按摩

[How long does it take for steamed buns in induction cooker]_How to steam_Precautions

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寰堝浜洪兘鍠滄鍚冮澶存潵濉ケ鑲氬瓙锛岀壒鍒槸瀵逛簬涓€浜涘寳鏂瑰枩娆㈠悆闈㈤鐨勪汉鏉ヨ锛岄澶存垚浜嗕粬浠棩甯哥敓娲讳腑鐨勪竴绉嶄富椋熴€傝€屼笖棣掑ご鐨勫悆娉曚篃鏈夊緢澶氾紝鍦ㄥ寳鏂逛汉浠悆棣掑ご鐨勬椂鍊欓兘鏄枩娆㈣嚜宸卞湪瀹堕噷鍋氱殑锛岃嚜宸卞閲屽仛鐨勯澶寸浉姣旇緝浜庡闈㈣涓婂崠鐨勬潵璇磋鍔查亾涓€浜涖€傝€屽鏋滄槸鑷繁鍋氱殑璇濆氨闇€瑕佽捀棣掑ご锛岄偅涔堜娇鐢ㄧ數纾佺倝钂搁澶磋澶氫箙鍛?涓€銆佺數纾佺倝钂搁澶磋澶氫箙璋冨埗160掳锛岃捀20鍒嗛挓宸﹀彸鐨勬椂闂村氨鍙互銆備簩銆佽捀棣掑ご闇€瑕佺殑鏃堕棿钂搁澶存椂闂翠竴鑸互棣掑ご鏀惧叆閿呭唴姘村紑鍚?0 闒 掓 間 喁 力 卜 哜 哜 哜 哜 哜 哜 哜 哜 哜 傜 傜 哜 儭 哭 哜 姒 姒 姃 槸 橶 х 椋 椋 確 璏 璏 難 尔 姛 姄 囄  氶 Cui 篃 簮 駕 簈 駃 簈 風 駕勯澶村氨瓒婅捀鐔燂紝鍥犳钂搁澶寸殑鏃堕棿杩樺洜涓洪澶寸殑涓ご澶у皬浼氭湁鎵€涓嶅悓锛屽ぇ棣掑ご涓€鑸椂闂磋闀裤€備竴鑸ぇ灏忕殑棣掑ご澶х害3-4鍏垎鐩村緞锛屽紑閿呭悗鐢ㄥ崄鍒嗛挓宸﹀This is a summary of the following questions: the bees are always out of the question, they are not good enough, they are very difficult to use, they are very difficult to use, they ‘re not easy to use, they ‘re easy to use.岀炕杩囨潵鐢ㄦ墜鍘嬩竴涓嬶紝濡傚脊璧凤紝鍒欑啛浜嗐€備笁銆佺數纾佺倝钂搁澶存楠ゅ鏋滄槸宸茬粡寮勫ソ鐨勯澶达紝鍙渶瑕佸姞鐑紝鍙互鐩存帴鐢ㄧ洏瀛愯濂斤紝鍦ㄧ數纾佺倝閿呴噷鏀句釜鏀灦锛屽姞灏戣姘达紝杩涜鍔犵儹锛屾搷浣滄柟娉曠畝鍗曘€傚鏋滄槸鑷繁寮勭殑棣掑ご锛岄渶瑕佸厛灏嗛潰绮夎皟鍖€锛屾悡濂斤紝鍖呭叆棣呮枡锛屽啀鐢ㄧ洏瀛愯濂斤紝鎸変笂杩版楠ゆ斁鍦ㄧ數纾佺倝涓姞鐑紝閫氬父鍔犵儹鏃堕棿瑕佹洿闀裤€傚洓銆佺數纾佺倝钂搁澶存敞鎰忎簨椤瑰鏋滄槸鏅€氱殑鐢电鐐夛紝鍦ㄨ捀棣掑ご鍓嶉渶瑕佹鏌ヤ竴涓嬬數婧愮嚎鏄惁鏈夋崯鍧忥紝鐢垫簮鎻掑ご涓庢彃搴ф槸鍚︽帴瑙﹁壇濂姐€傚鏋滄病闂锛屽湪閿呬腑鍔犳按锛屽啀鏀鹃澶淬€傝捀棣掑ご鏃讹紝寤鸿鏃堕棿涓嶈澶暱锛屽鏋滄槸鐢ㄩ潰绮夊仛鐨勶紝鍒欐敞鎰忔妸鎺ф椂闂村拰鍔熺巼锛屼互鍏嶉澶村彂涓嶈捣鏉ャ€傜瓑棣掑ご钂稿ソ鍚庯紝涓嶈绔嬪嵆鎵撳紑鐩栧瓙锛岃鍏剁◢寰檷娓╋紝鍐嶅紑鐩栥€傝嫢鏁翠釜杩囩▼鍑虹幇寮傚父鎯呭喌锛屼笉瑕佺户缁娇鐢紝搴旀嫈鎺夌數婧愭彃澶达紝绛夊緟缁翠慨浜哄憳涓婇棬澶勭悊銆?

