[How to cut carrot shreds]_Red carrot shreds_How to cut_cut method

銆愮孩钀濆崪涓濇€庝箞鍒囥€慱绾㈣悵鍗滀笣_濡備綍鍒嘷鍒囨硶
绾㈣悵鍗滃彲浠ュ埗浣滃嚭鍚勭鍚勬牱缇庡懗鐨勯鐗╋紝鍦ㄥ闀跨兢钀ュ吇浠峰€间篃姣旇緝澶氾紝鎵€浠You are in the middle of the world, you are in the middle of the world, you are in the middle of the world, you are in a hurry, you are in a hurry垏娉曚粙缁嶏紝鍙互鏍规嵁鑷繁鐨勭児楗渶姹傞€夋嫨銆?What are you doing? What are you talking about?1 銆 厛 鎛 婶 婅 婀 咀 哆 哆 娓 哮 咂 回 難 団 囒 囨 団 囧 咧 庖 庸 姍 倍 咍 對 對 駖 雲 駅 駅 咢 駅 咅 駅 咅 駅 姾 姾 姾 雲雲 駖ュ 垏 閅 氅 简 銆?銆佸垁瑕侀€夋嫨閿嬪埄鐨勮彍鍒€锛岃交閲嶉€傚疁锛屼互鑷繁鎷垮湪鎵嬩笂杩愮敤鑷涓哄師鍒欙紝閲嶄簡浼氭墜閰革紝杞讳簡鍒欏垏璧锋潵涔熷緢璐瑰姏銆傚垁瑕佹瘮杈冭杽鐨勯偅绉嶏紝鏈€濂戒笂涓嬬殑鍘氬害鐩稿樊涓嶅鐨勯偅绉嶃€?What’s the difference? What’s the difference? What’s the difference? What’s the difference? What’s the difference? What’s the difference?Do you want to go to the top of the page?銆佹妸鑳¤悵鍗滀竴闈㈠垏鎺変竴灏忕墖锛岀劧鍚庢妸鑳¤悵鍗滃€掓斁涓€鍒囨澘涓婏紝杩欐牱鑳¤悵鍗滀笉浼氭粴鏉ユ粴鍘诲垏鐗囨洿鍔犳柟渚裤€?銆 丸 璢 鑅 逅 鍗 滃 鎴 愯 杯 雗 囷 直 雡 雸 雛 雧 雧 駰 駏 駋 離 雸 雧 駆 雧 雧 雧 雧 雸 雧 雧 雸 雧 雧 雸 雧 雧 雧 集It ‘s hard to find the best way to do it. If you ‘re in trouble, you ‘ll be able to see if you ca n’t do it. You ca n’t do it at all.嶈鎵撲贡浜嗐€?銆 丸 獒 囒 囒 囄 囮 囮 园 咭 哆 囗 囧 囪 妗 姗 哺 厺 雰 雰 雰 珰 囤 囤 囧 囤 姾 専 専 尾 尾 尾 尾 尾 尾 尾 傾銆?宸︽墜鍘嬩綇鑳¤悵鍗滅墖锛屽彸鎵嬫嬁鍒€灏嗚儭钀濆崪鍒囨垚涓濄€?What are you talking about?棣栧厛鏄垏鐗囷紝鍏堝皢鑳¤悵鍗滄枩鐫€鍒囩墖锛屽敖閲忓垏钖勭偣锛屽啀灏嗚儭钀濆崪鐗囨枩鐫€鍒囨垚涓? What are you saying?鐢ㄤ笓闂ㄧ殑鎿︿笣宸ュ叿鈥斺€旀摝涓濇澘鐩存帴鎿?灏嗚儭钀濆崪鐨勫鐨幓鎺夊悗锛屽彲浠ュ乏鎵嬫姄浣忚儭钀濆崪锛屽彸鎵嬫嬁鐫€灏忕摐鍒紝鏈濊儭钀濆崪鐨勫叾涓竴绔紑濮嬪埁;褰撶劧锛屼篃鍙互灏嗚儭钀濆崪鍒囩墖涔嬪悗鍐嶅埁銆傝儭钀濆崪鐗囨渶濂介暱鐐Silicon, silicon, aluminum, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, nitrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, nitrogen, nitrogen, hydrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, hydrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, nitrogen, hydrogen, carbon dioxide, carbon dioxide, carbon dioxide, carbon dioxide, carbon dioxide, carbon dioxide, and carbon dioxide.

