Category: 夜网

[How to eat green peppers]_How to make_How to make

銆愰潚妞掓€庢牱鍋氬ソ鍚冦€慱鎬庝箞鍋歘濡備綍鍋?
You are in a hurry, you are arrested, you are in trouble, you are in the same place, you are in the air, you are in the air, you are in the air, you are in the air, you are in the air, you are in the air and you are in the air凿滆偞锛屾瘮濡傞潚妞掔倰鑲夈€侀潚妞掔倰楸块奔浠ュ強闈掓鐐掔尓鑲濈瓑锛屽ぇ瀹跺彲浠ユ牴鎹嚜宸辩殑鍙e懗鍘婚€夋嫨闈掓鐨勫仛娉曪紝浣嗘槸闈掓鏈夌偣杈e懗锛屾垜浠簲璇ヨ灏嗛潚妞掑瓙娓呮礂鎺夛紝骞朵笖鐐掗潚妞掔殑鏃跺€欒娉ㄦ剰锛屾湁鍙兘浼氬嚭鐜板緢鍛涢蓟鐨勭幇璞★紝闇€瑕佹埓濂藉彛缃┿€傞潚妞掓€庝箞鍋氬ソ鍚?銆侀潚妞掔倰鑲変竵锛氱尓鑲変竵100鍏嬨€侀潚妞掍竵200鍏嬨€佽尛鐧戒竵200鍏嬶紝 鐔熸补1姹ゅ寵锛岄厭銆佹穩绮夊悇2鑼跺寵锛岀櫧绯栥€佺洂鍚勯€傞噺銆傝倝涓佺敤閰掋€佹穩绮夈€佺洂鐣ヨ厡锛屾媽鍏ラ潚妞掍竵銆佽Is it possible to sing or sorrow; sorrel, sorrel, chrysanthemum, chrysanthemum, chrysanthemum, chrysanthemum, chrysanthemum, chrysanthemum, chrysanthemum, chrysanthemum, chrysanthemum.What do you mean? What do you mean? What are you talking about? What are you talking about?鍒 嗛 挓 鍗 冲劲 銆?銆侀潚妞掔倰铔嬶細闈掓2涓€侀浮铔?涓€佸彛铇?涓€?澶у寵娌广€傞潚妞掓礂骞插噣鍘荤苯锛屽垏纰?Last but not least, what is the difference?What are you talking about?.5 揶 訌 倌 庌 麏 鍏 协 幏 厔 啔  鍜 屛 哇 梠 弖 缈 荤 値 尰 1 鍒 嗛 揓 Tweezers 搂 釨 釨 釨 釕 釕 釕I ‘m going to go back and forth, and I ‘m going to go back and forth, and I ‘m going to go to the end of the day: I do n’t know what to do, I do n’t know how to do it, I do n’t know how to do it, I do n’t know how to do it, I do n’t know how to do it.笂妗屻€?TOWER Xingsu Niuqianlengya  Sha Benyangmixiang?00 鬏 嬶 麴 闱 掑 drum girl?How about it?-7鐡f媿鎵併€佹湞澶╂涓濆皯璁?鈙  甉 锷?锛屾补銆佺敓鎶姐€佽儭妞掔矇銆佹枡閰掋€佺洂鍚勯€傞噺銆?Do you know how to draw it? How about it? If you want to go, why don’t you go back and forth?鍒嗛挓銆傛崬鍑虹敤鍐锋按鍐插共鍑€瑁呯洏澶囩敤;璧烽攨鏀炬补銆佹斁鍏ュ涓濄€佽挏鏈€佹湞澶╂涓What are you doing?锷 犵 尓 幈 韕 镣?-2鍒嗛挓锛屽姞鏂欓厭銆佺洂銆佺敓鎶姐€侀潚灏栨锛岀倰1-2鍒嗛挓鍗冲彲鍑洪攨銆傚コ浜哄悆闈掓鐨勫 ソ 澶?銆佹不鐤楀潖琛€鐥呴潚妞掑彲浠ラ槻娌诲潖琛€鐥咃紝瀵圭墮榫堝嚭琛€銆佽绠¤剢寮辨湁杈呭姪娌荤枟浣滅敤銆?銆佽В鐑€侀晣鐥涢潚妞掕緵娓╋紝鍙娇浜轰綋鍙戞睏浠庤€岄檷浣庝綋娓╋紝骞剁紦瑙h倢鑲夌柤鐥涳紝鍥犳鍏锋湁杈冨己鐨勮В鐑晣鐥涗綔鐢ㄣ€?銆侀闃茬檶鐥囬潚妞掑惈鏈変赴瀵岀殑鎶楁哀鍖栫墿璐紝鍙互闃绘缁嗚優鐨勬柊闄堜唬璋紝浠庤€岀粓姝㈢粏鑳炵粍缁囩殑鐧屽彉杩囩▼锛岄檷浣庣檶鐥囩粏鑳炵殑鍙戠敓鐜囥€?銆侀闃茶€佸寲闈掓閲岀殑缁寸敓绱燙銆丒鑳芥彁鍗囧厤鐤姏锛屾姂鍒堕粦鑹茬礌浜х敓锛岃繙绂昏€佸寲锛屾竻闄よ嚜鐢卞熀锛屽噣鍖栬娑诧紝闃叉蹇冭倢姊楀绛夈€?It ‘s hard to find a good way to do it. It ‘s a very difficult problem. It ‘s very important. It ‘s a good idea. It ‘s very good.告敹鐨勭淮鐢熺礌P锛屽氨绠楀姞鐑淮鐢熺礌C涔熶笉浼氭祦澶便€?銆佸鍔犻娆层€佸府鍔╂秷鍖栫淮鐢熺礌P杩樿兘寮哄仴姣涚粏琛€绠★紝棰勯槻鍔ㄨ剦纭寲涓庤儍婧冪枴绛夌柧鐥呯殑鍙戠敓銆傞潚妞掍腑鍚湁鑺姵杈涜荆鐨勮荆妞掔礌锛岃兘淇冭繘椋熸锛屽府鍔╂秷鍖栥€?You can find out how to find out if you want to find out what you want to do. Check out what is going on. Check out what is going on. Check out what is going on.唶锛岃兘绉瀬鐨勯檷鑳嗗浐閱囨帓鍑轰綋澶栵紝浠庤€岃揪鍒板噣鍖栬娑茬殑鏁堟灉銆?