[Homemade practices of crab stew]Daquan_How to_What method

銆愯瀮锜圭倴姹ょ殑瀹跺父鍋氭硶澶у叏銆慱鎬庝箞鍋歘浠€涔堟柟娉?
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[Do you drink soy milk for breast hyperplasia]_Breast hyperplasia_Soy milk_Can you drink it?

[Do you drink soy milk for breast hyperplasia]_Breast hyperplasia_Soy milk_Can you drink it?

The impact of breast hyperplasia on women is also relatively large. As a common disease, pay attention to scientific treatment. Of course, you can drink soy milk in the diet, which will not cause adverse effects, and soy milk is better for women.of.

1. Breast hyperplasia is a common naming disorder for women, such as common breast diseases, also known as lobular hyperplasia, mammary gland dysplasia, and fibrocystic disease.

Previously known as chronic cystic mastitis, is it good to drink soy milk for breast hyperplasia?

In fact, experts believe that soy milk can be consumed during the treatment of breast hyperplasia and will not affect it.

But the only thing that requires mental and emotional conditioning is not to eat more.

2. In theory, soybean contains soy isoflavones, which is a phytoestrogen, but it is not a big problem if you do not like to eat soybeans too much, because from the perspective of Western medicine, too high estrogen is breast hyperplasia.Root, but the effect of treatment with estrogen inhibition is not very effective, so the theory of traditional Chinese medicine is more appropriate, and then caused by Qi stagnation and liver stagnation, and the treatment of this theory is also very effective.You can eat soy milk and tofu brain normally.

3. In fact, there is no relationship between soy milk and kidneys. Some foreign experts even recommend to eat more soy products and plant protein, which are not exactly the same as those of animals, and are not the same as natural artificial ones. I think soy milk is stillThere is no effect and conflict, but when taking the medicine, there may be some foods that will affect the absorption of the medicine, then separate them, do not take them at the same time, you can drink soy milk at intervals when taking tritylamine.

4. Soymilk does not cause any significant impact on breast hyperplasia cases. There are some cases that need attention, including kidney patients, gout patients, iron deficiency anemia patients, arteriosclerosis, ulcers, low iodine patients, these diseases should eat less beansProducts, severely fasting.

[Can fever eat mango]_Recommended diet

[Can fever eat mango]_Recommended diet

Mango, as a common fruit, is not only sweet and juicy, soft and delicious, but also rich in vitamins and trace elements. After being absorbed by the human body, it will play an active and effective role and is loved by many people.

However, because mango is a hot fruit, it is easy to get angry if you eat too much, and your friend who has a fever just has a lot of heat in it. So, can a mango be eaten by a fever?

Don’t eat mango with fever.

Mango is hot. If you eat too much, it will cause symptoms of fever in the body, but friends who have a fever point out that it is not allowed to eat mango because it will cause a lot of heat to accumulate in the human body due to the fever, and certain measures need to be taken.Dissipate heat, and eating mango will worsen the fever.

