22 May

[How to wash the fat intestines easily?】 _How to clean_How to clean

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鑲ヨ偁铏界劧鎴愭湰涓嶉珮锛屼笉绠楁槸楂樼椋熷搧锛屼絾瀹冪殑钀ュ吇浠峰€兼槸寰堝椋熺墿鏃犳硶鐩告瘮鐨勩€備笉杩囷紝璐拱杩囪偉鑲犵殑浜洪兘鐭ラ亾锛屼拱鍥炲鐨勮偉鑲犳湁涓€鑲¤嚟鑷殑鍛抽亾锛屽嵆浣挎竻娲楀緢澶氶亶涔熸槸杩樻湁娈嬬暀鐨勩€傚鏋滄壘涓嶅埌鍚堥€傜殑娓呮礂鏂规硶锛岄偅涔堣偉鑲犲仛鍑烘潵鍚庝緷鐒舵湁鍛炽€備笅闈紝灏卞皢鏈€绠€鍗曞湪瀹跺嵆鍙竻娲楄偉鑲犵殑鏂规硶鍒嗕韩缁欏ぇ瀹躲€傚厛鎵炬妸鍓垁锛屽壀鍘昏偉鑲犲闈㈢殑鑲ユ补銆傚鏋滄病鏈夊壀鍒€锛屼篃鍙互鐢ㄥ墧楠ㄥ垁鍒幓锛屾垨鏄敤鎵嬫挄锛岃繖灏辫緵鑻︾偣銆傚幓鍑€鑲ユ补鍚庯紝灏卞厛鐢ㄦ按鐏屼竴娆″ぇ鑲犮€傜劧鍚庢壘鏍圭瀛愶紝浠庤偁瘛 紑 紑 鍙 e 鎶 婂  镄 Line reading and reading: The reading and writing are inseparable.澶栭儴銆傚鏋滄噿浜嬶紝灏辩洿鎺ョ敤鍓垁鎶婂ぇ鑲犳部鐫€鑲犻亾鍓紑銆傜劧鍚庡姞鐐归潰绮夊拰鐩愬埌鐩嗛噷锛屽啀鍔犲皯璁告按锛屼娇鍔插弽澶嶆悡娲楃尓澶ц偁锛岀洿鎼撳埌鏈夊ぇ閲忚兌娑蹭骇鐢熶负姝€傜劧鍚It ‘s a good idea to interpolate the effectiveness of the problem, and it ‘s very difficult to find out what ‘s going on. It ‘s a bit difficult to find out what is going on.敤椋熺洂鍗冲彲銆傜劧鍚庡啀鐢ㄦ枡閰掓垨鏄櫧閱嬪姞灏戣姘达紝鎼撴礂涓€閬嶏紝鏈€鍚庡啿骞插噣鍗冲彲銆傝嚦姝わ紝鏅€氱倰椋熺殑娓呮礂灏辩粨鏉熷暒锛屽彲浠ョ洿鎺ュ紑鍒囩倰鑿滀簡銆傚鏋滄槸鐢ㄦ潵鍋氬崵鍛崇瓑锛屽垯杩橀渶杩囩儹娌虫按娲楋紝浠ュ交搴曞幓寮傚懗銆傚叿浣撳仛娉曟槸鐑у紑姘达紝鐒跺悗鎶婄尓澶ц偁鍊掕繘閿呴噷鐚涚伀婊氱儷涓夊埌浜斿垎閽燂紝鎹炶捣鐢ㄦ竻姘村啿涓€涓There is no such thing as a total of people, and there are so many things that come back to you, and you will be able to get them back and forth, and you will be able to find out what is going on, what is going on, what is going on, what is going on, what is going on?Jane: Awesome?椋熺枟浣滅敤鐚ぇ鑲犳€у瘨锛屽懗鐢?鏈夋鼎鑲狅紝鍘讳笅鐒﹂鐑紝姝㈠皬渚挎暟鐨勪綔鐢ㄣ€傜敤鐚ぇ鑲犳不鐤楀ぇ鑲犵梾鍙橈紝鏈夋鼎鑲犳不鐕ワ紝璋冭鐥㈣剰姣掔殑浣滅敤锛屽彜浠e尰瀹跺父鐢ㄤ簬鐥旂柈銆佸ぇ渚垮嚭琛€鎴栬鐥€傚銆婁粊鏂嬬洿鎸囨柟銆嬪拰銆婂鏁堣壇鏂广€嬩腑鐨勭尓鑴忎父锛屻€婃湰鑽夎挋绛屻€嬩腑鐨勮繛澹充父绛夛紝鐨嗘槸What are you talking about? What are you talking about? What are you talking about? What are you doing here?

12 May

[Can pregnant women drink yellow peach yogurt]_Pregnant women_Can you eat

[Can pregnant women drink yellow peach yogurt]_Pregnant women_Can you eat

The fermentation process of yogurt is actually very simple. It mainly uses fresh milk to add lactic acid bacteria and ferments out over time.

