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[How to make almond cheese double cake pieces]_Homemade method of almond cheese double cake pieces_How to make almond cheese double cake pieces_How to make almond cheese double cake pieces

[How to make almond cheese double cake pieces]_Homemade method of almond cheese double cake pieces_How to make almond cheese double cake pieces_How to make almond cheese double cake pieces

Our life is inseparable from friends, and naturally there is a meal between friends.

Gathering is a happy thing, we can gather together and talk about everything.

At this time, a good cook is needed, so take the time to learn the practice of almond cheese double cake with Xiaobian.

2.

After the 12
12 butter is softened, stir it smoothly, add sugar, and stir well with an egg beater.

3.

2121 Next, add egg scatter eggs in three portions and stir well.

4.

Add sieved almond flour and stir well.

5,

Add brandy and stir well.

6.

Pour into a baking tin, place in an oven at 180 ° C, bake for 20 minutes, and then take out the entire baking tin to cool.

(The slag picture is what it was before it was roasted. It is really fragrant when it is roasted!)

Almost eaten!

) 7.

Put butter into bowl, stir with a spatula, add cream cheese and continue to stir.

8.

Then add the yogurt and beat with a whisk.

9.

Add sugar and beat well.

10.

Add egg liquid in three portions and beat well.

11.

Add sieved low flour (my cornstarch) and mix well.

12
Putting the cheese paste on the baked almond cake leaves Mom’s puppet, and it seems unrealistic to ask you to cook alone.

But now that you know how to make almond and almond double cake pieces, you can really make it yourself, which is delicious and healthy.

[Can pineapple be eaten with yogurt]_Sour milk_Same food

[Can pineapple be eaten with yogurt]_Sour milk_Same food

In daily life, pineapple and yogurt are very common things, and they are rich in nutrients. Regular eating is good for the human body. Many people usually like it, but yogurt and pineapple are the most common things.Do n’t eat it together. If you take it together, it will cause some adverse reactions, and it is easy to be unwell. The following is why the pineapple cannot be eaten with yogurt.

Can pineapple and yogurt be eaten together?

Eating pineapple with yogurt may cause potential interference and loss of nutrition, because the oxalic acid in pineapple and the calcium in yogurt are easily combined into calcium oxalate, which makes the stomach uncomfortable.

The two should be taken more than half an hour apart.

What are the disadvantages of eating pineapple and yogurt? The protein content in nutritional yogurt is relatively high. Once eaten together, the fruit acid contained in pineapple dissolves the protein in yogurt. In addition, pineapple also contains bromelain, which can break down the yogurt.Protein will eventually affect the digestion and absorption of protein.

.
The acidic ingredients in pineapple will cause protein modification and structural rearrangement in milk, so after juicing together, you will find that the milk protein is agglomerated and becomes floc. It should not be too harmful except to affect the taste, butSometimes it ‘s just the taste.
It is recommended to squeeze the pineapple yogurt ice cubes together. The pineapple smoothie is still OK?
In addition, oranges, lemons, and other relatively acidic fruits and milk together will cause this situation. Pineapple contains oxalic acid, calcium carbonate in yogurt, and oxalic acid easily reacts with calcium to form calcium oxalate, which is prone to discomfort such as bloating or diarrhea.

The taste may change. Many people report that they have become bitter when making pineapple milk.

This is because the nutrients in the pineapple have reacted with the yogurt.

In particular, this is not harmful, but it is not edible.

Pineapple can’t eat with what pineapple + egg eggs contain a lot of protein; pineapple is rich in fruit acid.

If both are eaten at the same time, fruit acid can solidify the protein, affect the digestion and absorption of the protein, and is not good for health.

Pineapple + radish Pineapple is rich in vitamin C. Radish contains vitamin C enzymes, which can destroy vitamin C in food.

If the two are eaten together, not only will it destroy the vitamin C in the pineapple and reduce its nutritional value, it will start to convert the flavonoids contained in pineapple into glyoxylic acid and ferulic acid. These two substances have a strong thyroid inhibitory effect.Functional role can induce goiter.

Pineapple + Milk Pineapple is rich in fruit acid, and milk contains a lot of protein.

If the two are consumed at the same time, the fruit acid in pineapple increases the protein coagulation in milk and affects the digestion and absorption of protein.

Mango + Pineapple can cause allergies when eaten together, because mango and pineapple itself contain chemical ingredients that can easily cause skin allergic reactions. Fresh mango contains monohydroxybenzene or dihydroxybenzene.

