[How do buns be fermented]_How to do_How to do

銆愰澶存€庢牱鎵嶇畻鍙戦叺濂戒簡銆慱鎬庝箞鍋歘濡備綍鍋?
What’s the matter? I’m sorry, I’m sorry, I’m sorry, I’m sorry, I don’t know how to do it, I don’t know how to do it.掑ご杩欎竴杩囩▼涓渶涓昏鐨勪竴涓楠ゅ氨鏄彂閰甸潰鍥€傚洜涓哄彧鏈夐潰鍥㈠彂閰靛ソ浜嗭紝鎵嶄細璁╅澶存湁鐫€棣掑ご鏈韩鐨勫彛鎰燂紝鑰屼笖涔熶細璁╀竴涓澶存洿涓哄姴閬撱€備絾鏄浜庝竴浜涘垵瀛﹀仛棣掑ご鐨勪汉鏉ヨ锛屼笉鐭ラ亾闈㈠洟鍙戦叺鍒颁粈涔堢▼搴︽墠绠楀彂閰靛ソ浜嗐€傞澶村埌搴曞簲璇ユ€庢牱鎵嶇畻鍙戦叺濂界殑鍛?1銆佸垽鏂殑鏂规硶1锛屼及璁′竴涓嬶紝鍋氬埌鈥滃績涓湁鏁扳€濓細濡傛灉鏄娇鐢ㄢ€滆€侀潰鈥濆彂闈紝鏍规嵁瀛h妭涓嶅悓锛屽彲鑳解€滃彂閫忊€濈殑鏃堕棿浼氭湁涓€鐐瑰樊鍒€傜幇鍦ㄧ殑姘旀俯涓嬶紝澶х害2–3灏忔椂灏辫浜嗐€?锛岀湅涓€涓嬶細闈㈠洟鍎夸綋绉澶т竴鍊嶃€?锛岄椈涓€涓嬶細闈㈠洟鍎挎湁涓€鑲¢吀閰哥殑姘斿懗鍎裤€?锛屾媿涓€涓嬶細闈㈠洟鍎夸細鍙戝嚭鈥滅牥銆佺牥鈥濈殑澹伴煶锛屽ソ鍍忛噷闈㈡槸鈥滅┖蹇冨効鈥濅技鐨勩€傝繖鏍凤紝灏卞彲浠ュ垽鏂潰鍥㈠効鏄惁鍙戝ソ浜嗐€?銆佸彂閰电殑鏂规硶灏忚嫃鎵撳彂閰电敤灏忚嫃鎵撳彂閰碉紝钂稿嚭鏉ョ殑棣掑ご涓嶄絾寰堟澗杞€屼笖鍙e懗涔熼潪甯稿ソ锛屼絾鏄皬鑻忔墦浼氫弗閲嶇牬鍧忛潰绮変腑鐨刡鏃忕淮鐢熺礌銆傝€屽湪鏃ュ父楗涓紝鎴戜滑浜轰綋鎵€闇€鐨勭淮鐢熺礌b鏃忎富瑕佸氨鏄€氳繃绮鑾峰緱锛岃繖浣胯捀棣掑ご鐢ㄥ皬鑻忔墦鍙戦叺寰楀埌寰堝钀ュ吇瀛﹀鐨勫己鐑堝弽瀵广€傚皬鑻忔墦灏辨槸鎴戜滑甯歌鐨勭⒈闈紝鍦ㄥ緢澶氬皬鍚冩The broadcast threshold coaxes the father and the father to mix the umbrella with the rugged and rugged umbrella. It ‘s so easy to rectify it. It ‘s correct. It ‘s so good. It ‘s so powerful.