[Can you eat more taro?】 _How to eat_How to eat

銆愯妺澶村彲浠ュ鍚冨悧锛熴€慱濡備綍鍚僟鎬庝箞鍚?
You can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it.It ‘s very stable and beautiful. It ‘s simple and easy to use. It ‘s very easy to use it. It ‘s a good thing. It ‘s a good thing. It ‘s a good thing. It ‘s so rich. It ‘s so rich.The power of the government is very important, and the world is full of monkeys, worms, insects, worms, worms, sorrows, sorrows, sorrows, and lawsuits.鏈夋晥鍑忓皯涓€浜涜偁鑳冪柧鐥咃紝閭d箞鑺嬪ご鍙互澶氬悆鍚楋紵鑺嬪ご鍙互澶氬悆鍚楋紵鑺嬪ご鏄竴绉嶇硸鍒嗗惈閲忔瘮杈冮珮鐨勯鐗╋紝鑺嬪ご鍙f劅姣旇緝缁嗚吇锛屽叆鍙e嵆鍖栵紝鎵€浠ュ枩娆㈠悆鑺嬪ご鐨勪汉涔熸瘮杈冨锛屼絾鏄篃鏈変汉鐭ラ亾鍚冨浜嗚妺澶翠箣鍚庤儍閮ㄤ細鏈変簺涓嶉€傦紝姣斿鑳€姘斾箣绫荤殑銆傞偅涔堬紝涓€鑸妺澶存槸鍚﹀彲浠ュ鍚冨憿锛熻妺澶村悆澶氫簡涔嬪悗浼氶€犳垚浠€涔堟牱鐨勫奖鍝嶅憿锛?銆佽妺澶村悆澶氬鏄撹吂鑳€鑺嬪ご鍚湁澶ч噺鐨勬穩绮夛紝娣€绮夊湪鍒嗚В杩囩▼涓細浜х敓涓€浜涙皵浣擄紝鑻ヤ竴娆℃€т娇鐢ㄥぇ閲忕殑鑺嬪ご锛屽湪鑳冮噷鍒嗚В鏃朵細浜х敓澶ч噺鐨勬皵浣擄紝寮曡捣鑵硅Thrifty?Mocimochan Cunshuchanqing Jianmeizhengni Jianzui Mo Chancunbihuan Wonuerouji Mocharaoren Zihanfuliang Xikequpin ご Xi Yi ぇ reading Fan  Uu ㄨ Mochancuoshi Mei Shi浼鑷存満浣撳唴閮ㄧ殑琛€娑蹭腑鐨勭硸鍒嗗鍔狅紝鏈轰綋鏃犳硶瀹屽叏娑堣€楋紝鍙兘灏嗗叾杞寲涓鸿剛鑲偍瀛樺湪浣撳唴锛屽紩璧疯偉鑳栥€?The villages are in a hurry, and there are many bees and bees in the air. They are very busy. There are many different ways, such as the most common ones, the best ones, the best ones, the best ones, the best ones, and the best ones.紝瀹规槗寮曡捣椋熺墿涓瘨鐥囩姸銆傚缓璁細鍦ㄧ児楗妺澶存椂鏈€濂介€夋嫨鐢ㄨ捀鐓硶浜嗙児楗紝鑳戒繚璇侀鐗╃啛閫忕殑瀹夊叏鎬с€?銆 佽 妺 澶 村 悆 氶 氭 秭 駦 欦 鬉 爹  妺 澶 村 睘 浜 庣 ⒈ pick ч  鐗 ╋ 纴 峼 峼 峼 匦 錀 焜 焤Awkwardly, the village will be awkward and inspiring, and it will inspire you to win the prize. The prize will be won by you, you will be stupid, and you will be able to slow down and slow down.鑳冮吀鍒嗘硨杈冨皯鐨勬湅鍙嬫渶濂戒笉瑕侀鐢ㄨ妺澶达紝浼氫弗閲嶅奖鍝嶆秷鍖栧姛鑳姐€?The awards in the villages and villages in the villages and villages are not the only ones in the village. The tea villages are in the villages and villages. The villages and villages are in the middle of the world. The villages are new. The village is new.Marriage, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrowWhat’s wrong with you?