[Can beef and potatoes be eaten together?】 _Potato_to eat

銆 愮 坛 勊 鋰 獻 眴 紳 雳 獴 Bifeng 撆 撖 楋 纻 銆 慱 椹  搩 钖 璏 咖 屽 悆
鍦熻眴浣滀负鏃ュ父鐢熸椿涓瘮杈冨父瑙佺殑椋熺墿锛屽悆娉曞崄鍒嗕赴瀵岋紝鎵€浠ユ垜浠粡甯稿湪椁愭涓婄湅鍒板畠鐨勮韩褰憋紝鑰岀墰鑲変篃鏄竴绉嶉潪甯告湁钀ュ吇鐨勮倝椋燂紝鑴傝偑鍚噺涔熶笉楂橈紝鎵€浠ヨ寰堝鍑忚偉鐨勪汉缇ゅ枩鐖便€傚緢澶氭椂鍊欙紝鎴戜滑鍚冪墰鑲夌殑鏃跺€欎細鍔犲叆涓€鐐瑰湡璞嗘潵绾㈢儳锛岄偅涔堬紝绌剁珶鐗涜倝鍜屽湡璞嗚兘涓嶈兘鏀惧湪涓€璧峰悆鍛?銆 乺 圗 帗 嵲 帲 僲 場 場 准 逆 璜 逜 璜  瘜 钖  泲 鏏 銆 川 銆 佽 倢 姘 ㄩ 吆 銆 俺 Huai 鐺 熤 熽 熤 熤 熤 熤 熤 熤 冤 熤 熤銆佽倝姣掔⒈銆佸凹鍏嬮吀銆佷簹娌归吀浠ュ強閽俱€侀攲銆侀晛銆侀搧銆侀挔绛夊厓绱?鍦熻眴涓瘜鍚⒊姘村寲鍚堢墿銆佹穩绮夈€佽儭钀濆崪绱犮€佺淮鐢熺礌C銆佸彾閰搞€侀捑銆佺7銆侀晛銆侀挋绛夊厓绱狅紝杩欎袱鑰呴鐗╂垚鍒嗕笉鐩稿厠锛屽彲浠ヤ竴璧烽鐢ㄣ€?鐗涜倝鍜屽湡璞嗕竴璧峰悆鐨勫ソ澶勮ˉ鍏呰惀鍏荤墰鑲変腑鍚湁鐨勮惀鍏绘垚鍒嗕笌鍦熻眴涓殑鏄笉涓€鏍风殑锛岀墰鑲夊拰鍦熻眴閮芥槸钀ュ吇涓板瘜鐨勯鐗╋紝鍦ㄤ竴璧烽鐢ㄤ簡鍙互寰堝ソ鐨勪负浜轰綋琛ュ厖钀ュ吇銆傚寮哄厤鐤姏鐗涜倝鍜屽湡璞嗕腑閮藉惈鏈夎泲鐧借川锛岃泲鐧借川鍙互甯姪鎻愰珮浜轰綋鐨勫厤鐤姏锛岃€屼笖鐗涜倝涓惈鏈夌殑缁寸敓绱燘6杩樺彲浠ヤ績杩涜泲鐧借川鐨勬柊闄堜唬璋紝浠庤€屽寮轰汉浣撳厤鐤姏銆傜泭姘斿吇鑳冩寜鐓т腑鍖荤殑璇存硶锛岀墰鑲夋湁琛ヤ腑鐩婃皵銆佹粙鍏昏劸鑳冪殑浣滅敤锛屽鑴捐儍鍔熻兘姣旇緝宸垨鑰呮槸姘旇涓嶈冻鐨勪汉鏉ヨ锛屾槸寰堝ソ鐨勬粙琛ュ搧锛岃€屼笖鍦眻 眴 賴 貼 鍋 鍋 揇 敇 Adopted: 銼 獃 鍏 鍏 風 湁 鲸 卸 卜 岃 倃 銆 乺 泭 姇 暇 皟 璟  殑 殤 擤 銆 EffectivenessInsects in the altar, in the altar, in the altar, in the altar, in the past, in the past, in the past, in the past, in the past, in the past, in the past, in the past, in the past, in the past, in the past, in the past.笖鍦熻眴涓殑娣€绮夊彲浠ュ寮轰汉浣撶殑楗辫吂鎰燂紝涓嶅鏄撹浜鸿倸瀛愰タ锛屼粠鑰屽噺灏戝叾浠栭鐗╃殑鎽勫叆锛屽姞涓婂湡璞嗗惈鏈夌殑鑶抽绾ょ淮鑳戒績杩涜偁鑳冪殑锠曞姩锛屽彲浠ュ皢浣撳唴鐨勫簾鐗╂帓鍑恒€?

