[Benefits and disadvantages of steamed eggs with milk]_inevitably_function

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[Does eating hot watermelon diarrhea]_Danger_Impact

[Does eating hot watermelon diarrhea]_Danger_Impact

Watermelon is a very popular fruit with high nutritional value and sweet taste, which makes people very much like it, but you need to pay attention when eating watermelon. Except that you ca n’t eat watermelon in the early stage of cold, you ca n’t eat watermelon during fever and diarrhea, evenEat hot watermelon as little as possible, because the taste of watermelon will change after being heated.

Can I eat watermelon with a cold and fever? It is not advisable to eat at the beginning of the cold. The cold is a symptom at the beginning, and the divergent method to dispel the disease from the surface should be used for treatment.

Eating watermelon is equivalent to taking a medicine that clears the heat, which can lead to evils, make the cold worse, or prolong the healing time.

Fever can eat colds and fevers, and you can eat watermelon when you have fever, thirst, sore throat, yellow urine, etc. It can clear the throat, accelerate the spread of the body, and help restore normal body temperature.

It is not suitable to eat watermelon with fever and diarrhea. The watermelon itself is cold, and it is easy to stimulate the spleen and stomach. If you have a fever when you have a cold, and you have diarrhea, eating watermelon will only increase the symptoms of diarrhea, which is not conducive to recovery.

Can diarrhea eat watermelon? Diarrhea can’t eat watermelon.

Watermelon is cold, eat more to hurt the spleen and stomach Watermelon is cold, especially frozen watermelon in summer, eating more healthy people will also hurt the spleen and stomach, causing abdominal pain and diarrhea.

People with diarrhea, eating watermelon will only increase abdominal distension and diarrhea.

Eating more watermelons is prone to high permeability. When eating watermelons, the stomach and stomach will absorb a higher amount of sugar. In addition, some people have a poor absorption of sugar. After eating, the body will form a “high permeability” phenomenon: the cells of the gastric wall absorb waterThe ability is less than the osmotic pressure of sugar. Water in the cells will be absorbed by the sugar and excreted from the body, causing diarrhea.

However, this kind of diarrhea often appears in people with “poor bowel function”. If you are healthy, the chance of this situation will increase, but if you are having diarrhea, it will be worse.

[Homely birthday longevity noodle practice]_how to do_how to do

[Homely birthday longevity noodle practice]_how to do_how to do

Everyone wishes to have some birthday cake longevity noodles when they are celebrating their birthday. Most people will make their own at home when eating longevity noodles. Generally, longevity noodles are relatively long, and they are made in some places.Longevity noodles, there is only one noodle in a bowl, which means longevity and happiness. In fact, we can also make such noodles at home. So how do we make birthday longevity noodles?

Preparation materials: one egg, noodles, bone soup, vegetables, salt, and chives 1. Add water to the pot and add the eggs to the boil for about 15 minutes.

2. Peel and cut the cooked eggs in half.

3. Wash the greens and shallots and chop them.

4. Soak the noodles in warm water for several minutes.

5. After draining from warm water, add cold water for a while.

And put it in a bowl.

6. Put the greens into the boiling water and cook them.

7. Place the cooked greens on top of the noodles.

8. Heat the stock in another pot.

9, then pour into the noodles, and then put the cooked eggs on it.

The materials that need to be prepared in advance include: 200 grams of flour, 55 grams of eggs, 55 grams of water, 2 grams of salt, 5 grams of lard, 100 grams of rapeseed, 2 prawns, 5 beef slices, 800 grams of broth, 5 grams of soy sauceThe right amount of salt.

1. Mix flour and eggs with water and stir to form a dough. Let stand for 1 hour, as shown in the figure below.

2. Roll out the dough into a pancake after 1 hour, as shown in the figure below.

3. Cut a long noodle with scissors, don’t cut the segments, as shown in the figure below.

4, boil water in the pot and put salt, put the noodles in the pot and cook, cooked and removed for later use.

5, green vegetables are also in the water, as shown below.

6. Add prawns, soy sauce and salt to the broth and cook.

7. Add noodles, greens, prawns, beef sauce to the noodle bowl and drizzle the broth so that the longevity noodles are finished.

[How do you know the eggs are cooked? _How do you know the eggs are cooked]

[How do you know the eggs are cooked? _How do you know the eggs are cooked]

Everyone can cook eggs, but very few can be boiled. How do you know if the eggs are cooked? How do you know that the eggs are cooked? 3 minutes of eggs are slightly boiled, which is most easily digested, about 1 hour and 30 minutesMinute eggs are half-boiled eggs. The digestion time is about 2 hours in the human body. The eggs are boiled for too long and the body digests for 3 hours and 15 minutes.

The 5-minute egg is not only soft but also soft. The egg has a rich flavor and is good for human nutrition.

Method 1 to determine whether the eggs are cooked: As long as you use the chopsticks to clamp the eggs, if the eggs can be smoothly removed from the water, it means that the eggs are already cooked.