湅璧锋潵绮樼锛屼絾鏄畠鍚屾椂涔熷皢绋荤背涓殑缁寸敓绱燽鏃忕牬鍧忕殑鎵€鍓╂棤鍑犮€傝€侀潰鍙戦叺姣旇捣灏忚嫃鎵擄紝鐢ㄨ€侀潰鍙戦叺浼间箮鏇村ソ涓€鐐癸紝瀹冨苟涓嶄細鐮村潖闈㈢矇涓殑钀ュ吇鐗╄川銆傚彂閰靛悗锛岄潰绮夐噷鍚湁鐨勬閰稿彲琚垎瑙o紝妞嶉吀闃荤閽欍€侀搧銆侀晛绛夊厓绱犵殑鍚告敹锛岃繖浣垮緱鏈轰綋鏇村鏄撳惛鏀跺拰鍒╃敤杩欎簺钀ュ吇鐗╄川銆备絾鏄伞绉嶅彂閰垫楠娉曚细浣块破碎锲骇鐢熼吀锻筹纴瀵困难嚧寰宇浜抚棣掑ご镄勫彛锻緢涓嶆緢涓嶆弧镒忋€傞叺姣嶅彂閰甸叺姣嶅彂閰靛彲浠ヨ鏄惀鍏诲瀹舵渶鎺ㄥ磭鐨勪竴绉嶉潰绮夊彂閰垫柟娉曪紝钂稿嚭鐨勯澶翠笉浠呭懗閬撳ソ鑰屼笖钀ュ吇浠峰€间篃闈炲父楂樸€傞叺姣嶆湁骞查叺姣嶅拰椴滈叺姣嶄袱绉嶏紝灞炰簬鍗曠粏鑳炲井鐢熺墿銆傞叺姣嶆湰韬槸鍙鐢ㄧ殑锛岃€屼笖钀ュ吇涓板瘜銆傞叺姣嶄笉浠呭惈鏈変笁澶т骇鑳借惀鍏荤礌纰虫按鍖栧悎鐗┿€佽泲鐧借川銆佽剛鑲紝鑰屼笖杩樺瘜鍚熆鐗╄川銆佺淮鐢熺礌鍜岄叾绫伙紝灏ゅ叾鏄淮鐢熺礌b鏃忋€傜爺绌惰瘉鏄庯紝姣?kg 銞 查 叺 姣 嶈 咲 唲 擏 揄 敄 惫 惈 惈 翥 翥 綩 浜 浜?kg 抶 ц 眴 銆?.5kg  sloppy?kg澶х背涓泲鐧借川鐨勫惈閲忋€傚洜姝ゅ彲浠ヨ锛岀敤閰垫瘝鍙戦叺钂稿嚭鐨勯澶存墍鍚殑钀ュ吇鎴愬垎姣旇捣鑰侀潰鍙戦叺锛岃楂樺嚭3鍊嶅锛岃泲鐧借川涔熻澧炲姞杩?鍊嶃€傛澶栵紝閰垫瘝閲岃繕鍚湁纭掋€侀摤绛夌熆鐗╄川锛屾湁鎶楁哀鍖栧欢缂撹“鑰侊紝棰勯槻鑲跨槫鍜屽績琛€绠$柧鐥呯殑浣滅敤锛岃繕鑳芥彁楂樹汉浣撳厤鐤姏銆?My father, my father, my father, my son, my son, my son, my son, my son, my son1) What are you saying?27 擶 у 崱 / 100 鍏 庶 纰 詰 虫 頖 湧 搎 鐗?8.73%: Just set?.19%; (2) If you fall down?68 擶 у 崱 / 100 鍏 嬶 纰 詰 虫 頖 湧 搎 鐗?8.00%: Just set?.50%; (3) Drilling is harmful? ? 兑 噺 Ad?10 擶 у 崱 / 100 鍏 嬶 纴 詰 虫 頖 湧 搎 搗?2.62%: Just set?.42%; (4) What are you talking about?56 掶 у 崱 / 100 鍏 庶 纰 詰 虫 頖 湧 搎 搗?8.91%: Just set?.80%; (5) What’s the matter, brother?22 擶 у 崱 / 100 鍏 庶 纰 詰 虫 頖 湧 搎 搗?768%: Just set?.08%; (6) What is the difference between silicon and silicon?28 擶 у 崱 / 100 鍏 庶 纰 詰 虫 頖 湧 搎 搗?8.94%: Just set?.76%

