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Zoomlion (000157): 2019 first quarter report predicts that excess profits are expected to be released and the verification continues

Zoomlion (000157): 2019 first quarter report predicts that excess profits are expected to be released and the verification continues

Event: Zoomlion announced its performance forecast on April 8. It is expected that net profit attributable to mothers will be about 8 in the first quarter of 2019.

5-10.

50,000 yuan, an increase of 125 in ten years.

61% -178.

69%; basic profit income is about 0.

11 yuan-0.

13 yuan.

Comments: The forecast of the first quarter of 2019 results exceeded expectations, and the excessive release of profits continued to be verified.

Construction machinery industry 成都桑拿网 continues to pick up: 2019M1-2, of which car cranes, truck cranes, and crawler crane sales were 5784/2430/278 units, + 58% / 14% / 32% each time; 2019M3, Pangyuan leased tons of metersThe rate reached 71.

4%, +2 from the same period last year.

8pct; mobile cranes and concrete machinery are at the peak of demand, which is in line with our prediction of prosperity.

Increase in core product market share: 2019M1-2, Zoomlion Heavy Duty car crane sales of 1,496 units (+ 111%), market share reached 25.

86% (+ 6.

45pct).

Excessive release of profits continues to be verified: In the first quarter of 2019, the company announced that the growth rate of purity profit of mothers and mothers reached 126-179%. Based on the basic clearance of mobile phones and legal aircraft in 2018, the profit elasticity further appeared and the company’s profitAbility to step up again.

The “Zhonglian Smart Industry City Project Framework Cooperation Agreement” signed with the Changsha Municipal Government accelerates the intelligent transformation.

The company’s next-generation products revolve around the “Internet + Intelligent Manufacturing” strategy to achieve simultaneous improvement of R & D and manufacturing, production management and marketing services. The company is in research / offline in 20184.

0 products have reached 29/14 models, with a number of technical levels leading the world.

On April 1, 2019, the company announced that it would cooperate with the senior government of Changsha City on the “Zhonglian Smart Industry City Project Framework Cooperation Agreement”, aiming to build a “Zhonglian” integrating high-end equipment intelligent manufacturing bases and artificial intelligence research and application bases by 2022.”Smart Industrial City”, we believe that the construction of the Industrial City is expected to enhance the company’s product technological strength and manufacturing capabilities, and provide alternative assistance for domestic market competition and overseas market expansion.

The core main business will still have demand elasticity in 2019, and its incremental business strategy is clear.

Core business: The three factors of infrastructure stimulus + environmental protection drive + life update are co-driven. We believe that the company’s mobile crane and concrete equipment revenue in 2019 will still account for about 15% of its elasticity. In 2018, the historical burden of mobile phones and legal aircraft was fully cleared.On the basis of this, profits are expected to be released in excess.

Incremental business: The policy boosts the proportion of prefabricated buildings and boosts the demand for large-scale PC towers. Zhonglian is an industry leader with pricing power. We believe that tower crane revenue contribution in 2019 is expected to exceed 2 billion.

The company restarted the excavator business and is expected to form a production capacity of 5,000 units in 2019. Considering the excavator market competition and the company’s sales channel restrictions, we think the excavator’s 2019 performance contribution is expected to be around 12 trillion.

The domestic AWP is still in the industry introduction period. The company is actively deploying the AWP market, and future growth is expected.

Cutting-edge sector: The company has further streamlined its product line, adjusted its product structure, accelerated its intelligent layout, and implemented strict cost management. The agricultural machinery segment is expected to continue to narrow, and the turning point for agricultural machinery performance is expected.

Estimates and grades: Maintain profit forecast and maintain “overweight” grade.

The company’s historical baggage has continued to improve and risks have been effectively cleared. Strategic return to the main business of construction machinery, construction cranes, and concrete equipment will still reduce revenue and profit elasticity in 2019. Tower cranes, excavators and AWP are committed to providing continuous growth momentum, and the agricultural machinery business is expected toContinue to reduce losses.
Maintaining profit forecast, the company is expected to realize net profit attributable to mothers in 2019/2020/202126.

