Wu Lei made a threat of 3 shots, the Spaniard Europa League still defeated

Wu Lei made a threat of 3 shots, the Spaniard Europa League still defeated
Wu Lei started and hit the audience.Figure / Osports UEFA Cup 1/16 final round of the first round ended this morning, the Spaniard lost to the Premier League Wolves 0 to 4, with little hope of promotion.Wu Lei played the entire game and contributed 3 threatening shots to the team. Unfortunately, he scored goals.In this campaign, the Spaniard, who is working on league relegation, performs a large-scale rotation of the starter, but Wu Lei’s position has not changed. After last weekend’s league, he entered the starting list again today, becoming Sun Xiang and Hao Junmin.Three Chinese men’s football players who appeared in the European knockout.The fight between the Spaniards and the Wolves is regarded as the “Chinese Derby” in the European Wars. The away game against the Black Horses of the Premier League, the “Parrot Legion” supplemented by the substitutes, can’t resist the Wolves who do their best.If Jota completed the “hat trick”, Neves broke into the world wave, and the Wolves won 4-0.In the early morning of February 28th, Beijing time, the two sides will move to the Spanish home for the second round of competition, but the “Parrot Legion” hopes of turning over are extremely slim.In this campaign, Wu Lei, who served as the right forward, became the only bright spot on the offensive end of the Spaniards.In the 49th minute, Wu Lei’s header slightly missed the post; in the 55th minute, his goal in front of the goal was once again worse; in the 70th minute, the Chinese player’s small-angle shot was confiscated by the goalkeeper.In the 50th game of his overseas career, Wu Lei made some achievements and failed to become the first Chinese male footballer to score in the European knockout.Sauna, Ye Wang Zhou Xiao editor Wang Chunqiu proofreading Wei Zhuo

Starnet Ruijie (002396) Annual Report Review: Steady Growth in Performance, Grasping SDN Opportunities, and Creating Scenario Innovation

Starnet Ruijie (002396) Annual Report Review: Steady Growth in Performance, Grasping SDN Opportunities, and Creating Scenario Innovation

Event: On March 29th, Ruijie released its annual report. In 2018, the company’s revenue was 91% (+18).

5%) net profit attributable to mother 5.

810,000 yuan (ten years + 23%).

The company expects net profit of -1500 in the first quarter of 2019?
-5 million yuan, the negative profit was mainly affected by the company’s business off-season in the first quarter and the Spring Festival holiday.

All businesses go hand in hand and the operation is steadily improving.

In 2018, Ruijie Networks’ revenue was 42.

700 million (percent + 12%), net profit 3.

50 ppm (basically the same); Rising income 18.

200 million (+ 19% percent) and a net profit of 1.

480,000 yuan (ten years + 36%); StarNet TVE revenue 2.

92 ppm (basic flat), net profit 0.

84 ppm (ten years + 5%); Deming Communications revenue 10.

670,000 yuan (ten years + 101%), net profit is 0.

5.6 billion (basically unchanged); smart technology revenue 7.

8.7 billion (+ 80%) and a net profit of 0.

5.3 billion (+ 33%).

In terms of business, network terminal revenue was 12.

8 ‰ (previously + 67%, gross profit margin 22).

30%, toluene 3.

63PCT), enterprise-level network equipment revenue 40.

90,000 yuan (ten years +10.

89%, gross margin 47.

86%, down 3.

05PCT), communications products income 18.

500 million (+78).

48%, gross margin of 14.

85%, a decrease of 10.

48PCT), video information application income2.

800 million (+1 per year).

40%, gross margin 50.

61%, down 1.


R & D increases the budget and creates a scene innovation leader.

In 2018, 北京桑拿洗浴保健 Starnet Ruijie invested 10 in R & D.

7 ppm, a ten-year increase of 7.

5%; the company adheres to independent innovation and creates the development path of its own brand. Based on various smart solutions, the company creates an industry-wide solution based on “rooted industries and in-depth scenarios to make innovations.”

In 2018, the company’s 25G / 100G data center product solutions were released, and large-scale commercialization was achieved in Internet companies such as Ali and Tencent; wireless products won the largest batch of Wi-Fi equipment projects for EMUs in the country; “K Mi Magic Cloud 8” entertainment systemThe announcement continues to lead China’s KTV entertainment industry. Currently, the number of registered users of Kmi App has exceeded 80 million, and WeChat fans have reached 40 million.
We believe that 上海夜网论坛 with the continuous increase of information demand in various industries, the company is expected to achieve sustained and stable growth.
The demand for 5G commercial SDN has increased, and early deployment has seized opportunities.

SDN is one of the key technologies of 5G.

Relying on its strong channel capabilities and R & D advantages of enterprise switching equipment, Ruijie Networks has continuously accelerated the development and investment of SDN equipment, and has pioneered the first lightweight SDN solution in the industry.

We believe that with the increasing demand for 5G construction, segmented areas such as edge computing and SDN are expected to usher in rapid development, and the company will also fully benefit.

Earnings forecasts and investment advice.

At present, the company’s network switches, cloud classrooms, and smart POS services are accelerating their efforts and entering the business harvest period.

We estimate that the company’s net profit attributable to its parent for the period of 19-21 will be 7.

1 billion, 8.

6.3 billion and 10.