[Efficacy and role of red fungus]_Effect_Set

銆愮孩鏈ㄨ€宠彍鐨勫姛鏁堜笌浣滅敤銆慱鏁堟灉_鐩婂
绾㈡湪鑰宠彍褰撲腑鐨勫姛鏁堝拰浣滅敤杩樻槸闈炲父涓板瘜鐨勶紝鍏朵腑鎵€鍚湁鐨勮泲鐧借川鍜岄挋璐ㄧ瓑涓€绯诲垪钀ュ吇鎴愬垎閮芥槸浜轰綋鐨勫繀闇€鍝侊紝鍙互璇存槸鍗佸垎钁楀悕鐨勪竴绉嶅北鐝嶏紝鑰屼笖杩樺彲浠ヤ綔涓轰腑鑽潗鏉ラ鐢ㄧ殑锛屽ぇ閮ㄥ垎閮芥槸闇€瑕佺粡杩囦竴瀹氬姞宸ヤ互鍚庢墠鍙互鎴愪负涓嵂鏉愭潵椋熺敤锛屽彲浠ョ敤鏉ユ不鐤楄宕╁拰璐绛夐潪甯稿鐨勭柧鐥呯被鍨嬨€傝惀鍏讳环鍊硷細榛戞湪鑰冲惈铔嬬櫧璐ㄣ€佽剛鑲€佸绯栧拰閽欍€佺7銆侀搧绛夊厓绱犱互鍙婅儭钀濆崪绱犮€佺淮鐢熺礌B1銆佺淮鐢熺礌B2銆佺儫閰哥瓑锛岃繕鍚7鑴傘€佸浐閱囩瓑钀ュ吇绱犮€傛湪鑰宠惀鍏讳赴瀵岋紝琚獕涓衡€滆弻涓箣鍐犫€濄€傛瘡100鍏嬪共鍝侀粦鏈ㄨ€充腑鍚泲鐧借川9.4 鍏 嬶 纴 纰 虫 菖 栧 湎 鐗?5, 5 馏 嗶 閍?57 toilets, toilets, 7201, toilets, fans, fans, 185, toilets, toilets, keys, pets, and toilets, patents, patents, licenses, and inquiries.岃兘鏈夋晥棰勯槻缂洪搧鎬ц传琛€銆佽鏍撱€佸姩鑴夌‖鍖栧拰鍐犲績鐥咃紝杩樺叿鏈夐槻鐧屼綔鐢ㄣ€傛湪鑰虫暎鍏锋湁娌荤枟婧冪儌璇哥柈鍜岃宕╃殑鑽悊浣滅敤銆傞粦鏈ㄨ€虫槸钁楀悕鐨勫北鐝嶏紝鍙銆佸彲鑽€佸彲琛ワ紝涓浗鑰佺櫨濮撻妗屼笂涔呴涓嶅帉锛屾湁鈥滅礌涓箣鑽も€濅箣缇庤獕锛屼笘鐣?涓婅绉颁箣涓衡€滀腑椁愪腑鐨勯粦鑹茬懓瀹濃€濄€傝€岄粦鏈ㄨ€冲煿妞嶆柟娉曪紝鍦ㄤ笘鐣屽啘鑹恒€佸洯鑹恒€佽弻鑹哄彶涓婏紝閮藉牚绉颁竴缁濄€俒1]榛戞湪鑰冲瓙瀹炰綋鑳惰川锛屾垚鍦嗙洏褰紝鑰冲舰涓嶈Lintship: What is it?-12鍘樼背銆傛柊椴滄椂杞紝骞插悗鎴愯璐ㄣ€傚彛鎰熺粏瀚╋紝椋庡懗鐗规畩锛屾槸涓€绉嶈惀鍏讳赴瀵岀殑钁楀悕椋熺敤鑿屻€?00 髏 嫔 共 湪 湪 湪 Key fills the village village 10.9鍏嬨€佽泲鐧借川10。