[Egg Mashed Potato Cake]_Egg Potato Potato Cake_Homemade Practice_Production Method

銆愰浮铔嬪湡璞嗘偿楗笺€慱楦¤泲鍦熻眴楗糭瀹跺父鍋氭硶_鍒朵綔鏂规硶
Hao Junjun, the world’s military, and the world’s military, and the chain of the world’s best, and the world’s military chains are as good as the others, and it’s hard to find the rudders.ゼ闇€瑕佺殑椋熸潗寰堝鏄撲拱鍒帮紝鍒朵綔鐨勮繃绋嬩篃姣旇緝绠€鍗曪紝浣嗗悆璧锋潵鍛抽亾闈炲父濂斤紝涔熼潪甯稿仴搴凤紝鎵€浠ュ€煎緱瀛︿範銆?涓€銆侀浮铔嬪湡璞嗘偿楗肩殑鍋氭硶 鍦熻眴2涓浮铔嬬伀鑵匡紙杩樺彲浠ユ坊鍔犲叾浠栭厤鏂檦锛夋枡閰掔櫧You can’t do it, you can use it to do it, you can use it to get it to work in a pot, or you can use it in a pot. 1 沭 揬灏嗗湡璞嗘礂鍑€鍘荤毊锛屽垏鍧楀悗鏀惧埌姘翠腑鐓啛銆傜劧鍚庣⒕鍘嬫垚娉ャ€?.gallium?涓紙鍙牴鎹枩濂芥坊鍔狅級楦¤泲浜庣涓紝鍐嶆坊鍔犻€傞噺鏂欓厭鍜岀櫧閱嬪苟鎼呮媽鍧囧寑銆?.灏嗗湡璞嗘偿鍜岄浮铔嬩竴骞跺€掑叆鐜荤拑鐨夸腑杩涜鎼呮媽锛岀洿鍒板潎鍖€涓烘銆?.The paper is ready to be prepared. The paper is ready to be washed. The paper is ready to be cooked. The paper is ready to be chopped up.”Together to fry the common people” “Are you sure?”.灏嗛ゼ鏀惧叆鐢甸ゼ閾涗腑鐑ゃ€傘€傘€傛帉鎻″ソ鐏€欑編鍛崇殑楗煎氨鍋氬ソ鍟?浜屻€侀浮铔嬪湡璞嗛ゼ 鏉愭枡鍦熻眴2涓紝涓瓔闈㈢矇50g锛岄浮铔?10g: Press 50ml, press 1 / 2ml, 1/2 gong, and add one to one. Add 1 to one of the favorite pots.灏嗗湡璞嗗幓鐨礂鍑€锛屽埁鎴愮粏涓?.What are you talking about? What are you doing?.灏嗗湡璞嗕笣銆侀浮铔嬫恫銆侀潰绮夈€佺洂銆佽懕鑺便€佹按鏀剧泦涓贩鍚?.呼 呮 妈 鍧 囧 团 厴 湬 湡 幡 ゼ 闱 ㈢ 硦 Adopted to run?5英镑骞冲簳閿呴噷鍒蜂笂娌癸紝鐑х儹鍚庤浆涓哄皬鐏紝鍔犲叆鍦熻眴楗奸潰绯婄害1cm鍘氾紝鐢ㄩ摬瀛愭姽鍖€锛岀洊涓婇攨鐩栧皬鐏厧鍒?.搴曢儴瀹氬瀷鍚庯紝缈诲彟涓€闈紝鐓庤嚦涓ら潰閮藉憟鐒﹂粍鑹插嵆鍙?涓夈€侀浮铔嬪湡璞嗛ゼ鐨勫仛娉?1.It ‘s not easy 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, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?拰鑳℃绮夋悈鎷屽潎鍖€2.You will be able to use the torch to fix the torch. You will be able to read the torch. You will be able to read it from here. You will be able to read it.殑 揄  經 褰 ㈢ 哔 嫔 嫒 3.鐓庨粍涓€闈互鍚庯紝缈婚潰鐓庡彟涓€闈紝涓ら潰閮界厧榛勫嵆鐔熸椂鍑洪攨銆傚枩娆㈢暘鑼勬矙鍙哥殑鍚冪殑鏃跺€欏彲浠ユ尋鐐癸紝闅忎釜浜哄枩娆㈠惂锛?

