[Drink Tieguanyin getting angry]_Tieguanyin_Action_Benefits

[Drink Tieguanyin getting angry]_Tieguanyin_Action_Benefits

Tieguanyin belongs to oolong tea in the tea category. It is neutral. For some friends who are hot, Tieguanyin has the effect of reducing fire, so drinking Tieguanyin will not get angry.

Tieguanyin also contains carbonyl polyphenols, which have a good effect on aging and anti-cancer.

Tieguanyin is not only fragrant and delicious, it is a natural and delicious drink, but also its health care function is also outstanding in tea.

Modern medical research shows that in addition to the health functions of general tea, Tieguanyin also has anti-aging and anti-cancer effects.

Let’s take a closer look.

1. Anti-aging.

The polyphenols in Tieguanyin can prevent the excessive oxidation of unsaturated fatty acids in the body; purine alkaloids can indirectly replace the role of scavenging free radicals.

Human aging is precisely related to the excessive oxidation of unsaturated fatty acids and the role of free radicals.

2. Anti-cancer.

Tea can prevent cancer and cancer has been recognized by the world, and in tea, the best anti-cancer effect is Tieguanyin.

3. Weight loss and bodybuilding.

Tieguanyin contains a large amount of tea polyphenols, which can not only improve the effect of slightly decomposing enzymes, but also promote the metabolic activity of neutral accidental enzymes in tissues.

In fact, improving Tieguanyin can improve the body shape of obese people, and effectively reduce the subcutaneous aunt and waist circumference.

4. Caries.

Tieguanyin contains abundant fluorine, and the fluoride contained in it is about 40%?
80% dissolved in boiling water, it is easy to combine with the calcium in the teeth, forming a layer of calcium fluoride on the surface of the teeth, preventing the effect of corrosive acid and anti-caries.

5, clear heat and reduce fire.

Tieguanyin’s tea soup contains tea polyphenols, sugars, amino acids, pectin, vitamins, etc., and it is easy to chemically react with saliva in the mouth, which helps to moisturize the mouth and promote thirst.

6, refreshing and thinking.

The caffeine in Tieguanyin has the functions of exciting the central nervous system, enhancing thinking and improving efficiency.

Therefore, drinking Tieguanyin tea can break asleep, refresh, annoy, relieve tiredness, sober the mind, and enhance thinking.

[Is the egg yolk crispy yolk soaked in oil?]_ How to soak oil_How to soak oil

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[Muscle Weight Loss Meal]_ making method _ practice Daquan

[Muscle Weight Loss Meal]_ making method _ practice Daquan

Many people are leaning towards their muscles while making their body look more sexy. In fact, there is a contradiction between gaining weight and losing weight. If you lose fat, you need to eat less food, but everyone gains muscle.I know that you need to eat more food. In fact, if you prepare a weight-loss diet for yourself, you can achieve weight loss and increase your muscles. What is the weight-loss diet?

The fat-reducing and muscle-increasing meal is as follows: 1. Beef is the best food for muscle growth and it will not increase the trace amount after eating. It can also help everyone achieve the purpose of reducing fat. Beef also has a lot of protein, vitamin B6, and linoleic acid.And other nutritional elements, these nutritional elements are very beneficial to the human body, and there are many ways to use beef, which can be smoked, braised, fried and eaten, you can change the pattern to eat beef, and people who want to reduce fat and muscle canBeef as part of the usual diet.

2, olive oil is the best quality of all oils, because olive oil will not increase your aunt after eating, and olive oil can promote muscle growth, olive oil contains a lot of unsaturated fatty acids, can improve the bodyThe level of lactone in the body can also help the body to keep growing.

3. If you want to increase muscles, you must take in enough magnesium. If you do n’t have magnesium, it is impossible to increase muscles, and the amount of magnesium in laver is very much. You can usually eat some seaweed and less egg soup.After enough magnesium is absorbed, the body immediately becomes energetic, and there are not many aunts in laver.

4. The last food that is recommended for everyone to reduce fat and muscle is oysters. Its fat content is very low, but it has few nutrients and is a very good food in winter. Carbon roasted oysters with garlic,It’s actually very good for the body. It’s all high-quality protein.

Want to lose weight and gain muscle, how to eat each meal?

Balanced nutritional carbohydrate supplements: Without carbohydrates in food, you cannot provide sufficient energy for the body, and there is no way to talk about running or losing weight.