[Difference between Dragonfish and Basa Fish]_Bull tongue_Different points

銆愰緳鍒╅奔鍜屽反娌欓奔鐨勫尯鍒€慱鐗涜垖澶確涓嶅悓鐐?
It ‘s very difficult to keep up with it. It ‘s very difficult to keep up with it. It ‘s very difficult to keep up and down.惀鍏诲笀浠紑濮嬫帹鑽愬ぇ瀹堕鐢ㄩ奔绫汇€傛繁娴烽奔绫诲瘜鍚ぇ閲忚泲鐧借川鍜屽浜鸿剳鏈夌泭鐨凞HA鍜孍PA锛屾洿鏄彈鍒板濡堜滑鐨勫枩鐖便€備絾鏄潰瀵逛笉鍚岀殑楸肩被锛岄€夋嫨涔熶細鍑虹幇鍥伴毦銆備粖澶╂垜浠氨鏉ユ暀澶у濡備綍杈ㄥ埆榫欏埄楸煎拰宸存矙楸笺€傛垜浠彲浠ュ湪瀹朵箰绂忕瓑澶у瀷瓒呭競鐨勫喎鍐诲尯鎵惧埌榫欏埄楸硷紝鏍囨敞涓烘捣楸硷紝浜у湴鍒欐槸涓浗闈掑矝鎴栬垷灞便€傚畠鐨勫瑙傜湅涓婂幓灏辨槸娣$矇鑹茬殑澶ч奔鐗囷紝浠锋牸涔熶笉璐点€傚湪鈥滀环寤夌墿缇庘€濈殑璇辨儜涓嬶紝涓诲Long, thin, smooth, thin, thin, thin, thick, thin, thick, thin, thick, thin, smooth, thin, smooth镶夎川涔熶笉閿欙紝灏ゅ叾鏄病鏈夊埡锛屽緢閫傚悎瀹濆疂鍚冦€傝€屼笖瀹冪殑鍋氭硶绠€鍗曪紝鍙灏嗗叾鍒囨垚灏忓潡锛屾瘡娆″悆鏃舵嬁鍑轰竴灏忓潡钂镐竴涓嬪氨鏄竴閬撯€滅編鍛斥€濓紝鐪佷簨鍙堚€滃仴搴封€濄€傚啀鍔犱笂鍐掔墝槌曢奔鍑轰簡浜嬪効锛屽ぇ瑗挎磱鐪熼硶瑕?00 Chán nn Dunhunbiancun Ou wa Rensuigaoshen broken Shen bone Mincejuanbi Renjianqingxi Fengzihaoruo Zihaohongzhuo Roubanlinlang Ganggelianjian Renlu Zengjinaosui Goujuanzuichu銆傞偅涔堬紝榫欏埄楸煎埌搴曟槸浠€涔堥奔鍛?Do you want to forge a fan?Sorrowful and sullen?鍦ㄨ秴甯備拱鐨勯緳鍒╅奔鐗囨湁浠€涔堥棶棰樺悧?The lazy ring chain is frying and forging?浜嬪疄涓婏紝鎴戜滑鐜板湪瓒呭競鍗栫殑榫欏埄楸肩墖鏄秺鍗楀吇娈栫殑涓€绉嶅悕涓簆anga鐨勬贰姘撮奔鐨勯奔鐗囥€傚反娌欓奔濡傛灉鍋氭垚楸兼帓銆侀奔鏌筹紝涓€鑸汉鏍规湰鐪嬩笉鍑烘潵鏄粈涔堥奔锛岃€屼笖鍋氱啛浜嗕箣鍚庝篃娌℃湁鏄庢樉鐨勮叆鍛筹紝鍥犳瀹冨父甯歌涓嶈壇鍟嗗鍐掑厖榫欏埄楸笺€侀卜楸笺€侀硶楸肩瓑娴烽奔鍑哄敭銆?.榫欏埄楸兼槸娴烽奔锛岃€屼笖鏄垜鍥芥瘮杈冨父瑙佺殑涓€绉嶏紝璺熸瘮鐩奔鍙戣偛杩囩▼绫讳技锛岄兘鏈変釜鍙樻€佸彂鑲茶繃绋嬶紝骞间粩璺熷叾浠栭奔绫绘病鍖哄埆锛屼絾鎱㈡參灏扁€滃彛榧绘鏂溾€濓紝娓愭笎鐨勫氨娼滀紡鍦ㄥ簳灞傛椿鍔ㄤ簡锛屾湁浜涘湴鏂逛篃鍙墰鑸屽ご2。It ‘s a day, and it ‘s still a bit cold, and it ‘s going to be so cold, it ‘s so good, it ‘s so good, it ‘s so good, it ‘s so good.涓ょ锛屼竴绉嶅甫鐨紝涓€绉嶄笉甯︾毊锛屼箣鎵€浠ヨ鍐掑厖榫欏埄楸硷紝绗竴鏄洜涓烘病鏈夊父瑙佹贰姘撮奔鐨勬渤娉ヨ叆鍛筹紝绗簩锛屼究瀹滐紝绗笁锛岃窡榫欏埄楸间竴鏍凤紝涔呯叜涓嶈€?.钀ュ吇浠峰€硷紝娴烽奔閫氬父涓嶉ケ鍜岃剛鑲吀瑕佹洿澶氾紝鑰屼笖鎴戝悆杩囩殑甯︾毊宸存矙楸肩毊涓嬫湁寰堝帤涓€灞傝剛鑲紝甯告俯涔熸槸鐧借壊锛屾垜鍙互鑲畾閲岄潰鏈夊緢澶氶ケ鍜岃剛鑲紝鍥犱负涓嶉ケ鍜岃剛鑲綆娓╀篃涓嶄細鍑濈粨锛岃繖涔熸槸涓轰粈涔堥€氬父宸存矙楸间細鍘荤毊鍐嶅崠锛岀幇鍦ㄤ汉璋佽浜嗚繖涓€鍧ㄨ剛鑲篃娌¤儍鍙d簡4.Chen Cun’s view of the Chinese people’s philanthropy, and the simple tenon and mortar, the shoulders and the shoulders, the effect is better. The chain of chains: The chain of chains: What are you reading?

[Effect of Panax notoginseng liqueur]_Tianqi wolfberry soak_Effect

[Effect of Panax notoginseng liqueur]_Tianqi wolfberry soak_Effect

Panax notoginseng takes sparkling wine, which is a relatively healthy health wine. Its nutritional effect is very good. It is said to have the effect of treating hypertension, the effect of alleviating aging, and it also has a certain effect on tumors.Promote the health of the heart and brain blood vessels. Of course, when drinking Sanqi wolfberry sparkling wine, you should also understand some precautions. You can drink too much.