At the same time, most people also know that mango is prone to cause allergic symptoms in the human body. When the human body has a fever, the immune system will be reduced, especially for weak friends. After eating mango, it is particularly easy to cause itching or redness.
If you have a fever and allergies, you will be exhausted, which is not good for your health.

Mango also contains a large amount of sugar, and the appetite of the person will decrease during the fever, and because the mango is too sweet, after eating, the object will have a certain feeling of fullness, and it will also easily feel nagging, which further reduces the appetite of the person.It is not good for the human body to absorb food, thereby satisfying their own absorption of nutrients and even causing malnutrition.

So you can’t eat mango with fever.

Friends who have a fever must suppress their desire to eat mango and satisfy their tapeworms after their condition improves.

You can eat more hot fruits, certain bananas, Sydney, etc. during the fever, but also pay attention to the relatively light diet, do not eat too much spicy food, and timely professional treatment.

[Buriat buns’ practice]_Buriat buns’ common practice_Buriat buns’ practice Daquan_How to make Buryati buns

[Buriat buns’ practice]_Buriat buns’ common practice_Buriat buns’ practice Daquan_How to make Buryati buns

Improper diet is the culprit of many diseases, especially stomach problems. Many people now have stomach problems that should be caused by inadvertent diet. Learn some simple dishes and eat a meal comfortably in your own home.The beauty of the world, the practice of Buryat buns is very simple, and people who are interested do not prevent them from learning.

1. Make noodles well in advance. Make sure to warm the noodles and make the noodles softer!

2. It’s best to bring some fatty meat to prepare fresh lamb!

Don’t be too skinny!

Because this filling does not contain vegetable oil!

It all depends on the oil of the meat itself!

So don’t be too thin!

It ‘s not good to put vegetable oil. What you want is the original flavor 3, two onions, chopped, spare, not too crushed 4. The meat must be cut with a knife, not the ground meat, and not minced.Be sure to cut Xiaoding!

It tastes more fragrant like that!

5. Add diced meat, shallots, soy sauce, broth, salt, monosodium glutamate, and thirteen incense and mix well!

6, make the dough, start preparing buns!

7, I made more today, because I want to freeze some more, so that it will be convenient to eat next time, so I still need to master the meat and noodles!

8, go to the steamer, steam for fifteen minutes, the delicious Buryat buns are just fine!

9, people on the prairie prefer natural, original food, so do not need too many condiments, what we eat is the fragrant flavor of lamb!

Eating fast food often is not good for your health and is prone to obesity. The practice of Buryat steamed buns is convenient and healthy. It is recommended to add more vinegar and eat less salt, which is the key to maintaining health.

Shanghai Petrochemical (600688): Mixed operating data in 3Q19; rising VLCC freight rates may weigh on 4Q19 results

Shanghai Petrochemical (600688): Mixed operating data in 3Q19; rising VLCC freight rates may weigh on 4Q19 results

The company’s recent situation Shanghai Petrochemical released 3Q19 operating data: the company’s main product sales and volume have increased sequentially, but in our opinion, the cost of crude oil processing is still high.

We expect 3Q19 earnings to improve to 6-7 trillion qoq, which further validates our point of view when we upgrade the level on August 21.

In the third quarter of 19, sales of major products increased by 6% month-on-month, mainly benefiting from higher operating rates, increased production and improved demand for refined oil.

In addition, we have observed that the company persists in optimizing its product structure to cope with the downward cycle, such as increasing diesel and jet coal production, reducing PX output, while using more ethylene raw materials for the production of epoxy resin and polyethylene, and reducing molecular weight production.

However, the cost of crude oil processing that we are most worried about has not been properly addressed.

According to our calculations, the company’s 3Q19 crude oil processing cost only decreased by 4% month-on-month, while the price of Brent crude oil fell by 10%.

The small increase in costs is mainly due to the significant increase in VLCC freight rates and the narrowing of heavy oil discounts. We expect this may lead to the replacement of expected gross profit of refining and petrochemical products.

