20 May

[Can confinement eat sweet potatoes]_Sweet potatoes_Maternity_Can I eat

[Can confinement eat sweet potatoes]_Sweet potatoes_Maternity_Can I eat

After confinement, there are a lot of precautions, and some aspects need special attention. Try not to eat cold things. You can eat a little sweet potatoes during confinement because the sweet potatoes are soft and glutinous, which can increase the body.Skin color, and can improve immune function, so you can eat sweet potatoes during confinement.

Maternal can eat sweet potatoes.

Because during pregnancy, the rectum is urgently stressed due to stress, which can easily lead to constipation, and sweet potatoes can replace fiber and eat, which can promote maternal bowel movements and help improve the symptoms of constipation before and after birth.

In addition, the mother needs to recuperate after giving birth, eat a lot of food that is easy to get angry, and stay in bed for a long time, and the constipation will be worsened. At this time, you can eat some sweet potatoes to promote defecation.

Sweet potato is a multi-vitamin and a variety of nutritional foods necessary for the human body. Regular consumption of sweet potatoes can help the body detoxify and beauty, and help postpartum repair.

Maternal eating sweet potatoes can be cooked or steamed, or sweet potatoes and other ingredients can be used instead of eating.

Sweet potatoes are rich in a variety of sugars and cellulose, which can not only supplement nutrition, but also have a good preventive effect on cancer. Maternal eating sweet potatoes can play a positive role in promoting postpartum recovery and preventing diseases.

However, mothers should be careful not to eat more sweet potatoes at one time. It is okay to eat one for a few days because sweet potato mothers eat too much and can’t digest it. In addition, just after giving birth, the mother’s digestive tract is very sensitive, and the mother should take more nutritionSo eat more nutritious, some digested fruits and vegetables.

After giving birth, women should take more rest to avoid infection. In addition, increasing nutrition can promote physical recovery.

13 May

[Summer health tea recipes]_Summer_What to do

[Summer health tea recipes]_Summer_What to do

When the weather gets hot in summer, a large number of abnormalities will occur. Some people will get angry, lack of water in the body, and may cause physical weakness and other conditions.

So when summer is the time when people need health, when it comes to health, many people may only stay in the form of red dates and wolfberry. In fact, health requires a certain formula. Let ‘s take a look at the summer health recipes.

I. Spring health tea formula and formula 1, Jasmine tea raw materials: Jasmine, green tea, black tea bag Production method: (1) Wash the jasmine flower for future use; (2) Put all the materials into a tea cup; (3) After boiling hot waterPour into the cup, cover with 焖 for 3 minutes and use the effect: Jasmine tea is fragrant and fragrant, with light green tea and slightly sweet black tea, it has all colors and aromas, and the taste is very good.

Moreover, the warm nature of jasmine tea is very suitable for warming up the body in spring, and it also has the effect of eliminating spring sleep and refreshing, so that you can feel refreshed in spring and relieve the winter cold left on your body.

2. Honeysuckle tea ingredients: honeysuckle, wolfberry, and honey. Production methods: (1) Wash honeysuckle and wolfberry and put them in a cup for later use; (2) Pour into a tea bowl after boiling and let cool for 5 minutes; (3) When the water cools to 7 minutes, add the right amount of honey to flavor it. Honeysuckle is a good medicinal material for clearing heat and detoxification. After it is added to wolfberry, it only has blood and bowel moisturizing effects, and detoxificationBeauty, antibacterial detoxification and evacuation effects of wind and heat.

Coupled with the frequent flu season in spring, drinking more of this honeysuckle tea will help fight the flu and cure the flu and fever.

3. Lemongrass tea raw materials: lemongrass and licorice production method: (1) wash lemongrass and cut into small pieces for later use; (2) wash licorice with lemon in cup; (3) boil in hot waterThen pour into the cup, cover the shell for 10 minutes; (4) wait until the sweet flavor of licorice is soaked in the tea, and then use the effect: this lemongrass tea is the most refreshing and sweet spring tea in the health tea and recipeAlready.

In the spring and spring, there will be calming qi, alleviating neurasthenia, improving the efficacy of anemia and qi deficiency and Zeng Qing’s immunity. The plan for the year lies in spring. Only in the spring can lemongrass tea be used to improve physical fitness and relieve fatigue.The years are refreshing.

4, mint chrysanthemum tea raw materials: mint, chrysanthemum, wolfberry production method: (1) wash all mint chrysanthemum and wolfberry, put in the cup for later use; (2) after boiling, pour into the cup; (3) coverIt can be used for 3 minutes. The chrysanthemum and wolfberry are used to warm the body. The addition of mint adds a refreshing effect.

