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[Babies eat grapes well]_ children _ can you

[Babies eat grapes well]_ children _ can you

Grapes are common fruits in summer, and they are very affordable. They are easy to eat because their skins are peeled, and many adults like to eat them.

Turpan is the most prestigious place in China for grapes. The grapes are large in size and there are many varieties. When Turpan is introduced in the geography textbook, it will always be accompanied by a pair of Turpan people sitting in the middle of a bunch of grapes.

Eating glucose can supplement minerals. Would the baby eat grapes?

Babies can eat grapes.

The grapes are woody vines of the genus Vitis, with small branch vines, longitudinal ribs, glabrous or sparsely pilose, leaves oval, densely or scattered cone-shaped inflorescences, well-developed basal branches, spherical or oval fruit, floweringFrom April to May, the fruit period is from August to September.

Grape is one of the oldest fruit tree species in the world. The plant’s fossils were found in the tertiary strata, indicating that it was distributed in Europe, Asia and Greenland at that time.

The grapes are native to western Asia and cultivated in many parts of the world. About 95% of the grapes around the world are concentrated in the northern hemisphere.

Grapes are famous fruits. They are eaten raw or made from raisins, and they are used to make wine. After the wine is brewed, acid can be added to the wine feet.

The nutritional content of grapes is very high, which helps the baby to absorb glucose, vitamins, minerals and other nutrients, which is very helpful for the baby’s healthy growth.

Some indigestible babies can also eat grapes to give their babies multiple appetites and supplement the body with sugar.

Of course, when the baby is eating grapes, the mother should also pay attention to avoiding the risk that the pulp will be too large, and the baby will swallow.

Moms can also make grape juice or raisins to feed the baby, so that the baby’s nutritional needs.

In addition, mothers should pay attention to the following when eating grapes for their babies: (1) Do not drink water immediately after eating grapes.

If you drink water immediately after eating grapes, you can cause diarrhea.

Because grapes have a laxative effect, such as drinking water immediately, the stomach can hardly digest and absorb water, and the water and grapes react, which accelerates the interconnection of peristalsis and triggers diarrhea.

(2) Grapes and milk cannot be eaten at the same time.

Vitamin C in grapes will react with milk. If the baby consumes two samples at the same time, the baby will have a risk of diarrhea, and in severe cases, it may be accompanied by discarding and vomiting.

(3) After eating seafood, do not eat grapes.

Because the sulfuric acid component in grapes meets the protein in seafood, it will form a non-digestible precipitate.

(4) Remember to rinse your mouth after eating grapes.

A good mouth is very important for babies, and even mothers with deciduous teeth cannot ignore it.

Grapes contain high sugar content, which can erode your baby’s teeth and cause caries.

[Baihuacao Yishou Tea]_Efficacy_Advantage

[Baihuacao Yishou Tea]_Efficacy_Advantage

Baihuacao Yishou Tea was a special herbal tea that was distinguished by court officials in ancient times.

Baihuacao Yishou Tea has many benefits for the human body, and has functions such as clearing heat and detoxifying, detoxifying and beauty, protecting liver and eyesight.

Suitable for all kinds of people, including elderly, children, pregnant women.

This kind of herbal tea is very often recognized in society nowadays, and it can appropriately relieve and relax the high-stress and fast-paced life and mental stress.

Efficacy and role 1.

The advantage of drinking tea is that it is rich in various ee benefits, plus mild and non-irritating properties, it is very suitable as a daily drink.

In the long run, you can adjust your physique and eliminate the bad symptoms. Therefore, herbal tea also has the function of regulating physiology.

2.

In addition to being beneficial to the body, some herbal teas are supplemented with antioxidants such as vitamins B, C, and E, or have the function of nourishing the skin and preventing acne, which can often make you radiant and refreshed; 3.

Some herbal teas, such as cassia seeds, have the functions of diuresis, sweating, promoting metabolism, eliminating unhappiness in the body, etc., which can be said to be a natural body remedy.

4.

Pure natural scented tea is completely free of caffeine and artificial additives. Even if it is replaced every day, it will not cause a burden on the body over a long period of time. Therefore, it has the reputation of “natural healthy drink”.

