Archives April 2020

[Does sweet potato contain protein]_Efficacy_Function

Stunned
I want to go to any ring chain to fry the hawthorn, and I will go to the house and go to the house. I am going to go to the village. I am going to read about it.You are not sure how to use it. You have just installed it, read it, read it, read it, read it, and set it again. It ‘s a good idea to set it up.跺畬鍏ㄤ笉鐢ㄦ媴蹇冿紝鍏朵腑瀵屽惈鐨勫厓绱犲彲浠ユ弧瓒宠韩浣撶殑鍚勭闇€姹傦紝鍚屾椂杩樿兘杈惧埌鎶楃檶閫氫究鍑忚偉鐨勬晥鏋滐紝涓嶈繃澶у闇€瑕佺煡閬擄紝鍏充簬绾㈣柉鐨勮惀鍏绘垚鍒嗕互鍙婄孩灏忚眴鐨勬湁What are you talking about? Do you want to read it? What are you reading?119 鍗 冨 崱 銆 佲 抲 擏 擏 川 0.9 鍏?Lian Gang just set?0.5 guns?銆?Do the insects press on the tree?27.7鍏嬨€佽儐鍥洪唶 鏃犮€佽喅椋熺氦缁?1.1鍏嬨€?Hey?44 傣 toilet fan 0.7 Jiao  toilet?Relieve?20 傣  銆 銆 捑 5.3 傣 Toilet 15.4 傣 Toilet?threshold?0.At 18 o’clock, the toilet is at 12 and at 12 o’clock.14 Jiao  toilet 銆 佺  0.48 Huan  toilet door 10 0.12 姣 Toilet 2 0.04 姣 Toilet 6 0.28 Jiao?E 1.6 傣  銆 銆 丄 35 Huan  toilet 銆 塹 喰?0.06 姣 Toilet 劆 人 喫?0.5 傣 Toilet?What’s wrong with 49 toilets?C 30 姣 Toilet?礌 怅 鍅 殗 椌 0.21 姣  绢 绾 柉 啉 姫 姛 堁 堜 嬌 笌 揤 敤 1.鎶楃檶鏈夋晥鍦版姂鍒剁粨鑲犵檶鍜屼钩鑵虹檶鐨勫彂鐢熴€?.閫氫究鍑忚偉鍚冪孩钖兘鏈夋晥鍦伴樆姝㈢硸绫诲彉涓鸿剛鑲紝鏈夊埄浜庡噺鑲ャ€佸仴缇庛€傜孩钖惈鏈夊ぇ閲忚喅椋熺氦缁达紝鍦ㄨ偁閬撳唴鏃犳硶琚秷鍖栧惛鏀讹紝鑳藉埡婵€鑲犻亾锛屽寮鸿爼鍔紝閫氫究鎺掓瘨锛屽挨鍏跺鑰佸勾鎬т究绉樻湁杈冨ソ鐨勭枟鏁堛€?.鎻愰珮鍏嶇柅鍔涚孩钖彾鏈夋彁楂樺厤鐤姏銆佹琛€銆侀檷绯栥€佽В姣掋€侀槻娌诲鐩茬棁绛変繚鍋ュ姛鑳姐€?.鎶楄“鑰佹姂鍒堕粦鑹茬礌鐨勪骇鐢燂紝闃叉闆€鏂戝拰鑰佷汉鏂戠殑鍑虹幇銆傜孩钁楄繕鑳芥姂鍒惰倢鑲よ€佸寲锛屼繚鎸佽倢鑲ゅ脊鎬э紝鍑忕紦鏈轰綋鐨勮“鑰佽繘绋嬨€傜孩钖殑钀ュ吇浠峰€?.绾㈣柉鍚湁鑶抽绾ょ淮銆佽儭钀濆崪绱犮€佺淮鐢熺礌A銆佺淮鐢熺礌B銆佺淮鐢熺礌C銆佺淮鐢熺礌E浠ュ強閽俱€侀搧銆侀摐銆佺銆侀挋銆佺瓑10浣欑寰噺鍏冪礌銆傝惀鍏讳环鍊煎緢楂橈紝琚惀鍏诲瀹朵滑绉颁负钀ュ吇鏈€鍧囪 鐨勪繚鍋ラ鍝併€?.Read about the tail-bumping, and the way to get rid of the problem is that it ‘s a good idea. It ‘s a good idea. It ‘s very difficult to find out what ‘s going on.岃€屽ぇ绫炽€侀潰绮夋伆鎭扮己涔忚禆姘ㄩ吀銆傜孩钖笌绫抽潰娣峰悆锛屽彲浠ュ緱鍒版洿涓哄叏闈㈢殑铔嬬櫧璐ㄨˉ鍏呫€傚氨鎬讳綋钀ュ吇鑰岃█锛岀孩钖彲璋撴槸绮鍜岃敩鑿滀腑鐨勪郊浣艰€呫€傛缇庝汉璧炲畠鏄€岀浜岄潰鍖呫€嶏紝鍓嶈嫃鑱旂瀛﹀璇村畠鏄湭鏉ョ殑銆屽畤鑸鍝併€嶏紝娉曞浗浜虹О瀹冩槸褰撲箣鏃犳劎鐨勩€岄珮绾т繚鍋ラ鍝併€嶃€?.Jiao?00 鍏 嬮 绞 绾 ㈣ 柉 浠 殈 0 ad?It ‘s just set, it ‘s 99, it ‘s 99, it ‘s too late.What are you talking about? Fans?.绾㈣柉涓惈鏈変竴绉嶇被浼奸泴鎬ф縺绱犵殑鐗╄川锛屽淇濇姢浜轰綋鐨偆锛屽欢缂撹“鑰佹湁涓€瀹氱殑浣滅敤銆?

