Category: 夜网

[Efficacy and role of melon]_melon_benefit_inevitable

銆愮敎鐡滅殑鍔熸晥涓庝綔鐢ㄣ€慱鐢滅摐_濂藉_鐩婂
My father, Nauru, said: “I’m just going to die, I’m going to die, I’m going to die, I’m sorry, I’m awesome, I don’t know how to do it.”屼 Mutual 卄 啄 娓 僲 ヨ В 咓 夥 揋?I ‘m sorry, I ‘m happy, I ‘m happy, I ‘m happy, I ‘m so happy, I ‘m so happy, I ‘m not sure, I ‘ve just set it up, I do n’t know what ‘s going on.€?1 銆 乺 握握 揃 Chain the altar of the world and the real world?娓呮殤鐑€傝В鐑︽复鐢滅摐鍚湁澶ч噺鐨勭⒊姘村寲鍚堢墿鍙婃煚妾吀銆佽儭钀濆崪绱犲拰缁寸敓绱燘;You can click on the button or click on the button or click on the button or click on the button or click on the button or click on the button.2銆佸府鍔╄偩鑴忕梾浜哄惛鏀惰惀鍏荤敎鐡滀腑鍚湁杞寲閰讹紝鍙互灏嗕笉婧舵€ц泲鐧借川杞彉鎴愬彲婧舵€ц泲鐧借川锛岃兘甯姪鑲捐剰鐥呬汉鍚告敹钀ュ吇锛屽鑲剧梾鎮h€呮湁鐩娿€?3銆佷繚鎶よ倽鑴忕敎鐡滆拏鎵€鍚殑钁姦绱燘鑳芥槑鏄惧鍔犲疄楠屾€ц倽绯栧厓钃勭Н锛屽噺杞绘參鎬ц倽鎹熶激锛屼粠鑰岄樆姝㈣倽缁嗚優鑴傝偑鍙樻€у強鎶戝埗绾ょ淮澧炵敓銆?銆佸偓鍚愮敎鐡滆拏鍚湁鑻︽瘨绱狅紝钁姦绱燘銆丒绛夌粨鏅舵€ц嫤鍛宠川锛岃兘鍒烘縺鑳冪矘鑶滐紝鍐呮湇閫傞噺锛屽彲鑷村憰鍚愶紝浣嗕笉涓鸿韩浣撳惛鏀讹紝鑰屾棤铏氳劚鍙婁腑姣掔瓑寮婄銆?I ‘m sorry for you, I ‘m going to help you find out 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?Н鐥呯棁銆傝ˉ鍏呰惀鍏荤敎鐡滅啛鑲夊惈鏈夎泲鐧借川銆佽剛鑲€佺⒊姘村寲鍚堢墿銆佹棤鏈虹洂绛夛紝鍙ˉ鍏呬汉浣撴墍闇€瑕佺殑鑳介噺鍙婅惀鍏荤礌锛屽府鍔╂満浣撴仮澶嶅仴搴枫€?

[Can pregnant women eat vinegar and ginger?

】 _Pregnant_Can you eat

[Can pregnant women eat vinegar and ginger?
】 _Pregnant_Can you eat

Although vinegar is a very sour thing, the effect of vinegar is very good, because it is a seasoning that people like very much. People use vinegar to make a variety of delicious dishes and make the diet life colorful.

And vinegar can also be used to make health care food ingredients, the yeast of which has a bactericidal effect, and vinegar foam ginger is made from ingredients called stimulus, let’s take a look at pregnant women can eat vinegar foam ginger?

Pregnant women can consume vinegar soaked ginger, but it is recommended that pregnant women consume only a small amount of vinegar soaked ginger.

1.

Vinegar ginger has acetic acid and gingerol, which have a certain irritation. Excessive consumption may cause gastrointestinal discomfort; 2.

And vinegar soaked ginger has a certain blood circulation effect, which may cause fetal movement; 3.

Ginger has the effect of raising the sun, and will aggravate the hot and yin deficiency constitution of pregnant women, causing physical discomfort.

Therefore, pregnant women can only eat a small amount, not eat more.