[How many times a week do you drink rose tea?】 _How to drink_How to drink

銆愮帿鐟拌姳鑼朵竴鍛ㄥ枬鍑犳锛熴€慱鎬庝箞鍠漘濡備綍鍠?
The gong and the gong are the same. The tweezers are full of tweezers. The tweezers are full of chopsticks. The chopsticks are rugged. The chopsticks are rugged. The chopsticks are churned out.瓑涔熸槸鐩稿綋鍙楁杩庣殑銆傚挨鍏舵槸涓€浜涘コ鎬э紝閫氳繃鍠濊尪鍙互杈惧埌鍋ュ悍鍏荤敓浠ュ強缇庡鍏婚鐨勪綔鐢ㄣ€傜粡甯稿枬鐜懓鑺辫尪鐨勫コ鎬э紝姣斿悓榫勫コ鎬ц繕鏄骞磋交涓€浜涚殑锛岀敱姝ゅ彲瑙佺帿鐟拌姳鑼剁殑鍔熸晥鏈夊涔堝己澶с€傞偅涔堢帿鐟拌姳鑼朵竴鍛ㄥ枬鍑犳?鐜懓鑺辨槸涓€绉嶇弽璐电殑鑽潗锛屽彲浠ョ編瀹瑰吇棰滐紝鑰岀帿鐟拌姳鑼剁殑缇庡鍏婚鍔熸晥鐢氫匠锛屽洜姝ゅコ鎬ф湅鍙嬮兘閽熺埍杩欐鑺辫尪銆傜帿鐟拌姳鏈夌枏鑲濊В閮佺殑鍔熸晥锛屾湁涓€瀹氱殑鑽敤浠峰€笺€備絾涓嶅疁澶ч噺鏈嶇敤銆?涓€銆佺帿鐟拌姳鑼堕€傚疁閲忥細1銆佹瘡澶╁潥鎸佸彇鐜懓鑺?5鍏嬫场姘村枬锛屾皵铏氳€呭彲鍔犲叆澶ф灒3鈥?What are you going to do?Donate a key and donate a key?5鍏嬨€?銆佷竴鑸潵璇达紝涓€澶?5鍏嬪乏鍙冲氨濂姐€傜敤90搴︿互涓婄殑姘村啿娉★紝涓€鑸彲浠ュ啿涓ゅ埌涓夋銆傛渶濂界櫧澶╁枬锛屾櫄涓婄殑璇濆彲浠ュ枬鐧惧悎銆傝繖鏍风殑鎼厤灏ゅ叾閫傚悎鏄ュぉ銆傚洜涓烘槬澶╂槸鍏昏倽鐨勬渶濂芥椂鑺傘€?浜屻€佺帿鐟拌姳鑼跺姛鏁堬細1銆佺帿鐟拌姳鍛崇敇寰嫤銆佹€ф俯锛屾渶鏄庢樉鐨勫姛鏁堝氨鏄悊姘旇В閮併€佹椿琛€鏁f筏鍜岃皟缁忔鐥涖€?銆佺帿鐟拌姳鐨勮嵂鎬ч潪甯告俯鍜岋紝鑳藉娓╁吇浜虹殑蹇冭倽琛€鑴夛紝鑸掑彂浣撳唴閮佹皵锛岃捣鍒伴晣闈欍€佸畨鎶氥€佹姉鎶戦儊鐨勫姛鏁堛€?Pickaxe pickle chain link chain link chain link chain link chain picking chain fine chain linking linking linking linking linking linking linking linking linking of points of view of each otherIt ‘s a good idea. It ‘s a good idea to talk to each other. Do you want to talk to each other? Do you want to talk to each other?拌姳锛屽畨鎶氥€佺ǔ瀹氭儏缁€?The father and son are in a hurry, the song is in the air, the song is in the air, the rain is in the air, the rain is in the air, the rain is in the air, the rain is in the air, the rain is in the air, the rain is in the air, the rain is in the air寲娣ゃ€佽皟鍜岃剰鑵戠殑浣滅敤銆?

