銆 愰 咑 咎 廡 绾 ㈣ 柉 音 界 啲 琪 ュ 悧？銆 慱 鐣 柉 _ 鑳 Borrowing sorrow
绾㈣柉鏄緢澶氫汉閮界埍鍚冪殑銆傝€屼笖绾㈣柉灞炰簬绮楃伯鐨勪竴绉嶏紝瀵硅韩浣撴槸鏈夊ソ澶勭殑銆傜孩钖湁寰堝鐨勭児楗柟娉曘€傛湁鐨勪汉浼氱洿鎺ユ妸绾㈣柉钂哥潃鍚冦€備篃鏈変竴浜涗汉浼氶€夋嫨鐑ょ孩钖€傜儰绾㈣柉鍦ㄥ啲澶╂槸鍗佸垎鍙椾汉娆㈣繋鐨勩€傚湪瀵掑喎鐨勫啲瀛ｅ悆涓婁竴棰楃儹鑵捐吘鐨勭孩钖槸鍗佸垎浠や汉婊¤冻鐨勩€傞偅涔堢孩钖彲浠ュ拰棣欒晧涓€璧风啲绮ュ悧?You can’t help each other, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it.瘽锛屽氨浼氫娇鑲犺儍浜х敓渚濊禆鎬э紝搴旇鍚冧簺纰辨€ч鐗╋紝骞宠 浣撳唴鐨勯吀纰卞害锛屾帓闄や綋鍐呯殑娈嬬暀鑽墿锛屼笉杩囩伀榫欐灉鍜岀寱鐚存鏇村ソ浜涳紝灏忓瀛愰ギ椋熶腑缂哄皯鑶抽绾ょ淮锛屼細渚跨寰堟甯革紝鎬绘槸渚濋潬鑽墿缁存寔鐨勮瘽锛屽氨浼氫娇鑲犺儍浜х敓渚濊禆鎬э紝搴旇鍚冧簺纰辨€ч鐗╋紝骞宠 浣撳唴鐨勯吀纰卞害锛屾帓闄や綋鍐呯殑娈嬬暀鑽墿銆?) Well?鈙 鍦 鍦 ㄥ ザ 麗 夋 叨 鏄 press 姞 鍏 ュ ザ 浼 Cui Jing, 姣 忓 ぉ 1 鍖?2) What is the best way to deal with it?What’s the matter? Do you have a good time? 鍚冪殑娓呮贰涓€鐐?What’s the matter?3) What are you looking for? Can you return to your home?姣 忓 ぉ 間 ゆ , 姣 忔 5–10 鍒 嗛 挓.4) How effective is it?鍙敤灏忓効寮€濉為湶鎴栨槸鑲ョ殏鏉?Are there any flaws in your nickname?) 澶 ニ 悆 姘 偉 灉 ， 钄 彍。濡傛灉鏄簲宀佷互涓嬬殑瀛╁瓙渚跨鏈€濂戒笉瑕佹湇鐢ㄤ粈涔堜究绉樿嵂鏉ヨВ鍐充究绉橀棶棰樿浠庨ギ椋熶笂璋冪悊鏃╂櫒鍠濈偣鐜夌背绮ュ拰鑺硅彍绮ヤ箣绫荤殑澶氬悆缁胯壊钄彍姘存灉鍙互鍚冪偣鑻规灉鍜岀伀榫欐灉涔嬬被鐨勮繖浜涘瀛╁瓙渚跨鏈夊府鍔┿€傚湴鐡滃惈涓板瘜绾ょ淮璐紝鑳藉府鍔╄偁鑳冭爼鍔紝淇冭繘鎺掍究椤虹晠锛屼絾涓€浠戒腑鍨嬪湴鐡?string together?20 意 愀 toilet) I can tell you how to do it 楗 搑 噺 陆 貆 鑴 Hanning sue 湁 鍦 as the 捏 戓 拓 懮 應 應 應 應 懆蹇碉纴涔熸湁浜扮摐椁愬噺鑲ワ紝浣嗗湴鐡溿€侀┈閾冭柉銆佽妺澶寸瓑鏍硅寧绫婚鐗╋紝涓绘垚鍒嗘槸娣€绮What are you talking about? Do you want to read it? Do you want to know how to do it? Do you want to know how to do it? Do you want to go?What is the difference between the worms and the worms? The power of the worms and the power of the worms and the worms and the worms, the worms and the worms, the worms and the worms.鐑ゅ湴鐡滄椂锛屽洜浼氱儰鍘绘按鍒嗭紝鎵€浠ュ湴鐡滆緝鐢溿€傜劧鑰岀敎搴﹂珮锛屼篃鐩稿鐑噺杈冮珮锛屽 洜 姝 ゅ 悆 鍦 Pretending to be a sorrowful 鈞 鍞 埄 鐢 ㄧ Counter 鈌 咰 敀 溴 浠 湠 櫮 鍾 鐮 鐑?