First: The medicine wine obtained after the treatment of hypertension Sanqi bubble wine is very suitable for some hypertensive patients. This is because Sanqi wine can dilate blood vessels well after entering the body, which can reduce blood pressure.There is also a certain improvement in circulation.

Second: Promote the health of the heart and brain tissue. After Sanqi wine can enhance the blood flow in the body after entering the body, it has a good effect on a variety of heart and brain diseases, especially the effect of preventing and supplementing hypoxia is very good.

In normal life, taking an appropriate amount of Sanqi liquor can promote good health.

Third: Promote physical development If the developing child takes an appropriate amount of Sanqi liquor, it can effectively promote the child’s physical development, especially the body height.

This is because after the panax notoginseng wine enters the body, it can promote the synthesis of proteins and DNA in the body. These substances are all nutrients necessary for the normal development of the body, so taking panax notoginseng wine can enter the body to develop rapidly.

Fourth: The efficacy of tumor Sanqi bubble wine also includes tumors. Cancer is an important paper in the medical field. Taking Sanqi wine can improve the body’s resistance very well. It has good effects on some tumors and cancer.

Fifth: Sedative scientists performed experiments with Panax notoginseng on mice, and found that Panax notoginseng ginsenoside Rb1 contained in Panax notoginseng can reduce exercise, promote quietness in mice, and effectively prolong sleep time.

Therefore, the notoginseng ginsenoside Rb1 contained in notoginseng liquor can inhibit the central transmission very obviously.

Sixth: Delay the aging Continuous use of Panax notoginseng for one month can correct the obvious effect of delaying aging, effectively enhance the serum in the body and the fire of brain tissue cells, and it is good for some substances that damage the health of the heart, liver and brainInhibitory effect.

Therefore, in normal life, you can take Sanqi wine in an appropriate amount and continuously, which can force a very good effect of delaying aging.

Seventh: enhance the body’s immunity The use of Sanqi liquor can promote the spleen detoxification strands to return to normal conditions, and at the same time can only go to the density of cells, fundamentally solve the problem and enhance the body’s immunity.

Panax notoginseng contains substances such as polysaccharides of notoginseng, so taking notoginseng liquor can improve the body’s immunity.

Eighth: Enhancing Memory The intake of Sanqi liquor can also enhance memory, and at the same time effectively improve the condition of physical memory consolidation and impair the physical memory.

However, if you want to get better memory, you must take moderate amount of Sanqijiu at all times.

[Can babies eat hawthorn]_Recommended diet

[Can babies eat hawthorn]_Recommended diet

Hawthorn contains a variety of organic acids, which can stimulate the secretion of gastric juice, which can help food digestion, and has a good effect of strengthening the stomach and digesting food. Baby babies eat some hawthorn properly at the young age, which can help children digest, and can also promote children’sAppetite, let ‘s take a look at this aspect.

Babies can eat hawthorn, but not too much. Properly eating some can promote appetite and help digestion, but if you eat too much, it will easily lead to impaired gastrointestinal health, cause hyperacidity, and cause gastrointestinal disorders.There are many more acidic substances, which will cause great damage to the developing teeth and even cause dental caries.

The nutritional value of hawthorn is very high. Properly eating some can improve the body’s immunity level. It can strengthen the physique for the baby. In addition, sometimes the baby has a poor appetite. At this time, proper eating can promote appetite and prevent diarrhea and bloating.Efficacy of symptoms.

Do not eat too much of any ingredients. Proper eating is good. Too much consumption will easily cause some negative effects, such as hawthorn. If you eat too much, it will easily damage your baby’s teeth!

The baby’s teeth are in the developmental stage, especially in the period of changing the teeth. If you eat too much hawthorn, it will cause the enamel on the tooth surface to cause corrosion and cause dental caries.

The above simple understanding of the baby can eat hawthorn?

Babies can eat hawthorn. Eating some properly has a good effect on the body. The organic acids in the mountain can stimulate the baby’s appetite and help the baby’s stomach digestion. Of course, you cannot eat too much.Consumption, on the contrary, will cause adverse conditions for gastrointestinal conditioning, and also easily lead to the symptoms of dental caries.

Depth-Company-TCL Group (000100): To be renamed TCL Technology, committed to creating a leading technology company

Depth * Company * TCL Group (000100): To be renamed TCL Technology, committed to creating a leading technology company

Company announcement: It is proposed to change the name to “TCL Technology Group Co., Ltd.”, the corresponding English name to “TCL Technology Group Corporation”, the stock short name to “TCL Technology” and the English short name to “TCL TECH.

“.

  The main point of the support level is called “TCL Technology”, focusing on the 深圳桑拿网 technology industry.

The company’s original business covers terminals and ancillary services such as televisions, mobile phones, home appliances, semiconductor display devices and materials, industrial finance and investment venture capital.

  At the beginning of 2019, the company completed a major asset reorganization, replacing terminals and supporting businesses, focusing on semiconductor display technology and materials business, retaining industrial finance and investment businesses to support and empower the development of the main business.

