[Dry Bird’s Nest Practice]_Dry Bird’s Nest_How to Do_Home Practice

[Dry Bird’s Nest Practice]_Dry Bird’s Nest_How to Do_Home Practice

The existence of dried bird’s nest is for the convenience of storage, soak it before eating. For dried bird’s nest, it is generally stewed with rock sugar.nutrient content.

The practice of white and rock sugar bird’s nest 1) The weight of the bird’s nest is measured on a scale. Adults should eat 3-5 grams of bird’s nest each time.

2) Soak the dried bird’s nest with pure water for 4-8 hours, and put it in a natural ventilation place, pay attention to observe the swelling degree of the bird’s nest.

3) After the bird’s nest has swelled softly, use a small camera to gently clamp the floating young bird’s hair.

4) After picking the hair, filter and wash it once or twice with pure water.

5) After cleaning, carefully tear the bird’s nest into thin strips according to the texture, and try to crush the bird’s head with your fingers.

6) Pour the processed bird’s nest into a stew pot, and add pure water to soak the bird’s nest. A slightly higher amount of water is better.

7) Cover it, put it in a steamer, and simmer for 2 hours under mild heat. The surface will show a small amount of foam, a little boiling, stickiness and egg white flavor.

[How to make bacon mushroom pizza]_Home-made method of bacon mushroom pizza_How to make bacon mushroom pizza_How to make bacon mushroom pizza

[How to make bacon mushroom pizza]_Home-made method of bacon mushroom pizza_How to make bacon mushroom pizza_How to make bacon mushroom pizza

Every day that people live, they cannot live without food, clothing, and shelter. This is the most basic thing, especially “food”, which is related to human life and death.

And to do a good job of “food”, you better be able to learn to cook every dish by yourself.

So, let me introduce to you how to make bacon and mushroom pizza.

1.

121. Put all the ingredients (except flour) into the bread machine and choose the dough. When the kneading is finished, the flour has been kneaded into dough. Stop the bread machine, pour the diced flour into the bread machine, and choose the dough again.Wait until the dough is twice as large. Take out the dough and knead the dough to release the gas. Then put it into the bread machine to select the dough. Wait until the dough is kneaded and removed.

(Don’t show up again) 2.

212, use a rolling pin to roll into the desired shape (I baked it directly with Changdi’s baking pan, so I rolled it into one), shape the dough into a thin shape around the middle, and place the baking sheet with tin paper or oil,Spread the cake on a baking sheet, and use a fork in the middle of the dough to make some small holes to prevent the bottom of the cake from bulging during baking.

Add to the refrigerator to proof.

3.

14. Heat the non-stick pan and put in the paste to melt.

4.

23. Wash the tomatoes, blanch them with boiling water slightly, then peel off the skin and cut into small dices for future use.

Cut the onion into small cubes.

Mushrooms and bacon are cut into slices for later use.

5,

5. After the fat melts, add the onion and stir fry.

6.

6. After the fragrant, add the diced tomatoes and stir fry over high heat.

7.

7, add tomato sauce, sugar, salt and stir fry.

8.

8. After seasoning, add the pisa grass juice to make a sauce and set aside.

9.

9, remove the cake blank, smear the pizza sauce evenly, about 1CM around the sauce 10.

10, evenly sprinkle a layer of mozzarella cheese, sprinkle bacon, sprinkle mozzarella cheese, cover with mushrooms (mushrooms can be fried in advance to remove moisture), continue to sprinkle mozzarella cheese, put in the preheatedBake in the oven.

Take it out 5 minutes before baking, sprinkle the remaining mozzarella cheese, and put it in the oven for 5 minutes.

11.

11, OK, you can eat delicious pizza.

How do you guys feel? The bacon mushroom pizza I introduced to you today is simple and easy to get started. If you think so, try it.