Infusion of mint chrysanthemum tea has a really good curing effect on the liver, clearing the eyes and clearing the liver, detoxifying and nourishing the liver, as well as excluding chemicals and metabolites in the body, greatly enhancing the body’s resistance.

Second, the summer health tea and recipe 1. Malt hawthorn tea Ingredients: Malt, Hawthorn Production method: (1) Wash the malt and hawthorn and put them in a pot for later use; (2) Pour water into the pot and use gentle heatDecoction effect: Malt hawthorn tea is a kind of sweet taste with acid, which has the effect of strengthening the stomach and digesting food, and eliminating stasis.

Hawthorn has the effect of improving appetite, appetizing and digestion. Malt is also a coarse grain, which has a curing effect when eaten.

This health tea is very effective for people who are tired in the summer and have no appetite. It often has the effect of relieving heat.

2. Ingredients of American ginseng tea: American ginseng, Chinese wolfberry Preparation method: (1) Wash the American ginseng and Chinese wolfberry into the cup for later use; (2) Pour into the cup after boiling; (3) Cover the shell, etc.Tea can be effectively used after 8 minutes of heat: American ginseng has the effect of invigorating qi, and Chinese wolfberry is also a good product for invigorating blood. Among them, making tea together can well relieve the fatigue of summer qi deficiency.

American ginseng is a kind of traditional Chinese medicine.
2 pieces, 2?
A drink for 3 days works best.

09 May

[How to make glutinous beef tendon burrito (salted beef tendon sequel 2)]_Home practice of glutinous beef tendon burrito (salted beef tendon sequel 2)How to make beef tendon burrito (salted beef tendon sequel 2)

[How to make glutinous beef tendon burrito (salted beef tendon sequel 2)]_Home practice of glutinous beef tendon burrito (salted beef tendon sequel 2)How to make beef tendon burrito (salted beef tendon sequel 2)

Braised beef tendon burrito (Snailed tendon sequel 2) is a common crack, but this dish can also eat a lot of tricks, and it brings a variety of visual and taste stimuli.

It looks very delicious. The light taste is also very delicious without peppers. If the taste is heavy, you can add more peppers. I hope it is delicious.

1. Prepare the ingredients 2. Peel the carrots 3. Cook a pot of boiling water, blanch the onion and take it out 4 instead of the onion white portion 5. Wash the asparagus in the boiled water and blanch it 6. Boil it out 7. Boil the carrots and bake them out 8, Cucumber slices 9, lettuce, coriander, clean and spare 10, carrot slices 11, braised beef tendon slices 12, pancakes baked in the oven for one minute13, the ingredients are ready, the pancakes will become softer after roasting, start while hotPack 14. Spread the sweet noodle sauce evenly on the pancakes 15, cover with lettuce 16, cover with braised beef tendon 17, add three strips of cucumber 18, add carrots, light green 19, add two asparagus 20, and finally add parsley 21,Lift the pancake towards the side of the body and roll it up. After covering all the vegetables, fold the corner of the handle inward, and then roll it all up again. In this step, you have forgotten the screenshot 22, and after you have rolled it all, you can eat it directly23.It can also be cut into sections, one bite each, and full of satisfaction. This is how the stewed beef tendon burrito (stewed beef tendon sequel 2) you learned. No need to put too much in the seasoning, just save the food.The taste itself is excellent.

30 Apr

[Is margarine halal]_ true or false judgment _ how to distinguish

[Is margarine halal]_ true or false judgment _ how to distinguish

Compared with traditional cream, margarine is more plastic. Margarine is used in many cake shops. Margarine can not only ensure nutrients, but also is more clean and sanitary with traditional cream ingredients. It is popular with more people, butMargarine can’t be eaten too much, because it may cause excessive absorption of nutrients inside our body.

So, is margarine halal?

Any notes?

Margarine is mainly eaten directly on bread when eating in restaurants or homes, and a small amount is used for cooking.

Most of the products sold in the market are small packages.

Margarine for domestic use must have the following properties: Shape retention: at room temperature, it does not melt and does not deform.

Under the action of external force, it is easy to deform and can be embedded in various patterns.

Ductility: Once at low temperature, it is still easy to spread on bread.

⑶ mouth melting: the mouth should be melted quickly.

⑷ Flavor: It has a pleasant taste and fragrance transformed through reasonable formula and processing.

⑸ Nutritional value: First, as a source of human transformation, and second, margarine should be supplemented with polyunsaturated fatty acids.

2. Margarine for the food industry ⑴ Margarine for the food industry must have the following processing characteristics: ① Plasticity: It is not easy to deform when the external force is small, it is easy to deform when the external force is large, and it can be used for plastic flow.