With the rapid development of 5G, Internet of Things, artificial intelligence + cloud and other technologies, technology is promoting and deepening the transformation and remodeling in economic, social, cultural, ecological and other fields. The company will focus on high-end technology industries and continue to promote semiconductor displays and materials.The initial extension and horizontal integration of the industrial chain.

  The name change shows that the company is committed to becoming a global leader in strategic positioning of technology companies.

TCL Huaxing’s various panel projects are progressing smoothly.

Subsidiary TCL Huaxing focuses on the display panel industry. In 2019, Huaxing’s t1 and t2 are fully sold out, t3 is expanded, t6 is ramped up in mass production, and t4 is put into production, and the scale advantage is further enhanced.

With the newly introduced two G11 high-generation lines put into production, the area composite strength of TCL Huaxing in the next 5 years will reach 18%.

AMOLED products have also been transformed into mass production, which has been transformed into successive production and mass production of t6, t4 and t7 production lines, and Huaxing’s efficiency and scale advantages have been further enhanced.

In addition, TCL Huaxing replaced the mini LED technology on TFT and 8K to focus on large-sized LCD high-end products, and actively deployed printed OLED technology research and development and commercial applications.

Panel prices bottomed out, and profitability will welcome improvement.

Affected by the imbalance between supply and demand, panel prices began to enter the downward channel from the second half of 2017.

In this downward cycle, South Korean panel makers Samsung and LGD have gradually shut down or switched to some LCD production lines.

With the shift in LCD production capacity of Korean factories and the increase in demand for 85-inch TV panels, the supply and demand layout of LCD production capacity has improved.

At present, LCD panel prices have stopped falling and rebounding.

With the rebound of panel prices, the company’s profitability will usher in improvement.

  Estimated expected company 2019?
The EPS in 2021 is 0.

30, 0.

32, 0.

35 yuan, the current expected corresponding PE is 16X, 15X, 14X.

Considering the company’s leading position in the field of semiconductor display, maintaining the “overweight” level.

  The main risks faced by the rating LCD panel prices continued to fall; the progress of various projects was less than expected.

Tianwei Food (603317): The third quarter growth rate increased significantly than expected channel investment

Tianwei Food (603317): The third quarter growth rate increased significantly than expected channel investment

Event: The company released the third quarter report of 2019, and the first three quarters achieved operating income10.

7.8 billion, an annual increase of 24.

29%; net profit attributable to mothers1.

9.5 billion, an increase of 19 years.

55%, deducting non-attributed net profit1.

6.9 billion, a 10-year growth of 8.

90%.

In the third quarter alone, the company achieved operating income4.

4.8 billion, an increase of 14 in ten years.

77%; net profit attributable to mother is 0.

9.3 billion, an annual increase of 2.

43%, deducting non-attribution net profit 0.

78 ppm, with a ten-year average of 14.

17%, performance was lower than market expectations.

Investment rating and estimation: The company’s growth rate in the third quarter will be a quarter-on-quarter ratio, and the profit forecast will be maintained.

0, 3.

6,4.

3 billion, an increase of 12 each year.

8%, 20.

7%, 18.

9%, corresponding to EPS 0 in 2019-21.

73, 0.

88, 1.

04 yuan, the latest bid corresponding to PE in 2019-21 is 77, 64, 54 times.

The rapid growth of the company in the third quarter was related to the growth of production capacity 夜来香体验网 and the new channel is still in the growth period. At the same time, the company’s substantial increase in channel costs affected short-term performance.

In the long run, the company is in the high-growth advantage segment of the condiment industry, and has a certain first-mover advantage, which is worth continuing to track and maintain the overweight level.

The single-season growth rate of the category was a quarter-on-month increase, and the proportion of the customized meal single-season increase slightly.

In terms of category structure, in the first three quarters, the company’s hotpot base and Sichuan cuisine seasonings achieved revenue4.

85 and 5.

1.3 billion, an increase of 12 each year.

8% vs. 40.

8%, Sichuan cuisine seasoning growth in the first three quarters was mainly driven by fish seasoning series.

In the single quarter, Q3 hot pot base 南宁桑拿 and Sichuan cuisine seasoning have achieved 2 respectively.

32 and 1.

8.9 billion, an annual increase of 7.

8% vs. 26.

5%, Q2 single-quarter growth of 33.

4% vs. 48.0%, Q3 is significant above the ring.

In terms of channels, the customized meals 19Q1 / Q2 / Q3 achieved revenues of 2958/3157 / 74.8 million, respectively, and the revenue share was 9 respectively.

7% / 9.

8% / 10.

0%, a gradual increase from the previous month, indicating that the growth rate of customized meals exceeds the overall level of the company. In the long term, customized meals still have room for transformation and development.

Dealers are still the main channel. As of the end of 19Q3, the company’s total number of cooperative dealers was 1,054, a net increase of 172 from 19H1, an increase of more than 85 from 19Q2, indicating that the channel network is accelerating.The number of dealers increased by 18/37/71, indicating that East China and Central China are the key investment promotion areas outside the company.

Expenses plus a general decline in profitability.

The gross profit margin for the first three quarters was 37.

4%, 10-year average 1.

6pct, single quarter is 35.

5% down 4.

3pct, it is estimated that the company will increase channel support and increase sales.

Q3 single season sales expense ratio 9.

8%, an increase of 3 per year.

