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[Can lotus root green be eaten-]_ turns green _ can it be eaten

銆 愯 咉 钘 Kuangchao tea teasing sorrow?銆 慱 鍼 汼 豢 _ 鑳 戒 笉 鑳 悆 悆
銮 茶 撔 鏄 Guning draft 緢 宁 歌  镄 勯  鐗 ╋ 纴 Key 嬖 笖 銮 茶 撔 钖 冭 叉 鏉 ヤ 嬉 揠 呭 懗 阆 撉 幣 閉 尉 尣 餉 凉 幉 尣 餉 幉 鹉 幣 繉 繉 堉 幛This article is about the tea, the tea, the tea, the chain, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, the tea, and the tea滆幉钘曞彉鎴愮豢鑹茬殑璇濓紝鏈€濂藉氨涓嶈鍦ㄩ鐢ㄤ簡锛岃幉钘曞鏋滃彉鎴愪簡缁胯壊鐨勮瘽锛屼竴鑸槸浜х敓浜嗘湁瀹崇殑鐗╄川锛屾槸闇€瑕佹墧鎺夌殑锛屽鏋滃湪椋熺敤鐨勮瘽锛屾槸浼氱粰浜虹殑韬綋鍋ュ悍閫犳垚鍗卞鐨勩€傝幉钘曟槸闈炲父缇庡懗鐨勯鐗╋紝涓嶄粎鍛抽亾鍙彛锛岃€屼笖娓呯儹瑙f瘨锛屾What are you talking about? Father and mother are sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful.Luan tea 撔 撔 汼 汢 撿 撿 咖 儨 悧?Luan tea is a piece of tea and a piece of cake is made by squeezing it out. It ‘s fine. It ‘s  纭  啾 鏄  労 婇 幁 浜 呜 珄  叏How do you talk about it? How do you talk about it? Do you want to talk to each other? Do you want to talk to each other?What’s the difference? Do you know what you are doing? Do you know how to do it? Do you know how to do it? Do you want to change it? Do you want to change it?涓€鑸暱”姣?Do you have a fistula?(The bee stalks back and forth))Xuancunjuan  姹 ℃ 煋 浜 殑 殑.鑰岄湁,浣犲彲浠ョ綉涓婃煡涓€涓?閮ㄥ垎鏄嚧鐧岀殑,鎵€浠ュ簲璋ㄦ厧.Luan tea is soaked, it ‘s so sorrowful. It ‘s argon, mustard, and so on. It ‘s so simple. Is it simple? Simple?You are the only one who has a lot of troubles, such as the stubbornness of the people, the world, the key, the key, the key, the key, the key, the key, the key, the key, the key, the key, and the key.槸鑽敤浠峰€肩浉褰撻珮鐨勬鐗╋紝瀹冪殑鏍瑰彾銆佽姳椤绘灉瀹炵殕鏄疂锛岄兘鍙粙琛ュ叆鑽€?銆佺敤钘曞埗鎴愮矇锛岃兘娑堥姝㈡郴锛屽紑鑳冩竻鐑紝婊嬭ˉ鍏绘€э紝棰勯槻鍐呭嚭琛€锛屾槸濡囧绔ュΚ銆佷綋寮卞鐥呰€呬笂濂界殑娴佽川椋熷搧鍜屾粙琛ヤ匠鐝嶃€傝棔鍚赴瀵岀殑缁翠粬鍛紺鍙婄熆鐗╄川锛屽叿鏈夎嵂鏁堬紝鏈夌泭浜庡績鑴忥紝鏈変績杩涙柊闄堜唬璋€侀槻姝㈢毊鑲ょ矖绯欑殑鏁堟灉銆傛柊椴滆幉钘曟€庝箞淇濆瓨濂斤細1.Is it stunned?What is the difference between Luanluo and Chuanluo?What’s going on?闇 旇  闅 斿 ぉ 阎 嫎 娆 “笎.2.What is it?鍏堢敤鐮栫爩鎴栫敤鏈ㄦ澘绛夊洿鎴愬煁钘忓潙,鐒跺悗涓€灞傝幉钘曚竴灞傚湡,鍫?鈥?Ba?Wan Aonuanjuancai Kuixiabengjian 10 Zhazhenbeifei Dong Taishi?Lu  搌 鐢 ㄥ 湡, 搴 斾 Mutual chanting Jiang NingLu?What are you talking about?浠 ュ calendar 掶 樻 柇.How can you save money and make money?What are you talking about? Do you know how to sit down? If you do n’t know how to do it, you can get 10 backs, back, back, back, or up?What is the effect of the threshold?0 铡 樼 back 勄 狏 獦 鍦?Lu  揌 揂 揂 璂 璖 屼 笂.濡傚湪瀹ゅ闇插湴鍩嬭棌,搴旈€夊湴鍔块珮鑰岃儗闃抽伩鍏夌殑鍦版柟,灏嗗湡銆佽棔鐩搁棿灞傚眰鍫嗘垚鏂What’s the difference?What’s the difference between this and the other?Forge ㄥ 洿 鎸 栧 ソ 鎺 掓 娌?3.”I’m so sorry”, “I’m so sorrowful”, “Tea Tea”,  湪 瀹 ゆ,  漁 缃  竴 forging, 雑 撿 囎 囎 囮 宖What is the difference between each other and the other? How about each other?鍐疯棌淇濋矞鍙互涓€涓槦鏈熷乏鍙?4.Luan tea is swaying,  鍙  鐢 儢 輂 告 潵 鍌 ㄥ 瓨.鍏堣鎶婂瓨鏀剧殑鑾茶棔娲楀共鍑€,鏀惧叆鐩涙竻姘寸殑缂搁噷,姣忔槦鏈熸崲姘翠竴娆?鈙  瓨 2 trickle 偸 宸 ﹀ 彸.