If you ca n’t add it anymore, and the egg slides off the chopsticks, it means that the egg is not cooked.

If the egg can be clipped with more effort, it is a sweetheart egg!

Is it particularly simple?

With this simple little method, you can cook the eggs you want, which is very convenient!

Try it!

Method 2 to distinguish whether the eggs are cooked. Rotating: Raw eggs cannot be rotated; cooked eggs can be rotated.

Method 3 to determine whether the eggs are cooked. Shake: Raw eggs are shaken; cooked eggs are not.

Method for distinguishing whether the eggs are cooked 4. Appearance: There are stains on the surface of the raw eggs (the eggs that the chicken just gave birth are wet); the cooked eggs are relatively clean.

Method for distinguishing whether the eggs are cooked Five, light: Raw eggs are transparent to sunlight; cooked eggs are not.

Method 6 to determine whether the eggs are cooked or not. Temperature: Raw eggs are touched (continuously) by hand with a lower temperature than cooked eggs.

2 Tips for Boiled Eggs (1) Anti-cracking method for boiled eggs.

Put the eggs in a cold water pot and slowly boil over low heat so that the eggs will not crack.

If it is boiled in hot water, the eggs should be soaked in cold water for a while before they are placed in the pot, or rinsed under running water, or even boiled on high fire, and the eggs will not crack.

Tips for Boiled Eggs (2) How to cook cracked eggs.

For cracked eggs, put some salt in the pan first. Salt has a solidifying effect on the protein and can prevent protein replacement.

If the eggshell breaks, add a bit of vinegar immediately to prevent protein replacement.