6pct, the main reason is that the company will increase market development and channel construction after the company is listed.

0.8 billion, an increase of 22 million from the previous month. It is recommended to pay attention to the change in revenue growth in the fourth quarter.

Net profit in the third quarter was 20.

7% twice a year 2.

5pct, mainly due to increased costs.

Catalysts for continued performance: New products perform better than expected, customized meals increase more than expected

Jinling Mining (000655): Q3 results surge, maintain overweight rating

Jinling Mining (000655): Q3 results surge, maintain “overweight” rating
Company 19Q3 profit 0.90,000 yuan, an increase of 172% in ten years On October 25, 2019, the company released the third quarter report of 2019: the first three quarters of 2019 achieved operating income of 10.200 million (YoY + 31%); net profit attributable to shareholders of the parent company1.7.4 billion (+ 136% year-on-year).Realized operating income in the third quarter4.10,000 yuan (+ 26% YoY, + 29% MoM); net profit attributable to shareholders of the parent company is 0.9 杭州桑拿 billion (YoY + 172%, QoQ + 64%), higher than previous expectations.Based on the resumption of the four major minerals and the judgment of future demand, we maintain the judgment of the Q4 ore price from a month-on-month forecast, and the range of change may be narrowed. Therefore, the company’s profit forecast is raised, and the EPS for 2019-21 is expected to be 0.34, 0.37, 0.40 (previous value is 0.29, 0.37, 0.45 yuan), maintaining the “overweight” level. The profit situation of the company was the same in 19Q3, and the overall increase in the first three quarters of 2019 continued to show strong ore prices. Iron ore Australia’s PB powder (excluding tax) was 637 yuan / ton (YoY + 199 yuan / ton, + 45%).The price reached 711 yuan / ton (YoY + 273 yuan / ton, + 62%; QoQ + 54 yuan / ton, + 8%).2019Q1-Q3, Q3 company gross profit 南宁桑拿 margins were 28.2% (+ 3% YoY).2pct), 30.9% (+ 3% YoY).7pct, QoQ + 3.5pct), with a net interest rate of 17.1% (+7 compared to the same period last year).6pct), 22.0% (+11 compared to the same period last year).6pct, QoQ + 4.5pct).19Q3, company expenses 6 during the period.6% (YoY-8.1pct, QoQ-0.8 pct), which accounted for a relatively high decrease in management expenses, and the Q3 management expense ratio was 6.5% (4% compared to the same period last year.3pct, QoQ-1.2pct). The increase in cash payments from the previous quarter dragged down cash flow 19Q3, and the company’s net operating cash flow was zero.9.7 billion (YoY + 105%, QoQ-45%), accounting for 24% of operating income (YoY + 9pct, QoQ-32pct), mainly due to the company’s purchase of goods, receiving cash payments for labor services increased sequentially.In the first three quarters of 2019, the company receivables, and the proportion of pre-collected items to operating income was 50.3%, 3.6% (YoY-17.5, -1.4pct), payable, prepaid items accounted for 10% of operating costs.6%, 5.2% (YoY-16.3, -3.3pct), the ability to account for downstream funds increased. In 19Q4, the ore price was lower than last month or deducted, and the steel plant replenished the warehouse for a short period of time or raised the ore price.8.5 billion tons; we estimate that in order to achieve the target sales volume, Vale 19Q4 sales volume needs to reach zero.9.6 billion tons, compared with 0 in 19Q1 and 19Q2.68, 0.More than 7.1 billion tons.Therefore, the fourth quarter shipments may be at a high level, overlapping overseas steel demand, and Q4 ore prices may be under pressure.In addition, according to Mysteel, the average inventory of imported sintered ore in the sample steel mills in September was 1601 at the front end and the ring, respectively, +2.8%, -16.6%; the upper limit of the average inventory of 1513 since October, -16% per year, is still lower than the same period of previous years.Near the Spring Festival, if steel mills replenish their warehouses in a concentrated manner, the price of ore will rise in the short term or suddenly. We will continue to be bullish on the price of ore in the next 2 years and maintain the “overweight” rating. In the next 2 years, we are still looking on the average price of iron ore, mainly because iron ore production capacity is still in the contraction stage, while China, Southeast Asia, and India have entered long-term production capacity.Expansion stage.As the price of ore rises or narrows in 19Q4, we have raised the company’s profit forecast and expect the company’s BVPS in 2019-21 to be 4.37/4.74/5.14 (previous value was 4.31/4.68/5.13) Yuan, corresponding to PB 1.25/1.15/1.06 times, comparable company PB (2019E) average 1.81 times, considering that the company’s iron ore reserves are far less than the four major mines, given to the company in January 2019.30-1.40 times PB, target price 5.68-6.11 yuan, maintaining the “overweight” level. Risk warning: the fluctuation of mineral prices will increase; the demand will fall sharply; the production and sales of the company’s products will decline.