6鍏嬨€佽剛鑲?。2鍏嬨€佺⒊姘村寲鍚堢墿65.5鍏嬨€佺儹閲?06 鍗 冨 崱 銆 世 绖 紾 ょ huai7.0 鍏嬨€佺伆鍒?.8鍏嬨€侀挋357姣厠銆佺7201姣厠銆侀搧185姣厠銆佽儭钀濆崪绱?.03 JiaoToilet?鑳 虹 礌 0.15 傣 The toilet is empty 0.55 傣 Toilet and toilet are all over 2.7 姣  餜 鈜 屽  Read the sloppy ╄ Chuan 銆 傛 according to the 戞 湪 湪 湏 攏 borrow 揋 揋 佷 绠 Adopting the 揌 戌 懈 1.5鍏嬨€傛湁鐩婃皵銆佸厖楗ャ€佽交韬己鏅恒€佹琛€姝㈢棝銆佽ˉ琛€娲昏绛夊姛鏁堛€傚瘜鍚绯The world’s most important people are in the world, and the world is in the world. The world is in the north. The north is in the south. The country is in the middle. The country is in the middle of the wind. The fan is in the wind. The fan is in the air.湁涓€瀹氱殑鎶楃檶鍜屾不鐤楀績琛€绠$柧鐥呭姛鑳界瓑绛夈€俒3]鐢熺悊浣滅敤鏈ㄨ€充腑鐨勫绯栦綋鑳藉垎瑙h偪鐦わ紝鎵€浠ヨ兘鎻愰珮浜虹殑鍏嶇柅鍔涳紝鍏锋湁寰堝ソ鐨勬姉鐧屼綔鐢ㄣ€傝€岃繖绉嶅绯栦綋涔熷叿鏈夌枏閫氳绠°€佹竻闄よ绠′腑鑳嗗浐閱囩殑浣滅敤锛屾墍浠ュ彲浠ラ檷琛€绯栥€侀檷琛€鑴傘€侀槻姝㈣鏍撳舰鎴愶紝棰勯槻鑴戣绠$柧鐥呭彂鐢熴€傛湪鑰充腑鐨勪簡纾疯剛璐紝瀵硅剳缁嗚優鏈夎惀鍏讳綔鐢紝鍥犳鏈ㄨ€虫槸寰堝ソ鐨勮ˉ鑴戦鍝併€傛湪鑰宠繕鍏锋湁婊嬭ˉ娑︾嚗銆佸吇琛€鐩婅儍鐨勯鐤楁晥鏋滐紝鎵€浠ユ槸鍚勭鐜颁唬鏂囨槑鐥呭楂樿鍘嬨€佸績鑴忕梾銆佺檶鐥囩梾浜虹殑淇濆仴椋熷搧銆?

