[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.

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.


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 licorice slices be eaten by children]_ licorice slices _ can you eat _ can you eat

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Dongmu (600114): Powder metallurgical faucet is ready for growth

Dongmu (600114): Powder metallurgical faucet is ready for growth

The domestic powder metallurgy leader is ready for restructuring. Dongmu Co., Ltd., as a powder metallurgy leader, is expected to grow in the future. In 2018Q1-3, the domestic market share is about 28%. The company’s organizational structure is independent, and the dividend rate for 10-18 years will remain about 50%.

The company has been cultivating powder metallurgy for many years. Its advantages in research and development, technology, technology, and market have created excellent product performance and significant cost advantages.

With the company’s market development in automotive and home appliance powder metallurgy, as well as soft magnetic products, the company continues to reduce costs, management and financial expenses, etc., and its market share and profit levels have increased.

We expect the company EPS to be zero in 18-20.



70 yuan, the first coverage given “overweight” rating.

Deep plowing powder metallurgy, precision, high growth, high dividends Dongmu Co., Ltd. Sino-Japanese joint venture, Japan holds 14%, domestic shareholders hold 16%, there is no actual controller.

The company’s organizational structure is independent. As of the first quarter of 2019, three phases of fair incentives have been implemented to stimulate corporate vitality; the company’s dividend rate for 10-18 years has maintained about 50%.

As a domestic leader in powder metallurgy, the company has excellent product quality and significant cost advantages. Its customers are global first-line automotive and home appliance component suppliers, and the market has expanded to realize domestic alternatives.

As the company’s depreciation stall ratio decreases and labor and financial expenses decrease, we expect the profit level in 19-21 to continue to increase.

Powder metallurgy business: Deepen the automotive and home appliance markets. Domestic substitution continues to grow. Powder metallurgy is suitable for refractory metals and small-sized precision structural parts. Global sales in 2017 are about 65 billion US dollars. Japan and Europe lead the world. A few domestic joint ventures have gradually entered into joint ventures.Automotive and high-end home appliance supply system.

As a domestic leader in powder metallurgy, Dongmu Co., Ltd. has a domestic market share of about 28% in 2018Q1-3. Its core products include 北京夜生活网 VVT / VCT, gearboxes, oil pumps and other auto parts, air conditioners and refrigerator compressors. The customers are global first-line automotive and appliance zeroParts supplier.

The company’s powder metallurgy business continued to maintain a high level of profitability, from the company’s structural adjustment to increase the proportion of automotive structural parts; to the company’s independent ratio of raw materials and full-process design, which can absorb the price changes of raw materials; we expect the company to fully play in 19-21Advantages will continue to increase the market share of domestic joint venture brand cars.

Soft magnetic business: The outstanding leader of domestic ferro-silicon soft magnetic materials, actively expanding the application of new energy, communications and other applications. Dongmu Keda’s main military ferro-silicon soft magnetic materials are produced and sold, which is suitable for high-frequency and high-power application scenarios, such asNew energy vehicles and charging piles, air conditioning, power, photovoltaic and other fields.

The output value of crystalline metal magnetic powder core in 2017 was about 200 ‰ (including elements), and the production scale in 12-17 maintained about 20% growth rate.

As one of the domestic ferro-silicon soft magnetic material raw material enterprises, Kodak has an annual output of 3,000 tons of alloy powder production lines, 10 million iron-silicon-aluminum magnetic powder cores, and a production capacity of 200 million iron cores., Solar, communication and other product applications are expected to become the company’s new growth point.

The powder metallurgical industry leader is ready to take off. For the first time, it is given an “overweight” rating.



3.7 billion, net profit attributable to mother is 3.



4.9 billion yuan.

From the perspective of material properties, the company belongs to the powder metallurgy industry. From the perspective of the material application field, it can be classified as a secondary supplier of automotive structural parts.