4.5 billion yuan, corresponding to an EPS of 1.

22 yuan, 1.

48 yuan and 1.

US $ 7.9 billion, with reference to comparable company estimates, given 19 years of PE 25-30x, corresponding to a reasonable value range 30.

50 yuan-36.

60 yuan, “continuous market” rating.

risk warning.

The company’s new business development fell short of expectations.

These stocks outperformed institutional expectations and 22 shares were upgraded by institutions

These stocks outperformed institutional expectations and 22 shares were upgraded by institutions
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  [Instrument of wind direction]Too powerful, these stocks outperformed the institutional expectations, and 22 stocks were upgraded by the institutionMany stocks have just received institutional ratings and have gradually exceeded their target prices.  These stocks have recently outperformed institutional expectations Securities Times?Data treasure statistics show that in the past week (2.14-2.20) A total of 337 stocks received institutional buy and above ratings.  Recently, the stock market has emerged from a bull market. Stimulated by factors such as high industry prosperity and popular hype, institutional recommended stocks have also gained an increase. Even after the target price predicted by institutional analysts appeared, they were rated as pioneers of stocks shortly after.It’s over target price.  Huachuang Securities gave Jingsheng Mechanical and Electrical an overweight rating on February 17 and called it 24.With a target price of 61 yuan, Jingsheng Mechanical and Electrical daily limit today, the latest closing price is 27.At 62 yuan, it has far exceeded the target price specified by the agency by 10%, showing a strong performance. It can be said that the target price specified by the agency cannot keep up with the growth rate.  Jingsheng Electromechanical is the leader in crystal growth equipment. The long-crystal equipment is widely doped in photovoltaics, semiconductors, LEDs, and photovoltaics. Except for Longji shares and Jingyuntong, the company’s monocrystalline furnace market share is as high as 90%;The three semiconductor industry transfers have been fully rolled out, and wafer manufacturing capacity has gradually shifted to the mainland. Terminals have gradually accelerated the localization of the supply chain. Domestic silicon wafer manufacturers have accelerated their entry. It is expected that the expansion of silicon wafer capacity will bring more semiconductor wafers.Equipment requirements, the company already has 8?12-inch semiconductor-grade single crystal furnace production capacity, while gradually expanding a series of new products such as polishing machines, barrel mills, cutting machines, grinders, etc. The company is a listed company with scarce A shares of photovoltaic and semiconductor wafer equipment, which is expected to benefit photovoltaicThe trend of concentration of silicon heads and the progress of domestic substitution of semiconductor wafers have achieved rapid growth.  Because the lead is too fast, the company that has continuously exceeded the target price of the institutional conversion is also Ningde Times, Su Trial, I miss you, precision forging technology and other stocks.  Ningde 无锡桑拿网 Times is a leader in power batteries. Against the background of domestic new energy vehicle production and sales and domestic power battery installations declining by more than half in January 2020, Ningde Times continues to maintain its position with leading breakthroughs in technology, with a market share of 57.7%, an increase of 14 per year.7 averages.  The Suzhou test test acquired 100% equity of Shanghai Yite last year and officially entered the semiconductor testing field. Shanghai Yite is a domestic semiconductor testing leader. Its business mainly includes integrated circuit reliability verification, failure analysis, wafer material analysis, etc. Customers include Bosch,Leading foreign IC industry leaders such as Qualcomm, Samsung Electronics, and other well-known domestic companies such as Huawei Hisilicon and Cambrian.Guoxin Securities believes that after the test trial acquisition of Shanghai Yite, it will become the nation’s first chip inspection service company that can comprehensively cover the upstream wafer manufacturing of electronic product supply chains to the middle and downstream end products, and can provide comprehensive reliability verification and invalidation analysis.Engineering and technical services, the two businesses have strong complementarities, and are expected to achieve rapid development in the military and semiconductor fields.  Precision forging technology is the leading precision forging gear for conventional passenger cars. The main products include automotive differential bevel gears, variable speed combined gears, VVT assemblies, etc., and the leading domestic level of technology. Major customers include Volkswagen, GM, Ford, Mercedes, Audi,Changan, Geely and other well-known Chinese and foreign car companies.BOC International believes that the company’s 2019 performance will be dragged down by short-term factors, and the sufficient order margin will expand in 2020, and the performance will promote a bottoming out.  Twenty-two stocks have been upgraded by institutions. Data statistics show that 22 stocks have been upgraded by institutions in the past week, such as Changan Automobile, moved to communications, Soviet test, race for smart, Sanchuan wisdom, Joyson Electronics, Dongshan Precision, BochuangTechnology, etc.  Eight institutions gave Changan Automobile a buy rating, and CITIC Securities raised its rating on Changan Automobile. It believes that the cycle of Changan’s independent new models has begun, and the high-profile CS75Plus continues to sell well, which is expected to bring both volume and price up.At the same time, the company adopted platform production, new energy and other methods to reduce costs, profitability rebounded, Changan Ford accelerated strategic adjustments, plans to focus on Lincoln, Ford mid-to-high-end SUV, etc. in 2020, and streamline production capacity to reduce losses with great certainty.  Dongxing Securities raised the rating for Smart Rating as highly recommended.SAI accrued goodwill impairment for Smart 2019’s performance forecast5.4 trillion to 700 million, the company is expected to be 4.7.8 billion-6.2.1 billion yuan.Dongxing Securities believes that Saiwei’s smart performance is mainly due to the impairment of the goodwill generated by the acquisition of Happy People’s Information, which does not affect the company’s normal operations. The company received about 10 trillion artificial intelligence orders in 2019, and AI + smart cities’ new breakthrough orders in 201923.USD 7.7 billion, forecast execution of orders of about 1.5 billion, game revenue forecast of about 200 million revenue, three major business development in synergy, the company will enter a high-speed growth period in 2020, operating income and net profit will usher in a billion-level breakthrough.  The main business of Borch Technology is the R & D, production and sales of integrated optoelectronic devices in the field of optical communications.Guoxin Securities believes that after the adjustment of the company’s business focus, the initial investment has gradually been realized, and the industry’s prosperity has improved, the company’s revenue scale in the past two years may usher in a large increase, especially the company’s silicon optical module, according to the industry chain researchThe company’s products have entered Huawei’s 5G fronthaul procurement bidding sequence in the early stage, and then entered the Tencent product supply list. It is at the forefront of domestic and foreign companies, demonstrating the company’s technological strength in the field of silicon light. The company has gradually developed cornering overtaking, taking the leadSilicon optical technology achieves breakthroughs in the high-speed optical module market in the field of data communication for international customers.  Twelve shares have more than 20% growth space. Data Bao statistics show that among the stocks with more than 2 institutions specifying target prices in the past week, the published target price is divided by today’s closing price. The average growth space of 12 shares is more than 20%, respectively. Rongsheng Development, CNMC, Great Wall Motors, Gemdale Group, SAIC Group, Ping An Bank, Jinshiyuan, GAC Group, WuXi AppTec, Jerry, Wuliangye, Changan Automobile.  The first-tier institution sets the target price of China National Nonferrous Metals, with an average growth space of 45%. The non-ferrous metal reorganization business is non-ferrous metal mining and smelting (lead zinc and rare earth) and engineering contracting.500 million to -11.The company intends to acquire China Nonferrous Metals74 for 800 million US dollars.With 52% equity (mainly for copper and cobalt production for military use), China Nonferrous Mining’s attributable net profit in 2018 and the first half of 2019 was 1 billion and 5 respectively.At 2.5 billion US dollars, CITIC Securities believes that after the completion of the acquisition, the company’s profitability will be stronger and its performance is expected to increase significantly.