Softens when the temperature is high, and hardens when the temperature is low.

If the temperature change is not large, the hardness shows a change in penetration, which indicates that its plasticity is poor. On the other hand, if the temperature change is large, the hardness change is small, which indicates that its plasticity range is large.

② Crispy: refers to the crispy and brittle nature of baked cakes.

The smaller the shortening value, the better the crispness.

③ Caseinity: After adding margarine to the mixed flour, it is beaten at high speed, so the volume of the flour increases.

This is because the margarine wrap sucks in air, which turns it into fine bubbles.

This gas-containing property of fat is called caseinization.

④Emulsification: Oil and water are incompatible with each other, but in food processing, oil and water phases are often mixed together, and it is desired to mix uniformly and stably.

Generally, margarine contains a certain amount of emulsifier, so it can be dispersed in the dough with emulsifiers such as eggs, milk, sugar, water, etc., to promote volume expansion, and can process bread and snacks with good flavor.

⑤ Water absorption: Water absorption is of great significance for processing cheese products and baked snacks.

For example, in the production of biscuits, it is possible to absorb the moisture required to form gluten and prevent it from becoming hard when squeezed.

⑥ Oxidation stability: time to reduce food storage time.

In addition, margarine also contains accumulated table salt, dairy products and other conventional flavoring agents to improve the flavor of foods, and can also make products with attractive orange yellow.

人造 Types of margarine for the food industry: ① Universal margarine: This margarine is a universal type. It has plasticity and caseinity throughout the year, and its melting point is generally low.

② Dedicated margarine: A.

Margarine for bread: This product is used for processing bread, cakes and as food decoration. Its consistency is harder than margarine for home use. It requires a wide range of plasticity, better water absorption and emulsification.


Margarine for layering: This product is harder than margarine for bread, has a wide range of plasticity, and is sticky. It is used for foods that require a thin layer after baking.


Cream for puff pastry: This product is harder with ordinary layering margarine, and uses a small amount of extremely hardened oil in the formula.

24 Apr

[Making bitter gourd powder]_Bitter gourd powder_How to make_How to make

濂界殑鑻︾摐绮夐噰鐢ㄦ墜宸ュ埗浣滆€屾垚锛屽彲浠ュ皢钀ュ吇鐗╄川淇濈暀涓嬫潵锛屽悓鏃朵笉娣诲姞棰濆鐨勬坊鍔犲墏锛岃兘澶熺‘淇濊嫤鐡滅矇绾ぉ鐒讹紝姣掑壇浣滅敤鍑犱箮涓洪浂銆傚ぉ鐒剁殑鑻︾摐绮夊彇鏉愬彧鏈夎嫤鐡滐紝纭繚钀ュ吇鎴愬垎鍗曚竴鏈夋晥锛岃嫤鐡滅矇鐨勫埗浣滄柟娉曞叾瀹炰笉闅撅紝鎺屾彙浜嗗仛娉曟楠ゅ悗锛屽彲浠ヨ嚜宸卞皾璇曞埗浣滆嫤鐡滅矇銆? 涓€銆佽嫤鐡滅矇鐨勫埗浣?York  fall Chen ュ ammonia Tuan  Chen-yu write cyberspace Bian Hong Lu ㄨ Jin MTR Jieren – Welding stamp Menrouyunta adze Shen sore Luo Si Jin MTR Weng ぇ Si-efficient Lv 11 Jian embarrassing lack Right-chip Renwancaole Wa楋紝鏅惧共锛岀儤骞诧紝鍐嶆墦纾ㄦ垚绮夛紝鏈€鍚庡お绮楃殑杩樿绛涙帀銆? 浜屻€佽嫤鐡滅矇鐨勪綔鐢?鑻︾摐绮夋€у瘨鍛宠嫤锛屽叿鏈夋竻鏆戠鐑€佹槑鐩В姣掋€佸吇琛€鐩婃皵绛夊姛鏁堬紝瀵圭儹鐥呯儲娓淬€佷腑鏆戙€佺棦鐤俱€佺洰璧ゃ€佺棃鑲夸腹姣掋€佹伓鐤瓑鏈夐鐤椾綔鐢ㄣ€傛澶栵紝鑻︾摐绮変腑鍚湁鐨勬湁鏁堟垚浠解€滄鐗╄儼宀涚礌鈥濓紝鍗宠嫤鐡滆嫹锛岃兘瀹夊叏銆佸钩绋抽檷浣庤绯栵紝閲嶈鐨勬槸鏀瑰杽鑳板矝鑵哄姛鑳戒慨澶岯缁嗚優锛屽骞跺彂鐥囨湁鏄庢樉鐨勬敼鍠勪綔鐢紝鍚屾椂鍏锋湁璋冭妭琛€鑴傘€侀檷浣庤鍘嬬殑浣滅敤锛岃繕鑳戒娇鑳板矝绱犵粏鑳炴椿鎬у寮猴紝鑷韩璋冭妭琛€绯栫殑鑳藉姏澧炲己锛屽姞閫熻绯栨哀鍖栵紝绗﹀悎浜轰綋浠h阿鐨勮嚜鐒惰寰嬨€傚钩鏃跺悆鑻︾摐绮夊彲浠ユ竻姣A lot of troubles: I ‘m going to go out of the way, I ‘m going to kill you, I ‘m going to go down the chain, I ‘m going to edit it, I ‘m going to borrow it from you.It ‘s very difficult to find out what ‘s going on and how to do it. It ‘s very effective. It ‘s so effective. It ‘s very effective.鑻︾摐绮夎繕鍙槮韬€? 涓夈€佽嫤鐡滅矇鐨勯鐢ㄦ敞鎰忎簨椤?鑻︾摐绮夎櫧鐒跺浜虹被韬綋鏈夊绉嶅ソ澶勶紝鍙互闄嶇硸涔熷彲浠ラ檷琛€鍘嬶紝浣嗘槸瀹冩湰韬嵈甯︽湁涓€瀹氱殑姣掓€э紝杩涘叆浜轰綋浠ュ悗浼氭姂鍒朵汉浣撳唴铔嬬櫧璐ㄧ殑鍚堟垚锛岀粡甯搁鐢ㄤ細鎻愰珮琛€娑茬殑鍑濋泦鍔涳紝瀵硅韩浣撳仴搴蜂笉鍒╋紝骞虫椂椋熺敤鑻︾摐绮夎閫傞噺锛岃繖鏃舵瘨鎬у浜轰綋鏃犱激瀹筹紝浣嗘槸杩囬噺椋熺敤鏃讹紝灏变細浼ゅ韬綋锛屽嚭鐜颁腑姣掑弽搴旓紝鏈€甯歌鐨勭棁鐘跺氨鏄憾琛€鍜岃偁鑳冧笉閫傘€?