Therefore, this is also the reason why many runners fail to lose fat, resulting in more complications than running can consume, leading to more and more transformation in the body.

Aunt: Since you want to lose fat, give up all oily foods, nuts and avocados.

Of course this is wrong.

Supplementing adults helps the body absorb fat-soluble nutrients, vitamins D and K that are good for bone health, and vitamin E to repair the body.

Omega 3 fatty acids from nuts in salmon and walnuts have anti-inflammatory effects. Alternative polyunsaturations in avocados, nuts, plant seeds, and oysters can be overcome at the same time, helping to repair torn muscles and damaged bones.

Protein: It is also important for fat loss, and the demand is greater than that of ordinary people, because after running, protein is needed to supplement energy, repair and rebuild lean muscle tissue.

Numerous studies have confirmed that polyabsorbent proteins are very beneficial for reducing small amounts and increasing the quality of leptin.

[Brown sauce’s practice]_ Brown sauce’s common practice _ Brown sauce’s practice Daquan _ How to do brown sauce

[Brown sauce’s practice]_ Brown sauce’s common practice _ Brown sauce’s practice Daquan _ How to do brown sauce

Cooking is always an essential skill in life, and it is often enjoyed.

In fact, the benefits of cooking are far more than these. Below, I will introduce the practice of brown sauce for you, so that you can also enjoy cooking.

1.

12 Wash and soak the ox tail bone for half an hour to remove blood water 2.

21 Drain the water for use 3.

12 oxtail bones are lined on a baking sheet 4.

21 smear tomato paste on the surface 5.

1 Wash parsley, onion, carrot and cut into pieces, and wash whole garlic 6

2 Bake in a preheated 200 degree oven for 20 minutes.

If you don’t have an oven, you can also fry 7 in a wok at this step.

Put a small amount of oil in the pan, put onion and garlic 8 first.

Stir fry over medium heat and add celery and carrot 9.

Add ketchup and stir-fry.

Add the right amount of flour 11.

Reduce heat and stir-fry, add oxtail bone 12.

Add 500ml of red wine, without all ingredients, boil on high heat13.

Transfer to a pressure cooker, lower the heat for 30 minutes to turn off the heat, and turn on the air after natural exhaust.

Strain out the soup 15.

Pour into the pan 16.

Add the right amount of comprehensive vanilla, and boil for 2 minutes on high heat to serve as the basic brown juice. We all understand that if you want to do a good job, it takes a lot of effort and time.

Of course, cooking is also the same, but you must pay for it. When you cook a good dish yourself, you will be stunned. We will now make brown sauce according to the introduction above.

BOE A (000725) 2019 Interim Report Review-Shares steadily increase under demand pressure and continue to benefit from localization

BOE A (000725) 2019 Interim Report Review-Shares steadily increase under demand pressure and continue to benefit from localization

The company achieved revenue of 550 in the first half of 2019.

390 thousand yuan, +26 a year.

60%; net profit attributable to mother 16.

68 ppm, ten years -43.

92%. In the first half of the year, panel prices fell, and revenue and market share increased despite the weak terminal demand.

In the first half of the year, the impact of the trade dispute between Japan and South Korea on the global panel structure, coupled with the accelerated advancement of Huawei’s domesticization of mobile phones, we are optimistic about the company’s flexible OLED card position and future development, continue to be optimistic about the company’s leading position, pay attention to the trend of domestic substitution, and maintain “overweight”Rating.

In the first half of the year, panel prices fell and terminal demand was sluggish. Under pressure from the company’s performance, revenue and market share increased.

The company achieved revenue of 550 in the first half of 2019.

390 thousand yuan, +26 a year.

60%, mainly from the company’s active adjustment of the product structure to increase market share and increase the scale of revenue; net profit attributable to mothers16.

68 ppm, ten years -43.

92%, mainly due to weak downstream terminal demand, and fierce competition in the industry led to continued decline in panel prices, of which government subsidies included in the income statement totaled 11.

52 ppm; overall gross margin of ten years -2.

4 pieces to 16.

76%, due to the industry downturn, the increase in depreciation caused by the consolidation of new production lines; the sales / management / finance / research and development expense ratios reached 2 respectively.

48/3.

99/2.

12/5.

31%, four rates overall -0 for ten years.

45pct, stable.

In the first half of the year, the industry trough was compounded by factors of trade disputes, and full-size prices continued to be under pressure (according to IHS, small- and medium-size prices fell by about 3 in the first half of the year.

