Category Archive : 洗浴

[How to make bacon beef burger]_ Home made bacon beef burger _ How to make bacon beef burger _ How to make bacon beef burger

[How to make bacon beef burger]_ Home made bacon beef burger _ How to make bacon beef burger _ How to make bacon beef burger

Many modern people spend a day in a hurry, three meals a day are irregular, and almost all eat outside.

On the surface it seems to be easy, but from a health perspective, this is a very bad habit.

Caring for health starts with diet.

And eating, you have to start with yourself.

So let ‘s first introduce the practice of bacon beef burger steak.


Fry the onion with oil and 1 tablespoon of oil until fragrant until soft, and serve in a large bowl 2.

12 Remove the hard edges of the bread, tear it into small pieces, add it to the bowl, and mix with milk 3.

21 Soak 2, 3 minutes 4.

Add beef, eggs, salt and pepper.

Scratch and mix well and beat 6 times.

Approximately 4 servings are constructed in the shape of a round pie, surrounded by bacon, and fixed at the interface with a toothpick7.

Heat 1 tablespoon of oil in a frying pan, add the burger to the frying pan for 1 minute until the shape is fixed, turn it over and fry for about half a minute until the surface is slightly yellow, and fry over low heat until it is ripe.

You must do it yourself if you are assured of healthy food, so let’s move quickly and enjoy the process of bacon beef steak.