[Can pregnant women eat prawns]_Pregnancy_Impact

[Can pregnant women eat prawns]_Pregnancy_Impact

Pregnant women can eat prawns during pregnancy, because prawns contain a lot of protein and trace elements, which is good for the development of obesity, but pregnant women need to ensure that they are not allergic to seafood, and they should not eat too much prawnSymptoms of diarrhea.

The diet of pregnant women during pregnancy is not particularly required. It is necessary to pay attention to a balanced diet and maintain an optimistic mood, which is good for the development of the fetus.

Can pregnant women eat shrimp early? The answer is yes. Pregnant women can eat shrimp.

Of course, you have to guarantee that you do not have symptoms of allergies to shrimp.

If you have symptoms of shrimp allergy, then you cannot eat shrimp.

2. When choosing to eat shrimp, remember that because of the rich nutritional content of shrimp, family members will recommend it to pregnant women.

However, because shrimp is a seafood product (of course, there are also freshwater shrimp), it contains a small amount of bacteria. Therefore, pay attention when eating.

3. When pregnant women eat shrimp, remember to clean up the shrimp, especially some dirty things in the shrimp, such as the black lines on the body, should be removed.

In this way, the safety of pregnant women eating shrimp can be guaranteed.

4. When pregnant women eat shrimp, remember that it is especially important to choose them. Choose fresh, preferably live shrimp.

It is not recommended if you have eyes or frozen shrimp.

5, pregnant women eat shrimp in moderation, do not eat more at once.

Otherwise it may cause discomfort.

Of course, pregnant women are advised not to eat overnight shrimp.

And it is not recommended for pregnant women to eat shrimp paste, because these sauces are mostly mashed from rotten shrimp and dead fish.

What foods a pregnant woman can eat1. Grain and cereal foods, including rice, noodles, miscellaneous grains, red beans, mung beans and nuts with a lot of aunts

These foods provide energy, protein, inorganic salts, B vitamins, and fiber.

The minimum daily intake should be above 200 grams.

2. Vegetables and fruits.

They mainly supply pregnant women with vitamins and inorganic salts such as carotene, vitamin C, vitamin B2, calcium and iron.

3, animal foods, such as pigs, cattle, sheep, chicken, duck, goose and liver, kidney, heart, belly, aquatic products, eggs.

These foods have high protein content, are easy to digest and absorb, and are the most important source of high-quality protein. They can also provide certain trace, fat-soluble vitamins and inorganic salts.

4. Dairy and dairy products.

They are the most complete type of food, and they become protein and easily absorbed calcium.

Pregnant women should take 200 grams of milk and dairy products daily.

After reading this suggestion on whether pregnant women can eat shrimp, the tangles in the expectant mother’s mind have also been untied, but the expectant mother must always maintain the current situation, and carefully understand the food that is not often eaten before eating, so as not to knowIn the case of eating the little gray baby’s food.

[Can Lily be cooked sour?]

銆愮櫨鍚堢叜鐔熸槸閰哥殑鑳藉悆鍚椼€慱鐐掕彍_鑿滆氨
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Hudian shares (002463): Q1 continues a good trend, trying to grow steadily in the 5G era

Hudian shares (002463): Q1 continues a good trend, trying to grow steadily in the 5G era

Event: The company released the first quarter report of 2019: Reported significant 杭州夜网论坛 revenue13.

60,000 yuan, an annual increase of 16.

6%; net operating cash flow1.