[How to make chicken stew delicious and nutritious?】 _Practice Daquan_How to do

銆愮倴楦℃€庝箞鍋氬ソ鍚冨張钀ュ吇鍛紵銆慱鍋氭硶澶у叏_濡備綍鍋?
It ‘s a fine forging and weaving is made by fine forging and weaving and weaving and forging and weaving and weaving, and weaving and weaving, weaving, weaving, weaving, weaving, weaving, weaving, weaving, weaving togetherRen Mahuachixi ュ Shurou plate ぇ Hongwoqingxuan ¤ Ganmoyaoben last $ Jing Kouguifangtuan  Chi Universal  Zhouqujingben Shenzanxiahuo Zhangtiyixia Xiahanzhanglian Cuolunweihun Qingouguifang锛屽氨瑕佸浜嗚В椋熸潗鐨勫睘鎬т簡銆傞鑿囩倴楦°€佸北鑽倴楦°€侀矞濂剁倴楦★紝閮芥槸姣旇緝甯Songs and acres of awe-inspiring quilts: Awesome and splendid: Awesome, awesome, and sorrowful? Dianluoyan floating?Dangerous: Argon?Do you want to check?0鏈碉紝钁卞皯璁搞€傚仛娉?.What’s the difference between the real world and the real world? It’s just a matter of time and time. It’s not easy to see what’s going on. What’s going on? What’s going on? What’s going on? What’s going on?.鎺ョ潃灏嗛攨涓噸鏂板姞鍏ラ€傞噺鐨勬按锛屽皢楦¤倝鏀惧叆澶х伀涓叜寮€锛岀劧鍚庡啀杞皬鐏帴鐫€鐐栥€?.What are you saying: Do you want to know what you are saying? “Do you know what the world is like?”. What’s the difference between the world and the world?What’s the matter? What’s wrong with you? Do you have braids?Confused: The arsenal of the arsenal is too low, and the braid is the same. The braid is the same. The one is stolen. The other one is uncomfortable. Are you tired of it? Are you tired of it?銆佸皢楦″鏉€涔嬪悗娓呯悊骞插噣锛屼箣鍚庡墎鎴愬皬鍧楋紝鍐嶅皢钁卞娲楀共鍑€锛岀敓濮滃垏鎴愮墖锛岃懕鎵撹懕缁撳鐢ㄣ€?銆 丏 忂 忂 凂 界 楦 楦 “Don’t be afraid of the word: Appreciate how to read the book and freeze it?銆佹拠鍘绘诞娌€?Are you tired of petting?銆佹斁鍏ュ鐗囪懕缁撱€?銆佺叜寮€鍚庤浆灏忕伀锛屽姞鐩栵紝鎱㈢倴澶х害30鍒嗛挓銆?銆 丸 北 钻  幓 镄  鎴 愬 璬 鍋 溴 锷 犲 咆 公公 咬 尀 泀 漫 倁 10 卒 嗛 旓 銆?銆佹灨鏉炵敤娓呮按鍐叉礂涓嬶紝寮€鐩栧姞鍏ワ紝缁х画鍔犵洊鐐?0鍒嗛挓锛屽紑鐩栧姞鐩愯皟鍛冲嵆鍙€? 椴 滃 ザ 頣 槭 浮 姹?Dangerous: Argon?00 鍏 嬶 溴 椴 滃 ザ 1000 姣  崌 姄 珮 姹?000 姣  崌 Adorable child?棰楋紝濮溿€佺簿鐩愬悇閫傞噺銆?銆佸湡楦℃礂鍑€鍒囧潡锛屽叆娌告按涓眴鐑竴涓嬨€傚鍒囩墖銆?銆佹堡閿呭唴鍊掑叆楂樻堡銆侀矞濂讹紝鏀惧叆鍦熼浮鍧椼€佺孩鏋e強濮滅墖锛屽ぇ鐏叜寮€鍚庡姞閿呯洊锛What’s up?What are you talking about? What are you talking about?What is the difference between ℃ and ℃?涓嶆€曞瘨鍐峰湪澶╂皵鍙樺喎鐨勬椂鍊欙紝閫傚綋娣诲姞琛g墿鍙互淇濇殩锛屼絾鏄湪杩欎釜鏃跺€欐潵纰楅浮姹わ紝韬綋浼氬彉寰楁洿娓╂殩锛屼笉浼氬緢鎬曞喎銆傚鍔犳姷鎶楀姏楦℃堡闇€瑕侀暱鏃堕棿鐐栫叜锛岀啲鍑虹浉褰撶簿鍗庣殑琛ユ堡锛岄矞瀚╃殑楦¤倝鏋佸叿钀ュ吇鍙彁鍗囧厤鐤姏锛屽啀鍔犱笂鐔叜杩囩▼涓細閲婃斁涓€绉嶆皑鍩洪吀锛屽彲浠ラ樆姝㈠彂鐐庢椂鐧借鐞冩椿璺冪殑鎯呭舰锛屽鍔犳姷鎶楀姏锛岃垝缂撴劅鍐掔棁鐘躲€?