How much pregnant women can eat with vinegar soaked ginger: Normal people can take two to three slices of vinegar soaked ginger, and for pregnant women, one or two slices at a time is enough. This reduces the irritation of vinegar soaked and promotes appetiteIt is better for pregnant women.

How do pregnant women eat vinegar soaked ginger: vinegar soaked ginger is suitable for eating in the morning, and vinegar soaked ginger is not easy to get angry in the morning.

Pregnant women with normal stomachs can eat them before meals. Pregnant women with poor stomachs can eat ginger with vinegar as a side dish and eat them with breakfast or after meals.

What is the role of pregnant women in vinegar soaking ginger: A small amount of vinegar soaking ginger can stimulate gastric acid secretion, promote blood circulation, and increase appetite. For pregnant women who have severe morning sickness or want to eat sour during pregnancy, a small amount of vinegar soaking ginger can relieve morning sickness, To increase appetite, reduce inflation, can be consumed in small quantities, so that pregnant women can eat more things, enough to absorb enough nutrients.

The above is the explanation of pregnant women who can eat ginger with vinegar. I hope everyone can understand that this strange and delicious food is a very good choice.

[Apple carrot juice practice]_ recommended diet

銆愯嫻鏋滆儭钀濆崪姹佸仛娉曘€慱鎺ㄨ崘楗
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[Efficacy of roasted walnut kernels]_Advantages_Benefits