[Authentic Chaozhou casserole porridge]_How to make_Making method

銆愭瀹楁疆宸炵爞閿呯播鐨勫仛娉曘€慱濡備綍鍋歘鍒朵綔鏂规硶
Seeing the global economy鏂逛箣鍚庯紝浼氱粡甯告€€蹇垫瀹楁疆宸炵爞閿呯播銆傛兂瑕佸悆鍒扮編鍛崇殑姝e畻娼窞鐮傞攨绮ワ紝鍏Sorry, there is no way to go with you, you will be weak, you will have a weak version, and you will have a lot of troubles. It ‘s not easy to see what ‘s going on here. It ‘s not easy to see what you ca n’t do.鍒版瀹楁疆宸炵爞閿呯播浜嗐€傞偅涔堬紝姝e畻娼窞鐮傞攨绮ヨ濡備綍鍒朵綔鍛紵姝e畻娼睍鐮傞攨绮ョ殑鍋氭硶锛?銆佺弽鐝犵背鍏堟礂濂芥斁鍗婁釜灏忔椂锛岃瀹冭啫鑳€寮€锛岀啛寰楀揩銆備负浠€涔堟垜浠鐢ㄧ弽鐝犵背锛屽洜涓哄畠棰楃矑楗辨弧锛屽共璐濇场寮€鍚庢挄纰庡鐢ㄨ啅锜规礂鍑€鍘昏叜鏂╀欢銆?銆佽櫨鍘诲ご浠庤儗閮ㄥ墫鎴愪袱鐗囷紝铏惧ご鍒涪锛屽幓鎺夋牴椤荤暀鐫€鐐歌櫨娌?銆 佺 鈞 阌 姭 姏 駏?浜洪噺鐨勬按鐑у紑锛屼笅绫冲拰涓€鍕鸿姳鐢熼叡鍚庢悈鎷屼竴涓嬨€備负浠€涔?浜洪噺瑕佹斁4浜虹殑姘达紝鍥犱负鐓殑杩囩▼涓按浼氳捀鍙戯紝涓轰簡闃叉涓€斿お绋犲姞姘村悗绮ユ按浼氬彉娓咃紝鎵€浠ヨ涓€娆″姞澶燂紝濡傛灉鐓埌鍚庨潰鐪熺殑瑙夊緱澶浜嗭紝鍙互鍔犲皯閲忓紑姘达紝鍔犺姳鐢熼叡鏄负浜嗗鍔犻鍛炽€?銆 丸 絜 嗕 宕 咕 咣 庖 咣 卢卓 卓卓卓 間 协 鍏 ュ 啲 撰 氰 鎾 鏾 鏾 鏾 咄 尫 尫 雓 雓 雸 雸 雤 啃 镃 敃笅鎼呮媽锛岄槻姝㈢播姘存孩鍑猴紝鍚屾椂鍙互璁╃播姘村彉寰楁洿鍔犳祿绋狅紝鏃朵笉鏃惰繕瑕佹悈涓€涓嬪簳閮ㄩ槻姝㈢硦閿?銆?0鍒嗛挓宸﹀彸锛屾崬涓€鐐圭背绮掑嚭鏉ョ湅涓€涓嬶紝濡傛灉绫崇矑鍙樺緱閫忔槑骞朵笖宸茬粡瑁傚紑灏辫How are you going?銆佹斁鍏ヨ啅锜瑰拰濮滅墖锛岀叜寮€涓や笁鍒嗛挓鍚庡啀鏀捐櫨锛岃櫨姣旇緝蹇啛锛岀叜寮€灏卞彲浠ヤ簡娉ㄦ剰锛氳啅锜规斁鍏ュ悗涓嶈绔嬪嵆鎼呮媽锛岃啅浼氭暎寮€锛屽簲璇ユ槸鏀惧叆鍚庤瀹冨嚌鍥轰竴涓嬪啀杞昏交鍦版悈鎷屼竴涓嬪簳閮ㄩ槻姝㈢硦閿呭氨鍙互浜嗗嚭閿呰皟鍏ュ皯璁哥洂(鍐彍宸茬粡鏈夊捀鍛崇殑)锛岃儭妞掔矇锛屾穻涓婅櫨娌癸紝鏈€鍚庢拻涓婅姽鑿滅矑鍜岄鑿滃氨鍙互鍑洪攨浜嗐€傛疆宸炵爞閿呯播鍒朵綔娉ㄦ剰浜嬮」锛氬崈鍙樻垚鍖栫殑涓€纰楃播锛岄兘绂讳笉浜嗙櫧绫崇播鍋氬簳瀛愩€備竴纰楁櫠鑾归ケ婊°€佺绋€閫傚害鐨勭播搴曪紝鎵嶈兘琛墭鍑哄叆绮ラ鏉愮殑椴滅編婊嬪懗銆?銆佽鐓ソ涓€閿呯櫧绫崇播锛屽ソ椋熺殑绮ョ背瑕佸厛娉℃按锛屾窐鍑€绫冲悗鍒繕浜嗗啀娉?0鍒嗛挓锛岀背绮掑厖鍒嗗惛鏀舵按鍒嗭紝鎵嶈兘鐔叜鍑哄張杞張绋犵殑绮ャ€?銆佹帉鎻″ソ鐓播鐨勭伀鍊欙紝鐔播鏄渶瑕佸績鎯呯殑锛屾€ヤ笉寰楋紝韬佷笉寰楋紝绮楃硻涓嶅緱銆傚皢绫冲皬蹇冨湴鍊掑叆閿呬腑锛屽厛鐢ㄥぇ鐏叜娌革紝閿呴噷鐨勭背绮掗殢鐫€姘磋姳锛屼竴鍦堝湀鍦ㄦ稛婕箣闂磋崱寮€锛屾敼鏂囩伀鎱㈢啲銆?The problem is that weaving is not possible, and weaving is not possible, and the valve is not on the chain, and it is on the way to do it.悈鎷屽鐓播鐨勯噸瑕佹€с€傝竟鐓竟鐢ㄥ嫼瀛愮紦缂撴悈鍔紝杩欐椂绮ユ堡浼氫竴鐐逛竴鐐规祿绋犺捣鏉ワ紝绫抽涔熶細涓€鐐逛竴鐐规笚閫忓嚭鏉ャ€?