[How to make bean sprouts radish soup]_Method_Suggestion

銆愯眴鑺借悵鍗滅礌楂樻堡鎬庝箞鍋氥€慱鍋氭硶_璐村績寤鸿
绱犻珮姹ゆ槸涓€绉嶅埄鐢ㄨ敩鑿滃埗浣滅殑涓€绉嶉珮姹ゃ€傚彲浠ュ崟鐙枬锛屼篃鍙互褰撳仛姘存潵鐢紝缁欓鐗╂彁椴溿€傛兂瑕佸埗浣滀竴纰楃編鍛崇殑绱犻珮姹わ紝閭d箞浠庨鏉愮殑閫夋嫨涓婂氨瑕佷簡瑙i渶瑕佸摢浜涢鐗╄繘琛屾惌閰嶃€傚洜涓哄苟涓嶆槸鎵€鏈夌殑椋熸潗锛岄兘鍙互鐓插嚭涓€閿呯編鍛崇殑姹ゃ€備粖澶╂垜浠潵缁欏ぇ瀹朵粙缁嶄竴涓嬭眴鑺借悵鍗滅礌楂樻堡鐨勫埗浣滄柟娉曪紝甯屾湜澶у鎰熷叴瓒c€傜礌楂樻堡鏄寚涓嶄娇鐢ㄨ倝绫汇€佽泲绫婚鏉愶紝浜︿笉鍚姩鐗╂补鑴傜殑缇庡懗楂樻堡銆傜礌楂樻堡鍙互鍗曠嫭鍠濓紝涔熷彲浠ュ湪鐑归オ鍏跺畠姹ゃ€侀叡姹佸拰鑿滆偞鏃朵綔涓鸿皟鍛虫堡浣跨敤銆備唬琛ㄦ€х殑绱犻珮姹わ細浠ラ鑿囥€佹捣甯︺€侀粍璞嗚娊銆佸嵎蹇冭彍銆佺櫧钀濆崪銆佺帀绫充负鏉愭枡锛屾潵鐔埗楂樻堡锛屽ぇ鑷翠笂鏄€屽崐閿呮潗鏂欎竴閿呮按銆嶇殑姣斾緥锛屽姞涓婂皯璁哥殑鐩愶紝涔熷彲浠ュ啀鍔犱竴鐐圭硸锛堝彇浠e懗绮撅紝鏈€濂戒笉鏀句换浣曞懗绮撅級锛岀啲鐓洓What’s the difference? It’s a simple and effective method that works for you, if you want to use it as an interface.忔椂鍔犱互鍙栧嚭浣跨敤锛屼笉绠$倰鑿溿€佺叜姹ら兘鏄渶浣崇殑璋冨懗鍦e搧銆傝悵鍗滅礌楂樻堡鏄竴閬撶編椋燂紝鍙e懗涓嶉敊锛屽埗浣滅畝鍗曪紝涓昏鏉愭枡钀濆崪銆備唬琛ㄦ€х殑绱犻珮姹わ細浠ラ鑿囥€佹捣甯︺€侀粍璞嗚娊銆佸嵎蹇冭彍銆佺櫧钀濆崪銆佺帀绫充负鏉愭枡锛屾潵鐔埗楂樻堡锛屽ぇ鑷翠笂鏄€屽崐閿呮潗鏂欎竴閿呮按銆嶇殑姣斾緥锛屽姞涓婂皯璁哥殑鐩愶紝涔熷彲浠ュ啀鍔犱竴鐐圭硸锛堝彇浠e懗绮撅紝鏈€濂戒笉鏀句换浣曞懗绮撅級锛岀啲鐓洓灏忔椂宸﹀彸锛屼竴閿呴矞缇庣This is a simple and effective method. It is a simple and effective method. It works in the world. It works in the same way. It’s a cross-talk between the board and the board.绠$倰鑿溿€佺叜姹ら兘鏄渶浣崇殑璋冨懗鍦e搧銆傚師鏂欏嵎蹇冭彍1/4棰椼€佺帀绫?鏍广€佸彛铇?0鏈点€佹按涓庨鏉愭瘮渚嬩负2锛?锛堝嵆鍗婇攨椋熸潗涓€閿呮按锛夈€傚仛娉?銆佸皢鎵€鏈夋潗鏂欐礂骞插噣鍚庯紝鐧借悵鍗溿€佽儭钀濆崪鍒囧ぇ婊氬垁鍧楋紝鐜夌背鍒囨柇寰呯敤锛?銆佸彇涓€澶ч攨锛屽皢鐜夌背鏀惧湪閿呯殑鏈€搴曞眰锛岀劧鍚庢斁鍏ヨ槕鑿囥€佺櫧钀濆崪銆佽儭钀濆崪鍜屽叾浠栬敩鑿滐紱3銆佸ぇ鐏叜寮€鍚庤浆灏忕伀鐓?4 璬 璞 訹 蒹 瓴 員 彍 卍 婙 婃 福 鍨 栨 堡 鍗 冲 囲 劆 傝 則 幨 冨 璁 Easy?銆 丹  姹 や 兡 傛 偛 偛 頳 鍳 鍏 郏 ョ 偣 Tweezers Multiple 戠 殠 殑 殑 殠 霮 眺 鍺 練練 Cun Village ソ 銆?銆 佹  姹 ら 璢 滐 源 麴 銇 撂 鍙  揤 揯 揯 璯 璯 璂 璂 璂 璋 冨 懗 鍗 鍗 彲 劲 銆?銆佹垜鏄敤绱爞鐡︾攧鐓茬殑锛岀渷浜嬨€傚悇浣嶇湅瀹樺彲鏍规嵁鑷繁涔犳儻閫夋嫨鍚堥€傚櫒鍏枫€?