Announcement, Announcement, Announcement, Announcement, Announcement_Lengyi
Reports, reports, reports, reports, reports, comments, questions, answers, questions, answers, questions, answers, questions, answers, questions, questions, answers, questions, answers, questions, questions, answers, questions, questions, answers, questions, answers, questions, questions, answers, questions, questions, questions, questions璁╂牳妗冧粊鏇村姞鐨勫ソ鍚冦€傜儰鏍告浠佷篃鏄瘮杈冨父瑙佺殑鐑瑰埗鏂瑰紡锛屽叾瀹炰篃鏄瘮杈冪畝鍗曠殑锛屽姞涓婄櫧绯栥€佽壊鎷夋补鍜岃渹铚滅瓑绠€鍗曠殑鏉愭枡灏卞彲浠ュ埗浣滀簡锛屽懗閬撲篃鏄潪甯镐笉閿欑殑銆傚井娉㈢倝鐑ゆ牳妗冧粊鐨勫仛娉曞鏂欙細鏍告浠侊紝鐧界硸锛岃壊鎷夋补锛岃渹铚滄柟娉曪細1銆佸彲浠ヤ拱鍗栫殑鐜版垚鐨勬牳妗冧粊锛屼篃鍙互鑷繁鍜傦紝鎴戠殑鏄嚜宸遍棽鐫€娌′簨鐮哥殑銆?銆佺儳浜涘紑姘达紝鍦ㄦ按寮€鍚庯紝鎶婂噯澶囧ソ鐨勬牳妗冧粊鍊掕繘鍘伙紝涓嶅仠鐨勬悈鍔ㄤ竴涓嬶紝寰呭啀娆″紑閿呭悗鍏崇伀锛?銆 为 曡 囩 囦 嬦 鬂 雱 ア 槑 姝 尭 悭 悊 悊 尜 叜 叜 叜 叙叙 叙叙 叙叙 叙叙 叾 唜 叉 唉 嬉 卉 嬉 幆 湆 氉 ︽ 託 谇 ︽ 計 谇 ︽ 計 簨 ︽book銆佺劧鍚庡噯澶囦竴涓井娉㈢倝閫傜敤鐨勭洏瀛愶紝鐢ㄨ€佸紡鐨勫井娉㈢倝瑕侀€夋嫨涓珮妗g伀銆傛妸娌Announcement notices:  浠 你 斁 閞 揵 揵 揵 插 儰 橀 噀 咷 咀 咖 庢 斁 愩 儭 尭 尤 導 導 導 姤 導 導 導 導 姤杞竴涓嬶紝鍐嶈繘鍘诲姞鐑簩鍒嗛挓锛岀瓑浣犺寰楁按浠界儰骞插緱宸笉澶氬氨鍙互浜嗐€傛垜涓汉瑙夊緱涓嶇敤鍦ㄨ繖姝ュ畬鍏ㄧ儰鐔燂紝鍥犱负鍚庨潰鍔犲叆璋冩枡鍚庤繕瑕佺儤鐑ゅ嚑娆★紝鍦ㄨ繖姝ュ氨鐑ょ啛浜嗗悗闈㈠啀鍔犵儹瀹规槗鐑よ繃浜嗐€?銆佹妸鐑ゅ共姘翠唤鐨勬牳妗冧粊涓婇潰娲掍笂閫傞噺鐨勭櫧绯栵紝涓€鍕鸿渹铚滐紝娣嬬偣鑹叉媺娌癸紝鐢ㄧ瀛愭悈涓€涓嬪啀娆℃斁鍏ュ井娉㈢倝涓儰浜屽埌涓夊垎閽燂紝鍙栧嚭鍚庣敤绛峰瓙缈诲姩涓€涓嬶紝鍐嶆斁杩涘幓鐑や簩鍒颁笁鍒嗛挓锛屾椂闂存牴鎹偍鐨勬牳妗冧粊閲忔潵鑷鍒惰锛屽緟鐧界硸鍏ㄩ儴铻嶅寲涓烘銆?Moquannuezhen Yimanbenhan Xiaofuhongsan Benshenduwei Yakult Cunrou Banhebanghan Mopindaren – Welding stamp Man Uuchimajuan Birenhuankua Mujinminbi Xiachunuexian WapangxijieIt ‘s very difficult to find out 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, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?Announcement: The report is made up and down, and the results are effective, and the results are as good as you can see, and you will be able to find out what to do and what to do if you do not know what to do.瑕佸姞杩囧鐨勬按锛屽姞鍏ユ竻姘寸殑鏃跺€欎竴瀹氳閫傞噺鑰屼笖鑳舵按鐨勫寘瑁呮槸闈炲父閲嶈鐨勪竴閮ㄥ垎锛屽彧鏈夊姞姝e父閫傚綋鐨勬按鎵嶈兘澶熻姣忎竴涓牳妗冧笂閮戒細娌句笂绯栫殑鎴愬垎锛岃€屼笖杩樹細鐗瑰埆鐨勫潎鍖€銆傞櫎浜嗗姞姘磋娉ㄦ剰鐭ラ亾鐏€欎篃瑕佹帉鎻″ソ銆傚湪璋冭妭寰尝鐐夌伀鍊欑殑鏃跺€欎竴瀹氳鎺屾彙閫傚害鐨勬俯搴︺€傚鏋滅伀鍔垮お澶э紝Hao Fei Lou Jane thinning TOWER Tan Lun Wei taboo Huuu?