The immature mango also contains uronic acid, which has a certain stimulating effect on the skin and mucous membranes, which can cause swelling of the lips, itching and pain, and severe cases of blisters and erosion.

The pineapple contains proteins, bromelain and other substances, which have certain substitutions for human skin and blood vessels. This allergy is often quick-onset, and itching, flushing, and sweating usually occur about 1 hour after eating pineapple., Extremities and tongue numbness.

Yogurt can’t eat bananas with anything. Bananas are rich in nutrients and have certain effects on improving cardiovascular and cerebrovascular functions.

But yogurt can’t be eaten with bananas. Bananas and yogurt can easily cause carcinogens.

Some people who suffer from coldness in the spleen and stomach are prone to diarrhea. Drinking yogurt just taken out of the refrigerator, and bananas that promote “smooth intestines” food that promotes peristalsis, are more prone to abdominal pain and diarrhea.

Soy milk is rich in calcium. The chemical components contained in soybeans affect the digestion and absorption of calcium.

So don’t eat yogurt with soy.

Medications Some medications cannot be taken with yogurt. These medications include stomach medicines, antibiotics, iron, and hypoglycemic agents.

Some people are accustomed to taking porridge, drinks, or even yogurt as water medication. This can also be avoided.

If you drink too much yogurt, the gastrointestinal tract will be more acidic, and the coating layer of coated tablets, enteric-coated tablets and other dosage forms may be damaged, affecting the efficacy.

Therefore, it is recommended to shorten the time of taking medicine and drinking yogurt for more than 2 hours while taking these medicines.

Ham often eats sandwiches with yogurt and breakfast. People who are careful should eat ham, bacon, etc. in sandwiches with lactic acid drinks (containing organic acids), which is easy to cause cancer.

To preserve processed meat products such as sausages, ham, bacon, bacon, food manufacturers add nitrates to prevent food spoilage and the growth of botox.

When nitrates meet organic acids (lactic acid, citric acid, tartaric acid, malic acid, etc.), they turn into a carcinogen nitrosamine.

Therefore, it is not advisable to drink yogurt 1 hour before and after eating nitrate-containing food.

[Can pregnant women eat chestnut early]_Early pregnancy_Can you eat

[Can pregnant women eat chestnut early]_Early pregnancy_Can you eat

It is also beneficial for pregnant women to eat some chestnuts in the early stages of pregnancy. Chestnut is a well-known nut. Its flavor is unique, its meat is very soft and waxy, and its nutritional content is relatively high.For the health of the pregnant woman and the development of the fetus, there are certain benefits. Of course, you must not eat too much to avoid indigestion, and pay attention to balance in daily life.

Can pregnant women eat chestnuts?

Chestnut is a food that is generally loved by the public. In addition to its unique flavor and soft and waxy meat, it is also rich in nutrients.

Pregnant women eating chestnuts are very obese to the growth and development of the fetus and their own health. They can strengthen the spleen and kidney, improve immunity, promote growth and development, and help pregnant women eliminate edema and ease their emotions. Pregnant women often eat chestnuts and even strengthen their bones.And it is conducive to the development and maturity of the pelvis, can also eliminate fatigue, and strengthen bones.

The content of vitamin C in chestnut is higher than that in tomatoes, even several times that of apples; it is rich in comprehensive trace elements such as potassium, iron, zinc, etc. Chestnut also contains essential proteins of the human body.

Chestnut is a nut food. It is not as nut oil as nuts such as walnuts, hazelnuts, almonds, etc., but its nutritional content cannot be ignored.

There are a variety of ways to eat chestnuts, which can be eaten raw or cooked, and you can also cook porridge or soup. The cooked chestnuts are sweet and delicious, which is a very good food.

Pregnant women can eat chestnuts, but remember not to eat too much, otherwise it will easily cause indigestion.

Due to high sugar content, diabetics should not eat more during pregnancy.

Chestnut has a nutritional value of 1. Folic acid Chestnut is rich in folic acid, which is especially suitable for pregnant mothers in early pregnancy.

Folic acid is involved in the production of blood cells and promotes the development of the hypertension nervous system.

If the lack of folic acid during pregnancy can lead to hypertension tuberculosis malformation, hidden spina bifida, spinal bulge and other adverse consequences after birth.