[How long does it take for western medicine to take effect?]

[How long does it take for western medicine to take effect?]

Western medicine is also one of our common drugs. As for how long it can take effect after taking western medicine, it depends on the specific replacement. Depending on the specific medicine, some may take effect in minutes, and some diseases may take several weeks.Even longer, there is no specific point in time in this regard. When taking western medicine, pay attention to the substitution of treatment and pay attention to the course of treatment.

How long does it take for Western medicine to take effect? The process of exerting its effect can be short or long. The short one takes a few minutes, and the elderly takes several weeks or prolongs.

In fact, it is necessary to know how long it will take to see the effect after taking the medicine.

Guidance: Long-acting antihypertensive drugs, effective time 2?
On the 4th, some require 1 week. When amiodarone is used to treat arrhythmias or angina, the time taken for the effect to disappear and the effect to disappear is slower. It takes 7?
In 10 days, the blood concentration of a large number of lipid-lowering drugs peaked after taking the drug?
2 hours, but it takes 2?
Precautions for taking the medicine for 4 weeks 1. Be careful to prevent adverse reactions.

The abuse of drugs does not cause material waste. What is more serious is that it will cause all kinds of pain to patients.

2. Pay attention to the patient’s medical history. For example, for patients who suffer from gastrointestinal perforation complications and patients with glaucoma, applying atropine to their glaucoma history will lead to adverse consequences.

3. Pay attention to the selection of the most suitable expected method. The alternative method should be determined according to the severity of the disease, the purpose of the drug and the nature of the drug. For critical cases, intravenous injection or intravenous drip should be used; for vaginal trichomoniasis, more vaginal plugging;It should be taken orally when treating arthritis infections, gastritis, gastric ulcers, and deworming.

4. Pay attention to prevent accumulation of poisoning. There are some drugs that are excreted slowly and the toxicity is blocked (such as digitalis, shining, imidin). To prevent accumulation of poisoning, when a certain amount is used, the drug should be discontinued or given moreSmall amount (maintenance amount), kind of drugs, because it is easy to cause accumulation poisoning, patients with liver and kidney dysfunction should be avoided, and a certain number of continuous changes or a certain time should be prescribed as a course of treatment.

After one course of treatment is completed, if repeated intervention is required, the next course of treatment should be stopped after a certain period of time.

5. Pay attention to the differences in age, sex, and individual 6. Pay attention to avoid drug interactions and incompatible taboos. Incompatible taboos should be paid attention to two aspects: First, avoid pharmacological incompatible taboos (that is, the effects of compatible drugs cancel or reduce each other or increase their toxicity).), In addition to the physical and therapeutic effects of drugs against each other such as central stimulants and central inhibitors, boosters and antihypertensive drugs?
In addition to the general incompatibility, you must also pay attention to some other pharmacological compatibility taboos that may be encountered; the second is the physical and chemical compatibility taboos, mainly pay attention to the compatibility of acid and basic drugs, such as: acetylsalicylic acid and alkaline drugs into a powder, It is easy to cause decomposition when adjacent; alkaloid salt (such as morphine hydrochloride) solution, in the case of alkaline drugs, feasible alkaloid precipitation; on the contraindication of mixed intravenous drip, the compatibility of acid and alkali is also mainly, for example, penicillin andProcaine, pyridine, chlorpromazine, etc. can cause precipitation and so on.