Compared with fresh milk, yogurt has a sour taste, and the smell of milk is reduced, so yogurt has been liked by too many children and women.

In yogurt, you can also add different fruits according to your personal choice. For example, yellow peach yogurt is a widely-accepted yogurt flavor, but can pregnant women drink yellow peach yogurt?

Yogurt is made from fresh milk fermented by lactic acid bacteria. Its ph value is reduced. If a pregnant woman reacts and penetrates in the early stages of pregnancy, and it is acid-reflecting, it means that the stomach has more acid, so it is not appropriate to drink yogurt.

However, after a meal, when there is some food in the stomach, you can drink it, but in moderation.

Try it, don’t drink on an empty stomach.

If pregnant women do not have acid reflux, they can drink yogurt.

Yogurt is not only the same as fresh milk in nutritional value, but also easy to digest and absorb. The lactic acid bacteria in yogurt can inhibit the proliferation of spoilage bacteria after entering the body, reduce the production of toxins in the body by the spoilage bacteria, and help the health function.Increase Vitamin B.

For people with stomach acid deficiency, yogurt is more suitable.

Method of yellow peach yogurt 1. Wash the yellow peaches, peel them, and cut into two pieces. Take a portion of the yellow peaches (half a half) and cut into small pieces.In the broken yellow peach, cook in a small pot with the yellow peach for 4 minutes, cook on medium heat for 10 minutes, and stir while cooking. In order to prevent the syrup from bursting and hurting people, cover the pot and stir.

Cook into a sticky, transparent shape and serve.

5, cool out of the pot and put it in the refrigerator for later use.

Next is yogurt!

6, I use yogurt machine to make yogurt, so keep the ratio of yogurt to milk 1 to 9, a constant temperature of 50 degrees for eight hours is OK.

7, everything is ready, add a tablespoon of yellow peach jam to the yogurt and mix well to make yellow peach yogurt!

Which one can also eat soft yellow peaches?
Pregnant women eating yellow peaches should pay attention to pregnant women can eat yellow peaches, but not eat more, everything is the first principle of freshness; at the same time, also pay attention to avoid eating unripe yellow peaches, easy to bloating.

Do n’t like to eat as long as you eat. Expectant mothers must pay more attention to the nutritional mix so that they can have healthy babies.

07 May

[Food and Fruits for Spleen]_Spleen_Food_Fresh Fruit

[Food and Fruits for Spleen]_Spleen_Food_Fresh Fruit

Many people do not have healthy spleen and stomach functions, so they are susceptible to illness in normal times, so you don’t need to worry about this, just eat more food and fruits that can strengthen the spleen and appetite.

Among the more common fruits are Sydney, apples, oranges, and other beauty products, which can also have an appetizing effect, and in terms of food, you can eat more chuanbei, grains and vegetables.

①, Chuanbei rock sugar steamed pear-cough, phlegm, and moisturize the lungs The steamed pear has the effects of clearing heat, moisturizing the lungs, cough and phlegm, and in the process of steaming, you can add other foods or drugs to enhanceEffect.

Among them, the most commonly used is Chuanbei Rock Sugar Pear.

Method: Take 1 large Sydney pear, cut off the pear cover, remove the kernel, pour 3 grams of Sichuan shellfish powder and a moderate amount of rock sugar, cover the pear cover, put it in a bowl and steam for 10 minutes. Turn off the heat and wait for the pears to warmDrink the steamed soup and eat the pears once a day, it has a good cough suppressant effect.

It should be specially reminded that Chuanbei Rock Sugar Pear is not suitable for people with cold or cold cough.

② Apples are steamed and eaten-Antidiarrheal and easy-to-digest fruits are rich in nutrition, but their cold characteristics are not suitable for everyone.

Some people with weak spleen and stomach are not easy to digest and absorb diarrhea.

Steaming and eating the fruit not only weakens the cold performance, but also doubles the therapeutic effect.

Apples are steamed and eaten. The boiled pectin can absorb bacteria and toxins, and also has astringent and antidiarrheal effects, and is easier to digest.

Cut the apple skin into small pieces, put it in a small bowl, and steam for 5 minutes under water. After a little cooling, you can eat.

Apples are steamed and eaten ③, and oranges are “hot”-beauty and beauty are not on fire. Oranges can not only lower blood lipids and cholesterol in the human body, but also make skin care.

However, eating more oranges in the spring is easy to get angry, and symptoms such as sore tongue, dry mouth, dry throat, and dry stools appear.

And hot oranges are ideal.

First 1?
Wash 2 oranges at 40 ℃?
Soak in warm water at 50 ℃ for about 1 minute.

Then dry the oranges (until the skin is completely free of moisture), put them in the oven, and heat for 1?
2 minutes to microfocus.

In this way, the volatile oil, orange peel content, B vitamins, and vitamin C in the orange peel can penetrate into the orange, which not only achieves the effect of spring health and beauty, but also does not get angry.