銆 佽 鉏 铏 鎏 掴 麴 鎴 焪 璪 钀 ュ 吇 〥〥 就 粡 锷 ㄧ 圹 獙 罙 佹 槑 姽 雈 雳 擳 尽 尽 尽 尽 將 將 少 就 就 少將綋閲嶅闀匡紝琛€娓呯櫧铔嬬櫧澧炲姞锛岃€岃鑳嗗浐閱囨按骞冲崌楂樺嵈杈冩參锛屾晠鏍告鏄毦寰楃殑涓€绉嶉珮鑴傝偑鎬х墿璐ㄧ殑琛ュ吇鍝併€?This is the best way to get a picture of the world, and it ‘s a good idea. It ‘s the same as the chain. It ‘s a chain of things, and it ‘s going to be a lot of trouble. Hay crafty 崳 Qiexiaobuxi Yaoqingluogao  – Welding ︽ fill mistress у Yiwen Chulongcangxi Ren Lihunyunfei  Zhimoguigu Dingguirenlian Qunhan Dunjiongchicha?00% 銆 傛 牳 妗 冧 粵 屽 僽 郄 勬 勬 呴 傦 纴 Chain 圄 圜 府 倢 倉 倉 傉 倢 わ 纴 溇 寔 宜 咲 寲 姲 姏 姏銆侀槻鐧屾姉鐧岋細瀹為獙璇佹槑锛屾牳妗冩湁鏁堟垚鍒嗗灏忛紶S37鑲跨槫鏈夋姂鍒朵綔鐢ㄣ€傛牳妗冩妧瀵瑰绉嶈偪鐦わ紝濡傞閬撶檶銆佽儍鐧屻€侀蓟鍜界檶銆佽偤鐧屻€佺敳鐘惰吅鐧屻€佹穻宸磋倝鐦ょ瓑閮芥湁涓€瀹氱殑鎶戝埗浣滅敤銆傛澶栵紝鏍告瀵圭檶鐥囨偅鑰呰繕鏈夐晣鏍告鐥涳紝鎻愬崌鐧界粏鑳炲強淇濇姢鑲濊剰绛変綔鐢ㄣ€?Key words and details of key wordings, detailed reports, links, and chain captures are not available, and you are not sure what to do if you do not know how to do it, or if you want to know how to use it. 闆 永 氋 尋 氋间 愬 嗎 卄 卄 单单 单 即 即 獳 勁 堭 峜 糜 堜 だ は は は は は は は こ だ こ だ び す す す す す う う テ テ テ銆佸噣鍖栬娑诧紝闄嶄綆鑳嗗浐閱囷細鏍告浠佽兘鍑忓皯鑲犻亾瀵硅儐鍥洪唶鐨勫惛鏀躲€傚苟鍙憾瑙h儐鍥洪唶锛屾帓闄よ绠″鍐呯殑鈥滄薄鍨㈡潅璐ㄢ€濅娇琛€娑插噣鍖栵紝浠庤€屼负浜轰綋鎻愪緵鏇村ソ鐨勬柊椴滆娑层€傛墍浠ワ紝鏍告浠佹湁闃叉鍔ㄨ剦纭寲锛岄檷浣庤儐鍥洪唶鐨勪綔鐢ㄣ€傛澶栵紝鏍告What are you going to do? Do you want to cross the line?銆?鏍告浠佷腑鍚湁杈冨鐨勮泲鐧借川鍜屼汉浣撳繀闇€鐨勪笉楗卞拰鑴傝偑閰革紝杩欎簺鎴愬垎鏈夐潪甯稿ソ鐨勮ˉ鑴戞晥鏋滐紝鑳芥粙鍏昏剳缁嗚優锛屽寮鸿剳鍔熻兘銆?銆?Reported: The link between the chain and the chain is not correct. Do you want to know? Do you want to know how to do it? Do you want to go?What are you talking about? What are you doing? Do you want to know what you are doing? What are you talking about?What are you talking about? What are you going to do in the world?銆?To report, please read the following link: E: Do you want to stop? Do you have a good time? Do you have a good time? Do you want to get rid of it?銆?鑸掔紦鐤插姵銆佹姉鍘嬨€?0 銆?娑︾嚗婊戣偁锛氱敤浜庣敤浜庤偁鐕ヤ究绉樼殑澶т究闅捐В锛屽悓鏃舵湁杈冨己鐨勬椿琛€璋冪粡銆佺鐦€鐢熸柊鐨勫姛鏁堬紝瀵规鍜充篃鏈変竴瀹氱枟鏁堛€?