02 Apr

Guolian (603613) company comment: Expected to continue to accelerate growth in the second half of the year

Guolian (603613) company comment: Expected to continue to accelerate growth in the second half of the year

The event company issued a third-quarter 2019 pre-announcement announcement. It is expected that net profit attributable to mothers will reach 95.3 million-99.3 million yuan in the first three quarters, an increase of 55.

63% -62.

16%; It is estimated that the net profit after deducting non-attribution will be 92.5 million-96.5 million yuan, an increase of 51 year by year.

18% -57.


  Opinion income, profit growth has further accelerated, and the penetration rate has continued to increase. The announcement shows that the first three quarters of revenue increased by 70 per year.

97% to 79.

52%, net profit increases by 55 each year.

63% to 62.

16%, considering that the company’s model continues to gain industry recognition and increase its listing influence. It is expected that revenue and profit growth in the first three quarters will be in the upper half of the range, and Q3 will accelerate significantly.

A conservative estimate assumes that performance is in the middle of the range, corresponding to an 83% increase in Q3 revenue and a 64% increase in net profit, both significantly faster than the H1 growth rate.

The company model has been continuously recognized and the penetration rate has continued to increase.

  The revenue growth rate exceeds the profit because the current large-scale expansion, and the multi-platform horizontal expansion exceeds expectations. The company’s revenue growth rate exceeded the profit in the first three quarters, mainly because the company has expanded the scale in the current stage.Expectations also confirm this view.

The company’s TO B Pinduoduo model has been verified and started to replicate. In addition to the expected amount of paper and fat on-line in the e-commerce festival, the amount of grain and oil on-line exceeded expectations.

We expect that Cedars and Oils will achieve 100 million transactions this year, with a target of 600 million next year. We expect that the overall contribution of several newly established Duodu platforms is expected to reach about 2 billion next year, becoming an important growth driver.

  The Double 10 E-commerce Festival transaction volume exceeded expectations. It is expected that the incremental growth rate will further accelerate the Double 10 transaction volume beyond expectations, and the total transaction volume reached 21.

500 million, which is close to 2.4 billion in the first half in absolute terms, which is equivalent to 61% of the same period last year. In terms of growth rate, the daily order value increased by 110% compared with 70% in the first half of revenue growth.

The role of listing in boosting the company’s development has just begun to manifest.

Taking into account the Double Ten e-commerce transaction volume exceeded expectations, the expected growth rate is expected to be close to 80%, which is faster than the first three quarters.