Commentary The VLCC freight rate rose sharply or put pressure on 4Q19 results.

We have noticed that since mid-September, global VLCC freight rates have further increased, mainly due to increased geopolitical risks and the United States has sanctioned some VLCC capacity.

According to Clarkson research data, as of October 11, the VLCC freight rate has reached 307,888 USD / day, about 10 times more than a month ago.

We believe that the rising freight rate may cause Shanghai Petrochemical 4Q19 crude oil processing costs to further increase, which will lead to worsening gross profit.

It is recommended to take into account the company’s high crude oil processing cost and squeeze the gross profit of the product. We lower our 2019 profit forecast by 17% to 2.5 billion US dollars and maintain the 2020 profit forecast unchanged.

We lower Shanghai Petrochemical-H / A target price by 7% and 武汉夜网论坛 7% to 2.

5 injections and 4.

0 yuan, corresponding to 0.

8 times and 1.

4 times the 2019 P / B ratio, reaching 9% upside and 5% downside as a whole.

Currently, Shanghai Petrochemical-H / A is trading at 0 respectively.

7 times and 1.

5x 2019 P / B ratio.

Maintain Neutral rating, mainly considering that the market has fully expected the company’s poor profitability, and the company expects the H / A dividend yield to be about 6% and 3%, which aims to provide a margin of safety and gradually expand the limited downside.

Risk oil prices fluctuated sharply; VLCC freight rates rose sharply.

Hailan House (600398): Q4 revenue picks up; main brand same-store stores stabilize; platform brand group prospects look promising

Hailan House (600398): Q4 revenue picks up; main brand same-store stores stabilize; platform brand group prospects look promising

The event company announced its 2018 annual report, which is expected to achieve operating income of 190.

90 ppm, a ten-year increase4.

89%; net profit attributable to mother 34.

55 ppm, a 10-year increase3.

78%; net profit after deduction to non-mother 32.

68 ppm, a decrease of 0 per year.

63%.

The company decided to distribute a cash dividend of RMB 3 for every 10 shares.

80 yuan, a total distribution of 17.

10,000 yuan, plus 0 for share repurchase in 2018.

27 trillion, gradually formulate a cash dividend of 50% of net profit attributable to the mother.

02%.

Brief comment on Q4 revenue has picked up, the main brand rebounded in the same store, and the new brand actively expanded the company’s scale. Revenue increased by 4 as well.

89%, a ten-year growth rate average of 2.

17 pct, mainly because Q2-Q4 was affected by the large consumption environment, the reasons for autumn and winter weather, sales improved, Q1-Q4 revenue growth rate was +12.

2% / + 3.

3% /-6.

1% / + 5.

7%.

The company opened 1181 new stores, closed 300 stores, and opened 881 to 6,673 stores (excluding boys and girls consolidated in 2018Q3).

From the time 天津夜网 point of view, Q1-Q4 opened a net of 68/237/304/272, respectively. Store openings are still concentrated in the second half of the year, and new stores have limited contribution to revenue growth.

From the perspective of type, 244 directly operated stores opened net, mainly new brands and overseas stores opened directly attached stores; affiliated stores and franchised stores opened 637 nets.

At the end of the year, there were over 1,300 shopping malls and malls, accounting for nearly 20%.

Hailan House (main brand HLA + Black Whale) has a net opening of 594 to 5,097 stores, of which Q1-Q4 has a net opening of 20/171/197/206, and direct-operated stores have expanded to 144 to 175.

The total area of shops at the end of the year was 86.

270,000 square meters, an increase of 7 earlier.

76%. At the end of the year, the area of a single store was about 169 square meters, a slight decrease of 4 compared with the earlier period.

4%.

Brand same-store growth was close to 1%, and after a slight margin of same-store growth in 2016 and 2017, it stabilized and rebounded.

The highest brand revenue increased by 2.

62% to 151.

$ 4.4 billion, a growth rate previously budgeted2.

56%, Q1-Q4 revenue growth rate was +9.

5% / + 1.

8% /-2.

6% /-0.