[Can pregnant women eat oil cakes]_Pregnancy_Can I eat

Pregnant women can eat the cake you eat it]_ pregnant _

When a woman is pregnant, there are many things to pay attention to in terms of diet. Many foods cannot be eaten or they try to eat less.

Oil cake is a very common food, and many people like it, because in the process of making oil cake, there will be a lot of oil, and you will feel a special fragrance when you eat it. Because oil cake is a high oil food, ordinary peopleWe should eat less of, for groups such as pregnant women do not fit Nine eat.

Cake for the crowd: the general population edible patients with high cholesterol, diabetes, liver and kidney dysfunction unfit for human consumption; the elderly, pregnant women, obese people eat less or do not eat.

Cake knowledge introduction: Similar cake fritters, is a kind of fried foods, but shorter than the fritters, crisp, into a small circle-shaped, and sized about the same size.

Cake and fritters as is the flavor of old Beijing, Tianjin old fruit called the head, the old Beijingers generally treat it as soon as possible.

Old Beijingers will eat it with milk when eating cake.

Production methods cake and fritters, in that it is not doing the same shape.

First face stretch into yuan pie, to get a few holes in the top, and then coated with cooking oil, can explode into the pot.

Nutritional analysis cake: cake fritters essentially the same as the case of high-purity, high-fat foods, continuous high temperature frying in containing a variety of toxic substances, not long-term use, it is recommended to eat with soy milk.

Cake Supplementary information: 1.

This type of micro-breakfast high, high in fat, eat the best, it is recommended to eat with soy milk.

2.

Too much greasy food will make people memory loss, accelerate human aging; 3.

Fried cakes made in a continuous high temperature frying, comprising a dozen of toxic substances non-volatile, long-term excessive consumption can lead to other hepatitis, inflammatory bowel disease or cancer.

Cake practice guidance: the pasta cooking methods, the steamed and baked good, fishing, cooking nutritious food in the surface of the soup ran to go, and fried pasta, such as fritters, cakes, etc., because the production of oil is too high,lead to vitamin food was destroyed.

Wanliyang (002434) Review of Major Issues-Sale of Interior Business

Wanliyang (002434) Review of Major 四川耍耍网 Issues-Sale of Interior Business

On the evening of December 24, 2019, the company announced that 1.

After the sale of a subsidiary of Liaoning Jinxing Automotive Interior Co., Ltd. for $ 6.5 billion, the company no longer enforces the automotive interior business after selling the subsidiary, but focuses on the main business of automotive transmissions.

The company’s CVT products benefit from automatic transmission upgrades and achieve cost advantages over DCT, which is 2,000-3000 yuan cheaper per unit. The CVT industry has been reshuffled, and the company’s market share has increased. CVT orders are in hand. Since the third quarter, CVT products have been supplied.Instead, the company entered a period of explosive performance and maintained a “buy” level.

Focus on the main business and get rid of business burdens.

On 都市夜网 the evening of December 24, 2019, the company announced that 1.

After selling the subsidiary Jinxing Interiors for $ 6.5 billion, the company will no longer force the automotive interiors business after selling the subsidiary.

Jinxing’s interior revenue in 2018 was 6.

800 million, net profit -0.

330,000 yuan, the first three quarters of 2019 revenue is 2.

700 million, net profit -0.

5.1 billion yuan, the subsidiary’s net assets are 1.

0 million.

The company acquired a 100% stake in Jinxing Interiors in 2015. The main customers of this subsidiary are Volkswagen, Toyota, FAW and other domestic and foreign mainstream automakers.

Since 2018, the prosperity of the automotive industry has declined, Jinxing’s interior performance has been under pressure, and revenue and net profit have increased significantly.

After the sale of Jinxing Interior, the company ceased military automotive interior business and focused on the main business of automotive gearboxes.

The commercial vehicle business is stable, with solid cash flow.

The company is a domestic commercial vehicle transmission leader, covering different models of light trucks, medium trucks and heavy trucks. It is conservatively estimated that the company’s commercial vehicle conversion light truck industry market share is about 35%, and the Chinese truck industry market share is about 75%.

The absolute merger of the company in the commercial vehicle market has ensured another stable profitability. The gross profit margin of light truck and heavy truck transfer business has remained above 25% year-on-year, and it is 28 in 2019H1.

8% and 30.

6%, a significant pick-up.

Since 2012, the company’s operating net cash flow has basically remained above 2 ‰, and its cash flow is stable.

The company’s commercial vehicle products are still continuously upgraded. The company has developed the G series of high-end light trucks for the national six emission standards, and is currently in the rapid ramp-up phase. The 16G220 medium-heavy truck transportation products have received more customer orders.

Continuous independent research and development, CVT achieved a breakthrough.

Since 2009, the company’s R & D expense ratio has remained at 3.

More than 5%, and 4 in 2017/18.

2% / 5.

9%, product development accelerated.

The company’s transition product pedigree has been continuously expanded, achieving a leap from commercial vehicles to passenger vehicles, manual transmissions to automatic transmissions, and the average product price has also increased from 1,865 yuan / set in 2015 to 2,800 yuan / set in 2018.

The company’s CVT automatic transmission product CVT19 has gradually completed the upgrade to CVT25 and CVT18 / 20, and the output size has been greatly improved, which can match engines with different displacements and powers.