[Can you drink Luo Han Guo with high blood sugar?】 _High blood sugar_Can you drink

What’s the difference? What’s the difference? What’s the difference? What is the difference? What is the difference?
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[Can pregnant women eat poached eggs]_Pregnancy_Can I eat

[Can pregnant women eat poached eggs]_Pregnancy_Can I eat

Pregnant women can eat poached eggs, because the main ingredient of poached eggs is eggs, containing all the essential nutrients of the human body, the same reason as eating eggs, so pregnant women eat poached eggs is very good.

Pregnant women eating poached eggs can promote the nervous system and development of hypertension, but also protect the liver and prevent the occurrence of diseases such as arteriosclerosis. For specific effects, everyone can come to understand the replacement.

  Can pregnant women eat eggs?

Eggs contain almost no essential nutrients, such as proteins, trace amounts, yolks, lecithin, vitamins, and iron, calcium, and potassium. They are called “ideal nutrition stores”.

Pregnant women eat eggs to have the following effects: 1, brain-building puzzle: eggs have a great effect on the nervous system and physical development, which contains choline can improve the memory of all age groups.

2. Protect the liver: The protein in eggs can repair liver tissue damage, and the lecithin in egg yolk can promote the regeneration of liver cells.

It can also increase the amount of human plasma protein and enhance the body’s metabolic and immune functions.

3. Preventing arteriosclerosis: American nutritionists and medical workers use eggs to prevent atherosclerosis, and have achieved surprising results. They extract lecithin from eggs, walnuts, and livers of pigs and give them to patients with cardiovascular disease every day.Eat 4?
6 tablespoons.

After 3 months, the patient’s serum and plasma decreased significantly, and satisfactory results were obtained.

4. Preventing cancer: According to an analysis of human cancer deaths worldwide, it has been found that cancer mortality is inversely proportional to selenium intake.

And eggs are rich in selenium.

5, delay aging: one of the longevity experience of a large number of longevity elderly is to eat an egg every day.

6, beauty skin care: eggs also contain rich iron, iron elements in the body play a role in hematopoiesis and transport oxygen and nutrients in the blood.

The rosy beauty of human face is inseparable from the iron element.

If the iron is insufficient, it can cause iron deficiency anemia, make people’s faces pale, and the skin loses its beautiful luster.

This shows that eggs are indeed one of the important foods to maintain skin beauty.

Although the benefits of eating eggs for pregnant women are many, they should also be appropriate. If you eat too many eggs every day or basically rely on eggs to provide nutrition, it will not be good for the body, but will be harmful. Pregnant women should not eat more than three eggs a day.

Note: 1. Soymilk needs to be cooked thoroughly before drinking, soy milk can be eaten with eggs; 2. Eggs cannot be cooked with MSG; 3. Do not eat sugar immediately after eating eggs; 4. Do not eat immediately after eating eggsGoose meat, rabbit meat; 5, drink raw eggs, add raw eggs to beer, boil water to wash eggs, etc., these eating methods are not right, because the biotin in eggs is harmful to the human body, and these eating methods can not destroy biotin.

[How to eat sheepskin]_How to make_It tastes good

銆愮緤鐨€庝箞鍋氬ソ鍚冦€慱鎬庝箞鍋歘鍛抽亾濂?
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Shandong Publishing (601019) First Coverage Report: Steady Growth of Teaching Materials, Auxiliary Business, and Performance of Children’s Books

Shandong Publishing (601019) First Coverage Report: Steady Growth of Teaching Materials, Auxiliary Business, and Performance of Children’s Books

Investment points: 1.

First cover, target price 9.

32 yuan, increase the level.

The company’s children’s books have obvious advantages, and the market share of teaching and auxiliary business in the province continues to increase, and the diversified business layout is smooth. It is expected that EPS-20 will be 2019-2021.

79/0.

85/0.

96 yuan, giving a comparable company an average PE valuation of 11 in 2019.

8 times, corresponding to the target price of 9.

32 yuan, the first coverage given an overweight rating.

  2.