Orange peel contains volatile oil, which has a mild stimulating effect on the natural, can help digestive juice secretion, increase appetite, and has the effect of relieving the stomach and spleen.

In addition, orange peel also has antitussive, expectorant, and dampening effects.

04 May

[How to make dumplings with eggplant and meat]_How to make _how to make dumplings with eggplant and meat

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The gongs are inlaid, and the picks are stolen, the worms are insults, the stags are swaying, the stags are swaying, the stags are squeezing, the sorrows are squeezing, and the songs are seizing鐨勮敩鑿滈鐗╋紝涓嶄粎鍙互鐑圭倰锛屽仛鎴愰ズ瀛愰鏂欐洿鍔犵編鍛筹紝涓嬮潰灏辨潵璁よ瘑涓€涓嬪畠鐨勫埗浣滄柟娉曘€?涓€銆佽寗瀛愬仛楗哄瓙棣呭仛娉曪細1.鑼勫瓙鍘诲ご娲楀噣锛岀劧鍚庡垏鎴愮墖鐘躲€?.What are you looking for? How are you looking at it?.娌归攨鏀惧叆瓒冲鐨勬补锛岀儳鐑嚦鍏垎鐔熴€?。零 协 囏 囗 囗 宑 宑 宑 宑 宑 宑 宑 哑 哫 哫 铮 鏑 鏗 揪 铆 揪 铱 爱 爦 璦  矘 婊 ‘紴 灞 傜 塦 Add to the list of peaks and peaks of the song and the song of the song 5沦 粍 鑹 鴬 鍑 鍑 鐌 粌 纴 鏀 釳 釆?.This is the best way to do it. It ‘s a good idea. It ‘s a good idea. It ‘s 20. It ‘s so beautiful. It ‘s so frightening. It ‘s so frightening.呫€?浜屻€佸仛娉曪細1銆佸皢鑼勫瓙鍒囨垚鏉$姸鏀捐捀閿呴噷钂?銆佸ぇ绾﹁捀鍏垎鐔熷悗鏅惧噳3銆佷富瑕佽皟鍛冲搧鈥斺€旈鑿滐紝杩欐槸淇濊瘉楗哄瓙濂藉悆鐨勫叧閿儴鍒嗭紝瑕佸鏀句竴鐐癸紝澶х害2锝?涓ゃ€?銆佽皟鑲夐锛氾紙锛戯級銆佽倝棣咃紙浜旇姳鑲夈€佺矖鍒€锛屾墜鍒囪倝涓佹洿濂斤級鍔犳按椤轰竴涓柟鍚戞悈鑷虫湁绮樻€э紝鍐嶄緷娆″姞閰辨补锛堝涓€鐐癸級銆佺洂銆佸懗绮俱€佽懕銆佸鏈€傦紙锛掞級銆佸姞鑺辩敓娌广€佸皯閲忛娌癸紝鎼呮媽鍧囧寑锛屽啀鍔犱笂棣欒彍鏈媽鍖€銆傦紙3锛夈€佸皢鏅惧噳鐨勮寗瀛愶紝鏀ユ按銆佸墎鎴愯寗娉ワ紝鍔犲埌棣呮枡涓媽鍖€5銆佸拰闈細鐩存帴鐢ㄥ喎姘村拰闈紝闈㈠洟绋嶈蒋涓€浜涳紝杩欐牱鍖呭嚭鐨勯ズ瀛愭墠濂藉悆鍛€銆傚拰鎴愬洟鍚庢斁鐩嗛噷鍔犵洊楗у崐灏忔椂宸﹀彸锛屽啀鎻変竴娆°€?涓夈€侀ズ瀛愰唻鏄垜瀹跺悆楗哄瓙蹇呬笉鍙皯鐨勶紝浠ュ墠鑰佷拱鏈€璐电殑楗哄瓙閱嬶紝鍙彛鍛虫€讳笉鑳借浜烘弧鎰忥紝鑷粠鍘诲勾鎴戝缁欎簡鎴戜竴鐡惰嚜宸卞仛鐨勯唻锛屽悆楗哄瓙鎰熻寰堝ソ锛屽氨涓€鐩寸敤杩欑鏂规硶鑷繁鍋氫簡锛氫拱鏉ュぇ鐡剁殑閰块€犵背閱嬶紝鍔犱笂钂滄场鍦ㄩ噷闈㈠嵆鍙€傛垜鐢ㄧ殑鏄幓鐠冨噳姘存澂锛岃寰楀锛屽€掕捣鏉ヤ篃鏂逛究銆?