We refer to the 19-year comparable company Wind ‘s consensus PE median 13X, average 17X, taking into account the company ‘s Japanese background and market structure, stable financial management and high dividend payout ratio, and there is an expected improvement in future profit levels, taking into account the global automobileThe impact of sales fluctuations on the fluctuation of orders, we give 14-16 XPE based on the net profit attributable to the mother for 19 years, with a target price of 7.


48 yuan, for the first time, give “overweight” rating.

Risk warning: sales of automobiles, progress in domestic substitution of powder metallurgy parts, and weaker demand for ferro-silicon soft magnetics.

[Encyclopedia of Hot Drinks]_ making method _ how to make

[Encyclopedia of Hot Drinks]_ making method _ how to make

It’s cold in winter. Drinking a cup of hot drink at this time not only has the effect of keeping cold and warmth, but also has a good effect on regulating the stomach and intestines. There are many ways to drink hot drinks.Functional ingredients, some kind of burdock tea has good health effects. In addition, you can drink caramel soy milk hot drinks in winter to keep your body warm and so on. Let’s take a brief look at this content.

Autumn and winter health hot drink burdock tea material fresh burdock 100g pure natural mineral water method 1000cc1, will buy fresh burdock, first brush the skin clean with a brush, drain the water and chop it for later use.

2. Pour 1000㏄ of water into the pot, add the sliced sirloin, and boil over medium heat until boiled 3, then change to low heat and cook for about 30 minutes before placing 4 to complete the caramel soy milk hot drink material soy beans55g big pudding 1 mung bean 30g caramel sauce amount of water 800cc practice 1, function key rice paste soybeans, mung beans, soak 6?
Wash after 8 hours; cut large pudding into small pieces for later use.

2. Put method 1 and milk into the soymilk maker, add an appropriate amount of water to the top and the middle of the water level, press the rice cereal function key and wait for the beep.

3. Fill the kettle, add caramel sauce, the ice cubes are finished, or you can put them in the refrigerator.

Chocolate hot drink profile is a chocolate thickener without gender.

In this cup, we get the same flavor preparations as love (4 servings): 200 grams of dark chocolate, 500 ml of milk, and 20 ml of liquid cream.

Practice 1.

Use a knife to chop the dark chocolate, pour the milk into a small saucepan, add 10 ml of water, and cook on fire.

Add the chopped chocolate, stir slightly, and cook on low heat for about 15 minutes, stirring occasionally.

It was filtered and left to cool.


Add cold whipped cream to the pan and slowly reheat the chocolate without stirring.

Pour into a coffee cup and add a teaspoon of whipped cream or sugar.

Tip: You can add a quarter teaspoon of vanilla extract to cook, or add cinnamon powder during the cooking process, you will get another unique flavor

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

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State Coal Industry (600188) 2019 Semi-annual Report Comment: The net profit increased greatly and it is planned to distribute a cash dividend of 49.

1.2 billion

State Coal Industry (600188) 2019 Semi-annual Report Comment: The net profit increased greatly and it is planned to distribute a cash dividend of 49.

1.2 billion

The state coal industry released the semi-annual report for 2019: the company achieved operating income of 1,059 in the first half of 2019.

7.6 billion, an annual growth of 38.

88%; net profit attributable to mother 53.

61 ppm, an increase of 23 in ten years.

49%; basic return 1.

09 yuan.

The company’s board of directors recommended the payment of an interim cash dividend of RMB 49 for 2019.

1.2 billion.

The production and sales of self-produced coal declined, and the sales of trade coal increased.

Commercial coal production in the first half of 2019 was 4,699 per year, a decrease of 3.

1%; of which domestic commercial coal production decreases by 7 per year.

96%, Australia’s commercial coal production increases by 3 per year.


Coal sales are estimated at 5529, a reduction of 0 each year.

4%; of which self-produced coal sales are reduced by 5 per year.

65%; 青岛夜网 trade coal increases by 31 each year.


Relative to the increase in average cost, the gross profit of self-produced tons of coal increased.

The average coal formaldehyde in the first half of 2019 was 564.

68 yuan / ton, an increase of 4 in ten years.

72%; average cost per ton of coal is 319.