4%, noticeable in the second quarter.

Aijutu’s high-level net opening of 231 to 1281 stores, expansion is still relatively fast.The total area of the shop at the end of the year was 15.

730,000 square meters, an increase of 17 earlier.

53%. At the end of the year, the area of a single store was about 123 square meters, which was slightly reduced earlier.

7%.

The highest brand revenue increased by 22.

68% to 10.

9.8 billion yuan, Q1-Q4 revenue growth rate was +71.

8% / + 97.

5% / + 3.

3% /-19.

4%.

San Keno’s average income increased by 12.

82% to 21.

US $ 2.1 billion, the company opened a new San Keno plant in Henan to ease the problem of previous capacity replacement.

Other brands (Haiyi, AEX, OVV, Hailan Preferred, etc.) have a total of 56 to 295 net stores, of which Haiyi is still the main (close to 200 stores), and the remaining new brands have more than 90 stores, mostly in shopping malls.In the mall.

The company continued to adjust one store in Hainan and actively expanded new brands. Among them, 74 directly operated stores opened and 84 at the end of the year.

The combined revenue of other brands increased by 25 per year.

78% to 3.

7.7 billion yuan.

Looking at the overall channel, offline revenue previously increased by 4 as well.

8% to 175.

880,000 yuan, of which Q1-Q4 revenue growth rate was +9.

1% /-0.

5% /-3.

2% / + 9.

2%, a marked rebound in the fourth quarter.

Online Jingdong, Vipshop will achieve high growth, and began to try to gather social e-commerce and other small red books, so online income increased by 9%.

2% to 11.

51 ppm, Q1-Q4 revenue growth was +9.

1% / + 2.

7% / + 16.

8% /-17.

3%, Q4 growth interruption is mainly due to the company’s active participation in last year’s double eleven efforts.

The gross profit margin expense rate doubled, the inventory depreciation reserve increased, and the investment income increased the company’s comprehensive gross profit margin in 2018 by 40.

84%, an increase of 1.

89 pct, gross profit margin of main brand increased by 3.

The 06 pct led the overall gross profit margin, mainly due to the increase in the proportion of brand non-returnable goods sales, the increase in the proportion of direct sales stores, and the change in the proportion of franchisees.

Expense rate during 2018 (excluding R & D expense rate) 15.

17%, increase by 1 every year.

67 pct, of which the sales expense rate and management expense rate increase by 0.92, 0.

The 11 pcts are mainly for the early cultivation of new brands, which lead to increase in store opening and promotion; financial expenses are -0.

4.0 billion, compared with -1 in 2017.

20 ppm, mainly due to the increase in bond index spending due to the issuance of convertible bonds.

R & D expenses increased by 95.

74% to 0.

In terms of design and development, the company ‘s main brand and San Keno professional wear are jointly developed with suppliers in terms of design and development. The supplier provides design and development resources, and the company shall bear the research and development costs.

While other brands are independently designed by the company and transformed into the cultivation of new brands, there is an increasing demand for design research and development, leading to the goal of increasing research and development costs.

Asset impairment losses in 20183.

8.3 billion, an increase of 202 every year.

97%, mainly due to the increase in provision for inventory depreciation, and the annual increase in inventory depreciation reserves increased by 2%.

4.3 billion.

Overall, the company’s inventory at the end of the year was 94.

74 million, an increase of 11 per year.

55%, mainly OVV, Hailan preferred, AEX and other new brands in 2019 to open store reserves for stocking, and boys and girls consolidated inventory increased.

Clothing chain brand inventory 88.

0.8 billion, of which non-returnable inventory (requires provision for price reduction) accounted for 44%.

The increase in the annual storage price fall reserve is mainly the accrual of the increase in non-returnable inventory for more than 2 years (supplementary accrual 2).

4.2 billion).

At the end of the year, the non-returnable inventory for more than 2 years was raised by a total of 3.

50 trillion, accounting for 93 of its carrying amount.

73%, fully accrued.