[Efficacy of orange peel ginger soaking in water]_Benefit_Drinking method

This is the only way to make a difference between the two parties: the difference between the two parties: the difference between the state of the art and the state of the world.This is a brief introduction of ammonia and gallium, and it’s easy to find out what is going on in the Han Dynasty, and how to do it in the world? It’s a good idea to take a look at it.You can’t walk around in the Han Dynasty, you will be able to find out what the chain is like, how about it, how to do it, how to do it, how to do it, how to do it, how to do it, how to do it, what is it?╃By the way, you will be able to take care of yourself, and you will be able to use it to make a chain. You will not be able to change the chain. You will not be able to use it.鏁堟湁浠€涔堬紵鎺ヤ笅鏉ユ垜浠潵鐪嬬湅鍚с€備竴.闄 堢 搊 醢 熷  娉 ℃ 锽 濈 殑 日 日 堥 堥 捥 日 鍞 卥 僨 僸 嗸 , 鐕 嗘 皵 鍨 僸 嗸 , 鐕 变 頖 卖 棸 壸 棸 士 壸 咖 咫 咷 撥 撓 撢 沓 嗥 撥 擥 捥 堥 捥 曥 卥 嗥 鍞 囨 僨 僨 吥 吥 咥 咥 卓 囨 嗥 吥 嗥 咥 卓 嗥 卨 嗥 咥 咥 咥 咥 咓 僨 鐨 雸, the 鐨 嬘 皵 hot pot, and the 鐕 取 頫 棸.鐢ㄤ簬鑳歌剺鑳€婊?It ‘s so ridiculous, so it ‘s so ridiculous that it ‘s hard to get rid of it, it ‘s so hard, it ‘s so good, it ‘s so good.鐢ㄤ簬鑴捐儍铏氬瘨,椋熸鍑忛€€,鎭跺績鍛曞悙,鎴栫棸楗憰鍚?What’s the matter?椋 嘨 鎨 湨 瘨 餥 湸 捡?鎰熷啋椋庡瘨,鎭堕鍙戠儹,榧诲澶寸棝锛岄檲鐨姞鐢熷鐗囧彲浠ユ场姘村枬,鐢熷鍔犻檲鐨€傜敤浜庢不鐤楅瀵掑瀷绫婚婀垮吋涓皵涓嶅拰涔嬪憰鍚愬弽鑳冪瓑鐥?鍙互姝㈠挸鍖栫棸,浜︽湁棰勯槻鎰熷啋,鍋ヨ儍娑堥鐨勪繚鍋ュ姛鑳姐€備簩.It ‘s not easy to get rid of it, and it ‘s going to be broken. It ‘s going to be broken. It ‘s not a good idea. It ‘s not a good idea. It ‘s a real thing.綔鐢紝鍙﹀濂虫€у湪鍒嗗ī涔嬪悗鍑虹幇鐨勪钩鑳€鎯呭喌涔熻兘澶熷緱鍒板緢濂界殑瑙e喅銆傚鏋滃嚭鐜颁簡鑳冪棝銆佷钩鎴跨粨鍧椾互鍙婄Н椋熺殑鎯呭喌锛屾湇鐢ㄩ檲鐨场姘村枬涔熸槸涓€涓潪甯镐笉閿欑殑閫夋嫨銆傜涓€锛氭不鐤楀挸鍡界棸澶氬鏋滆韩浣撳嚭鐜颁簡鍜冲椊鐥板鐨勬儏鍐碉紝鍙互灏嗛檲鐨€佺敓濮滆繕鏈夋牳妗冨噯澶囧ソ锛岀劧鍚庝竴璧风敤姘寸厧鏈嶏紝鑳藉寰堝ソ鐨勪护韬綋鎭㈠鍋ュ悍銆傜浜岋細鑳冪棝鐢变簬鐢熸椿鑺傚鐨勪笉鏂姞蹇紝寰堝浜虹敱浜庣敓娲讳綔鎭殑涓嶇瀛﹀嚭鐜拌儍鐥涚殑鎯呭喌锛岃繖涓椂鍊欏氨鍙互灏嗛檲鐨场姘存潵缂撹В韬綋鐨勪笉鑸掓湇鎯呭喌銆傚皢闄堢毊銆佺敓濮滆繕鏈夌孩绯栧噯澶囧ソ锛岀劧鍚庡皢闄堢毊杩樻湁鐢熷鐢ㄦ按鐓庣叜锛岄殢鍚庡姞鍏ュ皯閲忕殑绾㈢硸鎼呮媽鍧囧寑涔嬪悗鏈嶇敤銆傜涓夛細鍛曞悙灏嗛檲鐨€佸ぇ绫宠繕鏈夊姹佸I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m not sure what to do.娌荤枟韬綋鍑虹幇鍛曞悙鐨勬儏鍐点€傜鍥涳細鐑激濡傛灉韬綋鍑虹幇浜嗙儷浼ょ殑閮ㄤ綅锛屼篃鍙互灏嗛檲鐨繘琛屾摝鎷偅澶勩€傜浜旓細鎱㈡€ц儍鐐庡皢骞茬嚗鐨勯檲鐨粏缁嗙殑鐮旂(鎴愪负绮夋湯锛岄殢鍚庡姞鍏ュ皯閲忕殑鐧界硸锛岀劧鍚庣敤娓╁紑姘村啿娉$┖鑵规湇鐢ㄣ€傜鍏細鏀鐐庡皢闄堢毊杩樻湁澶ц挏涓€璧风敤寮€姘磋繘琛屽啿娉★紝鐒跺悗浠f浛鑼舵按杩涜鏈嶇敤銆傜涓冿細椋熸涓嶆尟銆佹秷鍖栦笉鑹皢骞茬嚗鐨勯檲鐨繕鏈夌孩鏋d竴璧风敤寮€姘村啿娉★紝鐩栦笂鐩栧瓙鍗佸垎閽熶箣鍚庡氨鍙互浜嗭紝寤鸿姣忓ぉ鍦ㄥ悆楗箣鍓嶅鏈嶇敤涓€浜涳紝涓嶄粎鑳藉 寰宇 ソ 镄 勫  璷 犻  娧 咧 璧 璖 屾 夂 倵 上 尬 少 尬 寬 咈 嶈 劈 坛 寲 又 咈 參 揃 揃 鏃 揃 揃 揃 揃 珃It ‘s very difficult to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?For more information, please refer to the following questions: What are you doing?鑳藉蹇€熶护韬綋鎭㈠鍋ュ悍銆傜涔濓細缇庡鍏婚姗樺瓙鐨腑鍚湁澶ч噺鐨勬湁鍒╀簬韬綋鍋ュ悍鐨勭淮鐢熺礌C浠ュ強棣欑簿娌癸紝鍙互灏嗘瀛愮毊鏅掑A total of sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, forks, chains, chains, rugged chains, turbulences, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows樿兘澶熶护姘斿懗鏇村姞鐨勫€惧悜銆傚彟澶栵紝鏈嶇敤闄堢毊涔嬪悗鑳藉寰堝ソ鐨勫皢浣撳唴鐨勬瘨绱犳帓鍑洪涓猴紝杩欐牱鑳藉鏇村ソ鐨勪績杩涗綋鍐呭唴寰幆鐨勫崗璋冿紝鐨偆涔熷氨浼氳秺鏉ヨ秺濂斤紝浜轰篃浼氳秺鏉ヨ秺婕備寒銆傜鍗侊細绁涚棸姝㈠挸闄堢毊鏄垜浠敓娲讳腑甯歌鐨勪竴绉嶄腑鑽紝鎬ф俯锛屾湇鐢ㄤ箣鍚庡叿鏈夊緢濂界殑閫氭皵銆佸仴鑴俱€佽В鑵汇€佸寲鐥拌繕鏈夋鍛曠瓑绛夌殑浣滅敤銆傚鏋滃嚭鐜颁簡鍜冲椊鐥板銆侀娆蹭笉鎸垨鑰呮槸娑堝寲涓嶈壇绛夌瓑鑳冮儴鐤剧梾鐨勬椂鍊欙紝灏嗛€傞噺鐨勯檲冄  堽 姘 村 掬 閮 擶 淶 緢 适 界 殑 殑 幭 繭 Tao  綋 鎭 ㈠ 锅 ュ ? ? ? ? 浜This is the most important thing in the world. It ‘s a new development. It ‘s a new development. It ‘s a new development. It ‘s very difficult to find out how to use it.链よ偁閬撲腑鐨勭Н姘旓紝骞朵笖璧峰埌绁涚棸姝㈠挸鐨勪綔鐢ㄣ€傛棩甯稿彲浠ラ€傞噺鐨勭粡甯告湇鐢ㄤ竴The father and mother are together, and the father and mother are in a hurry, and Han Han is in trouble.What is it?銆?灏嗛檲鐨礂骞插噣涔嬪悗鍜岃尪鍙朵竴璧峰瓨鏀撅紝闇€瑕佹湇鐢ㄧ殑鏃跺€欏垯鍜岃尪鍙朵竴璧峰啿娉★紝杩What’s the matter? By the way, you can use it to make a fortune. You can’t do it. You can’t do it. You can’t do it. You can’t do it. Do you want to do it?A total of sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, and sorrows.栫棸鐨勪綔鐢ㄣ€傚苟涓旇繖绉嶉檲鐨厭娴告场鐨勬椂闂磋秺闀匡紝涓嶄粎鍔熸晥鑳藉澧炲姞锛屽悓鏃堕厭涔熻秺鏉ヨ秺缇庡懗銆?The father and the father are broadcasting and retrieving the chain of the chain, and it ‘s very difficult to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?懗閬撴洿鍔犵殑鑺抽鐖藉彛锛屽悓鏃惰繕鍏锋湁鍋ヨ劸寮€鑳冪殑浣滅敤銆?I am afraid that the chains will be different, and we will be afraid of each other. We will make new developments in the fortune-telling community. We will make up for you. We will make up for you.You’re so effective.寤鸿闄堢毊涓嶄粎浠呮槸涓€绉嶇敓娲讳腑寰堝浜哄枩鐖辩殑闆堕锛屽悓鏃朵篃鏄竴绉嶅叿鏈夊绉嶅姛鏁堢殑涓嵂锛屾湇鐢ㄤ箣鍚庡浜庤劸鑳冪殑鍋ュ悍鍏锋湁闈炲父閲嶈鐨勪績杩涗綔鐢ㄣ€備絾鏄湪骞虫椂灏嗛檲鐨场姘村枬鐨勬椂鍊欎竴瀹氳鐗瑰埆娉ㄦ剰锛屽苟涓嶆槸鎵€鏈夌殑韬綋鐘跺喌閮芥槸閫傚悎鏈嶇敤鐨勩€傝€佷腑鍖诲缓璁紝涓€浜涘睘浜庢皵铏氫綋鐕ユ垨鑰呮槸瀹炵儹鐨勬偅鑰呮渶濂戒笉瑕佹湇鐢ㄩ檲鐨按锛岃繖鏍蜂笉浠呬笉鑳藉淇冭繘韬綋鍋ュ悍锛屽弽鑰屾湁鍙兘瀵硅韩浣撻€犳垚鎹熷