The advantages of children’s books are significant, and the province with a large population has brought a steady increase in teaching aids.

In the publishing business, the company ‘s publishing house, the People ‘s News Agency, and Tomorrow News Agency have entered the ranks of the top 100 publishing units in the country. It publishes more than 10,000 publications each year. In 2018, 536 books have been sold, and Tomorrow News Agency has been engaged in the field of children ‘s books for many years., Created the top ten best-selling content such as “Laughing Cat Diary” for a long time; in the textbook teaching and auxiliary business, due to the influence of the three subjects, some of the company’s Luban textbooks gradually withdrew from the market, but at the same time due to some internal issues in Shandong ProvinceThe only qualification for issuing textbooks during the compulsory education phase, and the only publisher to recommend recommended teaching aids. The company obtained the agency operation rights of the unified textbooks in the province. The city’s share in the province further increased.The population base is superimposed with the second child, and the number of students is 西安耍耍网 expected to continue to grow. It is expected that the company’s textbook teaching and auxiliary publishing business is expected to achieve long-term stable growth.

  3.

The diversified business layout is smooth.

The company’s diversified industry segment has formed and developed rapidly: the expansion of the publishing unit’s IP, the integration of media operations has achieved initial results, the “Xiaohe Listening Book” audiobook publishing and reading platform, and other diversified knowledge service products that meet market needs have been launched, Shandong Science and Technology PressThe Poccos ICC project, Tomorrow Publishing House and Tomorrow Children’s Art Museum art training and other projects continue to advance; the rapid development of bookstore group education equipment, book fragrance research, education training 南京夜网 and non-graphic product sales has gradually become a new growth point for the bookstore group.
  4.

Catalysts: The publishing business maintained steady growth, new business developed smoothly, and the dividend rate continued to increase5.

Risk reminder: book content review risks, teaching materials and auxiliary services are affected by policies such as burden reduction

Hengli Petrochemical (600346): In 2019, it will achieve 10 billion yuan in profit scale beyond expectations and maintain Buy

Hengli Petrochemical (600346): In 2019, it will achieve 10 billion yuan in profit scale beyond expectations and maintain “Buy”

Event: The company released the 2019 performance forecast. It is estimated that the net profit attributable to mothers will be about 10.9 billion in 2019, previously +228.

06%; net profit after deduction is about 101.

3 trillion, +262 a year.

68%.

Corresponding to the net profit attributable to the parent in the fourth quarter of 2019 is approximately 40.

8.3 billion, +46.

02%; deducting non-attribution net profit is about 35.

0.6 billion, +26.

12%.

EPS in 2019 is about 1.

55 yuan, exceeding market expectations.

  Main points: 1.

The large-scale refining and chemical project has entered the harvest period and the performance exceeded expectations. On May 17, 2019, the company’s wholly-owned Changxing Island 2000 / year large-scale refining and chemical project was formally put into full production and entered the harvest period.

The project has advanced technology, large-scale, and obvious integration advantages. It has achieved strategic breakthroughs in the scarce production capacity of upstream industries such as refining, aromatics, and other significant optimizations. It has also improved the company’s business structure and refined refined polyester.The integrated layout of the industrial chain has become the main source of the company’s current profit and the main driving force for performance growth.

  In Q1-Q4 of 2019, the company achieved net profit attributable to its mothers in each quarter5.

0.6 billion, 35.

1.5 billion, 27.

9.6 billion, about 40.

8.3 billion.

Taking the total product volume of 378 in the third quarter to exclude the calculation (excluding PX and acetic acid for own use), the project Q3 single-quarter operation is full-load operation, we expect that the fourth quarter will also be full-load operation.

The fourth quarter of 2019’s performance increased month-on-month. It is expected that international oil prices will rise steadily, refinement performance will improve, and inventory income will improve.

For Q1-Q3 2019, the company’s net cash flows from operating activities were -38.

05 billion, 161.

8 billion, 142.

US $ 4.8 billion. After the refinery project was put into production, the company’s cash flow improved significantly.

  Although since 2019, conventional oil refining, ethylene, propylene, PX, PTA, polyester, etc. have entered the peak production period, replenishing production capacity, and increasing competition, it mainly affects backward production capacity such as geoprocessing and small-scale manufacturers.Companies with integrated advantages of “refining-aromatics-PTA-polyester” have industry-leading profitability.