Herbal tea is a natural drink for people who pursue a high quality of life as a daily health, beauty, spirit, and heart.

The nutritional value of herbal tea1.

Aromatic essential oils: Aromatic essential oils have anti-corrosive, anti-microbial, anti-inflammatory and analgesic effects, stop osmotic tweezers, etc., and have great substitutes for the human immune system.

This part can be used in aromatherapy and steam suction therapy.

2.

Tannin: Also called inorganic, it is the source of astringent and bitter taste of herbal tea, and has astringent, antidiarrheal and anti-infective effects.

3.

Vitamins: Herbal tea contains too many vitamins and has a variety of types. It is a basic nutritional component.

Absorbing herbal tea can absorb vitamins A, C, etc., which can not only promote digestion and beauty, but also help fundamentally improve physical fitness.

4.

Minerals: Herbal tea contains a variety of minerals, such as magnesium, calcium, iron, etc., which are the basic nutrients for human health.

Biological value in herbal tea1.

Flavonoids: This is a pigment that often coexists with vitamin C in herbal teas and has a profound effect on the color of herbal teas.

In addition to its diuretic and strong circulatory system, its anti-tumor, anti-cancer (prevention of free radical formation) functions have also received increasing attention.

2.

Bitters: Some herbal teas bring bitterness, but they also have functions to promote digestion, anti-inflammatory and antibacterial.

3.

Glycogen: Also known as A, it is usually contained in plants mainly used for medicinal purposes. It is the main component of herbal tea. It has functions such as strengthening heart, antiseptic, antitussive and diuretic.

4.

Bio-silicon: It is also one of the main powers of medicinal ingredients in plants, especially it has a great impact on the nervous system, but it must be used with care because of its rich toxicity.

However, in the commonly used herbal teas, this kind of ingredient is very small, and there is no risk of poisoning.

[Can you eat apples in early pregnancy]_Pregnancy_Benefits

[Can you eat apples in early pregnancy]_Pregnancy_Benefits

Apple is a fruit suitable for everyone. It is a mild fruit. Eating an apple every day can improve the beauty of the skin.

Eating apples is very good for pregnant women. Because apples are rich in vitamins, in addition to supplementing nutrients, they can also alleviate the discomfort during pregnancy, so even if some fruits cannot be eaten during pregnancy, apples are completelyEdible.

What are the benefits of eating apples in early pregnancy? 1. To prevent iron deficiency anemia, many expectant mothers will experience symptoms of anemia after pregnancy. The iron element in apples can just supplement iron elements properly, which has a role in preventing iron deficiency anemia.great help.

2, beauty during pregnancy, women are best not to apply any cosmetics after pregnancy, so as not to affect the growth of the fetus, and the vitamin C rich in apple can replace a cosmetic effect, because it can prevent expectant mothers due to anemia,The problem of poor color, eating more apples will help prospective mothers have good looks.

3, to prevent edema, many women will have edema of lower limbs during the second trimester, and apples have the effect of swelling and diuresis, so it can reduce the inconvenience caused by edema to the life of pregnant women.

4. Alleviate discomfort during pregnancy. Many women have problems with loss of appetite, morning sickness, nausea and other issues during early pregnancy. Eating more apples or smelling the aroma of apples can effectively alleviate discomfort and promote women’s happiness during pregnancy.

5, to improve the skin of high blood pressure, apples are rich in malic acid and vitamin C. If pregnant women eat more, they can increase heparin, so the children born later will have a fairer skin.

6. Promote eugenics and eugenics. It should be said that the rich pectin, various vitamins, and malic acid in apples can reduce the effects of bacteria and some toxins on the health of pregnant women and fetuses, which is more conducive to eugenics and eugenics.

Precautions for eating apples in the first trimester It is undeniable that although pregnant women eating apples can greatly improve the health of mothers and infants, if they are eaten improperly, they will also bring great replacements to pregnancy.

1. Do not eat too many apples before meals. Pregnant women may lose their appetite due to pregnancy. If they eat too many apples before meals, it will affect normal eating and digestion.It can also supplement the nutrients needed by the body, but women who are not pregnant have a great demand for protein, iron, calcium and various vitamins.

