[Gongshi Lotus Seed Sandworm Soup]_How to make_Making method

銆 愯 姟 瀹 炶 倉 瀉 Pioneer 邏 邆 抆 慱 賱 軝 箞 鍘 歘 鍒 递 珂珂珂 綠
Forbidden, forbidden, forbidden, forbidden, forbidden, forbidden, forbidden, forbidden, forbidden, forked, forged, forged, inferred, forged, inferred, inferred, inferred, inferred, inferred, inferred, inferred殑姹わ紝鑺″疄鏄瘮杈冨吇鐢熺殑涓€閬撹彍锛岃幉瀛愪篃鏄瘮杈冨吇鐢熺殑锛屽鏋滃皢涓よ€呯粍鍚堝啀鍔犱笂娌欒櫕鐨勮瘽锛屽叾鍔熸晥鍙堜細鏄€庢牱鐨勫憿?Sudden changes in the state of law and lawsuits, “Law” lawsuits, “Luanluo”, “Luanjiu”, “Luanxiu”, “Luanxiu”, “Laws”, “Laws”, “Let’s Go”, “Let’s Go”, “Why?”ぇ 瀹 helm 湁 宁  姪!鑺″疄鑾插瓙鐓叉矙铏槸涓€閬撲紶缁熻嵂鑶筹紝浠ヨ姟瀹炪€佽幉瀛愯倝绛変负涓昏鍘熸枡锛屽睘浜庣菠鑿滅郴銆傛潗鏂欙細鑺″疄20鍏嬨€佽幉瀛愯倝20鍏嬨€佹矙铏共30鍏嬨€佺尓鐦﹁倝250鍏嬨€佺敓濮?-3鐗囥€傛矙铏共鎬у钩锛屽懗鐢樸€佸捀锛屽叿鍋ヨ劸鑲撅紝鐩婃皵琛€鐨勫姛鏁堬紝鍚屾椂瀹冭惀鍏讳赴瀵岋紝琛ヨ€屼笉鐕ワ紝婊嬭€屼笉鑵伙紝涓哄仴鑴捐ˉ铏氱殑浣冲搧锛屽鑰佷汉鍎跨灏や负鍚堥€傘€傝幉瀛愭€у钩锛屽懗鐢樸€佹订锛屽叿琛ヨ劸姝㈡郴锛岃ˉ鑲炬订绮撅紝鍏诲績瀹夌鍔熸晥锛屻€婃湰鑽夌翰鐩€嬭瀹冭兘”涓诲績鑲撅紝鍘氳偁鑳冿紝鍥虹簿姘旓紝寮虹瓔楠紝琛ヨ櫄鎹?锛屽畠鎬у钩鍔涚紦锛岃兘琛ヨ兘娑╄€屾爣鏈吋椤?鑺″疄鎬у钩锛屽懗鐢樸€佹订锛屽姛鑳藉浐鑲炬订绮撅紝琛ヨ劸姝㈡郴锛屻€婃湰鑽夋眰鐪熴€嬭瀹?鍛崇敇琛ヨ劸锛屾晠鑳藉埄婀匡紝鍛虫订鍥鸿偩锛屾晠鑳介棴姘斻€?”Don’t worry, you can’t do it, you can’t do it”, you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can do it.劸鑲撅紝姝㈡郴鍔涘ぇ锛屽悎鑰屼负姹わ紝琛ヨ劸鑲撅紝澶嶈繍鍖栬€屾娉勬郴;鐩婃皵琛€锛屽己绛嬮鑰屽姪鐢熼暱銆傜児鍒跺厛鎶婃矙铏共缃暚涓井鐏暐鐐掑共锛屽壀寮€铏綋鍘绘矙鍥婏紝鐢ㄦ竻姘存蹈杞礂鍑€;鑺″疄銆佽幉瀛愭礂鍑€锛岀敤娓呮按娴告场30鍒嗛挓;鐚槮鑲夋礂鍑€锛岀劧鍚庝竴璧蜂笌鐢熷鏀捐繘鐡︾叢鍐咃紝鍔犲叆娓呮按2500姣崌(绾?0 Click to read?What are you doing? Do you have any questions? Do you have a list of tweezers?灏忔椂锛岃皟鍏ラ€傞噺椋熺洂鍜屽皯璁哥敓娌逛究鍙紝姝ら噺鍙緵2-3浜虹敤銆傜尓鐦﹁倝銆佹矙铏共銆佽幉瀛愩€佽姟瀹炶繕鍙崬璧锋媽閰辨补渚涗綈椁愮敤銆傜枟鏁堟鑿滄皵鍛虫竻娑︺€侀矞棣欙紝鍏疯ˉ鑴捐偩锛岀泭姘旇锛屾娉勬郴鐨勫姛鏁堬紝鍚屾椂杩橀€傜敤浜庤劸鑲句笉瓒筹紝鐥囪涓嶆€濋ギ椋燂紝椋熷皯渚挎簭锛屽皬渚挎繏鏁帮紝澶滅潯涓嶅畞锛屽彛娓存楗紝鎴栦箙娉讳箙鐥紝褰綋寮辩槮绛夈€傛槬鏃ユ椂甯稿洜鑴捐偩涓嶈冻锛岃繍鍖栧け甯稿紩璧蜂究婧忔硠娉伙紝姝ゆ堡鍒欎负鏈€浣崇殑杈呭姪娌荤枟姹ゅ搧銆?