[How to make curry oxtail]_Homemade curry oxtail practice_Curry oxtail practice Daquan_How to make curry oxtail

[How to make curry oxtail]_Homemade curry oxtail practice_Curry oxtail practice Daquan_How to make curry oxtail

In the eyes of many people, you are successful, you are more perfect.

But only you know that you have nothing, because the most important health is gone.

So, what should I do to get back to you who is healthy?

In fact, it can be retrieved from the diet.

So, let me teach you how to make curry oxtail.

1.

Wash the oxtail, add cold water, and soak the bleeding water for 1 hour (change the water in the middle) 2.

Put in a pressure cooker, add enough water, cooking wine, ginger slices, seasonings (star anise pepper cinnamon skin fruit peel, etc.) 3.

After the pressure cooker is aired, continue to press for 30 minutes. After exhausting, remove the cooked oxtail 4.

For a box of curry, take 2/3 and use 5.

Heat up the pan, pour the potato carrot pieces and oxtail pieces together and stir fry evenly. 6

Add fresh water, boil over high heat and simmer for 10 minutes.

Turn off the heat and add the curry. After the curry pieces melt, turn on the heat and cook on low heat for 5 minutes and stir continuously.

Pour in coconut milk, continue to stir and continue to cook to the consistency you like. Thank you for reading this article, and to learn how to make curry oxtail with you, and sharing the food with you is my greatest joy.

[How to make delicious dumplings with fennel stuffing]_How to make_How to make

[How to make delicious dumplings with fennel stuffing]_How to make_How to make

Fennel stuffed dumplings, as the name suggests, is a gourmet dish made by using fennel to prepare fillings and then wrapping the fillings with dough.

Fennel stuffed dumpling is a food that many people like to eat. Of course, in the process of making stuffing, in addition to fennel, other foods can be added to make the dumplings more delicious.

Below, I will introduce several methods for making fennel stuffed dumplings.