8-12.

5%, large-size prices fell about 1.

2-11.

Looking forward to the second half of the year, we believe that the oversupply situation in the industry will continue. The overall price will be under pressure until 2020. The company is expected to improve the product structure and 南宁桑拿 partially reduce the impact of the cycle. The demand for flexible OLED and Huawei terminals is also expected to provide performancegrowth point.

Entering devices is still the main source of revenue, and the Internet of Things business is advancing steadily.

In terms of business, the revenue of port devices / smart things / smart medical workers in the first half of the year were 508, respectively.

9.7 billion (accounting for 92.

47%, +29 per year.

94%), 75.

2.2 billion (accounting for 13.

67%, ten years +2.

38%), 6.

6.4 billion (accounting for 1).

21%, 26 per year.

09%), revenue from other sectors was 35.

6.7 billion (accounting for 6).

48%, ten years +40.63%), internally offset 76.

1 billion (13%).

83%, +24.

65%), of which the port device business is still the company’s main source of revenue; gross profit margins of the three major sections reached 15 respectively.

56%, 9.

18%, 51.

38%, of which only the smart IoT sector gross margin exceeded +0.

89%, the remaining sectors are separated by about -2%. The company ‘s smart IoT revenue is solid, and its progress is the first to be in the IoT field. At the same time, the main business cycle is partially smooth.

LCD continues to maintain the leading edge, and flexible OLED achieves a breakthrough.

At present, the company’s overall volume of display devices continues to remain the world’s first, with each increase in expansion area of + 23% in the first half of the year, of which the LCD business is still the main advantage, Hefei10.

The 5th generation TFT-LCD production line achieved full production with a yield of over 90%, Wuhan 10.

The 5th generation TFT-LCD production line was completed and equipment moved in, Chongqing 8.

The 5th-generation TFT-LCD production line has an overall improvement in MBL of over 94%, Fuzhou 8.

The production capacity of the 5th generation TFT-LCD line reached 165K / month.

5th generation line has the highest monthly production history.

In terms of OLED, the flexible OLED business has made a breakthrough. The 6th-generation flexible AMOLED production line in Chengdu has increased by 300%. Mianyang’s 6-generation flexible AMOLED production line has achieved mass production growth. Chongqing’s 6th-generation flexible AMOLED production line has gone smoothly as plannedAdvancing construction, the company’s market share of flexible OLED smartphones ranks second in the world.

In the first half of the year, the impact of the trade dispute between Japan and South Korea on the global panel structure, coupled with the accelerated advancement of Huawei’s domestic mobile phone replacement, we are optimistic about the company’s flexible OLED card slots and future development, continue to be optimistic about the company’s leader and focus on the domestic replacement trend.

Risk factors: panel prices are falling, OLEDs are gradually falling short of expectations, downstream downturns, and customer introduction and guidance.

Investment suggestion: The company is the world’s leading semiconductor display panel leader. Based on the advantages of its smart ports in series, it has shifted to the direction of IoT innovation. Although the profit margin has been under pressure due to the decline in industry prices in the past six months, its global display panel leader advantages and advantagesThe long-term logic of the network card slot is still there.

Maintaining the company 2019?
The 21-year BPS forecast is 2.

54/2.

68/2.

87 yuan, the current company meets PB 1 corresponding to 2019 H1.

5 times, we are optimistic about the company’s development and the future growth of the display industry, according to January 2019.

8 times PB, giving a target price of 4.

57 yuan, maintaining the “overweight” level.

Makihara (002714): The epidemic of performance growth affects but does not change the company’s growth!

Makihara (002714): The epidemic of performance growth affects but does not change the company’s growth!

Event 1: On March 26, the company announced its 2018 annual report: the report actually achieved operating income 133.

880,000 yuan, an increase of 33 in ten years.

32%; realized 四川耍耍网 net profit attributable to mother 5.

2 ‰, an average of 78 in ten years.

01%.

Cash is distributed to all shareholders for every 10 shares.

50 yuan (including tax); do not convert capital reserve into share capital.

Event 2: The company announced that it plans to sell 13 million to 15 million live pigs in 2019.

Event 3: The company announced that in the first quarter of 2019, the net profit attributable to the parent is -5.

6?

-5.

200 million, compared with 1 in the same period last year.

3.6 billion.