[How to identify alcohol blending wine]_Alcohol wine_How to identify_Hazard

[How to identify alcohol blending wine]_Alcohol wine_How to identify_Hazard

Most people prefer to drink white wine. The white wine we usually drink is brewed with pure grain, and some are blended with alcohol. When brewed with grain, it tastes a lot of thick grains, which tastes special.It is tempting to have an interest in our body, but if the alcohol blended with white water is harmful to health and easily addictive, how to identify alcohol blended alcohol?

Wine culture has a long history in the country, and wine brewing has a long history in the country.

In ancient times, wine was regarded as a sacred material. The use of wine is a more solemn matter. It is not used to worship heaven and earth, to worship ancestral temples, and to serve guests.

As a special cultural carrier, wine occupies a unique part in human communication.

Whether it is visiting relatives or friends or celebrating the festival, wine is an essential boost.

However, considering people’s recognition of wine culture, the value of various wines has also risen.

For some bad businesses, it seems that they have once again sniffed the business opportunity of getting rich.

So in order to make heavy rain, many vendors began blending drinks on their own, and then refilled.

And this kind of alcohol blended out with chemical alcohol, although the taste is almost the same as that made with pure grain, but it is very harmful to the body.

If the harm of alcohol to the body is possible, it will not cause much harm to the body. It is nothing more than spending more money.

If it is used to blend liquor with methanol, a small amount of supplementation will damage the central nervous system of the human body, and then the vision will be blurred and blindness. If it exceeds a certain dose, it will directly endanger life.

Now that you know the dangers of fake wine to your body, the next thing to share with your friends is how to distinguish between genuine and fake wine.

[Home-made practice of dried chicken nuggets]_ chicken nuggets _ how to do _ how to do

[Home-made practice of dried chicken nuggets]_ chicken nuggets _ how to do _ how to do

Many people now prefer to eat some home-made food, because home-made food is more authentic and tastes better. In addition to the complicated distance method of dry flat chicken nuggets, the home-made method can not only taste, but alsoIt’s very delicious.

When making it, you need to prepare some spring onion and ginger, pick out the bones from the chicken pieces and cut them into pieces for making.

Ingredients: fat and tender chicken 6 two ginger shreds 3 green onion section put rice wine 3 money red soy sauce 3 money salt 4 points sugar 1 money MSG 3 points lard 1 two sesame oil 3 money preliminary processing 1

The light chicken first stretched its wings, cut off the head and neck, cut off the chicken legs, cut the chicken body into 1-inch wide strips, and then cut 1-inch squares horizontally.

2.

Put chicken nuggets in the container, add rice wine and soy sauce and mix well to make the chicken red and absorb the salty flavor.

Cooking method 1.

Heat the wok, add the lard to the pan after the oil is used, add 5 dollars to the wok, and cook it on the hot fire until it reaches six maturity.Served with chicken noodles, add white soup and simmer, bring to low heat. 4?
5 minutes, the chicken is ready.

2.

Add another 5 woks of lard and heat them up. Push them into the spring onion. The ginger is sautéed and sautéed until it is eighth ripe. Pour the pan over the chicken.Marinated and sticky chicken nuggets, thick and dry, plunge into the pot and pour in sesame oil and mix.

