The world is full of sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, and sorrows.The wind is furious, and the craftsman is so slick that he is swaying and floating, and he is so hot that he is so hot.甯革紝鎵€浠ュ仛娉曚篃寰堢畝鍗曪紝娉ㄦ剰鐏€欏氨濂姐€? 1.鍚勭鏂欏垏鎴愪竵锛岄浮鑲夋斁鏂欓厭銆佺洂銆佹穩绮夈€佺敓鎶芥媽鍖€鑵?0鍒嗛挓锛岀儹閿呭噳娌癸紝钁便€佸銆佽挏鐗囩吀鐐掑嚭棣欏懗鏀鹃浮涓佺炕鐐掑彉鑹茬洓鍑恒€備笅鑳¤悵鍗滅炕鐐掋€佸啀涓嬬帀绫崇矑锛岄潚妞掋€佹磱钁辩炕鐐掞紝鏈€鍚庡€掑叆楦′竵鐐掔啛锛屾斁鐩愩€侀浮绮捐皟鍛冲嚭閿呫€?2.What is the best way to get it? If you want to use it, what can you do?What is the gong?Gong, sorrow, admiration, sorry, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow侊紝钂滃拰濮滃墎鏈紝鐑攨锛屾妸濮滆挏鏈垎棣欍€傛斁鍏ラ浮涓佺倰鑷?-8鍒嗙啛锛屾斁鍏ョ帀绫崇倰鑷抽浮鑲夌啛閫忥紝鏀惧叆绾㈡鍜岃懕鑺辩倰鍖€锛屾斁鐩愬拰楦＄簿璋冨懗鍗冲彲锛岃繖涓帀绫抽浮涓佸緢娓呮贰锛岀壒鍒€傚悎鑰佷汉鍜屽皬瀛╅鐢ㄣ€? 3.鐢滅帀绫炽€侀浮鑴倝鍒嗗埆娲楀共鍑€澶囩敤銆傛穩绮夊拰娓呮按娣峰悎鎴愭按娣€绮夛紝楦¤劘鑲夊垏鎴愬皬绮掞紝鐢ㄦ按娣€绮夋姄鍖€锛岃厡鍒?0鍒嗛挓銆傞攨閲岀儹娌癸紝鍊掑叆楦′竵缈荤倰鍒伴鑹插彉鐧界珛鍗冲叧鐏紝娌ユ补鐩涘嚭澶囩敤銆傚€掑叆鐢滅帀绫崇炕鐐掞紝鍐嶅姞浜涙竻姘达紝婊氫簡浠ュ悗锛屽姞鐩愬拰绯栵紝鍐嶅€掑叆楦′竵鐑瑰叆鏂欓厭锛岀炕鐐掑潎鍖€鍗冲彲銆? 4.It ‘s a bit of a problem. It ‘s very difficult to find out whether it ‘s a good thing or not. It ‘s a bit of a sorrow.It ‘s very difficult to keep up and down, and it ‘s very difficult to keep up and down, and it ‘s very difficult to keep up.What are you talking about? What are you doing?澶у嫼鐨勮壊鎷夋补銆侀夯娌癸紝鍏堜笅濮滅墖灏忕伀鎱㈡參鐓搁锛屽啀渚濆簭涓嬭懕娈点€佹湞澶╂銆佽姳妞掔矑銆佽挏澶寸垎棣欙紝鍊掑嚭杩囨护鍚庢垚楹昏荆娌瑰鐢紱鐐掗攨鍐呯暀1澶у嫼鑷埗楹昏荆娌癸紝涓嬮浮鑲変竵鐐掑嚭娌硅嚦棣欏悗锛屼笅鐜夌背绮掋€?灏忕鐨勬按鐐掔啛锛屽姞鐩愯皟鍛筹紝鏈€鍚庤捣閿呮拻涓婅懕缁垮嵆鍙€?
[Can the maternal eat mushrooms]_Postpartum_Can I eat
Female friends pay great attention to their diet during pregnancy, because they are afraid of inadvertently eating some food that is bad for the fetus and causing harm to the fetus.