[Can baking powder replace yeast?】 _Yeast_Difference

銆 愭 场 Gallium 撶 Mongolia mutually 揠 f 歛 閰 莰 阖 钖 楋 纻 銆 慱 閰 蘰 _ 宸  埆
闈㈤鏄汉浠敓娲讳腑鏈€閲嶈鐨勪富椋熶箣涓€锛岃€屽埗浣滈潰椋熶笉鏄畝鍗曠殑灏嗛潰绮夊拰鍦ㄤ竴璧凤紝鑰屾槸鍒╃敤鍔犲叆閰垫瘝绛夋坊鍔犲墏杩涜閱掗潰鎵嶈兘澶熷埗浣滅編鍛崇殑闈㈤锛岃€岄殢鐫€鐜颁唬鎶€鏈殑杩涙锛屽嚭鐜颁簡娉℃墦绮夎繖绉嶅疄鐢ㄦ€ц緝寮虹殑娣诲姞鍓傦紝鎴愪负浜嗕汉浠埗浣滈潰椋熺粡甯镐娇鐢ㄧ殑娣诲姞鍓傦紝鑰屾场鎵撶矇鍙互浠f浛閰垫瘝鍚楋紵娉℃墦绮夋槸鍖栧璧峰彂鍓傦紝鏈変袱绉嶏紝涓€绉嶆槸纰辨€х殑锛屼富瑕佹垚鍒嗘槸纰抽吀姘㈢撼銆佺⒊閰告阿姘紱鍙﹀涓€绉嶆槸澶嶅悎鐨勶紝涓昏鎴愬垎鏄槑鐭惧拰閾垫槑鐭俱€傚尰瀛﹁瘉鏄庯紝鏄庣熅涓惈鏈夐摑锛岀敤鍖栧鐨勬场鎵撶矇鐗瑰埆鏄惈鏈夋槑鐭剧殑娉℃墦绮夊鏄撻€犳垚鑰佸勾鎬х棿鍛嗐€侀璐ㄧ枏鏉俱€佸績琛€绠$柧鐥呯瓑锛屾槸瀵逛汉浣撴湁瀹崇殑锛岀幇鍦ㄥ鏋滄偍瑕佷拱娉℃墦绮夛紝涓€瀹氳娉ㄦ剰鏄惁鏄€滄棤閾濇场鎵撶矇鈥濓紙浜у搧鏍囩涓婃湁娉ㄥ悕锛夛紱娉℃墦绮夌敤澶氫簡瀹规槗浣块潰鍥㈠彂榛勩€?鍘熸枡涓嶅悓锛氭场鎵撶矇锛氭场鎵撶矇涓昏鏄湁鑻忔墦绮夈€佺帀绫崇矇浠ュ強涓€浜涘叾浠栫殑閰告€ф潗鏂欙紝灞炰簬涓€绉嶅鍚堝瀷鐨勮啫鏉惧墏銆傞叺姣嶏細閰垫瘝鏄竴绉嶅叿鏈夊彂閰靛姛鏁堢殑鑿岀被锛屽父瑙佺殑鏄敱鏂伴矞閰垫瘝鑴辨按骞插埗鑰屾垚锛屾槸涓€绉嶆椿鎬ц弻銆?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, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?簲閮藉緢蹇紝鍥犳锛屾场鎵撶矇鍙戦叺鏃惰捣鏁堟瀬蹇€傞叺姣嶏細閰垫瘝鏄竴绉嶅彂閰佃弻绫伙紝鍏跺彂閰典綔鐢ㄨ捣鏁堝緢鎱紝骞朵笖杩樺彈娓╁害绛夊绉嶆潯浠跺奖鍝嶃€?The following are the rules and regulations: the gallium is unclear. The gallium is unheard of. The village is very busy. It ‘s a big thing, and it ‘s very sad to read it.⒊ 』姽 咜 姜 姝 わ 溴 欩 欑 杒 鈦 另 叺 庺 咺 夶 揶 槏 槏 鍏 透 槏 顏 顏 鍱 鍱 Mongolia 卜 圾 圾 圓 尽 尽 尽 導 導 尽 尽 啽 尽 啽 導 尽 啽 唽This is the best way to get a good view of the din, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, the village, and the village.閰垫瘝鍙戦叺闇€鐢ㄦ俯姘达紝鍦ㄥ彂閰垫椂杩橀渶鍦ㄩ潰鍥腑娴佺┖闅欙紝淇冭繘閰垫瘝鍙戦叺銆?There is a lot of trouble: the gallium and the gallium. The gallium and the gallium are the most important. It ‘s not so good. What ‘s the difference? What are you going to do? Try to do it.繖绉嶇墿璐ㄧ敱浜庢槸鍖栧鎴愬垎锛屽洜姝わ紝杩欑鍙戦叺绮夊彂閰电殑椋熺墿涓嶉€傚悎灏忓鍜屽瓡濡囬鐢ㄣ€傞叺姣嶏細閰垫瘝灞炰簬鑿岀被鍙戦叺锛屼娇鐢ㄧ殑閲忛€傚悎鏃跺彂閰电粨鏉熶篃灏变笉鍚灏戦叺姣嶄簡锛屽洜姝わ紝鍙涓嶈繃閲忛鐢紝瀵逛换浣曚汉閮藉彲椋熺敤銆?

[How to make chocolate strawberry cream cake]_Homemade method of chocolate strawberry cream cake_How to make chocolate strawberry cream cake_How to make chocolate strawberry cream cake

[How to make chocolate strawberry cream cake]_Homemade method of chocolate strawberry cream cake_How to make chocolate strawberry cream cake_How to make chocolate strawberry cream cake

Fan Laikou mouth life, although everyone is pursuing, but the reality is not so good.

So you who live in reality will inevitably need to prepare your own dishes.

And to make a dish, you must have perfect methods and steps.

Then, let me learn how to make chocolate strawberry cream cake with me.


1 sifter the powder for spare 2.

2 Weigh all materials first and reserve 3.

Sift the powder into the egg liquid 1 minute 5-6 times, and stir until each powder is added until all the powder is added and no dry powder is visible4.

2 Break the eggs, add sugar, warm the egg liquid to body temperature with warm water bath, leave the water, and use an eggbeater to pass the electricity (about 5-7min) 5.