2. Pregnant women with diabetes or chronic nephritis are advised not to eat apples, because the sugar content in apples is very high. If pregnant women with diabetes eat too much apples, the blood sugar in the body may increase, which may causeGestational diabetes.

3. Don’t eat apples alone, but not other foods.

For pregnant women, apples are good, but if they eat too much, they can also cause kidney and heart health.

In principle, if the mother can keep eating an apple every day, then the health care effect is the best.

4. It is good to eat apples every day during pregnancy, so that you can add vitamins, but do n’t just eat one kind of fruit, there are many fruits that you can eat, so pregnant women can also change their taste.

[How to fry deep-frozen ravioli]_Frozen Chaos_How to fry

[How to fry deep-frozen ravioli]_Frozen Chaos_How to fry

Nowadays, people’s life rhythm is very fast. In this way, there is no time to take care of their own bodies, or even to cook food, so that there will be a lot of problems in their own digestive tract, then onlyI eat quick-frozen ravioli. This kind of ravioli needs attention when making it. You can fry the deep-frozen ravioli to eat it, so that it will become more delicious.

1.

Pour cold water into the pot.

Add chopped tomatoes 3.

Break in the eggs and add 馄饨 4 when you see it.

Add some salt MSG, soy sauce, and sesame oil 5 to the empty bowl.

Mash the cooked ravioli in a bowl and sprinkle with green onions.

Clean the bottom of the rice cooker and pour a layer of oil 2.

Put the quick-frozen corianders one by one and do not stick them together to avoid sticking.

Press the rice cooker button 4.

When the cooking stall jumps to the heat preservation stall, there will be a sound of “cracking” in the pot5.

When the sound is gone, open the lid, turn the pan, and press the cooking button 6.

The rice cooker’s cooking stall then jumps to the insulation stall 7.

There was a sound of “cracking” in the pot. After the sound stopped, open the lid and install the pot.

OK, a plate of fragrant and crispy fried ravioli is served 1, and the prepared meat is stuffed.

2. Put the flour in the pot.

3. Slowly add cold water and form dough, simmer for 20 minutes.

4. Roll the dough into thin slices and cut into skins.

5, put the meat into a bun.

6, chopped cabbage and put it in the pot, add an appropriate amount of cold water and boil.

7, add 馄饨, add some cold water after boiling.

8. Pour in the beaten egg liquid.

9. Add the chopped cilantro beforehand, add sesame oil, salt, and chicken essence to the pan immediately.

[Jiangnan]The Wu dialect of Shanghai, Sunan, Zhejiang and other places read “?”

w?

nd?

n], quite similar to Cantonese best.

Shanghai ravioli is usually cooked in boiling water, and then added to the soup stock of chicken, broth or bone soup. When eating, it will be dripped with sesame oil or soy sauce according to personal preference.

Coriander or celery is sometimes engulfed in Shanghai Langzhong.

[Jiangxi]Commonly known as clear soup, there are also places called Bao noodles and wonton.

[Guangdong]Because the word “馄饨” has been seen a lot, and the previous people’s level of knowledge is limited, the traditional “Wonton” of homophonic writing, English “Wonton” comes from Cantonese.

Wrap the minced filling in the skin.

The skin of Cantonese coriander is made of eggs and flour, and cut into squares of about 8cm by 8cm.

The filling is made with fat, lean pork, fresh shrimp, ground fish mince and egg yolk, and seasoning.

Guangdong Bao’s package method generally requires speed, and does not necessarily have to be neatly folded.

The size is based on the ability to swallow one at a time.

[Can maternal eat bamboo shoots]_ postpartum _ can you eat

[Can maternal eat bamboo shoots]_ postpartum _ can you eat

For the mother, the daily diet is more important and can improve the mother’s physique. In addition, considering that the baby is also beneficial, spring bamboo shoots are a food we eat often. It has high nutritional value and is rich in supplementary fiber.It has the effect of removing body toxins and good beauty and beauty, but for mothers, usually eat less, after all, it is not easy to digest.