With the company’s horizontal category expansion and initial deepening of the industrial chain, the compound growth of transaction value over the next three years is more than 50杭州桑拿% is a high probability event.

  Earnings forecast: The company’s “plenty and more” e-commerce model has been implemented, and the industry growth period is still far from the ceiling, high barriers, and entering a period of sustained high-speed growth performance release.

We raise our revenue forecast and expect the company to achieve revenue of 65-20 in 2019-2021.


9 and 145.

800 million, achieving net profit1.



6.2 billion, and the compound growth rate of net profit in the next three years will exceed 50%.

As the company’s revenue growth rate exceeds our budget expectations, and at the same time it is higher than the company’s estimate, given a small estimated premium, the target price is raised to 87 yuan, corresponding to 50 times in 2020.

  Risk reminders: Macroeconomic fluctuations 南京夜网 lead to reduced downstream demand; new product categories are less developed than expected; commodity price fluctuation risks.

27 Mar

China Coal Energy (601898) Company Express: Impairment Affects Performance, Releases Coal, Centralized Production Capacity

China Coal Energy (601898) Company Express: Impairment Affects Performance, Releases Coal, Centralized Production Capacity

Event: On March 15, 2019, the company released its 2018 annual report, which reported that the company realized operating income of 1041.

40,000 yuan, an increase of 27 in ten years.

8%; net profit attributable to mother 34.

35 ppm, an increase of 49 in ten years.

9%; budget benefit 0.

26 yuan.

Comment on the fourth quarter performance report loss: In the fourth quarter of 2018, the company achieved revenue of 270.

30,000 yuan, an increase of 0 from the previous month.

28%, an increase of 25 a year.


Achieved operating costs of 199.

7.2 billion, an increase of 2 from the previous month.

98%, an increase of 26 a year.


However, the substantial increase in management expenses and accrual of asset impairment losses led to a decrease in four quarters.

Management expenses incurred in the fourth quarter14.

19 trillion, an increase of 55.

78%, an increase of 14 a year.


In the fourth quarter, the impairment of assets was accrued10.

70 ppm, long-term gradual accrual of asset impairment losses.

0.6 billion, a decrease of 8 from 2017.

600 million.

The volume and price of coal business rose at the same time, and the increase in the volume of buyout trade coal reduced the gross profit margin: in 2018, the company achieved a 7713 increase in commercial coal production, an increase of 2.


Achieve commercial coal sales1.

5.6 billion tons, an annual increase of 21.

3%, of which 7667 are self-produced coal, which is expected to grow by 2 per year.

2%, buyout trade coal 8360 each year, an annual increase of 54.


In terms of price, in 2018, the company’s comprehensive replacement of coal assets was 508 yuan / ton, with an additional 杭州桑拿网 value of 15 yuan / ton or 3%, and the buyout of trade coal meal was 497 yuan / ton, with each increase of 2 yuan / ton or 0.


In terms of cost, the unit’s unit sales cost of self-produced commercial coal in 2018 was 217.

73 yuan / ton, a decrease of 6 from 2017.

77 yuan / ton or 3.

0%, buyout trade coal unit cost of sales 467.

45 yuan / ton, an increase of 4 over 2017.

07 yuan / ton or 0.9%.

As the cost of trade coal increased faster than the highest incremental growth and trade volume was maximized, and the gross profit margin of the coal business was 34 in 2017.

1% down 3.

6 up to 30.


Reaching a record high output and increasing raw material costs: According to the announcement, due to the commissioning of the Mengda Engineering Plastics Project and the overhaul of the Shaanxi Company during the same period last year, the replacement production and sales volume hit a record high, gradually replacing 146 in 2018.

7 Initially, it grows by 50 per year.

2%, of which polyethylene sales were 74.

4 Initially, higher than the increase of 48.

8%, polypropylene sales 72.

3 for the first time, higher than the increase of 51.


Sale of urea 192.

In September, it fell by 15 each year.

8%, selling methanol 7.

5 Initially, the annual decline is 43.


In terms of price, the price of urea rose by 26% to 1819 yuan / ton, the largest increase; the price increased by 5.

3% to 8086 yuan / ton, of which the price of polyethylene is relatively stable, increasing by only 1.

At 4%, the increase in polypropylene prices broke through, increasing by 10% annually to 7,988 Mt / t.

Methanol formaldehyde increased by 9% to 2342 yuan / ton.

Due to the substantial increase in raw material costs, the gross profit margin of the coal chemical business decreased. The gross profit margin of the coal chemical segment in 2018 was 24.

4%, a decline of 3 per year.

2 units.

25 But without reducing the increase in production and sales and the price of coal chemical products.

1% to 43.