[Can wild gooseberry be eaten]_Lantern fruit_Can you eat it_Can you eat it

銆愰噹鐢熺伅绗兼灉鑳藉悆鍚椼€慱鐏鏋淿鑳戒笉鑳藉悆_鍙互鍚冨悧
Read about it and keep it up to date with new and innovative features: simple and easy to understand, simple, and easy to use, and a lot of things to do, and how to do it, or how to do it, or how to do it.界値绛夊棑瀛愰棶棰樺氨鏈夊緢濂界殑鐤楁晥锛岄噹鐢熺伅绗兼灉鐨勫悆娉曟湁澶氱锛屼笅闈㈠憡璇変綘涓€浜涙纭殑鍚冩硶銆?涓€銆侀噹鐢熺伅绗兼灉鑳藉悆鍚楁灉瀹炲彲浠ョ敓椋燂紝鍙堝彲鍒舵垚楗枡銆傚瀛樿姳钀煎彲鑽敤锛屾湁娓呯儹瑙f瘨涔嬪姛鏁堬紝娌诲挸鍡藉捊鍠夎偪鐥?鍡撳瓙鍙戠値鏈€浣炽€備篃娌荤枟绯栧翱鐥呫€傛灉瀹炰腑鍚汉浣撳繀椤荤殑鍗佸嚑绉嶆皑鍩洪吀銆佺熆鐗╄川銆?浜屻€佺伅绗兼灉鍚湁鐨勫井閲忓厓绱犱篃鏄潪甯稿鐨勶紝姣斿鍚湁鐨勯挋鐗╄川瀵规垜浠殑鐗欓娇鐨勫彂鑲插拰楠ㄩ鐨勭敓闀垮緢鏈夊ソ澶勶紝杩樺彲浠ラ闃查璐ㄧ枏鏉撅紝鍚湁鐨勯攲鍏冪礌瀵逛簬鎴戜滑澶ц剳鏅哄姏鐨勫彂寮犳槸寰堟湁濂藉鐨勩€?涓夈€佸洜涓虹伅绗兼灉鍚湁鐨勭硸绫荤墿璐ㄦ瘮杈冨锛屾墍浠ュ彲浠ュ緢濂界殑涓烘垜浠汉浣撴彁渚涘厖瓒崇殑绯栫被鐗╄川锛屽浜庢垜浠嚭鐜扮殑浣庤绯栫棁鐘跺拰涓€浜涜韩浣撴瘮杈冭櫄寮辩殑浜烘潵璇达紝鎴栬€呮槸缁忓父鎰熷埌鍔崇疮鐨勪汉鏉ヨ鏄彲浠ュ緢濂界殑琛ュ厖鑳介噺鐨勩€傚洓銆佺伅绗兼灉鍙互鍚冨悧The following are some of the factors that can help each other: The coefficients are different and the coefficients are different: The links are different: The links are different, and the links are different.You can’t do it either, you can do it, you can do it, you can’t do it, you can’t do it, you can do it, and you can do it妗冪毊涓€鏍锋槸闄勭潃鍦ㄦ灉鑲夎〃闈㈢殑锛屼竴鑸悆鐨勮瘽閮芥槸杩炵毊鍜屾灉鑲変竴璧峰悆鎺夈€傜伅绗It ‘s also a good idea. It ‘s so simple. It ‘s simple. It ‘s Han Hanhuan.撳緢鏈夊ソ澶勩€傚叚銆佸悆鐏鏋滅殑娉ㄦ剰浜嬮」1銆佷笉瀹滃悆澶鐏鏋滄槸瀵掓€ф按鏋滐紝瀵掓€ч鐗╁娑堝寲绯荤粺鍒烘縺杩囧ぇ锛屽悆澶瀹规槗閫犳垚鑲犻亾娑堝寲涓嶈壇锛屽紩璧疯儍閮ㄤ笉閫傛Was it argon argonCan return to the  鐢 ㄧ ┖can rules and regulations bang the chain Han 雮 吒 卒 嗘 砗 杗 囧 囧  As a result of the quilt and the industry’s industrial chain of linking up椂鍚冨浜嗛吀鎬ф按鏋滃鏄撳紩璧疯吂閮ㄤ笉閫傘€佹伓蹇冦€佸憰鍚愮瓑鐥囩姸銆?

[Fried pork with white radish]_White radish_Home-made practices_Making

銆愮櫧钀濆崪鐐掔尓鑲夈€慱鐧借悵鍗淿瀹跺父鍋氭硶_鍒朵綔澶у叏
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[Can I drink raw carrot juice]_How to eat_How to eat

銆愮敓姒ㄨ儭钀濆崪姹佸彲浠ュ枬鍚椼€慱鎬庝箞鍚僟濡備綍鍚?
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[Coarse Grain Leek Meatloaf Practice]_Coarse Grain Leek Meatloaf Homemade Practice_Coarse Grain Leek Meatloaf Practice Encyclopedia_Coarse Grain Leek Meatloaf How to Make

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Longjing Environmental Protection (600388): Revenue performance is in line with expectations. Supplementary orders continue to grow.