25 Apr

[Sour and Spicy Pork Meatball Soup]_Sour and Spicy Pork Meatball Soup_How to_How to do

銆愰吀杈g尓鑲変父瀛愭堡鐨勫仛娉曘€慱閰歌荆鐚倝涓稿瓙姹濡備綍鍋歘鎬庝箞鍋?
鐚倝鐨勮惀鍏讳环鍊奸潪甯搁珮锛岄偅浜涢槾铏氫笉瓒炽€佸ご鏅曘€佽传琛€鐨勪汉椋熺敤瀵硅韩浣撴湁鏋佸ソ鐨勬敼鍠勩€傜敓娲讳腑甯歌鐨勭尓鑲夌殑鍚冩硶鏈夊緢澶氾紝鍏朵腑閰歌荆鐚倝涓稿瓙姹ゅ挨鍏剁殑鍙楁杩庯紝鍏跺仛娉曚篃闈炲父绠€鍗曪紝灏嗚倝鍓佺锛屽姞鍏ラ€傞噺鐨勮皟鏂欙紝鎷屽潎鍖€鍚庡仛鎴愪竴涓釜灏忎父瀛愭斁鍦ㄥ紑姘撮噷鐓竴浼氾紝鐒跺悗鏀惧叆钁辫姳銆侀唻绛夊氨鍙互椋熺敤浜嗐€?涓€銆佹€庢牱鍋氱尓鑲変父瀛愭堡? 浜旇姳鑲夌殑鐨敤鍒€鐗囨帀锛岀劧鍚庢妸浜旇姳鑲夊墎鎴愯倝鏈€傚0鏄庝笅锛屽崈涓囦笉瑕佸伔鎳掑幓鑿Awesome arches, arches, chains, chains, and chains, and they are baked, and the wind and the wind are set, and the ammonia is made, and the soup is set, and the soup is simple.銆傝€岃嚜宸卞墎鐨勮倝鏈敖閲忓皬锛岀湅鐫€鍍忕偢鑲夋満鐐稿嚭鏉ョ殑灏卞緢濂戒簡銆?鎷垮ソ涓€涓锛屾妸楦¤泲鎵撳紑锛屽垎绂昏泲榛勫拰铔嬫竻銆?杩欎釜鏃跺€欏彲浠ュ紑濮嬬儳姘翠簡)鎶婅倝鏈嬁濂藉鍣ㄨ濂斤紝鍊掑叆铔嬫竻鍜岀敓绮夛紝寮€濮嬫悈鎷岋紝鐩村埌鎼呮媽鍒拌倝銆佽泲娓呫€佺敓绮夊畬鍏ㄨ瀺鍚堜负姝€傛妸鑲夋湯鎹忓湪鎵嬩腑澶ф媷鎸囪窡椋熸寚鎶婅倝鏈尋鍑烘潵锛岀劧鍚庡嫼瀛愪竴鍕鸿繃鍘伙紝灏卞彉鎴愯倝涓稿瓙鍟︺€傛敞鎰忎竴瀹氳鎶婅倝鏈斁鍦ㄦ帉蹇?The gallium and the gallium can be used to check the status of the dead. It ‘s not a good idea. It ‘s a big picture.Recognize the problem: click on the link to check the link of the disease, check the link, check the link, check the link, check the link, and check the link.愪竴涓釜鐨勯€佽繘閿呴噷锛岀劧鍚庝笉瑕佹檭鍔ㄤ父瀛愮儳寮€浜嗭紝鏀句竴鐐圭传鑿滃拰灏忚懕鑺憋紝杩欐This is a compilation of the following questions: the defense of the chain of defense and the defense of the language and the language of the language, the text of the text, the text, the text, the text, the text, the text, the text, the text, and the text氬仛濂戒簡涓€閬撳張棣欏張钀ュ吇鐨勪父瀛愮尓鑲夋堡浜嗐€備簩銆佺尓鑲夌殑閫傜敤浜虹兢 涓€鑸仴搴蜂汉鍜屾偅鏈夌柧鐥呬箣浜哄潎鑳介涔嬶紝浣嗛涔嬭繃澶氾紝渚夸娇浜烘憚鍏ヤ簡杩囧鐑噺锛屽浣欑殑鐑噺杞寲涓鸿剛鑲湪浜轰綋鍐呭偍瀛橈紝灏辫嚧浜鸿偉鑳栵紝鑲ヨ儢鍒欐槗鍙戝绉嶇柧鐥呫€?澶氶鎴栧喎椋熺尓鑲夋槗寮曡捣鑳冭偁楗辫儉鎴栬吂鑳€鑵规郴;瀵逛簬鑴傝偑鍙婄尓娌癸紝鎮i珮琛€鍘嬫垨鍋忕槴(涓)鐥呰€呭強鑲犺儍铏氬瘨銆佽櫄鑲ヨ韩浣撱€佺棸婀跨洓銆佸椋熶笉鍖栬€呭簲鎱庨鎴栧皯椋熶箣銆傜尓鑲夐€傚疁闃磋櫄涓嶈冻銆佸ご鏅曘€佽传琛€銆佽€佷汉鐕ュ挸鏃犵棸銆佸ぇ渚垮共缁撲互鍙婅惀鍏讳笉鑹€呴鐢?瀵规箍鐑亸閲嶃€佺棸婀垮亸鐩涖€佽垖鑻斿帤鑵讳箣浜猴紝蹇岄鐚倝銆傜尓鐨拰鐚箘鍏锋湁鈥滃拰姘旇銆佹鼎鑲岃偆銆佸彲缇庡鈥濈殑鍔熸晥锛岀埍缇庣殑濂虫€у彲澶氶鐢ㄧ尓鐨拰鐚箘銆?

