 annual report performance forecast, of which 548 were expected to be happy and 202 were expected to lose.

Institutions also believe that goodwill risks remain vigilant this year.

  After the A-share “starter”, how exactly will the subsequent market be interpreted?

In the context of crowded attractions, how will active foreign countries be deployed?

In this regard, Xu Tao, an investment manager of Bi Sheng Asset Management (APS)淡水桑拿网, said in an exclusive interview with First Financial reporter that “the current market is quite crowded, including 5G or Huawei’s industrial chain, and last year’s cyclical stocks that all sectors considered to be undervalued.Some companies’ advances have almost reflected the profit expectations for many years to come.

In 2020, the market’s breakthrough focus fell on the performance expectations in 2021. Therefore, the focus of the allocation in the first half of the year needs to be transformed from hype, the company must be more carefully selected, and the layout of long-term continuous competition barriers, relatively uncongested, and reasonable conversion.Of companies, types of companies are still the targets of long-term outperformance.

APS is an early (2004) foreign institution that participated in domestic A-share investment through QFII quotas. Its style is more localized. Currently, it includes Bi Sheng, Qiaoshui, BlackRock, Fu Dun and other WFOE (foreign-owned enterprises) in China.) Has obtained an investment advisory license.

  Beware of “congestion in transactions”
Recently, a series of established foreign investors interviewed by First Financial News said that “congestion in transactions”
has become a problem to be vigilant, especially during the performance period, and it is also an opportunity for differentiated layout.

According to the report of the Haitong Securities Research Institute, in terms of the position of PE in various industries since 2005 (100% is the largest, 0% is the smallest), computers are located at 93%, communications are 89%, electronic components are 82%, and home appliances are 60%.
Under the ranking, real estate is 7%, building materials 7%, and construction 5%.

  ”The most intuitive example is to use Fuyao Glass as a reference. Its share in the global automotive glass supply is as high as 30%, and its share in the Chinese market is as high as 70%.

But in proportion, the market value of companies such as some fractures and potassium fluoride are also approaching the same level.

From a long-term perspective, the bubble has accumulated, and after entering the mature period, it is estimated that it may face the risk of major contraction.

“Xu Tao said.

  The current 5G industry chain is typical of high estimates and crowded transactions.

Although there are some opinions that the high estimate does not mean that there is no room for continued growth in the future, because referring to the 4G cycle, 5G capital expenditure will be a continuous expenditure process. Although the investment will not meet expectations and may fluctuate in the process,The trend does not end.

The problem, however, is that many companies currently have previously factored in profits for many years to come.

  APS research also found that from 4G to 5G, half of the added value will be obtained by TSMC, which shows that the biggest beneficiary is not in A shares.

The latest financial report shows that in the fourth quarter of 2019, TSMC achieved revenue of 3172.

NT $ 3.7 billion (about 730.

2 ppm), exceeding market expectations and growing by 9 per year.

5%, an increase of 8 from the previous month.

3%; net profit is 1160.

3.5 billion Taiwan dollars (about 267.

08 ppm), an increase of 16 per year.

1%, an increase of 14 from the previous quarter.

85%; net profit increased by 36.

6%.

  ”Therefore, we also need to avoid excessive speculation on Huawei’s industrial chain.

Huawei has almost exclusively contracted the most advanced technology products, such as Hisilicon chips, and the foundry companies are responsible for technical content parts, so there are really high barriers to competition and limited high-tech companies.

“Xu Tao also believes that,” different from Apple’s industrial chain, the problem of Huawei’s industrial chain is that the relevant suppliers’ bargaining power is not strong and Huawei’s products are updated quickly. Therefore, when the supplier is still halfway through the ramp-up period of capacity, that is, capacity utilizationThe rate is only 50%?
At 60%, new products are often replaced, which will squeeze the profitability of related companies.

“Budget and related consumer electronics concepts are constantly rebounding. All circles believe that this is related to the” Apple New Year “in 2020, but many exchange fund managers interviewed pointed out that even the New Year can only fully reflect the current situation.It is expected that if indicators such as replenishment thereafter exceed expectations, or the impact on expectations.

“In 2020, two of the most important selling points of mobile phones are 5G communication capabilities and camera optical functions.

It is true that the volume of mobile phones will increase slightly in 2020, but most consumers will not change phones until the personal replacement cycle is reached, and they will not change phones early because of 5G. After all, the killer application of 5G mobile phones has not yet appeared.
“A foreign agency TMT analyst reporter mentioned.
  What’s more worth mentioning is that cyclical stocks have been a hot spot in the market over the past few months. The cement and other sectors have risen more than expected. The logic behind it is that infrastructure investment has stabilized and the global economy is picking up. Improving domestic and foreign demand may drive PPI.And the growth rate of industrial enterprises’ interest rates rose moderately.