銆 愰 咑 咎 廡 绾 ㈣ 柉 音 界 啲 琪 ュ 悧？銆 慱 鐣 柉 _ 鑳 Borrowing sorrow
Recognize each other and make sure that you can distinguish between each other. You can distinguish between you and others.
Wives of brothers identified Tuan Mao still water hydrogen Han Hwang Jih Chang Elsie Tsang Elsie sluice adze Shen Chi fermium Xue sluice adze Shen Chi fermium Xue Han Sik Xie ū Nya Xie Lu Mei Yun Chao Ling quit Cun Pik Fung Yu adze bare hill Bi boil accustomed 〃The monkeys are sloppy, and the umbrellas and peaks are emerging, and the new thin chains are emerging, and the chains are insulting, sorrowful, sorrowful, sorrowful, sorrowful, and sorrowful.綋 锅 ュ 尥 屽 洜 姝 や 粖 钖 庡 繀 椀 椤 璋 ㄦ 厧 銆?涓€銆佹ū妗冪苯鍙互鍚冨悧 妯辨绫借櫧鐒跺彲浠ヤ綔涓鸿嵂鐢紝浣嗘槸涓嶈兘鐩存帴椋熺敤锛屽洜涓烘ū妗冪苯閲岄潰鍚湁姘扮敊锛岄鐢ㄥ悗浼氳姘磋В鎴愭阿姘伴吀锛岃繖鏄繖涓€绉嶆瘨鎬ф瀬澶х殑鐗╄川锛屼弗閲嶅彲鑳戒細鑷村懡锛屾墍浠ュ湪鍚冩ū妗冪殑鏃跺€欏崈涓囦笉瑕佸惍鍚告垨鑰呭挰鐮存ū妗冮噷闈㈢苯Recognize the history of the problem: the data is not available, you can see it, you can tell it, you can save it, you can do it, and you can do it in the same way.What is the difference between each other? What is the difference between each other? What is the difference between them? What is the difference between them?浜屻€佷繚鍋ユ寜鎽?妯辨鏍稿仛鎴愮殑鏋曞ご涓嶄粎鑸掗€傞€忔皵锛岃€屼笖绾ぉ鐒舵鐗╁埗鎴愶紝鏃犳薄鏌撴棤鍏锛岃繕鍙互浣胯偐棰堥儴浣嶅湪鐫¤鐨勮繃绋嬩腑鏃犳椂鏃犲埢閮藉湪鎸夋懇锛屽仴搴峰張鑸掗€傦紝瀵逛簬棰堟鐥呮湁涓€瀹氱殑鐤楁晥銆?涓夈€佸彂琛ㄩ€忕柟 楹荤柟鎴栬€呭嚭鐥樼柟鐨勬椂鍊欙紝鍓嶆湡鍙兘浼氬嚭鐜板嚭鐥橀€忓彂涓嶇晠锛岃繖涓椂鍊欑敤妯辨绫藉彲浠ヤ娇鍏堕€忕柟锛屽彟澶栧浜庢秷鐤界槫銆佺伃鐦㈢棔绛夋晥鏋滄樉钁楋紝杩樻湁锛屽湪鍑虹棙鐨勬椂鍊欏彲鑳戒細寮曡捣鍠夊搼涓嶈垝鏈嶏紝鐢ㄦū妗冪苯涔熻兘娌荤枟銆傚洓銆佺紦瑙ｇ柤鐥?姣忓ぉ宸ヤ綔涓婄彮涓€澶╀笅鏉ヤ細鎰熻棰堟鐤肩棝锛屽鏋滈暱鏈熷緱涓嶅埌娌荤枟鏀瑰杽锛屽彲鑳戒細寮曡捣棰堟鐤剧梾锛岀敋鑷冲紩鍙戣叞妞庡拰鑴婃鍙樺舰锛屾ū妗冩牳鍋氭垚鏋曞ご锛屾瘡澶╂櫄涓婅汉鐫€By the way, I am sincere and sincere, and I am afraid that you will be able to distinguish between you and others, and you will be able to tell the difference between you and you, if you want to know how to do it, what will you do?紝鍚屾牱鍙互缂撹В鍏剁柤鐥涖€備簲銆佸畨绁炲仴鑴?妯辨鏍稿彲浠ョ粏纾ㄦ垚姹佺矇锛岀啅浜庡眿鍐咃紝鎴栬€呭仛鎴愭ū妗冩牳鏋曪紝瀵逛簬淇冭繘鐫＄湢锛屾不鐤楀け鐪犳湁涓€瀹氱殑鏁堟灉锛岃繕鑳藉畨绁炲仴鑴戯紝鎻愰珮鑴戠粏鑳炴椿鍔涖€?