40/30.

07/28.

360,000 yuan, corresponding to EPS0.

34/0.

39/0.

36 yuan, corresponding 淡水桑拿网 to PE15 / 13 / 14X, considering that the company’s cash flow continues to improve, profits can still be flexible, giving 17 times PE in 2019 with a target price of 5.

78 yuan, corresponding to about 14% growth space.

[How to make big chili meat dumplings]_How to make_How to make

[How to make big chili meat dumplings]_How to make_How to make

In everyday life, dumplings are a very delicious dish, and they are easy to make, so they are very popular.

However, the ordinary dumplings are usually cabbage pork or other common vegetables, which can be tedious, and occasionally, the large pepper group meat dumplings will find this combination very delicious.

The big pepper is a relatively tender dish this season, and the dumplings wrapped with meat filling are very delicious.

Want to know how to make big chili meat dumplings?

Let ‘s take a look together.

Tools / raw meat stuffing (1 lb) small cabbage (1 da) big pepper (2) white noodles (750g) oil 1 spoon salt 3 g pepper noodles 1 g pepper noodles 1 g soy sauce 1 spoon MSG 1 g onion 1 segment ginger 1 piecePut 1/7 meat into the pot, add oil and salt, soy sauce, pepper noodles, pepper noodles, onion and ginger, MSG, and stir clockwise.

2/7 white noodles are turned into dough to wake up for half an hour, 3/7 cabbage is picked and washed with boiling water, removed and chopped into pieces, dried, and put into the meat. 4/7 peppers are cut into pieces and driedMoisture, add all the ingredients in the meat filling 5/7 and mix well. Mix the ingredients under the 6/7 dough and roll into the dumpling skin. Be sure to use the tincture by hand.

Because if you practice a lot of times, this method is very uniform, I’m afraid that it will be easier to roll out into a thick middle and thin surrounding.

This is the authentic look of dumpling skins, not the kind of dumpling skins bought, which are all the same everywhere.

The dumpling skin is the same thick everywhere, and the dumplings made should be said to have lost the original shape of the dumplings, which are similar in shape but have been rolled out by hand to reflect the wisdom of the Chinese people.

Packed 7/7, boil water, boil 3 times and you can eat dumplings from ancient times.

The original name of Jiaozi was “Jiaoer”. According to legend, it was first invented by the national medical doctor Zhang Zhongjing. It has a history of more than 1,800 years.

It is a traditional specialty food experienced by the Chinese Han people. It is also called dumplings. It is a staple food and local snack in northern China. It is also a New Year food.

Some people say that folk songs are called “Dahan Xiaohan, and eat dumplings for Chinese New Year.

“Dumplings are mostly made with boiled dough and boiled.

There are movies of the same name.

In addition, dumplings, a health food with Chinese characteristics, have entered the world and are loved by people all over the world.

During its long development process, dumplings have many names. In ancient times, there were names such as “Dao Wan”, “Bian Shi”, “Dumpling Bait”, “Fang Jiao” and so on.

The score of the Three Kingdoms period was “Crescent Moon”, during the Southern and Northern Dynasties, it was called “馄饨”, the Tang Dynasty called the dumplings “偃月 形 馄饨”, the Song Dynasty became “Jiaozi”, the Yuan Dynasty was called “Bianshi”; the Qing Dynasty was called “Dumpling”.

[How to cook wonton_How to make wonton]

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[Efficacy of fried sea chrysalis]_May_Benefits

銆愮倰娴疯灥铔稿姛鏁堜綔鐢ㄣ€慱鐩婂_濂藉
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Haitian Flavor (603288): 1Q19 revenue and profits continue to grow steadily and strongly

Haitian Flavor (603288): 1Q19 revenue and profits continue to grow steadily and strongly

1Q19 results slightly exceeded expectations. Haitian Flavor announced its 1Q19 results: operating income 54.

9 trillion, ten years +16.

95%, net profit attributable to mother 14.

800 million, +22 a year.