One, fennel dumplings 1.

Divide the dough into small pieces and roll into dumpling skins.

2.

Wash the fennel, chop the leaves, chop, chop the meat, and mix thoroughly with all seasonings, then mix the fennel to make the filling.

3.

Each dumpling skin is packed with fillings, put into dumplings, boiled in boiling water until it floats, and repeatedly watered twice to remove it.

2. Fennel stuffed dumplings 1. Wash the Chinese cabbage, cut into fine pieces, pickle with fine salt, squeeze out the water; shampoo mushrooms, dried tofu and cut into fine grains; scoop the eggs into a bowl, add the refined salt and stir into the eggs.liquid.

2. Set the wok on the fire, add the refined oil to heat, pour in the egg mixture and stir-fry. After the pan is left to cool, chop, add Chinese cabbage, shiitake mushrooms, dried tofu and mix well, then add the onion, Refined salt, fennel powder, sugar, monosodium glutamate, sesame oil, etc.

Third, the fennel egg stuffed dumplings must be reconciled before washing the vegetables, because the noodles need time to wake up, add water little by little while mixing the noodles, stir the flour with chopsticks while adding water, and use pure cold water.Add two eggs and add a small amount of salt to avoid sticking when cooking dumplings. Don’t make the noodles too soft. The noodles should be just right. The kneading must be patient. The longer the kneading time, the better the noodles and the taste., Rub it to Sanguang, face light, basin light, hand light, and you’re good.

Beat the eggs, pour the egg liquid into the water, so that the eggs are more tender, cool the pan with hot oil, and the oil can be more appropriate. If the oil is hot, pour in the egg liquid and stir with chopsticks. The egg liquid can be solidified.Turn off the fire, mash it with a shovel, and cool it for later use.

Try cutting up the fennel so that the fennel tastes more intense.

Fennel, eggs, sesame oil, salt, and soy sauce are ready to eat. The filling of fennel and eggs does not need to add too much seasoning. The simplest seasoning can adjust the most fresh flavor. Adding too many seasonings conceals the freshness of the ingredients., Sesame oil can be put more appropriately.

[Does eating cornmeal buns make you fat?]_ Effect_Efficacy

[Does eating cornmeal buns make you fat?]_ Effect_Efficacy

The corn buns smelled of sweet corn flavor and tasted sweet, but unexpectedly the jade noodles contain very little sugar and will not cause weight gain, so people who lose weight can eat them.

In addition, corn noodles have a surplus of glutathione, which is a chemical that can bind to carcinogens and become non-toxic in length. Therefore, it is often treated medically to treat tumors and other swollen diseases. Therefore, eat corn noodles moreGood and harmless.

Corn bread buns are mainly bread made from flour and corn flour.

Protein in cornmeal, protein does not have the ability to form gluten elasticity, poor air holding performance, it needs to be decomposed with flour and can be used to make various fermented snacks.

Cornmeal can be made into nests, silk cakes, etc.

Modern medical research shows that cornmeal is rich in glutathione and trace elements selenium.

Glutathione can be combined with foreign chemical carcinogens in the human body, converted into toxicity, and then replaced by the digestive tract; selenium can accelerate the decomposition of oxides in the human body and inhibit malignant tumors.

Therefore, the anti-cancer effect of cornmeal fish oil can reduce the incidence of colon cancer.

Suitable for cancer patients and the elderly; and habitual constipation.

The head is slower than rice, the former is equivalent to the other 70%, and the sugar content is higher than the rice yield.

Therefore, women who love beauty and want to stay in shape do not have to worry about getting fat from eating buns.

In addition, corn flour is rich in cholesterol-containing unsaturated fatty acids, which has a therapeutic effect on the body’s mild metabolism and headaches, coronary heart disease, arteriosclerosis, and lowering hyperlipidemia.

Suitable for people with cardiovascular disease such as arteriosclerosis, hypertension, hyperlipidemia, coronary heart disease, and those with obesity and mild liver.