77 trillion yuan, an annual increase of 61.

5%; net profit attributable to mother 1.

6 billion, an annual increase of 131.

5%; deduct non-attributed net profit 1.

4.9 billion, an annual increase of 155.

8%.

The performance is close to the upper limit of the company’s notice interval.

Investment points: Q1 continues to grow and profitability continues to improve. The company’s 2019 Q1 has continued to grow well since 2018. With the steady increase in revenue, profitability has further improved, of which Q1 gross margin was 25.

9%, an increase of 8% from the previous year.

3 points and 1.

1pct; Q1 net margin is 11.

9%, an increase of 5% each year and month-on-month.

92pct and 0.

6 points.

The continuous improvement of the gross profit margin is due to the company’s high production capacity, the company’s own product structure has been continuously optimized, and the proportion of high-end PCB products that integrate corporate communications and automotive has gradually increased.

In addition, the Yellowstone Plant has turned losses into profit in 2018 (as disclosed in the annual report), and is expected to bring stable profit contributions in 2019.

The 5G era is expected to grow steadily. We believe that the construction of 5G substrates and the increase in the degree of automotive electronics will be gradually realized. The high-frequency and high-speed PCB will increase in volume and price on the front of the company.And other advantages, will fully benefit in the future, is expected to enter a stable profit track in the 5G era.

At the same time, the company has started the capacity planning and construction (second phase) of the Huangshi Plant’s auto sheet line, which is expected to be put 杭州桑拿 into production at the end of 2019, which will help increase the scale of revenue and increase the flexibility of performance.

Earnings forecast and investment recommendations predict that the company’s EPS for 2019-2021 will be 0.

42 yuan, 0.

52 yuan and 0.

65 yuan (according to the latest financial report), the corresponding PE is 31 times, 25 times and 20 times respectively, maintaining the “recommended” level.

Risks suggest that the advancement of 5G construction has fallen short of expectations, intensified competition has led to the risk of product price drops, and the progress of capacity expansion has fallen short of expectations.

[Can chasing wind fruit cure rheumatism]_ chasing wind fruit _ efficacy _ effect

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Shandong Gold (600547) Quarterly Report Comment: Performance continues to grow and future gold prices are still worth looking forward to

Shandong Gold (600547) Quarterly Report Comment: Performance continues to grow and future gold prices are still worth looking forward to

Key points of investment: The company released three quarterly reports, and achieved revenues of US $ 64.9 billion in the first three quarters, an annual increase of 37.

88%, net profit attributable to shareholders of listed companies.

4.7 billion, an annual increase of 15.

15%, earnings per share are 0.

31 yuan, basically in line with expectations.

Ping An’s perspective: The scale of revenue has increased and the fair value gains have increased. The company’s profit growth in the first three quarters: from early 2019 to the end of the third quarter, SHFE gold prices rose by nearly 20%.

Beneficial gold prices rose and outsourced gold production and sales increased, the company’s revenue scale expanded, and the company’s prospects generated a fair value change income of about US $ 200 million, a decrease, and the company’s profits achieved growth in the first three quarters.

In terms of quarters, the company’s operating income in the third quarter increased by 24% month-on-month. Due to the increase in the proportion of low-gross outsourced gold and a slight increase in the cost of self-produced gold, the company’s gross profit margin did not improve significantly.

650,000 yuan, the company’s third quarter profit maximization increased by 39% to 6.

200000000.

Although the company’s revenue increased in the third quarter, due to the increase in profits, the company’s net profit still increased 13% to 3 from the previous quarter.

3.8 billion.

The future gold price is still optimistic: even in the third quarter, China-US trade talks have made positive progress, to avoid a decline in insurance demand, and the upward trend in gold prices has been blocked.

However, we believe that the marginal impact of Sino-US trade friction will be weakened, and the focus of the market will shift to economic fundamentals.

We judge that the future 都市夜网 global economic growth rate and the easing trend of monetary policy have not changed. The value of gold in the medium and long term is huge and significant. The price of gold in the medium and long term is still bullish.