58 yuan / ton, an increase of 12 in ten years.


The gross profit per ton of commercial coal was 245.

10 yuan / ton, excluding 4 for the time being.

24%; of which self-produced coal gross profit of 293 tons of coal.

41 yuan / ton, an increase of 2 per year.

31%; gross profit from trading coal ton 19.

76 yuan / ton, excluding 41 for the time being.


Significant progress has been made in the mine operation procedures, and the output of Shaanxi and Mongolian mining areas may resume growth in the second half of the year.

Yingpanyu Coal Mine was approved by the Development and Reform Commission in July 2019; Shilausu Coal Mine was approved by a mining right license in May 2019 and was approved by a joint trial operation in July 2019; Zhuanlongwan Coal Mine’s production capacity in January 2019Increased from 500 nuclei to 1,000 digits per year.

Management expenses, financial expenses and income tax expenses have decreased year by year, increasing the company’s net profit.

In the first half of 2019, the management expenses decreased by 37 every year.

12%, mainly due to the one-time provision of social insurance premiums for the same period in 201810.

1.6 billion.Financial costs have fallen significantly by 30 per year.

13%, mainly due to the decrease in interest expenses and exchange losses.

Income tax expenses fell sharply37.

03%, mainly due to the reported application for Yancoal Australia’s confirmation of the acquisition of United Coal for the deferred tax impact of the expenses reduced by 10.

5.4 billion.

Proposed large dividends: 49 in the medium term.

12 trillion, or 10 yuan for every 10 shares, corresponds to a dividend rate of 10 on August 30 closing price.


Annual and secondary dividends totaled 75.

At 645 trillion, the dividend yield corresponding to the closing price on August 30 was as high as 16.


Investment strategy: It is expected that the company will achieve net profit attributable to mothers 96–2021 respectively.

7.3 billion, 91.

1.2 billion, 93.

02 trillion, corresponding to EPS 1.

97 yuan, 1.

86 yuan, 1.

89 yuan, PE corresponding to the closing price on August 30 were 4 respectively.

9X, 5.

2X, 5.

1x, maintaining the level of “prudent overweight”.

Risk reminders: Stall economic growth, risk of policy estimation, sharp decline in international coal prices, and changes in the RMB exchange rate

[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.

Zhoumei (600188) Interim Review: Taxes and Fees Return to Normal in the First Half of the Year High Dividend Highlights Company Value

Zhoumei (600188) Interim Review: Taxes and Fees Return to Normal in the First Half of the Year High Dividend Highlights Company Value

Core point of view: In the first half of the year, the company’s net profit attributable to its mother increased for many years.

5%, the annual decrease in expenses and taxes during the period is obvious. The company disclosed its 2019 Interim Report. In the first half of the year, the company achieved revenue / net profit attributable to mothers / net profit after deduction of 1059.

8 ppm / 53.

6 ppm / 50.

2 ‰, +38 a year.

8% / + 23.

5% / + 10.

8%, EPS is 1 in the first half.

09 yuan / share.

The company’s gross operating profit in the first half of the year decreased by 12 each year.

4 ‰, but the rapid growth of overall performance was mainly due to the decrease in the period cost 17.

9 trillion and taxes are reduced by 2 every year.

0 million.

Among them: 1) Management costs are reduced by 11 each year.

US $ 700 million, mainly due to the fact that some social insurances have been coordinated and managed by Jining City since 2018. The company has made a one-time social insurance premium10 in the first half of 2018.

1.6 billion.

2) Financial expenses are reduced by 5 each year.

8 ‰ (among which, the interest expense decreases by 2 every year).

54 ppm, exchange loss is reduced by 3 per year.

9.5 billion).

In terms of quarters, the company achieved net profit attributable to mothers in 19Q230.

500 million, ten years +9.

4 ppm or +44.

4%, +7 from the previous quarter.

400 million or 32.


In the first half of the year, the company’s raw coal output fell slightly, with a net profit of about 124 yuan per ton of coal production and sales: the company’s raw coal output in the first half of the year fell by 5249, or 88 tons or 1.