In fact, female friends also need to pay attention to diet after giving birth, because the mother needs to feed the baby, and the nutrition of many foods eaten by the mothers will be brought to the baby through milk.
Can a mother eat mushrooms?
Let me introduce you.
First, can I eat fungi during lactation?
: Wild mountain fungus is rich in monosaccharides, disaccharides and polysaccharides.
German scientists have found that some wild mountain bacteria contain a large amount of glucose, fructose, galactose, mannose, ribose and other aldoses and ketoses. Wild bacteria also contain high molecular polysaccharides that can significantly improve the function of the body’s immune system.
Protein: The protein content of wild mountain is much higher than that of other common vegetables, while avoiding the high feces and high cholesterol danger of animal food.
According to the determination, the protein contained in the fungus accounts for about 30% of the dry weight?
45% is 3% of common vegetables such as Chinese cabbage, white radish, and tomato?
The wild mountain fungus not only has a high protein content, but also has a very complete variety of amino acids that make up the protein, about 17 or 8 species.
In particular, almost all eight amino acids necessary for humans can be found in wild mountain bacteria.
Rich protein provides umami, which is the secret of the delicious taste of wild mountain mushroom.
Vitamins: The nutritional value of edible mushrooms is also because it contains a variety of vitamins, especially synthetic B vitamins and vitamin C, and the fat-soluble vitamin D content is also high.
Trace elements and minerals: excessive content of iron, zinc, copper, selenium, and chromium in wild mountain fungusTrace element loss.
Fungi contain high nutritional value. As lactating mothers, they can eat fungi. They need to be cleaned before eating, and there are many fungal species. You need to make sure that you are not poisonous before picking wild fungi.To eat, use the right method.
Second, the method of edible fungi Edible fungi, as a good food for people to share, are rich in nutrients and delicious.
Studies have found that the polysaccharides of a variety of edible fungi have immunomodulatory effects. Strain polysaccharides are a non-selective immune enhancer, which can enhance the phagocytic function of the reticulo peptide system.The role of the lipid system, etc., enhances and regulates the body’s immune function.
The polysaccharides of some edible fungi also have anti-cancer and anti-cancer effects. These multiple substances can stimulate the formation of antibodies, thereby improving and adjusting the active defense system inside the human body.
Ganoderma lucidum, Tremella fuciformis, Lentinus edodes, and Agrocybe aegerita have all been studied and proven to be effective against cancer.
Ganoderma lucidum, Yunzhi, Tremella fuciformis, shiitake mushrooms, Poria, bright fungus and other medicinal powders or used for hepatitis.
Since edible fungi have such a good effect in improving immunity and resisting diseases, when science supplements in the fall, it does not prevent proper addition of edible fungi to family recipes, while enjoying the deliciousness of edible fungi, and regulating the body, it can be described as killing two birds with one stone.
The shiitake mushrooms have a heavy flavor and are more suitable for roasting and simmering in oil. In some cases, put onion ginger in hot oil and stir-fry for about 3 minutes, or use shiitake mushrooms in steamed fish.
Straw mushrooms are mainly stir-fried. In the process of stir-fry, vitamin c and the like are not easily destroyed, and the straw mushrooms have a good taste and can be used for soup or vegetarian stir-fry.
Flammulina velutipes is delicious. It is the best choice for mixing cold dishes and hot pot ingredients, but it is best to cook for more than 6 minutes, otherwise it is easy to be poisoned, and those with spleen and stomach deficiency should not eat too much.
Tricholoma tastes lighter, and soup is best.
The sweet-scented Agrocybe, Pleurotus eryngii, and Pleurotus ostreatus are most suitable for frying.
Hericium erinaceus should be cooked at high temperature and high heat.
However, in general, the best method is to stir-fry or stew the fungi, so as not to lose the original flavor of the mushrooms.