  2.

PTA and ethylene projects help the company to take a new step In 2020, the company has a number of projects in production, which will help the company’s profit to take a new step.

(1) The company is under construction for 150 annual / ethylene projects, including 150 ethylene resin units and supporting 12 sets of chemical units, to further increase product added value and refining capacity.

The project has been basically completed, and production is expected to start in Q1 2020.

According to the project feasibility study report, after the project is fully operational, it is expected to achieve annual sales income of 24.3 billion yuan and an average annual net profit of approximately 4.3 billion yuan.

(2) Commissioning and production of PTA-4 project 250 years ago / year.

According to the feasibility study report, it is estimated that the average annual sales income will be 112 after the project reaches its production and efficiency.

460,000 yuan, annual average profit budget 9.

07 billion.

At the same time, there are 250 PTTA-5 projects expected to be completed in mid-2020, when the company’s total PTA production capacity will reach 1160 years 北京夜生活网 / year.

(3) A 135-ton high-performance multi-functional high-quality new textile material project is under construction.

It is estimated that the annual sales income is expected to be 156 after the project is fully in production.6 ppm (tax included), total annual profit is 26.

66 trillion, after-tax profit is 20 trillion.

  3.

Earnings forecast and rating We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 109 trillion, 15.1 billion and 16.1 billion, corresponding to EPS 1.

55 yuan, 2.

15 yuan and 2.

29 yuan, PE 11.

3X, 8.

2X and 7.

7 times.

  Considering that the company’s large-scale refining and chemical project is in production and entering the harvest period, the ethylene project is about to be put into production. The advantages of integration of refining and chemical polyesters are obvious, and there is great room for growth in the future.

  Risk warning: Macroeconomic fluctuations, crude oil and product prices have risen sharply, and the project’s commissioning progress has fallen short of expectations.

Overseas Chinese Town A (000069) 2019 First Quarterly Report Review Report: Turnaround, Acceleration, Advance, High Growth, Zero Premium, Land and Reserve Expansion

Overseas Chinese Town A (000069) 2019 First Quarterly Report Review Report: Turnaround, Acceleration, Advance, High Growth, Zero Premium, Land and Reserve Expansion

The report guides the company’s operating income in the first quarter of 201979.

2 billion, a previous growth rate of 25.

69%, net profit attributable to parent company11.

9.9 billion, a six-year growth of 6.

94%, basically 0 benefits.

15 yuan.

The investment settlement of income points has grown steadily, and high-margin industries will achieve operating income of 79 in the first quarter of 2019.

2 billion, an annual increase of 25.

69%, settlement gross margin 62.

23%, about the full year of 2018 (60.

35%) increase by 1.

88 units; settlement net profit decreased by 15.
.

77%, estimated for the full year 2018 (23.

46%) 7.

69 units.

The increase in net profit ratio compared to 2018 is at least mainly due to the significant expansion of the company’s land acquisition in 2018, the increase in interest-bearing debt, and the mismatch between income settlement and current index expenditures leading to an increase in financial expense ratios.

Turnover speeded up and pre-receipt growth was high, and the income coverage multiple increased significantly. Affected by the rebound in new house sales in first- and second-tier cities and the company’s rapid sales push, the company’s advance account receipts in the first quarter were 557.

7.1 billion, a significant increase of 75 from one year to the first quarter of 2018.

8%, an increase of 31 from the end of 2018.

9%.

The coverage ratio of advance receipts to operating income in the past four quarters is 1.

16, approximately 2018Q4 (0.

89) Raise 0.

27, ranking 2018Q1 (0.

75) Outstanding promotion 0.

41. The value of unsettled goods sold by the company increased, and the certainty of future performance settlement was further enhanced.

The expansion of the inventory scale has accelerated, and the indicator’s land acquisition capacity is fully displayed. The company’s inventory scale in 2019Q1 was 1798.

9.2 billion, a year-on-year increase of 49% in 2018Q1, and a 12% increase over 2018Q4.

3%, the land acquisition speed has further expanded. According to the first quarterly report, the consolidated company reported that it has added 9 new land reserves and 342 construction areas to be developed.

With 680,000 countries, Nadi includes Jinan, Zhengzhou, Maoming, Chaozhou, Shanwei, Shenzhen, and Xi’an.