[Can wild chestnut be eaten]_Wild food_Can you

[Can wild chestnut be eaten]_Wild food_Can you

Chestnuts are very common. Most people have eaten chestnuts. When eating chestnuts, you must first remove the hard outer layer of the chestnut, and then peel off the soft layer inside to eat. Generally, some people eat chestnuts.All chestnuts are grown after grafting and planting. They can only be eaten after being stir-fried. Some chestnuts are wild chestnuts. They are grown chestnuts without being cultivated. Can wild chestnuts be eaten?

Both edible wild chestnut and grafted chestnut are edible, and because the growth environment of wild chestnut is not affected by humans, no residues such as pesticides will be artificially added.

However, the wild chestnut is a bit small because it is smaller than the planted chestnut. During the process of eating, pay attention to the fact that there may be bugs in the wild chestnut. When you eat the shell, you must first check whether there are bugs.You can safely eat the[chemical composition]containing protein 5.

7%, aunt 2%, carbohydrate 62%, ash 1.

3%, starch 25% and vitamin B, trace enzymes, etc.

[Sexual Flavor Meridian]Sweet and warm; return to kidney, spleen and stomach.

[Indications]Nourishing the stomach and strengthening the spleen, nourishing the kidney and strengthening the muscles, activating blood and stopping bleeding.

It is used for nausea, diarrhea, weak waist and feet, vomiting, diarrhea, blood in the stool, gold sores, swelling and pain, diarrhea, Yuejia disease, Jiuzi disease, Chibai disease and so on.

[Usage and Dosage]Raw food, boiled or fried ground powder; external application.

[Compatible application]Moon disease: chestnut flower 10g, decoction.

(Guizhou Huangping) Nine sons: appropriate amount of chestnut flowers, decoction.

(Guizhou Songtao, Bijie) Red-white dysentery: chestnut 10g, purslane 10g, jujube red 10g, decoction.

(Guizhou Bijie)[North and South Chestnut Edible]1) Stir-fried chestnut seeds have smaller fruit types, more sugar and protein, less starch, and waxiness. The excellent varieties are represented by the chestnuts produced in the Yanshan Mountains of Hebei Province.

2) Vegetable chestnut seeds, fruit-type mixtures, low sugar content, high water content, high starch content, existing properties, suitable for pouring, pastry, canning, etc. Representative varieties include Jiangsu, Hubei and other real estate chestnuts.