Therefore, although the gross profit margin has increased, the increase in the expense ratio and the increase in asset impairment losses have led to a slight decrease in the non-returned net profit of the buckle ring.

In addition, the company’s investment income in 2018 increased by 1153.

9% to 1.

610,000 yuan, mainly due to the transfer of 19% equity of Fast Fashion in July 2018 to achieve an investment income of 70 million yuan, and other disposal of financial assets for disposal gains increased, helping mother net profit to increase.

Net cash inflow from operating activities of the company in 201824.

19 trillion, down 15.

98%, mainly because the new brand opened stores in 2019 for stocking, and non-returnable purchases increased.

Investment income: The company’s main brand remains stable to support the continued expansion of the new brand group in 2019, which will contribute to income, coupled with the positive effect of income reduction on substitution, and the consolidation of boys and girls to increase income (2018)(Consolidated table Q4), it is expected that revenue growth in 2019 will reach 5%.

After the rapid expansion of Ijutu in the past few years, this year’s store opening has stabilized. Based on the stable profitability of the old store, this year is expected to achieve overall profitability.

The company gradually exported management capabilities to the supply side, expanded the core supplier team, stable expansion of Southeast Asian stores, good operating efficiency, unchanged new directions for new retail exploration, leading platforms, cost reduction and efficiency enhancement to improve the moat.

At the same time, the first / second repurchase plan in the five-year dividend plan will continue this year.

We expect the company’s net profit attributable to mothers to be 38-2019.

07 billion, 40.

20 trillion, EPS is 0.

85 yuan / share, 0.

89 yuan / share, corresponding to PE is 11.

5 times, 10.

9 times, as the MSCI large-cap stock index, enjoy foreign liquidity premium expectation, maintain “Buy” rating. Risk factors: Inadequate development of new brands; sales of major brands continue to slow down; decline in sales rate leads to increased risk of inventory falling prices.

Focus Media (002027) Tracking Report: Can the One Year Tracking Data Analysis Performance Convert?

Focus Media (002027) Tracking Report: Can the One Year Tracking Data Analysis Performance Convert?

Key points of the report: Analyze the tracking data: The focus of the online publication changed from strong to weak, and the trendy online publication was slightly better than expected. The in-depth tracking report of November 2018 has sorted out the company and the trendy national points. This analysis has tracked since March 2018.1) The number of online publications on the affiliate network in 2018 is very strong. The number of online publications on the affiliate network A1 reached about 26, but it began to improve in 2018Q4, and it is more obvious after entering 2019, and there is no possibility of significant recovery for the time being; 2) From the perspective of the exposure of the network, traditional advertising accounts for half, and 30% of the venture capital advertising. In 2018, half of the TOP10 online magazines are new brands (venture investment advertising); 3) After entering the network innovation in 2019,投类广告数量下滑,传统类广告无法弥补,且新增的A3\A4 两套联播网无明显增量收入贡献。In addition, the rate of publication on vertical screens of benchmarking companies is average (about 8 publications), and the contribution of Ali’s cooperation derivative is not obvious.

  Judging from the trendy point-to-point publication data, the number and quality of 南京桑拿网 publications are better than expected, and some of the advertisements are in the same category as the niche, and there is a phenomenon of snatching the budget of the media advertising.

In the dark, can the performance of Focus Group be reversed?

  1) From the perspective of cost, 2018Q2 to 2019Q2 is the peak period of cost growth for decades. The company’s counter-cyclical expansion has slowed down. The cost in the later quarters is relatively fixed, and the focus of performance is shifting to revenue generation. 2) From the perspective of revenue, the inventory pointThe publication rate in 2018 is high, and the base is large enough. In the short term, the loss of new brands and the lack of traditional brands, and the risk of shifting from the existing point revenue, can restore revenue but not increase revenue.

The increase depends on the publication of supplementary points. Although the value of the channel of the ladder has not changed, the advertiser’s budget allocation is relatively stable, and the income generation and climbing period of the new point has been lengthened.