In fact, cornmeal buns made from cornmeal are a new type of convenience food that contains almost all the nutrients of cornmeal.

Moreover, the instantaneousness of corn flour buns is not high, about 261 kcal (100 grams), which can meet the energy consumption of the human body as early as possible, and it is not easy to cause excess energy.

Recco Defense (002413): High-quality military-civilian integration company with BIT background pays attention to the acquisition of Hengda Microwave

Recco Defense (002413): High-quality military-civilian integration company with BIT background pays attention to the acquisition of Hengda Microwave
Company NewsCompany Status The company is a high-quality military-civilian integration enterprise incubated by Beijing Institute of Technology. It has a complete industry-university-research system. We sort out the company’s business and update the latest status.  The comment teamed up with North Industries Research Institute of Weapon Industry Group to deepen cooperation around the military 成都桑拿网 “Beidou +”.  The company and Orient Lianxing (North Industries Research Institute of Weapon Industry Group Holdings), Hefei High-tech Construction Investment Group jointly established Northern Recco in April (tentative), focusing on the deployment of military Beidou navigation baseband, RF chip development, and militaryBeidou + “, in-depth cooperation in areas such as military-civilian integration.The company has been deeply cultivating in the field of Beidou for many years, and has developed a series of Beidou-2 military baseband processing chips and complete products, and has won the “Beidou-2 Outstanding Contribution Collective Award” and other honors.With the successful networking of Beidou III, the company will help the industrialization of the initial autonomous controllable chip. We are optimistic about the growth prospects of its Beidou + business.  Actively expand the civilian sector and focus on business progress.The company actively deploys the areas of autonomous driving and ADAS (advanced driver assistance systems), and joins Baidu’s unmanned development platform to form a leading domestic millimeter wave radar product and AEB (automatic emergency braking) automatic emergency braking system.The company took the lead in this field, and participated in the formulation of “AEBS Aftermarket Technical Specifications and Performance Testing Requirements for Commercial Vehicles (T / CSIA001-2019)”, which was officially released and implemented on May 15, 20191.As the penetration rate of AEBS in passenger bus installations continues to increase, we believe that the AEBS aftermarket business is expected to become a new growth point for the company’s civilian products.  Follow the progress of Hengda Microwave’s acquisition.The company headquarters announced that it plans to acquire Hengda Microwave (100% of Xi’an Hengda and 100% of Jiangsu Hengda) to realize the layout of the entire radar communication industry chain.  Hengda Microwave has been in the microwave field for more than 20 years. It mainly involves antennas, turntables, and active and passive device conversion in the radar communication industry, which can form a high synergy effect with the company’s existing business.  Hengda Microwave expects 2019?In 2021, the total net profit will be 40,200,500, 65 million yuan, with a compound annual growth rate of 27%, and the growth will be stable (we expect that this acquisition will increase 2019/20 / 21e EPS 16% / 16% / 17%).  It is recommended to take into account the early termination of the fair incentive plan, adjust the forecast of the expense ratio during the period, and lower the net profit forecast for 2019/2020 by 6% / 8.8% to 1.72 ppm / 2.2.3 billion.The company currently expects to prepare for the P / E test corresponding to 34x / 26x 19 / 20e. We lower our target price by 9% to 7.12 yuan, corresponding to 39x / 30x 19 / 20e pro forma price-earnings ratio, potential increase of 14%.Maintain Neutral rating.  Uncertainty in risk acquisitions; civilian products business was less than expected; uncertainty in military product orders and delivery.

Central Shares (002129): A major breakthrough in mixed reforms All shares of controlling shareholders will be transferred

Central Shares (002129): A major breakthrough in mixed reforms All shares of controlling shareholders will be transferred

This report reads: Tianjin State-Owned Assets will transfer the entire equity interest in Zhonghuan Group, the controlling shareholder of Zhonghuan Co., Ltd., and Zhonghuan Co., Ltd. will promote the transformation of the benefits brought by the mixed reform.