8%, continued steady and strong growth, the growth rate exceeded the budget financial budget growth target, and the performance slightly exceeded expectations.

Development trends It is expected that the three major categories will maintain double-digit growth in 2019.

We expect the growth rate of categories in 1Q19 companies to be close to 18 years. It is expected that in 2019, the growth rate of soy sauce will be 10-15%, the growth rate of oyster sauce will be 15-20%, and the growth rate of sauces will be more than 10%. Other categories such as cooking wine, vinegar, etc.It also maintained double-digit growth.

18 years is the adjustment year for the company’s sauces. We expect that in 19 years, with the increase in specifications of old products and the launch of new products, it is expected to regain growth momentum.

It is expected that the company will continue to expand the multiple resonance mode of “channel-product-channel” in 19 years.

In terms of capacity, the company will pass the second phase of the construction of the Jiangsu base and the expansion and transformation of the Gaoming base, which will form the basis for the “three five” target.

Brand and channel strategies continue, and profit margins will remain high.

The company’s gross profit margin in the first quarter of 19 was 45.

8% year-on-year decline over the minimum amplitude, we judge that in addition to seasonal changes, possible reasons include: 18 years after the full release of investment project capacity began to increase technical reforms, increasing depreciation has a short-term impact on costs,Periodically affected the gross profit margin, the gradual increase in the price of replenishment and packaging materials has a certain degree of impact on procurement costs.

At present, the company temporarily has no direct price increase plan, and the prices of soybeans, the main raw material, are now steadily decreasing.

The sales expense ratio in the first quarter of 19 decreased year by year.

At 2ppt, we expect to reach a level of 13%. The company will continue to strengthen its brand power through the sponsorship of celebrity products on the mainstream satellite TV platform and the web variety platform head variety show.

In terms of cash flow: The cash received from sales of goods has a high degree of matching with the pre-receipt growth rate. The decrease in net operating cash flow was mainly due to the increase in raw material procurement expenditure in 1Q19 淡水桑拿网 +39.

5% results in an annual increase in operating cash flow expenses.

In addition, the decrease in advance receipts compared with the previous 4Q18 was mainly due to the fact that the dealers prepared goods and paid in advance for the Spring Festival earlier than one year in 4Q18, and the advance receipts at the end of 1Q19 returned to normal.

Earnings forecast remains at 19/20 EPS1.

93/2.

29 yuan unchanged.

It is estimated to correspond to the current expectation of the proposed company at 45/38 times P / E for 19/20. At present, it has once again risen to near our previous target price. We are optimistic about the company’s long-term fundamentals and combined with the sector’s estimation of the center move up, continueIncrease target price by 10% to 96.

1 yuan, corresponding to 42 times P / E in 2020, compared with the current expectation of 11%, maintaining the recommended level.

Risks Macroeconomic fluctuations, changes in catering demand, fluctuations in raw material costs, food safety incidents.

Sinotruk (000951): Outstanding Revenue Outperforms Industry Growth Performance Elasticity Advances Continuous Release

Sinotruk (000951): Outstanding Revenue Outperforms Industry Growth Performance Elasticity Advances Continuous Release

The 1Q19 results were in line with expectations. Sinotruk announced the 1Q19 results: revenue of 115.

30,000 yuan, an annual increase of 24.

8%, an increase of 25.

9%; net profit attributable to mother 3.

100 million, an increase of 60 in ten years.

5%, an increase of 79 from the previous month.

5%.
武汉夜生活网

In line with the performance forecast interval issued by the company’s air force.

Development trend Revenue significantly outperformed the industry growth rate, and cost reduction and efficiency improvement have achieved remarkable results.

The company’s 1Q revenue grew 24 in ten years.

8%, while the cumulative growth rate of heavy truck industry sales is only 0.

The company expects to outperform the industry growth rate. We believe that mainly due to the expansion of the company ‘s construction vehicle advantages, 1Q sales are expected to reach a growth of more than 20%, and the market share has increased.It has also grown.

Under the prominent effect of scale, the decline in the price of raw materials and the effective control of the company’s costs, the company’s gross profit margin reached 9.