[How to make authentic Korean spicy cabbage]_Spicy cabbage_How to make_How to make

銆愭瀹楅煩鍥借荆鐧借彍鎬庝箞鍋氥€慱杈g櫧鑿淿濡備綍鍋歘鎬庢牱鍋?
Broad rift, splitting, digging, dying, dying, beating, beating, beating, beating, beating, beating, beating, beating, beating, beating, beating, beating, beating, beating, beating, begging, borrowing, begging, borrowing湪瀹跺悓鏍蜂篃鍙互鍔ㄦ墜瀹屾垚锛屽洜涓烘墍闇€瑕佺殑鐧借彍浠ュ強杈f锛岃繕鏈変竴浜涢厤鏂欙紝鎴戜滑鐢熸椿褰撲腑閮藉鏄撴帴瑙﹀埌銆?绗竴姝ワ紝娲楄彍銆佹场鑿溿€傞€夊彇鍋ュ悍鐨勭櫧鑿?涓€鏁寸墖鏁寸墖鐨勬憳涓嬫潵锛屾礂鍑€銆傞€夊彇鍚堥€傜殑瀹瑰櫒锛屽姞鍏ラ€傞噺鐨勬竻姘淬€佺洂锛屼互姣斿钩鏃剁倰鑿滄椂鍜镐袱鍒颁笁鍊嶄负瀹溿€傛蹈娉℃搏24灏忔椂宸﹀彸銆?绗簩姝ワ紝璋冩枡銆傞€夊彇涓€鑸殑杈f闈紝鏈€濂芥槸鑷繁浣滅殑锛屽洜涓哄闈㈠崠鐨勮荆妞掗潰閮芥湁鍏朵粬鐨勪笢瑗匡紝 涓嶈荆銆傚鏈€佽挏娉ャ€佽懕娈点€傜敤娓╁紑姘村皢杩欏洓绉嶈皟鏂欑粸鍖€锛岄煩鍥介偅杈逛竴鑸兘鏄敤绯背绯婃潵璋冦€?涓嶈繃鐢ㄧ朝绫崇硦鐨勮瘽鑿滀細閰稿緱蹇簺锛屾甯哥殑閰稿搱銆傜涓夋锛岃厡鍒躲€傚皢宸茬粡娉″ソ鐨勭櫧鑿滃彇鍑猴紝鐢ㄦ俯姘寸◢寰竻娲椾竴涓嬨€傚皢鐧借彍涓€鐗囦竴鐗囩殑涓€灞備竴灞傜殑閾哄ソ锛屽皢宸茬粡璋冨ソ鐨勮皟鏂欐姽鍦ㄤ笂闈㈢劧鍚庡啀涓€灞備竴灞傜殑閾哄ソ銆傜洿鍒版渶鍚庡紕瀹屼负姝€?Quilt4灏忔椂鍚庣殑鏃跺€欏簲璇ユ槸鐢滃懗鐨勩€備笁澶╀箣鍚庡氨寮€濮嬪彉閰搞€?

Gree Electric (000651): Global leader in HVAC

Gree Electric (000651): Global leader 深圳桑拿网 in HVAC

The quality of strategic development in the “new consumption” era is excellent, and the image of good air conditioners has won the hearts of the people: 1) Gree focuses on consolidating product quality, improving user experience, and has a good reputation.

2) The slogan of “Good Air Conditioning, Gree Manufacturing” is simple and effective, and the brand image is deeply rooted in the hearts of the people.

3) Benefiting from this, Gree gradually established a brand premium advantage in the Chinese market.
In 3Q19, the average offline retail price of Gree air conditioners was 4,559 yuan per unit, which is 20% higher than the average price of the industry.

Utilizing the celebrity effect of the chairman, the marketing method is avant-garde: 1) Ms. Dong Mingzhu, chairman of Gree, has personally endorsed Gree’s 杭州桑拿网 products since 2014, creating a precedent for the chairman to endorse products in China.

Combining the personal image of the chairman with Gree’s products, using the celebrity effect to enhance the persuasiveness of Gree’s quality endorsement, while also saving marketing costs for the enterprise.

2) The gambling contract between Ms. Dong Mingzhu and Xiaomi Lei Jun has been widely spread, which has a wide publicity effect on the Gree brand.

Infrastructure construction, the rise of Chinese brand strength in the central air-conditioning market: In the central air-conditioning market, we believe that Chinese brands are gradually replacing alternative brands and will benefit from the central air-conditioning demand brought by the new round of infrastructure construction.