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Habitually succumbing to each other’s sorrows and sorrows
Drilling the peaks, plowing, sloping, screaming, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, attacksBifeng 幌 幑 ﹁偃 鏃 Hydrolysis research and development of the world and the world, 浜 洪 浜 湜 繆 南 娉 纴 宁 Ning 姪 Tweet 繁 鍲 僰 尕 鍰 尽 鍎 尥 尕 鍏 尥 尕 鍎 導 尕 鍰 導 尽 過 過 過 過 過 過 過 過 過 過 過 過 進 導 進 進 進 進 僕 過 們 遏 參 遏 圏 遏 約 鏡 珏 鏡 珏 鏡 珏 鏡 珏 鏡 珏 鏜 鏡 珜 鏃 揜 揜 揜 朜 溜溜 溴 宁 Ning 姪 Tong fan of the pot is very powerful鍙跺拰铚傝湝涓€璧锋场姘撮ギ鐢ㄧ殑璇濓紝杩樺彲浠ユ洿濂界殑鎻愰珮韬綋鐨勬姉鐥呰兘鍔涳紝鑳藉璧峰埌娑﹁偁锛岄€氫究浠ュ強鐨勬竻蹇冮櫎鐑︾殑浣滅敤銆?銆佽尪鍙跺拰铚傝湝鏄彲浠ヤ竴璧锋场鐨勶紝鐗瑰埆鏄豢鑼跺拰绾㈣尪閮界壒鍒€傚悎涓庤渹铚滀竴璧锋场鍒跺悗楗敤锛岃尪鍙朵腑鏈夊ぇ閲忕殑鍜栧暋纰卞拰鑼跺閰氾紝杩欎簺鐗╄川閮芥槸鍙互鍔犲揩浜轰綋鏂伴檲浠ｈ阿鐨勬垚鍒嗭紝鑰岃渹铚滆櫧鐒跺惈鏈夋灉绯栦絾鏄繖绉嶉鍝佺殑鐑噺寰堜綆锛屼笌鑼跺彾涓€璧锋场鍒跺悗楗敤鏃讹紝鏈夋鼎鑲犻€氫究鐨勫噺鑲ョ殑浣滅敤銆?銆佽尪鍙跺拰铚傝湝鍙互涓€璧锋场锛屽畠浠竴璧峰啿娉″悗楗敤鍙互璁╄韩浣撳惛鏀跺埌鏇村鐨勮惀鍏绘垚鍒嗭紝铚傝湝涓庤尪鍙朵腑鐨勮惀鍏讳晶涓偣涓嶅悓锛岃渹铚滀腑浠ュぉ鐒舵灉绯栦负涓伙紝鑰岃尪鍙朵腑鐨勮惀鍏诲垯鏄互缁寸敓绱犲拰鑼跺閰氫互鍙婂挅鍟＄⒈涓轰富锛屼袱鑰呭悓鏃惰繘鍏ヤ汉浣擄紝鍙互璁╁悇鍣ㄥ畼寰堝揩鍚告敹鍒拌嚜宸遍渶瑕佺殑钀ュ吇锛屾彁楂樻満浣撶殑鎶楃梾鑳藉姏銆?銆佽尪鍙跺拰铚傝湝鍙互涓€璧锋场锛屾槸鍥犱负涓よ€呬竴璧烽ギ鐢ㄤ互鍚庡彲浠ヨ捣鍒版鼎鐕ユ竻蹇冧笌闄ょ儲鐨勫姛鏁堬紝鍥犱负涓よ€呭韬綋鐨勭缁忛兘鏈夊緢濂界殑璋冭妭浣滅敤锛屽彲浠ヨ浜虹被鐨勭缁忓噺灏戠揣寮犵劍铏戝拰杩囦唤鍏村鎯呭喌鐨勫嚭鐜般€備絾鏄尪鍙跺湪鍜岃渹铚滀竴璧锋场鍒舵椂锛屽ぇ瀹堕渶瑕佹敞鎰忥紝涓嶈兘鎶婅尪鍙跺拰铚傝湝涓€璧风敤寮€姘村啿锛屽繀椤诲湪楗敤浠ュ墠姘存俯闄嶄綆浠ュWhat are you talking about? What are you talking about? What are you talking about? What are you going to do?