Yangtze River Power (600900) 2019 Annual Report Commentary: Incoming water is too abundant to drive revenue growth and interest rate steadily declines

Yangtze River Power (600900) 2019 Annual Report Commentary: Incoming water is too abundant to drive revenue growth and interest rate steadily declines
Event: On August 30, the company announced the 2019 interim report and realized operating income of 203.63 ppm, a six-year increase of 6.00%; net profit attributable to mother 85.72 ppm, an increase of 0 in ten years.59%; deduct non-net profit 78.8,000 yuan, ten-year average of 0.11%. Affected by the 5% annual increase in power generation, revenue increased by 6% and gross profit margin increased by 0%.26 points.(1) Power generation: The total power generation in the first half of 2019 is about 853.8.9 billion kWh, an increase of 5 per year.01%.Among them, the Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba Hydropower Stations have a series increase of 4 in 1H19.91%, 3.04%, 3.96%, 6.58%.(2) On-grid electricity price: The company’s average on-grid electricity price (excluding tax) in 1H19 was 0.238 yuan / kWh, the earlier 1H18 increased by 0.002 yuan / kWh (+ yoy1%), or related to the replacement reduction.(3) Gross profit margin: About 65% of the company’s operating costs are depreciation expenses, which have nothing to do with the amount of power generated. Therefore, the increase in power generation in this period has driven the gross profit to increase slightly.26 points. Abundant cash flow supports the repayment of principal and interest, and the interest-bearing debt ratio has steadily declined, driving the financial expense ratio down by one.69 points.The company adopts the “group investment, construction and completion injection” model. Only a large amount of capital is required at the time of injection. Once the injection is completed, mature hydropower stations can immediately bring sufficient cash flow to support the company’s debt and interest payments.In 2016, Yangtze River Power completed Xiluodu and injected it into Jiaba Hydropower Station. Since then, the company’s interest resistance rate has started to decline steadily.The 1H19 company’s interest rate rejection rate was 41%, a decrease from the end of 20182.57 武汉夜生活网 points.As a result, financial expenses have fallen by 6% per year, and the financial expense ratio has fallen by 1 year-on-year.69 points. Operating profit / operating income fell 2.21pct, mainly affected by the cancellation of investment income and alternative preferential policies.The company’s operating profit / operating income temporarily decreased 2.21pct, preliminary: (1) Investment income decreased: 1H19 realized investment income 19.06 trillion (yoy-17%), the investment income / operating income ratio continued to decline2.58 points.(2) Expected cancellation of tax rebates: The tax increase rebates for the hydropower industry will expire in 2018, and 7 received in 1H18.The 17 billion USD refund is the tax refund (not included in other income) that has not been received at the end of 2017. There is no refund income in 1H19, so the current period’s other income / operating income ratio has decreased.73pct. Chuanyun’s net profit fell by 1.7%, due to the expiration of interest rate preferences.In 2018, Chuanyun Company, a subsidiary of Yangtze Power, enjoyed 7.The 5% corporate income will be restored to 15% after the preferential policy of “three exemptions, three halves and half reductions” in 2019, and it will return to 25% after the end of the preferential benefits of the Western Development in 2021.Affected by the expiration of the bribe discount, the company’s net profit decreased by 1.7% is 27.1.1 billion.Such as 18 years kidney7.5%, 19% growth rate of 15%, Chuan Yun’s profits continue to grow6.94%. Investment suggestion: Maintain “Buy” rating.The company focuses on the main hydropower business and expands the development space across the power distribution business and the capital market.The company’s hydropower assets use the “group investment and construction, built-in injection” model. The isolation of financing and debt has brought stable returns and abundant free cash flow to listed companies, ensuring the sustainability of high cash dividends.We expect the company’s net profit attributable to its parent to be 217 in 2019-2021.67, 225.61, 226.1.6 billion, with a ten-year growth rate of -3.7%, 3.6%, 02%, corresponding to the PE estimate of 18 on August 30.8, 18.2, 18.1x, maintain “Buy” rating. Risk reminder: The price of hydropower on-grid will be reduced, and the incoming water will be dry, and the market will absorb risks.