Gree has been in the field of commercial central air conditioning since 1996, and has successively introduced modular units, duct machines and unit units.

After that, Gree continued to overcome the technical difficulties in large-scale units.

  For example, Gree is the sole host supplier of the largest ice storage system energy station in the terminal area during the construction of Daxing International Airport. In addition, Gree’s air-conditioning products have served the construction of rail transit in 26 cities across the country, and the winning bids include the Hong Kong-Zhuhai-Macao BridgeZhuhai Port, Guangzhou Baiyun Airport, Wuhan Tianhe Airport and many other important transportation hubs.

Master the core technology: 1) Gree actively deploys the field of intelligent manufacturing. At present, it has mastered key technologies in the field of intelligent manufacturing such as industrial robots, intelligent storage and logistics, and automation integration through major high-end equipment business sectors such as intelligent equipment, precision molds, and robots.

2) Gree actively promotes the research and development of air-conditioning semiconductors to realize the import substitution of air-conditioning semiconductors.

  It is estimated to maintain EPS forecast for 2019/204.

74 yuan / 5.

20 yuan.

Maintain Outperform rating and maintain target price of 71.

00 yuan, corresponding to 19x / 17x 2019 / 20e P / E, 22% increase in space.

  The company’s current consensus corresponds to 12.

3x / 11.

2x 2019 / 20e P / E.

  Risk Market demand fluctuation risk; market competition risk.

Jinke Co., Ltd. (000656): Accelerating the pace of high-quality development and improving the long-term incentive mechanism

Jinke Co., Ltd. (000656): Accelerating the pace of high-quality development and improving the long-term incentive mechanism
Core opinion The company’s performance forecast on July 7th shows that the company expects to realize net profit attributable to its mothers in the first half of 2019, which is an increase of 200-290% year-on-year.The company’s grasp of the high prosperity market in the southwest market is the basis for a new round of national expansion. The solid development and operation capabilities and the improvement of long-term incentive systems promote the accelerated cash flow of high-quality resources and maintain EPS 0 in 2019-2021.96, 1.27, 1.Earnings forecast of 64 yuan, maintain “overweight” rating. The carry-over cycle is expected to continue. In the first half of the year, the growth rate of the industry is the highest. We believe that the company’s first-half performance was higher than expected mainly because: 1. The sales growth in 2017 and 2018 was as high as 93% and 81%. 2. Gross profit margin jumped 7 in 2018.3 up to 28.At 6%, high-margin projects in the southwest region have entered the carry-over cycle, and the profit level in 2019 has advanced to maintain a high level.According to the data of Yihan, the company achieved sales of US $ 821 billion in the first half of 2019, ranking 17th in the country, with a cumulative sales amount of + 41%, and the conversion growth rate ranked third in mainstream A-share housing companies.The high prosperity of the Chongqing market overlaps with the precise layout of core second- and third-tier cities as the basis for continued growth and growth of performance. The national layout effect appears, and property management is expected to be 北京桑拿会所 strong.In 2018, the company’s national layout effect will appear. Hefei, Zhengzhou, Nanning, Wuxi and other key cities have market share ranges.6% -2.7%, doubled in 2018.In 2018, the company’s land investment was 7 million yuan, +52 in ten years.2%, the value of the first and second-tier cities in the new soil reserves accounted for more than 75%, and continued to cultivate the core 25 cities.At the end of 2018, the saleable area exceeded 41 million square meters, and the total value of goods calculated at the average sales price of 2018 was about 363 billion yuan.In 2019, the company plans to start 30 million square meters of new construction, ten years +11.1%, plans to add a saleable value of 3,200 trillion, is expected to move towards the 150 billion sales target.In addition, the property management area reached 2 at the end of 2018.With a growth rate of 400 million yuan, revenue and net profit reached 41% and 49% respectively. The carry-over of development business is expected to continue the strong performance of property management. Improve long-term incentive mechanism and stabilize medium-term development expectations On June 6, the company announced the employee stock ownership plan for 2019-2023. The participants are employees of the company within Dong Jiangao; it plans to expand the shareholding ratio to no more than 10%; the first phase of fundsThe scale does not exceed 3.2 billion (self-funding and financing of employees does not exceed 1.6 billion); the completion of the second to fifth periods based on the performance of 2019-2022%), According to the net profit attributable to the mother for the year 3.5% withdraw special funds to serve as funding sources for subsequent plans.The company’s employee shareholding plan cuts the relay to increase stock incentive unlocking and exit in 2015; for people, the long-term incentives for dating special funds are gradually improved to improve the long-term incentive mechanism to stabilize the company’s development expectations. Deeply cultivate the southwest + national layout and maintain the “overweight” rating. The company’s grasp of the high prosperity market in the southwest market is the basis for a new round of national expansion. Solid development and operation capabilities and long-term incentives promote the turnover of high-quality resources.The EPS for 2019-2021 is maintained at 0.96, 1.27, 1.64 yuan profit forecast.Refer to comparable companies for July 2019.1x PE estimate. Considering the company’s high growth expectations, we believe that the company’s reasonable PE estimate for 2019 is 8-9 times and maintain a target price of 7.68-8.64 yuan, maintaining the “overweight” level. Risk reminders: Affected by the Southwest market; the current shareholding structure is relatively scattered; industry policy risks.