The whole world is full of people and children, and the children are in trouble. The children are in trouble. The awards are made. The awards are made. The awards are made. Umbrellas are made. Umbrellas are made.悵鍗滅礌鐗瑰埆澶氾紝鑳藉杞寲鎴愪汉浣撴墍闇€瑕佺殑缁寸敓绱燗锛屾墍浠ュ畠鍙堣绉颁綔涓虹敓娲讳腑鏈€鏈夎惀鍏讳环鍊肩殑钄彍锛屽湪鍚冭悵鍗滅殑鏃跺€欙紝鎴戜滑鍙互閲囧彇鐩存帴鍚冪殑鏂瑰紡锛屼篃鍙You can read each other ‘s words, and you ‘ll be able to find out what ‘s going on, how to do it, 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?楦¤泲鑳藉涓€璧峰悆鍚?鑳¤悵鍗滈浮铔嬭兘鍦ㄤ竴璧峰悆鑳¤悵鍗滃拰楦¤泲涓€鍚岀倰鑿滐紝浣胯儭钀濆崪涓殑鑳¤悵鍗滅礌瀹规槗鍚告敹锛屼篃澧炲姞浜嗚彍鑲翠腑浼樿川铔嬬櫧銆佸绉嶈剛鑲吀銆佽儐鍥洪唶鐨勫惈閲忥紝澧炲姞浜嗗浜虹殑婊嬭ˉ鎬э紝灏ゅ叾閫傚疁鐢熼暱鍙戣偛鏈熷皬瀛╁铔嬬櫧璐ㄣ€佽剛鑲€佸嵉纾疯剛銆佽儐鍥洪唶浠ュ強澶氱缁寸敓绱犵殑闇€瑕侊紝涔熸彁楂樹簡涓嶇埍鍚冭儭钀濆崪鐨勫瀛愮殑鍏磋叮锛岄€傚疁闈掑皯骞村父鍚冦€傝儭钀濆崪锛氳儭钀濆崪鑳芥彁渚涗赴瀵岀殑缁碅锛屽彲淇冭繘鏈轰綋姝ｅ父鐢熼暱绻佹畺銆佺淮鎸佷笂鐨粍缁囥€侀槻姝㈠懠鍚搁亾鎰熸煋涓庝繚鎸佽鍔涙甯搞€佹不鐤楀鐩茬棁鍜岀溂骞茬嚗鐥囩瓑鍔熻兘銆傚悓It ‘s normal to take advantage of the fact that the Han Dynasty has a lot of history, and the sisters have a lot of troubles.囩梾浜虹殑鍖栫枟鍙嶅簲锛屽澶氱鑴忓櫒鏈変繚鎶や綔鐢ㄣ€傚濂宠繘椋熻儭钀濆崪鍙互闄嶄綆鍗靛发鐧岀殑鍙戠梾鐜囥€傚彟澶栬儭钀濆崪鍐呮墍鍚殑鐞ョ弨閰搁捑锛屾湁鍔╀簬闃叉琛€绠＄‖鍖栵紝闄嶄綆鑳嗗浐閱囷紝瀵归槻娌婚珮琛€鍘嬫湁涓€瀹氭晥鏋溿€傝儭钀濆崪绱犲彲娓呴櫎鑷翠汉琛拌€佺殑鑷敱鍩猴紝鎵€鍚殑B鏃忕淮鐢熺礌鍜岀淮C绛変篃鏈夋鼎鐨偆銆佹姉琛拌€佺殑浣滅敤銆傚彟澶栧畠鐨勮姵棣欐皵鍛虫槸鎸ュ彂娌归€犳垚鐨勶紝鑳藉杩涙秷鍖栵紝骞舵湁鏉€鑿屼綔鐢ㄣ€傞浮铔嬶細楦¤泲鍚湁涓板瘜鐨勮泲鐧借川銆佽剛鑲€佺淮鐢熺礌鍜岄搧銆侀挋銆侀捑绛変汉浣撴墍闇€瑕佺殑鐭跨墿璐紝鍏惰泲鐧借川鏄嚜鐒剁晫鏈€浼樿壇鐨勮泲鐧借川锛屽鑲濊剰缁勭粐鎹熶激鏈変慨澶嶄綔鐢?DHA, DHA, Crazy, Crazy, Crazy, Crazy, Unrestricted, Unrestricted, Unrestricted, Unrestricted, Unrestricted, Unrecognizable, UnrecognizableA lot of achievements have been made in the past; there are many problems; the chain is stolen and the chain is stolen, and the other is the same.嗚В鍜屾哀鍖栦汉浣撳唴鐨勮嚧鐧岀墿璐紝鍏锋湁闃茬檶浣滅敤;楦¤泲鍛崇敇锛屾€у钩;鍏锋湁鍏诲績瀹夌锛岃ˉ琛€锛屾粙闃存鼎鐕ヤ箣鍔熸晥銆?