Xinbao shares (002705) 2019 third quarterly report review: domestic brand business explosiveness surpasses expectations

Xinbao shares (002705) 2019 third quarterly report review: domestic brand business explosiveness surpasses expectations

Event: Xinbao issued the third quarter report of 2019, and achieved total operating income of 68 in the first three quarters of 2019.

3 ‰, one year +9.

2%, net profit attributable to mother 5.

2 ‰, +44 per year.


Among them, the total operating income for a single quarter in 19Q3 was 27.

800 million, ten years +11.

8%, net profit attributable to mother 2.

780,000 yuan, +26 a year.


The company’s revenue growth rate in 19Q3 increased slightly from the previous quarter. The profit growth rate in the single quarter of 19Q3 was much higher than revenue, and the profit elasticity was better than market expectations.

Opinion: Revenue analysis: Benefits of replenishment for export sales continue to increase, and accelerated growth of domestic sales is greater than expected. Benefits of replenishment for export sales continue to grow.

Since 2017H2, fluctuations in exchange rates have increased, uncertain factors such as trade tariffs have increased, orders from overseas customers have decreased, and company orders have also been compromised, resulting in low fluctuations in export revenue growth.

Due to the next severe shortage in the previous period, overseas customers’ inventory replenishment, and replenishment demand during peak seasons were clear. Therefore, the company’s export order interval growth rate resumed to about 10% from 19Q2, and continued to maintain in 19Q3, and the company’s revenue growth rate rebounded.

Mofei Dongling Super expects a high increase, and the domestic brand’s explosiveness surpasses expectations.

The domestic sales revenue of the company in H1 2019 will increase by 29% annually, and the growth rate of domestic sales revenue in the first three quarters of 2019 will increase to 40%.

In 19Q3, the growth of Mofei further accelerated, and its single-quarter revenue is expected to exceed 200 million. The cumulative revenue in the first three quarters has exceeded 400 million (18 years).

500 million).

In addition, after the brand and product upgrade based on the external environment, Dongling achieved immediate results, and the single-quarter revenue resumed growth.