Real Madrid Technology (603181) First Quarter Report 2019: Business Scale Expands, Profitability Improves Performance, Significant Growth

Real Madrid Technology (603181) First Quarter Report 2019: Business Scale Expands, Profitability Improves Performance, Significant Growth
The event company released the 2019 first quarter report on the evening of April 17, 2019, and the company achieved operating income in the first quarter of 20194.0.7 million yuan, an increase of 7 in ten years.84%; realized net return to mother’s income of 55.10 million yuan, an increase of 57% each year; realized net return to mother’s net profit of 48.75 million yuan, an increase of 46%; realized net cash flow from operating activities of 35.84 million yuan, from negative to positive each year; realizedAmplitude average ROE 3.77%, an annual increase of 1.07 averages. Brief commentary on the expansion of business scale has increased profitability, performance has increased, and the company ‘s performance has increased. The main reasons are as follows: ① The company ‘s small-scale business scale has significantly expanded.In the first quarter of 2019, the company’s sales of large and small varieties of products were 15,298 and 18,965 tons, an increase of 1% and 33% each year in 2018.The company’s small variety products accounted for 67% of its revenue, and it has once again improved its ranking in the 2018 annual report.The increase in the proportion of high-margin small-product products has also significantly increased the company’s gross profit margin: the report and the company’s comprehensive gross profit margin23.0%, an increase of 3 a year.4 units.② The spread of the company’s large and small varieties will increase each year.According to our calculations, the average price difference of the company’s large-product products in 2019Q1 is 2,201 yuan / ton, which has increased by 76 yuan / ton; the average price difference of the small-product products in 2019Q1 is 9,198 yuan / ton, which has increased by 823 yuan / ton.③ Non-recurring gains and losses.Non-recurring gains and losses of 6.35 million yuan were reported for first-tier companies, an increase of 4.73 million yuan. In terms of period expenses, the reported amount of company sales, management + research and development, and financial expenses were 819, 2487, and 2.04 million yuan, respectively, respectively + 17%, + 3%, and -57%; the three expense ratios were 2.01%, 6.11%, 0.50%, change by +0 each year.15%, -0.27%, -0.75%. Large varieties: stable infrastructure construction policy background, stable growth on the demand side The company’s large varieties of products are polyether macromonomers, which are used to manufacture concrete polycarboxylic acid water-reducing agents downstream. The demand is highly related to the infrastructure.Since the fourth quarter of 2018, the stable infrastructure construction and supplementary shortcoming policy has been frequent. The Ministry of Finance 杭州桑拿网 issued six documents on November 9, 2018, and issued 16,632 trillion financial funds to 26 provinces in advance.It is expected that the growth rate of infrastructure investment in 2019 will reach 10%, which will lead to an increase in demand for water reducing agents.The company has 11 large-capacity production capacity indicators, and the supplementary investment project supplement 3 is expected to be gradually put into production by 2019. Small variety: accurate business card position, raising capacity growth. Future high-growth business card position is accurate, competing with international giants: The company’s research and development capabilities are only the same as those of international giants such as BASF and Dow, while customer service capabilities, research and development costs, product pricesMean value advantage, obtained its own market space in the competition with international giants.Mainly for specific customers such as Momentive, German and American, Arkema: The main customer of the company’s small variety segment is Momentive, which is about 1 for Momentive in 2016.800 million, accounting for 12% of the total revenue, accounting for 26% of the small variety segment revenue, the remaining small variety segment accounted for a higher proportion of customers also include German and American, Arkema and so on.Fund-raising projects to maximize production capacity: The company’s fund-raising projects include small-capacity sector capacity5.5 anions, of which polyetheramine 0.8 anions, special polyethers and synthetic esters.7 Preliminary, preliminary production is expected from 2019-2020.The commissioning of investment projects will significantly improve the company’s capacity growth and start a new phase of high growth. It is estimated that the company’s net profit attributable to the parent in 2019 and 2020 will be 2.65, 3.4.2 billion, corresponding to PE 16.1X, 12.5x, maintain BUY rating.