Longjing Environmental Protection (600388): Revenue performance is in line with expectations. Supplementary orders continue to grow.
Key Investment Events: The company achieved operating income in the first half of 201944.380,000 yuan, an increase of 36 in ten years.87%; net profit attributable to mother 2.77 ppm, an increase of 10 in ten years.49%; net profit of non-attributed mothers 2.44 ppm, an increase of 15 in ten years.21%; expected reduction in average ROE beyond 0.09pct, to 5.33%.  New orders continued to grow, with non-electricity orders in hand exceeding electricity orders for the first time.In the first half of 19, the company replenished orders 73.10 ‰, an increase of 9 in ten years.10%, of which the power industry orders 23.7.7 billion, accounting for 32.52%, 49 orders for non-electrical industries.3.3 billion, accounting for 67.48%; orders in hand at the end of the period reached 19.4 billion, an increase of 12 over the end of the previous year.79%, an annual increase of 8.99%, of which the power industry orders 90.8.9 billion, accounting for 46.85% of non-electricity industry orders 103.1.1 billion, accounting for 53.15%, exceeding the power industry orders for the first time.In the single quarter, the company added 44 orders in the second quarter of 19th.1.9 billion, an increase of 52.85%.The company’s supplementary contracts have continued to increase, and there are ample orders in hand, and some data have reached the best level in history.  The gross profit margin and period expense ratio both decreased slightly.In the first half of 19, the company’s overall gross profit 西安耍耍网 margin decreased by 3%.87pct to 21.55%.During the period, the expense ratio decreased by 2.05pct to 14.07%, of which sales, management (plus R & D expenses), and financial expense ratios decreased by 0.22 points, down 2.95pct, up by 1.11 points to 2.43%, 9.86%, 1.78%.Period expenses (plus R & D expenses) increased for ten years.45% to 6.25 trillion, of which financial expenses increase 264 every year.38% to 79.15 million, mainly due to the increase in external financing in the current period, short-term loans increased by 15%.280,000 yuan, due to the increase in interest rate expenditure.  Net cash flow from operating activities is reduced at least annually.Net cash flow from operating activities of the company in the first half of 19-6.61 trillion, a reduction of 139 a year.59%, mainly due to the increase in performance bond and purchase of goods in this period, cash received from labor services; 2) Net cash flow from investment activities -1.870,000 yuan, an increase of 88 every year.6%, mainly due to the decrease in cash paid for external investment in the current period; 3) Net cash flow from financing activities.76 trillion, a reduction of 59 a year.44%, mainly due to the increase in cash paid during the current period of medium-term notes and liquid loans due to repay.  The advantages in the field of flue gas treatment are obvious, and the dividends of non-electricity treatment industry are shared.As an absolute leader in the air treatment industry, the company has obvious advantages in the field of traditional flue gas treatment.At the same time, the market demand for smoke control in the non-electricity sector has further accelerated, and the leading Matthew effect has continued to manifest.The company’s orders increased by more than 30% in 2018, reversing the changes in 2017, and continued to maintain steady growth in the first half of 2019. After successfully passing through the trough period of thermal power governance, the dividends of the non-electrical governance industry are expected.  Earnings forecast and investment rating: Based on the disclosure of the company’s interim report in 2019, after considering the consolidation of Dechang Environmental Protection, we expect the company’s EPS for 2019-2021 to be 0.87, 0.99, 1.12 yuan, corresponding to 13, 11, 10 times the PE, maintaining the “buy” level.  Risk reminder: orders in the non-electricity field fall short of expectations and execution, the risk of rising raw material costs, and increased competition in the industry

Zhaoyan New Drug (603127): Third-quarter results improved over-stocking and subsequent volume

Zhaoyan New Drug (603127): Third-quarter results improved over-stocking and subsequent volume

On the evening of October 30th, Zhaoyan New Drugs released the third quarter report of 2019, achieving operating income, net profit attributable to mothers, and net profit attributable to mothers after deduction of 3 respectively.

4.8 billion, 76.48 million and 60.36 million yuan, an increase of 42.

95%, 33.

66% and 38.

95%, achieve EPS of 0.

47 yuan / share.

A brief review of the improvement in the third quarter’s single quarter profit growth is mainly due to personnel and cost growth, and it is expected to gradually achieve high growth.

In the third quarter, the company realized operating income, net profit attributable to mothers, and net profit attributable to mothers after deduction of 1, respectively.

4.7 billion, 36.35 million and 31.73 million yuan, with annual growth of 35.

86%, 4.

50% and 12.

73%.

In the third quarter, the company’s profit increased rapidly in the single quarter and was scrapped earlier, mainly due to an increase in gross profit margin compared to the same period last year.

The company’s gross profit margin for the first three quarters was 51.

56%, down by 1 every year.

73 averages, the single quarter gross margin fell by about 3 in the third quarter.

29 units.

We believe that the main reasons are as follows: ① In the third quarter of last year, the company’s gross profit margin and net profit margin were at historical highs. Since the beginning of this year, the staff expansion caused by the new production capacity of workers has increased to a certain extent in costs and expenses, which has improved the profit margin;② Animal costs have increased since 2019. With reference to the company’s order cycle, most of the orders confirmed in the third quarter are for this year’s orders, which has an increase compared to the same period last year. ③ Some new businesses, such as PV, clinical CRO, and other businessThere has been a certain change in the structure, and the new business has lowered the overall gross profit margin due to the weak profit level.

Regarding the impact and outlook of the company’s performance, we believe that the company can still achieve higher performance growth because ① the company’s balance sheet has a high inventory level, there are overlapping and outstanding orders, and it is expected that some orders will be relatively delayed in the third quarter; ②The company history has an imbalance between order confirmations before the quarter, the alignment ratio of confirmed orders to area in the fourth quarter, and the company’s performance changes will also be relatively large in the first three quarters.