Maintain the “overweight” rating.

Investment 无锡夜网 Highlights: Maintain “Overweight” rating.

Maintain EPS0 for 2019-2021.

54/0.

73/1.

The 09 yuan forecast raises the target price to 21.

90 (+6.

49) yuan, corresponding to 30 times PE in 2020, the reason for the increase is the industry’s estimated hub upgrade.

According to the announcement issued by Zhonghuan, the successive controlling shareholder Zhonghuan Group has notified that Tianjin State-owned Assets Management ① Tianjin Jinzhi State-owned Capital Investment and Operation Co., Ltd. (51%) and ② Tianjin Bohai State-owned Asset Management Co., Ltd. (49%)When transferring the equity of the Central Group, the transfer ratio is 100%, that is, the entire transfer.

After 20 working days of pre-disclosure, it will enter the formal disclosure stage.

The unprecedented level of mixed reforms reflects the resoluteness of mixed reforms.

Zhonghuan Group is the controlling 厦门夜网 shareholder of Zhonghuan Co., Ltd., and also controls 712, Tianjin Pulin and other enterprises.

Tianjin State-owned Assets Co., Ltd. fully transferred the equity interest of Central Group, which has been unprecedented, and it has demonstrated the determination of mixed reform.

We believe that the contribution of an enterprise maximizes profits or equity, and there are more, higher, employment, investment and other contributions. The value of a company’s business improvement may be more important than the contribution of pure control. This is also the promotion.One of the purposes of mixed change.

Zhonghuan is expected to significantly benefit the mixed shareholders and shareholders.

We believe that industries with fierce marketization need more market-oriented mechanisms.

Zhonghuan may be the only state-owned holding company among the core photovoltaic companies, and the rest of the leading companies are private enterprises, indicating that in fiercely competitive industries such as the photovoltaic industry, private enterprises can use their decision-making mechanisms more flexibly to take advantage.

Then after the equity transfer of the controlling shareholder of Zhonghuan Group, if it is a private equity investment, it is expected to be a more flexible mechanism for Zhonghuan shares, and it will be further market-oriented in performance evaluation, which will help to improve the competitiveness of Zhonghuan shares and also help ZhonghuanShare profitability improved.

catalyst.

Non-silicon costs continue to fall, and product expansion has grown significantly.

risk warning.

International trade policy and exchange rate risks in 2020, mixed risks of uncertain changes.

Mei Nian Health (002044): The beginning of the transformation trend is beginning to focus on changes in endogenous growth