[How to make chicken drumsticks delicious]_How to make_Method

[How to make chicken drumsticks delicious]_How to make_Method

Refers to the chicken drumsticks of the adult chicken, the chicken drumsticks are more tender and tender, which is said to be warmly welcomed by everyone.

The process of making chicken drumsticks is very complicated. Chicken drumsticks are more precious than normal chicken drumsticks. We need to mix all of their ingredients to make the perfect chicken drumstick.Elderly eat.

So, how does the chicken leg taste delicious?

First, the main ingredients: chicken drumsticks, black fungus accessories: garlic, dried chili two, practice 1.

Marinate the chicken drumsticks for about 15 minutes. You can prepare the ingredients during the curing process.

2.

Heat the pan and put a thin layer of oil on it. You can fry the arrowhead on the chicken drumsticks with a bit of yellow and you can add some water to cook.

3.

Cook for about ten minutes and poke with chopsticks to see if the thickest part of the chicken leg is cooked. If it is a little red, it is not cooked.

At this time, you can put the black fungus down and put half a spoonful of salt with a small amount of chicken essence.

4.

Once the fungus is cooked, you can cook it.

Third, the efficacy and role of chicken thighs Chicken is flat, warm, sweet, enter the spleen, stomach meridian; can benefit qi, nourish the essence, add pith; used for fatigue and thinness, moderate deficiency of food, diarrhea, dizziness, palpitations, menstruationTune, postpartum milk loss, thirst, edema, frequent urination, nocturnal emission, deafness and tinnitus.

1.

The healthy chicken has high digestibility and can be easily absorbed and utilized by the human body. It has the effect of strengthening physical strength and strengthening the body.

2.

Improving immunity In modern society, busy every day, white-collar workers who are often in a sub-health state should eat more to enhance immunity and reduce the chance of illness.

Chicken has the effects of warming and invigorating qi, replenishing essence and filling the marrow, benefiting the five internal organs, and repairing deficiencies. It is used for the treatment of deficient fatigue, weak food, less diarrhea, palpitations, irregular menstruation, less postpartum milk, thirst, edema and other symptoms.
3.

Bushenjing can alleviate the symptoms of repeated urination, deafness and coldness due to insufficient kidney essence.

4.

Promoting intellectual development has antioxidant and detoxifying effects.

It has a better effect in improving heart and brain function and promoting children’s intellectual development.

Fourth, the nutritional value of chicken legs 1.

Chicken leg meat has a high protein content ratio, many types, and high digestibility, and is easily absorbed and utilized by the human body, which has the effect of strengthening physical strength and strengthening the body.

2.

Chicken contains phospholipids, which play an important role in human growth and development, and is one of the important sources of phospholipids in the Chinese alternative structure.

[How to get pork belly wrap chicken]_ pork belly wrap chicken _ how to do _ practice Daquan

銆愮尓鑲氬寘楦℃€庝箞寮勩€慱鐚倸鍖呴浮_濡備綍鍋歘鍋氭硶澶у叏
Ti 懗 樄 尭 尓 尓 尓 尓 尓 喓 尓 喓 姦 Place the last ★ 纴 鍏 淺 杄 樻 湁 珁 癢 獢 僬 粙 琛 ヤ 綔 鐢  纴 杩 潺 彲 浠 ュ 渡 渤 攡 ┄叾鏄湪澶╂皵姣旇緝瀵掑喎鐨勬椂鍊欓鐢ㄦ椂姣旇緝濂界殑锛屼絾鏄湪鍒朵綔涔嬪墠涓€瀹氳娉ㄦ剰娓呮礂骞插噣鐚倸锛屼互鍏嶇暀涓嬭叆鍛炽€?涓€鍋氭硶銆?銆佺尓鑲氭礂鍑€锛堝彲鐢ㄩ€傞噺鐩愩€佹穩绮夊弽澶嶆弶鎼撶尓鑲氾紝灏嗙矘娑叉竻娲?-3閬嶅埌宸笉澶氬共鍑€鍐嶆敖姘达級銆?銆佺敤鐧借儭妞掔矇鍜岀洂娑傛姽鐚倸鍐呫€?銆侀浮鑲夋礂鍑€姘芥按鍘昏锛屽皢濮滅墖鍜岃懕娈靛鍏ラ浮鑲氾紝鐒跺悗涓€璧峰鍏ョ尓鑲氾紝鐢ㄩ拡绾跨紳濂界尓鑲氾紙鎴栬€呯敤鐗欑鎵庡ソ锛夈€?4銆佸皢缂濆ソ鍙g殑鐚倸鏀捐繘鐡︾叢鍐咃紝鍔犲叆寮€姘达紝鐓哺鍚庡皬鐏叢涓€涓崐灏忔椂锛屽彇鍑虹尓鑲氬垏鐗囥€侀浮鏂╀欢銆傚皢鑲氱墖鍜岄浮鑲夊€掑洖姹ら攨涓紝鍐嶇叜10鍒嗛挓宸﹀彸锛屽姞鐩愯皟鍛冲嵆鍙€?銆佸皬鏂欙細钁辨湯銆佸纰庛€佺洂鍜屽皯閲忚姖楹绘补锛屽姞鍏ュ皯閲忔堡鍗冲彲锛堝緢鍍忕菠鑿滈噷鐨勬簿涓夐粍楦$殑灏忔枡锛屽緢棣欏摝锛夛細濡傛灉鍧愭湀瀛愶紝杩樺彲浠ュ姞鍏ョ帀绔广€佹矙鍙傘€佸寳鑺€佸厷鍙傘€佹灨鏉炲瓙銆佽姳鏃楀弬绛夊崄鍑犱腑鑽紝鍏锋湁寰堝ソ鐨勬粙琛ャ€侀┍椋庛€佸尽瀵掔殑浣滅敤銆?浜屻€併€愬仛杩欓亾鑿滄渶楹荤儲鐨勪袱涓▼搴忓氨鏄竻娲楀拰濉炵紳銆戯細1銆佸湪瓒呭競閲屼拱鐨勮倸瀛愭瘮杈冨共鍑€锛岀洿鎺ョ敤澶ч噺椋熺敤鐩愭竻娲?娆★紝鍘绘帀绮樻恫锛岀劧鍚庡啀姘芥按涓€娆″氨鎶婄矘娑叉竻闄ゅ緱宸笉澶氫簡銆?銆 倹 妸 偁 村 奧 楦 “ 杩 怜 瀸 怬 悗: What about the gentry with argon? 杩欓亾鑿滀笉浠呭幓鐥呭己浣擄紝涔熸湁鍏荤敓淇濆仴涔嬪姛鏁堛€?