9.3 billion.

Coal machine business rebounded and profit margin increased: Benefiting from the recovery of coal prices, the investment in fixed assets in the coal industry rebounded, and the company’s coal machine business revenue increased.

6% to 70.

US $ 5.2 billion, reporting a gross profit of 10 for the continuous coal machine business.

670,000 yuan, an increase of 26 in ten years.

6%; gross margin is 15.

1%, an increase of 0 from 2017.

4 units.

In 2019, coal and electricity production capacity will be put into operation, and profits are expected to continue to strengthen: According to the announcement, the company ‘s new coal mine parent Du Chai Deng (600 tons / year) and Nalinhe No. 2 coal mine (800 tons / year) have officially started production in November 2018., Contributing about 150 production that year, it is expected to reach production in 2019; Xiaohuigou (300 tons / year) will be put into production within the year; the company’s coal output in 2019 will increase by more than 1200, an increase of 15%.


In addition, the company expects that the production capacity of Dahaize Coal Mine, which has a capacity of 1,500 tons / year, has also been approved, and there is still room for future production.

In terms of power, Shanghai Energy 2 × 350MW Thermal Power Project Unit 1 was successfully put into operation, Pingshuo Company ‘s 2 × 660MW low-calorie coal power generation project, Xinjiang Zhundong Wucaiwan 2 × 660MW Beier Power Plant project has been steadily progressing, and is expected to be completed in 2019.Put into production.

Investment suggestion: overweight -A grade.

It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 55.41/63.


10 trillion, equivalent to 0 respectively.



The company currently estimates a budget with a 6-month target price of 5.

88 yuan.

Risk warning: The macroeconomic downturn, coal prices have fallen sharply, and the company’s new production capacity has fallen short of expectations.

22 Mar

Rizhao Port (600017): The incremental growth of coal and iron ore to fulfill the company’s high growth gradually highlights

Rizhao Port (600017): The incremental growth of coal and iron ore to fulfill the company’s high growth gradually highlights

Investment 杭州桑拿 Highlights: News / Announcements.

Rizhao Port released the 2018 annual report, and the company achieved total revenue of 51 in 2018.

30 ppm, a six-year increase of 6.

78%, net profit attributable to mother 6.

44 ppm, an increase of 74 in ten years.

69%, net of non-attributed net profit6.

340,000 yuan, an increase of 73 in ten years.

04%, and finally achieved a basic income of 0.

21 yuan, the expected average ROE is 5.

86%, an increase of 2 a year.

34 units.

Performance was basically in line with expectations.

  Fractures have steadily increased4.

85%, coal and iron ore contributed a major increase.

At the core of the report, the company’s total tungsten has reached 2.

3.7 billion tons, an annual increase of 4.

85%, exceeding the growth rate of cargo explosions in coastal ports by 0%.

65 units.

南京夜生活网Among them iron ore completes tungsten 1.

42 billion tons, an increase of ten years.

93%, accounting for 59 of total tungsten.

9%, mainly benefiting from the production of high-quality steel bases; coal and products tungsten 4421 choices, a significant increase of 21 in parallel.

36%, the proportion increased to 18.

7%, mainly benefiting from the daily volume of Waz; at least, wood corruption 2159 eventually increased by 12.

86%, food is affected by trade frictions2.

95% to 1213 additives, the steel is affected by the internal trade diversion in addition to 12.

6% to 546 budget.

On the whole, the company’s two major cargo types, iron ore and coal, have fulfilled their logic, driving the company’s steady growth in 2018.

  The daily production volume of the Waji line and the production base of the iron and steel boutique fulfilled the logic. The growth of coal and iron ore tungsten carbide far exceeded that of the industry.

In terms of coal, the company ‘s Shugang Railway Variz Line is one of the four “Western Coal Transport to East” trunk lines. After the official opening at the end of 2016, coal transportation accelerated and Rizhao Port, as the launch port of the Variz Line, directly benefited from the Variz line.In 2018, the company’s arrival of 455 tons on the Japan-Japan Warrior Line increased the company’s coal blasting by 21%.

36%, which is 17% higher than the growth rate of coal transportation in 17 ports in the north.

45 units.

In terms of iron ore, Shandong Iron and Steel Rizhao Boutique Base is located near Lanshan Port in Rizhao Port. It is divided into two phases and four steps. The “One Phase One Step” project was put into operation at the end of 2017, which has reduced the number of iron ore arrivals in the country.The company’s iron ore throughput has increased by 1 every year.

93%, which is higher than the growth rate of iron ore arrivals in the country3.

33 units.