Revenue prospects: Under the tide of social e-commerce, the domestic brand business expectation continues to exceed expectations. The company ‘s biggest quarterly report in the third quarter is the rapid growth of domestic brands. The core reasons are: 1) Social e-commerce dividends are much higher than expected, and the impact of social e-commerce is small.The consumption mode of home appliances is rapidly changing; 2) The Mofei team has formed a set of explosive products adapted to social e-commerce, using innovative products + content to explode, quickly running under the tuyere, and driving the transformation of Dongling and other Xinbao subsidiary brandsUpgrade, the effect is immediate.

The above two trends will continue in the foreseeable future, and the company’s domestic brand business is expected to continue to exceed market expectations.

Profit analysis: exchange rate contribution variables, domestic brand profit contribution flexibility is large, costs are still contributing positively, and exchange rate contributions overlap.

19Q3 single quarter gross margin and financial expense ratio increased by +4.

2pct, -0.

1pct. Due to the high base of exchange rate-related financial contributions, from the perspective of hedging-related investment income and fair value changes, the 19Q3 decreased by 54.73 million (18Q3 total profit of 31.55 million). In summary, the depreciation of the value of the RMB against the US dollarProfit contribution is changing, and cost factors are still contributing positively.

The profit contribution of domestic brands has great flexibility.

Although the profit contribution from the depreciation of the 19Q3 exchange rate has declined, the company’s profit growth rate is still significantly faster than the revenue growth rate. We believe that the profit elasticity brought by the high growth of domestic brand business, that is, the profit margin is significantly higher.The proportion of domestic brand revenue is rising rapidly, driving the overall profit margin to increase.

Profit outlook: The future profit elasticity comes from domestic brands. We estimate that the actual net profit margin of Mofei is more than 15%, and the actual net profit margin of Dongling is close to 10%. The profitability of domestic brands is much higher than the foundry business (5?
6%), through the rapid growth of domestic brand business, its marginal contribution to high profitability will become more apparent, about 19Q3 domestic brand’s profit contribution has exceeded 15%.

It is expected that the maximum amount of the incentive fund will be withdrawn and the management expenses will be increased by about 4,000 million.

According to the company’s previous announcement of “Administrative Measures for the Annual Performance Incentive Fund Plan”, it is estimated that the maximum amount for 2019 will be 40 million yuan, which will increase management costs by about 40 million yuan.

It is expected that the increase in profitability in the fourth quarter of 19 will be lower than the previous month due to customers’ price adjustment requirements, but the domestic brand business has a large profit elasticity. After considering the cost of the incentive fund, we expect the company’s net profit attributable to mothers to achieve more than 25% growth in 2019.

The domestic brand business has a better business model and improved operating quality. Compared to the foundry business, the domestic brand business has stronger industrial chain pricing power and a better business model. From the financial statements, the company ‘s net cash flow from operating activities in the single quarter of 19Q3 reached 5.

89 ppm, previously + 147%, advance receipts at the end of the period rose to 1.

72 ppm, previous + 51%, accounts receivable + notes totaled 12.

600 million, down 8% a year.

New potential for small household appliances consumption, how Xinbao’s domestic sales business can take advantage of the wind and the new environment for small household appliances consumption has given new brands a chance to break through.

With the rise of new consumer groups, new channels and new marketing methods, consumer demand for small appliances and matching business strategies are undergoing huge changes, which 深圳桑拿网 has given the opportunity for new brands to break through. We have already seen Xiaomi, Xiaoxiong, and MofeiAnd many other cases.
In this context, Xinbao’s domestic sales business has two great development potentials: 1) Domestic brand business.
The Mofei team has worked out a set of “explosive methodologies” to adapt to the new environment. In the context of social e-commerce, revenue is committed to maintaining rapid growth. As a result, Xinbao has established 6 domestic brands covering different categories.Matrix, if Xinbao’s supply chain capabilities and Mofei’s business ideas can gradually incubate more Internet celebrity brands similar to Mofei, Xinbao’s domestic brand business scale is expected to break through quickly.

2) Serving Little B’s supply platform.

Due to low-volume, non-standardized products, small B (net red, KOL) was unable to obtain top-level supply chain support in the small home appliance category in the past. As a supply platform, Xinbao has strong flexible supply chain capabilities and service experience.The dimension of the chain empowers small B. In the domestic market, there will be two types of ODM customers: retailer private brands and online celebrity brands.

Profit forecast, forecast and rating company maintains rapid growth in export sales in 19Q3, domestic brand business accelerates, and overall revenue growth is slightly higher than the previous quarter. Benefiting from the domestic brand profit contribution, the profit growth rate in the single quarter of 19Q3 is much higher than revenue and profitElasticity is better than market expectations.
Maintain 2019-2021 EPS forecast to 0.



09 yuan, corresponding to PE is 20/17/15 times. Under the brand of social e-commerce, the company’s domestic brand business is expected to continue to exceed expectations, and the new environment for the consumption of small appliances gives Xinbao two major development potentials, and the domestic sales business has ample space.