③ The company’s new capacity was put into use in May this year. According to the company’s average order cycle, it is expected that the new animal house will contribute some performance to the company in the fourth quarter.

In terms of other financial data, the company’s operating cash flow in the first three quarters decreased by 20 year-on-year.

11% is expected to be mainly due to staff budget growth and animal cost growth.

During the first three quarters of the period, the overall cost fell by 1.

99 units, of which sales (806 million, +90.

44%), management (64.37 million, +20.

83%), R & D (26.74 million, +47.

04%), finance (-2.2 million, -26.

96%) expense ratios are 2.

31%, 18.

47%, 7.

68% and -0.

63%, an increase of 0.

58, -3.

38, 0.

21, 0.

60 units.

The higher selling expenses are expected to be the reason for the company’s development of new business, and the management expense rate will continue the trend of interim reporting, which is expected to be mainly due to the decrease in biological asset expenditure.

The order and inventory are sufficient, and the follow-up performance is subject to volume.In terms of orders, we expect the company’s current orders on hand to continue to rise compared to the interim report.

At the same time, the company’s balance sheet has an inventory of 2.

180,000 yuan, an increase of 90 compared with the third quarter of last year.

75%.

The estimated inventories are mainly unfinished costs, which indicates that the company’s currently executing orders have a significant increase compared to the same period of the previous year, including some of the increase caused by the use of new animal houses. The subsequent orders will be in the fourth quarter or next yearConfirmed that the future performance growth is highly certain.

The main business enjoys the dividend of domestic innovative drugs, and the new business and subsequent capacity expansion are smooth.

The new animal room of the company’s Taicang base was put into use at the end of May. The area of the animal room increased by 10,800 square meters, an increase of more than 50%.

Subsequent companies will set up new bases in Wuzhou and Chongqing, and cooperate with the reorganized bases in Beijing and Taicang to better cover the national security assessment business.

In terms of new business development, the company’s clinical CRO and pharmacovigilance businesses are in the early expansion stage, with a small income volume, and have now generated profits, but it is expected to become the company’s new business growth point in the future.

In addition, the company’s overseas acquisition of Biomere in the United States is progressing steadily, and it is expected to complete the delivery and release this year.

At present, the company’s main business industry has a high degree of prosperity. As the industry leader, Zhao Yan will preferentially enjoy the dividend of the innovative drug market. The follow-up company will also smoothly advance in capacity and new business expansion.

Earnings forecast and investment rating We estimate that the company’s net profit attributable 深圳桑拿网 to its parent for 2019-2021 will be 1.

52, 2.

12 and 2.

8.9 billion, the previous growth rate was 40.

5%, 39.

2% and 36.

3%, corresponding to EPS per share of 0.

94, 1.

31 and 1.

79 yuan / share, corresponding to 65, 47, and 34 times the current PE, maintaining the “overweight” rating.

Risks indicate that the number of orders has grown less than expected; the expansion of production capacity has fallen short of expectations; the clinical business, pharmacovigilance business and overseas business have expanded less than expected.

New Dairy (002946) company comment: 7 trillion shares in modern animal husbandry to create synergy in the industry chain

New Dairy (002946) company 合肥夜网 comment: 7 trillion shares in modern animal husbandry to create synergy in the industry chain

Event: On July 18, the New Dairy Announcement intends to contribute capital3.

29 million to subscribe to modern animal husbandry 2.

7.6 billion shares; proposed capital contribution 3.

800 million yuan to buy from modern animal husbandry shareholders 3.

1.9 billion shares.

Total planned to be 7.

0.9 billion yuan to buy modern animal husbandry 5.

9.5 billion shares, accounting for 9% of the total issued share capital.

28%.

After the transaction is completed, New Dairy will become the second largest shareholder of Modern Animal Husbandry, and Mengniu, the largest shareholder, will collectively hold Modern Animal Husbandry.

76% stake.

After the subscription is completed, the two parties will sign a raw milk supply and marketing agreement within 30 days and supply milk at about a fixed price.

Comments: 1. Guarantee the supply of raw milk before the peak season. In the future, focus more on market changes. The upstream retail throughput will be eliminated. The price of raw milk has picked up since this year.

After the completion of this cooperation, the new dairy industry will be able to prepare before the peak season of this year to better protect the supply of upstream high-quality raw milk.

As a regional leading dairy product enterprise, New Hope Dairy takes “fresh strategy” as its brand program, focuses on the development of low-temperature dairy products, and overcomes the demand for high-end high-quality raw milk.

This cooperation promotes the company’s increased focus on products in the middle and lower reaches of the industry chain and the market, and maximizes the synergy and benefits of the entire industry chain.

2. The spatial layout of the two sides overlaps, enhancing the regional advantages of the new dairy industry. Modern animal husbandry operates 26 million heads of ranches in 7 provinces and cities including Sichuan, Anhui, Hebei, and Shandong. This is in line with New Hope’s layout in southwest, east, central, and north ChinaHighly matched.

We believe that the regional characteristics of low-temperature fresh milk are significant. Due to the objective conditions such as low-temperature cold-chain distribution and short shelf life, the product sales are limited. The coincidence of the two parties’ spatial layout will help the company to enhance the advantages of milk sources in various regions.Supply chain management and cost control.

3. The quality of milk in modern animal husbandry helps the new dairy industry “Fresh Strategy” Modern animal husbandry is the largest domestic cattle breeding and raw milk production enterprise. The company’s raw milk leads the import of key indicators such as milk feed, milk protein, and the total number of colonies.The average milk standard, and both 成都桑拿网 partners are intensive farmers of the “quality milk project”.