[How to make bacon white sauce pasta]_ common practice of bacon white sauce pasta _ practice of bacon white sauce pasta _ how to make bacon white sauce pasta

[How to make bacon white sauce pasta]_ common practice of bacon white sauce pasta _ practice of bacon white sauce pasta _ how to make bacon white sauce pasta

Nowadays, life and work are busy and stressful. Many people do not pay attention to the regularity in diet, which will cause various diseases. Mastering the healthy practices of one or two dishes, you can not only enjoy the deliciousness, but also supplement the body’s nutrition.Better health.

Let ‘s learn to make bacon pasta with Xiaobian 1 with Xiaobian.

Prepare material 2.

Let’s cook the pasta: add water to the pot, add 10ml of olive oil and 1 teaspoon of salt 3 after boiling.

Add pasta and cook for 10 minutes (according to the recommended cooking time on the product packaging) 4.

Remove the noodles and drain the water. Add 5ml of olive oil to a large bowl and stir well.

In a large bowl, add egg yolk and cheese powder to the whipped cream.

Stir well to make white sauce 7.

Cut bacon into strips of uniform width, diced onion and garlic, and chopped basil.

Add 10ml of olive oil to the pan, and fry the bacon over medium-low heat when the heat is about 50%.

Then add the onion and diced garlic and stir-fry.

Pour cooked pasta 11.

Pour the mixed white sauce into 12.

Mix in salt and black pepper, stir-fry over medium-low heat, sprinkle with basil and serve. It can be eaten with a vegetable salad that suits your taste. I believe you will find it after reading the bacon and white sauce pasta.Cooking is not difficult.

Of course, you still have disadvantages for the first time, but try a few more times to make the most delicious one.

[Can milk and crab be eaten at the same time]_ 同 食 _ 可以 可以

銆愮墰濂跺拰铻冭煿鑳藉悓鏃跺悆鍚椼€慱鍚岄_鍙互鍚?
鐗涘ザ寰堝浜洪兘姣旇緝鍠滄鐨勪竴绉嶉ギ鍝侊紝寰堝鍦ㄦ棭涓婄殑鏃跺€欎細鍠濅竴鏉墰濂跺綋涓棭椁愶紝鍦ㄦ櫄涓婄潯瑙変箣鍓嶅枬涓€鏉墰濂跺鎻愰珮鐫$湢璐ㄩ噺鏈夊緢澶氱殑甯姪锛岀墰濂跺惈鏈変赴瀵岀Luanchuan: The draft of the Ninghua version is very good, or the performance is poor, and the shoulders of the south are not as good as the others. The chain of the altar is going to go to the whole world.庡鍏婚鍜岄槻姝㈣“鑰佹湁涓€瀹氱殑鍋氭硶锛岀墰濂惰櫧鐒跺ソ锛屼絾鏄笉鑳藉拰寰堝鐨勯鏉愪竴璧烽鐢ㄣ€傜墰濂跺拰铻冭煿鑳戒竴璧峰悆鍚楃墰濂跺拰铻冭煿鏄笉鑳戒竴璧峰悆鐨勶紝铻冭煿鍜岀墰濂朵腑閮藉惈鏈変赴瀵岀殑鍔ㄧ墿铔嬬櫧锛屼竴璧烽鐢ㄤ細褰卞搷鍏跺惛鏀跺姛鏁堛€傛湰鏉ヤ袱绉嶉兘鏄瘮杈冩湁钀ュ吇鐨勮泲鐧斤紝鐩镐簰鎶垫秷闈炲父鍙儨銆備笉杩囬鐗╀腑姣掕繕鏄笉鑷充簬鐨勶紝濡傛灉鍚冨浜嗗彲鑳戒細鏈変簺鍧忚倸瀛愩€傚悆鍏朵粬椋熺墿涔熷簲娉ㄦ剰骞宠 锛屼竴涓被鍨嬬殑鏈€濂戒笉瑕佸悆澶锛屼互姹傜绫讳赴瀵屻€傛墍浠ヨ繕鏄殧涓€浼氬啀鍚冨惂銆傝繕鏄枬鐐规按鍚с€傜墰濂剁殑钀ュ吇浠峰€艰泲鐧借川鐗涘ザ鍚湁涓板瘜鐨勮泲鐧借川锛屼富瑕佷负閰泲鐧姐€佺悆铔嬬櫧銆佷钩铔嬬櫧绛夛紝鍏朵腑鍖呭惈浜轰綋鐢熼暱鍙戣偛鎵€闇€瑕佺殑鍏ㄩ儴姘ㄥ熀閰革紝杩欐槸鍏朵粬椋熺墿鎵€鏃犳硶姣旀嫙鐨勶紝鎵€浠ュ浜庢澶勪簬闀胯韩浣撶殑闈掑皯骞存垨鑰呰韩浣撹惀鍏绘祦澶辫緝涓轰弗閲嶇殑涓€佸勾浜猴紝鏄潪甯搁€傚悎楗敤鐗涘ザ鐨勩€傞挋璐ㄧ墰濂朵腑鍚勭鐭跨墿璐ㄥ厓绱犱互鍙婂井閲忓厓绱犳瘮渚嬫瘮杈冨悎閫傦紝鑰屼笖瀹规槗琚汉浣撳惛鏀躲€傚叾涓壒鍒鎸囧嚭鐨勬槸锛岀墰濂舵繁鍙椾汉浠杩庣殑涓€涓師鍥犲氨鏄洜涓虹墰濂堕噷闈㈡墍鍚湁鐨勯挋鍚噺姣旇緝楂橈紝鑰屼汉浣撻楠笺€佺墮榻跨瓑鐢熼暱閮芥槸绂讳笉寮€閽欑殑鍙備笌鐨勶紝鎵€浠ュ浜庢鍦ㄩ暱韬綋鐨勯潚灏戝勾銆侀挋璐ㄥ鏄撴祦澶辩殑鏇村勾鏈熶汉缇ゃ€佽€佷汉绛夋瘮杈冩帹鑽愰ギ鐢ㄧ墰濂躲€傜⒊姘村寲鍚堢墿鐗涘ザ涓惈鏈変赴瀵岀殑纰虫按鍖栧悎鐗╋紝鍙互涓轰汉浣撴彁渚涙棩甯告椿鍔ㄦ墍闇€瑕佺殑鑳介噺銆傝剛鑲墰濂舵墍鍚湁鐨勮剛鑲槸涔宠剛鑲紝鏄竴绉嶉珮璐ㄩ噺鐨勮剛鑲紝鍙互琚汉浣撴秷鍖栧惛鏀讹紝鏈夊埄浜庝竴浜涜剛鑲€х淮鐢熺礌鐨勫惛鏀躲€備钩绯栫墰濂朵腑鐨勪钩绯栨槸鍗婁钩绯栧拰涔崇硸锛屾槸涓€绉嶆渶瀹规槗娑堝寲鍚告敹鐨勭硸绫伙紝涓嶈繃涔崇硸涓嶈€愬彈鐨勪汉涓嶉€傚悎鍠濈墰濂躲€?