Yanjing Beer (000729): Wait for improvement measures to show results

Yanjing Beer (000729): Wait for improvement measures to show results

The semi-annual performance has increased steadily, and the second-quarter performance has declined: in the first half of 2019, the company achieved operating income of 646,186.

0.6 million yuan, an increase of ten years.

37%.

Pioneer’s beer sales volume is 257.

850,000 kiloliters, the decline in ten years narrowed to -0.

7%.

The sales volume of Yanjing’s main brand was 175.

960,000 liters, at least 3 temporarily.

7%.

3 major brands sold 62.

160,000 kiloliters, an increase of 10 in ten years.

9%.

Benefiting from the optimization of product structure, the ton price of beer increased by about 2.

0% to 2325 yuan, the company’s overall gross profit margin increased by 0.

14pct to 42.

6%.

Due to the budget decline in the second quarter of each year3.

8%, reducing operating leverage, sales expense ratio and management expense ratio increased by 1.

1pct and 1.

7pct, so the company’s net profit attributable to its mother increased slightly by 1 in the first half of the year.

1成都桑拿网3% to 51,237.

230,000 yuan, net interest rate maintained at 7.

9%.

The initial net cash flow from the company reached 13.

68 yuan, an annual increase of 26.

5%.

Continue to promote mid-to-high-end wines and promote product structure optimization: Integration. The company adheres to the strategy of “based on refreshing wines, focusing on mid-range wines, and enhancing brand value with high-end wines”. It promotes product upgrading through technological innovation, and successively launchesBeijing U8, Yanjing 7th fresh, Yanjing eight scenery cultural and creative products, and other high-end new products, as well as bottle customization services.

At the same time, the company adopted a form of brand promotion and based on sports marketing, expanding the rights of the FA Cup sponsors, the official sponsors of the Winter Olympics and other rights, continued to enrich the brand value, and constantly increased the company’s advertising cost rate.

2 points to 2.

6%.

The advantage of the base market is maintained, and the emerging market is able to enhance its potential: by mid-2019, the company’s sales share in the main markets of North and South China will remain 42.

0% / 32.

7%, the gross margin level increased up to 0.

59pct / 0.

38pct, the profit contribution of the dominant market has further increased.

From the perspective of the regional market, the company’s brand market share averages over 70% in the advantageous areas, and it is easy to obtain scale effects in operations, which is the basis for price increases and high-end products. For weak areas, the company further strengthens market maintenance and benefits.Pay equal attention to the total.