Jin Shiyuan (603369): The high growth potential of the national border will not reduce the core market’s continued strength

Jin Shiyuan (603369): The high growth potential of the national border will not reduce the core market’s continued strength

Event income and profits increased rapidly, and the third quarter results were in line with expectations.

The company announced the third quarter report of 2019, and realized revenue of 41 in January-September 19.

160,000 yuan, an increase of 30 in ten years.


Realize net profit attributable to mother 12.

0.94 million yuan, an increase of 25 in ten years.

74%, corresponding 南京夜网 to basic EPS1.

03 yuan / share.

19Q3 achieved revenue of 10.

59 trillion, the same increase of 32.

27%, an increase from Q2; the net profit attributable to mothers was achieved2.

22 trillion, with an increase of 28.


Core Viewpoint The state-of-the-art high-growth structure has continued to upgrade, and the potential energy of the core market has not diminished.

In terms of products, benefiting from consumption upgrades and sub-high-end capacity expansion in the province, the company’s special A + publications reached 23 in the first three quarters.

0.5 billion (+47.

66%), the proportion of income increased significantly by 6.

56 cases up to 56.

22%, the third quarter revenue increased by 57.

26% to 6.

3.2 billion.

The company promotes group purchase and banquet channels, and the second-high-end national border has outstanding price-performance ratio, high revenue growth, and its proportion has further increased.

By region, the company’s revenue in the province increased by 28 from January to September.

69% to 38.

3.5 billion US dollars, of which the main sales areas Nanjing, Huai’an, Yancheng revenue were 11.

4 billion (+47.

84%), 8.

8.3 billion (+14.

79%), 5.

5.1 billion (+12.

14%), with a budget increase of 60% in Xuzhou.

42%, the fastest growth rate in all regions; extra-provincial income reached 2.

6.6 billion (+62.

32%), the proportion increased to 6.


During the period, the expense ratio steadily declined, and the increase in tax rate affected earnings.

The company’s Q3 gross profit margin also decreased by 0.
89 points ct73.
97%, which is thought to be caused by the rising cost of packaging materials, raw materials, etc .; under the rapid growth of revenue and diluted, the sales expense ratio also decreased by 2.

77pct to 17.

39%, the management expense ratio also decreased by 1.

27 points to 5.

70%; due to the actual impact of business growth and turnover tax, taxes and surcharges accounted for the same increase in revenue2.

84 points to 26.


As the gross profit margin decreased and the tax rate increased, the net sales margin also decreased to zero.

67 pieces up to 20.


The upgrade bonus in the province continues, and the acceleration outside the province is worth looking forward to.

Jiangsu’s economic strength is outstanding, and the level of liquor consumption is high. It is expected that the upgrading trend in the province will continue. National Development Co., Ltd. is committed to expanding outstanding costs and continuously capturing share.space.
Companies outside the province radiated and promoted in the “1 + 2 + 4 + N” model, stepwise development, strengthened cooperation with mature businessmen, joined hands with Zhejiang Shangyuan, and married Jingzhi to focus on breaking through Shandong. There is still plenty of room for development in the new Jiangsu market.

Financial Forecast and Investment Recommendations We maintain our previous profit forecast. It is estimated that the company’s EPS in 19-21 will be 1.



74 yuan.

Combined with a comparable company evaluation, the company was given 28 times PE in 19 years, corresponding to a target price of 32.

76 yuan, maintain BUY rating.

Risk reminders: The channel sinks less than expected, the competition in the province intensifies the risk, and the risk of policy changes.

Emerging equipment (002933): 2Q19 revenue growth 26% Airborne equipment category expansion drives growth

Emerging equipment (002933): 2Q19 revenue growth 26% Airborne equipment category expansion drives growth

1H19 results are in line with our expected 1H19 results: Revenue 1.

96 ppm, an increase of 20 in ten years.

5%; net profit attributable to mother is 58.91 million yuan, an increase of 3 year-on-year.

7%, corresponding to a relative profit of 0.

50 yuan, in line with our expectations.