Therefore, pregnant mothers must supplement folic acid during pregnancy, and daily consumption of chestnut can effectively supplement.

2. Protein and amino acid Protein is the material basis of life. Chestnut is rich in protein and amino acid, which contains 1 times more protein than sweet potato, and the amino acid content is 1 higher than corn, flour, and rice.

5 times.

During pregnancy, the protein demand for protein is relatively high. If the pregnant mother makes up for the deficiency, it will affect the growth and development of the fetus and will affect its own health.

Pregnant women can usually eat some chestnuts to improve their immunity and provide enough needed nutrients for oxides.

3, aunt chestnut is rich in aunt, its content is 2 times higher than rice and flour.

Lipid is the main component of the brain and nervous system, so the recovery of appropriate amounts of lipid food during pregnancy is essential for the development of the brain and nervous system of obese people.

In the process of fetal brain development, if there is no appropriate amount of essential lipids, it will cause the division of brain cells and may affect the child’s intelligence.

4. Vitamin chestnut contains high starch, of which 40% is composed of starch; chestnut mainly provides essential fatty acids and fat-soluble vitamins for the human body, such as vitamin E, which can promote growth and development, can prevent miscarriage, premature birth, andEnhancing reproductive function can also help pregnant women prevent the appearance of stretch marks.

It contains more vitamin C than tomatoes known to be rich in vitamin C, and more than ten times as much as apples.

[Honey color is good?】 _How to choose_How to choose

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[Can babies eat salt at one year old_Can they eat salt at one year old]

[Can babies eat salt at one year old_Can they eat salt at one year old]

When the baby is one year old, parents need to add some complementary food to the baby at this time, but when most parents add supplementary food to the baby, they often have a lot of concerns about the addition of various spices, especially the salt.Into the amount, for fear of the baby’s health after taking salt, parents usually need to be very careful when taking care of their baby. Can one year old take salt?

Can I eat salt at one year old?

After 1 year of age, babies can eat iodized salt properly. When cooking or making soup, wait until they are ready to cook or add salt.

If your baby has diseases such as high blood pressure, nephritis, and respiratory infections, strictly control the amount of salt in your diet.

About 6 months is the key period for the development of taste buds and taste preferences.

At this time, children should be encouraged to accept a rich variety of foods and feel the original flavor of different foods.

According to the recommendations of the Chinese Nutrition Society, within 6 months, infants and young children consume about 200 milligrams of sodium, which translates into zero salt.

5 grams.

Breast milk or formula, as well as infants and young children’s own metabolic storage, can provide sufficient sodium for growth without additional additions.

About 1 year old, when rotten noodles and soft rice gradually become the baby’s staple food, salt can be added appropriately, but the later the better, and the control is about 1 gram, and the maximum is not more than 2 grams.

Children with high blood pressure, nephritis, and respiratory infections should be limited to salt.

Until 3 years old, do not give your baby MSG.

If MSG is added, the salt will be reduced.

Of course, you can also choose soy sauce for infants and young children. The conversion method is that every 15 ml of soy sauce is equivalent to 1 gram of salt.

If you want to control your baby’s salt, wait for the meals to be served before adding salt.

At this time, the salt is attached to the surface of the food, and only a little bit can taste salty.

What a baby under one year old can’t eat 1. Mineral water, pure water.

The development of the baby’s digestive system is not complete, the filtration function is poor, and the mineral content in the mineral water is too high, which may easily increase the osmotic pressure and increase the cholesterol burden.

Long-lasting pure water will cause children to lack certain minerals, and some industrial raw materials used in the purification process of pure water may have adverse effects on the liver function of infants and young children.

Drinking fountains are prone to secondary pollution and should not be used.

2. Functional drinks.

Most of the functional beverages can absorb electrolytes, which can appropriately supplement the trace elements such as sodium, potassium, etc. that the body loses during sweating.

However, because the baby’s physical development is not complete, and metabolism and excretion are not sound, too much electrolyte can cause the baby’s liver, kidney, and heart to be intolerable, exacerbating the risk of hypertension and arrhythmia in children,It is the liver and kidney function that is impaired.

3. Irritating drinks.

Cola, coffee, strong tea, etc. contain too much sugar or caffeine and are not nutritious, which can easily cause teeth and affect the baby’s taste and excite people, thereby disturbing children and even affecting the baby’s biological clock.

4, seasonings.