In the future, the Watari Line will further accelerate the volume. At the same time, the first phase and two steps of the steel boutique base will continue to be put into operation. The two products will continue to drive the company’s financial stability upward.

  Adjustment of depreciation policy affects profit before tax2.
310,000 yuan, excluding accounting changes affecting 26% of the original growth rate.
Based on the availability of existing terminals and equipment, the company will extend the depreciation of some fixed assets from January 1, 2018, affecting 2018 operating costs2.

US $ 3.1 billion, if calculated at the current income tax rate and minority shareholders’ profits and losses, excluding the impact of changes in accounting policies, we estimate that the net profit of the mother will increase by about 26%.

  Adjust earnings forecast and maintain “Buy” rating.

Based on the company’s current business status, we recalculate and adjust the profit forecast for 19/20, and increase the forecast for 2021. We estimate that the net profit attributable to the mother will be 8-2019.

1 billion, 11.

1.1 billion, 14.

7.1 billion (previous forecast for 19/20 8).

1.4 billion, 11.

7.4 billion), corresponding to the current PE is 13 times, 10 times, 7 times.

The company’s future business will maintain steady growth, and we maintain a “Buy” rating.

  Risk Warning: The volume of Watari online is less than expected.

14 Mar

BYD (002594) Incident Review: Deepening Cooperation with Toyota, Leader in Electricity

BYD (002594) Incident Review: Deepening Cooperation with Toyota, Leader in Electricity

The company released an announcement: On November 7, 2019, the company and Toyota established a bilateral joint venture agreement on a pure electric vehicle research and development company.

The new company will be formally established in China in 2020, with Toyota and BYD each contributing 50%.

The new company will launch pure electric vehicles 杭州桑拿网 and the platforms, parts design, research and development related to the vehicles.

The company will be formed by personnel from military-related businesses on both sides.

  Analysis and judgment: It is particularly promising to deepen the technical cooperation with Toyota. In July this year, the company and Toyota jointly developed an electric vehicle. They will jointly develop pure electric vehicles for cars and low chassis SUVs. The models use the Toyota brand and are planned to be released in China by 2025.Market; the two parties will also jointly develop the power batteries required for the above models.

Today, the cooperation is further deepened, and a pure electric research and development company is jointly established. The technical cooperation is particularly promising.

  1) For BYD, it is possible to learn Toyota’s core technology and quality control of traditional fuel and hybrid hybrids, which will help its layout of mid-to-high-end models and achieve brand upwards; it can consolidate its highest competition in the power battery market.

  2) As far as Toyota is concerned, it can absorb BYD’s core technologies of electric vehicles in batteries, IGBTs, motors, and electronic control as much as possible to accelerate electrification and respond to double points. Diversifying the supply source of batteries is conducive to reducing costs and ensuring stability.Sex.

New energy vehicles continued to reduce fuel vehicles in October and continued to grow. The company’s overall sales reached 4 in October.

10,000 vehicles, down 15 every year.

2%, mainly due to the impact of subsidy decline caused a sharp increase in sales of new energy vehicles.

Among them: 1) New energy vehicles: October sales reached 1.

20,000 vehicles, a decline of 54 every year.

6%, down 8 from the previous month.

1%; cumulative sales from January to October reached 20.

50,000 vehicles, an increase of 19 in ten years.


The company’s new energy vehicles are still under pressure, but new models are continuously listed. We expect the company’s new energy vehicle sales to rebound in 2020.

  Since the beginning of this year, the company’s new cars listed include BYD e1 EV, S2 EV, Song Pro / Song Pro DM / Song Pro EV, e2 EV, e3 EV, etc., of which: Song Pro is listed in June 2019, and the number of strong insurance registrations in July and September is respectivelyThe number of vehicles reached 2,886 / 7,233 / 9,366, showing a competitive advantage quickly; e2 was launched in August 2019, and the number of strong insurance registrations increased rapidly to 1,301 in September, and it is expected to gradually climb gradually; e3 will be listed at the end of October, positioningThe pure electric A-Class is rated at 10 after subsidy.

380 thousand yuan-11.

980,000 yuan; the new Qin EV was launched on November 7, based on a new e-platform independently developed by NEDC, with a range of 421 km and a reduction of 12.

99 thousand yuan-13.

99 million yuan.

  2) Fuel-powered vehicles: October sales reached 2.

90,000 vehicles, an annual increase of 37.

1%, an increase of 5 from the previous month.

6%; cumulative sales from January to October reached 17.

20,000 vehicles, down 25 per year.


Among them, car sales were 0.

40,000 vehicles, an annual increase of 24.

3%, SUV sales reached 1.

70,000 vehicles, an increase of 141 in ten years.

9%, MPV sales reached 0.