In the single quarter, the company’s 2Q19 revenue and net profit attributable to mothers increased by 26% and 27% respectively, showing a quarterly acceleration 成都桑拿网 trend.

The growth of the main business increased, the business structure was optimized, and the comprehensive gross profit margin rebounded.

1H19 company revenue YoY + 20.

5%, of which high-margin airborne suspension / launch device business revenue YoY + 49%, accounted for 96%, while low-margin military autonomous controllable computer business (1H18 revenue accounted for 13%) andUncontributed income; consolidated gross profit margin 75.

3%, a year-on-year increase of +3.


However, the company’s net profit margin YoY-4 in 1H19.

9ppt, mainly due to inventory depreciation losses (acquisition of over-expenditure of entrusted research and development projects), credit impairment losses (increased accounts receivable) and increased.

Development Trends Leading market segment for airborne equipment with core technologies and long-term industry layout.

The 淡水桑拿网 company has more than 20 years of operating experience in the airborne equipment industry. Its core products are helicopter rack follower system and turret follower system; buoy launcher, radar antenna retractor and electric hoist winch have been delivered.

The company has comprehensive development and pre-research products, and has formed a multi-layered product structure, which is the basis for the company’s long-term development.

From helicopters to drones and fixed-wing aircraft, 1H19 achieved multiple breakthroughs.

In terms of drones, the company’s linear steering gear products have gradually begun to be delivered in small batches, and the pre-assessment preparations have been completed; landing gear retractable devices, front wheel turning systems, generators and other products are cooperating with host customers to participate in domestic and international markets.competition.

In terms of fixed-wing aircraft, the company has launched the promotion of all-electric folding.

In terms of industry-university-research, the company has in-depth cooperation with Nanjing University of Aeronautics and Astronautics, and jointly funded the establishment of a joint venture company, Xinghang Power, which operates aviation starters, aviation generators, and aviation power supplies.

Earnings forecasts and estimates remain unchanged.

The current contradiction corresponds to 31.

1x 2019 P / E and 25.

The 6x 2020 P / E ratio is still lower than the median level of comparable companies.

Maintain Outperform rating and 55.

A target price of 00 yuan corresponds to 31.

1x 2019 P / E and 25.

6 times 2020 price-earnings ratio, compared with the previous inclusion of 15.

3% upside.

Risk Uncertainty in the pace of delivery of military products orders, the progress of repayments was less than expected.

Hengshun Vinegar Industry (600305): The main business of condiment accelerates price increase and superimposes structure upgrade to increase thick profitability

Hengshun Vinegar Industry (600305): The main business of condiment accelerates price increase and superimposes structure upgrade to increase thick profitability

Event: The company released the 2019 first quarter report.

2019Q1 The company achieved operating income4.

60 ppm, an increase of 15 in ten years.

15%; net profit attributable to mother is 0.

72 ppm, an increase of 21 in ten years.

66%; net profit after deduction is 0.

62 ppm, an increase of 25 in ten years.


The growth 成都桑拿网 of the main condiment business accelerated, and the increase in the structure of price increases superimposed on the gross profit margin.

The main condiment business is mainly operated by the parent company. The parent company’s revenue in 2019Q1 was 4.

10 ppm, an increase of 15 in ten years.

51%, higher than the parent company11 in 2018.

27% revenue growth.

We believe that the acceleration of revenue is mainly due to: (1) the price increase on January 1, 2019 will drive the company’s overall average price up by about 2%; (2) product structure upgrades will push up the average price; (3) channel construction will accelerate product volume growth.

In terms of categories, vinegar has achieved income3.

00 ppm, a growth rate of more than 10%, maintaining a steady growth trend; cooking wine achieved zero income.

6.3 武汉夜网论坛 billion, with a growth rate of more than 25%, and continue to expand rapidly to seize market share.

The gross profit margin of the company’s sales in Q1 2019 increased by 3.

53 to 43.

77%. We estimate that the initial price increase will increase the gross profit margin by about 1 percentage point, and the rest will be mainly contributed by product structure upgrades.

By region, the revenue of East China in 2019Q1 was 2.

1.7 billion, a rapid growth, mainly due to structural upgrades and catering channel development.

The company has a net increase of 13 dealers in the first quarter, of which the western region as an emerging market, benefiting from the development of five net increase channels; the eastern China region as the base market, benefiting from deep cultivation net increase of 4; Central China, North China, South China net increase, 1, 1 dealers.

The market expands and grows, and strives to promote continued growth in revenue.

2019Q1 Company sales / management / R & D expense ratio multiples +1.

27 / -0.

76 / + 2.

04 to 16.

36% / 6.

58% / 2.


The increase in the company’s sales expense ratio was mainly due to increased market development efforts.

The company vigorously develops catering in the East China market, conducts deep cultivation of channels, and promotes structural upgrades. East China has a large space and a strong brand, and will contribute major increases in the future. Markets outside East China will mainly develop traditional channels and enhance brand power through distribution.

The increase in R & D expense ratio in the first quarter was mainly due to the increase in R & D expenditure.

Taken together, the net profit margin of the company’s sales in Q1 2019 increased by one.

09 pct to 15.


Profit forecast: Hengshun Vinegar is the leader in vinegar every year. At present, the overall concentration of the industry is low, and there is a lot of room for improvement.The company will accelerate the development of catering channels in East China base camp and develop the national market steadily.