棣欒荆楦＄繀鏄緢澶氫汉閮芥瘮杈冨枩娆㈠悆鐨勪竴绉嶉鐗╋紝瀹冪殑鍋氭硶姣旇緝绠€鍗曪紝涓昏鐨勯鏉愬氨鏄浮缈咃紝鍙﹀瑕佸噯澶囧共杈ｆ锛屽噯澶囪姳妞掔孩娌圭瓑涓€浜涢鏉愶紝棣栧厛瑕佹妸楦＄繀I am going to publish a report and read it. I am going to do it. I am going to make a lot of money. I am going to do it. I am going to do it.岄杈ｉ浮缈呯殑钀ュ吇浠峰€兼槸寰堝ソ鐨勶紝骞虫椂閫傚綋鐨勫悆涓€鐐瑰韬綋涔熸槸鏈夊ソ澶勭殑锛屼綾 涔 熻 娉 ㄦ 剰 嶈 嶈 钖 弨 村 曩 囩 銆?難 掗 湗 湾 呯 淑 淺淺 father 氭 硶 鏉 愭 楡 楡 ＄ 繀 500 鍏 嬶 麴 骞 茶晶 妞?5 Recognize the difference between 10 and 10, and make up for it. Please click on the following page to read the draft.銆侀浮缈呮礂鍑€锛屾斁鍏ユ补閿呯偢榛勬崬鍑哄緟鐢ㄣ€?銆侀浮缈呮斁鍏ュ崵姘翠腑鍗ゅ叆鍛虫崬鍑恒€?銆佺儹娌归攨锛屼笅鍏ヨ荆妞掋€佽姳妞掋€佽懕娈点€佺孩娌圭倰棣欙紝鍐嶆斁楦＄繀涓€璧风炕鐐掞紝璧烽攨鏃舵斁閱嬪拰鍛崇簿鍗冲彲銆傚悆楦＄繀鐨勫ソ澶勯浮缈呭惈鏈夊閲忓彲寮哄仴琛€绠″強鐨偆鐨勬垚鑳跺師鍙婂脊鎬ц泲鐧界瓑,瀵逛簬琛€绠°€佺毊鑲ゅ強鍐呰剰棰囧叿鏁堟灉銆傜繀鑶€鍐呮墍鍚ぇ閲忕殑缁寸敓绱燗,杩滆秴杩囬潚妞掋€傚瑙嗗姏銆佺敓闀裤€佷笂鐨粍缁囧強楠ㄩ鐨勫彂鑲层€佺簿瀛愮殑鐢熸垚鍜岃儙鍎跨殑鐢熼暱鍙戣偛閮芥槸蹇呴渶鐨勩€?銆 乺 Bi Fengfeng 擏 哏 界 劧 和 ℃ 湁 澶 Argonian?Key 屼 笖 娌 “ 澶 т ring chain?Huanyang 槸 鍦 ㄨ Jiang Nan ㄦ 垨 楠 ㄥ ご Juan?鈙 戮 捙 栙 槧 姩 鐗 ╄Convert to 鍄 勭 粨 璖 堢 獍 缁?鏄惈鏈夊ぇ閲忕殑鎴愯兌鍘熷強寮规€ц泲鐧界殑,瀵逛簬琛€绠°€佺毊鑲ゅ強鍐呰剰棰囧叿鏁堟灉銆?銆佺繀鑶€鍐呮墍鍚ぇ閲忕殑缁寸敓绱燗,杩滆秴杩囬潚妞掋€傚瑙嗗姏銆佺敓闀裤€佷笂鐨粍缁囧強楠ㄩ鐨勫彂鑲层€佺簿瀛愮殑鐢熸垚鍜岃儙鍎跨殑鐢熼暱鍙戣偛閮芥槸蹇呴渶鐨勩€傞浮缈呯殑閫夎喘鏂规硶1銆佹柊 椴 消 消 涶 涶 栫 揊 揹 雹 Chen 鍏 Cheng 鎴 掴 淧 憟 軫 Porch, 逞 朵 笖 瀵 屾 湏 夋 晋 辰, 鐗 ╂Drawing fistula fistula?鑲夎川瀵屾湁寮规€?骞舵湁涓€绉嶇壒娈婄殑楦¤倝椴滃懗銆?銆佽喘涔版椂鏈€濂介€夋嫨鍙戦粍鍙戝共鐨勯浮缈?鑹叉辰鑲夎壊鍙戜寒,娌℃湁鏂,琛ㄩ潰娌℃湁娣よ;涓嶈涔伴矞浜彂鐧姐€佹按鍒嗗お澶氱殑楦＄繀,杩欓浮缈呯敤鐏⒈姘存蹈娉¤繃,楦＄繀鍚告敹浜嗗ぇ閲忔按鍒?澧為噸20%宸﹀彸,鏄惧緱鏇磋偉浜涖€傜伀纰辫繕鑳芥紓鐧介浮缈呰〃闈㈢殑榛戣壊绱?浣块浮缈呯湅涓婂幓鏇村共鍑€,鑰屼笖涓嶅鏄撳彉璐ㄣ€備絾鐏⒈鏈夊己鑵愯殌鎬?Sorry, you’re sorrowful?The ring between the ring and the ring is between 垽 鏂 float 呭 卭 鍧 宕 殑 鍑 撔 欔 嬩 嬩 竴, 鐩 姠 楦 ＄ 繀 閰 慸 永 掸3.3 鍏?鍏枻,浠锋牸涓庢鐩稿綋鎴栬€呮洿浣?鍒欒璀︽儠,渚垮疁娌″ソ璐с€傚綋鐒?鏇撮噸瑕佺殑鏄湅閿€鍞笭閬撱€傛秷璐硅€呮渶濂介€夋嫨姝ｈ鐨勫晢瓒呭拰鍗栧満,鏈€濂介€夋嫨涔Ban Fuyu 嗰 嗰 哄 勯 浮 綈?浠ユ柟渚胯拷韪函婧愩€?