[Can you eat raisins in early pregnancy]_Pregnant women_Can you eat

[Can you eat raisins in early pregnancy]_Pregnant women_Can you eat

Raisin is a kind of food with high nutritional value. It contains a large amount of glucose. For pregnant women, it can be eaten properly in the early stages of pregnancy, which can promptly replenish the body’s energy. In addition, it contains high iron elements.It has a certain effect of nourishing qi and blood, and has a good effect in preventing anemia in pregnant women. At the same time, it can alleviate fatigue and has a certain conditioning effect on the body.

1, can help pregnant women anti-fatigue: raisins contain calcium, potassium, phosphorus, iron, protein and vitamin B family and other nutrients, but also contain a variety of amino acids required by the human body, often eat raisins, have a lot of nervous fatigue, fatigueFirst-rate benefits.

2, can help pregnant women blood: When grapes become raisins, the content of sugar and iron in raisins will be relatively high, so raisins are a tonic for women, children and frail anemia.

From the point of view of traditional Chinese medicine, grapes have the effects of relaxing muscles and promoting blood circulation, appetizing and strengthening the spleen, and helping digestion, and its rich iron content, so that raisins can supplement blood.

3, raisins can prevent cancer and anti-cancer: It is understood that raisins have anti-cancer and anti-cancer effects.

Grapes have a therapeutic effect, dizziness, palpitations, and cerebral anemia. Drinking an appropriate amount of wine 2-3 times a day can break down certain therapeutic effects; decoction with dried grape vines and water can also cure pregnancy obstruction.

My friends who are in the early stages of pregnancy want to eat raisins. Is this desirable?

Can I eat raisins in early pregnancy?

Raisins are sweet and sour, can be used as desserts, soups, cold drinks, and can be eaten directly. They are loved by ladies.

[5 Coups That Make You Ecstatic]

[5 Coups That Make You Ecstatic]

Driven by vanity, every man hopes that he can fight more and more bravely, fighting ten rounds in a night, but unless you are a young man in his twenties or twenties, when you are younger, there is no more recoveryThe courage of the year.

There are many secret recipes in the field that are said to be shockingly reinvigorated, but when the pros and cons cannot be discerned, attempts are not encouraged here.

But here can provide some natural tricks, maybe it can really make your golden gun not fall, ecstasy every night.

Don’t get me wrong while you are at war with the gun, the gun does not ask everyone to masturbate before entering the battle.

On the contrary, it is best not to masturbate one or two days before the appointment. This will make you “full of ammunition” and ready to go.

Also, before the war, it ‘s best to invite her to some high-level places for dinner, because she will be more beautiful to suit the occasion. Relatively speaking, your interest in her will increase, which will naturally improve you.Performance.

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GEM (002340): Strategic customers try to continue to increase their global market share

GEM (002340): Strategic customers try to continue to increase their global market share

Event On March 15, the company issued an announcement on a wholly-owned subsidiary signing a strategic procurement agreement for 29,300 tons of ternary precursor materials. The wholly-owned subsidiary of the company Jingmen Greene New Materials Co., Ltd. and Ningbo Rongbai New Energy Materials Co., Ltd. signed the “Strategic Cooperation Framework Agreement for the Purchase and Sale of Ternary One-Level Material Precursors, 2019?
In 2021, Rongbai will supply 29,300 tons of precursors.