Sand sauce, tomato sauce, chili sauce, mustard, monosodium glutamate, or too much sugar and other flavoring seasonings can easily increase the baby’s kidney burden and interfere with the body’s absorption of other nutrients.

Do not eat salt for babies under one year old, too much MSG will affect the use of zinc in the blood.

Huaxi Biological (688363): Hard-core Hyaluronic Acid Faucet Opens Broad Downstream Space

Huaxi Biological (688363): Hard-core Hyaluronic Acid Faucet Opens Broad Downstream Space

Leading fast-growing hyaluronic acid industry chain.

Relying on the hyaluronic acid (HA) preparation technology that is always ahead of the market, Huaxi Biotech has realized the most complete certification reserve of raw materials in the global market, thereby establishing a first-mover advantage in alternative market shares, and firmly seated in the global HA leader.The endangered industries such as downstream medical terminals and cosmetics are rapidly developing.

The company achieved operating income from January to September 201812.

63 ppm / 12.

88 ppm, an increase of 54 in ten years.

41% / 48.

97%; Net profit 4.

2.4 billion / 4.

160,000 yuan, an increase of 90 in ten years.

70% / 30.

57%.

Core hyaluronic acid application market with high prosperity.

The major downstream application industries of hyaluronic acid (especially the Chinese market) are in a period of rapid penetration, which is mainly reflected in: 1. Hyaluronic acid injection / botulinum toxin injection field: According to mainstream medical beauty APP data, people in China who consume from medical beauty channels are in2000年 万人左右,一线/新一线/二线/三线/四线及以下城市医美消费在适龄人口中的渗透率分别为大约20%+ / 10%-/ 5%-/ 2%-/ 1%-.

2. Orthopedic injection field: more than 1 patients with arthritis in China.

For 200 million people, the penetration rate of sodium hyaluronate injection, an adjuvant drug that alleviates 天津夜网 pain, is estimated to be less than 3%.

3. The cosmetic industry has grown beautifully, and the retail sales in the first three quarters of 2019 exceeded the above growth by 12%.

8%, functional skin care represented by the “Party Party” is even more popular.

4. HA in the food sector is still restricted to the use of health food additives. If the policy is liberalized, it will open a huge market.

Hard core technology rebuilds a solid foundation and actively shares industrial dividends.

Relying on an experienced HA raw material research and development team (deeply cultivated HA raw material research for more than 30 years), the company has always been a global leader in HA raw material preparation and application technology.

Hard core technology is the substantial foundation of the company’s license acquisition (7四川耍耍网 domestic qualifications for raw materials / 21 international qualifications, 4 CFDA-certified brands for medical beauty), mass production, channel construction, and business extension.

Leading technology and complete qualifications help the company expand the HA raw material leader and the first-mover advantage barriers connected to it.

On this basis, the company’s various business lines adopt an active strategy: after the latest financing of the API market, 300 tons of production capacity will be replenished to consolidate performance indicators; the medical preparations business takes advantage of the full industrial chain cost advantage to seize market share, and develops botulinum toxin products in cooperation with South Korea’s Medytox(Slim face needle) is passing CFDA certification; the cosmetics business strengthens the “functional skin care” product features that are in the tuyere, grasps the e-commerce tuyere and other methods to achieve explosive growth, while continuously enriching the brand matrix, card position sensitive muscle, anti-aging,Positioning of consumer needs such as babies and children.

Investment advice: The company’s sales revenue is expected to be 19 in 2019-2021.

01/27.

34/36.

63 trillion, an increase of 50.

53% / 43.

81% / 33.

97%; net profit attributable to mother 6.

02/7.

93/9.

9.6 billion, an increase of 42.

02% / 31.

79% / 25.

57%, current price 91.

50 yuan, corresponding to PE73 / 55/44 times of 2019/2020/2021, and give a “buy” rating.

Risk warnings: industry competition is intensified; the rate of product sensitization is high; marketing effects are not significant.

Weichai Power (000338): Leading heavy truck industry chain leads Zhiyuan Intelligent Logistics, fuel cells add new kinetic energy

Weichai Power (000338): Leading heavy truck industry chain leads Zhiyuan Intelligent Logistics, fuel cells add new kinetic energy

Investment logic The traditional main industry heavy truck industry chain business continued to weaken and its performance grew steadily.