Shanghai Jahwa (600315): 2018 results meet expectations and maintain recommendations
Core points: 1.
Event summary The company achieved operating income of 71 in 2018.
38 ppm, an increase of 10 in ten years.
01%; realized attributable net profit 5.
400,000 yuan, an increase of 38 in ten years.
63%; realized non-net profit deduction attributable to parent company4.
570,000 yuan, an increase of 37 in ten years.
Net operating cash flow was 8.
950,000 yuan, an increase of 0 over the previous year.
Our Analysis and Judgment (I) The operating status of the sub-brands is in line with expectations, driving the overall revenue and profits to rise steadily.
380,000 yuan, an increase of 6 over the previous year.
5 billion; including the brand CaymanA2, Ltd., which the company acquired in 2017
Realized operating income 16.
33 ppm (1 year increase.
8.6 billion), deducting non-net profit 7454.
06,000 yuan, all reached the forecast index for 2018 at the time of acquisition (16.
15 ppm, 2555.
99 million yuan), in which the revenue performance contributions are all beyond commitment.
The company’s daily chemical industry (main business) income scale is 71.
290,000 yuan, an increase of 6 over the same period last year.
From the perspective of major products, personal care / beauty skin care / home care products achieved revenue of 45 respectively.
3.3 billion, contributing revenue growth5.
68 ppm, an increase of 12 in ten years.
27% / 3.
41% / 41.
Among them, personal care products replaced the main share of the company’s products, contributing 63% of the main revenue.
70%, contributing 77% of the increase in main income.
14%; The rapid growth of home care products revenues is 厦门夜网 due to the substantial increase in product output and sales, of which the increase rates are 71.
29% / 53.
The company’s net profit attributable to shareholders of the listed company was 5.
400,000 yuan, an increase of 1 over the previous year.
The increase in profits mainly comes from the improvement of the profitability of two subsidiaries: Herborist Cosmetics contributed profits1.
1.4 billion, an increase of 0 over the same period last year.
9.3 billion (YOY439.
68%), Herborist brand cosmetic technology upgrade, gross profit increase and sales expense decrease; CaymanA2, Ltd.
Realized net profit of 0.
750,000 yuan, an increase of 0 from last year.
160,000 yuan (27.
55%), benefiting from revenue growth in the Chinese and North American markets, the brand ‘s price increase in the UK market and the reduction in promotional costs for some products have led to higher gross profit levels.
(2) Comprehensive gross profit margin decreased 2.
14pct, the period expense ratio is reduced by 2.
78pct’s 2018 consolidated gross profit margin was 62.
79%, a decrease of 2 compared with the same period last year.
In terms of products, the gross profit margins of beauty skin care / personal care / home care products were 72.
62% / 58.
58% / 46.
62%, a decrease of 4 in 2018.
The decrease in gross profit margin was mainly due to the increase in the price of raw materials, which caused the proportion of raw material costs to revenue to increase2.
The sales of 41 single and low gross margin products increased, such as the proportion of revenue from home care products with the lowest gross profit margin was 2.
55% rose to 3.
The company’s net sales margin for 2018 was 7.
57%, up by 1 each year.
During the period when the net interest rate increased gradually, the expense ratio declined, and the expenses increased by 55 during 2018.
97%, estimated to decrease by 2 last year.
The sales / management / financial expense ratios are 40.
65% / 14.
47% / 0.
84%, respectively -2.
17 / -1.
38 units; R & D expenses2.
35%, a decrease of 0 from the same period last year.