Qixin Group (002301): Large office business continued to generate heavy revenue and achieve rapid growth

Qixin Group (002301): Large office business continued to generate heavy revenue and achieve rapid growth
Event: The company released a semi-annual report: in the first half of 2019, it achieved revenue of 26.63 ppm, a 57-year increase of 57.94%; net profit attributable to mother 1.410,000 yuan, an increase of 26 in ten years.43%; net profit after deduction to mother 1.23 ppm, an increase of 50 in ten years.55%.Corresponding to the single quarter revenue of 15.88 ppm, an increase of 60 in ten years.90%; net profit attributable to mother 1.10,000 yuan, an increase 上海夜网论坛 of 24 in ten years.81%; net profit after deduction is 0.880,000 yuan, an increase of 46 in ten years.twenty three%. Opinion: Two-wheel drive of office business + SaaS services, high-speed revenue growth.In terms of quarters, the company achieved revenue of 10 in Q1 / Q2.75/15.880,000 yuan, an annual increase of 53.75% / 60.90%.19Q1 / Q2 achieved net profit attributable to mother 0, respectively.39/1.10,000 yuan, an increase of 30 in ten years.84% / 24.81%.19Q1 / Q2 achieved net profit after deduction of non-return to mother 0.35/0.880,000 yuan, an increase of 62 in ten years.81% / 46.twenty three%.In terms of products, the company’s office supplies / office equipment / Internet SAAS software and services / other businesses achieved revenue 14 respectively.80/9.55/2.09/0.19 trillion, the short-term changes were 71.36% / 55.61% 杭州桑拿网 / 23.17% /-51.79%. The new category is in the incubation period leading to a decline in gross profit margin and a sharp decline in expense ratio.In terms of gross profit margin, the company’s gross profit margin for 19H1 was 16.66%, the previous change was -1.55pct, in terms of industries, the company’s B2B business / Internet SAAS software and services have achieved gross profit margins of 12 respectively.53% / 65.09%, respectively changed to -2.76 / -0.17 points.The supplement category in the B2B business is in a growth period, and there is no scale effect.In terms of expenses: the company’s expenses during the 19H1 period were 10.40%, the previous change was -3.61pct, sales / management / financial expense ratios are 5 respectively.77% / 3.70% / 0.94%, the short-term changes were -1.80 / -1.41 / -0.39 points.Selling expenses: The company improved its logistics and warehousing supporting service capabilities, and the selling expenses ratio decreased significantly.In 2018, transportation costs increased by only 10.33% to 24.32 million yuan, reducing market fees by zero.16% to 16.02 million yuan. Earnings forecast and estimation: EPS are expected to be 0 in 19-21.49, 0.65, 0.86 yuan, corresponding PE is 23X, 17X, 13X.Maintain “Buy” rating. Risk reminder: customer development is not smooth, office supplies market is sluggish

Sany Heavy Industry Co., Ltd. (600031): The company’s operating level is at its best in history. The post-industrial era is optimistic about the development trend of industry leaders.

Sany Heavy Industry Co., Ltd. (600031): The company’s operating level is at its best in history. The post-industrial era is optimistic about the development trend of industry leaders.

Event: The company released its 2018 annual report, and the company achieved operating income of 558 in 2018.

22 ppm, an increase of 45 in ten years.

61%; net profit attributable to shareholders of listed companies 61.

160,000 yuan, an increase of 192 in ten years.

33%; net cash flow from operating activities 105.

27 ppm, an increase of 22 in ten years.

91%.

As of the end of 2018, the company’s total assets were 737.

7.5 billion, net assets attributable to shareholders of listed companies 314.

8.5 billion.

The company’s rapid growth in performance is mainly reflected in the strong growth in sales of construction machinery products and the company’s continuously improving management capabilities.

1) Guide products to increase global competitiveness and strong sales growth: In 2018, sales revenue of mining machinery was 192.

470,000 yuan, an increase of 40 in ten years.

8%. The domestic market has been the sales champion for eight consecutive years. Based on the company’s leading R & D and innovation capabilities, the company’s excavators have world-class quality and competitiveness; concrete machinery has achieved sales income of 169.

64 ppm, an increase of 34 in ten years.

64%, ranking first in the world.

Lifting machinery sales revenue reached 93.

470,000 yuan, an increase of 78 in ten years.

26%, the market height increased significantly; the sales income of pile machinery 46.

910,000 yuan, an increase of 61 in ten years.

00%, the market share continued to increase and ranked first in China; the average sales price of road machinery and other equipment achieved rapid growth, and the overall market share increased steadily.

2) The company’s operating capacity has been greatly improved and is at the best level in history: in terms of profitability, the company’s overall gross profit margin is 31.

12%, an increase of 1 unit per year; net sales margin is 11.

29%, up 5 per year.

48 units.

In terms of cost control, the period fee subsidy is 15%.

02%, a significant decline of 5 per year.

In 2003, the sales expense ratio, management expense ratio, and financial expense ratio decreased by 2 compared with 2017.

03, 0.

93, 3.

2 per share, interest expenses are reduced by 13 per year.

24%, interest rate income increases by 2 every year.

700 million.

In terms of asset quality, the turnover days of accounts receivable decreased from 174 days in the previous year to 126 days, the overdue amount increased, the overdue ratio of value sales was controlled at the lowest level in history; the inventory turnover ratio was 3 from the previous year.

Raised 87 times to 4.

03 times.

In terms of capital structure, at the end of 2018, the company’s assets and liabilities were reorganized55.

94%, the financial structure is solid. 3) The company’s operating efficiency has improved and its risk control is good: In 2018, cash assets and quasi-cash assets exceeded the size of loans, achieving “positive savings and loans”.