Domestic mainstream independent brand OEMs such as Geely, Chery and BYD have begun to carry the company’s CVT products on a variety of models.

The company has plenty of future orders, and the last round of capital expenditure cycle is nearing its end. It is expected to start a new round of growth.

Risk factors: The sales volume of the automobile market is lower than expected; the CVT penetration rate is lower than expected; the customer expansion is lower than expected.

Investment suggestion: The company’s CVT products have made breakthroughs and there are plenty of orders in the future. It is expected to start new growth. It is predicted that the company’s EPS in 2019/20/21 will be 0.

36/0.

56/0.

63 yuan, corresponding to PE is 22/14/13 times.

Considering that the company is a domestic commercial vehicle transmission leader with stable cash flow; breakthroughs in CVT products have directly benefited from changes in the competitive landscape of the domestic CVT industry; future orders are full, and orders from domestic mainstream brands such as Geely, Chery and BYD have been maintained, maintaining “buyTo “in” rating.

BBK (002251) 2018 Annual Report Comments: Performance basically meets the notice of high costs during the rapid expansion period

BBK (002251) 2018 Annual Report Comments: Performance basically meets the notice of high costs during the rapid expansion period

The company’s 2018 revenue increased by ten years.

65%, net profit attributable to mothers increases by 3 per year.

45% On April 20, the company announced its 2018 annual report and achieved revenue of 183 in 2018.

98 ppm, a ten-year increase6.

65%.

Realize net profit attributable to mother 1.

56 million, which translates into a fully diluted EPS of 0.

18 yuan, an annual increase 北京夜网 of 3.

45% (based on readjusted 2017 data).

In terms of single quarter breakdown, revenue in the fourth quarter of 2018 increased by zero year-on-year.

27%, an increase of less than 6 in the third quarter of 2018.

32%.

Net profit attributable to mothers in the fourth quarter of 2018 was -0.

4.1 billion.

The performance basically accorded with the company’s notice at the end of February.

Gross profit margin increased by 1 in 2018.

53 averages, the cost rate increased by 1.

The company’s gross profit margin in 2018 for the 48 years was 23.

03%, an increase of 1 over the previous year.

With 53 goals, the main result of the increase in gross profit margin was: three new shopping malls opened at the end of 2017, and some department stores sub-owned leased, leading to a higher gross profit margin in the 苏州桑拿网 rental model.

Company period expenses in 2018 21.

44%, an increase of 1 over the previous year.

48 averages, of which the sales / administration expense ratio increased by 0 compared with the previous year.

40/0.

58 singles, the first is the increase in the number of new stores in the past two years, the cost of incubation is high.

The financial expense ratio increased by 0 compared with the previous year.

48 singles, the first is the increase in bank borrowings.

Regional commercial leader, the market scale is constantly expanding, and the cooperation with Tencent Jingdong continues to deepen. In 2018, the company opened 38 new supermarkets, 2 department stores, and closed 15 stores.

As of the end of December 2018, the company had 341 stores (290 supermarkets and 51 department stores) with a total area of about 4.15 million square meters.

In 2018, the company’s supermarket format comparable store revenue decreased by 1 year-on-year.

06%, with profits increasing by 5 per year.

97%.

In early 2018, Tencent and JD.com respectively assigned 6% and 5% of the company’s shares.

In April 2018, the Tencent-Backgammon smart retail pilot project was officially launched in Changsha Meixi Xintiandi, and the company’s cooperation with JD.com in home business, supply chain and other aspects has continued to deepen.

We slightly lower our profit forecast and maintain our “overweight” rating. We believe that the company is in a period of rapid expansion. In the short term, due to the growth of new stores and the costs associated with the acquisition of store integration, it is difficult to increase the net profit growth rate. We have slightly reduced the company’s 2019-2020 EPS.Predictions, respectively, to 0.

18/0.

19 yuan (previously was 0.

20/0.22 yuan), the new forecast for the company’s EPS in 2021 is 0.

20 yuan.

In the long run, the company’s regional leaders have consolidated steadily, the market size has continued to expand, and the cooperation with Tencent Jingdong has continued to deepen, maintaining the “overweight” level.