“But the prices of most cyclical stocks have fully reflected the expectation of economic stability. The current policy is more about a” stable economy “rather than a” strong stimulus “, so the expected difference in infrastructure investment is very small.

“Xu Tao said.
  High-barrier companies will outperform in the medium and long term. After the attractions have been blasted back and forth, some people lament that the good bids are too expensive, but others are overweight and temporarily left out.

At present, such as some high-quality real estate companies, cyber security concept companies have been replaced by many established foreign investors for strategic layout targets.

  As for food and beverage, home appliances and other foreign keen layouts, Xu Tao believes that even the recent transfer has improved, but at this time it may be a good time to “catch up”.

“Just 2020 needs to be further carefully selected, the growth rate of the included industry will slow down, and the differentiation of food and beverages, home appliances and medicine will continue to increase.

“As far as real estate is concerned, through the acceleration of industry consolidation, the leaders with obvious first and second-tier advantages and high turnover rates are undoubtedly high barrier enterprises in the eyes of foreign exchange.

Recently, foreign countries have also paid more attention to China’s urbanization2.

0 Potential for Real Estate.

“China has high-level experience in developing large urban agglomerations such as Europe, the United States, and Japan, and the current policy of real estate in cities, which is good for real estate developers in that it complements urbanization2.

0 demand, the overall demand is more stable, and the gradual transformation declines, and after the policy change is reduced, the intrinsic value can be further focused.

At the same time, real estate inventory is currently generally low, so there is also a potential difference in expectations.

Xu Tao told reporters.

  Morgan Stanley, a developing country, also noted that the Yangtze River Delta, Beijing-Tianjin-Hebei, the Greater Bay Area, the middle reaches of the Yangtze River, and Chengdu-Chongqing, the five super metropolitan areas, will lead to urbanization2.

0.
The positive consensus is that the strategy places greater emphasis on the establishment of megacities in developed regions, is more market-oriented, and avoids inefficient investments in overpopulated and remote areas.

This is different from previous regional rebalancing and replacement (including the “Western Development” from 2000 and the “Northeast Revitalization” from 2004). These changes will reduce the regional income gap and reduce the pressure on the population to move to developed coastal areas.

  Because of this, APS has now returned the leading land to “growth Alpha (excessive returns)”. This kind of Alpha is stable and generally acceptable (positions greater than 3 years), accounting for 70% of APS ‘s total positions?
80%.
“For example, in the early years, Moutai, Guizhou was a typical leader in consumer upgrades. Of course, it also includes information security concept stocks. Such stocks seem not cheap, but in the long run, 30?
40 times PE still has good investment value.

“Xu Tao said.
  At the same time, the field of network information security is also a key area for foreign mining of long-term high barriers.

Founder Securities (right protection) has been cited, and network security has become the fourth largest IT infrastructure for networks, computing, and storage.

As an accompanying requirement of the IT industry, network security has been transformed into a continuous development of network security and is shifting to basic needs.

The proportion of China’s IT security industry investment is much lower than the US and global averages. In the future, the proportion of China’s IT security expansion will continue to increase.

  More core asset assessments will enhance another trend that has attracted much attention since last year, such as Han’s Laser (002008.

SZ), Shanghai Airport (600009.

SH) and other foreign favored targets are on the verge of “buying explosive”. Recently, Midea Group (000333).

SZ) foreign shareholding ratio is approaching the position limit.

According to the relevant regulations of the Shanghai and Shenzhen Stock Exchanges, the sum of all foreign investors’ shareholdings in the A-shares of a merged listed company shall not exceed 30% of the total shares of the listed company.

  In this regard, Xu Tao also told reporters that there were still a small number of targets that were “buyed”, and foreign countries would continue to differentiate and overweight other high-quality targets.

“Although MSCI suspended the expansion of the A-share split in the first half of 2020, active capital will continue to be injected into the value-added core assets of China. This trend will continue for a long time, and the estimation of core assets will continue to increase in the future.

Pioneer Pilot recently said that in the long run, global assets will continue to face a low return environment. Global investment “60/40 rule” portfolio (60% stock market, 40% bond market) can obtain an average annual return of 10% since 1970There have been 7 since 1980.

An average return of 5%, which will drop to 4% in the next ten years?
6%, so the Chinese bond market is also a destination for investors to seek relatively high returns.

  Xu Tao believes that under the trend of institutionalization and internationalization, A-shares are experiencing great changes caused by changes in investor structure.

Therefore, looking at the problem from a historical perspective and replacing the current new changes, it is easy to cause misjudgments such as “white horse crash” and “estimate bubble”.
Therefore, for “true white horse”, its estimation system will gradually be in line with international standards.