The performance of the company is flexible and the price of beneficiary gold has risen to a high degree: the company is the largest company among the listed gold companies, and gold accounts for more than 90% of its revenue and profits, and it has the most interference from other businesses. It is a large number of pure gold stocks.
The price of gold will rise in the future, and the company will benefit a lot.

Profit forecast and investment rating: Based on the price of new products, we adjust the profit forecast.
In 2021, the EPS will be 0.

49, 0.

76 and 0.

90 yuan (the original value is 0.

65/1.

07/1.

22 yuan), corresponding to the closing price of PE on October 29, 2019 were 65, 42, and 36 times, respectively, maintaining the “recommended” investment rating.

Risk reminders: (1) Risk of product price fluctuations.

Gold is the company’s main product, and the price of gold determines the company’s profitability to a certain extent.

Affected by the world economy, politics, demand and other factors, the uncertainty of the gold price is increasing. Changes in the price of gold will lead to uncertainty in the company’s operating performance. If the price of gold declines, the company’s operating performance will be affected.
(2) Risk of resource development.

The company’s mines have gradually reduced the amount of mineral resources caused by the continuous mining, and the resources of some mines continue to be tight. In order to ensure production, the company has begun mining licenses for related mineral rights.

The state’s control and approval procedures for the processing of warrants for mining production companies are becoming more and more stringent. If there is a delay in the approval process for mining rights, it may affect the company’s gold production and operating performance.

(3) Risks of mine safety in production and environmental pollution.

Mining is an industry with high safety risks. If a safety accident occurs, it will cause personal injury or property loss, which will directly affect the company’s gold production, income and corporate image.

During the mining of gold, impurities will be produced during the production process. If there are problems with environmental protection measures, the harmful substances in the replacement will cause pollution to the mining area and the surrounding environment.

If environmental pollution occurs, it will affect the normal operation of the company’s production and operation.

Zhonggong Education (002607): Growth engine gradually transforms comprehensive face-to-face training and online training to open a new era of vocational education

Zhonggong Education (002607): Growth engine gradually transforms comprehensive face-to-face training and online training to open a new era of vocational education

The event company released the first half of 2019 report: the first half of the year achieved operating income36.

3.7 billion, an increase of 48.

79%; net profit attributable to mothers4.都市夜网

9.3 billion, an increase of 132.

18%; net profit of non-attributed mothers4.

72 trillion, with an increase of 138.

76%; net operating cash flow 43.

5.5 billion yuan, an increase of 39.

08%; ROE (expected) is 16.

56%, down by 2.

4 units.

Brief comment on the acceleration of channel sinking in the first half of the year.

As of the end of June 2019, the number of directly operated branches of the company reached 880, cited as an increase of 25 at the end of 2018.

53% (half a year). In comparison, the number of branches increased by only 20 in 2018.

4%.

In terms of regions, the revenue growth rate in South China reached 102 in the first half of the year.

69%, the growth rate of income in East and Northwest China exceeded 50%.

In the first half of the year, the number of face-to-face trainings reached 93.

09 million people, an increase of 30.

80%; personal training income 31.

6.8 billion, an increase of 38.

02%, the average customer unit price increased by 5.

5%.

Comprehensive face-to-face training and online training performed well, and the company’s growth engine gradually switched.

1H19 online training income4.

4.5 billion, an increase of 205.

94%; comprehensive face-to-face training (postgraduate entrance examination, IT training, certification, etc.) training income is 7.

02 trillion, with an increase of 89.

43%.

The revenue share of both parties increased to 31.

52%, the company is rapidly expanding from recruitment examination training to career promotion examination counseling and vocational ability training.

Revenue from online training in the first half of the year4.

4.5 billion, an increase of 205.

94%, the dual division model has achieved great success.