[How to make beef porridge?It was delicious at the earliest!】 _Family Practice_Production Method

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Diou Home Furnishing (002798): The trend of hardcover rooms in the trend of tile ceramic tile bathroom faucet highlights the growth value

Diou Home Furnishing (002798): The trend of hardcover rooms in the trend of tile ceramic tile bathroom faucet highlights the growth value

Event On July 30, 2019, the company released its semi-annual report for 2019.

2019H1 Diou Home furnishes operating income of 24.

98 ppm, an increase of 30 in ten years.

13%; net profit attributable to mother 2.

33 ppm, an increase of 48 in ten years.

18%; net profit after return to mother 2.

500,000 yuan, an increase of 33 in ten 淡水桑拿网 years.

33%.

Among them, the second quarter of 2019 achieved operating income14.

570,000 yuan, an increase of 25 in ten years.

25%; net profit attributable to mother 1.

68 ppm, a 47-year increase of 47.

93%; net profit after deduction to mother 1.

410,000 yuan, an increase of 28 in ten years.

07%.

Our analysis and judgments highlight the advantages of the construction ceramics engineering channel, the diversified retail layout, and the continuous increase in performance. In 2019H1, the company’s holding subsidiary, Ossino, achieved operating income22.

460,000 yuan, an increase of 37 from the same period last year.

44%; realized net profit1.

96 ppm, an increase of 28 from the same period last year.

36%.

Subversive consolidated amortization costs of 1103.

After 600,000 yuan, the net profit is 1.

8.5 billion.

The Engineering Department and Oceanox benefited from 20 years of accumulated experience in quality service capabilities and perfect service systems, and not only continued to expand the scale of cooperation with existing customers such as Country Garden, Vanke, Evergrande, etc., and deepened and supplemented customers Agile, Rongsheng, R & F, Xuhui, China Resources Land and other large-scale real estate developers, while cooperating, the report has successively established cooperative relationships with large and medium-sized real estate developers, such as Agile, Helenberg, Hezheng, OCT, Jingrui, Power Construction, and Hongtong.Further consolidate the momentum of rapid development of the company’s tooling business.

On the retail side, Eurosnow has adopted a variety of channel layouts and deep cultivation to accelerate outlet coverage and implement access and service sinking: divide the county-level blank spots through “full network deployment”, and promote the first and second-tier cities to accelerate “urban franchise partners, smart communitiesService store “in-depth layout.