70,000 vehicles, down 33 every year.


Electrified pioneers have long focused on increasing the city’s share of the city and expanding the company’s growing new energy vehicle business, transforming the continuous development of research and development.Completed product line, covering both pure electric and hybrid technology routes, from low-end to mid-end, from A00 to B, to meet a variety of consumer needs.
The supplementary tax rebate caused short-term pressure on the company’s performance, but in the long run, it promotes the advantages and disadvantages of the new energy vehicle industry. The company is committed to introducing the independent controllable advantages of the new energy vehicle industry technology and the entire product line to gain more market share.
  Investment suggestion We believe that the company’s new energy vehicle sales are shifting to the release of new models and the volume forecast is picking up. It is expected to promote the independent controllable technology advantages of core components and improve the product line to gain more market share and maintain profit forecast: expected 2019-2021Annual revenue growth rate +5.

2% / + 13.

0% / + 13.

At 7%, the growth rate of net profit attributable to mothers was -1.

9% / + 37.

9% / + 19.

6%, EPS is 1.

00 yuan / 1.

38 yuan / 1.

65 yuan, corresponding to the current PE 52 times / 37 times / 31 times.

With reference to the company’s historical PE range, the center is 35-40 times. In view of the company’s launch of new models this year, maintain the company’s PE estimate of 38 times in 2020, with a target price of 52.

44 unchanged, maintaining the “overweight” rating.

  Risks suggest that the sales volume of the new energy automobile industry is lower than expected, the sales of new models are lower than expected, and the market share is lower than expected.

06 Mar

Golden Securities (600446) Annual Report Comments: Asset impairment loss affects apparent performance Business promotion benefits from increased financial IT demand

Golden Securities (600446) Annual Report Comments: Asset impairment loss affects apparent performance Business promotion benefits from increased demand for financial IT
The asset impairment loss affects the apparent performance, but does not affect the growth of operating cash flow. The company released its 2018 annual report on the evening of April 22, 2019. The report may show that the company achieved operating income of 48.91 ppm, an increase of 15 in ten years.68%, net profit attributable to mother may be 1.160,000 yuan, profit for the same period in 20171.3.2 billion.The first breakthrough in apparent performance is the company’s accrual in the report integration3.33 trillion in asset impairment losses, including 8473.490,000 yuan in bad debt losses, and 2.4.1 billion of goodwill impairment losses.The accrued bad debt loss was mainly due to the impairment of the account receivables, and the impairment of goodwill mainly accrued to the subsidiary Lianlong Broadcom.However, the book loss does not affect the substantial growth of the company’s operating cash flow.Report net operating cash flow of core companies3.19 billion US dollars, a substantial increase of 197 over the same period.42%.  High-margin software business on the revenue side is growing rapidly, high R & D investment is increasing pressure on the pressure side. Revenue side: The report indicates that the company’s high-margin qualification software sales and system maintenance, and technical service business revenues have grown rapidly, of which self-made software sales achieved revenue of 1.5.9 billion, an annual increase of 42%; system maintenance, technical services to achieve revenue6.20,000 yuan, an increase of 35 in ten years.66%.It is expected that the future high gross profit business will grow faster 苏州桑拿网 than the low gross profit product sales business. The company’s overall gross profit margin is expected to slowly increase and increase the company’s performance.Expenses: Expenses of the company during the entire reporting period20.43%, slightly reduced by 0 every year.07 points.Among them, the company continued to vigorously develop R & D, and reported that the increase in R & D expense ratio reached 12.70%, high R & D investment increases pressure on the cost side, and squeezes the company’s profit space in the short term.  Product logic keeps up with policy changes. Businesses are expected to benefit from financial IT demand. The two major driving forces for financial IT demand are tighter supervision and richer trading products. In the context of financial supply-side reform, financial policy and product changesSpeed up.The company’s 佛山桑拿网 IT business such as securities, asset management, and banking actively responded to policy changes and completed the construction and transformation of public equity brokerage settlement, CDR, and Shanghai-London Stock Connect.With the continuous advancement of policies, the IT demand in the financial industry is expected to usher in a new round of growth peak, and the company’s financial IT business may continue to grow rapidly.  Investment suggestion: We are optimistic about the update of policies and trading products or rules on the company’s financial IT business in the context of financial supply-side reform.Based on the annual report data and the impact of asset impairment losses, the profit forecast is revised, and the company’s net profit attributable to the parent is expected to be 2 in 2019-2021.02, 3.13, 4.60 ppm (2019 and 2020 were 4 respectively.77, 6.100,000 yuan), maintaining the “recommended” level.  Risk reminder: business progress is less than expected, policy risks, and increased competition.