The company continued to increase the proportion of high-end products, raised prices in the initial stage of the merger, and continued to improve its profitability in 2019.

At the same time, it is expected that the improvement of the company’s management mechanism will bring about the release of operating vitality and efficiency.

We expect the company’s revenues to be 18 in 2019-2021.

89, 21.

25, 23.

90 trillion, net profit attributable to mothers are 3.

28, 3.

76, 4.

3.4 billion, after deducting non-return to mother’s net profit was 2 respectively.


01, 3.

59 trillion, EPS is 0.

42, 0.

48, 0.

55 yuan, corresponding to PE is 31 times, 27 times, 23 times, maintaining the “buy” level.

Risk warning: food safety risks; channel development fails to meet expectations

What can a woman eat with weak blood and energy?

What can a woman eat with weak blood and energy?

Women’s sensitivity to qi and blood is much greater than men’s, so they should pay more attention to qi and blood, otherwise it will definitely affect the quality of life.
The following is a brief introduction on how women adjust qi and blood.

Look at these.

.hzh {display: none; }  我们经常说一个人体虚、身子不强健,一般这种虚弱是分为两大类而言的。One is deficiency of qi and the other is deficiency of blood.

When our body is unwell, it is usually caused by insufficient blood.

So if you want to regulate your body, you need to start with nourishing blood.

  1. The main manifestations of the body with blood deficiency and blood deficiency are: pale and pale, pale lips, dizziness, dizziness, palpitations, insomnia and more dreams, dry stools, women’s menstrual period, light and pale, light tongue, and slipperyShaojin, weak pulse, etc .: Tonic should be used to nourish blood, nourish blood, and produce blood. The blood tonic can be selected from Angelica sinensis, Ejiao, Shudi, Mulberry, etc.

  Food for blood deficiency: black bone chicken, black sesame, walnut meat, longan meat, chicken, pig blood, pork liver, brown sugar, red beans, etc., can often be replaced.

  Blood deficiency food products: 荸荠, garlic; Corresponding: Angelica cooked land chicken; Huaishan sirloin pot; Huai Judai fish; rose Huai Ju dew; avoid or eat less: seaweed, grass cardamom, lotus leaf, white wine, mint,Chrysanthemum, betel nut, raw radish, etc.

  2. The main manifestations of Qi-deficiency and Qi-deficiency are: lack of qi, laziness, fatigue, low voice, shortness of breath, easy sweating, dizziness, palpitations, paleness, loss of appetite, asthma, spontaneous sweating, prolapse, prolapse of uterus, Tongue pale and fat, tongue marks, weak pulses, etc., for functional decline, may not necessarily be diseased, Qi deficiency requires qi, qi for qi supplementation can be ginseng, astragalus, codonopsis, etc.

  Tonic deficiency food: beef, chicken, pork, glutinous rice, soybeans, white lentils, jujube, catfish, carp, quail, scallion, shrimp, mushrooms, etc.

Can often choose alternate clothes.

  Qi deficiency food products: hawthorn, bergamot, betel nut, garlic, scallion, radish, coriander (cilantro), turnip (rutabaga), pepper, pepper, middle finger, perilla leaf, mint, lotus leaf; not eat orEat less: buckwheat, grapefruit, mandarin, kumquat, kumquat, orange, coriander, raw radish, ground skull, mustard, coriander, Junda, amomum, chrysanthemum, tea and tobacco and tobacco.

  Correspondingly: Huaishan lily lotus seed soup; Shenyao suckling pigeon; spiced beef; peanut rice and jujube burned pork trotters; 3, a total of females with anemia or blood deficiency have symptoms of blood deficiency, such as dizziness often occurs,Dizziness, dull complexion, insomnia, dreaminess, irregular menstruation, etc., and people with blood deficiency constitution are often thin and weak, with poor physical fitness.

  You can often eat foods for nourishing blood and nourishing blood, such as spinach, black beans, carrots, amaranth, lotus root, black fungus, chicken, pork, lamb, sea cucumber, etc .; fruits can be mulberry, grapes, red dates, longan and so on.

At the same time, it can also be used in combination with traditional Chinese medicine to supplement the blood. Commonly used blood tonics include angelica, saffron, saffron, Chuanxiong, Baiji, Ejiao, etc.

Using these Chinese medicines and blood-enriching foods to make delicious medicinal meals, such as angelica ginger mutton soup, gelatin stewed rice wine, Siwu chicken soup, etc., has a good effect of nourishing blood.

  4. Qi deficiency and blood deficiency Qi and blood deficiency generally appear in anemia, leukocytopenia, thrombocytopenia, major bleeding, women’s menstruation, etc. The main manifestations are: both Qi deficiency and blood deficiency manifestations, Tonic should use Yiqi Shengxue, training qi and blood, qi and blood.

  Corresponding expectations: Qi and blood: bonito tofu soup; qi and blood tonic soup; medicated chicken; women with qi and qi deficiency often show symptoms such as weak complexion, pale face, fatigue, high leucorrhea, irregular menstrual cycle and other symptoms.

  Some qi-enriching drugs can be used for conditioning, such as ginseng, astragalus, atractylodes, jujube, licorice to stew chicken or ribs to qi.