Our analysis and judgment: 1.

In 2018, the slaughtering maintained a high growth rate, and profits declined due to the decline of the pig cycle and the impact of African swine fever.

In 2018, the company’s slaughtering of pigs maintained a high growth rate, and the number of slaughterings reached 1,101.

10,000 heads, an increase of 52 in ten years.

1%, of which 1010 are commercial pigs.

90,000 piglets.

40,000 heads, breeding pigs 3.

80,000 heads, compared with the estimated 2017, the proportion of commercial pigs in the total slaughter volume has increased significantly.

However, due to the decline in the pig cycle and the impact of African swine fever, the price of live pigs has dropped significantly compared to 2017: the average selling price in 2018 was 11.

62 yuan / kg, compared with 2017 (about 14.

5 yuan / kg) down about 19.

7%; falling prices are the number one factor leading to a decline in net profit in 2018.

2.

Price and cost or possible main cause for the first quarter of 2019.

The company announced that in the first quarter of 2019, the net profit attributable to the parent is -5.

6?-5.

200 million, compared with 1 in the same period last year.

3.6 billion.

During the January-February 2019 sales and sales data display period, the number of columns was 202.

610,000 heads, an increase of 66 a year.

3%, average price 9.

6 yuan / kg, 29 years ago.

7%, sales revenue increased slightly in the short term, an increase of 7.
.
According to the company’s annual derailment volume indicators in 2019, the internal derailment growth rate is about 18?
36%, assuming a relatively slight increase in derailment in March, due to the large amount of derailment in January-February, the price is low, it is expected that the company’s hog delisting price in the first quarter of 2019 will decrease by 10% year-on-year
15%, the full cost rose by 0%.

5?
1 yuan / kg, lower prices and rising costs may cause the company’s first quarter performance to decline.

3.
Productive biological assets are stable, and the company’s financial structure is expected to continue to improve.

According to the annual report data, as of the end of 2018, the company’s productive biological assets14.

USD 600 million, a slight increase before the end of 2017; the company intends to raise no more than USD 5 billion through non-public offering of shares, and the company’s financial structure is expected to further improve.

By the end of 2018, the company’s slaughter volume accounted for less than 2% of the total slaughter volume in the country. We believe that the company has a high level of management and strong cost control capabilities, and is expected to take the lead in the scale of the pig industry!

Investment suggestion: We estimate that the net profit attributable to listed companies for 2019-2021 will be 26.

1/62.

1/141.

9 trillion, the corresponding EPS is 1.

25/2.

98/6.

81 yuan / share.

Risk reminder: The African swine fever epidemic has caused the company to drop its listing significantly, and the epidemic has affected consumption and caused prices to fall.

Collis (603808): Global control of indirect holding of the IRO brand is further strengthened

Collis (603808): Global control of indirect holding of the IRO brand is further strengthened

The company intends to contribute 2.

The remaining 35% stake in Qianhailin was acquired for US $ 4.2 billion. After the completion of the acquisition, the company will hold 57% of IRO through Qianhailin to further strengthen global control of the IRO brand.

High-end consumer operation stability indicators since Q2, the company ‘s main brand ‘s same-store stores have recovered to a high number growth, and the 19H2 conversion base has been reduced, so that revenue is expected to maintain double-digit growth. At the same time, Ed Hardy, IRO, LAUREL and other acquired brands have opened store deployments.The terminal runs well, and Baiqiu E-commerce’s new brand and new business point are developed smoothly.

We believe that in the high-end personalized development market, the enhancement of endogenous growth strength of the same store is the core driving force for maintaining the long-term development of the brand. At present, the company ‘s main brand and overseas new brand single store operation foundation is still solid;The cost advantage of the new brand channel is now manifested, confirming the company’s multi-brand operation foundation.

Through the subsequent synergy effects, it is expected that the 19-year performance can still achieve a growth of about 20% (regardless of the impact of the acquisition).

At present, the company’s market value is 4.8 billion, corresponding to 19PE11X, which is estimated to be sufficient and maintains a strong recommendation.

The company announced that it intends to contribute 2.

With a total investment of 4.2 billion U.S. dollars in Qianhai Forestry, the company ‘s shareholding in IRO will be increased to 57%, and global control will be further strengthened.

The company intends to contribute 1.

7.3 billion yuan obtained a 25% stake in Qianhai Forest held by Fosun Changge, and invested 69.03 million yuan to acquire a 10% stake in Qianhai Forest held by Fosun Weishi.