Affected by the government’s streamlined organizational reform, the number of recruited civil servants and public institutions in the provincial government in the first half of the year declined, resulting in a decline in the business income of public institutions and civil servants.

In the first half of the year, civil servants recruited face-to-face training income.

19 trillion, an increase of 26.

32%; the income of public institutions recruiting face-to-face training is 2.1.5 billion, an increase of only 7

01%.

The proportion of civil servants recruiting face-to-face training income replaced 50.

0%.

Against the background of the improvement in the quality of examinations, the average unit price of civil servants in the first half of the year increased by more than 15%.

Income from teacher recruitment and teacher qualification training 4.

32 trillion, the same increase of 52.

18%, maintaining a high degree of prosperity.

The effect of scale has driven down fee rates and increased profitability.

In the first half of 2019, the company’s gross profit margin was 57.

52%, an increase of 2 a year.

16 units; selling expenses 18.

57%, a decrease of 3 per year.

33 units; management expenses 13.

74%, down 2 each year.

25 averages; net margin is 13.

55%, an increase of 4 per year.

87 units.

Earnings forecast: Increase the company’s earnings forecast. It is expected that the company’s net profit attributable to the parent in 2019 and 2020 will be 17 respectively.

74, 24.

28 ppm, corresponding to 51 and 37 times the PE in 2019 and 20, raised to “Buy” rating.

Jinzhi Technology (002090): Interim report predicts high growth and ubiquitous construction

Jinzhi Technology (002090): Interim report predicts high growth and ubiquitous construction
Event: The company released its 2019 annual performance forecast. In the first half of the year, it realized a total net profit of 0.88-1 ppm, an increase of 50% -70% in ten years.In addition, the reporting company obtained 5303 through the transfer of Zijin Trust.After deducting the impact of this part, the net increase of non-returned mothers’ net profit increased by 57% -111% and 深圳桑拿网 still maintained at a high level (there are 18 million yuan in asset disposal income and 127.6 million yuan in Zijin Trust dividends, oncesupplement). The ubiquitous electric power Internet of Things has developed a comprehensive perception capability, and smart terminal bidding volume is expected to rise rapidly.By the end of 2018, 193 prefecture-level companies in the State Grid’s jurisdiction have gradually installed DTUs (station terminal) 9.80,000 units, FTU (feeder terminal) 15.20,000 units, 320,000 sets of fault indicators, and the switch automation circuit coverage rate is about 60%, which is still far from the development goal of 90% coverage by 2020 automation.In recent years, the pace of automation of distribution network automation has been slow, and smart terminal bidding has remained low. From 2015 to 2018, the number of bids for smart distribution terminals of the State Grid was 9 respectively.29, 5.09, 9.35 and 10.110,000.Recently, the new generation of intelligent distribution terminal products based on open edge computing architecture have completed testing and started the first batch of bidding, which indicates that the bidding volume of smart terminal products in 2019 is expected to rise rapidly. The company’s new generation of intelligent terminals has been successfully researched and developed, and made a good technical and product reserve for full participation in ubiquitous construction. According to the deployment of the State Grid Corporation of China, starting from 2019, the intelligent distribution transformer terminal will be the core to complete the research and development of key technologies for the exchange of the Internet of Things, form the relevant standards and typical design schemes of the power Internet of Things for low- and medium-voltage distribution networks, and carry out large-scale demonstration applications.Renovation of multiple distribution station areas; the comprehensive promotion and application of intelligent distribution transformer terminals, the construction of an integrated monitoring and control system for low and medium voltage based on the Internet of Things, and significantly improved the overall coverage of intelligent distribution station areas.The company’s iPACS-5612T intelligent distribution terminal is a new generation of intelligent switch terminals independently developed based on Huawei’s domestic chips.The successful development of the iPACS-5612T intelligent distribution transformer terminal has replaced the foundation for the company’s participation in the construction of the “Ubiquitous Electricity Internet of Things” of the State Grid Corporation of China. The flood of power IoT construction will bring new opportunities for the company’s development.State Grid in March 2019 proposed a comprehensive deployment of ubiquitous electric power IoT construction, a two-step strategy, and plans to fully build ubiquitous electric power IoT by 2024.2019 will be the first year of launch. The annual construction plan has been initially issued. There are 57 major construction tasks proposed from six internal and external sources, of which 27 will be promoted in 2019.The company’s substation comprehensive automation, power distribution automation, line monitoring, inspection robots, information and communication infrastructure and other related products and businesses are all ubiquitous in the induction layer and network layer of the electric power Internet of Things, and are expected to usher in new opportunities for development.In addition, the company is actively deploying ubiquitous electric power IoT application scenarios, and has successively cooperated with State Grid Jiangsu Integrated Energy Service Company and Daquan Group to expand the ubiquitous electric power IoT integrated energy service application.According to the research of the State Grid Energy Research Institute, from the perspective of the integrated energy service basic business and terminal energy demand, the potential scale of the integrated energy service market can reach USD 500-600 billion by 2020. Investment advice: We expect the company’s revenue growth to be 4 in 2019-2021.3%, 6.0%, 13.3%, net 西安桑拿论坛 profit growth was 117.7%, 27.9%, 27.3%.Maintain BUY-A investment rating with 6-month target price of 19.00 yuan. Risk warning: The spread of the State Grid is slow in the advancement of the Internet of Things; the company’s internal business integration is weak; the progress of smart terminal bidding is gradually expected or the competition is too intense.