1 Pour the batter into the prepared mold (spread paper, oil and dust as you like), shake out the large bubbles slightly, and then bake in an oven that has been preheated to 180 degrees for 30 minutes. 6

2 Add the melted paste and stir well (they will defoam a bit, the volume of paste from the basin can be ground, it does not matter).

After baking, take it out, let it cool, take it out of the mold, and let it cool for later (because I spray the mold with cocoa powder, and when I am in a hurry, I spread a lot of unevenness and sweat) 8.

To cool the cake, use a toothed blade to go to the top part of the top (the first part does not need to be made into the cake, you can eat it while decorating the cake, first of all, haha, this is how I do it).

Cut the cake into two pieces (or three if you like) 10.

Prepare the cream part: put sour cream, thickenedcream, sugar, cocoa powder, vanilla extract together, mix and pass (both thickenedcream and sour cream are not liquid, the volume change at this step will not be too obvious. If you use light cream purecreamJust send it to a state where it can’t flow and can be decorated. Is it too wordy to talk about it?

) 11.

Spread cream on the bottom layer of the cake, cut small pieces of strawberries, and smear cream 12.

Put another piece of cake, smear it with cream, and decorate it with strawberries on the surface. It is difficult to make a dish that is not particularly large, but you still need to be careful.

Follow the steps above to prepare the ingredients and seasonings, and then start making this chocolate strawberry cream cake

[Can gout eat soy beans]_Gout_Soybean_Can you eat

鐥涢闂纭疄褰卞搷鍥版壈鐫€寰堝浜猴紝涓€鏃︾棝椋庡彂浣滄槸姣旇緝鐥涜嫤鐨勪簨鎯咃紝鎵€浠ュ繀椤绘敞鎰忕瀛︾殑娌荤枟锛岃€岀棝椋庢偅鑰呬簨瀹炰笂鏄彲浠ュ悆榛勮眴鐨勶紝浣嗘槸杩欎簺椋熺墿涓嶅彲浠ヨ繃澶氱殑椋熺敤锛屽簲璇ュ楗按锛屽鍚冪⒈鎬ч鐗┿€?涓€鑸眴鍒跺搧閮戒笉鑳藉悆銆俵锛夊楗按,灏戝枬姹?琛€灏块吀鍋忛珮鑰呭拰鐥涢鎮h€呰澶氬枬鐧藉紑姘?Hao Jiao set up a fort, a catalpa fort, a fort ℃ fortified, and a sorrowful ょ 瓑.鐧藉紑姘寸殑娓楅€忓帇鏈€鏈夊埄浜庢憾瑙d綋鍐呭悇绉嶆湁瀹崇墿璐?澶 氶 ギ 甏 玑 姘 村 彲 浠 ョ █ 話 婂 喰 喰?鍔犻€熸帓娉?What’s the matter?姹や腑鍚湁澶ч噺鍢屽懁鎴愬垎,楗悗涓嶄絾涓嶈兘绋€閲婂翱閰?鍙嶈€屽鑷村翱閰稿楂? 2 Adjective Power ⒈picks ч 鐗?灏戝悆閰告€ч鐗?鐥涢鎮h€呮湰韬湁鍢屽懁浠h阿绱婁贡,灏块吀寮傚父,濡傛灉杩囧鍚冮吀鎬ч鍝?押 argian 姞 Read the rugged 鎾 鎯?Juanbangbang fierce?Key 嘽  钖 power ⒈ pick ч 鐗?鑳 擳 府 锷 ╄ˉ 呏 呴 捑 , 阍?姘 Ying?缁 存 寔 喰 哥 ⒈ 骞 宠. 3 Admittedly?Hao 憆 楗?Chi argon chisel?The chain gun is forged, the gun is forged, and the gun is forged, the iron is hot, the iron is hot, the iron is Huai 绱?Hao 楆 楆 慁 湁 鍒 ╀ 玬 鎺 向 鐑  噺 厫 叆 叆, 鄄 愬 埗 埗 Tan Tons, 鍑 忚 伟 闄 嶈 刚.4锛夋€ユ€х棝椋庢€у叧鑺傜値鍙戜綔鏈熺殑鎮h€呭簲蹇岄楂樺槍鍛ら鐗?How do you make a fine padding, simmering, squeezing, arranging, arranging, arrogant?鍑 ゅ Sorrow?What’s the matter?鈙  撆 钁 悇, Shan Hua 瓙, 灞 discriminate , 鐣  寗, 鑻 regulations 灜, 鍜 栧 暋, gong?Lian?Brim?娴疯椈绫荤瓑浣庡槍鍛ゅ亸纰辨€ч鐗?What’s the matter?It ‘s hard to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?You can’t do it, but you can’t do it. If you want to use 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’t do it, you can’t do it, you can do it.What is it? ℃ 湁 浜?