Maintain “Buy” rating.

Risk warning: The sharp appreciation of the RMB exchange rate affects profitability, and domestic brand business innovation is weak.

Qiaqia Food (002557) First Coverage Report: Focusing on the Main Business of Continuous Fermentation

Qiaqia Food (002557) First Coverage Report: Focusing on the Main Business of Continuous Fermentation

Key points of the report: Small leader in the field of nut roasting, reform and breakthrough in marginal changes, continuous refinement of roasting and roasting for 20 years, and a deep accumulation of completed products / channels / brands.

Once trapped in the failure of diversification, he faced a development dilemma. After the founder’s return, he transformed and broke 天津夜网 through.

Product streamlined products focus on core explosions, heavy launches of blue bags and daily nuts, continuous innovation in marketing and advancing with the times, channels to build factories overseas and improve e-commerce operations, institutional reform of organizations, personnel, culture, incentiveInner vitality.

Reform dividends have not diminished, and deep-seated changes have a long-term impact.

Sunflower Seeds: Basic cash flow business, stable and with meso-elasticity, the development of a mature sunflower seed industry is concentrated, and it is difficult to shake the advantages of Yiqi.

In the medium term, the new blue bag sunflower seeds can effectively break through the operation of sunflower seeds and drive a new round of endogenous growth.

Based on the new product release model, it is currently in a relatively fast time period of performance growth. Part of the future growth will come from the increase in total sales driven by synergy, and part of the steady structural upgrade brought by company guidance and consumption upgrades.

The final calculation conservatively estimates that there will be 1.2 billion (up to 4 billion) room for endogenous growth of sunflower seeds over the next 5 years.

It is not pessimistic in the long run, but can still grow from three directions.

North China and other vulnerable regions still have room to explore. The evolution of channels has driven packaging seeds to subtly squeeze non-packaging. The establishment of overseas factories has directly opened up the vast market for overseas seeds consumption.

Nuts: Tree nuts have a high prosperity and a long snow slope. It is determined that the roots will continue to be glorious. The tree nuts that are in line with the healthy trend are at a high speed development outlet. The terminal scale is 100 billion yuan and will grow at a compound growth rate of more than 20% in the future.Very low, there is still 2-3 times space in the future.

The daily emergence of nuts from tree nuts is rapidly becoming red. The market terminal size in 19 years can reach 10 billion US dollars. The compound growth rate in the next 3 years is conservatively estimated to be more than 30%, and the emerging categories have not yet solidified.

Qiaqia stepped into this round of the category cycle and took the lead in winning a lot of punches.

Divided dimensions of diabetes and nut competition panorama, product evaluation / product strategy / price system / channel system / raw material layout / gradual return to negotiation are good, similar to the nut, melon seed category attributes, and the success of the roasted king is expected to remain faster than the industry’sGrowth level.

Investment recommendations and profit forecasting The reform of the leading scalding industry is renewed, and it directly benefits from the upgrade of blue bag seeds and the two-wheel drive of daily nut volume.

And with the upgrading of product structure, direct price increases and production automation, the gross profit margin is expected to continue to increase and bring performance flexibility.

We expect the EPS for 19-21 to be 1.



38 yuan.

The current expected corresponding PE for 19-21 is 23/19 / 17X, covering for the first time and giving a “Buy” rating.

Risks prompt rising raw material prices, new product launches falling short of expectations, increased competition pressure, and food safety issues

Fenglin Group (601996): Steady progress in forest-plate integration

Fenglin Group (601996): Steady progress in forest-plate integration

In the first three quarters of 2019, net profit attributable to mothers increased by 20 per year.

52% In the first three quarters of 2019, Fenglin Group achieved revenue14.

28 ppm, an increase of 30 in ten years.

94%; net profit attributable to mothers1.

33 ppm, an increase of 20 in ten years.

52%, in line with our democratic expectations;

29 ppm, an increase of 23 in ten years.


Single quarter revenue in the third quarter of 19 increased by 21 per year.

89% to 5.

41 million, the net profit attributable to mothers increased by ten years.

5% to 0.

4.2 billion.

What do we expect in 2019?
In 2021, the company’s net profit attributable to the mother will be 1.

72, 2.

18, 2.

43 trillion, corresponding to EPS are 0.

15, 0.

19, 0.

21 yuan, maintaining the “overweight” level.

The reduction of the extension of tax rebate affects Q3’s profit performance, product structure upgrades, and gross margin extension slightly increased quarterly. In 19Q1 / 19Q2 / 19Q3, the company’s revenue growth rate was extended by 16.

8% / 53.

8% / 21.

9%, net profit attributable to mothers increased by 5 in ten years.

6% / 51.

7% / 1.

5%, Q3 profit growth accelerated due to the reduction of tax rebates for the comprehensive utilization of resources in major sectors.

Benefiting from the increase in the proportion of mid- to high-end products such as super-strand particleboard and aldehyde-free boards, 南京桑拿网 the gross profit margin increased in the first three quarters.

13 points to 22.