1) The heavy truck industry chain business is the company’s traditional main business. In H1 2019, the company’s three major businesses: engine, 杭州夜网论坛 heavy truck, and heavy truck gearboxes accounted for 64% of revenue, and its mother business accounted for 89%. Historically, the companyHeavy truck industry chain business revenue, performance and heavy truck sales are highly correlated, changing with the heavy truck cycle.

2) From the top down, we think the renewal demand will support the sales of heavy trucks in the next three years.

According to our calculations, we think that the renewal demand for heavy trucks is at 8?
In 9 years, it is expected that the center for the renewal demand for heavy trucks in the next three years will be more than 800,000, compared with 2010?
The 2018 update demand hub (410,000) has doubled.

We conservatively predict that the sales volume of heavy trucks will remain at about one million in the next three years. The sales volume of heavy trucks in 2019-2021 will be 109,104,980,000, which will decrease by 5% every year.

3) From the bottom up, Weichai’s major customers (FAW, Shaanxi Automobile, and Foton) will increase their market share and increase the supporting ratio of heavy trucks (Tan Xuguang, Chairman of Weichai, chairman of Sinotruk) will upgrade Weichai EngineThe market share and the increase in the proportion of large displacement products will boost the company’s profitability. It is expected that the company’s heavy truck industry chain business will exceed the heavy truck cycle.

The integration of intelligent logistics business was successful, opening new points.

1) The company entered the field of forklifts through the acquisition of KION, and since its consolidation, KION’s revenue has grown steadily.

The forklift industry is gradually weakening, and it is a growth alternative.In 2018, KION forklifts accounted for 14% of the global market restructuring. Thanks to KION’s layout in India and China, and its competitive advantage in electric forklifts (the global market share of electric forklifts19%), KION ‘s global market share is expected to further increase in the future.

2) The company cut into the field of material handling automation through the acquisition of Dematic, benefiting from the high growth of e-commerce, the logistics and handling automation industry maintained high growth, and Dematic’s revenue maintained steady growth. H1 revenue in 2019 increased by 15%.

3) KION and Dematic are respectively leaders in forklift trucks and material handling automation. The two-way downstream customers have low overlap and different geographical advantages. After the acquisition of Dematic, KION has complementary advantages and expects synergies in the future.

The Air Force, as the core of communication, transportation, power generation and energy storage, will develop rapidly under the promotion of policies.

Weichai has both geographical advantages (Shandong), resource advantages (Shandong state-owned enterprises in Shandong Province), technological advantages (leading of heavy truck industry chain + Ballard technical support), and fuel cell business is expected in the future.

Investment suggestions We estimate that the company’s return to mother’s performance from 2019 to 2021 will be 96.1 billion, 10.6 billion yuan, and the performance growth rate will be 10%, 5%, and 5%.

We adopt the segment assessment method and give the company a target of 15%.

2 yuan, corresponding to 2019 PE is estimated to be 12.

6 times, give buy rating.

Risks: Sales of heavy trucks are below expectations, sales of construction machinery are below expectations, and merger and acquisition risks.

Monternet Group (002123): Continue to consolidate the leading advantages of the industry, and Fuxin can look forward to the future

Monternet Group (002123): Continue to consolidate the leading advantages of the industry, and Fuxin can look forward to the future

The company achieved operating income in the first half of the year13.

20 ppm, a reduction of 14 per year.

76%; net profit attributable to mothers1.

2.4 billion, an annual increase of 16.

58%; net profit attributable to mothers after deductions1.

30,000 yuan, an increase of ten years.

53%.

Performance has grown rapidly, and market share has continued to rise.

In the first half of the year, Monternet Technology achieved operating income9.

73 ppm, 19% growth over ten years; net profit1.

150,000 yuan, an increase of 52 in ten years.

11%.

Gross profit margin 22.

47%, a decrease from the same period last year.

85 units.

According to the data of the Ministry of Industry and Information Technology, driven by a wide range of services such as service login and identity authentication, the business volume and revenue of the SMS business have kept growing simultaneously.

In the first half of the year, the national mobile short message service volume increased by 35 each year.

At 5%, the revenue of mobile short message business reached 20.8 billion yuan, a year-on-year increase of 6.

7%.

In the first half of the year, the company’s SMS sending volume increased by 40% each year, and its operating income increased by 19%. The average value exceeded the industry average, indicating that its market share continued to rise.

The company’s new corporate users are growing by 52 per year.

11%, the amount of new customer information sent increases by 81 every year.