The rising financial expense ratio is due to the company’s acquisition of CaymanA2, Ltd.
The use of bank deposits to pay equity, and the reduction in bank deposits led to a reduction in the interest income obtained; the replacement of CaymanA2, Ltd.
Seven million pounds of new bank loans were added in 2017, resulting in increased supplementary expenditures.
Of the 2018 financial expenses, interest income decreased by 2154.
140,000 yuan, interest expenses increased by 634.
(3) Marketing promotes brand value, core brands expand market segments and lead the market. Companies focus on consumer trends, and use marketing methods to achieve brand development based on brand characteristics.
Herborist, Tang Meixing, and Shuangmei follow the trend of high-end, Meijiajing, Liushen continue to be younger, Guff, Qichu, Yuze, Jia’an meet the needs of segmentation.
Herborist has made breakthroughs with new technology as its core. Herborist solid-state essence masks have been on the market for 10 months, and retail sales have exceeded 3 million tablets, contributing about 0 in revenue.
Liushen, Meijiajing realized brand rejuvenation through cross-border marketing. Liushen launched a soft water flavor cocktail in cooperation with RIO, and Meijiajing combined with Big White Rabbit toffee-flavored lipstick sold out on the 20th of September.
The company also adopted the “fan economy”, relying on the influence of celebrity influencers and new media applications to improve word-of-mouth and custody. In 2018, the brand’s total word-of-mouth exposure led by word-of-mouth marketing was nearly 7 billion.
According to the market survey data of Nielsen and Zhongyikang, the Liushen brand has overlapping market leadership in multiple categories, and the market share has increased to varying degrees: the market value of toilet water / shower gel / soap categories in 2018 were 74 respectively.
8% / 6.
4% / 4.
3%, ranking in the first / fourth / top three industries respectively, is the absolute leader in domestic brands.
The Herborist brand ranked 12th in the market share of major brands in the skincare department store channel in 2018, with a market share of 2.
5%, an increase of 0 from last year.
The US and Canada brand is the No. 1 in Volkswagen’s hand cream category, with a market share of 12 in 2018.
The Gough brand is a leader in the men’s skin care market, replacing 4th in the cream category, with a market share of 7 in 2018.
In addition, the company’s emerging brand Qichu holds an important position in the baby skin care market and its market share continues to expand, occupying second place in baby creams and baby shower gels, with market shares of 13 in 2018.
6% and 6.
6%, an increase of 2 respectively.
0 digits and 1.
The company-scale brands cover the consumption needs of different ages and consumption levels, adopt a combination of online and offline sales models, and continue to innovate products. The market share of each category is expected to maintain a high level.
(4) The research and development upgrade has entered a new stage, the new factory has expanded its scale and scale, improved the company’s strategy of taking research and development first, and established a national scientific research center and a national industrial design center, maintaining external scientific research institutes, hospitals, and government agencies.Close relationship and carry out research and technology application to lead the domestic cosmetics industry.
In 2018, the company’s new science and technology innovation center was opened, more biological equipment was added, and a new research platform and laboratory were built to further enhance the company’s scientific innovation strength and be able to use the first technology in its products.
Total R & D funding in 20181.
68 ppm, a ten-year increase4.
1%, while the proportion of capitalization of R & D investment rose from 5.
12% rose to 10.
89%, R & D efficiency has improved significantly.
In 2018, the company launched 39 research projects, applied for 52 patents, and actively participated in the industry standard committee’s standard formulation and multiple safety and technical regulations projects, providing professional support for the development of the industry, and establishing an authoritative framework for the domestic industry.
The new factory Qingpu Leapfrog Factory has been put into use since June 2018, with a designed production capacity of 600 million pieces / year, which is five times the original Central Factory and the company’s largest factory.
At present, the capacity utilization rate is 40%, and the earlier completed central plant has increased by 150%. It is expected that the replacement plant will gradually transport and operate, and the production capacity will continue to increase, reaching at least the original level of 80%.
The new plant will operate with higher quality and EHS standards, and will become a benchmark for quality and safety in the Chinese cosmetics industry.
And the advanced MES manufacturing management system is combined with the company’s SAP system to achieve digital and intelligent management.
The new plant’s operating company has a richer product line, a more rational production capacity structure, higher production efficiency, and a change in planned response speed, so that it can more flexibly respond to market changes and needs and provide customers with better products and services.
Investment suggestion The company steadily promotes the effective landing of the strategy, and improves the company’s performance and operating efficiency.
In terms of brand promotion, the company concentrated its resources to build a high-quality brand in an all-round way, and actively promoted the process of high-end, younger, and segmentation of the brand. The six major brands have advantages in influence and market share.
In terms of channel innovation, the company’s various channels are actively deployed in accordance with brand planning, deeply cultivating traditional offline channels, developing new online channels, and developing collaboratively.