Zhejiang Dingli (603338)： New arm-type products begin to warm up and are expected to take the snips to promote the company’s new round of growth
Zhejiang Dingli (603338): New arm-type products begin to warm up and are expected to take the snips to promote the company’s new round of growth
Event: According to public information, on May 26, more than 50 customers from more than 40 lessors in Zhejiang Province gathered to visit and learn about the company’s new arm series product operation demonstrations.
New arm-type products are beginning to warm up, which is expected to promote a new round of growth for the company: The company’s new arm-type products are tailor-made for leasing companies and have several major 杭州夜网论坛features: 1) Can be designed, 95% of main components, 80% of structural components are universal, and upgradeMaintain sales and reduce the cost of maintenance parts; 2) Sunken design, better stability, lighter overall weight under the same load; 3) Special axles for construction machinery, more powerful, better off-road performance.
The first batch of customers from more than 40 leasing companies gathered to understand the situation of the new arm, and the customers were satisfied with the power performance and safety of the new arm. At the same time, it also meant that the company’s new arm products had begun to warm up.
At present, the company’s fund-raising project “Large Intelligent Aerial Work Platform Construction Project” has also completed the construction of the main plant. It is currently in the final stage of construction and the equipment procurement stage. It is expected to reach production in May 2019. New arm-type products will be launched in the market in the futurePromote a new round of company growth.
Exports are affected by the U.S. tariff levy, which expands the development of the domestic market: the company’s domestic and foreign revenue in 2018 was 7 respectively.
1.6 billion and 9.
2.5 billion, an increase of 84 each year.
23% and 30.
Among the overseas exports, the US market accounts for about 40%, and this year is affected by the increase in US tariffs.
The company will absorb the adverse effects of tariff increases by strengthening cost control and increasing downstream prices. The devaluation of the exchange rate will also offset some of the pressure, and it is estimated that overseas will maintain steady growth.
The domestic high-altitude operation platform market is still in an outbreak. At present, the industry holds only about 90,000 units. Compared with the United States, Europe has a total of 1 million units, which has huge market potential. This year, China, especially South China, has maintained rapid growth.
The company expanded the development of domestic customers. In 2018, for the first time, it reached a strategic cooperation relationship with Shanghai Hongxin, the largest leasing company in China, to break through its situation of purchasing only foreign brands. At present, the company has become the first bidder for Hongxin’s shear equipment purchase.It is expected that the proportion of domestic market revenue will increase further than expected in the future.
Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 6, respectively.
4.0 billion, 8.
09 billion and 10.
9.7 billion, corresponding to PE, 29 times, 21 times and 16 times respectively, maintaining the “buy” level.
Risk Warning: Intensified competition leads to lower profit margins, new-arm promotion is less than expected, etc.
Ping An Bank (000001): PPOP continues to accelerate asset quality initiative
Event description On January 14, Ping An Bank released its 2019 performance report.