7%; commercial coal production is 4699 per year, exceeding the minimum of 151 or 3.

1%; commercial coal sales of 5529 increased at least 22 inches or 0.


By region, the output of Yancoal Australia increased by 118 or 5 in the first half.

5%, and the main reductions in production are: (1) affected by safety and environmental protection policies, the production of Shilawusu coal mines is restricted, and the output is reduced by 68.

2 initial or 36.


(2) The production of Zhaolou Coal Mine, which belongs to Heze Nenghua, was reduced due to the reduction of production capacity.

5 free radicals or 30.

Price cost: The company’s average selling price per ton of coal in the first half of the year was 564.
7 yuan / ton, previously +4.

7%; the cost per ton of coal is 319.

6 yuan / ton, previously +12.

8%; gross profit per ton of coal is 245.

1 yuan / ton, at least -4.

2%; net profit per ton of coal is about 124 yuan / ton, +25 for many years.


The average selling price of 19Q2 tons of coal was 536.

3 yuan / ton, +1 in the past.

4%, compared with -10.

0%; the cost per ton of coal is 308.

3 yuan / ton, previously +12.

2%, compared with -8.

3%; gross profit per ton of coal is 228 yuan / ton for ten years.

3%, MoM -12.


At the end of July, Shilausu Mine was allowed to enter the joint trial operation. Later, the trend will contribute part of the incremental growth. The company’s main growth points in the future are: (1) the potential of coal mines to increase production potential.

According to the annual report, the coal mine under construction in Shandong has Wanfu coal mine (capacity of 500 tons). At the beginning of 2019, the company’s Zhuanlong coal mine capacity increased from 500 tons to 1,000 tons. The large mines in Mongolia in the company also included Yingpanyu Coal Mine (12 million tons)Shilawusu coal mine (1,000 tons), the total output of the three mines reached 3,200 tons, while the actual raw coal production in 2018 was about 1,816 tons, and the total output in the first half of 2019 was 864 tons.

According to the company’s announcement, the Shilausu Coal Mine obtained a mining license in May this year. At the end of July, it was approved to carry out a joint trial operation at an annual capacity of 800 tons. It is expected that it will start to contribute part of the increase in the second half of the year.

(2) Expansion of coal chemical business.

According to the annual report, the company’s coal chemical currently produces methanol, including the Yulin Nenghua 60 Zeolite Project and the Ordos Nenghua 90 Substitution Project.

According to the minutes of the annual report results release, the construction of the second coal chemical project in Ordos and Yulin Nenghua is being accelerated to ensure operation in the fourth quarter of 2019.

(3) Exchange and redemption losses, reimbursement of social security and other expenses decreased, and the operation of the new mine was completed, and the costs became normal.

Earnings forecast and investment rating follow Chinese corporate accounting standards. The company’s EPS for 2019-2021 is expected to be 1.

80, 1.

89 and 2.

00 yuan, corresponding to the dynamic PE of A shares in 2019 were 5.

3 times.

The company’s production capacity and output scale are at the forefront of the industry. Costs have gradually returned to normal. In the future, the potential for increasing production has broken through, and the ability to release profits has also improved.

According to the interim report, the company plans to conduct an interim cash dividend and pay a cash dividend of RMB 49.

12 ppm (including tax), which means a cash dividend of RMB 10 for every 10 shares.

00 yuan (including tax), according to the current overall estimated return rate of 10.

4%, the high index rate also highlights the value of the company.

With reference to the company’s historical estimation of hub and comparable company evaluations, we believe that there is room for improvement in company evaluations to maintain a reasonable value14.

0 yuan per share, H shares have a reasonable 杭州桑拿 value of 10.

The view of 77 stocks / shares remains unchanged, corresponding to the 19-year PE of A shares is 7.

8 times, 19 years of PE of H shares is 5.

0 times, maintain the company’s A, H shares “Buy” rating.

Risk reminder: coal prices fall more than expected, safety accidents occur in coal mines, and the company’s cost increases too quickly.