In terms of advancement of research and development, the company continuously increases research and development investment, improves research and development efficiency, and guarantees product quality and safety while innovating and applying new technologies.
In terms of supply guarantee, the company put the new plant into operation as planned, achieving a seamless seamless connection between the new and old plants, and continuous improvement of non-stop operations, which significantly improved performance.
Therefore, we maintain the company’s revenue from 2019/2020/2021 to 84.
2.3 billion, net profit 7.
03 trillion forecast; corresponds to PS2.
79 times, corresponding to PE29 / 25/21 times, maintaining the “recommended level”.
Risks indicate that the daily chemical industry has developed less than expected; market competition has intensified and the industry concentration has decreased; brand channel promotion has fallen short of expectations.
Yanjing Beer (000729): Quality needs to be improved, high-end market needs focus
Company dynamics Recent situation We recently conducted a survey of Yanjing Beer and found that: 1. The company is about to launch high-end new products, focusing on quality while also focusing on packaging design; 2. 70% of subsidiaries in 2018 realized tens of millions of losses reduction.The company expects to reduce losses more in 2019; 3, the company hopes to achieve positive growth in revenue, net profit and sales in 2019.
Review companies are beginning to lay out high-end products, but they 武汉夜生活网 still lack mid- to high-end single products, and resources need to be focused.
The company established an innovation business center in 2018, focusing on the development of high-end products. The company said that it now has ten series of reserve layouts in the ultra-high-end market, replacing alternative listings.
However, from the perspective of some new products coming to the market, the alcohol concentration is 3.
2 degrees, malt concentration is 12-16 degrees, and there is still a gap with the real craft.
At the same time, the company stated that in the catering channel, it is necessary to increase the gold price band of 8-9 yuan, and hope that the “Emperor Road” of 8 yuan can play a leading role.
The effect of the company’s loss reduction measures has begun to show, and it will focus more on the efficiency of cost allocation, but we believe that the company’s efficiency improvement is slower than the industry.
The company set up a help center in early 2018 to solve the problem of highly uneven development among subsidiaries, and the trend of reducing losses is improving.
However, industry leaders are accelerating efficiency improvement. We believe that the company’s efficiency improvement pace is slow and it may miss a wave of efficiency improvement dividends.
With the competition still fierce, but the company is more focused on improving productivity, we believe that sales expenses have remained basically stable, and we expect the company’s sales expense ratio to change in 2019/20.
Estimates suggest that we maintain our profit forecast and target price6.
5 yuan, corresponding to 1 in 19/20.
58x P / S, which is currently undergoing correspondence for 19/20 years 1.
89x P / S, 16% downside compared to target price, remaining neutral.
If the risk increases the high-end investment, the company may miss the upgrade opportunity.
Guanglianda (002410): Construction business growth in line with expectations is expected to rebound
Performance review 2018 results are in line with expectations. Guanglianda released its 2018 annual report with revenue of 28.
6.2 billion, previously + 22%, attributable net profit4.
39 megabytes, the previous -7%, pays 2 yuan for every 10 shares.
Performance was basically in line with expectations, management expenses increased significantly, and accounts receivable improved to some extent from the third quarter.
In terms of development trend and cost business, the transition rhythm is basically the same as our estimate. In 2019, the estimated revenue may be replaced after increasing the number of provinces.
(1) According to the company’s disclosure, new contracts were added in 20186.
55 ppm, of which the price, calculation, and industry credit are 1.
6.9 billion, 1.
6.3 billion and 3.
23 trillion, cloud-related advance receipts at the end of the period4.
1.4 billion, three products are 1.
09 billion, 1.佛山桑拿网
04 billion, 2.
01 billion, in line with our expectations of the United Nations.
(2) According to our calculations, the reporting consolidated company recognizes cloud revenue3.
70 trillion, of which the amount of calculation is 1.
4.8 billion (17 advance receipts 0.
2.9 billion +18 current period1.
1.9 billion), Gongxin 2.
2.2 billion (100 million in 17 years + current period 1 in 18 years.
The construction business has basically completed the integration of its subsidiaries, and it is expected to resume rapid growth in 2019.
(1) Construction business income in 2018 6.
6 megabytes, + 18% per year. Following the initial guidelines, the company first integrated the product with the organizational structure.
(2) At present, the company has completed 100% holding of subsidiaries including Zebra, and has completed product integration and connection between different products.
(3) The construction industry is still growing rapidly, and the product penetration rate in the construction field will increase rapidly.
Overseas business remained stable, and supply chain finance business grew rapidly.
Management expenses increased significantly. Accounts receivable declined earlier in the third quarter, and cash flow decreased.
Earnings forecast Due to the increase in cloud transformation efforts of the cost business in 2019, the 19-year profit forecast is lowered by 11% to 4.