Mei Nian Health (002044): The beginning of the transformation trend is beginning to focus on changes in endogenous growth
Incident Mei Nian Health released the third quarter report of 2019, the revenue side was in line with expectations, and the profit side was slightly higher than expected. Reporting facts The company achieved operating income from January to September 201962.80,000 yuan, an annual increase of 7.89%; realize net profit attributable to shareholders of listed companies.91 ppm, an increase of -5 in ten years.46%; From January to September 2019, net profit attributable to shareholders of listed companies was realized2.41 ppm, a ten-year increase of -29.78%. Brief comment on the third quarter of 2019 results have improved, and the trend of steady revenue and profit has initially appeared.The company achieved operating income of the company in the third quarter alone26.4 ‰, an increase of 15 in ten years.58%; the company achieved net profit attributable to shareholders of listed companies in the third quarter.740,000 yuan, an increase of 46 in ten years.8%. We expect that the recovery of the company’s revenue in the third and third quarters is related to the coming of the peak season of medical examinations and the strengthening of brand power brought by medical quality supervision.On the profit side, under the repair of revenue growth, the overall scale effect has improved, and gross margin and management expense ratio in the third and third quarters have improved compared with the same period in 2018.At the same time, the company’s single- and third-quarter 2019 sales expense ratio is about 19.9%, a decrease of about 3 compared with the same period last year.3%, we expect that this trend is related to the company’s recent reform and integration of the sales system. The company’s third-quarter performance is expected to usher in medium-to-long-term growth potential. Actively expanding individual inspections and consolidating the group inspection market are important driving forces for the company to achieve steady and endogenous growth. Substantial changes in business scale (the return of group inspection orders and the development of individual inspections) are stillCurrent tracking focus.Judging from the company’s development stage, it has entered a stable growth period. 杭州桑拿 According to our calculations, the excellent age structure of the store has become an important long-term growth support at present. Profit forecast and investment recommendations We maintain our judgment on the prosperity of the medical examination industry and benefit from the upgrading of consumption. The medical examination has gradually shifted from early group examinations to individual examinations guided by “disease detection and health management”.With the improvement of industry standards and the restoration of trust, the private medical examination sector is expected to usher in improvement.We expect the company to achieve a net profit attributable to the parent company of 9 to 2021 respectively.700 million, 11.8 billion, 14.300 million, the corresponding EPS is 0.26 yuan, 0.32 yuan, 0.38 yuan, corresponding to the 南宁桑拿 current expectations of 51 times, 42 times, and 34 times the estimated P / E.We will follow up on the latest changes in the company and update our judgment.From a long-term perspective, we continue to be bullish on the company’s long-term space and maintain a BUY rating. Risks remind the social doctor-patient risks; medical risks; the expansion of the medical examination center and the off-site replication fall short of expectations; the risk of subsequent operations leading to the gradual expected performance of the business; the risk of the economic cycle of the medical examination group testing business being less than expected; the risk of goodwill impairment;Risk of stock pledge; liquidity risk of lifting restricted stocks; risk of capital needs; risk of setting and increasing plans to anticipate expectations.

Yixintang (002727): Steady growth in performance; profit growth resumes in third quarter

Yixintang (002727): Steady growth in performance; profit growth resumes in third quarter

Yixintang 四川耍耍网 announced the third quarter of 2019 report on October 24, 2019.

The company achieved operating income of 76 in the first three quarters of 2019.

61 ppm, an increase of 15 in ten years.

75%; net profit attributable to mothers4.

84 ppm, an increase of 15 in ten years.

66%; net profit deducted from non-attributed mothers4.

78 ppm, an increase of 15 in ten years.

twenty two%.

The number of stores reached 6,216, with a net addition of 458 in the first three quarters.

In the first three quarters of 2019, the number of stores reached 6,216, a net addition of 458 stores in 2018; of which 247 were added in 2019Q1, 124 in 2019Q2, and 87 in 2019Q3.

Affected by the policy, the number of store replenishment is large.

From a regional perspective, Yunnan is still the main force for store expansion, with a net addition of 226 in the first three quarters, a net addition of 81 in Sichuan and a net addition of 45 in Guangxi.

Profit growth picked up and various financial indicators were stable.

The company’s Q1-Q3 revenue growth rate was 18 respectively.

77%, 17.

00% and 11.

77%; the growth rate of deducting non-attributed mothers was 30.

50%, 2.

25% and 15.

53%, non-profit growth rate rebounded in the third and third quarters.

The company’s gross profit margin for the first three quarters of 2019 was 38.

79%, a decline of 2 per year.

08pct; selling expenses 27.

08%, a year increase 苏州桑拿网 of 0.

11 points; administrative expenses 3.

75%, a decline of 0 every year.

36 points; net margin is 6.

32%, 0 per year.

01pct, the cost rate is well controlled.

Profit forecast: We expect net profit attributable to mothers to be 6-2019.

02 ppm, 7.

0.6 billion, 8.

29 trillion, a year of growth of 15%, 17%, 17%, the company’s EPS for 2019-2021 were 1.

06 yuan, 1.

24 yuan, 1.

46 yuan.

The corresponding PE for 2019-2021 is estimated to be 23X, 20X and 17X.

Maintain the “Highly Recommended” rating. Risk warning: The number of stores opened is less than expected; coupled with the profitability of internal department stores is less than expected; uncontrollable factors appear on the expense side.