9%, there were 4,368 new active accounts on the Internet platform and 1,518 new developers.

An interactive reply is expected to be achieved this year to fully open up the SaaS ecosystem with the enterprise.

The company is building fast interactive and interactive + Fuxin. It is expected that menus, cards, buttons, and product announcement functions will be implemented in Fuxin within the year. It will seamlessly interface with customer business and management systems to achieve dynamic background data output and complete the enterprise endCoverage of SaaS services.

At present, the company cooperates with the mainstream domestic Android phone manufacturers, and it is expected that more companies and mobile phone brands will join the cooperation ecosystem.

RCS may be an accelerated 5G application.

Our previous report “RCS may accelerate 5G applications for landing” has pointed out that RCS is based on traffic, and in the case of a significant reduction in the cost of 5G traffic, the future is expected to usher in leapfrog development.

As a key update of RCS (RichCommunication Service) to upgrade 深圳桑拿网 MaaP (message as platform), Fuxin (RCS Business News) may become a 5G application that has landed in the future.

Investment suggestion: The company further proves that it has the advantages of the leading enterprise SMS. Under the situation that the volume has become the first in the industry, the growth rate of revenue and delivery continues to exceed the industry.

We’re back again: Fuxin is expected to be one of the first applications to land in the 5G era.

The company’s EPS is expected to be 0 in 2019-2020.

53 yuan, 0.

87 yuan, maintain Buy-A rating, 6-month target price of 22 yuan.

Risk warning: Fuxin’s promotion is less than expected; industry competition is intensifying.

Top Group (601689): 4Q19 gross profit pressure; expansion against the trend to expand the layout of lightweight chassis business

Top Group (601689): 4Q19 gross profit pressure; expansion against the trend to expand the layout of lightweight chassis business

The 2018 results are in line with expectations. The 2018 Annual Report results announced by Top Group: The expected total operating income is 59.

80,000 yuan, an increase of 17 in ten years.

6%; net profit attributable to mother is 7.

5 ppm, a ten-year increase of 2.

1%, during the black performance forecast period7.

4-8.

Between 0 billion, basically in line with market expectations.

Development Trend 4Q18 revenue is stable, and gross margin is under pressure.

In the fourth quarter of 2018, the sales volume of downstream passenger cars and main customer Geely decreased by 15% and 13% respectively. The company benefited from Fedona’s consolidation, and its revenue in the fourth quarter decreased only slightly.

4%.

Gross profit margin for the fourth quarter of 19 was 23.

1%, a year-on-year reduction of 4%.

6ppt and 4.

At 2ppt, we expect that customers such as Geely have increased their bargaining prices on upstream components in order to maintain profitability under the background of the volume and price decline of the downstream passenger car industry.

At the same time, labor costs and the increase in depreciation caused by the commissioning of some new production capacity also affected gross profit.

In 4Q18, the company realized net profit attributable to its mother.

4 billion, 27 from the previous decade.

1%.

The cash flow business is stable, and the profitability of the chassis business is frustrated.

In terms of products, 18 years of revenue from shock absorption business23.

100 million, an annual increase of 3.

9%, the market share has further increased, and the gross profit margin has fallen by 3.

4 points, but still maintained above 30%.

Revenue from interior parts in 18 years22.

200 million, previously -3.

5%, gross profit margin is basically stable.

18 business achieved rapid growth in the final trading, excluding 7.

Fortune 300 million consolidated, the chassis business still achieved 21% growth, which is a growing business, but the decline in gross profit margin was 4 points.

The electronic vacuum pump business has also achieved high growth, but its profitability is also obvious.

Looking for expansion against the trend and new growth in layout.

Despite the sluggish growth in the downstream industries, the company’s capital expenditures remained high, reaching 12 in 17-18.

900 million and 13.

300 million, actively deploying new businesses such as lightweight floor plates, and developed a series of battery grilles, subframes, knuckles and other product portfolios.

Looking ahead, we can get the advantage first, and we expect the company’s lightweight chassis business to become another growth point in the future.

Earnings forecasts take into account the continued weakness of the downstream auto market in 1Q19, and we cut our 2019 and 2020 results by 11 respectively.

3% and 6.

2% to 8.

4.5 billion and 9.7.1 billion.

Estimates and recommendations 佛山桑拿网 Companies currently sustainably correspond to 19/20 years17.

1/14.

9 times P / E.