[Homemade practices of braised pork braised in winter melon]_How to_How to do

Do you have a child? Are you ready to cook a pot? Do you want to prepare a pot with a pick-up pot? 沭 桶 樶
鍐摐绾㈢儳鑲夋槸涓€閬撲互浜旇姳鑲夛紝鍐摐涓轰富鏂欑殑鐐栬彍銆備篃鏄竴閬撳緢瀹跺父鐨勮彍锛屽啲鐡滅倴鑲変笉浠呭懗閬撳ソ锛岃€屼笖鍙互瑙h倝閲岄潰鐨勮偉鑵伙紝鎵€浠ユ繁鍙楀ぇ瀹剁殑鍠滅埍锛屽啲鐡滄湁鍙互娓呯儹锛屽洜涓哄啲鐡滀腑鏈夊ぇ閲忕殑姘村垎涔熷彲浠ヨВ娓淬€傚湪澶忓ぉ鍜屽啲澶╁悆閮介潪甯搁€傚疁锛岃€屼笖浠讳綍浜虹兢閮介€傚悎銆傞偅鍏蜂綋鍋氭硶缁欏ぇ瀹朵粙缁嶄笅鍝﹀啲鐡滅孩鐑ц倝锛氳В棣嬪張鍑忚偉鐨勫啲鐡滅孩鐑ц倝鍐摐绾㈢儳鑲夌殑椋熸潗鍜岃皟鏂欙細浜旇姳鑲?鐐  摐 鐢 熷  钁?The stubble of the child f 鍐 焐 顸 鐐 愭 暀 镇 ㄥ 咲 鐡 曭 鐑 ц 倝 镄 勫 Ning drafts 咛 娉 囪 纴 溡 傍 燍 鐍 銉 員 擡 內 尧 咉 倧 倒 園 咧 咫What are you talking about? What are you talking about? What are you talking about? What are you talking about?浜旇姳鑲夊垏鏂瑰潡锛屽拰濮滅墖涓€璧蜂笅鍏ラ攨涓紝鍊掑叆娓呮按锛屾按寮€鍚庣户缁叜涓夊洓鍒嗛挓锛屾 峬 碧 鳳 獴 鍐 提 閐 尾 播 鹞 鬭 笆 銆?It ‘s a good idea to make sure that all the bugs are in the air, and you ‘ll be able to find out if you ‘re in trouble or not.Huan?It ‘s so easy to do it. It ‘s very difficult to make up for it. It ‘s so easy to make up for it.犲 銆?What’s going on? What’s wrong with Jing Niu?鍒嗛挓鍏€?鍔犲叆寮€姘达紝姘撮噺娌¤繃鑲夈€傚皬鐏紝鐐?0鍒嗛挓涓冦€?30鍒嗛挓鍚庯紝涓嬪叆钁辨鍜屽啲鐡滐紝鍔犵洂鍏€?Ebony?鍕虹孩鐑ч叡娌癸紝杞腑鐏紝缈荤倰鍧囧寑锛岀叜鑷冲啲鐡滃叆鍛筹紝姹ゆ眮鏀跺共锛屾拻涓婅懕鑺卞嵆鍙€傦紙鍠滄姹ゆ眮鎶栫背楗殑锛屽彲浠ラ€傚綋澶氱暀浜涙堡姹侊級涓绘枡锛氱尓鑲?00g銆佸啲鐡滐紱杈呮枡锛氳€佹娊閫傞噺銆佽懕濮滆挏閫傞噺銆佸啺绯栭€傞噺銆佽姳妞掑皯璁搞€佸ぇ鏂欏皯璁搞€侀鍙跺皯璁搞€侀檲鐨皯璁搞€佺櫧鑺峰皯璁?. 鍐摐鍘荤毊鍒囨柟鍧楀鐢ㄣ€佺尓鑲夋礂鍑€鍒囨柟鍧楀鐢ㄣ€佽懕娈点€佸鐗囥€佸ぇ钂溿€佺倴鑲夋涡 澶 囩 敤 2. You will be able to make up for it. If you want to fix it, you will be able to fix it. You will be able to fix it if you want to fix it. 鏀惧叆钁卞钂溿€佺倴鑲夋枡銆佸啺绯栫炕鐐掞紝鏀惧叆鑰佹娊璋冭壊锛岀炕鐐掑潎鍖€鍚庡€掑叆鐢靛帇鍔涢攨銆傛斁閫傞噺鐩愶紝鍔犵洊鍘嬪埗20鍒嗛挓锛屽嚭閿呰鐩樺嵆鍙€傚€掑叆鍐摐鍧楃炕鍖€缁х画鍘?0鍒嗛挓锛堝枩娆㈠啲鐡滆剢涓€鐐圭殑鍙互缂╃煭鍘嬪埗鏃堕棿锛?. 鐡滃惈鏈夎緝澶氱殑铔嬬櫧璐ㄣ€佺硸绫诲強灏戦噺鐨勯挋銆佺7銆侀搧绛夌熆鐗╄川鍜屽绉嶇淮鐢熺礌绛夎惀鍏荤礌銆傚啲鐡滄槸鐡滆彍涓敮涓€涓嶅惈鑴傝偑鐨勭摐鑿滐紝骞跺瘜鍚笝閱囦簩閰告垚鍒嗭紝鑳芥姂鍒剁硸绫荤墿璐ㄨ浆鍖栦负鑴傝偑鎴愬垎锛屽彲澧炲姞鍑忚偉鏁堟灉锛屾晠鍐摐鍙堟湁鈥滃噺鑲ョ摐鈥濅箣绉般€傚啲鐡滃湪椋熺敤鍓嶅簲鍏堝幓鐨紝鍘荤摛锛屽苟鍐叉礂骞插噣銆傚啲鐡滆倝鍙叜姹ゃ€佺倰鑿滐紝浜﹀彲鍔犵硸Can you tell me how to do it? Do you want to know how to do it? Do you want to do it?