29 Mar

Antarctic E-commerce (002127): The business speed of the headquarters increased to 40% from the previous quarter + the growth of operating quality maintained improvement

Antarctic E-commerce (002127): The business speed of the headquarters increased to 40% from the previous quarter + the growth of operating quality maintained improvement

Antarctic e-commerce releases 2019 third quarter report.

In 杭州夜生活网 19Q3, the company’s operating income and net profit attributable to mother increased by 25% and 37% respectively. Among them, the company’s headquarters increased by 33% and 42%, and net profit increased by 4.

7 points to 71.

6%, mainly driven by the decrease in advertising expenditures and asset impairment, and a slight decline in the income rate; Time Connect increased by 22% and 14%.

In 19Q3, the company achieved a 55% increase in GMV, a 43% increase in brand licensing and comprehensive service fee income, and a monetization rate of 3.

99%, a decrease of 0 from the same period last year.

36pct still suffers from preferential policies of new categories, new platforms and highly competitive categories, but the amplitude is narrower than that of 19H1.

Incident Review GMV continued to grow at a high rate, and the monetization rate improved month-on-month.

In the first three quarters of 19, the company achieved GMV of 1.68 million yuan, an increase of 59%.

By brand, Antarctic people achieved GMV of 145%, an increase of 65%; sub-platforms, Ali, JD.com, social e-commerce and Vipshop increased by 51%, 36%, 132%, and 198% respectively, of which 19Q3 achieved GMVAt 580,000 yuan, the same increase of 55%, high growth continued.

The first three 19 and 19Q3 monetization rates were 3 respectively.

65% / 3.

99%, Q3 improved from the previous month.

Decrease in advertising costs drove down the expense ratio, and net profit margin continued to increase.

In 19Q3, the company’s sales, management, research and development, and financial expense ratios were 2 respectively.

63%, 2.

26, 0.

91% and 0.

04%, respectively -1.

98 / + 0.

17 / + 0.

16 / + 0.

12pct.

The decrease in sales expense ratio was mainly due to the decrease in advertising expenses, which led to a decrease in sales expenses of 10.79 million yuan in the current period; the rise in management expense ratio was due to the company’s business expansion and the increase in personnel costs.

Income tax expenses in the current period 5.

3%, a slight decrease of 0 compared with the same period last year.

3pct, single quarter net profit margin increased by 1.

9 points to 21.

3%.

Refined operations were strengthened, and operation quality maintained and improved.

The company’s accounts receivable at the end of the period was 9.

US $ 7.6 billion, of which brand authorization and comprehensive services, factoring and time interconnection are 4 respectively.

05, 3.

12 and 2.

470,000 yuan, a year of + 24%, -31% and -10%, maintaining steady improvement.

Net cash flow from operating activities was 2.

92 ppm, previous + 43%, of which, the company headquarters 2.

7.7 billion, compared with the same period last year 3.07 trillion fell slightly, still affected by the adjustment of the caliber, the cash flow of the headquarters improved under the unified caliber; the time operating cash flow from the same period last year -1.

03 million turned positive to 1471 million, and the quality of operations continued to improve.

Continue to be optimistic about the company’s focus on IF daily life standard products, and the brand licensing model to achieve the advanced efficiency of the industrial chain efficiency and profit improvement model.

The market share of mature categories increased, and emerging categories and channels expanded to support the 深圳桑拿按摩 company’s future growth logic.

We expect the company’s net profit attributable to mothers to be 12 in 2019-2020.

06, 15.

60 and 19.

USD 9.3 billion, an increase of 36%, 29% and 28% each year, maintaining the “Buy” rating.

  Risk Warning: 1.

Expansion of new categories and new channels is less than expected; 2. Industry competition has intensified; 3. E-commerce platform operating rules have changed; 4. Quality issues have damaged its brand image; 5. Monetization rate has fallen more than expected; 6. M & AThe target performance did not meet expectations; 7. Goodwill was impaired.

25 Mar

Livzon Group (000513) Company Research: Leading Investment in New Elements Pharmaceuticals B-round Financing Investment Layout Early Innovation Projects Continue to Land

Livzon Group (000513) Company Research: Leading Investment in New Elements Pharmaceuticals B-round Financing Investment Layout Early Innovation Projects Continue to Land

Event: On January 17, 2020, Zhuhai Lizhu Pharmaceutical Equity Investment Management Co., Ltd., a wholly-owned subsidiary of Livzon Group and Jiangsu New Element Medical Technology Co., Ltd., Shi Dongfang (“Founding Shareholder”), Changzhou TongxinEquity investment companies (limited partnerships), Changzhou Xinshi Venture Investment Partnership, and Xiamen Jinyuan Kaitai Zhanhong Healthy Growth Venture Investment Partnership have gradually reached the “Capital Increase Agreement on Jiangsu New Element Pharmaceutical Technology Co., Ltd.”.