Fully seize more and better entry positions to promote the continued growth of retail channels.

Promote new online and offline retail models, coordinate and unify the development of integration, and at the same time use the engineering service experience accumulated by Oseno for many years to help dealers develop the assembly and tooling market, and provide a new growth model for retail development.

As of June 30, 2019, there were more than 800 ceramic distributors and more than 2,400 terminal stores.

At the same time, the company’s building ceramics business fully implements the “product-leading” strategy, responds quickly internally, and fully implements the “all-category” differentiated and precise R & D plan, continues to upgrade, and actively promotes the breakthrough of launching nine new series of 170 new products in 2019.

Sanitary wares are mainly retail, and continue to deepen the synergy with the engineering business of Ossano. We estimate that the revenue of sanitary wares + acrylic panels of the company in 2019H1 will be 2.

5.2 billion.

The company’s sanitary business continues to consolidate retail channels, expand sales outlet coverage, and improve dealer quality; actively expand new retail, and continue to deepen cooperation with the Internet, home improvement, and renovation companies; in terms of engineering channels, the company makes full use of Oceanox and tooling customersChannels of cooperation and the establishment of Osonal’s self-operating engineering service experience, actively exploring direct-operating customers, improving sanitary product categories, and laying a solid foundation for rapid entry into the tooling market.

At present, the company’s bathroom direct engineering business has established cooperation with large real estate developer clients including Country Garden, Agile, Longhu and so on.

The profitability continued to improve. Sales and financial expenses increased, resulting in an increase in the expense ratio during the period. In terms of profitability, the company’s gross profit margin for 2019H1 was 35.

46%, an increase of 1 each year.

15pct; net sales margin is 9.

22%, an increase of 1 each year.

13pct. Period expenses cost 24.

97%, an annual increase of 1.

30pct, mainly due to higher sales and financial expense ratios.

Of which selling expenses are 16.

80%, an increase of 1 per year.

70pct, mainly due to the increase in sales revenue caused by the increase in sales expenses; management expenses7.

26%, a decline of 0 every year.

73%; financial expenses 0.

91%, an annual increase of 0.

34%, mainly due to the inclusion of interest rates on loan payments made by Oscino Report.

Long-term production capacity is planned to be 80 million square meters. It is expected that the market share of Oceanox will increase. Oceanox’s current production capacity is distributed in Jiangxi, Guangdong, and Guangxi bases, totaling approximately 50 million square meters. Four production lines in the second phase of Guangxi will start in 2019 and can provide 30 million square meters, the three bases are expected to provide a total of 80 million square meters of throughput, corresponding to 4 billion output value. In the future, the company’s total production capacity can reach 100 million square meters, corresponding to 5 billion output value, plus OEM output value can reach about 7 billion.

Investment suggestion: We expect Diou Household to earn 54 in 2019-2020.

51, 67.

70 ppm, an increase of 26 in ten years.

53%, 24.

20%; net profit attributable to mother is 5.

41, 7.

500,000 yuan, an increase of 42 in ten years.

12%, 30.

27%, corresponding to a PE of 15.

4x, 11.

8x, maintain “Buy” rating.

Risk factors: expansion of real estate sales; increased competition in the industry

Shengyi Technology (600183): Turbocharged multi-wheel drive and multiple product lines have successively launched

Shengyi Technology (600183): Turbocharged multi-wheel drive and multiple product lines have successively launched

Shengyi Technology Announcement 19Q3 Quarterly Report: A single 19Q3 quarterly report, achieving revenue of 3.5 billion yuan, an annual increase of 10.

44%, an increase of 8 from the previous month.

02%; net profit attributable to mother 4.

13 ppm, an increase of 49 in ten years.

12%, an increase of 8 from the previous month.

68%; gross and net profit margins are 28.

45% and 12.

73%, an increase of 1 from 19Q2.

31 pct, 0.

05pct.

From the beginning to the present, Shengyi Technology has achieved a total revenue of 94.

700 million, five years growth.

53%; net profit attributable to mother 10.

4 ppm, an increase of 28 in ten years.

66%.

Profitability has gradually improved, and the industry recovery + 5G empowerment can go hand in hand.

In terms of the company’s single quarter profitability, the gross profit margin and net profit margin in 19Q3 were 28.

45%, 12.

73%.