2%, the same, 四川耍耍网 an increase of 0 from the previous month.

41ppt, 1.

95ppt, three charges are effectively controlled, the same, the chain length is 0.

86ppt, 0.

8ppt to 4.

3%.

Inventory turnover accelerated, and operating cash flow was dragged down by a surge in accounts receivable.

In the peak sales season, the company’s inventory turnover days decreased significantly, from 94 days in 1Q18 and 68 days in 3Q18 to 51 days, but due to the company’s receivables surged 21.

800 million US dollars, making the company’s operating cash flow a net overlap2.

US $ 400 million, we believe that it was mainly due to the increase in April and the adjustment of the scheduled payment cycle, and the downstream refitting plant was invoiced in advance.

Looking forward, the company’s performance elasticity is expected to continue to be released, and the industry benefits from the accelerated elimination of National III.

Since the company changed its management, a variety of internal reform measures have been implemented. We expect that the company’s performance flexibility will continue to be released along with the deepening of reforms, especially in the reduction of expense ratios and the decline in procurement costs.

In terms of industry, 2Q’s heavy truck sales remained stable under the pull of infrastructure construction, and then gradually benefited from the accelerated elimination of National Three, so heavy truck sales are expected to reach 1.1 million.

Earnings forecast We maintain our 2019 / 20e earnings forecast12.

600 million / 13.

6 trillion is unchanged.

Estimates and recommendations Companies currently sustainably correspond to 19/20 years9.

9/9.

2 times P / E, maintaining the recommended level. Due to investors’ contraction of the tightening of monetary funds, cyclical stocks are fully under pressure.Target price is reduced by 7% to 25.

4 yuan, corresponding to December 19/20.

5/12.

5x P / E, 37% room compared to current expectations.

Risk heavy truck sales were lower than expected.

Zhongshun Jierou (002511) commented in the third quarter of 2019: downside costs, profit exceeded expectations, operating cash flow improved significantly

Zhongshun Jierou (002511) commented in the third quarter of 2019: downside costs, profit exceeded expectations, operating cash flow improved significantly

2019H1 revenue was in line with expectations, and profits exceeded expectations in the first three quarters of 2019, and the company achieved operating income of 48.

20,000 yuan, an increase of 18 in ten years.

1%; net profit attributable to mother 4.

380,000 yuan, an increase of 39 in ten years.

96%.

The company’s revenue was basically in line with our expectations, and net profit growth exceeded our expectations.

Benefiting from the channel performance brought by the decline in pulp prices and good product power, the company achieved a gross profit margin of 41 in the single quarter of 2019Q3.

38%, an increase of 4 over the first half.

69%.

The repayment of bank borrowings led to financial expenses of 26 million yuan in the first three quarters, a decrease of 30 million yuan from 2018, which led us to expect.

Benefiting from the increase in gross profit margin and effective cost control, the company’s net profit margin for the first three quarters of 2019 was 9.

08%, which is 0 higher than the middle report.

42%.

The company’s cash flow has actually improved, and the company has achieved significant net cash inflows in the first three quarters of its operating cash flow through significant improvements in its debt structure.

39 trillion, mainly due to an increase in the payment received and a decrease in payment for payment materials.

As of September 30, 2019, the company’s interest rate denied that the scale was only 86 million, a decrease of about 3 compared with the end of 2018.

3.4 billion.

The interest-bearing asset-liability ratio has fallen to its lowest level in recent years1.

4%.

Strong cash flow and low resistance can ensure the company’s future capacity expansion and new product layout.

We believe that the breadth of the tissue industry has increased, and the logic of product upgrades and volume and price growth will continue for a long time.

It is optimistic that the company can continue to improve its product and channel competitiveness and drive stable growth in performance.

The sustainable adjustment brought about by short-term market differences may create suitable possibilities for long-term investors.

Maintaining profit forecast and “Buy” rating Considering that the company’s financial expenses are lower than our expectations, 西安耍耍网 we slightly increase the company’s profit forecast.

It is expected that the revenue for 2019-2021 will be 69.

13, 83.