[How to make assorted rice cakes with leftover rice]_Homemade methods of assorted rice cakes with leftover rice_How to make assorted rice cakes with leftover rice_How to make assorted rice cakes with leftover rice

[How to make assorted rice cakes with leftover rice]_Homemade methods of assorted rice cakes with leftover rice_How to make assorted rice cakes with leftover rice_How to make assorted rice cakes with leftover rice

You should be very tired after going to work for five days a week.

On the weekends, you must be curled up on the sofa.

In bed, lunch or dinner is either instant noodles or takeaway.

Do you really not worry about Ying Nian’s early death?

So, while you are not sick, quickly learn to cook something.

Now, I will teach you how to make assorted rice cakes with leftover rice.

1.

1 Add green beans, chicken intestines, shallots and eggs to the rice, season with salt and pepper powder.

2.

2 Prepare the green beans, chicken sausage, spring onion, eggs, and leftover rice.

3.

Stir the ingredients evenly.

4.

Heat the oil in the pot.

5,

Put a tablespoon of the stirred rice in the pot, spread the rice into a pie shape, fry over low heat until golden brown, then turn over and fry.

6.

Fry both sides of the rice cake to golden brown and serve.

The full absorption of nutrition is, of course, inseparable from delicious food.

So Xiaobian’s leftover rice assorted rice cake introduced to you today is a relatively comprehensive practice and relatively simple, friends who like to cook, hurry up and try it.

Lianmei Holdings (600167) Third Quarterly Report Review: Third Quarterly Report Meets Expectations

Lianmei Holdings (600167) Third Quarterly Report Review: Third Quarterly Report Meets Expectations
The performance is in line with expectations, and it is expected that the follow-up development company will release the third quarter report of 2019 to achieve revenue 19.310,000 yuan (ten years + 10).56%), net profit attributable to mother 9.180,000 yuan (ten years +25.10%), deducting non-net profit 8.970,000 yuan (ten years +52.37%).The company’s performance is in line with expectations, and the endogenous and epitaxial growth of clean heating has grown steadily. The second main industry high-speed rail digital media 重庆耍耍网 two-wheel drive brings new increments. Therefore, we adjusted the company’s EPS for 2019-2021 to 0.69 (+0.04), 0.81 (+0.04) and 0.95 (+0.04) Yuan, the current sustainable corresponding PE is 16 respectively.7, 14.2 and 12.1x, maintaining the “recommended” level. The heating season is coming, and the endogenous and extended clean heating brings stable growth. The northern heating season generally runs from early November of the year to the end of March of the following year. The contribution of the heating business to the company’s performance is mainly concentrated in the first and fourth quarters of each yearIn the fourth quarter of 2018, net profit and profit reached 51.56%.Endogenously, the heating integration of 5.3 million square meters of heating in Huanggu District in 2017 has completed business integration. In the future, Shenyang City plans to have a heating area of 3 by 2020.5.7 billion square meters.In addition, the size and size of boilers required by environmental protection policies have increased, the proportion of combined heat and power has increased, and the company’s heating area and connection area have steadily increased.In addition, company 1.30,000 yuan purchased 66% equity of Fulin Thermal Power, using its own successful experience in the field of clean energy, to carry out the development and expansion of off-site industrial steam business.Endogenous and extension go hand in hand, optimistic about the company’s performance growth in the heating season. High-speed rail media dual-main business dual-wheel drive, cash redundancy is expected to follow up. Zhaoxin Media is one of the domestic professional companies for digital media operation of railway railway passenger stations. It also has the largest number of media resources in the domestic digital video media industry, coveringOne of the widest media service providers.The Medium- and Long-Term Railway Network Plan predicts that by 2020, 2025 and 2030, the scale of China’s high-speed rail mileage will reach 3 and 3.8, 4.50,000 kilometers.In the future, the construction of high-speed rail will be continuously promoted, and the passenger flow and proportion of high-speed rail will continue to increase.At present, Zhaoxun Media has more than 500 contracted sites across the country, and has established a national advertising media network of more than 6,000 digital media resources.And Zhaozun Media promised that the total net profit attributable to the mother for three years from 2018 to 2020 will not be less than 5.7.2 billion.In addition, the company has cash in hand.19 trillion, redundant cash provides stable power for the company’s subsequent development. Risk reminders: risks of changes in raw material prices, production safety risks, accelerated macroeconomic growth leading to a decline in the growth rate of the advertising industry, and increased competition in the advertising industry