We expect the company’s first-quarter results to remain under pressure, but the company will benefit from industry assessments and repairs and complement the chassis business, and maintain the recommended level and target price of 25 yuan, corresponding to 19/20 21.

5/18.

7x P / E, compared to current expectations of 25.

7% upside.

Risks Major downstream customers have lowered prices and sales exceeded expectations.

Dataport (603881) in-depth report: Locking on large customer demand, company performance growth flexibility can be expected

Dataport (603881) in-depth report: Locking on large customer demand, company performance growth flexibility can be expected

Ping An’s perspective: business layout is gradually optimized, and the optimization of large customer cabinets is rapidly improved: from a regional perspective, the company’s operating data centers are mainly deployed in four regions: Hebei, Shanghai, Hangzhou, and Shenzhen, which basically meet the market needs and are in a better positionstatus.

Shanghai, Hangzhou and Hebei are the company’s main business areas, with gross profit levels stable at more than 30%.

In particular, the Hebei region serving large customers has achieved a rapid climb in gross profit margin, indicating that the integration of cabinets for large customers in this region can quickly increase after the cabinets are put into production.

  The gross profit margin of the main business is at the forefront of the industry and the operation level is good: in 2018, the company’s gross profit margin level was higher than that of IWC, Kehua Hengsheng, Aofei Data, followed by Halo Xinwang and Baoxin Software.

Compared with companies in the same industry, the company’s gross margin is at the forefront.

Although the performance of the company’s single cabinet has increased by 50% -100% in the past two years, the electricity cost of a single cabinet is only 2% in 2016.

500,000 yuan / rack / year increased to 2.

580,000 yuan / rack / year, only increased by less than 4%.

This shows that the company’s data center operation level is high, saving additional electricity costs.

  The number of racks to be delivered reached 29,000, and the demand from major customers accounted for 78%: In the next few years, the company plans to build 8 new data centers, with a total of about 29,203 racks to be delivered, which is 2 of the number of existing operating racks.

79 times.

The commissioning of these cabinets will drive revenue growth for the company’s IDC services business.

Among them, GH13, JN13, ZH13, HB41, NW13 and HB33 will be provided to the company’s major customer Alibaba, which accounts for about 78% of the cabinets to be placed.

  Investment suggestion: We predict that the company’s net profit attributable to mothers for 2019-2021 will be 1.

5 billion, 1.

5.4 billion and 4.

83 trillion, the corresponding EPS is 0.

71 yuan, 0.

杭州桑拿网
73 yuan and 2.

29 yuan.

Compared with the predicted value of our previous forecast, the net profit of returning mothers from 2019 to 2020 will decrease by 45.

3% and 59.

2%.

First and foremost: the company has a large number of data centers to be constructed and gradually put into production in 2019-2021, and the gross profit margin will fall first and then rise; new data centers will require expanded bank loans, and appropriation expenditures are also high.

Since 78% of the new data centers in the company’s new cabinets have been locked out for large customers, most of them have legally valid cooperation proposals with large customers’ tonnage, we believe that the company’s performance growth is highly certain.

Overall, the company is rated at a relatively low valuation in 2021 when compared to comparable 天津夜网 companies.

Therefore, we maintain the company’s “Recommended” rating.

  Risk warning 1. The company’s data center is not in production as expected. According to the company’s annual report and related announcements, the company plans to build 8 new data centers in the next few years, respectively: HB33, HB41, 2A-3 in Hebei, Fangshan in Beijing, and GH13 in Guangdong., JN13 in Jiangsu, ZH13 in Zhejiang, NW13 in Inner Mongolia.

Among them, five data centers including HB33, GH13, JN13, ZH13 and NW13 will be the first to be put into use in Q3 to Q4 in 2019. If these data centers cannot be put into production on time, the company’s performance growth will be less than expected.

  2. Alibaba’s order execution was less than expected. According to the announcement of the company, Alibaba has pointed out a memorandum of cooperation with the company on the construction of five data center computer rooms, including HB41, GH13, JN13, ZH13 and NW13.

These data centers will be gradually delivered to Alibaba for use in the second half of 2019.

If Alibaba fails to deploy the server in a timely manner after delivery, the company’s performance will grow less than expected.

  3. The overall price war in the data center operation service market appears, and the price of single rack service for data center operation services is stable.

If some participants adopt aggressive market strategies in order to gain market share, it will lead to the company’s passive price reduction, which will cause the company’s performance to grow less than expected.