Incident review accrual efforts increased the general performance growth rate, and PPOP continued to accelerate.
In 2019, the company realized net profit attributable to shareholders of the parent company of 281.
9.5 billion, an increase of 13 in ten years.
61%, a faster growth rate than the first three quarters of the first quarter.
87 units; attributable net profit grew fastest in the fourth quarter.
Although the growth rate of the company’s 淡水桑拿网 performance has a clear trend, it is as high as 19.
56% of PPOP growth has further 南京桑拿网 accelerated.
From the perspective of performance attribution, we judge that the positive contribution still mainly comes from the spread and scale expansion; the marginal incremental contribution mainly comes from the accelerated expansion of the scale, while the margin contribution narrows down and the provisioning strength is strengthened.
Due to the company’s prudent calculation of the performance growth rate, and the merger of convertible bonds into shares, the dilutive effect has reduced the company’s ROE by 19bp to 11.
30%; but the ROA ushered in an inflection point, beyond 3bp to 0.
Revenue increased slightly, maintaining a high growth trend beyond expectations.
In 2019, the company achieved operating income of 1,379.
5.8 billion, an increase of 18 years.
20%, a slight increase of 0 compared with the first three quarters.
60 units; operating income growth rate in the fourth quarter alone was 16.
46%, exceeding expectations.
Growth, the company in the fourth quarter accelerated the pace of asset injection after capital replenishment, especially loans, total assets, loans increased sequentially.
00%; it is expected that the company’s fourth quarter interest rate difference will remain relatively stable, which reflects the pricing advantage of retail business.
After the capital replenishment is in place, it will make concerted efforts to the Gongxin strategy.
The general direction on the asset side is still tilting towards loans, with loan expansion growing earlier.
30%, faster than the total asset growth of 15.
22%; retail loans grew 17 earlier.
61%, the proportion of total assets rose to 58.
98%, the retail strategy continued to deepen.
In the fourth quarter alone, after the capital replenishment was in place, the company significantly increased the issuance of public debt, relying on the Group’s joint implementation of the new corporate strategy to achieve significant results, and corporate (including discount) loans increased by 10 quarter-on-quarter.
04%, while personal loans increased by only 6.
Under the gradual recovery of corporate business, the accumulation of denials has also ushered in a repair, which has increased significantly at the end of the third quarter.
36%, of which corporate deposits increased by 7.
In fact, the efficiency of the retail strategy at the deposit end has also begun to show improvement, and the growth of individual personal deposits has increased by 26.
45%, and personal current deposits increased by 15 earlier.
34% is also faster than the 14 accumulated deposits.
Risk Warning: 1.
The outstanding deterioration of corporate profits affects the quality of bank assets; 2.
Financial supervision has become more stringent.
Hetai (002402) Investment Value Analysis Report： Global Intelligent Controller Leads to Add New Growth Pole to RF Chips
Hetai (002402) Investment Value Analysis Report: Global Intelligent Controller Leads to Add New Growth Pole to RF Chips
The company is a leader in 5G Internet of Things, a high-speed growth track, excellent performance and cash flow performance, and superimposed core chip asset blessing, which is a white horse for scarce technology growth in China.
Using segment estimates, 北京养生会所 referring to the Internet of Things, high-quality companies in the core chip field, give smart controllers 45 times PE, which is 16 billion market value, and RF chips 80 times, which is 8 billion market value.
We think the company’s reasonable target city size in 2020 is 24 billion, corresponding to a target price of 26.
37 yuan, the first coverage, given a “buy” rating.
Changhong’s leading IoT intelligent controller.
The company’s main business has been focusing on intelligent controllers for the Internet of Things for 20 years, and it has become a global leader in the field of intelligent controllers.
The company’s revenue and profits have grown rapidly in the past 12 years. The compound growth rate of revenue has reached 24% and the compound growth rate of performance has been 19%.
In 2018, the company’s household appliances, power tools and intelligent controllers accounted for 81% of revenue. Automotive electronics, intelligent buildings and furniture, and intelligent lighting and other controllers accelerated their development.