Ginseng tonic has a certain degree of particularity. Use ginseng tonic at home should be extra careful. It should be based on a small dose and short course of treatment. It is best to consult a doctor before taking it.

Qi deficiency women should eat more radish, jujube, pork rib soup and other qi-enriching foods in autumn and winter seasons; on the medicine supplement, you can drink the “four gentleman soup” made of astragalus, ginseng, atractylodes and licorice.

The most civilian medicine: Cassia protects the liver and eyesight, lowering blood pressure 5 practical effects

The most civilian medicine: Cassia protects the liver and eyesight, lowering blood pressure 5 practical effects

Cassia is a cheap but very practical Chinese herbal medicine.

Because it can clear the liver and improve eyesight, most people will use it to soak in water.

In addition, Cassia has the functions of regulating immunity, inhibiting bacteria, lowering blood pressure, and regulating blood lipids. The effect is quite a lot, but there are some contraindications for consumption that require special attention.

How can people properly eat to be healthy without hurting their bodies?

Cassia seed health effect is the most affordable: weight loss, eyesight, moisturizing, blood pressure, liver protection in recent years is very popular to drink cassia tea to lose weight, because the weight loss method is simple, the price of medicine is cheap and the weight loss effect is fast, it seems that there is no substitute, Cassia teaIt has become the first choice for women to lose weight.

The humble “wild grass” changed the show’s fate. Cassia also has a legend of a lucky show.

In ancient times, there was a poor talent. Because he wanted to learn hard and learn hard, nearly 60 Huajia suffered from eye diseases. Not only did he not read clearly, but he even walked on crutches. Therefore, the villagers called him “Xunzi Xiucai”.

Destiny is so helpless, I sit in front of my house all day.

One spring, a businessman who bought medicine from the south walked past him. He saw an inconspicuous “weed” in front of him. He asked the scholar: “Are you selling these grasses to me?”

“The businessman who bought the medicinal materials walked past him. When he saw the inconspicuous “weed” show in front of Xiu Caicai, he thought that the businessman had teased him. He did not sigh with resentment: “How much do you give me?”

“The drug dealer’s attitude is casually half-joking and said: “How much do you want, how much will I give you?

“The show is angry: “Do not sell!

How much does not sell?

When the drug dealer saw that he was in a bad mood, he left in disappointment.

Summer is here, the grass in front of the show has grown to 2?
3 feet high, the stem is full of bright yellow flowers, bursting with fragrance.

The southern drug dealer came again, still want to buy those “wild grasses” with the scorpion show.

At this time, the show thought that these “wild grasses” must have any effect. They wanted to stop selling and understand the decision. Then they refused him. The drug dealers again disappointed.

Soon in the fall, the weeds in front of the door were filled with diamond-shaped, green-brown, shiny seeds with aroma.

Although the scholar could not see the eyes, he smelled the scent of the seeds. He thought that this must be a good medicine, so he grabbed a pair of scissors and used it to make tea.

Every day.

Unexpectedly, his eye disease gradually improved after a long time. He first walked without a crutches, and then read the book.

In a few months, the southern drug dealer came again to buy “wild grass.”

He saw that the eye disease of Xunzi Xiu was greatly improved, so he asked the scholar: “Do you drink with grass seeds?


“The old man said that he accidentally used the “wild grass” seeds to cure eye diseases.

After listening to the drug dealer, he said: “This weed is called Cassia. Its seed is called Cassia. It is bitter, salty and slightly cold. It has the effect of clearing the liver and improving eyesight.

It can treat liver and kidney yin deficiency, and it is a rare medicine!

Or why should I come to buy it with me?

From then on, Xunzi Xiucai often used Cassia to make tea, gradually became clear-eyed, and finally took the fame and lived in his 80s.

Therefore, he once recited a poem, describing his unusual relationship with Cassia: the foolish eighty-nine eyes, the number of days and the night of the stars; not a good eyesight, only long-term drinking cassia.

Chinese medicine shows that Cassia has five major uses. Since Cassia has such a good effect, how can we use it to regulate our body?

Let’s take a look at how the Chinese medicine community uses Cassia to treat diseases.

Chinese medicine believes that cassia has a clear heat and eyesight, and it can reduce the sputum.

Clinically, Chinese medicine practitioners usually use it for treatment: 1.

The eye circles caused by liver fire are red, and many eye diseases are red and swollen, afraid of light, tearing more, and feeling the wind and heat, and there is red eye disease.

In the above situation, you can eat “Cassia Chrysanthemum porridge” to clear the liver and improve eyesight.

Cassia chrysanthemum porridge is used to treat habitual closed stools, glaucoma caused by liver fire, cataracts, conjunctivitis and other eye diseases.
Cassia chrysanthemum porridge medicine: 10 grams of chrysanthemum, cassia 10?
15 grams, 50 grams of previous rice, the right amount of crystal sugar.
Practice: first add cassia seed to the casserole, stir fry until slightly fragrant.

After the cold, fry the chrysanthemum juice, remove the juice from the slag, and add the previous rice porridge.

When the porridge is cooked, add rock sugar and cook 1 more?
2 boiled and ready to eat.

Usage: 1 time a day, 5?
7 days is a course of treatment.

Note: Deficiency of the spleen and stomach, stool diarrhea are not allowed to take.