[Can you drink coffee when you come to my aunt-]_ Physiological period_ Can you drink it?

[Can you drink coffee when you come to Auntie?

]_ Physiological period _ can you drink

Female friends come to menstrual period with a secret saying “come to my aunt”, female friends during the menstrual period will have reduced physical resistance, so there are some taboos in diet, it should be light and warm.

Coffee can be drunk, but you must pay attention to the amount and concentration. Caffeine can cause nerve excitement, which is not conducive to rest, which may cause female body damage.

In addition, female aunts have some disadvantages when drinking coffee.

The disadvantages of drinking coffee during women’s menstrual period Coffee is neutral and hot food, not cold, and it will cause irritation that will not cause cold during menstruation.

However, coffee contains caffeine, which has an exciting effect and is not conducive to uterine contraction.

After the end of menstruation, drinking a cup of black coffee every day without sugar will also prevent weight loss.

Women who drink too much coffee for a long time are prone to myocardial infarction. Drinking coffee before menstruation will severely shorten the pain, cause worry, irritability and emotional instability. At the same time, it is easier to consume the vitamin B coffee stored in the body.Aggravated gynecological diseases, endometriosis and breast swelling, etc., and more importantly, will affect fertility.

Drinking coffee during menstruation causes a significant increase in female hormones in the body, affects the number of eggs in the ovaries, ages the ovaries, and accelerates the aging of all human functions.

Female dietary considerations during menstruation 1, menstrual period should eat light, taste the usual nutritional substances.

2, menstrual period should eat fresh, easily digestible food.

3, should not eat spicy food with strong irritation.

4. It is not advisable to smoke or drink alcohol, so as not to stimulate vasodilation and cause early menstruation and excessive menstrual flow.

5, should not eat raw, cold, difficult to digest food.

If you eat cold food during the menstrual period, one will hinder digestion, and the other will easily hurt the body’s yang, causing the menstrual blood to run poorly, causing too little menstrual blood, and even dysmenorrhea and amenorrhea.

Gree Electric (000651): Gree Eight Questions Deconstructs the Cycle and Growth of Air-Conditioning Giants

Gree Electric (000651): Gree Eight Questions Deconstructs the Cycle and Growth of Air-Conditioning Giants

The current market size of China’s air-conditioning industry is around 200 billion yuan, which supports 80% of Gree’s market value from air-conditioning, which exceeds 300 billion yuan, and has gone through ten times over ten years.

Indeed, the rapid development of the air-conditioning industry has made the famous cash cow case represented by Gree (and Midea).

The first question: re-examination, the landmark 深圳SPA会所 stage of the growth history of air-conditioning giants?

Before 2000: “Outbreak of demand”; 2000-2005: “Growing blood fight period”; 2005-2012: “Advantage shaping period”; 2012-present: “oligopoly consolidation period”.

The consideration of the high growth period of Gree’s market value and the corresponding monopoly period after the reset of competitive advantages also matched the continuous climbing stage of Gree’s ROE.

Second question: What are the independent business models and financial characteristics of the analysis?

The company’s own characteristics, analysis of its transformation, property rights structure, business model, and ROE characteristics, can interpret the core competitive advantages, from a product perspective, model perspective and management perspective, to achieve professional leader.