After the transaction is completed, the company has a wholly-owned shareholding in Qianhai Forest, and Qianhai Forest holds 57% equity in IRO SAS. Therefore, Golix’s shareholding in IRO SAS will increase to 57%, and global control will be further strengthened.

After the completion of the acquisition, Collix strengthened the control of the IRO brand in channel / supply chain / brand operation and accelerated the pace of opening stores in mainland 夜来香体验网 China.

IRO was founded in 2005 by the brothers Laurent Bitton and Arik Bitton in Paris. It focuses on creating a prestigious urban Parisian style and is a must-have designer brand for the young and modern generation of French cities.

The brand operates in 50 countries around the world. It has opened exclusive stores in Galeries Lafayette, Paris Spring, Bon Marche and Franck et fils. It has already settled in China’s Vientiane City, Nanjing Deji, Beijing SKP, Wuhan GuoguangShanghai IFC Center and other high-end shopping malls.

In the end, the total number of domestic stores is 18 and the number of global stores is 54.

IRO SAS achieved revenue in 20185.

75 trillion yuan, achieving a net profit of 45.77 million.

After the completion of the acquisition, Collix has further strengthened the global control of IRO, enhanced the 西安耍耍网 control of the IRO brand in channel development, product marketing, and supply chain integration, and rapidly promoted the large-scale development of the IRO brand in mainland China.

Profit forecast and investment rating: The company’s development strategy is clear. For the high-end “small and beautiful” market, it effectively breaks through the scale of the development of a single brand through group operations, and fully maintains the differentiated tuning and independent operation capabilities of each brand.

At the time when the development trend of light luxury in China was booming, the main brand and overseas new brand single store operation foundations were distributed and solid; and through the strength of the group, the cost advantage of the new brand channel has been achieved, Laurel has now realized breakeven, Edhardy and XThe rapid development of the series has confirmed the foundation of the company’s multi-brand operation.

And the strengthening of the control of IRO will help the supply chain in the later stage of the rapid coordination in China.

We believe that in the high-end personalized development market, the enhancement of endogenous growth strength of the same store is the core driving force for maintaining the long-term development of the brand. Considering that the endogenous development of new and old brands has a good foundation and the continuous manifestation of synergy, it is expected to be 19 yearsPerformance is still expected to maintain a good growth momentum.

Regardless of the thickening effect of the acquisition for the time being, the EPS for 19-21 is maintained at 1 respectively.

32, 1.

60, 1.

With a forecast of 95 yuan, the company’s current market value is 4.8 billion, corresponding to 19PE11X, and the estimated value is maintained at the investment rating of “Highly Recommended-A”.

Risk warning: terminal consumption is sluggish, and multi-brand cultivation exceeds expectations.

Oriental Garden (002310): Proposed non-public offering of 3 billion preferred shares of controlling shareholders to provide liquidity support to promote financial structure optimization

Oriental Garden (002310): Proposed non-public offering of 3 billion preferred shares of controlling shareholders to provide liquidity support to promote financial structure optimization

Events: 1. The company announced that the seventh session of the board of directors elected the “Summary of Amendments to the Plan for the Non-public Issuance of Preference Shares in 2018”, “About Substitution” and related documents.

The company intends to partially modify the plan for the non-public issuance of preferred shares and announce the latest plan.

According to the latest plan, the company intends to non-publicly issue no more than 30 million preferred shares, and the total amount of funds raised does not exceed US $ 3 billion. The fixed distribution rate of the parcel distribution for a single hop arrangement, rather than the net amount after the issuance fee, does not exceedUS $ 2.5 billion in repayment of loans to financial institutions and redemption of bonds due, not more than US $ 500 million to replenish liquidity.

At the same time, the company and Everbright Jinye Assets, a subsidiary of China Everbright Group, signed a “Conditional Preferred Subscription Subscription Agreement”. Everbright Jinye has decided to subscribe to no more than 500 million with its own funds. If a fund or a joint third party is established, the total subscription will not exceed 250.Billion.

2. At the same time, the company announced that shareholders and shareholders intend to provide liquidity support such as credit enhancement and entrusted loans to the company. This transaction is a related party transaction. The main contents are: (1) Shareholders’ equity or entrusted loans: the contract, budget, and transaction amount are used as the transaction amount., The annualized interest rate of shareholders’ equity or entrusted loans is not higher than 5.