Brief comment on Ningbo Rongbai as the domestic leader in high-nickel ternary tier one materials, and the company’s strategic customers are the next city. Ningbo Rongbai is the leading domestic high-nickel ternary 重庆耍耍网 tier one material manufacturer.The annual 811 launch volume has reached the first in the world.

According to public information, Ningbo Rongbai terminated the total scale capacity of about 1 at the end of 2017.

6 digits / year, total ternary precursor production capacity is about 1.

7 years / company; the company is located in Zunyi, Guizhou Province, with an annual output of 10 plans for silicon lithium battery conversion materials. The project is scheduled to reach the end of 2018. The conversion investment is USD 12.1 billion to build a high-end power lithium battery material production base in Yuyao City, Zhejiang Province.The primary material 10 is initial, the precursor 20 is initial, and the resource regeneration annual output 10 is inserted.

Ningbo Rongbai’s main customers include LG, Samsung SDI, Lishen, BAK, Fu Neng, Yiwei Lithium Energy and other companies; in 2018 the company’s power-type 811 kinds of materials capacity has exceeded 600 tons / month.

After entering the era of Ningde, Samsung SDI, Umicore, Ecopro, ATL and other international leading lithium battery or oriented material companies, the company has developed another heavyweight customer, through Ningbo Rongbai to promote the introduction of precursor products to downstream lithium battery leading customersThe company’s global market share is expected to reach a new level on the basis of 20%.

Accelerated expansion of production capacity, insufficient supply of products The company’s volume of ternary precursors in 2018 was about 4 tons. The company seized the historic changes in the development of new energy vehicles and continuously accelerated the production capacity. At present, the production capacity of precursors is about 8 tons, which can produce single or polycrystalline silicon.523, 622, 811, NCA and other products.

By signing a large-scale supply contract with Ningbo Rongbai to further ensure capacity digestion, it is expected that the sales volume of the forward drive is expected to reach 8.

By introducing more high-quality customers, we can effectively reduce business risks and enhance the voice of the industry.

Although the general contract stipulates that the supply of 523 and 622 precursors is the main body, it is not excluded that the materials of 811 precursors will be introduced into Ningbo Rongbai 811 in the future, and it is expected to break through the high nickel NCM route downwind and further enhance the industry advantage.

Profit forecast is expected for company 2019?
Revenue in 2020 was 148.

3 billion, 206.

06 billion, net profit attributable to mothers was 11.

4.1 billion, 13.

93 trillion, the current sustainable corresponding PE is 18 respectively.

27, 14.

96 times.

Maintain “Buy” rating.

Risks suggest that the sales of new energy vehicles are not up to expectations, and the progress of capacity release is not up to expectations.

Sany Heavy Industry Co., Ltd. (600031): Industry boom and high performance growth exceed expectations

Sany Heavy Industry Co., Ltd. (600031): Industry boom and high performance growth exceed expectations

Investment requirements event: The company released the 2019 semi-annual report performance forecast, which is expected to realize net profit attributable to mothers of US $ 6.5-70 billion, an annual increase of 91.

8% -106.

6%.

  The beneficiary industry is in a high business climate, with performance exceeding expectations.

In the first half of 2019, benefiting from the impact of demand for infrastructure construction, environmental protection requirements, equipment upgrades, manual replacement, etc., the construction machinery industry has a high degree of prosperity and its sales have grown rapidly.

From January to June 2019, the sales volume of the excavator industry was 13.

70,000 units, an increase of 14 in ten years.

2%, company sales 3.

50,000 units, an annual increase of 32.

1%, the growth rate significantly exceeds the industry, the company’s market share from 23 in 2018.

1% to 25.

5%.

From January to May 2019, the sales volume of truck crane industry2.

20,000 units (+63.

1%), the growth rate exceeded the excavator, the company’s product sales growth rate exceeded the industry.

Benefiting from the rapid growth of the company’s product sales, the company’s performance exceeded expectations.

In Q1 2019, the company realized a net profit of RMB 3.2 billion. According to the performance forecast, the company expects a net profit of RMB 65-70 billion in 2019H, an increase of 91.

8% -106.

6%, of which Q2 single-quarter net profit attributable to mother is expected to be 330,000-380,000 yuan, an annual increase of 89.

5% -103.

9%, an increase of 3 from the previous quarter.

1% -18.

8%.

  Improved operating efficiency and improved profitability.

The company’s expenses are well controlled, and the three rates in 2019Q1 have dropped by a total of 5.

6pp, of which, the sales expense ratio, management expense ratio, and financial expense ratio were changed from -2 in the first quarter of 2018.