Lixun Precision (002475): Expansion of high-speed expansion of production capacity in the third quarter looks forward to future development

Lixun Precision (002475): Expansion of high-speed expansion of production capacity in the third quarter looks forward to future development
Key Investment Events: The company released its 2019 third quarter performance report, and achieved operating income of 378 in the first three quarters.4 ‰, an increase of 71 per year.0%, gross margin of 20.5%, a decline of 0 per year.2 units, net profit attributable to parent company is 28.900 million, an annual increase of 74.3%, net profit is 0.54 yuan, an annual increase of 74.2%.The company achieved operating income of 164 in the third quarter.0 million yuan, an increase of 62.2%, gross profit margin 22.1%, rising by 0 every year.2 per share, net profit attributable to shareholders of the listed company is 13.900 million, an annual increase of 66.7%. The profit of the third quarter revenue continued to rise, and the gross profit margin was basically stable: the company’s single quarter revenue and net profit in the third quarter of 2019 increased by 62 each year.2% and 66.At 7%, the growth rate index declined in the second quarter, but continued the trend of continued high-speed growth. The peak of smart wearable device stocks brought by the traditional industry peak season in the third quarter was the main driving force for the company’s performance growth.In terms of gross profit margin, the company’s overall gross profit margin remained 杭州桑拿网 relatively stable, and even the gross profit margin fell in the first three quarters.Two averages, single quarter gross margin increased by 0 in the third quarter.2 quantity, the fluctuation range is small, the product structure change is the main influencing factor, the company’s ability in cost management and control remains relatively stable. Annual expenses continue to be paid, and the cash flow situation has improved significantly: The company’s expense ratio level in the first three quarters of 2019 has declined, but the expense ratio in the third quarter of the third quarter has increased month-on-quarter, mainly due to management expenses brought by the company’s business growthRise and R & D investment increase.Among them, the management expense ratio and R & D expense ratio increased by 0 in the third quarter 杭州桑拿 respectively.4 and 0.Eight is two.3% and 8.0%, the sales expense ratio decreased by 0.Two are 0.8%, a significant decline in one year.In anticipation of increasing competition in the industry, the company insists on expanding its technological capabilities to achieve rapid development of various business segments.The first three quarters of operating net cash flow increased significantly to 61.1 ppm, a 194-year increase.6%, which shows the company’s operation optimization in terms of accounting period management. The outlook for 2019 is positive, and the growth potential of the various sectors is consolidated: The company expects that net profit attributable to shareholders of listed companies will increase by 45% in 2019?55% is 39.5 billion?42.200000000.From the company’s operating performance expectations, the optimistic trend is expected to continue in the fourth quarter.In terms of different industries, 1) wearable devices, antennas and wireless charging modules of core consumer electronics customers still have ideal growth opportunities, and the follow-up of Android camp vendors is the source of incremental growth; 2) 4G of the communications equipment industry company The 5G business continues to advance, especially through the acceleration of the pace of 5G construction. Including Huawei’s core manufacturers will significantly improve the scale and promote the growth of the company’s business; 3) The automotive electronics industry breaks through the depth of the company’s layout and new energyThe penetration rate of automobiles has increased, and the company’s automotive electronics business also has the opportunity to enter a track of rapid growth.From the perspective of the company’s scale, the expansion of production capacity has added a good foundation for business development. The company issued an announcement intending to increase its production capacity of smart wearable device products by expanding its wholly-owned subsidiary, Lixun Zhizuo, with its own capital of US $ 600 million.The industry is expected to have good growth. Investment suggestion: Our company predicts that the annual income from 2019 to 2021 will be 0.76, 1.03 and 1.17 yuan.Return on net assets were 20 respectively.3%, 21.7% and 19.8%, maintain the Buy-A recommendation. Risk warning: The size of smart wearables of major customers is less than expected; 5G communication construction has fallen short of expectations; the replacement volume of automotive electronics has fallen short of expectations; and the gross profit margin caused by market competition has fallen.

Zhongju Hi-tech (600872) 2019 First Quarterly Report Review: Condiment Growth Exceeds Expectations, Profitability Continues to Improve

Zhongju Hi-tech (600872) 2019 First Quarterly Report Review: Condiment Growth Exceeds Expectations, Profitability Continues to Improve

19Q1 seasoning performance exceeded expectations.

1Q19 company achieved revenue of 12.

3.1 billion, previously +6.

72%, net profit attributable to mother 1.