The expense ratio during the period was the highest, and the increase in working capital expenditure after the expansion of production capacity affected the short-term cash flow.

49 points to 14.

2%, of which sales / management + R & D / financial growth change + 0.

62 / -0.

78 / -0.

33pct to 8.

4% / 5.
4% / 0.
4%, of which the increase in sales expense ratio was mainly due to the increase in freight rates.

The increase of accounts receivable by 44% from the beginning of the period was mainly due to the increase in the structure of direct customers among downstream customers. The account period was longer; the net operating cash flow in the first three quarters decreased by 62%, mainly due to the significant increase in 四川耍耍网 production capacity in the current period., The company increased its working capital expenditure, and at the same time, the structure of direct sales customers among downstream customers increased due to an increase in the accounting period; the net cash flow from investment activities increased by 91%, mainly due to the follow-up of the technical renovation project of the Nanning plantExpenses caused by sporadic engineering and other factories’ technological transformation projects.

The product structure continued to be upgraded continuously. The “forest-board integration” industrial chain was initially improved. The company improved product technology research and development. At the end of 2018, the technical renovation project of the super particleboard production line at the Nanning plant and the Chizhou plant acquisition + technical renovation project were completed successively.Expansion helped increase revenue and increase profits. As of the first half of 2019, the company’s five factories had an annual output of 1.3 million cubic meters of formaldehyde-free board.

In addition, the company deeply cultivated the wood-based panel industry and continued to improve the “forest-board integration” industry chain. In July 2019, it merged with China Communications Industrial Investment Holdings Co., Ltd. to “strategic cooperation framework agreement” to strengthen the development of internal and external forestry resources and supporting industrial parks.Information sharing and cooperation with infrastructure construction to strengthen the company’s competitiveness in the field of forest boards.

Capacity release promotes growth and maintains “overweight” rating. The company’s product quality is leading and customer relationships are stable. The gradual release of capacity will help the company grow. Considering the company’s capacity release rhythm and maintaining profit forecasts, is it expected that 2019?
The net profit attributable to mothers will be 1 in 2021.

72, 2.

18, 2.

43 trillion, corresponding to EPS are 0.

15, 0.

19, 0.

21 yuan.

Refer to company PB (LF) 2.

15 times historical estimate center, given the impact of factors such as the forest rotation cycle, given to the company in January 2019.


A 4x PB estimate corresponds to a reasonable price range of 3.


40 yuan, maintaining the “overweight” level.

Risk warning: The capacity release is less than expected, and downstream demand is less than expected.

Hengli Hydraulics (601100) 2018 Annual Report and 2019 First Quarterly Report Review: Beautiful 2018 Performance, Import Substitution Continues

Hengli Hydraulics (601100) 2018 Annual Report and 2019 First Quarterly Report Review: Beautiful 2018 Performance, Import Substitution Continues

Matters: Hengli Hydraulics released the 2018 annual report, and the company achieved operating income of 42 in 2018.

11 ppm, an increase of 50 in ten years.

65%, achieving a net profit attributable to shareholders of the listed company of 8.

37 ppm, a 119-year increase.

05%, net profit after deduction 7

470,000 yuan, an increase of 105 in ten years.


The company also released the first quarter of 2019 report, and the company achieved operating income of 15 in the first quarter of 2019.

69 ppm, an increase of 61 in ten years.

63%, achieving net profit attributable to shareholders of listed companies.

26 ppm, a 108-year increase of 108.

13%, net profit after deduction 3

49 ppm, an increase of 99 in ten years.


Comment: The revenue has increased significantly, the volume and price of excavator cylinders have risen, and the hydraulic pump valves have been replaced with imported ones.

During the reporting period, the company’s excavator cylinders / non-standard cylinders / hydraulic pump valves / components and hydraulic complete sets / cylinder accessories and castings achieved revenue of 18 respectively.





3.7 billion, an increase of 56 in ten years.

95% / 9.

73% / 92.

46% / 17.

21% / 226.


Among them, excavator oil cylinders benefited from the downstream demand boom and both volume and price rose.

Excavator sales reached 20 in 2018.

340,000 units, an increase of 44 in ten years.

99%, the company benefited from industry growth and increased customer city share, sales of excavator cylinders 41.

350,000, an increase of 50 in ten years.

86%, the growth rate is faster than the industry, and the price increase income growth rate is faster than the sales growth rate.

Non-standard oil cylinders mainly supply three series of lifting series, shield machines, high-end marine engineering and maritime, with sales of 18 years14.

370 thousand, an increase of 12 in ten years.

76%, the demand is booming, but the growth rate is slow due to the squeezed production capacity of the excavator cylinders.

The hydraulic pump valve has realized a heavy-duty imported substitute for small digs, with a market share of 30%. The large and large dig pump valves are also supplied in batches at the end of the year.

Gross profit margin increased, expense ratio decreased, and profitability continued to improve.

In the report period, the company’s comprehensive gross profit margin reached 36.59%, an increase of 3.

8 units.