Can maternal eat bamboo shoots? Maternal eat bamboo shoots, but should not eat more.

Maternal digestive function is relatively weak, and bamboo shoots are not easy to digest.

Although spring bamboo shoots are rich in nutritional value and contain a lot of protein, they also contain carotene and a variety of vitamins, but it contains oxalic acid. Maternal women need to add calcium after delivery, and oxalic acid can inhibit calcium absorption.After the spring shoots, it is not good for yourself and your baby to add calcium, and the spring shoots are cold, and it is easy to have indigestion.

What are the disadvantages of eating bamboo shoots in confinement? 1, indigestion, spring bamboo shoots are cold, maternal eating cold foods can easily hurt the spleen and stomach, robes can cause indigestion or diarrhea, and eating spring bamboo shoots is also not conducive to the discharge of lochia, so maternal needsEat more warm foods, this will help the recovery of qi and blood.

2. Inhibition of calcium absorption The oxalic acid contained in spring bamboo shoots will absorb calcium in the body, and the maternal need of calcium supplementation during confinement can promote the recovery of the body. After the spring bamboo shoots are eaten, it is not conducive to the absorption of calcium and also affects the absorption of calcium.Formation of baby bones.

Who is not suitable to eat spring bamboo shoots? People who suffer from coldness in the spleen and stomach should not eat bamboo shoots because of the cold nature of the bamboo shoots. People who suffer from coldness in the spleen and stomach have a worsened stomach cold after eating the bamboo shoots, so some people are not suitable for eating bamboo shoots.

2. People with gastric ulcer and stomach bleeding should not eat bamboo shoots. Bamboo shoots are cold foods. The content of crude fiber is relatively high. After eating bamboo shoots, the peristalsis of the stomach will be accelerated, which is not good for some people.

3, gallstones, kidney stones, urethral stones can not eat bamboo shoots often because bamboo shoots contain oxalic acid, which will form calcium oxalate when combined with calcium, some people will also increase their illness after eating bamboo shoots.

Xiamen Xiangyu (600057) 1H19 performance review: logistics capacity goes up to a new level

Xiamen Xiangyu (600057) 1H19 performance review: logistics capacity goes up to a new level

Core official event: The company announced its 19-year interim report, and achieved revenue of 1,255 during the reporting period.

200 million yuan, an increase of 16.

1%, after excluding non-recurring gains and losses, the net profit of the mother reaches 5.

600 million yuan, an increase of 257.

8%, higher-than-expected earnings growth, deducting ROE is 4.

94%.

The company plans to pay 1 for every ten shares.

2 yuan (including tax), accounting for 70% of the net distributable 武汉夜网论坛net profit at the end of the period.

Elephant Road Logistics boosted profits.

The company merged its subsidiary Xiangdao Logistics at the end of May last year. In the first half of this year, Xiangdao Logistics achieved zero profit.

9.5 billion yuan, becoming the company’s new profit growth point.

During the reporting period, the shipment volume of Xiangdao Logistics exceeded the 290 target and the arrival volume exceeded the 160 target. Among them, the railway container shipments and arrivals at Sanmenxia Station and Xianyang Station’s coal delivery accounted for more than 50% of the local business volume.

The service system of the entire agricultural industry chain has been continuously improved.

The company continues to integrate railway, highway, and port transportation resources, and consolidates the logistics system of Beiliang South Transport.

By focusing on large-scale aquaculture and feed enterprises in the Yangtze River Delta, the Pearl River Delta and other places, the company supplied nearly 390 tons of raw grain in the first half of the year, an increase of about 60% each year. At the same time, it continued to optimize the inventory structure and manage the state reserve grain inventory of about 1,050 tons, at least maintaining stability.

Investment suggestion: Through networked logistics service system covering the whole country and connecting overseas, Xiamen Xiangyu builds an integrated service provider of “supply chain + logistics” with good growth.

With the recovery of the company’s non-ROE and stable operation, we expect the company’s net profit in 19-2武汉夜网论坛 1 to be 16.

6/20.

9/25.

1 ppm, target price of 5 yuan, corresponding to the current P / E ratio of 8/6/5, maintaining the “overweight” level.