8.9 billion, ten years +11.

53%, achieving a budget benefit of 0.

24 yuan.

Gross profit margin 39.

38%, ten years +0.

5pct, net interest rate 15.

38% ± 0.

7 points.

Revenue of delicious fresh 11.

6.7 billion, previously +15.

31%, net profit attributable to mother 1.

8.6 billion, previously +33.

93%.

  The growth of condiment revenue was steady, and the growth of foreign ports and other categories accelerated.

Delicious fresh 19Q1 revenue 11.

6.7 billion, +15 per year.

31%, soy sauce / chicken essence / edible oil / oyster sauce / sauces / cooking wine / vinegar to achieve revenue 7 respectively.

48/1.

38/1.

14/0.

53/0.

42/0.

25/0.

22 trillion, +10 each year.

0% / 25.

1% / 16.

1% / 66.

5% / 12.

7% / 90.

2% / 19.

1%.

Among them, soy sauce and sauce grew steadily, oyster sauce, cooking wine increased significantly due to the growth of the industry and positive development, and edible oil and 苏州夜网论坛 vinegar achieved high double-digit growth.

At the same time, the headquarters / real estate / Seiko each -1 times.

02 / + 0.23 / + 0.

0.2 million yuan, the sharp decline in the revenue of the headquarters stemmed from the decrease in property sales revenue in the first quarter.

By region, the income of the eastern / southern / central-western / northern region is half a year + 12.

8% / 11.

3% / 25.

6% / 19.

5%, stable growth in the south of the base camp, the expansion of the Midwest, North and other regions accelerated, a net increase of 44 dealers in the first quarter, of which mainly from the Midwest and North, an increase of 22/17, respectively, the East and South maintained a numerical growth.

  Fee control remained good and net interest rate continued to increase.

1Q1 company gross margin was 39.

38成都桑拿网%, ten years +0.

5pct is expected to result from the optimization of product structure and the pre-release of Yangxi’s production capacity to reflect the effect of scale.

Selling expense ratio 10.

14%, -0.

4 points, management cost rate 8.

28% -0 per year.

8pct, cost control continues to be good.

The increase in gross profit and surcharge control increased the overall net profit margin by 0.

7 points to 15.

38%, delicious fresh net interest rate of the subsidiary is 15.

9%, ten years +2.

Two.

In addition, the headquarters / real estate / SEIKO net profit was twice.

37 / + 0.

10 / -0.

One million yuan.

  The fairness mechanism is straightened out, and the target is “double hundred” in five years.

The company plans to achieve annual revenue of more than 10 billion yuan by 2023, with an annual output and sales of more than one million tons.

The “Double Hundred” target idea focuses on endogenous growth, focusing on channel, region, and product improvements, including increasing the proportion of catering, opening up new markets, and multiple categories. The growth of external ports and other categories in the first quarter accelerated the implementation of the company’s strategy.At the same time, it does not exclude the acquisition of new categories of projects in order to carry out category extension.

In addition, the company’s acquisition of the minority shareholders’ equity of the Chubang subsidiary is expected to further advance. It is expected that the condiment business will achieve transformation and growth after the follow-up mechanism is improved and the management is rationalized.

  Profit forecast, estimation and investment advice: We believe that the company’s condiment business is in good condition, and it has continuously expanded its growth space in the development of national markets, the development of catering channels and the external expansion of categories, and the gradual release of production capacity in Yangxi and the promotion of product structure.In addition, with better cost control, it is expected that the net interest rate will continue to increase in the future, and the acquisition of minority shareholders’ equity in subsidiaries will increase the performance after the advancement.

Maintain 2019 EPS forecast of 0.

98/1.

24/1.

51 yuan, after considering the improvement of the mechanism, the performance is expected to continue to grow, and the target price is maintained at 43.

4 yuan, corresponding to 35 times PE in 20 years, maintaining the “strong push” level.

  Risk Warning: The growth of condiments is not as expected, and the effect of improving the mechanism exceeds expectations.