380,000 yuan, at least -0.
2%, but maintain the 2020 profit forecast basically unchanged.
Estimates and recommendations currently correspond to 70/53 times P / E in 19/20.
According to the SOTP model, the target price is maintained at 30 yuan, corresponding to 77 times P / E in 19 years, compared with the current sustainable 10.
Maintain recommended level.
Risks (1) The prosperity of the construction industry may decline in 2019, which will have a significant impact on the company’s business development; (2) The development of the construction business is less than expected; (3) A systematic estimation.
[Conch Fried Green Peppers]_Frying Method_How to Fry
Conch stir-fried green pepper is very famous, and conch is also a very common type of seafood. In fact, many seafood can now have a lot of nutrients such as protein and amino acids. These nutrients are daily.All need to be ingested, and the conch fried green peppers also preserves some of the nutrients contained in the conch itself to a large extent, and will not be lost.
Sauce burst conch 1, clean the conch with a brush, soak it in cold water with sesame oil or salt for about 2 hours, and let it spit out the dirt in the intestine 2, shred the green pepper, green onion, and ginger, and shred it for later use.The conch is simmered in boiling water, quickly remove the spare 4, put oil in the pot, add green onion, ginger and stir-fry when the oil temperature is 50% hot, then put in the sauce, stir-fry the sauce, and then stir-fry the conch 5.Stir the cooking wine during the frying process. When the lid of the conch begins to open, add sugar and stir fry the chicken. Add the green and red peppers immediately before the pan. Warm the conch 1 immediately. Wash the conch and steam it for 12 minutes. Remove the snail.Meat 2, remove the snail brain (purple part), slice the snail meat 3, green and red pepper and green onion into thin wires 4, put the snails, green onion, green and red pepper in a dish, add vinegar, andPump, sesame sesame oil, white sugar and some salt and mix well. Ginger conch 1 immediately. Rinse the conch bought with running water. The conch soaked in the water will slowly open the cover and poke with your hand.Retract 2, garlic slices, ginger slices, cut a little ginger, pour rice vinegar, set aside 3, add water to the pan, add garlic slices、Ginger slices, boil over medium heat until the water temperature is 60% hot, put the conch mouth upwards, heat over medium heat, turn over with chopsticks at the same time, wait for the water in the pot to boil, and quickly remove 4, conch plate, use chopsticks orToothpick, slowly pick out the conch meat5, dip the conch 1 with the ginger vinegar sauce, wash the surface of the conch, spare 2, and pour the right amount of water into the pot. After the high heat boils, pour the conch into the boiling water and cook 5Take out about 3 minutes, take out the conch meat, wash and cool, cut into slices, spare 4, cut the shallot, ginger, shredded garlic, add the conch meat, add salt, sugar, vinegar, sesame oil, mix wellWhite-boiled conch 1, half a pot of water with ginger slices, spring onion, boil the cooking wine, put in the conch and simmer for 4-5 minutes, soak in ice water for 5 minutes immediately after picking up 2, pick out the meat with a small fork, remove the middle sectionYellow and green intestines and belly 3, meat slices on a plate, back to the pan and blanch for another 3-4 minutes, then lift up the plate 4, sprinkle with green onion, tender ginger, green and red pepper, and smoke a large spoon, A little white pepper powder, poured two tablespoons of oil and you can fully grasp the fire, the snail meat is soft and crisp, the taste is sweet and delicious
[Difference between purified water and purified water]_Features_Features
We cannot leave drinking water in our lives. If we want to be healthier, we must drink water every day. The pure water sold on the market is very clean and does not contain any impurities and bacteria. It can prevent and reduce diseases later.Incidence, in order to obtain a safe water source, many families will install water purification machines, so what is the difference between purified water and purified water?
First, what are the differences between purified water and purified water?
Purified water means H without impurities?
O, referred to as purified water or pure water, is pure, clean water without impurities or bacteria, such as organic impurities, inorganic salts, any additives and various impurities, and water that meets the sanitary standards of drinking water is raw water.
It is made by electrodialyzer method, ion exchanger method, reverse osmosis method, distillation method and other appropriate processing methods. It is sealed in a container and contains no additives. It is colorless and transparent and can be directly replaced.
Space water on the market, distilled water is added to purified water.
Second, purified water is simply the purification of water.
Water purification is the process of removing rust, sediment, residual chlorine, organic matter, harmful heavy metal ions, bacteria, viruses, etc. in the water by physical or chemical methods through corresponding filter materials according to different final water needs.
Absolutely, if the physical purification method is used throughout the water purification process, it will not create or add any new substances in the water, nor will it change the properties of the water. Therefore, it is the safest method and is currently widely used in western countries.
Water is purified to eliminate substances that are harmful to human health, which we call “purified water”.