According to the wind land database, the average land price for adding land is only 2539.

84 yuan per square meter, except for the Chaozhou Science and Technology Park project, where the land acquisition premium rate is 2%, the rest of the land is traded at a zero premium rate.

Earnings forecast and 深圳spa会所 forecast The company is expected to achieve operating income of 579 from 2019 to 2021.

8.7 billion, 702.

2.6 billion, 825.

3.1 billion, an increase of 20 each year.

45%, 21.
11%, 17.
52%; Net profit attributable to parent company will be 128 from 2019 to 2021.

8.7 billion, 152.

7.7 billion and 186.

1.8 billion, an increase of 21 each year.

68%, 18.

55% and 21.

87%.

At present, the company’s relative revaluation of net assets is discounted by about 60%. In the real estate small cycle from 2014 to the present, the company’s size has been trading at an average of 15% of revalued net assets.

Under the current equity, the EPS is expected to be 1 from 2019 to 2021.

57、1.

86, 2.

27, the current expected PE is 5.

05 times, 4.

26 times, 3.

49 times, Shen Wanwan Real Estate Index is currently at PE11.

The transaction at 3 times level is regarded as the company’s high-quality asset reserve, maintaining the “Buy” rating.

Risk Warning: 1.

Real estate policy tightened more than expected; 2.

Industry sales growth accelerated faster than expected.

Ziguang Guowei (002049): Outstanding performance of special integrated circuits in the first half of the year boosted performance growth

Ziguang Guowei (002049): Outstanding performance of special integrated circuits in the first half of the year boosted performance growth
Event: The company released the semi-annual report for 2019 on August 22, and in the first half of 2019, the company achieved operating income of 15.USD 5.9 billion, an increase of 48 from the same period last year.05%.Realize net profit attributable to shareholders of listed companies.93 trillion, an increase of 61 over the same period last year.02%.Realize net profit after deducting non-return to mother 2.180,000 yuan, an increase of 110 over the same period last year.66%.In addition, the company foresees that the first three quarters of net profit will increase by 0% -30% each year, corresponding to a net profit of 2.88-3.7.4 billion. Special integrated circuit revenue and gross profit margins increased, and other products were scheduled for stable.In the first half of 2019, the company’s smart security chip product revenue was 6.07 million yuan, an increase of 30 in ten years.32%, 武汉夜网论坛 mainly due to strong sales and growth of smart security chip products; special integrated circuit product revenue was 4.99 ppm, a 117-year increase.01%, mainly because of the large number of customers, the contract volume, the intended growth rate is large; memory chip product revenue was 3.75 ppm, an increase of 35 in ten years.32%, mainly because the company’s restructuring and stability under the actual decline in DRAM prices led to revenue growth; crystal business product revenue was zero.75 ppm, 10-year average4.62%, mainly due to product prices caused by oversupply of products.The company’s gross profit margin for the first half of 19 was 35.72%, an annual increase of 8.68 points, mainly due to the high gross profit of special integrated circuit product revenue and gross profit margin increased significantly.Of the period expenses, the selling expenses are zero.52 ppm, an increase of 16 per year.55%; administrative costs are 1.460,000 yuan, an annual increase of 129.39%, mainly due to labor costs, increased due to consulting fees for intermediaries; financial costs were zero.08 million yuan, an increase of 526 in ten years.45%, mainly due to exchange losses and increased cash discounts; R & D investment was 2.380,000 yuan, ten-year average 1.9%, mainly due to the same period last year, including R & D expenditure of 62 million yuan. Industry chain mergers and acquisitions and domestic substitution have boosted performance growth.The company intends to acquire Linxens in order to open up the upstream and downstream of the industrial chain and increase synergy. In the case of the holder, after the Linxens technology, market and users, the company’s overseas market expansion is expected to proceed smoothly.The 5G era will expand the FPGA market capacity. Through the continuous improvement of the company’s FPGA product models, the domestic replacement of FPGA products will advance. Give “Buy” rating.We are optimistic about the company’s performance growth due to domestic substitution in the future.Expected company 2019?In 2021, the EPS will be 0.80/0.97/1.16 yuan, the corresponding PE is 63.90/52.38/44.01 times, covering for the first time, giving a “buy” rating. Risk warning: M & A progress is lower than expected, and new product development and promotion are lower than expected.