2pp, -0.

5pp, -2.

9pp.

Company net margin 15.

6%, +2 per year.

8pp, improved operating efficiency and improved profitability.

The industry’s second quarter sales volume was slightly weaker than the first quarter. The single quarter sales volume of the company’s products was Q1 for consecutive quarters. According to the performance forecast, the company’s single quarter net profit increased, profitability improved, and asset quality improved.

  The internationalization strategy continued to advance, and overseas business grew rapidly.

The company’s leading products have achieved international competitiveness, and the major overseas regions have grown rapidly.

In 2018, total overseas operations achieved revenue of 136.

30,000 yuan, an increase of 17 in ten years.

3%.The company seized the “Belt and Road” reforms and promoted its internationalization strategy. The overseas market was significantly improved, and the rapid growth in overseas sales of product excavators entered the market, which significantly increased its market share.

  With the continuous improvement of the company’s response capabilities and service capabilities overseas, the dealer system has been further improved, and future growth is expected.

  Profit forecast and rating.

Taking into account the high degree of industry prosperity in the first half of the year, the company’s product sales growth led the industry, we carefully raised the company’s performance forecast, and expect to return to its mother net profit for 2019-2021 109.

5/117.

3/124.

3 ppm, corresponding EPS is 1.

31/1.

40/1.

48 yuan, corresponding estimates are 10 times, 10 times, 9 times.北京桑拿洗浴

Give the company 13 times PE in 2019, corresponding to a target price of 17.

03 yuan, upgrade to “Buy” rating.

  Risk warning: downstream infrastructure growth rate exceeds expected risk, product sales may not meet expectations, exchange rate fluctuation risk

Zhongshun Jierou (002511) Company Dynamics Review: Layout of Bamboo Pulp and Paper + Employee Shareholding Sun Revitalizes and Expands Brand Matrix

Zhongshun Jierou (002511) Company Dynamics Review: Layout of Bamboo Pulp and Paper + Employee Shareholding “Sun” Revitalizes and Expands Brand Matrix

Event: Layout of 30 initial bamboo pulp and paper integration projects, the second phase of employee shareholding was released.

1) Project investment: The company plans to invest 40.

RMB 870,000 was built in Lidu Industrial Park, Dazhou City, Sichuan Province, with a 30-index / year bamboo pulp and paper integration project, of which 杭州桑拿 bamboo pulp and household paper production capacity were 31.

8, 30 budget / year.

The total project construction period is expected to be 70 months (nearly 6 years), and the annual income after construction is 30.

30,000 yuan, annual profit after tax is 2.

1.7 billion with a payback period of 12.

04 years (including construction period).

Project funds will be raised mainly through own funds, supplemented by bank borrowing and other financing methods.

2) Employee shareholding: The board of directors has approved the second phase of the employee shareholding budget, and the maximum amount of funds to be raised is 50 million yuan. The relevant asset management institutions subscribe for the inferior shares of the trust plan, and the upper limit is 100 million yuan.

A total of 9 directors and senior management personnel participated in the employee stock ownership plan, accounting for 56% of the total share of the employee stock ownership plan, and other employees are expected to not exceed 71, and the total subscription share accounts for the total share of the employee stock ownership plan.Is 44%.

The price of the shares repurchased by the employee’s share-holding plan for the company to repurchase the special account is 8.

08 yuan / share.

The layout of bamboo pulp smooths the cost, and the sub-brand “Sun” is perfected to improve the brand matrix.

From the perspective of cost, China’s forest resources are scarce. Most of the raw materials used for the production of tissue paper are imported wood pulp, which is affected by changes in international wood pulp prices.

The area of bamboo forest in China accounts for about 1/3 of the world’s bamboo forest area, and it is the country with the richest bamboo forest resources in the world.

The performance of bamboo pulp is between coniferous pulp and broadleaf pulp, which is superior to that of grass and wood pulp. It is an effective substitute for wood pulp. Increasing the ratio of bamboo pulp can help smooth the cost change.

According to the preliminary industry overview, the proportion of bamboo pulp in tissue paper raw materials has been increasing year by year.

The company’s bamboo pulp production line was invested in one time and completed in three years. The paper production line was constructed in three phases, with 10 tons of crops put in each phase. The remaining bamboo pulp company could sell the product during the period.

The company grasps bamboo pulp resources and is committed to shaping the middle and low-end sub-brand “Sun”, which is complementary to “Jierou” mid-to-high-end positioning.

The company’s product matrix covered by the full range of mid-to-low end refers to the goal of 20 billion household papers by 2025.