In a nutshell, Gree’s model is relatively stable, with 北京桑拿洗浴保健 high profit margins and high leverage. It is a combination of long-term professional research and development, scale effects and brand premiums, a system of dealer interest binding, and high pricing power.

Third question: How deep can the deconstruction cycle fall?

Look for PE10x, PB2 here by triple backtracking on the expected decline, PB / ROE, PE * dividend yield.

55x, the market value of 290 billion is a reference to the bottom area of the assumption. In the most pessimistic case, the current forecast is to go down from the historical bottom.

Fourth question: How to break down the password and grow the market value all the way?

Clear volume and price logic, expansion and expansion expectations, diversified growth space and a high degree of certainty.

This article derives the sources of long-term and short-term revenue. The market value of Gree is consistent with the pace of performance in the long period, but the same variable transformation exists within the short period.

Fifth question: Deconstruct buying points.

By looking back on historical returns, this paper believes that Gree’s potential return rate should be the expected profit position + estimated relative position of the market; in other words, the best time to invest is when the inflection point of the cycle appears and the gradual suppression factor is about to be eliminated. The method is to capture the long-term stable growth.Signal of the cycle inflection point.

Q6: Is the growth rate of the industry the most important?

Analogous to the historical trend of Gree Electric and Yili, here is to discover that the impact of the industry’s growth rate on the company’s rising is not absolute.

The seventh question: Why is it estimated that the discount is long-term?

Compared with Midea, Gree’s estimated discount mainly comes from “diversification progress” + “internal governance constraints”, of which the governance logic is the company’s deep-seated dilemma.

In this way, the first opportunity for discount improvement comes from the expected implementation of mixed reforms, and the second opportunity comes from the change of market structure.

Question 8: In the future, the debate on diversification and contingent challenges?

Can Gree’s diversification road succeed later?

Can the Gree model keep pace with the times?

This article proposes three non-consensual considerations on the future diversification and the brand, channel and profit related to the Geao battle.

Earnings forecast: Here we predict that Gree’s performance growth rate in the next three years will be 10%, 15%, and 16%, respectively. It will be covered for the first time and an overweight rating will be given. As a reference for the company’s next stage of investment.

Risk reminder: downside risk of demand, original growth risk, exchange rate fluctuation risk, mixed reform is less than expected

Zhejiang Pharmaceutical (600216): Better-than-expected performance, optimistic about the change in the vitamin E industry pattern and positive impact on the company

Zhejiang Pharmaceutical (600216): Better-than-expected performance, optimistic about the change in the vitamin E industry pattern and positive impact on the company

Event: Zhejiang Pharmaceutical released its 2019 semi-annual report, with operating income of 35 in the first half of 2019.

86 ppm, a five-year increase of 5.

69%, net profit is 2.

70 trillion, down 40 a year.

09%, the basic EPS is 0.

3 yuan, sales gross margin is 40.

14%, with an average ROE of 3.


Corresponds to operating income for the second quarter of 201918.

6.7 billion, an increase of 8 from the first quarter.

61%, net profit 1.

48 ppm, an increase of 12 from the previous month.

78%, deducting non-net profit1.

48 ppm, an increase of 100 from the previous month.


Among them, the company accrued impairment losses of 59.43 million yuan in the second quarter of 2019.

Comments: 1.

The performance was better than expected, and non-profit deductions increased by 100 in the second quarter.

00%, mainly related to the increase in vitamin A and vitamin E prices.

The company’s net profit interval in the first half of 2019 showed a significant margin in the first half of 2018, which is related to the company’s high base in the first half of 2018. The domestic price of vitamin A in the first quarter of 2018 was a historical high, and the average price in the first quarter was 1,349 yuan / bottle.

The company’s revenue in the second quarter of 2019 increased by 8 sequentially.

61%, deducting non-net profit 1.