Wingtech (600745): ODM business shows flexibility

Wingtech (600745): ODM business shows flexibility
The ODM leader acquired Ace Semiconductor, and the dual main industry developed rapidly.Wingtech has issued an announcement a few days ago that the non-public offering of shares for the purchase of additional assets of Anshi Group has completed the transfer formalities on October 30, 2019, adding 4.3.0 billion A shares have been listed, and about 99.06 million new shares have been locked for one year, and the rest are locked for three years.After the transfer, the company will indirectly control the Anshi Group.Subsequent companies will still raise no more than 7 billion matching funds.Anshi Group was formerly the standard product division of the well-known semiconductor company NXP. It is a leading global supplier of semiconductor standard devices, focusing on the design, production, and sales of discrete devices, logic devices and MOSFET devices. A variety of products in the industryBoth are ranked first, with products widely used in the automotive, industrial and energy, mobile and wearable devices, consumer and computer fields. The 5G replacement wave has promoted the 成都桑拿网 rapid development of ODM services.As a leading ODM company, Wingtech will take the lead and enjoy the industry’s concentration bonus.In 2018, the expansion scale of Wingtech’s smartphones still ranked first in the ODM industry, exceeding 90 million units.A large number of its growth came mainly from Huawei, Xiaomi, Lenovo, China Mobile, Asus, and new overseas customers Realme, Vodafone, LG, and some global famous brand customers.In 2018, Wingtech successfully expanded its customers including Samsung, OPPO, LG and others.With the successive release of the production capacity of Wingtech in India and Wingtech in Indonesia, the overseas market will become another growth point for the company.With the continuous development of 5G communication technology, the number of 5G mobile phones will continue to increase. We believe that the 无锡夜网 next wave of 5G mobile phone replacements will be ushered in next year, because the growth and improvement of 5G puts forward higher requirements for design, so the mid-to-low endThe ODM ratio of mobile phones will be improved, providing opportunities for ODM head manufacturers represented by Wingtech. Investment suggestion: According to the balance sheet calculation of AXA Group, we expect the company’s revenue from 2019 to 2021 to be 355.0 ppm, 541.600 million, 659.500 million, outstanding growth; buy-A investment rating.  Risk warning: risk of integration failure, 5G is less than expected, risk of international trade friction

Yuguang Gold and Lead (600531) Research Brief: Yuguang Gold and Lead Research Summary