Modern animal husbandry is the only domestic company that has passed the “quality milk project” acceptance of pasteurized milk and UHT sterilized milk at the same time, and the new dairy industry is the first company in the country to pass the “quality milk project”.

This cooperation is highly synergistic. In the future, both parties will work together to create fresh and high-quality dairy products.

Profit forecast: Estimated revenue for 2019-2021 is 61.

7/77.

3/96.

600 million, net profit 3.

29/4.

86/6.

810,000 yuan, EPS 0.

39/0.

57/0.

80 yuan, with reference to comparable companies, giving 30 times PE in 2020 with a target price of 17.

1 yuan, maintain overweight rating.

Risk Warning: Foreign Investment

RMB appreciation aviation aviation paper finance welcomes industry catalyst

RMB appreciation aviation aviation paper finance welcomes industry catalyst

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  Original title: Aviation papermaking finance ushers in another industry catalyst Source: Financial Investment Daily analysis believes that the appreciation of the RMB will reduce the cost of interest rates.

  Recently, the renminbi has risen steadily, and the exchange rate has risen from the deduction. The appreciation expectation is obvious.

It can be seen that the US dollar index has appreciated by 1% this year, but the exchange rate of RMB against the US dollar has appreciated by more than 1%.

  Analysts pointed out that since the second half of last year, the PMI index has been 50 for two consecutive months.

2. Standing above the line of prosperity and dryness, it shows that the counter-cyclical contraction effect has appeared, the macroeconomic operation has stabilized and recovered, and the long exchange rate has risen.

The appreciation of the RMB will have a positive impact on a number of industries, including the aviation, papermaking, and large financial sectors. Investors can pay attention to related sectors and individual stocks.

  ■ Correspondent Lin Ke Photography Li Li1 Civil Aviation: Payment costs are expected to decrease. In November 2019, Air China, China Eastern Airlines, and China Southern Airlines ASK (available passenger kilometers) increased by 4 each.

0%, 10.

60%, 6.

52%, passenger traffic growth rate was 3.

2%, 6.

94%, 9.

06%, the three major airlines in terms of load factor have mixed.

On the whole, the growth rate of the air passenger market has slightly rebounded from the previous month, and the air transport market has maintained an overall growth trend.

According to the forecast of the General Administration of Civil Aviation of China, the passenger transportation volume of civil aviation during the Spring Festival in 2020 will reach a record high, which is expected to reach 79 million, with an annual increase of about 8.

4%.

  From the perspective of the industry, overall, the formal entry into the era of air travel, although the number of passengers per capita continues to increase, but still very different from the United States, there is still room for growth in air travel demand.

From the perspective of catalysts, as one of the RMB appreciation sectors, the aviation industry will benefit from RMB appreciation.

Some analysts pointed out that the aviation industry is a typical foreign exchange compensation industry, especially liabilities. There may be a large number of aviation equipment financing lease liabilities, and a certain amount of interest expenses and principal need to be paid each year.

Foreign exchange foreign currency debt ratio is high, RMB appreciation will cause one-time exchange gains, RMB appreciation will reduce the cost of interest rates.

  Western Securities analyst Wu Jianliang said that aviation supply will continue to shrink in 2020, demand bottom will pick up, supply and demand will improve margins, and the industry is still in a high economic range.

The marketization of low-base blended air tickets continues to advance, and freight rates are expected to stabilize and rise.

At present, the three major aviation PBs are estimated to be in the historical bottom area, and the safety margin of the plate is high. It is recommended to place the layout.

Investors are advised to pay attention to China Southern Airlines, Juneyao Airlines, Spring Airlines.

  Potential stocks selected by China Southern Airlines (600029) benefited from the Guangdong-Hong Kong-Macao Greater Bay Area companies in the first half of 2019 to improve route quality, ASK growth rate slightly shifted, and gradually increased by 10.

1%.

At the same time, the company ‘s capacity structure in China is relatively high, and its short-term geopolitical impact is small. The oil tanker interval base itself, and if the 737Max grounding time exceeds expectations, it will benefit the industry’s supply and demand structure.

In addition, China Southern Airlines Group has formally implemented diversified and diversified reforms, with Guangdong State-owned Capital injecting 30 billion yuan.

The forthcoming capital increase is expected to be injected into listed companies, which will reduce the company’s asset-liability ratio, reduce financing costs, and provide capital protection for the long-term development of the company.

The capital increase will mainly serve the “Belt and Road” and Guangdong-Hong Kong-Macao Bay Area strategies and accelerate the construction of the “Guangzhou Road”.

At present, the scale of Baiyun Airport’s competition in the Guangdong-Hong Kong-Macao Greater Bay Area continues to increase, and the company as the main base hub airline company will fully benefit.

  China Eastern Airlines (600115) has a huge business collaboration space. The company is located in the hinterland of the economically active Yangtze River Delta and has accumulated rich business express lines for decades.

Affected by the combined effects of economic fluctuations and major events, business and business demand weakened in the third quarter of 2019, and business express lines were significantly affected.

Among them, the quality of Shanghai’s market revenue has dropped significantly.

The company actively controlled costs and improved efficiency. In the third quarter, it reversed the trend and realized positive growth in main business profits.

After the National Day holiday, public business demand gradually stabilized and picked up, and the decline in domestic revenue narrowed rapidly.

It is expected that demand will gradually continue to recover in the next six months, and the main business profit will continue to improve every year.Guotai Junan Securities pointed out that in the past five years, China Eastern has led the mixed reform.

One after another with Delta, Air KLM and Ctrip to establish capital ties and complete cross-shareholdings with Auspicious.