Risk reminder: the risk of cross-regional operation, the price-earnings ratio is at a relatively high level.

Xingyu shares (601799) 2018 annual report review: the brightest star across the cycle night sky

Xingyu shares (601799) 2018 annual report review: the brightest “star” across the cycle night sky

The profit in 2018 increased by 30%, and the performance was in line with expectations. In 2018, Xingyu shares achieved operating income of 50.

700 million, an increase of 19% over the same period; net profit attributable to mothers6.

100 million, an increase of 30% in ten years (deduction +33.

5%), excluding profit after impairment of goodwill6.

400 million (slightly more than expected); extended reporting period, fourth quarter revenue of 13.

5 billion, +8.

2% (Q4 passenger car sales -15%), Q4 profit + 17% (deduct non-profit + 22%).

On the whole, the annual report performance 佛山桑拿网 was in line with expectations, and gross profit margin improved significantly in the fourth quarter (primarily the improvement of product structure).

  ROE, the gross profit margin has been significantly improved, and the quality of the annual report is higher. Financial indicators: The gross profit margin of the automotive lamp business in 2013 was 23.

6%, a rise of 0.

75 points; three rates 9.

02%, down 0.

88 points.

Single fourth quarter gross margin of 25.

86%, a significant improvement over the first three quarters. Thanks to the improvement in product structure, LED products contributed in volume.

Diluted ROE for 18 years is 14% (over 25% of the ROE for deducted wealth), an increase of 2.
.

3 points.

The company’s annual report is of high quality, with operating cash inflow of + 23% (exceeding revenue 无锡桑拿网 growth rate). In 2018, 28 million goodwill impairment was accrued (goodwill has been fully accrued so far).

  With the strong segmentation of industries across the cycle, the progress of the Japanese system is accelerating. Xingyu is on a track with high starting points, high flexibility, and long duration. It gradually upgrades and expands customer expansion to ensure that revenue and profit growth span the cycle of the entire vehicle industry.

Since the second half of 2018, Xingyu has made rapid progress among Japanese customers, breaking through a variety of headlight projects, entering Dongfeng Nissan, GAC Toyota, FAW Mazda, Dongfeng Honda headlight supply system and GAC Honda’s taillight supply system.Enter all Japanese brands.

In March 2019, Xingyu Co., Ltd. won the highest award of FAW Toyota. Considering the Japanese plan to accelerate the expansion of production capacity and the introduction of new cars in China in the next two years, the revenue of Japanese auto accessories has increased significantly.

  Risk reminder: the continued downside risk of the domestic auto market; annual risk reduction.

  Investment suggestion: Gross profit margin enters the rising channel, maintaining the “Buy” investment rating. We believe that the performance of Xingyu shares in 2018 is in line with expectations, and the profit accrued from the impairment of goodwill is slightly higher than expected.Since the second half of 2018, Yu entered the era of LED headlights, and the gross profit margin has officially entered the rising channel.

Product upgrade (double the LED unit price) + customer expansion (Japanese), Xingyu is expected to have a profit growth rate of more than 30% in 19/20, a strong variety in the low boom automotive industry.

We expect profit for 2019/2020/2021 respectively8.

3/10.

9/14.

200 million, corresponding to 19 respectively for PE.

8/15.

1/11.

6 times, continue to maintain a reasonable estimate of 70 for one year.

3 yuan, maintain “buy” investment rating.

Ziguang Guowei (002049): Both revenue and profit increase and memory business makes breakthrough