Deep global expansion will benefit the 5G Internet of Things era.
The intelligent controller is the “brain” of the Internet of Things device. The global market is more than one trillion US dollars, and the ceiling is obviously growing.
The appearance of domestic double faucets is obvious, and domestic faucets benefit from the transfer of global intelligent controller production to China, and domestic faucets are accelerating to become global leaders.
The 5G era will further strengthen the logic of rising prices and prices of smart controllers.
The company’s overseas revenue in 2019H1 has accounted for 71%. The company’s high-end customers, high-end market, and high-end technology strategy are obvious. The operating cash flow ratio has increased from 2% in 2011 to 14% in 2019H1. It is a fast-growing cash cow company.
RF chips open new space for growth.
Subsidiary Kunchang Technology is a core company in the domestic microwave and millimeter wave radio frequency chip field. The radio frequency chip is one of the major breakthroughs in 6G technology due to the modernization of national defense, satellite Internet, and even 5G millimeter wave networking in the future.High learning.
Risk factors: raw material price fluctuation risk; exchange rate fluctuation risk; market expansion fails to meet expectations; goodwill impairment risk; RF chip business development fails to meet expectations; macro environmental risks.
Investment suggestion: The company is a leader in 5G Internet of Things, a fast-growing track, excellent performance and cash flow performance, and 天津夜网 superimposed core chip asset blessings.
Using segment estimates, referring to the Internet of Things, high-quality companies in the core chip field, give smart controllers 45 times PE, or 16 billion US dollars, and 80 times the valuation of radio frequency chips, or 80 billion.
We believe that the company’s reasonable target cities in 2020 will grow by 24 billion, corresponding to a target price of 26.
37 yuan, first coverage, give “buy” rating
Juneyao Airlines (603885): Main business profit grows more than two major groups
The third quarter of 2019 results are slightly lower than our expectations for the first three quarters of 2019 announced by Juneyao Airlines: operating income of 130.
0 ppm, an increase of 17 per year.
0%; net profit attributable to parent company 12.
4 ‰, a decline of 13 per year.
8%, corresponding to a relative profit of 0.
68 yuan; net profit after deduction to non-mother 11.
500 million, down 4 every year.
9%, corresponding profit 0.
Third quarter operating income 49.
4 ‰, an increase of 18 per year.
2%, net profit attributable to mother is 6.
600 million, down 19 a year.
The profit from the replacement of Huarui Leasing in the third quarter of last year1.
With an impact of $ 700 billion, the company’s net profit in the third quarter fell slightly by more than 4%, which was slightly lower than our expectations, mainly due to the higher-than-expected increase in costs.
The main business profit in the third quarter increased by 13% per year, and the growth rate was further enlarged compared with the second quarter.
On the revenue side, due to the decline in economic growth and changes in the company’s route structure, the company’s passenger kilometer revenue continued to decline slightly in the third quarter; on the cost side, the cost per unit kilometer decreased slightly.
8%, mainly because the cost of jet fuel drops every year.
The unit non-oil cost is affected by the higher operating cost of the wide-body machine, which increases 青岛夜网 by about 4-5% per year.
Development Trends Junyao Group and China Eastern Airlines signed the Strategic Cooperation Framework Agreement, and business cooperation has steadily advanced.
According to the company announcement, the two major groups will promptly facilitate the appointment of a director to Juneyao Airlines and China Eastern Airlines, the controlling subsidiaries of each other.
In terms of business cooperation, the two parties will make full use of their respective advantages in channels, research and development, and marketing to achieve multi-field cooperation and development. We expect the two parties to have synergies in wiring layout and other aspects.
Earnings forecasts and current forecasts currently correspond to 2019/202022.
8 times / 18.
3 times price-earnings ratio.
Considering lower-than-expected 苏州桑拿网 results, we lower our profit for 2019/20209.
9% / 5.
5% to 12.
Considering the estimated transition to 2020, we maintain our Outperform rating and 16.
00 yuan target price, corresponding to 26.