Risk reminders: 1) macroeconomic risks; 2) industry competition risks; 3) operational management risks.

Shuangchuang Electronics (600990): The radar and smart industry business with better-than-expected performance seeks to continue rapid growth

Shuangchuang Electronics (600990): The radar and smart industry business with better-than-expected performance seeks to continue rapid growth

Event: The company released its 2018 annual report.

In 2018, operating income was 52.

46 ppm, a 10-year increase3.

75%, achieving net profit attributable to mother 2.

570,000 yuan, an increase of 27 in ten years.

82%.

The growth rate of profit far exceeded the growth rate of revenue, and profitability increased.

(1) The report initially realized operating income52.

46 ppm, an increase of 1 over the same period last year.

90 ppm, a ten-year increase3.

75%: Revenue from military and civilian radar products increased, 成都桑拿网 and product sales in the field of food equipment increased rapidly, with growth rates of 28 respectively.

67% and 1359.

62% of total budgeted business contribution 6.

61 trillion revenue increase.

(2) The report initially achieved net profit attributable to the mother.

570,000 yuan, an increase of 27 in ten years.

The profit growth rate is 82%, which is much higher than the revenue growth rate. The main reasons are: due to the decrease in operating costs, the gross profit of public safety products and power products rose, and the report caused the company’s gross profit and net profit to be 14 respectively.

95% and 4.

99%, an increase of 1.
.

34pct and 0.

93pct; long-term non-recurring gains and losses from budget reports increased by 0.

US $ 8.5 billion, mainly due to the disposal of land in the old district by the subsidiary Bowei Changan, as well as the collection of land disposal funds and subsidies for retreating from the city.

Military and civilian radar and smart industries are expected to maintain growth, optimistic about the company’s performance in 2019.

According to the report, the Bowei Industrial Park was officially put into use and completed the solidification, and the fixed assets increased by 37 at the end of the period.

84% will effectively improve the company’s equipment manufacturing and delivery capabilities.

A number of radar products such as weather radar, cloud detection radar, and air traffic control radar have made breakthroughs. Smart industries such as public safety, smart agriculture, and smart equipment continue to maintain market advantages, and the stock of goods increased during the reporting period.

60%, benefiting from the increase in food informatization business and radar business orders, the advance receipts increase by 53 per year.

70%, indicating that the company has too many orders in hand, which is the basis for potential companies’ steady growth in 2019.

The only capital operation platforms of CLP Bowei are expected to benefit from the injection of high-quality assets.

At the end of 2017, China Electronics Technology Corporation set up Bowei Sub-Group on the basis of 8, 16, 38 and 43, becoming the company’s listing platform for CPIC Bowei Capital to operate.

The eight, 16, 38, and 43 businesses have conflicting synergies. Based on the business resources of the research institutes, CLP Bowei has promoted the business integration and asset securitization of the research institutes.

As the only capital operation platform of CLP Power, the company will benefit from the injection of high-quality assets.

Profit forecast and investment suggestions: The company’s revenue is expected to be 59-20 in 2019-2021.

52/67.

89/78.

22 trillion, the current expected corresponding PE is 28/24/21 times, respectively, given a “buy” rating.

Risk warning: orders in the downstream market are lower than expected; asset injection is lower than expected.

Zhongxin Tourism (002707): Optimizing the business model of first-class tourism retail projects with China Free Trade Group will be optimized

Zhongxin Tourism (002707): Optimizing the business model of first-class tourism retail projects with China Free Trade Group will be optimized

Company status On February 25, the company announced a long-term strategic cooperation agreement with China Exemption Group to jointly develop the “tourism + shopping” business inside and outside the country and especially along the “Belt and Road” countries and regions.

Comment on strategic cooperation: The company’s cooperation target is the global tourism retail leader with a leading scale (ranked fourth in the world in 2018 and ranked first in the country) and rich brand resources (have established long-term relationships with more than 1,000 well-known brands worldwide).Cooperation), has rich experience in operating airports, outlying islands and duty-free shops in the city, and provides tourism retail services for nearly 200 million domestic and foreign tourists each year.