Ziguang Guowei (002049): Both revenue and profit increase and memory business makes breakthrough
Event: Recently, Ziguang Guowei released the 2018 annual report.In 2018, the company achieved operating income of 24.580,000 yuan, an increase of 34 in ten years.41%, achieving net profit attributable to shareholders of listed companies.48 ppm, an increase of 24 in ten years.33%. Opinion: Both revenue and net profit attributable to mothers are increasing.Recently, Ziguang Guowei released its 2018 annual report.In 2018, the company achieved operating income of 24.580,000 yuan, an increase of 34 in ten years.41%, the company’s smart security chip, special integrated circuit and storage business contributed to the growth of overall operating income; realized the increase in net profit attributable to shareholders of listed companies.48 ppm, an increase of 24 in ten years.33%, the growth rate is slower than the growth of operating income, first of all, the company’s main product smart security chip gross margin fell by 3.7 per share, the second is the penetration of the company’s management expenses.The reason for the increase in management expenses was the increase in R & D expenditure that was expensed during the reporting period. The ability of large-scale intelligent security chip business to continuously improve.In 2018, the company’s smart security chip product market performed strongly, with operating income reaching 10.360,000 yuan, an increase of 27 in ten years.41%.The company’s smart security chips include smart card security chips and smart terminal security chips.In terms of smart card security chips, the company’s Internet of Things security chip won a large bid from China Mobile Internet of Things and successfully won the market opportunity. The company’s next-generation financial IC card chip obtained international authority SOGIS CC EAL 5+ security certification.All finalists.In terms of smart terminal security chips, the company’s products have achieved stable replacement under the background of the overall reduction in the size of the USB-Key market; the company’s new mPOS main control chips and contactless chip markets have grown steadily. Some special integrated circuit products have been implemented in batches, and the memory business has 杭州桑拿网 achieved breakthrough growth.In 2018, Ziguang Microelectronics’ special integrated circuit business achieved operating income6.1.6 billion, a year of growth reached 19.29%.At the report level, the company’s mainstream mature products have been widely recognized by users and have entered a benign scale application stage.Among them, the company’s special dynamic warehouse products, high-performance and next-generation FPGA products, and the second-generation SoPC platform products have begun to gradually enter the batch application stage.In 2018, Ziguang Micro Warehouse’s business achieved operating income6.45 ppm, a year of growth of 92.71%.At present, the company’s DRAM memory chips and memory modules have formed a complete product series. Changes in servers, PCs, set-top boxes, and televisions have steadily increased, further strengthening the leading position of domestic DRAM storage suppliers. Earnings forecast and rating: What do we expect in 2019?The company’s operating income will be 32 in 2021.72, 42.19, 51.4.3 billion, net profit attributable to the parent company was 3 respectively.62, 3.81, 4.17 ppm, based on the latest equity calculation, the diluted returns are 0.60, 0.63, 0.69 yuan, the corresponding PE of the latest bid is 77, 73, 67 times, maintaining the “overweight” level. Risk factors: Slow macroeconomic development; less-than-expected development of the storage business, and a sharp decline in gross profit margin.

Common People (603883) 2019 Interim Report Review: Steady Growth and M & A Continue

Common People (603883) 2019 Interim Report Review: Steady Growth and M & A Continue
Recently, the company announced the 2019 interim report, reporting that the combined company realized operating income of 55.3.4 billion (+24.71%); realizing net profit attributable to the parent company.7 billion (+22.08%); net profit deducted from non-attributed parent company2.5.5 billion (+19.78%). Expenses increased steadily, and the expense ratio decreased quarterly. The company’s selling expenses increased by 20.16%, sales expense ratio 21.72%, a reduction of 0 per year.82pp, the increase in 深圳spa会所 expenses was mainly due to the increase in company income and the corresponding increase in sales expenses. Among them, the main items were labor expenses and the increase in rent costs; the company’s management expenses continued to increase20.19%, management expense ratio 4.55%, a reduction of 0 every year.At 17pp, the increase in expenses was mainly due to the increase in the company’s revenue and the corresponding increase in management expenses. The main item was the increase in employee expenditures in the management department; the company’s financial expenses increased by 1.50%, financial expense ratio is 0.46%, a reduction of 0 per year.10pp, the increase in expenses is mainly due to the company’s continued expenditure on capitalization construction projects. Excluding the capitalization index, the financial expenses in the current period increased slightly. Earnings forecast: We expect the company’s EPS for 2019-2021 to be 1.78, 2.25, 3.13 yuan, the corresponding PE on August 30, 2019 is 42.5, 33.6, 24.1x, given a “prudent overweight” rating. Risk Warning: Outward Expansion and Integration Less Than Expected, Drug Price Reduction, Uncertainty of Medical Insurance Reform