20 and 98.

76 ppm, with a one-year growth rate of 21 respectively.

7%, 20.

4% and 18.

7%; net profit is 5.

63, 7.

57 and 8.

64 ppm, with annual growth rates of 38.

3%, 34.

6% and 14.

1%.

The company’s closing price was 13 on October 23.The predicted PE of 63 yuan for 2019-2021 is 31.

1X, 23.

1X and 20.

3 times.

Maintain “Buy” rating and 14.

0?
14.

A reasonable estimation interval of 6 yuan.

Risks suggest that the company’s capacity expansion and product sales are worse than expected; the growth of wood pulp prices and the RMB exchange rate will seriously affect the company’s profitability.

Zhejiang Meida (002677): Q3 growth trend is good, net profit margin continues to rise

Zhejiang Meida (002677): Q3 growth trend is good, net profit margin continues to rise

The company released the report for the third quarter of 2019. In the third quarter, the revenue end increased by 18%, and net profit attributable to mothers increased by 20%.

In the first three quarters of 19, the company realized revenue11.

42 ppm, an increase of 22 in ten years.

38%.

Realize net profit attributable to mother 3.

4.0 billion, an annual increase of 23.

12%; of which in the third quarter, a single quarter achieved revenue4.

380,000 yuan, an increase of 18 in ten years.

05%, to achieve net profit attributable to mother 1.

22 ppm, an increase of 20 in ten years.

37%.

The company’s Q3 single quarter continued Q2 growth momentum, and the single quarter net profit margin continued to rise.

Gross sales rate increased, and net profit margin continued to rise in the single quarter.

The company’s Q3 single quarter gross margin reached 50.

85%, a decrease of 0 every year.

68 points, the gross profit level in the first three quarters was 52.

46%, an increase of 1 per year.

14 points.

Q3 single quarter sales expense ratio reached 10.

00%, down by 1 every year.

41pct, combined with gross profit margin and sales expense ratio, Q3 gross sales rate has improved.

Q3 single quarter management expenses 4.

75%, a decline of 0 every year.

20pct, financial expenses cost -0.

33%, 0 per year.

14 points.

The company’s R & D expenses in the first three quarters amounted to 35.33 million yuan, an increase of 47%, and the R & D efforts continued to increase. In the end, Q3 single-quarter net profit was 27.

91%, a year to raise 0.

54pct, profitability continued to increase, leading to an increase in the overall net profit margin in the first three quarters of 0.

16pct, which is 26.

66%.

Diversified channels continued to advance, and new production capacity was gradually released in 19Q4.

The company adheres to the diversified development of channels. The distribution channels, KA channels and e-commerce channels have been promoted simultaneously. In the first half of 2019, 70 first-tier dealers and 300 terminal stores were added. As of the end of June 2019, it has 1,400 first-tier dealers.There are 2,500 terminal stores. In terms of KA channels, the company continued to cooperate with Red Star Macalline, Actually Home, Gome, Suning, etc. The number of KA channels opened in the first 佛山桑拿网 half of the year reached 100, and we judge that its KA layout will continue to be promoted in the second half.

At the same time, the company continued to strengthen its priority in production capacity. The 1.1 million projects have been completed in 19Q3. The new production capacity in 19Q4 is expected to be gradually released.

Investment advice and profit forecast: The company will continue to prioritize production capacity and strengthen the industry’s leading system. As a leader in the integrated stove industry, we believe that the company will continue to benefit from increased industry penetration in the next 3-5 years.

At the same time, the company continued to strengthen the promotion of diversified channels, increased the layout of KA channels and e-commerce channels, and laid a good foundation for long-term brand and channel barrier advantages.

We expect the company’s EPS in 19-21 to be 0.

71.0.84 and 0.

99 yuan, an increase of 21 a year.

4%, 18.

9% and 17.

8%.

Considering that the integrated stove industry is still in a period of rapid penetration, and the company’s industry leader is vertically stable, it is given an estimate of 20-25xPE for 19 years, with a reasonable value range of 14.

20-17.