From the point of view, the stocks are sloping downwards and increasing the points to generate income and the climbing is prolonged. At this point of time, we believe that the revenue in 2019 will be mainly stable.

3) Data monitoring return is the key to the upgrade of media, which helps to grab advertising budget and raise prices.

Investment advice and profit forecast The company’s channel value has not changed, but short-term publication is insufficient. Hedging of rigid costs is not enough. Short-term performance is under pressure, waiting for the publication to pick up.

We have slightly revised down the company’s performance forecast. It is expected that the company’s revenue for 2019-2020 will be 144.

9.5 billion, 165.

7.4 billion (formerly 157.

04 billion, 172.

1.6 billion) and net profit was 44.

900 million, 55.

1.4 billion (previous value was 51.

35 billion, 60.

1.3 billion), EPS is 0.

31 yuan, 0.

38 yuan (previous value was 0.

35 yuan, 0.

41 yuan), corresponding to the current expected PE of 22 times, 18 times, taking into account the performance of the company’s supplementary points brought about by the space, in 2019 the company was given a 20 times PE target, downgraded to “hold”.

Risks suggest that the company’s overall channel point publication rate is insufficient, and revenue growth is slower than expected; market competitors continue to rob the market of their ability to improve.

Wanrun shares (002643) in-depth report: OLED finished material breakthroughs soon

Wanrun shares (002643) in-depth report: OLED finished material breakthroughs soon

The report reads that the liquid crystal materials business is expected to increase steadily, and the OLED finished materials are expected to achieve breakthroughs; the built-in environmental protection materials are highly deterministic; the large health industry is going international.

The investment trend of LCD large size is clear. The liquid crystal material business is expected to stabilize and increase. The company’s liquid crystal material business has strong global competitiveness. The global market share of high-end TFT liquid crystal monomers is more than 15%. It has maintained stable cooperation with the three international mixed crystal giantsrelationship.
At present, the large-screen display market is still replaced by LCD, the application of new technologies such as HDR and quantum dots, and the trend of large-scale display. Liquid crystal materials will still become important substitutes. It is expected that the liquid crystal materials business of several companies is expected to maintain steady growth.

The OLED materials business has a bright future, and the finished materials are expected to achieve breakthroughs. The company’s OLED materials business is leading the way. The OLED display has excellent performance, and its application scale in the field of small-sized displays continues to expand, especially in mobile phones and other terminals. High-speed penetration is expected. The global OLED material market is expected.The scale will maintain a growth rate of about 20% and reach 20 in 2022.

$ 500 million.

The company laid out the OLED material industry chain earlier and maintained growth through the company’s OLED material business. At the same time, its OLED finished materials with independent intellectual property rights have entered the batch verification stage of downstream manufacturers to achieve breakthroughs.

The beneficiary country six standards are implemented. The company has a built-in environment-friendly material with a high degree of certainty. The company’s existing environment-friendly material production capacity is 3350 tons / year, which is basically full production and sales. The capacity under construction is 2,500 tons / year.In-depth cooperation with downstream customer Johnson Matthey, the product volume is highly certain.

With the gradual improvement of the National Six emission standards, the demand for domestic built-in molecular sieves will open. In order to respond to the growth of domestic and foreign market demand, the company plans to build new production capacity of 7,000 tons / year, of which 4,000 tons / year is for high-end vehicle fillingThe continuous release of new production capacity will lead to the company’s growth foundation.

The acquisition of the American MP company and the promotion of the internationalization of the large health industry. The company has for many years pioneered the development of the medical field and the storage of medical technology, which has laid a good foundation for the development of the large health business.The field of diagnostics 上海夜网论坛 has further opened up the international market, and at the same time effectively promoted the coordinated development of the three major business segments.

As the global pharmaceutical market continues to grow rapidly, the company’s great health business has great potential. In the future, the company will gradually expand its pharmaceutical product line and realize the rapid development of the great health industry.

Profit forecast and forecast The company has deeply cultivated the display material industry, making continuous breakthroughs in the new generation of display material OLED field, and at the same time, the environmental protection material business strives to maintain steady growth.
In 2020, the company’s net profit attributable to the mother will be 5, respectively.