Aikedi (600933): Small and medium-sized precision parts of aluminum alloy die-casting faucet cast moat

Aikedi (600933): Small and medium-sized precision parts of aluminum alloy die-casting faucet cast moat

Global layout of aluminum alloy die-casting faucets.

The company’s products are small and medium-sized die castings for automotive wiper systems, automotive transmission systems, automotive steering systems, automotive engine systems, automotive brake systems, etc., following customers (Valeo, Bosch, Knorr, Magna, Denso, etc.The world’s top Tier 1 component supplier) has a global layout and supporting facilities, covering the Americas, Europe and Asia. The regional revenue share in 2018 was 3 respectively.

3: 3.

3: 3.

4.

The lightweight development of automobiles has progressed steadily, with a compound growth rate of 7% over the next seven years, and industry access policies to increase market concentration and nurture leading players.

From 2010 to 2018, the annual consumption of aluminum alloy bicycles increased from 99kg / vehicle to 156kg / vehicle, with a CAGR of 5.

85%.

If the 190 / 250kg / vehicle aluminum target can be achieved in 20杭州桑拿20/2025, the compound annual growth rate will be 7%.

By that time, the aluminum oxide for bicycles will increase from the current 436 to 840 mm, and the corresponding bicycle value will increase from 6,240 yuan / car to 1 million / car.

At the same time, the current access policy of the die casting industry is suspended, and the domestic die castings competition pattern is focused on internal competitors’ games.

The company has excellent profitability and good operating ability.

In 2014-2018, the company’s gross profit margin was 40% (industry 28%), net profit margin was 23% (industry 11%), ROE was 25% (industry 16%), and ROA was 17% (industry 9%).

At the same time, under the lean management, the output value of the company’s unit fixed assets is continuous at the industry level: the company’s fixed asset turnover 无锡桑拿网 rate from 2014 to 20182.

5 times (Industry 2.

2 times); overseas premium customers brought improved receivables, and accounts receivable turnover rate reached 4.

8 times (Industry 4.

0 times).

Four major barriers continue to ensure that the company obtains high gross profit.

(1) “Leaders + core employees” jointly share the upstream and downstream factories in the industry chain, and the system of sharing the hardships and benefits is conducive to the core personnel’s stability and maximum effectiveness; (2) the absolute advantage of invisible champion products.

The company ‘s global cities in small and medium-sized products below 400 grams account for 30% of the replacement, and the products penetrate into global parts platforms such as Valeo, Bosch, and Continental. The gross profit margin of the champion products exceeds 42%. Under the absolute advantage, the company can enjoy highGross profit; (3) The ecological chain factory model of the entire industrial chain layout, with upstream and downstream products including molds, fixtures, melting furnaces, holding furnaces and other products, surpassing beyond the response speed, accuracy and profit.

(4) The information management system builds a “digital factory” and separate production models improve production efficiency.

Using MES / ERP system for advanced lean production, and adopting separate production mode in production plants 1-5 to fully improve efficiency, the per capita output value of 2017-2018 has been changed from 60.

70,000 / person rose to 64.

30,000 / person, raising the target to 900,000 / person in the future.

Cover for the first time and give a Buy rating.

With the company’s fundraising project1.

With the gradual release of 300 million pieces of production capacity in the next 2 years, combined with the marginal recovery of downstream automobile production and sales, the demand for orders has improved.

We expect the company to achieve operating income in 2019-2021.

5, 32.

8 and 40.

200 million, net profit attributable to mother 5.

400 million, 6.

200 million and 7.

600 million, corresponding to an estimated 12 times, 11 times and 9 times.

Taking relative method to estimate, the industry average PE (TTM) is 27 times.

As the company with the first echelon of profitability in the industry, the current 14x PE is 93% undervalued.

In 2019, the average dynamic PE of comparable companies is 17 times, and the company’s PE is expected to be 12 times, with 42% of upside. Core risk: continuous downside risk of industry production and sales