Livzon Equity Investment Co., Ltd. will invest RMB 70.09 million to subscribe to New Element Medicine for an additional registered capital of RMB 2.25 million, accounting for 7 of the registered capital of New Element Medicine after the capital increase is completed.

82%.

  Opinion: Leading the investment in New Element Medicine, the company’s innovative investment projects continue to land.

The company led the B-round financing of New Element Medicine. This round of financing will be used to promote the development of New Element Medicine.
武汉夜网论坛

A type 1 gout innovative drug ABP-671 is in phase 2 clinical trials in the United States and Asia, as well as preclinical research work on other drugs including non-alcoholic abnormal hepatitis (NASH).

The company’s democracy has repeatedly invested in the innovation field through early investment interventions, such as monoclonal antibodies (Shanghai Jianxin), double antibodies (AbCyte), and cell therapy (Kunzun Bio).In the field of non-alcoholic abnormal liver (NASH) and tumors, the layout is further expanded.

The company’s venture capital projects have been continuously implemented, reflecting the company’s awareness of innovation and its determination to transform and innovate.

  New Element Medicine is an innovative company specializing in the fields of “metabolism” and “tumor”, and has a core team with rich experience.

New 都市夜网 Element Medicine is a Sino-foreign joint venture established in March 2012, dedicated to the development of global commercial value and global competitiveness 1.
.

Class 1 innovative medicine, mainly focusing on gout, NASH.

The core team of the company mainly comes from the United States, including the company’s CEO, CMO, senior deputy general manager of business development, senior clinical executive director and deputy general manager of China Business Development, and senior domestic researchers.

The core team has extensive research and development experience in innovative drugs.

The company completed a round of financing in early 2017, which was exclusively invested by Kaitai Capital; in May 2018, it completed a round of financing A + by Preferred Capital and Zhongyu Capital.

  Overview of the new element pharmaceutical pipeline.

The pace of progress in the company’s pipeline is in the gout area.

A new class of drug ABP-671 is about to enter the global phase 2 clinical study.

Gout is the second largest metabolic disease after diabetes.

There are nearly 1 billion gout patients worldwide, and its market size is segmented.

There are about 1 patients with hyperuricemia in China.

1 billion people, conservative hypertensive gout patients should be greater than 35 million (data ranking new element medicine official website).

The company’s follow-up pipeline also includes malignant liver, non-alcoholic malignant hepatitis (NASH), and innovative anti-gastric, bowel and triple-negative prevention drugs.

  Earnings forecasts and investment advice.

Looking forward to 2019, we believe that the company’s revenue structure is continuously changing. Based on the company’s excellent leadership, sales team, monoclonal antibody platform, microsphere platform, etc., the company’s long-term investment value is prominent.

It is estimated that the net profit attributable to mothers for 2019-2021 will be 13 respectively.

04, 15.

70, 18.

8.6 billion, with growth rates of 20 respectively.

5%, 20.

4%, 20.

2%, corresponding PE is 27x, 23x, 19x.

(The actual internal growth after the replacement incentive amortization is higher, and the replacement is predicted after deducting cash).

Maintain “Buy” rating.

  Risk reminder: The sales volume of Shenqi Fuzheng is reduced, and the risk of monoclonal antibody research and development.

17 Mar

Beifang Huachuang (002371) Tracking Review Report: Domestic substitution of IC equipment accelerates stock + increment dual growth

Beifang Huachuang (002371) Tracking Review Report: Domestic substitution of IC equipment accelerates “stock” + “increment” dual growth

The report reads that the domestic substitution of IC equipment is accelerating. Beifang Huachuang is a leader in domestic equipment. It is expected to continue to benefit and further release its performance.

Key points of investment Domestic logic / 3D NAND / DRAM is progressing smoothly, and the company’s IC products have moved from “single unit verification” to the “large-scale volume” stage; SMIC, Huali Microelectronics 28nm HKMG yield rate has reached standards, production capacity has gradually begun to increase,The research and development of storage 3D NAND 64P has entered the process curing stage. It has begun to purchase 20k capacity equipment. Hefei Changxin DRAM achieved a yield of more than 10% in 2018 and completed a breakthrough from 0 to 1. It is expected that products will come out in 2020. The company’s traditional strengthsEquipment PVD, furnace tubes, etching equipment, etc. have achieved batch sales at different scales on the client side, and cleaning equipment can also use Akrion’s technology to accumulate on the 12-inch client side and pass the verification. It is expected to increase volume this year.