High blood pressure caused by inflammation of the liver, headaches, dizzy every day?
20 grams of cassia seed soaked water several times, replaced by tea, can relieve high blood pressure, dizziness, and have blood pressure lowering, lowering blood fat, decomposing abnormal weight loss in the body, preventing arteriosclerosis and so on.


Hot knot constipation treatment of young people constipation or habitual constipation, fried cassia 10?
15 grams, 10 grams of rock sugar, brewed with boiling water, when the tea is replaced.

1 dose per day, 3 times per dose.

Old age habitual constipation, fried cassia 10?
15 grams, decoction for about 10 minutes, redeem 20?
30 grams of honey and mix well, each serving a dose or morning and evening.


Hyperlipidemia, obesity The following two cassia teas have good weight loss, lowering blood fat effect: lotus leaf Cassia tea: Cassia 10?
15 grams, lotus leaf 10?
20 grams, 9 grams of chrysanthemum, boiled for 10 minutes together, when the tea simmered.

Have the effect of losing weight, lowering blood pressure and blood lipids.

Hawthorn Cassia Tea: Hawthorn 9?
15 grams, cassia 10?
15 grams, boil water for about 10 minutes when tea is put.

There are weight loss, lower blood pressure, lower blood fat, digestion and stagnation, diuresis and pain relief, but also for the treatment of dietary stagnation, chest and abdomen, women’s blood stasis and abdominal pain.

In addition, lowering blood fat is also available: Cassia 10?
15 grams, Alisma 9?
15 grams, Akasaka 9?
12 grams, Ganoderma 9?
15 grams, Hawthorn 9?
15 grams, one dose per day, 2 times water simmer; or take 30 grams of cassia seed, raw mountain 楂 15?
30 grams, Pueraria 9?
20 grams, decoction 2 times and 2 times service.


Fungal vaginitis cassia 30?
50 grams, add 1,000 water?
2,000 ml, soaked in cold water for 1 hour, boil 15?
After 20 minutes, filter and juice.
Fumigation of the vulva and vagina for about 15 minutes, once a day, 10 times for a course of treatment.

What kind of person is not suitable for eating cassia?

● Deficiency of the spleen and stomach, feces and diarrhea, people with cold and abdominal pain, people with cold and stomach pain; ● People with qi deficiency and constipation; ● Patients with low blood pressure should not take it; ● Pregnant women may cause premature birth.

Cassia has a mutant cassia “sexual cold” and cannot be replaced continuously.

If the cassia seed is taken a little larger, it will cause vomiting and diarrhea.

Note: The cassia can not be broken.

Cassia has some bitter taste, such as adding sugar, honey will improve the taste.

For the prescription of this article, please consult a professional Chinese medicine practitioner if you need to use it.

Good skin care products make your baby more delicate

Good skin care products make your baby more delicate

Baby-specific moisturizers are generally divided into three types: moisturizer, moisturizer, and moisturizer. The latter is more oily than the former.

Under the classification, moisturizers and moisturizers with natural moisturizing ingredients generally contain moisturizing factors, which can effectively moisturize the baby’s skin; moisturizing oils generally contain natural mineral oils, which can prevent dry cracks and moisturize the skin.

In addition, the skin care products on the market are divided according to the age of one year. Babies under the age of one year are specialized in special baby care products, and those over the age of one year can choose child care products.

  Doctors recommend that when buying children’s skin care products, you must first choose professional products, not professional products. Products from children’s skin care manufacturers are likely to contain adult products. It is best not to buy them.

Even if it is a manufacturer that specializes in producing children’s cosmetics, do not buy new products. It is best to choose some mature old products, other people’s introductions and opinions, and the brand of baby skin care products should not be changed often, so that the baby’s skin need not be right.Different skin care products are repeatedly adjusted.

In addition, look at the ingredients of the product, try to choose some ingredients that are relatively simple, do not contain fragrance, alcohol, non-irritating, can protect the skin moisture balance well to reduce the irritation of the baby’s skin.

  Baby products vary from person to person. Most infant and child skin care manufacturers have their own products with natural plant extracts as the main ingredients. They extract the emollients and moisturizing factors from natural plants and undergo rigorous medical tests without irritating the skin., But some babies still have allergies after using these moisturizers.

  Because of individual differences in babies, some babies use products that are not good for your baby, so use caution when using them.

In addition to looking at the production date, the expiration date, and those with skin allergies, use it with caution. When using it, it is best to place it on the baby’s arm or the root of the ear and observe it. If there is no abnormal reaction, use it.

  Don’t ignore the soft lips that separate the face from the hands and feet. Your baby’s lips are most easily overlooked.

Like adults, your baby’s small lips can easily dry out or even peel in winter.

Because there is no sweat gland and oil secretion on the lips, the baby likes to lick the lips, but cannot moisturize the lips. Instead, it will accelerate the evaporation of the lips and make the lips more dry.

  In this case, it is best for mothers to supplement children’s lip balms with moisturizing ingredients such as vitamin E to keep the baby’s lips soft. Now available in supermarkets, one of the best ways is to let your baby drink more water for doubleGive your lips enough moisture and teach your baby not to lick your lips.

If peeling has occurred, the mother can gently wipe the baby’s lips with a wet towel before the baby goes to bed, and then wipe off the moisture before applying the child’s lipstick.