We believe that there are multiple reasons for this increase: 1) The traditional copper-clad laminates fully realized the price increase factors in 19Q4 due to the increase in profitability caused by price increases due to imbalance between supply and demand; 2) Benefiting from the demand for 5G and data communications, high-speed copper-clad laminatesHigh profitability drives the company’s overall profitability; 3) The product structure of the subsidiary Shengyi Electronics brought by the continuous improvement of the prosperity of the PCB sector continues to be optimized.

Demand for high-frequency and high-speed copper-clad laminates is strong, the prosperity of the PCB is not diminished, and profitability continues to increase.

At present, the company’s Q1-Q3 merger is about 1 million in total, corresponding to 1.2-1.3 million square meters. 深圳桑拿网 At the same time, the subsidiary Shengyi Electronics has gradually improved its revenue and profits through technological transformation.

For its profitability, gross profit margin (19Q3 is 28).

45%, 19Q2 is 27.

14%). In the case of this quarter, we believe that it is mainly due to a certain pull brought by the high profitability of high-frequency and high-speed, and the increase brought by the price increase of some traditional copper clad laminates.

Equity incentives slightly affect net interest rates, but overall profitability remains upward.

In terms of net interest rate, the company’s expense ratio is relatively high, but according to the understanding of the main company’s expansion of its subsidiary Shengyi Electronics and a wholly-owned subsidiary Jiangsu Shengyi Special Materials Co., Ltd., the number of 上海夜网论坛 employees increased and the corresponding salary expenses increased.The increase in the company’s profits will result in a corresponding increase in the provision of bonuses and incentive funds, as well as the company’s provision of stock budget costs and increase in intangible asset amortization expenses.

At the same time, the tax rate is 16% in 19Q3, 10% in 19Q2, and 14 in 18Q3.

Relatively speaking, the tax rate of 19Q3 increased by 5%, which is not particularly large, which is a normal fluctuation range.

The capacity of traditional copper clad laminates has been limited, and prices have remained stable, and subsequent CCL and PCB addition capacity has continued to increase.

According to the industry situation, the current price increase implemented by the company in September or landed on the traditional copper clad laminate product line. We expect the price increase to be between 3% and 4%, and the current price increase is mainly due to supply and demand.Balance, and the price increase due to the demand side we think will directly affect the company’s profitability to a large extent.

As for the company’s later expansion of traditional copper-clad laminates, we believe that it will help the company meet downstream demand to a certain extent and alleviate the imbalance between supply and demand.

To the new factory of Shengyi Electronics, the company will expand the first phase of production in Ji’an, and it is expected to start production in 20H2.

Benefiting from the high demand for 5G and datacom, we believe that Shengyi Electronics will increase in the future.

Risk Warning: Downstream demand is less than expected.

Huangshan Tourism (600054): Performance in line with expectations Marginal improvement continues to show

Huangshan Tourism (600054): Performance in line with expectations Marginal improvement continues to show
Event: The company announced its 18-year annual report and achieved operating income of 16.2 ppm / -9.1%, the main reason for the reduction was the replacement of the real estate business, after which the company’s revenue growth rate reached -0.2%.Of which hotel business revenue was 6.5 ppm / + 3.2%, ropeway business 5.0 ppm / + 1.0%, tourism service business 3.9 ppm / -0.8%, garden development business 2.3 ppm / -0.9%.Realize net profit attributable to mother 5.8 ‰ / + 40.7%, reaching 3.4 ppm / -1.2%, mainly due to the reduction of 49 million shares of Huaan Securities, increasing the current net profit2.0 million.  The core point of view is that the recovery of passenger flow in the second half of the year has contributed to the annual growth and significant improvements in management and cost control.1) In 18 years, the company received a total of 3.38 million passengers / +0.6%.The growth of passenger flow caused by weather conditions in the first half of the year caused pressure on performance, but the number of weather passengers in the second half of the year was 189.90,000 people / + 10.At 7%, there was a marked marginal improvement in passenger flow, which promoted the growth of passenger flow.We believe that the reason for the high increase in passenger flow in the second half of the year led to the company’s continued efforts in marketing, replacing or boosting passenger flow due to ticket price reductions.Along the opening of the Hangzhou-Hangzhou high-speed railway, the company’s passenger flow is expected 成都桑拿网 to reach a new level in 19 years (Under the unfavorable factors of rain and rain, in the first quarter of 19, Huangshan Scenic Area received 59 visitors.170,000 people / + 6.34%).2) Since the new company management took office, the company has actively improved its management system, and its cost control has achieved remarkable results.18 years company management expenses16.2% /-1.2pct, the lowest level in 13 years.The company’s management mechanism is gradually being improved, which can not only control the management expense rate to a certain level, but also promote the improvement of the company’s operating efficiency. Optimize the organizational structure and speed up the “second venture” strategy.In the early stage, the company adopted a plan to adjust the company’s organizational structure. The internal organization 杭州桑拿网 was adjusted to 13 layout departments including the board of directors office.This reduces at least a part of the senior management, the targeted management indicators of each department, and the company’s management efficiency will be further improved.At the same time, the feasibility of the second innovation center was further optimized and integrated, and its variables were more targeted.Project management is an important starting point for the implementation of the outreach strategy. The establishment of a new dedicated engineering construction management center highlights the focus and makes every effort to ensure the steady advancement of the “second venture” strategy. The leading level is stable, the management is excellent, and the logic is clear.1) The company has outstanding endowment of tourism resources, rich natural scenery + historical and cultural heritage, the highest market value in mountain-type scenic spots, and the leading position is solid.2) Since the merger of the new company represented by General Manager Zhang, the management and reforms in terms of resource endowment, long-term development strategy, cost management and control, performance appraisal and incentives, etc. have been obvious. I look forward to the company under excellent managementChange in scale.3) The company proposes the strategy of “going down the mountain and going out” and the specific layout of “one mountain, one water, one village, one cave”, breaking through the growth of mountain-type scenic spots, and breaking through the 3.36 million passenger flow in Huangshan Scenic Area as the core grabber.Revitalizing the scale market of 50 million passengers in Huangshan City, the synergy is expected to bring more benefits to various projects.  Financial forecasts and investment recommendations maintain a BUY rating with a target price of 14.49 yuan.We slightly increase the company’s profit forecast, and it is estimated that the EPS for 19-20 will be 0.63/0.73/0.81 yuan (originally 19-20 years eps0.62/0.70 yuan), according to the comparable company law, maintaining the company’s 23-year PE estimate for 19 years, corresponding to a target price of 14.49 yuan.  Risks indicate tourism disruptions caused by natural disasters.The high-speed rail opening time was less than expected.The outreach project was not progressing as expected.