The second phase of employee shareholdings arrived on schedule, and the core team’s interests were tied.

The company’s first phase of employee stock ownership plan 2831.

02 million shares have been sold and terminated.

From October 30 to December 4, 2018, the company gradually repurchased 1,170 shares through a special account for share repurchase.

960,000 shares are ready for the second phase of employee stock ownership plan.

The employee shareholding plan was successfully connected to the first phase and tied to the core team’s interests.

At present, the company’s tissue paper has a good momentum of development, and the field of personal care has developed smoothly. The company stimulates the company’s vitality in an all-round way through equity incentives + employee shareholding at multiple levels, enhances the breadth and depth of channels, and advances to the health care leader.

Investment suggestion: The company’s cost was at a high level in the same period last year, and the cost side of Q2 continued to fall. The income side price benefited from tax and fee reductions and remained unchanged. It is expected that Q2 will have elastic resistance.

In addition, this year, the company has launched commercial sales channels, and the commercial sales space is broad. The company’s retail end advantages have gradually changed, and production synergy has been gradually improved to improve capacity utilization and profitability.

With the steady growth of production capacity and the continuous introduction of new products, the company’s market share has been continuously improved, and its growth is better.

The company’s EPS for 2019-2020 is predicted to be 0.

41, 0.

51 yuan, corresponding to PE is 29X, 23X, maintain “strongly recommended” level.

Risk reminders: the risk of rising raw material prices; less-than-expected capacity release; industry capacity expansion exceeds demand and increased competition; less-than-expected expansion of product expansion categories; and less-than-expected marketing channel construction.

China National Travel Service (601888) Annual Report Comments: Leading Position of Fast-growing Tax-Free Business Continues to Consolidate

China National Travel Service (601888) Annual Report Comments: Leading Position 南京桑拿网 of Fast-growing Tax-Free Business Continues to Consolidate

The tax-free business has grown rapidly, and the tax-free leading region continued to consolidate 470 revenues in 18 years.

07 billion / + 66.

21%, net of non-attributed net profit 31.

44 billion / + 27.

82%.

Among them, the exempt income is 344.

8.1 billion / + 118.

74%, net profit 30.

7.8 billion / + 23.

49%.

Q1 19 revenue was 136.

9.2 billion / + 54.

72%, excluding the proceeds from disposing of China National Tourism Administration, and deducting non-attributable net profit of 15%.

8.9 billion / + 37.

37%, excluding the consolidation factor, the endogenous performance increased by about 37%, in line with expectations.

The 18-year tax-free market size was 39.5 billion, compared with 461.6 billion in the world / 110.4 billion in South Korea.

China’s exempt market share has reached 84%. It has the advantages of license and scale. It continues to integrate the domestic market, accelerates the internationalization process, continues to increase the position of global leaders, and continues to increase its gross profit margin under the effect of scale.

6/2.

65/3.

33 yuan with a target price of 85.

93-88.

53 yuan, to maintain a buy.

Sanya Haitang Bay maintains rapid growth. Haikou and Boao stores are expected to contribute 18 years of revenue to Sanya Haitang Bay.

10 billion +31.

66%, net profit 11.

05 billion / + 21.

35%, 1.7 million shopping, and a conversion rate of 28.

5% / + 4.

7pct, guest price 4712 yuan / +1.

45%.

Dec 18 Hainan outlying island tax exemption limit from 1.

From 60,000 to 30,000 yuan, the tax exemption scope was further extended to the outlying islands of ships; January 19, Haikou (2.

20,000 square meters) / Boao (4200 square meters) temporary stores opened in the city. In the first year, in order to cultivate the market, enhance brand influence, strengthen promotion efforts, and make relatively limited profit contributions.

The official Haikou New Seaport Store is expected to be operational in 2021, with a land area of Haitang Bay.

4 times.

The Haitang Bay Hexin Island project is expected to open in 19 years, which will help form passenger synergy.

In the long run, benefiting from the construction of Sanya International Tourism Island, the number of outlying islands will increase, the islands will be tax-free and there will be ample room for growth.

Airport tax-free channels continued to be integrated, and the leading areas continued to show revenue from Shanghai Airport Duty-Free Shops (including Pudong + Hongqiao, consolidated in March 18) for 18 years.5.1 billion / net profit 4.

Revenue of 6.7 billion, excluding the consolidation factor, increased by about 40%; Capital Airport Duty Free Shop (T2 + T3 Terminal) revenue was 73.

8.9 billion yuan / net profit

7.6 billion, excluding the consolidation factor income increased by about 30%.