The strategic cooperation of “capital + business” has huge space for business synergy, which is more conducive to the market-oriented reform of the state-owned enterprise system.

  Huaxia Airlines (002928) profit-end performance elastic binding company is the first and only regional airline in China, with 144 routes, 92% of which are solo, and established six in Guiyang, Chongqing, Dalian, Hohhot, Xi’an and XinjiangThe operation base and three starting bases of Tianjin, Chengdu and Xingyi, the branch route points account for 43% of domestic branch airports.

The company has fully benefited from the booming third- and fourth-tier aviation markets. It has a first-mover advantage at all times, and its aircraft utilization and load factor have steadily increased.

China Merchants Securities pointed out that the company merged the regional aviation niche market and cooperated with the mainline aviation company. Its business model guarantees that the revenue will grow steadily with the input of transportation capacity.

With the rapid growth of demand for third- and fourth-tier aviation, while oil prices remain relatively low, the exchange rate has stabilized in stages, and the company’s profit-side performance in the next two years will be elastically transmitted.

  Juneyao Airlines (603885) flight airline company bases on two flights in Shanghai, with a market share of about 9% in Shanghai Hongpu and 64% in June in Shanghai.

Shanghai + Nanjing accounted for 79% of total auspicious passengers.

Jiuyuan Airlines, the company’s holding subsidiary, uses Guangzhou Baiyun Airport as the main base airport. It is the only airline in China with the main operating base in Guangzhou except for China Southern Airlines. It is also the only main base flight in Guangzhou.

Haitong Securities pointed out that after the first intercontinental route Shanghai Pudong-Helsinki made its first voyage, the 787 entered a normal operating rhythm.

Subsequent companies plan to open intercontinental routes such as Melbourne, Manchester, Iceland, Dublin, etc. The overall aircraft operating efficiency is expected to further improve.

In addition, the Shanghai Municipal Government has excellent supplementary policies for intercontinental airlines in the base airlines, and the supplementary increase is also important.

  2 Papermaking: Favorable for high import companies’ recent restructuring of the second foreign waste import. The cumulative total of two consecutive stages before 2020 is 319.

In 2009, the logic of the reform of the supply side of raw materials was deduced as scheduled.

Sofan Securities analyst Shi Fanke (Jin Qilin analyst) pointed out that according to the communication with the industry chain, although the papermaking and finished product inventory cycle has bottomed out, the current industry chain replenishment has not yet started, and the terminal demand margin will stabilize in 2020.Under the background of restricting the supply of upstream raw materials, the economy will definitely rise.

  Some people in the industry pointed out that the appreciation of the RMB will help reduce the cost of imported raw materials in the paper industry.

At the same time, due to foreign currency debt, the conversion of RMB appreciation will bring considerable exchange gains for some enterprises.

Trade frictions have eased and expectations are expected, the renminbi continues to appreciate, alleviating cost pressure on paper companies, and companies with a higher proportion of imported pulp are more sensitive.

At the same time, through the steady advancement of supply-side reforms and environmental protection inspections, the backward production capacity of the papermaking industry was accelerated and eliminated.

In addition to the impact of the abolition of new regulations, the industry’s concentration has continued to increase, and leading companies’ bargaining power will also be improved.

  With the price increase of the base paper in the early season of the fourth quarter of 2019, the bottom of the inventory has entered the replenishment stage. The paper prices of the various paper grades have stabilized and the logic of the rise has been smooth. The raw material side has been running in real time.

Industry insiders pointed out that in the third quarter, pulp prices continued to decrease sequentially, and port inventories in major global consumer markets remained high. In the next six months, the existing inventory pulp prices will continue to bottom out, which will continue to benefit pulp and paper companies, Sun Paper, and Chenming Paper.
In addition, the increase in the raw material gap under the limit of waste paper believes that the lack of endowment accelerates the clearing of SMEs in the industry, and has a comprehensive recycling channel and upstream layout leader Shanying Paper. Sun Paper continues to expand and its growth logic appears.

  Potential stock selection Huatai Co., Ltd. (600308) New Year’s Performance 南京桑拿网 and High Resilience The company is the world’s largest news production base and the nation’s largest salt chemical industry base. In 2018, the growth rate was affected by the downturn of the paper industry cycle.

Zhongtai Securities pointed out that the overall cycle of the papermaking industry has declined marginally, but the size of cultural paper is better. The top four companies of coated paper cover 95% of the market share. The cultural paper industry has a higher concentration and supports the bargaining power to the industry leader.

The company has advantages in scale and customer advantage, leading the industry in newsprint business.

At present, the company’s leading product newsprint is exported to Europe, America, Southeast Asia, South Korea, India and other regions, and has established long-term friendly partnerships with major national newspapers, party newspapers, and printing materials companies.

If the company successfully realizes the production capacity of grade 1 m-phenylenediamine in 2019, it can increase its performance by 700 million to 1 billion, which will become the biggest highlight in 2020, which will bring high flexibility to the company’s 2020 performance.

  Chenming Paper (000488) ‘s single-quarter profit increased quarter-on-quarter, although the company’s third-quarter performance appeared, but it increased by 18 compared to the previous quarter.

32%, quarterly profit increased quarter-on-quarter.

The unit production cost of self-made pulp is much lower than the price of externally purchased commercial pulp, thereby improving the company’s cost control ability and maintaining stable production operations.

GF Securities pointed out that after the second quarter of 2019, the market has clearly improved. The average price of major paper types has increased. The price of raw materials and wood pulp has continued to decline. The overall profitability of the industry has improved. The Shouguang Meilun 51-year high-end cultural paper project invested and constructed since 2018., Shouguang headquarters cultural paper renovation project, Shouguang Meilun 100 chemical pulp project, Huanggang Chenming chemical pulp project is operating normally, and the improvement of the self-sufficiency rate of wood pulp will help improve the profitability of papermaking.