655% (inclusive); (2) Acceptance of guarantees: the company and its subsidiaries accept the controlling shareholders to provide guarantees for the company’s financing, bond issuance, etc., and the total amount of guarantee fees payable in the contract, the annual guarantee fee rate is not higher thanGuarantee amount of 0.

5% (inclusive).

The company expects that the scale of connected transactions with controlling shareholders will not exceed 3 in 2020.

500 million.
Comment 1. The issuance of preferred shares will effectively reduce the asset-liability ratio, optimize the financial structure, enhance continuous financing capabilities, enhance liquidity, and ensure that the capital requirements for business operations continue until the end of September 2019, and the company’s assets and liabilities will decrease.

3%, assuming a preferred issue size of US $ 3 billion, if the financial data at the end of September is used as the base, the company ‘s asset-liability ratio will be reduced to 64 after the issue of the preferred shares is completed and debts are repaid.

5%.

The company’s current debt financing period is more than expected within 5 years. As of the end of September 2019, the company’s short-term debt balance was about 37.

6 ppm, the balance of other current debt (mainly short-term bonds payable) is about 15.

800 million, long-term borrowing surplus of 23.

400 million, the balance of bonds payable is 22.

900 million; repayment of company debts with relatively long maturities through the issuance of long-term preferred stocks can optimize the company’s capital structure, reduce reliance on short-term debt financing, and effectively enhance the company’s multi-channel approach beyond traditional bank loans and bondsFinancing capacity.

At the same time, the funds raised in this offering will not exceed US $ 5 million to supplement working capital, and will jointly provide a strong financial guarantee for the company’s business development.

Everbright Group’s assets under Everbright Group intend to subscribe to less than 500 million with its own funds. If a fund or a joint third party is established, the total subscription will be no more than 2.5 billion, which will help the company’s preferred shares to be issued smoothly and also reflect the market’s priority for the companyRecognition of issue of shares.

2. The controlling shareholder provides liquidity support such as credit enhancement and entrusted loans, which will effectively enhance liquidity and help rapid recovery of performance. The controlling shareholder’s liquidity support to the company is mainly provided through shareholder loans or entrusted loans, and credit enhancement.The transaction is a related party transaction. The company expects that the total number of related party transactions of the controlling shareholder will not exceed 3 in 2020.

500 million.

According to the company’s announcement, the shareholder’s benefit provided by the controlling shareholder to the company or the entrusted loan support is based on the contracted solution as the transaction amount, and the annualized interest rate of the shareholder’s loan or entrusted loan does not exceed 5.

655% 天津夜网 (inclusive); to provide the company with guarantees and the contractually agreed guarantee costs and transaction costs, the annual guarantee fee rate shall not exceed 0 of the guarantee amount.

5% (inclusive); if the total amount is assumed to be 3.

Of the 500 million yuan, the interest and guarantee fees payable on entrusted loans were 3 respectively.

0 billion and 0.

500 million US dollars, which can be estimated to correspond to US $ 5.3 billion in loans and US $ 10 billion in secured financing; if it is assumed that the entrusted loan should respond to interest and guarantee fees, it will be 2.

500 million and 1.

0 million, it can be calculated corresponding to 35.

$ 400 million in loans and $ 20 billion in secured financing.

The controlling shareholder’s support for the company’s liquidity will further expand the company’s financing channels, reduce financial costs, improve financing efficiency, better support the company’s business development, and help the company’s performance recover quickly.

3. The inflection point of the fourth quarter performance has been reached, and the driving force for the rapid recovery of future performance has been enhanced. According to our recent research, the company’s debt crisis and liquidity crisis have been basically eliminated, the company’s on-hand projects are effectively organized, and historical operating risks are better released.The company’s expected substantial growth in the third quarter of 19, rapid recovery of revenue, and the company’s operations have shown significant marginal improvement; the company’s third quarterly report estimates that the net profit attributable to the parent for 2019 will be -3.

5?
1.

0 trillion, the inflection point of the fourth quarter performance has been reached; and Chaoyang state-owned assets and the election of the board of directors have successfully landed at the end of October 2019. The synergies in financing, business and other aspects between the two parties will gradually emerge, and historical operating risks will be continuously eliminated, Promote the smooth implementation of engineering projects in hand and the rapid recovery of hazardous waste business operations, expand the smooth issuance of future preferred shares and the release of liquidity support from the controlling shareholder, and the driving force for the rapid recovery of company performance has been enhanced.