Xinhua Insurance (601336) January 2019 Report Review: Debt End Improves, Improves Subsequent Profit Growth, Continues to Increase

Xinhua Insurance (601336) January 2019 Report Review: Debt End Improves, Improves Subsequent Profit Growth, Continues to Increase

This report reads: The company’s net profit attributable to its mother was 33 in the first quarter of 2019.

67 ppm, an increase of 29 in ten years.

1%, in line with expectations.

The remaining floating surplus 杭州夜网论坛 on the investment side has not been released, and the product structure on the debt side has been further optimized, which is better than expected overall.

Investment Highlights: Maintain “Overweight” rating and maintain target price of 74.

51 yuan, corresponding to 2019 P / EV is 1.

16 times: the company achieved net profit attributable to mother 33 in the first quarter of 2019.

67 ppm, an increase of 29 in ten years.

1%, in line with expectations.

Maintain EPS forecast for 2019-2021 to 4.

35 yuan, 5.

87 yuan, 8.

59 yuan, maintaining a target price of 74.

51 yuan, maintain “overweight” rating.

Investment-end income Equity asset prices are picking up, and the release of 杭州桑拿网 floating profit in the later period will promote high profit growth: from the perspective of the income statement, in the first quarter of 2019, the company realized annualized total investment income.

2%, a decrease of 0 compared to the same period last year.

1%; the main reason is that the company completely released the investment surplus, and the company’s unrealized after-tax investment surplus in the first quarter was 42.

200000000.

We expect the subsequent gradual floating profit realization will significantly increase the company’s overall profit growth, so we maintain our long-term profit forecast.

In the first year of long-term insurance, premiums increased rapidly, and the structure of debt-side products was further optimized: the company’s overall premium income in the first quarter increased by 9%.

5%, of which long-term insurance premiums increased by 18% in the first year, and long-term insurance premiums of individual insurance channels increased by 16 in the first year.

1%, better than market expectations.

We expect the company’s new business value to exceed growth expectations in the first quarter and exceed the industry average.

Among them, the payment of new single premiums for 10 years and above has a growth rate of 10 in two years.

1% is expected to bring long-term cumulative effects of premiums.

In addition, the company’s short-term insurance premiums increased by 48 per year in the first quarter.

7%, with the main strategy of accelerating the highlighting of the results, the overall debt side is better than expected.

Catalyst: Risk recovery of the interest rate curve driven by economic recovery prompts: capital market volatility; the impact of downward interest rates on the investment side.