Suning Tesco (002024): The overall GMV in the first three quarters increased by 17.5% omni-channel, full-scenario smart retail layout completed

Suning Tesco (002024): The overall GMV in the first three quarters increased by 17.5% omni-channel, full-scenario smart retail layout completed
The first three quarters of 2019 results are in line with our expectations. The first three quarters of 2019 results announced by Suning Tesco: Revenue 2010.09 million yuan, an increase of 16 in ten years.2%; net profit attributable to mother 119.30,000 yuan, an increase of 94 in ten years.28%, which was mainly driven by the one-time income brought by Suning Jinfu’s capital increase, which is in line with the performance 佛山桑拿网forecast; after deducting the influence of Suning’s small stores, the net deduction is 14.0.5 billion.  Development trend 1. The core data has steadily increased, and the omni-channel and all-scenario smart retail layout has been completed.In the first three quarters, the total channel GMV was 2759 trillion, +17 in ten years.46%, 2019 Q1 / Q2 / Q3 omni-channel GMV growth rate was +25% / + 19% / + 10% respectively, due to short-term fluctuations caused by the downturn in the real estate and mobile phone markets.By channel, 1) Online: GMV growth rate + 24% in the first three quarters (+ Q3 + 19%, maintaining rapid growth), which excludes the online physical goods order time of Suning Tesco Tmall flagship store +61.8%, showing that the company’s fast-moving consumer goods category has grown rapidly; the number of members and repurchase frequency have been increased by segments, and the number of registered members of the retail system has increased to 4 at the end of the third quarter.700 million, with an annual active user scale of +48 per year.3%; 2) Offline: The expansion of outlets has further accelerated. Endogenously, 2187 retail cloud franchise stores were newly opened in the first three quarters, which continued to seize the sinking market space; in terms of extension, the acquisition of Wanda Department Store and Carrefour China was completed to improve the omnichannel, Full scene layout.In terms of store efficiency, 3C same-store revenue of home appliances in the first three quarters was -7.22%, mainly due to the weak market environment, red children mother and baby same-store income +10.8%.The company continued to strengthen the digital operation capabilities of its stores, and Suning’s push orders from stores in the third and third quarters increased substantially by 56.6%, the ability to acquire customers in all scenarios has been further improved.  2. The expansion of new business strategies, such as Suning Store, dragged down profits.In the first three quarters, the combined gross profit margin was unchanged at 14 in ten years.7%, the gross profit margin in the third quarter alone increased by 1 ppt to 16.1%, we expect to benefit mainly from revenue structure optimization and independent product promotion.The total expense ratio during the period will be increased by 2 in advance.2ppt to 16.4%, mainly due to the strategic expenditure of Suning’s small stores and the preliminary increase in logistics costs caused by the initial warehouse construction, among other factors, of which the increase in sales expense ratio increased by 1.5ppt to 12.3%.As of the end of the third quarter, Carrefour China has completed the delivery but has not yet consolidated the income statement. The conversion of the Suning store has completed the distribution and transfer at the end of June.If the impact of the Suning store is expected, the non-net error in the third and fourth quarters will be 4.2.8 billion.  3. Re-optimistic about the company’s omnichannel smart retail growth prospects.1) Commodity side: Promote structural optimization of 3C dominant categories of household appliances, and improve the construction of pan-automatic product ecological chains; FMCG categories accelerate the establishment of channel networks, supply chains and warehouse allocation systems, and accelerate the introduction of merchants and the enhancement of commodity richness; 2) Operational side: Comprehensive use of operational tools such as buying together and pushing customers to promote the integration of omni-channel scenarios and the use of synergies; 3) Basic capabilities: The logistics warehousing and supporting area has been increased to 11.05 million square meters, which is the basis for efficient circulation of goods.  Earnings forecasts and estimates are based on the company’s efforts to expand costs by 9% / 9% to 1 based on the possible costs of full-screen construction.39/0.24 yuan / share.It currently supports 2020e 44x P /杭州夜网 E and 0.3xP / s.Maintain Outperform rating and cut target price by 7% to 14 based on earnings forecast adjustment.5 yuan, corresponding to 60x 2020e P / E and 0.4x P / S with 35% upside.  Competition in risk industries continues to increase; consumption continues to decline.