3 billion, 6.

500 million, an increase of 19 each year.

3%, 23.

3%, the current sustainable corresponding PE is 19 times and 16 times respectively.

Covered for the first time, giving “overweight” rating.

Risk warning 1. The product sales are lower than expected; 2. The exchange rate has increased sharply; 3. The new project has been put into production less than expected.

Huangshan Tourism (600054) 2019 Third Quarterly Report Review: Falling Tickets Overlap Non-recurring Profit and Loss Decreasing Net Profits “Second Entrepreneurship” Steady Progress

Huangshan Tourism (600054) 2019 Third Quarterly Report Review: Falling Tickets Overlap Non-recurring Profit and Loss Decreasing Net Profits “Second Entrepreneurship” Steady Progress
Key points of the report Description of the event The company announced the third quarter report of 2019: The report reports that the company has achieved operating income12.$ 3.9 billion / + 4.08%, realizing net profit attributable to the parent company3.3.6 billion / -20.16%, the net profit attributable to the parent company3 was realized.20ppm / -3.90%; of which the operating income in the single third quarter was 5.10 ppm / + 0.47%, realizing net profit attributable to the parent company1.68 ppm / -16.88% of the net profit attributable to the parent company1.5.7 billion / -9.02%. Incident reviews Passenger traffic grew steadily, but declining tickets dragged down revenue growth.After the opening of the Hangzhou-Huangzhou high-speed railway, the company’s passenger flow maintained a steady growth. According to data from the Huangshan City Statistics Bureau, Huangshan Scenic Area received 243 tourists from January to August 2019.930,000 person-times, an increase of 9 in ten years.However, due to the influence of policies, the peak and peak season tickets will be replaced by 230 yuan from 190 yuan on September 28, 2018, which will drag down the single-quarter quarterly performance growth. Expenses increase, investment income decreases and net profit is affected.The overall investment income affected by the disposal of Hua’an Securities stocks during the same period last year was 1.1.6 billion, and investment income has decreased by 89 this year.33% drag on apparent performance.The gross profit margin increased slightly by the increase in passenger flow.16pct to 57.29%; period expense ratio increased by 1 driven by sales and management expenses.14pct led to deduction of non-net profit diaphragm.Separately, the overhead cost rate increased by one.44pct, the company strengthened marketing and promoted an increase in sales expense ratio.81pct, while reducing the financial expense ratio by 1.11pct was mainly caused by the loan to Lancheng Town to obtain interest income and increase in deposit interest. The second venture is progressing in an orderly manner as planned, and we look forward to a consensus on the development strategy.1) Funded projects put into operation: Hefei store in Huishang’s hometown opened, boutique mountain hotel trial operation; 2) Breakthrough in emerging businesses: Saifu Fund renewed 15 investments, Huangshan tourism official platform was fully launched, and the first new retail stores completed internalDecoration; 3) The environmental improvement of Beihai Hotel is progressing in an orderly manner, the renovation and demolition of the Paiyun Building and the civil works are basically completed; 4) The Huashan Mysterious Cave Scenic Spot Enhancement Construction Project is steadily progressing. Profit forecast and investment advice: The company has obvious geographical advantages. After the opening of the Hangzhou-Hangzhou high-speed railway, it has entered Hangzhou and Hefei “1.5 Hour Economic Circle “, Shanghai” 2.The five-hour economic circle “; meanwhile, the company focused on the three goals of deep cultivation of the Yangtze River Delta, expansion of medium and long distances, and entry into overseas markets, and the impact of ticket price reductions, and the company ‘s passenger flow gradually increased.Person-times.The company’s EPS for 19-21 is expected to be 0.58/0.63/0.69 yuan, the current corresponding estimates are 16/14/13 times, maintaining the “overweight” level. Risk Warning: 1. The 南宁桑拿 impact of ticket price reductions and passenger flow growth exceeded expectations; 2. The progress of the new project was less than expected.