Spring Airlines (601021) semi-annual report comment: Cost control is excellent, load factor returns to 90%

Spring Airlines (601021) semi-annual report comment: Cost control is excellent, load factor returns to 90%

Key points of investment: The company released the 2019 semi-annual report,武汉夜生活网 reporting that the two companies realized operating income71.

4.9 billion, an annual increase of 12.

90%; realize net profit attributable to shareholders of listed companies.

5.4 billion, an annual increase of 17.

52%.

Ping An’s viewpoint: Cost control is excellent, and new fuel efficiency is greatly improved: In the first half of 2019, the company replaced aviation fuel and the cost of seat kilometers in addition to take-off and landing fees decreased by 0.

6%, the unit selling expenses decrease by 21 every year.

7%, unit management expenses fall by 1 every year.

5%, excellent cost control is the leader in net profit growth over revenue growth.

In addition, the company’s existing 6 A320NEO aircraft can reduce the unit fuel consumption by 15% compared with the previous generation A320 inverter. Through this 杭州桑拿 alternative conversion, the company’s average unit fuel consumption can help to further reduce.

Passenger load factor returned to 90%: the company’s RPK increased by 12 in the first half of 2019.

2%, asking price increased by 9 in the same period.

3%, the increase in capacity was significantly higher than the increase in capacity. Affected by this, the company’s load factor increased significantly, the company’s average passenger replacement in the first half of 2019 was 91.

70%, compared with 89 in the same period in 2018.

31%, up 2.

39 averages, back to more than 90%.

Investment suggestion: In the current economic environment, the personal travel passenger group has become the main force for the growth of air transport demand. We believe that the domestic-scale aviation market share continues to increase, and the market base for Spring Airlines to maintain rapid growth still exists.

We maintain the United Nations forecast and expect the company’s net profit attributable to the parent company to be 17-20 in 2019-2021.

3.5 billion, 21.

7 billion, 26.

52 trillion, EPS is expected to be 1 in 2019-2021.

89 yuan, 2.

37 yuan, 2.

89 yuan, corresponding PE is 22.

6, 18.

1 and 14.

8.
Maintain the “Recommended” level.

Risk reminders: 1) policy risks, uncertainty in policy adjustments will bring policy risks to its development prospects; 2) risks such as oil prices, exchange rates, rising oil prices, and currency value decreases will all lead to profitable earnings; 3)Security risks. A security incident may deprive consumers of their confidence, which will lead to a significant decline in tandem revenue.