From the perspective of categories, the current low-end still contributes major sales, and high-end lines have not yet appeared in high-skilled single products, resulting in an average ton price at the lowest level in the industry.

The company’s advantage in the base market helps to promote the rapid penetration of high-end categories, increase future profit margins and break through elasticity. Maintain “Overweight” rating: We maintain a net profit of 2 for 2019-2021.

3/2.

7/3.

1 ppm, the corresponding EPS is 0.

08/0.

09/0.

11 yuan.

The company’s profit elasticity hinders room for improvement and helps to benefit from the industry asset consolidation trend.

The current anniversary corresponds to 19 years of PE, with EV / EBITDA of 78x / 18 respectively.

3 times.

Maintain the “overweight” rating.

Risk warning: market competition deteriorates; raw material costs rise; structural upgrades proceed slowly

Origen (002701): 1-3Q revenue growth of 3%, focus on the profit growth trend of two-piece cans

Origen (002701): 1-3Q revenue growth of 3%, focus on the profit growth trend of two-piece cans

1-3Q19 results are in line with market 杭州桑拿网 expectations The company’s 1-3Q19 results announced: Revenue 64.

$ 5.5 billion, an annual increase of 3.

3%; net profit attributable to mother 6.

87 trillion dollars, more than double.

2%, in line with market expectations.

By quarter, Q1 / Q2 / Q3 revenues increased by 2 respectively.

9% / 2.

twenty four.

6%, net profit increased (decreased) 11% / 0.

5% /-16.

6%.

  Development Trends 1. Revenue growth from 1-3Q is stable.

The company’s 1-3Q revenue increased by 3.

3%, by product: 1) Three-piece can business. We expect growth pressure. By customer, we expect Red Bull, Lulu, Wangwang, etc. to be basically flat. Food cans and milk powder cans will maintain rapid growth. 2) Two-piece cans.Our business is expected to maintain steady growth, mainly driven by the rapid growth of beverage packaging such as Jiaduobao, Dongpeng, and Warhorse.

  2. Profitability has declined.

1-3Q gross profit margin dropped by 0.

2ppt to 26.

8%, of which Q3 gross margin increased by 0.

4ppt, mainly due to the decline in the price of raw materials, the two-piece can business’s gross profit margin, the reduction rate and other factors; driven by the period;

8ppt, of which the sales expense ratio increased by 0.

3ppt, mainly affected by the expansion of new customers, the management + R & D expense rate increased by 0.

7ppt, mainly due to the expansion of research and development scale, the acquisition of Boer China’s one-time financial advisory fees and other factors.

Under the combined effects of increasing non-operating income and decreasing non-operating expenses, the company’s net interest rate fell by zero.

6ppt to 10.

6%.

  3. Pay attention to the trend of improving the profitability of the two-piece can business and the settlement of litigation disputes of core customers.

From the supply side of the two-piece can industry, with the company’s integration of Ball’s China business, Origen’s market share in the domestic two-piece can industry has increased to 23%.The market share of the three is about 56%, and the concentration of the industry has increased. On the demand side, we expect that the increase in the canning rate of the domestic beer industry will drive the steady growth in demand for two-piece cans. It is optimistic that the supply and demand of the industry will shrink.The profitability of the tank continues to improve; in addition, the company’s core customer Red Bull’s 上海夜网论坛 trademark ownership rights, trademark use terms and other litigation disputes are still being resolved, and they are concerned about the results of subsequent rulings.

  Earnings Forecasts and Estimates We maintain the company’s full year 19/20.

37/0.

The profit forecast of 44 yuan remains unchanged, corresponding to 12/10 times P / E.

Maintaining a neutral rating and considering the growth pressure of the three-piece can business, lowering the target price by 9% to 5 yuan, corresponding to a 19/20 P / E of 14/11 times, which is a 13% increase from the current one.

  Risks The price of raw materials fluctuated significantly, and customer expansion fell short of expectations.