Downstream IC customers continue to expand production, and the company ‘s equipment “inventory” + “incremental” dual growth logic; the conversion of mass production experience improves, the company ‘s mature products will account for a larger proportion of clients.The gradually developed products of Cu B / S, metal etching, single cleaning, etc., can greatly improve the ceiling of the company’s performance, which is an incremental growth; the stock space is improved: the company’s Al Pad, HM, STI etching, alloys, alloys,Room temperature oxidation, tank cleaning machines, etc. in the Yangtze River storage, SMIC, Huali and other clients increased the proportion of our model calculation space is about 10 billion; incremental space improvement: the company’s copper B / S, ALD, Poly etching, Metal etching, high temperature oxidation, single cleaning machine and other customers in the Yangtze River storage, SMIC, Huali, Hefei Changxin and other clients have successfully achieved breakthroughs in verification progress. Our model measurement space is about 20-30 billion; photovoltaic customers continue to expand productionThe company’s single crystal furnace equipment is expected to continue to increase volume; Longji shares as the company’s main crystal furnace customers, the expansion plan for this year and next year unchanged, is expected to expand from 28GW this year to 36GW, from 36GW to 45GW next year, corresponding to 2 per 1GW.

For the market space of 500 million single crystal furnaces, the company accounts for 50% of the market. The new orders this year and next are about 21.

2.5 billion, a substantial increase compared to the 500-600 million (measured) revenue in 2018.

Earnings forecast and forecast The company is expected to realize operating income from 2018 to 202032.

5.2 billion, 44.

6.4 billion, 59.

31 trillion, the growth rate was 46.

34%, 37.

24%, 32.

87%.

Net profit attributable to mothers is 2.

3.9 billion, 3.

95 billion, 6.

10 trillion, the growth rate was 90.

99%, 64.

86%, 54.

twenty four%.

The company’s EPS is expected 北京夜生活网 to be 0 in 2018-2020.

52, 0.

86, 1.

33 yuan / share, corresponding to PE of 137, 83, 54.

Risk warning: the company’s main customers’ process progress is less than expected; the company’s equipment research and development progress is less than expected; the domestic semiconductor industry investment is less than expected;

12 Mar

Xingyu shares (601799) annual report comments: performance growth in line with expected profitability continued to improve

Xingyu shares (601799) annual report comments: performance growth in line with expected profitability continued to improve

Customer expansion and product upgrades, performance growth in line with expectations On March 27, the company disclosed its 2018 annual report, and the company achieved an operating income of 50 in 2018.

7.4 billion, ten years +19.

24%; net profit attributable to mother 6.

100 million, +29 a year.

91%; net profit after deducting non-attribution is about 5.

4.4 billion, +33 per year.

49%, the company’s expenses are properly controlled, the profitability has been steadily improved, and the performance growth is in line with our expectations.

In 2018Q4, the company achieved revenue of 13.

500 million, +8 per year.

15%; net profit attributable to mother 1.

7.1 billion, +16 a year.

98%; revenue and net profit growth were significantly higher than the passenger car industry growth.

The company is a leader in autonomous vehicle lighting and has an excellent customer structure. Through the company’s customer expansion and product upgrades, we believe that the company’s performance will continue to maintain high industry growth. It is expected that the EPS for 2019-21 will be 2.

89/3.

69/4.

63 yuan, maintaining the “overweight” level.

  Benefiting from the increase in the average price of car lights and proper cost control, the company’s profitability has steadily increased, and the company has steadily increased the number of car light projects approved by the company in 2018 to 102, and sold approximately 64.6 million lights (+13 each time.

3%), the average price of car lights is about 69.

75 yuan / piece, about 6% a year.

In 2018, the company’s overall three rate is about 9.

02%, year -0.

88pct, of which the selling expense ratio is 2.

85% -0 per year.

1 point; management expense ratio 6.

14% every year -0.

64pct; financial expense ratio is 0.

03% every year -0.

14 points.

The company’s gross profit margin reached approximately 22 in 2018.

56%, ten years +0.

99pct; net interest rate is 11.

99%, ten years +0.

97 points.

We believe that the company’s full LED headlights are gradually mass-produced, and the average price of car lights has continued to increase. At the same time, the company’s expenses have been properly controlled to achieve an increase in net profit margin.

In 2018, the company undertook 73 new projects for vehicle lights. We believe that the gradual batch production of new projects in reverse, and the company’s profitability is committed to continue to improve steadily.

  The customer structure is excellent, the German-Japanese strong product strength enhances the company’s performance and growth. The company’s customers cover FAW-Volkswagen, SAIC-Volkswagen, GAC Toyota, Dongfeng Nissan, German BMW, Dongfeng Honda, Geely Automobile and Guangzhou Automobile Passenger CarsOEMs, including FAW-Volkswagen and FAW Toyota, are the company’s top two customers, with revenues of approximately 40% and 16%, respectively.

According to data from the China Automobile Association, from January to February 2019, the cumulative sales volume of domestic passenger cars was -16.