In March 19th, China won the bid for Beijing Daxing Airport’s tobacco, alcohol, food and aroma / high-quality tenders, with a base year operating fee of 6 as the base.

4.6 billion estimated annual needs will reach 13.

700 million, the comprehensive deduction rate is about 47%, which is close to the capital T2 deduction rate.

Taken together, the strategic layout has a more significant profit contribution. In the long run, the new store opening will further expand the sales scale of China-Free Trade, and enhance its position as an international leader.

The endogenous + epitaxial growth path is clear, and the international territory of tax-free giants continues to expand, maintaining the size of the tax-free market for the past 18 years to 39.5 billion / + 27%, compared to 461.6 billion / South Korea 110.4 billion to strengthen the space barrier.

China Exemption has the advantages of license and scale, continuously integrates the domestic market, accelerates the process of internationalization, and continuously improves its profitability.

In the 19th year, duty-free shops in Shanghai are expected to officially open in Pudong at the end of May and early June. In 1919, Beijing will actively promote the landing of duty-free shops in the city of Chaoyang.

EPS 2 was originally expected for 19/20.

07/2.

59 yuan, considering the travel agency to recover the proceeds, adjusted to 19-21 EPS2.

6/2.

65/3.

33 yuan, the company’s historical average PE of 32 times in the past 5 years, the global market guarantees competition, tax-free leading integration, endogenous + epitaxial growth path is clear, given 19-33 times PE, target price of 85.

93-88.

53 yuan, to maintain a buy.

Risk reminder: Airport bidding results are lower than expected; the risk of RMB depreciation significantly.

Zhonggong Education (002607): Third-quarter results increase, beautiful categories accelerate expansion

Zhonggong Education (002607): Third-quarter results increase, beautiful categories accelerate expansion

The company’s performance in the first three quarters has grown beautifully, and net profit attributable to mothers in Q3 has further increased by 35.

3% to 45.

3% On October 15, 2019, the company issued a third quarter performance forecast.

The first three quarters of 19 are expected to achieve net profit attributable to mothers.

25 to 9.

750,000 yuan, an annual increase of 70.

9% to 80.

1%.

Among them, net profit attributable to mothers is expected to be achieved in the third and third quarters.

45 to 4.

780,000 yuan, an annual increase of 35.

3% to 45.

3%.

Mainly due to the gradual recovery of public examinations and recruitment of public institutions, the continued growth of decentralized and decentralized examinations such as teachers and basic public services and the further improvement of multi-category layout.

In 2020, the number of enrolled candidates for the National Examination will increase greatly, and the company’s market share will further increase. Under the market environment of the population change during the previous National Examination, the company’s recruitment training business will grow steadily and realize the increase in bids.

On October 14th, the National Civil Service Bureau announced that the 2020 National Examination Plan Recruitment2.

40,000 people, involving 86 units of central and state organs, and 23 directly affiliated institutions.

The number of applicants increased by 66% compared with the same period last year.

In 2020, the overall recruitment of civil servants and public institutions for examinations has picked up. The company has implemented management optimization in a timely manner to capture the market recovery opportunities, bring platform advantages, and further increase its market share.

Recruitment of teachers and grassroots public service exams 成都桑拿网 continues to grow, track expansion accelerates the company’s recruitment of teachers and grassroots public service exams continues to grow, and track acceleration of the company’s expansion.

After years of layout, the accelerated recovery period has now entered, and performance contributions have continued to improve.

At the same time, the company continued to develop new tracks, IT, postgraduate research and other new businesses to promote the overall growth of the integrated sequence business in the first half of the year.

Since the third quarter, the company’s new track model replication ability has been further verified, and the multi-category layout has been further improved.

Recruitment business grew steadily, category expansion continued, and the company maintained high growth in the first three quarters of its “overweight” rating.

The advantages of the public examination recruitment business brand are expected to be further consolidated, and the category expansion may bring new points of performance growth, and continue to be optimistic about the long-term growth of the leading vocational education track.

It is estimated that the net profit attributable to the mother in 19-21 will be 17 respectively.

100 million, 22.

0 ppm and 27.

4 trillion, the corresponding EPS is 0.

28 yuan, 0.

36 yuan and 0.

44 yuan.

Corresponds to a reasonable value according to the DCF model19.

1 yuan / share, maintaining the “overweight” rating.

Risks suggest macroeconomic fluctuations, intensified market competition, which leads to profit failure to meet performance promises, regulatory trends that will seriously affect the company’s operations, increased rental labor costs, and the risk of brain drain.