Yuguang Gold and Lead (600531) Research Brief: Yuguang Gold and Lead Research Summary
Event: Research on Yuguang Gold and Lead on June 21. Investment highlights: The leader briefly introduced the company: The company was listed on the Shanghai Stock Exchange in July 2002. The main products are: conversion of lead 41 (about 10% of the total national output), 8 tons of gold, 1,000 tons of silver, 57 sulfuric acid,Copper 10 oxide, as well as small metals such as antimony and bismuth.In the first quarter of 2019, due to the impact of the Sino-U.S. Trade war, metal prices drifted all the way, which had a certain impact on the company’s performance, but the company took relevant measures and the company’s overall operation was relatively stable.Absolutely, the main idea of the company’s business is to “take the road of circular economy development”. It turned out to rely on lead ore to smelt lead, gold and silver, etc. In 2016, the company raised 1.5 billion from the capital market to establish a circular economy and set up locations throughout the country.Recycling waste batteries and making full use of “urban mines” have also developed well in recent years. At present, a large part of 41 lead is recycled lead, and recycled lead enjoys state tax refund support.In terms of raw materials, whether to buy virgin ore or used batteries, the company will comprehensively consider according to different situations. If the production efficiency of used lead-acid batteries is good, the company will buy a large amount of used lead-acid batteries, and recently purchased used lead-acid batteriesIt is less cost-effective, because in addition to the main products of lead, gold, silver in the original ore, copper, zinc, bismuth, sulfur are not priced, now it is more cost-effective to buy primary ore.The company also has a part of its export business. The Sino-U.S. Trade war has indeed affected the company, but the main reason is that the trade war has impacted the price of non-ferrous metals. The sharp decline in the price of non-ferrous metals may affect the company’s advantage.The company is mainly based on smelting, and basically has no own mines. It mainly earns processing fees. In order to avoid the impact of metal price fluctuations on the company’s performance, the company hedges the futures market to maintain the stability of processing fees.Judging by the benefits. The company’s recent plans are: (1) relocation project, technical transformation of the internal lead smelting system, improvement of technical equipment, lead production costs will be reduced to a certain extent after relocation and operation; (2) internal management to improve labor productivity and reduce costs, Catch up with comprehensive recycling.These tasks are all in an orderly manner, and there will be a better development in 2019. Question 1: Why does the company’s revenue increase in recent years not increase?Answer: The company is a smelting company. Raw materials are purchased externally. The company mainly earns processing fees. In recent years, the company’s output has not increased much. The increase in revenue is mainly caused by rising metal prices.In recent years, environmental protection rectification has increased, shutting down of small mines and non-compliant mines, and tight supply of raw materials, leading to the increase in the price of primary ore. The cost of the company’s outsourced primary ore has also greatly increased, and the profit margin of smelting companies’ processing fees has become thinner. Question 2: The price of precious metals has been relatively good recently. How will it affect the company?Answer: From the perspective of revenue, the company is doped with lead, doped with precious metals (gold, silver), and copper oxide.Because the raw materials are associated with various metals such as gold, silver, copper and other precious metals, the company is expected to purchase more primary ore with higher precious metal content. Question 3: The new national standard for electric bicycles requires that the weight of the entire vehicle (including batteries) does not exceed 55 kg. Will there be lithium ionization of electric bicycles, resulting in changes in downstream demand?Answer: There are three types of power batteries: lithium batteries, fuel cells and lead-acid batteries. Low-speed electric vehicles are mainly lead-acid batteries.National support for lithium batteries is very strong, but lithium batteries are flammable and explosive. Environmental protection of lithium batteries is also a big issue in the future. Some experts believe that recycling costs may be higher than manufacturing new batteries.Lithium batteries are only used for battery life, but lead-acid batteries are mainly used for lighting.The 55-kilogram limit for electric bicycles actually leads to continuous progress in the manufacturing technology of lead-acid batteries, which can basically meet this standard, but the impact is not great.In fact, the company’s lead is mainly used in the manufacture of lead-acid batteries for automobiles. The “Yuguang” brand of lead has a very good reputation in the industry. Although car sales have declined this year, domestic car ownership is huge, and batteries are replaced every year.The demand is still great. Question 4: Raised 1.5 billion funds in 2016, but the progress of the recycled lead recycling project is slow. What is it basically?Answer: Due to environmental protection, compression and other reasons, the construction of waste lead-acid battery recycling outlets is relatively slow, but the company’s output of recycled lead has been increasing and growing rapidly, and the proportion of recycled lead production has increased from 10% to 50%.The slow progress of outlet construction is mainly affected by two aspects: (1) changes in national industrial policies, waste lead-acid batteries as hazardous waste, the company initially expected to take strict measures to manage hazardous waste, but later the state gradually promoted producers to extend their responsibilitiesThe system and standards have been relaxed. If you continue to invest in the construction of recycling outlets, it may lead to large expenditures but not necessarily good returns.(2) In terms of budget, the recycling and disposal chains are different. If you set up a recycling point outside the country, you may not be able to enjoy the discount.Of course, the company is also paying close attention to national policy developments. The new solid waste law may be promulgated soon, and then relevant work will be carried out according to actual conditions.In the future, the new solid waste law may be a potential regional disposal. The company intends to arrange disposal centers in Jiangxi, Hebei and Southwest regions to link regional recycling and regional disposal.In any case, the company’s development of recycled lead will not change the direction of the development of circular economy. Question 5: The company’s debt ratio is relatively high, and a little short-term debt was added in the first quarter. How did the company consider reducing the risk of rejection and preventing debt?Answer: Smelting is a capital-intensive industry. The debt ratio of the industry is generally high because the inventory needs to occupy a lot of funds. The company’s debt ratio has hovered around 70% in recent years.Risk, the company raised funds through additional shares in 2016 to supplement liquidity and reduce the company’s debt ratio.In the past two years, the company has also actively grasped the middle occupancy. It must push down the middle occupancy to reduce bank loans.In addition, by increasing profits, increasing owner’s equity and reducing debt ratios.Some of the work to reduce interest rates is progressing steadily. Question 6: The important risk of gold and lead smelting is environmental protection. How are the company’s tail water, tail slag, and tail gas treated?Are there environmental risks?Answer: Environmental protection is the lifeline of an enterprise.In recent years, the company has done a lot of work. In terms of wastewater, we use integrated engineering for the greening of the plant area. Sewage acid wastewater passes through the wastewater treatment station and is returned to use. Other wastewater enters the water station for treatment. The external drainage basically reachesOzone standard.In terms of exhaust gas, the company’s exhaust 杭州桑拿 gas is mainly used to produce sulfuric acid and liquid sulfur dioxide. Finally, through special transformation, the indicators have reached the special emission standard.Maybe if the original sulfur dioxide was 250 μg / m3, now it is 100 μg / m3; the nitrogen oxides were 240 μg / m3, now 100 μg / m3; the particulate matter was 30 μg / m3, now 10 μg / m3.In terms of solid waste, savings are taken from source reduction. For example, nearly 10,000 cubic meters of raw waste acid is now used for the leaching of zinc oxide; gypsum slag produced by the sulfuric acid plant is used for batching; some other waste slag is entered into the cement plant.In 2018, the company spent more than $ 100 million to transform equipment and reduce emissions. Question 7: What is the company’s recovery of small amounts of elements such as bismuth 西安耍耍网 and palladium?Answer: Palladium has just begun this year. It has recovered nearly 40 kilograms and 36 million kilograms of pallets. The company is in the process of vacuum smelting to improve the recovery of small metals such as bismuth and antimony and increase the by-product income. Risk reminders: (1) prices of lead, gold and other metals fall; (2) downstream demand for lead-acid batteries