8%, FAW-Volkswagen’s cumulative sales increased by +8.15%, FAW Toyota ten years -1.

01%, the growth rate of the strain rate is better than the industry.

According to the Auto House report, FAW-Volkswagen will launch 28 new models such as the new Sagitar and Audi Q3 in 2019; FAW Toyota will launch 5 new models including the Asian Dragon and the new Corolla. We believe that the strong product cycles of FAW-Volkswagen and FAW Toyota willHelp the company maintain good growth in 2019.

  Independent auto lamp leader, promising development prospects, maintaining the “overweight” rating company is the 天津夜网 domestic independent auto lamp leader, continue to develop high-end customers, actively deploy intelligent new products, product structure continues to penetrate the high value-added headlights penetration.

We believe that the company has targeted customer development capabilities and product development capabilities. At the same time, the company’s first two customers, FAW-Volkswagen and FAW Toyota, have strong new product cycles, which will help the company’s performance in 2019-2021 maintain high growth.

We expect the company’s net profit attributable to its parent to reach approximately 7 in 2019-21.

99/10.

18/12.

800,000 yuan, the corresponding EPS is 2 respectively.

89/3.

69/4.

63 yuan, the average PE of comparable companies in the industry in 2019 is about 23.

4X, the company is the leading auto light leader, with a well-structured customer, giving the company a 24-25X PE estimate for 2019 with a target price range of 69.

36?
72.

25 yuan to maintain the “overweight” level.

  Risk warning: Automobile sales growth rate is lower than expected, FAW-Volkswagen and FAW Toyota sales are lower than expected, technology research and development and product development are lower than expected.

08 Mar

Jerry (002353): The third quarterly report has increased by 140% -155%, exceeding market expectations; it has benefited from the shale gas development and the fracturing equipment has good growth

Jerry (002353): The third quarterly report has increased by 140% -155%, exceeding market expectations; it has benefited from the shale gas development and the fracturing equipment has good growth

Event: The company issued a forecast for the third quarter of 2019, and the company achieved net profit from January to September8.

71?
9.

250,000 yuan, an annual increase of 140%?
155%, a profit of 3 in the same period last year.

6.3 billion.

Comment: The factors that contribute to the high growth of the company’s performance are: the core business segment’s drilling and completion equipment, and the oil service business’s profit growth.

According to the company’s interim report, the revenue of its subsidiary “Jereh Petroleum Equipment Company” (drilling and completion equipment business) was 12 in the first half of the year.

2 ‰, an increase of 89% in ten years; net profit 3.

20,000 yuan, an increase of 222% in ten years.

Subsidiary “Jerry Energy Service Company” revenue in the first half of the year7.

07 million yuan, an increase of 24 in ten years.

1%; net profit 1.

27 ppm, an increase of 422% per year.

We judge that the equipment and services sector will continue to grow in the third quarter.

New orders continued to grow rapidly: the company’s new orders in the first half of the year34.

73 ppm (excluding budget), an annual increase of 31%, of which the core business with high gross profit margin: new orders for drilling and completion equipment increased by more than 100%.

Downstream shale gas production is in full swing and demand for fracturing equipment is strong: On September 29, PetroChina issued an announcement and achieved significant results in the exploration of unconventional oil and gas fields.

One billion ton of crude oil was found in the Ordos Basin.

The Sichuan Changning-Weiyuan and Taiyang Blockchain supplemented the proven shale gas geological reserves of 740 billion cubic meters, and gradually proved them1.

06 trillion cubic meters.

According to the requirements issued by the State Council, natural gas production is expected to reach more than 200 billion cubic meters in 2020. Shale gas is the main force for exploration and development. The target for shale gas production in 2020 is 30 billion cubic meters, and at least by 2018At only about 11 billion cubic meters, demand for fracturing equipment is strong.

The company’s “electric drive fracturing” complete set of products gradually increases and reduces shale gas extraction costs.

The company’s electric flood fracturing equipment can further reduce the development cost of shale gas, thereby promoting the large-scale development of shale gas.

Investment advice and profit forecast The company prepares a leader for oil clothing, benefiting from the development of China’s shale gas, the recovery of the global oil service industry, and the equipment’s “cycle + growth” attributes.

We believe that China is initially similar to the US shale gas development foundation, and the demand for fracturing equipment 成都桑拿网 has greatly increased and its growth is good.

Driven by the national energy security strategy, the oil service boom is improving.

It is expected that the company’s net profit for 2019-2021 will reach 12.

3, 18.

0, 23.

60,000 yuan, a ten-year increase of 100%, 46%, 31%; EPS is 1.

29, 1.

88, 2.

46 yuan; corresponding PE is 24, 16, 12 times.

Give the company an estimate of 20 times in 2020, with a target price of 37 in June-December.

6 yuan, maintain “Buy” rating.

Risk warnings: Expectations for shale gas development, supplementing the downgrade risks; the risk of a sharp drop in oil prices; risks for overseas operations.