48 ppm, an increase of 100% month-on-month, and the better performance was mainly related to the rising price of vitamin A at the reported price and maintaining a high level.


We are optimistic about the positive impact of the vitamin E industry structure on the company.

The transfer of Vitamin E from Nante Technology and DSM has been completed. After the transaction, DSM is responsible for the sales of Vitamin E and Nante is responsible for production, each with a 50% interest. The vitamin E industry structure has been transformed into DSM-Nante Technology.BASF, Zhejiang Medicine, Xinhecheng.

Nantec has changed from the industry’s reverser to the maintainer of the industry pattern. The industry pattern has returned to the vitamin E bull market in 2008-2012, when the price of vitamin E changed between 100 yuan and 250 yuan.

At present, the operating rate of each production capacity is at a high level.

Each mentality is expected to change from a price war to maximize profits, and vitamin E prices are expected to rise in the future.

The company’s vitamin E production capacity is 40,000 tons of powder, and each increase of 10 yuan / ton of vitamin E powder helps to increase the company’s profit elasticity3.

10,000 yuan.


Pay attention to the company’s 杭州桑拿 pharmaceutical business progress and growth is expected.

The company reports that the first-class linezolid drug substance is approved, and the company’s attention to the company’s innovative drugs, innovative preparations and consistency evaluation progress will constitute an important increase of the company.

Earnings forecast and investment grade: We maintain our profit forecast for 19-21, and expect the company’s net profit for 2019-2021 to be 8.


810,000 yuan, EPS is 0.


16 yuan.

Maintain target price at 14.

71 yuan, corresponding to 17 times PE in 2019, maintain “Buy” rating.

Risk reminders: production safety risk, vitamin product price decline risk, risk of weakening downstream demand in the aquaculture industry, raw material price risk, Sino-US trade dispute risk, exchange rate risk, continued global economic expectations, new drug approvals fail to meet expectations, and innovative drug development failurerisks of.

Inner Mongolia First Machine (600967): Performance in line with expectations Concerned about product delivery in the fourth quarter

Inner Mongolia First Machine (600967): Performance in line with expectations Concerned about product delivery in the fourth quarter

The stable growth of performance, the decrease in financial expenses and impairment of assets are preliminary results of the company’s increase in performance. It released the third quarter report of 19, and achieved 75 in the first three quarters.

3.6 billion (five years + 5).

25%), achieving net profit attributable to mothers4.

21 ppm (decade +20.


The company’s revenue in the first three quarters has grown steadily with a combined gross profit margin of 9.

78%, with a ten-year average of 1.

6 淡水桑拿网 points.

The initial consolidation of the company’s net profit growth rate higher than the revenue growth rate was a decrease in financial expenses of 49.16 million yuan, and the reorganization was a reduction in asset impairment losses of 42.91 million yuan.

Selling expenses continued to shrink, reducing 11.09 million yuan and reducing 30 annually.


Inventories and advance receipts continued to increase. Concerned that the fourth quarter delivery is expected to improve and bring performance flexibility. The company’s inventory and advance receipts continued to increase, at a historically high level.

Among them, inventory 36.

5.3 billion yuan, an increase of 75 from the beginning of the year.

05%, single quarter growth of 5.

30,000 yuan, mainly due to the increase in unfinished product delivery.

Funds received in advance 64.

39 trillion, an earlier increase of 4.

94 ppm, a single quarter increase of 10.

6.1 billion.

Considering the delivery cycle of the company’s military products orders, it is recommended to pay attention to the company’s concentrated delivery of military products in the fourth quarter, and the improvement of product delivery will promote revenue and performance flexibility.

Investment advice and profit forecast The company is the only equipment development and production base in the country that integrates main battle tanks and wheeled vehicles. Considering that the company’s military products benefit from the development of army equipment and the development of the military trade market, and the civilian products benefit from the increase in railway investment demand, it is expected that 19-The net profit attributable to the mother for 21 years was 6.