4. The risk reminder supplements the project, the project progress is not up to expectations; preferred shares are not successfully issued eventually; financial expenses can be effectively reduced, which erodes net profit; and systemic risks in the broader market.

Guangzhou Restaurant (603043) Interim Review: Revenue Maintains Rapid Growth and Peak Season Performance Expected

Guangzhou Restaurant (603043) Interim Review: Revenue Maintains Rapid Growth and Peak Season Performance Expected

The revenue side maintained rapid growth, and the company’s operating performance was outstanding. The company achieved revenue in 19H1.

5.1 billion / + 20.

22%, net profit attributable to mother 64.3 million / + 10.

19%, deducting non-net profit of 51.3 million / -4.

98%, in line with expectations.

The growth rate of Q1 / Q2 revenue was 20% / 21%, respectively, and continued to grow rapidly. The growth rate of non-net profit after deduction was 11% /-44%, respectively.

19H1 Cash flow from operating activities 2.

33 billion / + 34%, advance receipts 3.

8.3 billion / + 33%, strong growth; inventory 2.

3.4 billion / + 32% of accounts payable

6.5 billion / + 34%, is expected to increase the moon cake stocking mainly in the mid-autumn season.

The company expanded investment in research and development, new product development, consolidated the leading position of core mooncake products, large-scale development of products such as quick freezing, and the strength of established brands.

It is expected to dig deeper into the province and expand the national market with a clear growth path.

Expected EPS1 in 19-21.

13/1.

49/1.

83 yuan with a target price of 35.

66-36.

80 yuan to maintain the overweight level.

The increase in expenses dragged down the performance, and the Q2 off-season has limited expectations. The Q2 gross profit margin increased (Q2 gross profit margin was 48.

59% / + 0.

78pct), optimization of sales expense ratio (Q2 sales expense expense 30.

40% /-1.

34 pct), while the decrease in profits was mainly due to: 1) labor costs and equity incentive expenses increased by 12.78 / 743 million, respectively, leading to a significant increase in management costs, and the Q1 / Q2 management expense ratios were 9 respectively.

86% / 13.

89%; 2) Continue to increase R & D investment, R & D raw materials and experimental costs / labor costs increased by 5.97 / 496 million, respectively, and Q1 / Q2 R & D expense ratios were 1.

38% / 3.

42%.

Q2 is the traditional off-season. In 18Q2, the income / deduction non-profit accounted 天津夜网 for 14% / 4% of the original proportion. We believe that the performance indicators are limited.

The food business maintained rapid growth, deep cultivation was increased in the province, and growth outside the province accelerated in 19H1. Food revenue5.

900 million / + 23%, gross profit margin of 36.

17% / + 0.

77pct, total profit of 23.55 million / -9%, of which moon cake series income of 34.21 million / + 108%, off-season base income; quick frozen income 2.

6 billion / + 23%, other income such as wax flavor3.

03 billion / + 18%.

Catering income 3.

3.7 billion / + 14%, gross margin is 60.

10% / + 0.81pct, total profit 52.93 million / + 8%.

Expansion of the distribution network in the province, deep cultivation of channels, income 8.

2.5 billion / + 18%, a net increase of 61 dealers to 377; benefit from the rapid development of e-commerce channels outside the province, revenue of 91.45 million / + 45%, a net increase of 23 dealers to 171.

Strengthen external cooperation, continue to improve the industrial chain layout. The company actively promotes cooperation with peers / upstream and downstream industrial chain companies: 1) August 18, 2018 USD 2 million completed the acquisition of Tao Taoju, most of the main food sales / property rent / brand authorization, 18 years of income 96.5 million, net profit 7.44 million.

The company is expected to accompany synergy in categories / channels / marketing / capacity.

2) Participation in a 35% stake in Lamex will help strengthen control over the cost of packaging materials.

3) Participating in a 45% stake in Great Catering will help to explore the advantages of central kitchen / purchase / distribution and expand new catering formats.

The time-honored brand has prominent advantages, the long-term development path is clear, and the company’s strength in maintaining the company’s time-honored brand is outstanding. With 2020 Xiangtan (the first phase of moon cake + filling capacity 0.

8 samples), Meizhou (planned production capacity) 1.

6) The factory is completed, and the company is expected to dig deeper into Guangdong Province, expand the national market, and have a clear growth path.