First Venture (002797) Annual Report Comments: Outstanding Features of Fixed Income Asset Management, Expected Results Transformation

First Venture (002797) Annual Report Comments: Outstanding Features of Fixed Income Asset Management, Expected Results Transformation
Event: The company achieved operating income in 201817.700 million (YoY-9%), net profit attributed to mother 1.200 million (YoY-71%).We think the company’s investment highlights are: (1) Expected breakthrough in the rebound in performance.Net profit attributable to the mother in 20181.US $ 200 million, mainly due to the market downturn and asset impairment, but the parent company has achieved 1 from January to February 2019.4 trillion net profit income; (2) The company’s fixed income business is scarce among small and medium-sized securities companies and has strong solid income investment capabilities. In 2019, it will moderately increase the proportion of equity investment and benefit from the “magnification effect” of the IFRS9 standard;3) The asset management accountant’s active management ability is outstanding, benefiting from the market recovery. Asset management: The core advantages are outstanding and the product innovation is continuous.Revenue from asset management business in 20185.800 million US dollars, a year-on-year decline of 6% but better than the industry (-11%). The decline in revenue was mainly due to the shrinking outsourcing demand of banks and the reduction in the scale of asset management by 3%. However, the company’s asset management business is characterized by special account management business.The actual impact of the new rules on asset management is not significant.In terms of asset management for brokerage companies, the first entrepreneurial FOF products have all achieved positive returns. The target product, Jujin Power, is No. 1 ranked first in the industry, and launched innovative REITs and intellectual property ABS products. Chuangjin Hexin special account management has the second largest monthly average market size.The annual stock market is picking up in 2019, and the company continues to strengthen the issuance of FOF products. The reorganization will strengthen the design of equity products to meet the diverse needs of customers. Self-employed: Excellent solid income investment ability, flexibility in equity enhancement. (1) Accurate grasp of the market for fixed income investment.Company investment income in 2018 (6.30,000 yuan, a year-on-year increase of 7%) and changes in fair value (-0.40,000 yuan, 2017: -1.700 million).The first is that the company features fixed income business and accurately grasped the bond trend in 2018, and the net income of long-term bond trading investment business rose to 5.20,000 yuan, an increase of 1 in ten years.8 times.With the rebound of the stock market in 2019, the bond market has once again seen obvious “rocker effect”. There are still opportunities for the transition. The corporate bond investment team’s investment capacity is leading in the industry, which can effectively ensure the stability of overall investment income. (2) Equity investments make up for the shortcomings and benefit from the recovery of the stock market.At the end of 2018, the proportion of equity assets in net capital rose slightly to 6.8% (2017: 5.9%).Although the company’s equity investment accounted for a relatively small proportion compared with its peers, the company began to gradually improve the investment team construction in response to the shortcomings of expected equity investment capabilities, and will gradually increase equity investment to appropriately seize the opportunity of the stock market to pick up. Broker: Market share is steadily improving.In 2018, the company’s brokerage business made steady progress, with business income2.3 trillion, a year-on-year decrease of 18% but better than the industry level (-27%).Eventually, the company added two new sales offices in Beijing and Guangdong, promoted organizational structure adjustment and team building, and improved product coverage and customer service capabilities, which was mainly reflected in the company’s market share of the company’s stock trading volume increased to 11BP to 0.46%, the commission rate is stable at 3 / 10,000.1 or so. Credit transactions: Impairment of assets dragged down performance, and the stock market warmed up and expectation of impairment washed back.Affected by the market downturn and policy adjustments, the company’s Liangrong business and fair pledge business were challenged, and its interest income decreased.200 million (YoY-13%), income from equity pledge rate decreased by 1.70,000 yuan (YoY-33%), and the impact of increased expenditure increased by 6%, the company’s net interest income expenditure in 2018 was 0.400000000.In addition, asset impairment has become an important reason for the expansion of the company’s performance in 2018, causing the company to accrue nearly USD 200 million in asset impairment losses, of which nearly 1.5 million from equity pledge business.We believe that under the IFRS9 standard, the recovery of the stock market in 2019 is expected to drive some of the company’s impairment back, 苏州桑拿 thereby driving performance conversion. Investment bank: Investment bank looks forward to marginal improvement.Revenue of the company’s investment banking business in 20182.500 million, a year-on-year decrease of 34% (industry-27%). Affected by strict regulations and intensified market competition, the company’s underwriting scale was reduced by 65 trillion (2017: 210 trillion).According to WIND statistics, as of April 3, the company has pre-disclosed three update projects, and at the same time, the policy encourages corporate financing, the overall bond underwriting scale has increased, and the company’s investment banking business income has improved marginally. Investment advice: Buy-A investment rating.The company’s EPS for 2019-2021 is 0.14 yuan / 0.15 yuan / 0.17 yuan, corresponding to the target price of 9.79 yuan. 佛山桑拿网 Risk Warning: Significant contraction of trading volume risk / investment risk / policy risk