12 trillion, corresponding to 27/23/19 times the current sustainable PE.

As a listed company in the vehicle sector of the weapon industry group, the company is optimistic about the company’s military business development prospects and maintains a reasonable value13.

The view of 53 yuan / share remains unchanged, corresponding to 19x 36xPE, maintain “Buy” rating.

Risks suggest that the development of military products and the progress of product delivery and acceptance may exceed expectations; 深圳桑拿网 the investment in the railway industry may be lower than expected; the progress of military industry reform and the reform of scientific research institutes is gradually expected.

Chenguang Stationery (603899): Klipp has doubled in 18 years, and Jiumu Depot is ready to go

Chenguang Stationery (603899): Klipp has doubled in 18 years, and Jiumu Depot is ready to go

Event: The company announced its 2018 annual report and achieved operating income of 85.

35 ppm, an increase of 34 in ten years.

26%, net profit attributable to mother 8.

07 million yuan, an increase of 27 in ten years.

25%, performance is in line with expectations.

Distribution plan: a cash dividend of 3 yuan (including tax) for every 10 shares.

The company intends to 1.

93.2 杭州夜网论坛 billion acquisition of 56% stake in Shanghai Anshuo.

Comment: New business (Klippu, Chenguang Technology, Jiumu, Chenguang Life Museum) increased 90% in 2018. The company’s 2018 operating income was 85.

35 ppm, an increase of 34 in ten years.


Among them: (1) New business continued to develop at a high speed in 2018, Chenguang Colepu, Chenguang Technology, and Chenguang Life Museum increased by 90% compared with the same period of last year; (2) Traditional core business increased steadily in 2018, an increase of 16% compared with the same period of last year.

Benefiting from the continuous adjustment of the company’s product structure, gross profit margin in 2018 increased by 0 compared with 2017.

09 averages.

Chenguang Klip has continuously broken through new customers and achieved double growth in 2018.
Chenguang Klip has been winning bids for large state-owned enterprise groups, government department projects, and financial companies in recent years.

86 ‰, an increase of 106 in ten years.

03%, in order to continuously meet customer needs, constantly optimize the product structure, increase supporting professional management personnel, and accelerate the construction of a national logistics network.

At present, five central warehouses have been put into operation nationwide, covering five regions: North China, South China, East China, West China, and Central China.

The new model (Jiumu Miscellaneous Society + Living Hall) is actively increasing the speed of market development. The sales of the Living Mud (including Jiumu Miscellaneous House) in 18 years exceeded 300 million US dollars, an increase of 49.


In 18Q3, Jiumu opened to join and expanded from Jiangsu, Zhejiang and Shanghai to the whole country. It has stationed in 32 cities and currently has 255 stores.

The company actively builds goods and service models for boutique cultural and creative stores, and provides scenario-based product solutions.

Maintaining the “Highly Recommended-A” rating company continues to improve the company’s income and profitability through the four tracks of popular products, boutique cultural and creative products, 佛山桑拿网 office products, and children’s art products, and promote the rapid development of the business of Klipu and Jiumu Sundry Club.The estimated EPS for 19-20 years is 1.

07, 1.

34 yuan, corresponding to 19 years of PE, PB is 33, 7 respectively.

8. Maintain the “Highly Recommended-A” rating.

Risk warning: New business fails to meet expectations

AVIC (002179): Semi-annual report is expected to maintain high growth

AVIC (002179): Semi-annual report is expected to maintain high growth

Report Summary:[Investment Suggestions]AVIC Optoelectronics is the focus of our team to cover the subject, and we are updating our recent exchange of views. We believe that the company’s half-year reported revenue growth rate is expected to reach 25-30%, and the net profit growth rate is expected to reach 20-25% interval.

Looking into the future, military products will gradually usher in a high-boom cycle, and communications will fully benefit from domestic alternative accelerators. 2019 performance is expected to exceed market expectations.

As a rare core asset in the military industry, active participation is recommended.