On August 17, the first phase of construction of Xiangtan Plant has been completed (annual capacity of moon cake / filling is not less than 0).

2/0.

(6 months), considering the mid-autumn (September 13) peak season needs to be prepared in advance, it is expected that the sales of this year will be limited, and subsequent production will be gradually put into operation, bringing long-term development space.

Expected EPS1 in 19-21.

13/1.

49/1.

83 yuan with a target price of 35.

66-36.

80 yuan to maintain overweight.

Risk warning: the progress of capacity expansion exceeds expectations, and the expansion of off-site markets is not smooth.

Shentong Express (002468) 2018 Annual Report Comments: Significant Effect of Repurchase Transshipment Center, Profits Continue to High Growth

Shentong Express (002468) 2018 Annual Report Comments: Significant Effect of Repurchase Transshipment Center, Profits Continue to High Growth

Event: The company released its 2018 annual report and achieved revenue of 170.

1.3 billion, an increase of 34 in ten years.

41%; realized net profit of 20.

49 ppm, an increase of 37 in ten years.

73%, deducting non-net profit 17.

20 ppm, an increase of 24 in ten years.

12% . Comments: Business scale: The company completed packaging volume 51 in the reporting period.

1.2 billion pieces, an increase of 31 in ten years.

13%, 34 of which were completed in the second half of the year.

6.8 billion, an increase of 38 in ten years.

44%, accounting for 67 of the expected parcel volume.

84%; single ticket price is 3.

33 yuan / piece, 0 for ten years.

1 yuan / piece, single ticket cost 2.

79 yuan / piece, 0 for ten years.

18 yuan / piece; the company’s courier business gross margin is 16.

24%, an annual decrease of 11.

99 units.

It can be polished. Although the company is growing rapidly on the revenue side, the industry competition is still very fierce, leading to a decline in gross profit margin.

The repurchase work of transshipment centers continued to advance.

By the end of 2018, the company had 2,233 independent 成都桑拿网 outlets, an increase of 20 each year.

96%; In 18 years, the company increased the repurchase work of transshipment centers, and repurchased 15 transshipment centers from franchisees. By the end of 2018, it had 68 transshipment centers, of which only 8 were non-self-operated.

The acquisition of the transshipment center is an important change in the “one game” strategy of continuing the merger of the company’s transit layout, which helps the company to strengthen the standardized construction, standardized operation and refined management of the transshipment center, and comprehensively improve the technological development and sorting timeliness of the transshipment center.

The cold chain is starting, and the higher gross margin is worth looking forward to.

In terms of cold chain, in 2018 the company established a cold chain subsidiary, Shanghai Shenxue, and began to enter the cold chain field. It has now covered Jiangsu, Zhejiang, Shanghai and other regions such as Shanghai, Suzhou, Ningbo, and the average cold storage utilization rate has reached 84.

25%, the cold chain business realized income of 7.39 million yuan, accounting for a relatively small but gross margin reached 44.

55%, far higher than the main express delivery business, and future development is worth looking forward to.

Sell Fengchao and hug Ali.

1) The purchase and sale of shares in Fengchao in June 18 increased the profit after tax2.

9.8 billion, marking one of the cooperation notices with SF in smart express cabinets; 2) Ali Yi 46.

600 million shares in Shentong will indirectly hold 14.

65% equity, as the most important customer of express delivery, the stake in Shentong will help it better connect with the rookie platform, and it is also an important alternative for Ali to improve its own logistics network. Shentong is also expected to obtain more from AliSingle amount.

Considering that the company may continue to seize the market by reducing unit prices in 19 years, and the possible short-term impact of performance by the expansion of the cold chain, but the expansion of scale and scale effects will translate into performance, which is beneficial to profits after 2020.Revise the profit forecast for 2020 and increase the profit forecast for 2021, and forecast net profit for 2019-2021 to be 22 respectively.

3.5 billion, 29.

8.1 billion, 38.

2.4 billion (originally 23 in 2019 and 2020).

7.8 billion, 28.

8.6 billion), corresponding EPS is 1.46 yuan, 1.

95 yuan, 2.

50 yuan, corresponding to PE is 18 times, 13 times, 10 times; target price of 37.

2 yuan unchanged, maintain BUY rating.

Risk reminder: The scale of the macro economy and the decline in online shopping will reduce the express delivery volume.