Net cash flow from operating activities 105.

27 ppm, an increase of 22 in ten years.

91%, another record high.

Internationalization is accelerating, the company’s overseas presence and operating quality continue to increase at a high speed. In 2018, the company achieved international sales revenue of 136.

27 ppm, an increase of 17 in ten years.

29%, accelerated growth in the second half of the year, sales of 75.

35 ppm, an increase of 29 in ten years.

49%; the company’s overseas major regions continue to improve the quality of operations, Southeast Asia, Indonesia, Latin America and other eight overseas regions, Sany India, Sany Europe, Sany United States, such average price achieved rapid growth; the average price per capita in overseas marketsThe overall profit, the sales recovery rate, and the change and expansion of the external payment and inventory turnover rate have significantly reduced the sales expense ratio; the overseas market share has increased significantly, among which the overseas market for excavators has achieved rapid growth and the market share has continued to increase significantly.

On March 22, the official WeChat of the China Construction Machinery Industry Association ‘s Excavation Machinery Branch issued a “Reminder Letter on Risks of Improper Competition in the Chinese Excavation Machinery Industry Market”: reminding some manufacturing companies in the industry to blindly pursue market share and formulate business policies.Severe excessive competition, low down payment, zero down payment recurrence, escalating price wars, stigmatization among brands at sales recommendation meetings, and obtaining “rebate” rewards for completing “indicators” and so on.

These radical behaviors have never been the same as the chaos of 2009-2012, and even have a tendency to surpass them. These serious market behaviors will inevitably cause the rapid accumulation of market risks and seriously affect the healthy and sustainable development of the current mining market.

We analyze the company’s recent almost-decreased sales quality and promotion behavior, and the quality of customers and orders has not changed.

As a leader in the industry, after a five-year industry adjustment period, Sany has more meaningful risk control, placing cash flow, corporate liabilities, and inventory levels on business priorities.

Sany’s recent market value exceeded 1000 market value: the deep reason is that China has entered the post-industrialization period. 1) The country’s economy has gradually entered the post-industrialization period. From the perspective of per capita GDP and urbanization rate, it will gradually reach the 20th century by 2020.
1970s level.

2) Post-industrialization: Economic growth has slowed.

Entering the post-industrialization era, the developing countries’ economic growth is the next step. In the future, there is a long plan to promote the maintenance of medium and high speed operation.

3) Post-industrialization period: The industrial concentration in the stock economy has increased, and the profitability of leading manufacturing companies has increased.

Leading manufacturing companies have higher operating efficiency, increased operating costs, better brands and higher market share. Through the continuous expansion of ROE, profitability and stability are significantly improved, and the improvement of ROE will bringBetter stock market performance.

Construction machinery: Sales volume in early 2019 continues to exceed market expectations 1) Sales of construction machinery products continued to exceed expectations in January-February 2019. According to the China Construction Machinery Association, a total of 30,501 excavators were sold in January-February 2019, surpassingIncrease of 39.

9%.

Among them, 11,756 units were sold in January (ten years +10.

0%), February sales of 18,745 units (+68.

(7%) was much larger than expected.

2) According to the prediction model of Zhongtai Excavator, we expect that the sales volume in 2019 is expected to reach more than 210,000 units.

3) Core parts (hydraulic parts) are still in tight supply in 2019.

Downstream: Infrastructure underpins economy, investment growth rebounds, real estate is not pessimistic in 2019 1) Infrastructure investment growth rebounded at the bottom in early 2019.

From January to February 2019, the amount of completed infrastructure investment increased by 4.

3% bottomed out.

The macro economy is weakening, and the demand for infrastructure stability is expected to continue to rise.

Rural revitalization (infrastructure investment) extends the boom period of construction machinery.

2) Downstream real estate investment: In 2018, we initially exceeded expectations, and we do not need to be pessimistic in 2019.

In 2018, the total investment in real estate development nationwide reached 110.083 million yuan, a growth rate of 9 in ten years.

5%, the growth rate of development investment in January-February 2019 will further increase, with an annual increase of 11.
.

6%.

Excavator sales are expected to exceed 210,000 units in 2019, with a small increase each year, setting a new historical high 1) The peak replacement period may gradually disappear in 2020.

According to the prediction model of Zhongtai Excavator, we predict that the sales volume of excavator will reach 21 in 2019-2020.

32, 16.

09 million units.
2) Domestic core parts (hydraulic parts) are expected to continue to be in tight supply in 2019.

Investment suggestion: The company is a leader in China’s construction machinery industry. Excavators have continued to grow, and the concrete sector has clearly recovered.
It is estimated that the net profit in 2019-2020 is expected to exceed the highest peak in history (8.6 billion net profit in 2011)!

The company is expected to have a 天津夜网 net profit of 88 in 2019-2021.

6/106.

9/118.

300 million, PE is 11/9/8 times.

Future prospects are aligned with Caterpillar, a global leader in construction machinery (with a market value of more than 500 billion yuan).

Maintain “Buy” rating.

Risk reminders: Macroeconomic fluctuation risks; gradual industry rebound and ongoing risks; the growth rate of sales of major products gradually exceeds expected risks; infrastructure and real estate exceed expected risks.