We predict the company 2019?
The EPS in 2021 will be 1.

19 yuan, 1.

55 yuan, 1.

84 yuan, corresponding to the closing prices on July 19 PE were 29X, 22X, 19X.

We now answer one by one to several issues that the market is concerned about: 1. High-quality leading stocks should have a premium of ownership. In the history of the company, the highest estimate is about 40 times the PE (TTM) given by the market in July 2015, with reference to the entire A-share.And overseas markets, the definitive mean attribute of high-quality leading stocks defines a premium. As one of the few core assets in the military industry, the company must successfully cross the bull and bears and hit a record high three times in the past six months. We believe that the company’s reasonable PE range is25-40 times.

2. The company’s orders may continue to maintain rapid growth. There are rumors that the company’s overall monthly orders and military orders in June were not good.

We make judgments and adjustments. The overall overall rapid growth of the company may be related to the poor completion of new energy vehicle orders. The poor performance of new energy vehicle orders in the first half of the year is related to changes in the fundamentals of automakers.Overcome the incremental orders obtained by key customers; gradually, the monthly orders for military products are even smaller, but we judge the monthly target or the alternatives formulated in 深圳spa会所 June, and the company’s high monthly completion rate does not mean that the company’s military productsSubstantial changes in the order’s future growth rate.

3. The reason for the higher revenue and profit base in the second quarter of 2018 was the delayed recognition of revenue. In the second quarter of 2018, the company achieved 21 in the single quarter.

08 million yuan, an increase of 30 in ten years.

87%, and the net profit attributable to shareholders of listed companies in the second quarter in a single quarter.

98 ppm, an increase of 15 in a single quarter.


We believe that the primary significance of single-quarter revenue growth at that time was that the quarterly revenue of the first quarter of 2018 was deferred to the second quarter and the profit growth was slower than the gradual decrease in 南京夜网 revenue growth. This was a new energy vehicle business in which the gross profit margin decreased in the first half of last year.The growth rate of telecommunications business is much higher than that of military industry, resulting in a relatively large proportion of civilian products.

4. The single quarter high base in the second quarter of last year will not affect the annual semi-annual report. We judge that the high base last year has a certain impact on the semi-annual report in 2019 but has little effect. Therefore, first, the growth rate of military revenue in the first half of 2019 may beThe growth rate of civilian product income is approaching fast, and the gross profit margin of the military product business is much higher than that of the civilian product. The increase in the proportion of the military product structure is expected to increase the company’s gross profit level. Second, the management expenses during the first half of 2018 increased by 19.

71% increase, or increase the basic salary of R & D personnel and bonus increase, and this situation may change marginally in 2019.

In the first quarter of 2019, the company’s profit growth rate was relatively matched with its revenue growth rate.

5. The cost of issuing convertible bonds does not bring additional financial costs. We judge that the cost of issuing convertible bonds is lower than market expectations. The first quarterly report for 2019 shows that financial costs have only increased by less than 7 million.The funds raised by the convertible bonds can be used for agreement deposits, and the interest income obtained is reduced by a portion of the convertible bond issuance of financial costs accrued based on the loan’s benchmark interest rate. The actual interest rate may be about 2%.

6. The new energy vehicle and communication business will not drag the company’s gross profit margin. The new energy vehicle business and communication business gross profit margin have increased slightly in recent years. In general, the business gross profit margin has been replaced by a range, which has limited contribution to net profit.We judge that the products related to 5G will gradually contribute to the performance in the second half of this year, and the company’s communications business gross profit margin is expected to rise steadily.

Investment advice: do we predict the company in 2019?
The EPS in 2021 will be 1.

19 yuan, 1.

55 yuan, 1.

84 yuan, corresponding to the closing prices on July 19 PE were 29X, 22X, 19X.

Risk reminder: Weapon and equipment delivery progress exceeded expectations, exceeded impact exceeded expectations, and military product pricing reform impact exceeded expectations.