0 times 2019 P / E ratio and 20.
8 times 2020 price-earnings ratio, compared with the recent merger of 14.
Risk Aviation demand fell short of expectations, and oil prices rose sharply.
Orient Securities (600958) Annual Report Commentary： Excellent Asset Management Capabilities Wealth Management Transformation Clearly
Orient Securities (600958) Annual Report Commentary: Excellent Asset Management Capabilities Wealth Management Transformation Clearly
[Event]The company achieved revenue of 10.3 billion yuan in 18 years, -2% for many years; net profit attributable to its mother was 1.2 billion yuan, -65% per year; corresponding to EPS 0.
In the fourth quarter, the operating income was 37 杭州桑拿网 trillion, + 8% per year; the net profit attributable to mothers was 3 trillion, -64% per year.
18 years of accrual of credit impairment losses.
The increase in operating income was small, mainly due to the substantial increase in other business income (bulk transactions), and the actual corresponding cost of other businesses also increased.
Excluding this factor, operating income would decrease by 35%.
In 2018, brokerage / underwriting / asset management / index accounts for 13% / 11% / 23% / 8% respectively.
Efforts to build a “full business chain” diversified comprehensive financial service platform.
Realized brokerage income of 1.4 billion US dollars in 18 years, -8% for the whole year.
As of the end of December, the balance of Liangrong Finance was 9.7 billion yuan, with a market share of 1.
29%, an increase earlier.
The undecompressed market value of stock pledges was 65.4 billion yuan, -11% from the end of 17 years and 5% from the mid-18 years.
The balance of funds raised was US $ 25.6 billion, -23% per year, and the scale was actively controlled to effectively clear risks.
Development has progressed steadily, and considerable progress has been made.
In 18 years, it achieved 11 million investment bank income, -14% per year.
The share and debt underwriting scales are -33% and + 28% each year, respectively.
The scale of equity underwriting was 13.5 billion; of which 3 were IPOs, with an underwriting scale of 1.9 billion, ranking 14th; 7 were refinancing, with an underwriting scale of 10.1 billion.
The scale of bond underwriting was 121.9 billion yuan; the scale of underwriting of corporate bonds and corporate bonds reached 15.5 billion and 7.9 billion yuan, respectively.
There are 38 IPO reserves, 3 main boards, 1 SME board, and 1 GEM board.
Asset management business has core advantages, and the proportion of active management is very high.
In 18 years, the asset management revenue reached US $ 2.4 billion, + 20% for the whole year, and the net asset management revenue ranked first.
The scale of the entrusted asset management of Top Securities Asset Management is 2001 million, of which the proportion of active management accounts for 98.
5%, far exceeding the average level of asset management of securities firms; the absolute return rate of equity funds in the past three years, the excess return rate was 14 respectively.
65%, ranking first in the industry, maintaining a leading position in mid- and long-term performance.
The scale of Huitianfu Public Offering Fund is 4629 trillion, a year of + 43%. After excluding the cargo base, the scale is 1,739 trillion, the eighth in the industry; of which, the scale of active equity management is 74.7 billion yuan, the first in the industry.
60% of the net investment income after the adjustment, the investment structure was readjusted.
The adjustment of the company’s accounting standards takes into account other debt rights, debt income of 2.7 billion US dollars, and adjusted investment net income (including fair value) of 2.7 billion, each time -60%.
Equity-type self-employed performance was poor, and the scale of stock investment was reduced.
The fixed income self-employed scale expands the investment scale, the current volume of bond transactions in the interbank market, and the cumulative average increase in bond delivery ranks among the top in the industry.
Investment suggestion: We expect the 北京夜生活网 company’s total net profit for 2019-2021E to be 0.
56 yuan, net assets are 8 respectively.
26 yuan.We give it 1 of 2019.
6 times PBR, corresponding to a reasonable value range of 12.
82 yuan, maintain the “primary market” rating.
Risk reminder: The transaction volume continues to decline, and the growth of the equity market causes the investment income to continue to decline.