Among them, the gross profit margins of excavator cylinders / non-standard cylinders / hydraulic pump valves / components and hydraulic complete sets / cylinder accessories and castings were 41.

35% / 35.

07% / 29.

66% / 21.

07% / 35.

74%, an increase of 2.





27 units.

The increase in gross profit margin benefits from the manifestation of scale effects. There is a price increase factor in expanding the excavator cylinders, and the product structure of non-standard cylinders has improved.

As the throughput of the pump and valve business climbs, the gross profit margin will still increase and there is room for improvement (expected to exceed the gross profit margin of excavator cylinders).

The cost rate during the period decreased, and the cost rate during the reporting period was 11.

16%, a decrease of 5.

59 single, of which the sales expense ratio / management expense ratio / financial expense ratio are 2 respectively.

73% / 9.

14% /-0.

72%, a decrease of 0 from the same period last year.



75 units.

The performance in the first quarter of 2019 exceeded expectations, and continued to be optimistic about the large-volume digging hydraulic pump valve import alternatives.

Realize net profit after deduction3.

49 ppm, an increase of 99 in ten years.

18%, exceeding market expectations.

In the first quarter of 2019, 74,779 excavators were sold, an increase of more than 24.

51%, the company’s excavator cylinder business maintained rapid industry growth.

The volume of medium and large digging pump valves provides new growth points.

Net margin for the first quarter of 2019 was 20.

83%, an increase of 0 from the annual report.

95 levels, profitability is still on the rise.

Profit forecast: Based on the industry’s sales growth exceeding expectations and the company’s pump and valve product volume and profitability continued to improve, we raised the company’s 2019-2020 net profit forecast to 13.


5.4 billion (original predictor variable 10).

8.8 billion), plus a forecast of 2021 net profit of 17.

31 trillion, corresponding to 北京桑拿洗浴保健 EPS 1.


96 yuan, corresponding PE is 21/18/16 times. Considering the company’s historical evaluation and the forecast level of comparable companies, it will give a 25 times valuation in 2019 with a target price of 37 yuan.

Risk warning: The macro economy is down, and the volume of pump and valve products exceeds expectations.

Jiansheng Group (603558): Leading socks industry enters seamless underwear production capacity in Vietnam releases thickening performance

Jiansheng Group (603558): Leading socks industry enters seamless underwear production capacity in Vietnam releases thickening performance

The hosiery industry and the seamless underwear double-leader company continued to grow rapidly.

Jiansheng Group was established in 1993. It mainly adopts ODM and OEM production models to provide world-renowned brands and retailers with their own brands in the manufacturing and foundry services of the hosiery industry. It was listed in January 2015 and acquired the domestic seamless underwear leader in 2017Enterprise-Qiaoer Tingting, cuts into the seamless underwear market, realizes resource integration and complementary advantages in technology, capital and customers.

Driven by the release of production capacity in Vietnam, Qiaoer Tingting gradually consolidated, the company achieved operating income of 15 in 2018.

7.7 billion (cotton socks / seamless underwear are 10 respectively.


48 ppm), an increase of 38 per year.

62%; net profit attributable to mother 2.

0.6 million yuan, an increase of 57 in ten years.


Expansion of production capacity and expansion of category expansion create a comprehensive competitive advantage.

The company owns five cotton socks production bases in China including Hangzhou Jiansheng, Hangzhou Qiaodeng, Jiangshan Yideng, Jiangshan Sijin, and Jiangshan Knitting. The total production capacity in 2018 is close to 200 million pairs.Two seamless underwear production plants with a 深圳桑拿网 capacity of 23 million pieces.

Domestically, Hangzhou Smart Factory and Jiangshan Jiansheng Industrial Park will be built to promote the gradual integration and upgrading of industrial bases.

In Vietnam, cotton socks production capacity increased to 1 in 2018.

100 million pairs, the output ratio is 37.

2%, expected 19 years production capacity is 1.

At the same time, the civil work for the project of producing 18 million seamless underwears has been completed, and it is expected to start production by the end of the year.

In the future, the penetration rate of seamless underwear market will increase, Vietnam’s production capacity will be released, and high-speed growth can be expected.

Benchmark Shenzhou International to build Xiaoshenzhou in the underwear industry.

Jiansheng Group and Shenzhou International are 武汉夜网论坛 similar in that their core competitiveness is mainly reflected in significant product barriers, a preliminary integrated business development model, an international layout of production bases, and cooperation with international brand customers; the difference is thatShenzhou takes knitwear as its main product, and its market segment is relatively broad. Jiansheng cut in from relatively segmented socks to expand the development space by category and create a small Shenzhou in the underwear industry.

Earnings forecast: We expect the company to return to its mother net profit for 2019-2021.

62, 3.

37, 4.

370,000 yuan, corresponding to the company’s market value of 37 on September 12.

06 ppm, PE is estimated to be 14.

5 times, 11.

3X, 8.

7X, given a “prudent overweight” rating.

Risk warning: less than expected capacity release, business expansion risk, protectionist risk