Initially, China Exemption has accelerated its overseas distribution. Currently,淡水桑拿网 three duty-free shops in the city have been established in Cambodia. The tobacco and alcohol label section of the Hong Kong Airport Duty-Free Shop and the duty-free shop in Hong Kong have also been opened.Opened a duty-free shop in Macau.

The business model will be optimized: 1) The company is a leader in outbound travel, but due to competition from OTAs and the popularity of overseas self-help travel, the profitability of outbound travel is weak.

The business model of tourism retail, especially tax-free business, clearly complements the travel agency business.

2) We expect that the company will mainly cooperate with China Free Trade Center overseas, using Zhongxin’s resource advantages accumulated in overseas tourism to help China Free Trade Center find tourist retail business locations, and conduct tourist diversion.

The global tourism retail market is large and growing.

1) AiMedia.com data shows that the global tax-free and tourism retail scale reached USD 84.2 billion in 2018, and is expected to reach USD 97.7 billion in 2020, with a compound annual growth rate of 8%.

9% is a large market with growth.

2) According to data from the Ministry of Commerce, Chinese citizens spent US $ 277 billion on overseas tourism in 2018, ranking first in the world.

The important goal of the China Immunity Group is to attract consumption to return, and Zhongxin Tourism tries to share the dividends of the prosperity and development of the tourism retail market through cooperation with China Immunity.

At present, the spread risk of the epidemic situation in overseas markets has improved. The number of infected people in popular tourist destinations such as Japan, South Korea, and Italy has continued to rise.

However, we believe that the impact of this epidemic at home and abroad is one-time. In the long run, we are optimistic about the business model change that the company’s first cooperation will bring.

It is recommended that we do not adjust our profit forecast for the time being because the specific cooperation is not yet clear.

Maintain 2019/2020/2021 EPS forecast of 0.

13/0.

18/0.

30 yuan.

Maintain Neutral rating.

As this cooperation may bring about a change in the company’s business model, we raise the company’s target price by 10% to 6.

60 yuan, corresponding to 2.

3 times the 2020e P / B, which is 15% higher than the previous one.

It currently supports 2019 / 2020e 2.

1x / 2.

0x P / B.

The progress of the risk strategic cooperation project did not meet expectations; the outbreak affected the outbound tourism more than expected.

China Micro Corporation (688012) in-depth research report: Semiconductor equipment domestication is being built in China-Ram Research-

China Micro Corporation (688012) in-depth research report: The localization of semiconductor equipment is making the Chinese version of “Lam Research”

China Micro’s core product etching / MOCVD equipment is the core equipment of semiconductor manufacturing.

The company is leading the industry in terms of technical level and product cost performance, and its product competitiveness is stable in China

1.

In the future, it is expected to become the world’s leading developer of domestic semiconductor equipment.

Main point of view: MOCVD equipment: “Technical advantage + price war” to reduce the dimension to hit international manufacturers, in the future benefit from a domestic ownership of a dominant and LED technology upgrade.

Although LED equipment is in a downward cycle, considering China’s absolute market share in LED, the demand for new technology upgrades and strong policy support, MOCVD will maintain a healthy growth trend in the next three years.

MOCVD equipment revenue is expected to be 13 in 2019-2021.

06 ppm / 17.

7.5 billion / 29.

19 ‰, the ten-year average is 57% / 36% / 64%, and the gross profit margin is 26% / 24% / 23%.

Etching equipment: speed up domestic production and repeat the strategy of MOCVD, with a compound growth rate of 61% in the next three years.

The company’s etching equipment business can replicate the advantages of MOCVD equipment, which will change the Chinese market expansion in the future, and the trend of strong import substitution demand will grow rapidly in 3 years. From 2019 to 2021, the company’s etching equipment revenue9.

59 ppm / 16.

22 ppm / 28.

22 ppm, with a ten-year average of 70% / 69% / 74%.

The gross profit margin is 43% / 38% / 35%.

Profit forecast and estimation.

We expect the company’s operating income to be 26 in 2019-2021.

5.7 billion / 39.

8.4 billion / 67.