75 yuan, maintaining the “primary market” rating.

risk warning.

The competitive landscape has deteriorated, and industry penetration has fallen short of expectations.

Nasda (002180): The whole industry chain is steadily playing multi-business and borrowing capital to take off

Nasda (002180): The whole industry chain is steadily playing multi-business and borrowing capital to take off
Core viewpoints: 1. Leader in the printer industry, with stable and good business performance. As a leading printer encryption SoC chip design company in the global industry and a leading company in the global general consumables industry, it is the first company in China to realize the layout of the entire printing industry chain.Capable of R & D of chips, production of consumables, design and manufacturing of printers, covering the entire printing industry chain.The company achieved revenue of 213 in 2017 and 2018, and in the first half of 2019.2.4 billion, 219.2.6 billion, 107.7.9 billion.In the future, benefiting from the release of the company’s internal integration and synergies, the company’s operations are expected to continue to improve. 2. Integrated circuit business: Steady growth in performance, mainly promoting the “printer + chip” model. The global semiconductor industry has maintained steady growth, the internal integrated circuit industry has maintained rapid growth, continued to maintain the world’s leading growth momentum, and has become the fastest growing market in the global marketArea one.In December 2014, the National Integrated Circuit Industry Investment Fund refused to invest nearly 5 million to subscribe for Nasda 2440.210,000 shares, accounting for 4 of the listed companies.The 29% stake supports the accelerated development of Nasda IC business.Since 2015, the company has continuously used capital operation methods to successively use cash to acquire the world’s largest share of the United States SCC, control Hangzhou Shuotian, which has strong R & D capabilities, and acquire Hong Kong Shengdie to obtain global printing consumable chips.Crystal of faucet. 3. Printing consumables business: Domestic substitution is mature, and capital operation helps. With the gradual recovery of the global economy and the increase in the popularity of printers, users ‘demand for printing consumables will also increase.On May 17, 2018, the central state authority issued the “2018-2019 Information Product (Hardware) and Air Conditioning Agreement Supply and Purchasing Project Announcement of Public Opinions”, demonstrating the determination of governments in various countries to promote domestic alternative industries and release 上海夜网论坛 positive signals for the industry, Which has a positive impact on some suppliers.In 2017, the company completed the acquisition of Tuojia, Xinwei and Zhongrun Jingjie, each holding a 51% equity, and the transaction amount was 55.641 million yuan.After the completion of the acquisition, the company will maintain an absolute leading edge in the global universal ink cartridge market, enhance and solidify its segmentation in the global compatible toner market, and further strengthen its leadership in the global printing supplies market. 4. Printer business: M & A in the industrial chain, and the global Nasda will complete the printer’s entire industrial chain through M & A.The purchase of Pantum printers hosted by the company has continued to grow in the financial, large enterprise and government fields, making use of the strength of the entire product line and developing well.The company acquired Lexmark International in 2016. Lexmark ‘s traditional advantage markets are mainly in Europe and the United States and mid-to-high-end laser printers. After the acquisition, NST ‘s consumables business resets compatible consumables and expands to the original consumables field.Laser printer product line short board.In 2017, the company used cash of approximately 13.The US $ 5 billion sale of Kofax, a subsidiary of Lexmark International’s ES business, has gradually reduced the short-term financial impact of the acquisition of Lexmark. It is expected that the company’s financial costs and amortization costs will be further reduced in the future. 5. Investment suggestion The company’s printer sales remain stable, financial expenses are appropriately reduced, and the integration and elimination of factors are eliminated. The quarterly improvement in performance indicates that Lexmark has ushered in an inflection point in its performance, avoiding the company’s active expansion of its product line, and promoting rapid growth.We expect the company to achieve a net profit of 19-21.9, 14.1, 17.600 million, PE corresponding to the current market value of 25, 20, 16 times, given a “strong recommendation” rating. 6. Risks suggest that the merger and acquisition companies’ integration is not smooth; Lexmark’s financial costs have not decreased; the company’s weak control over Lexmark’s overseas business; Sino-US trade frictions have not significantly affected the company’s business integration.