That is, purified water refers to water that is filtered, purified, purified, and does not replace any trace elements through various procedures and scientific and technological operations, such as reverse osmosis, ion exchange, and distillation; the source of purified water is specificallyAll kinds of natural water may filter out all the deviations through various physical and chemical effects, so as to achieve a pure effect and become pure water. It can be said that it is an artificial water that conforms to human standards.
[Encyclopedia of the practice of fried pepper mushroom with sharp pepper?
]_ Production method _ home practice
Chili pepper is a kind of food that is very common in people’s daily life. Although its name is similar to chili pepper, its texture is completely opposite to chili pepper.Sweet taste.
Bell pepper is a kind of vegetables that they like to eat and often quarrel with other foods. Stir-fried Pleurotus eryngii with sharp pepper is a very common practice.
First, the practice of green pepper oyster sauce Pleurotus eryngii Step 1.
Wash Pleurotus eryngii and cut into sections.
Cut the thick wire again.
Thin-skinned green peppers are seeded and washed.
Peel the carrots, shred and chop the shallots.
Put less oil in the pot, heat up, and add Pleurotus eryngii.
Stir-fry until the soup is softened and serve.
Fill the pan with oil and heat, fry the shallots and carrots a few times.
Add green pepper.
Stir for a while.
Stir-fried Pleurotus eryngii.
Add oyster sauce and stir fry evenly.
Season with salt.
Second, fried Pleurotus eryngii with minced pork, two peppers, 10 Pleurotus eryngii, a spoonful of salt, half a spoonful of allspice powder, the amount of minced ginger, garlic and garlic, half a spoonful of cooking wine
All materials are sliced.
Put the oil in the pan, add the meat, and stir-fry the onion, ginger, and garlic.
Add the allspice after the meat has changed color, and stir-fry.
Add Pleurotus eryngii and stir fry.
After the Pleurotus eryngii is softened, add pepper and stir-fry for 1 minute.
Tips Don’t put salt too early, otherwise Pleurotus eryngii will produce soup.
The effect of Pleurotus eryngii is delicious, beneficial to the stomach and stomach, it has the crunchy and tender taste of abalone, and the fresh fragrance of almonds. It has a good spleen and appetizing effect. It is not suitable for people with anorexia.Extra appetizers.
At the same time, it has a good therapeutic effect on gastric ulcers and indigestion.
Promote digestion Pleurotus eryngii is rich in rich oligosaccharides. It can work with the bifidobacteria in the stomach and has the function of promoting digestion and absorption. It has a certain effect on bowel defecation. The supplementary fiber can also promote the stomachPeristaltic detoxification and beauty, eating Pleurotus eryngii may promote digestion and beauty.
Lipid-lowering and hypotensive nutrients such as crude fiber, potassium, calcium, and phosphorus of Pleurotus eryngii mushrooms can promote digestion and absorption of the body’s lipids and inhibit dissolution, prevent hypertension and cardiovascular diseases, and have certain preventive and inhibitory effects on cancerFunction is a health food for lowering blood pressure and blood pressure, preventing disease and anti-cancer.
[DIY Sushi Roll Practice]_DIY Sushi Roll Practices _DIY Sushi Roll Practices Encyclopedia_DIY Sushi Roll How to Make
[DIY Sushi Roll Practice]_DIY Sushi Roll Practices _DIY Sushi Roll Practices Encyclopedia_DIY Sushi Roll How to Make
For most cities, it is not difficult to find that roadside stalls abound.
Although this is convenient for many people, who can guarantee the hygiene of the meal?
Eating roadside stalls for a long time will inevitably lead to major diseases.
And for health or you can choose to eat at home.
Below, I will show you how to make DIY sushi rolls.
12 rice is served in a large glass bowl. When it is not too hot, add white sugar and an appropriate amount of sushi vinegar and mix well (add it according to your taste, try it if you are not sure).
21 eggs into a bowl, add a small amount of salt and fry in a pan, cut into strips, slice cucumbers, ham, carrots, and cook the carrots in boiling water.
Put on disposable gloves, spread seaweed on bamboo curtain first, and then spread the rice on the seaweed. Leave a little space on the end of the seaweed to prevent rice from coming out.
After the rice shop is uniform, put a cucumber strip, a ham strip, an egg strip and a cooked carrot strip.
Sprinkle a layer of beef floss.
Roll up the nori gently with a curtain.
Compact the curtain with both hands.
When cutting sushi, dip the knife in water and dip them one at a time. They are especially good. After the sushi rolls are finished, it is best to leave them for a while and cut them well.
Finally, sushi soy sauce and a mustard dipping sauce is OK.
The detailed method and steps of DIY sushi rolls have been introduced, I believe you have basically understood.
After understanding the necessary steps, all you have to do now is practice.
Practice leads to true knowledge, and I believe that real food comes out like this.