320,000 yuan, net profit attributable to the mother is 1.

45 ppm / 2.

18 ppm / 3.

410,000 yuan; the corresponding EPS is divided into 0.

27 yuan / 0.

41 yuan / 0.

64 yuan; with reference to the Northern Huachuang estimate, the company’s P / S estimate can be given 10-11 times the interval.

Reasonable market value of 265.

70-292.南宁桑拿

2.7 billion.

The short-term estimate is high. It is recommended that the system risk and the impact caused by the lifting of the ban be selected and configured.

In the long run, China Micro’s core motivation is to break through research and development based on a global perspective. The “price war” under technological breakthroughs quickly occupied the market and realized the integration of the global industry chain of national will.

In the wave of self-made equipment called in the Chinese semiconductor trillion market, if China Microelectronics Co., Ltd. can continue the experience of MOCVD and etching equipment breakthrough, gold growth will be in the next 10 years.

If the compound growth rate of 30% can be achieved in the future, the revenue of China Micro will be close to 34.1 billion yuan and the market value will 武汉夜生活网 reach 100 billion yuan in ten years. The Chinese version of the “Lam Research” is already on the line.

Risk warning: market demand is not as expected, industry competition is intensified, systemic risks, etc.

Rongsheng Development (002146): Beijing’s Leading Group Enters the 100 Billion Camp with Future Certainty

Rongsheng Development (002146): Beijing’s Leading Group Enters the 100 Billion Camp with Future Certainty
Report Summary: The company announced its 2018 annual report and achieved total operating income of 563.68 ppm, an increase of 45 in ten years.64%; net profit attributable to mother is 75.65 ppm, an increase of 31 in ten years.31%; gross margin 31.46%, an increase of 1 from 2017.96 points, net profit attributable to mother 13.42%, a decrease of 1 from 2017.46 points. Sales exceeded 100 billion yuan, and operating cash continued to be delivered.In 2018, the company achieved sales of 1015.60,000 yuan, an increase of 49 in ten years.5%, exceeded the 100 billion mark for the first time, exceeding the company’s sales target; the average sales price was about 1.30,000 yuan / square meter, a slight decrease from 2017.The highest company achieved a return rate of over 深圳桑拿网 80%, and realized a total return amount of US $ 81.5 billion, driving a net inflow of operating cash flow of US $ 17.5 billion, a positive and exceeding 670% increase for two consecutive years. In 2019, the company plans to start a new construction area of 954.310,000 square meters, the actual area started in 2018 increased by 55.920 thousand square meters; the planned contract amount is 1120 ppm, an increase of about 10% a year. Invest cautiously, and the net debt ratio has dropped significantly.Initially, the company replenished the construction area of soil storage by 7.61 million square meters, and added 77% of the land storage construction area to the sales area, maintaining a prudent investment attitude. The company has 36.13 million square meters of soil storage in hand, which can meet the development needs in the next three years.Affected by the strength of the investment and the financing environment, the company’s total financing balance at the end of 2018 was about 45 billion, a decrease of about 2 billion from 2017; the net debt ratio was 123 at the end of 2017.75% dropped to 87.86%; net cash flow from financing activities replaced 96.5.4 billion.In 2019, the company will actively use the financing functions of various channels and plan to increase credit financing by 611.430,000 yuan, land investment will also increase efforts, plans to increase soil storage 1672.510,000 square meters. Undervalued, high dividends, ample value to be carried forward.In 2018, the company plans to violate dividend 0.45 yuan, with a dividend payout ratio of 26%. According to the closing price on April 2, the dividend yield is converted into 3.9%.The company estimates that it is still at an absolute low level among the key housing companies we track, considering that the company can cover 1.7 times the real estate revenue in advance accounts and the planned completion area of about 8.6 million square meters in 2019, the future performance is certain. Maintain the company’s BUY rating. It is estimated that the EPS in 2019, 20 and 21 will be 2 respectively.17, 2.58,3.00 yuan, the corresponding PE is 5 respectively.3, 4.5, 3.9 times; risk warning: the market in the Beijing area exceeds expectations, and the company’s financing scale is less than expected