Overall, corporate profit is expected to continue to improve based on the expectation of replenishment of cultural paper in the fourth quarter.

  Sun Paper (002078) benefited from the waste paper tightening. The company was a papermaking enterprise with obvious advantages in the early stage of overseas factory construction. At the same time, it was actively conducting internal technology research and development to use semi-chemical pulp produced by dissolving pulp waste to replace waste paper to produce corrugated board.
Huachuang Securities pointed out that the company’s 10-year wood chip pulp production line and 40-inch semi-chemical pulp production line have entered a stable production period in 2019, and the natural color high-yield biomass fiber project is expected to be put into production in the fourth quarter of 2019.

At present, 40 recycled fiber pulp board production lines in 120 papermaking projects in Laos are already in production, and finished kraft boxboard in the 1980s is under construction.

The company currently has a total capacity of 160 cartons of corrugated cardboard boxes and 110 tons of waste paper as a substitute for raw materials. This translates into an intensified domestic waste paper shortage in 2020, and the company is expected to benefit significantly.

  Yueyang Forest Paper (600963) dual-main business continued to promote the company to have abundant resources and obvious geographical advantages. The controlling shareholder, China Paper, took the lead in the industry.

The company completed the asset replacement of subsidiaries, dispersed pulping business, expanded part of the papermaking business, acquired Chengtong Kaisheng to enter the ecological garden industry, and created a “paper + garden” dual main business model, which significantly improved profitability.Guotai Junan Securities pointed out that Chengtong Kaisheng, a wholly-owned subsidiary, is fully qualified and has leading technology and design capabilities.

The company steadily promotes the garden PPP model, undertakes a large number of municipal garden projects, has a large number of orders in hand, and participates in the construction of Xiong’an New District.

As the only garden listed company with a central enterprise background, the company can rely on the central enterprise Chengtong Group and China Paper, which has outstanding resource advantages, financing advantages and PPP project acquisition advantages. Industrial transformation and business synergy promote new vigor.

  3 major finances: Benefiting from the global capital inflow of RMB appreciation, global hot money will be welcomed into China, thus bringing additional funds to the financial sector.

Some industry analysts point out that after hot money enters China, it will enter the banking system and securities field.

As for A shares, it is currently at a historically low level. The investment of funds is trying to promote the growth of A shares and further activate the non-bank financial industry.

  As far as the banking sector is concerned, the current sector is estimated to be cost-effective and support the performance of the sector.

Wan Lian Securities analyst Guo Yan pointed out that looking ahead to 2020, the market’s relative estimated advantages in the banking sector will still be obvious under the replacement of ample liquidity in the market.

And asset quality is still an important disturbing factor.

The interest rate differential will enter a downward trend, but the amplitude may be limited.

Considering the establishment of wealth management subsidiaries of various banks, it may drive the growth rate of intermediate business revenue.

Recommended retail business accounted for a high proportion, intermediate business accounted for a high proportion, peers refused stocks with space.

  For the securities sector, in addition to the appreciation of the renminbi to boost liquidity, the improvement of its fundamentals is also the main focus.

From a performance perspective, in December 2019, all 35 brokerages except Pacific Ocean achieved a positive monthly increase in operating income, of which 21 brokers increased by more than 100%.

Fang Caiwei, an analyst at Aijian Securities, pointed out that in 2019, due to a number of favorable internal and external factors, the bright performance of the A-share market led to the steady development of the brokerage business and the performance of the brokerage firm was good.

In 2020, through the implementation of multiple capital market reforms, the vitality of the capital market will be further stimulated, and the performance of listed securities companies is expected to continue the growth trend.

It is recommended to pay attention to leading securities firms such as CITIC Securities and Huatai Securities.

  Potential stock selection China Merchants Bank (600036) highlights the advantages of technology in the company’s financial technology. From the beginning of this year, the development of financial technology will improve its core business indicators, thereby continuing to consolidate its retail business advantages and increase its valuation premium.

CITIC Securities pointed out that because of the card-free era, mobile phone apps replaced bank cards, and at the same time leveraged MAU assessment incentives, the number of retail customers will increase geometrically.

Currently 1.

2.5 billion retail customers are expected to reach around 200 million in the future.

Mobile APP users will eventually become corporate customers and will contribute demand deposits to increase the proportion of demand deposits. Second, after the strength of financial technology has been strengthened, customer portraits have become more complete. CMB has accumulated nearly 10 years of data for long-tail retail customers.The control model is more effective, and the risk management ability of long-tail customers is enhanced, and it exceeds the industry average, and the non-performing rate will continue to improve.

  Industrial Bank (601166) The company ‘s past interbank genes with rich experience in “Internet +” operations will still be able to bring transformation assistance to it in the future.

The role of Interbank Gene lies in its customer resources and “Internet +” operating experience accumulated in the development process of more than a thousand small and medium-sized financial institutions, which will facilitate its differentiated positioning in financial supply-side reform and provide comprehensive financial services for small and medium-sized banks.
In addition, the company conducts comprehensive operations through small and medium-sized financial institutions and subsidiaries to expand business types, which can improve return on assets and diversify risks.

Orient Securities pointed out that the company’s integrated business investment and investment bank has brought rapid growth in non-interest income, improved cycle resistance, and the transfer of interest margins in the index business, which has a comparative advantage in the industry.

In terms of long-term logic, through the continuous expansion of the scale of direct financing, it is expected that the company’s first-mover advantage in bond contracting, underwriting and underwriting will be more significant, in line with the long-term trend of the development of direct financing.

  Huatai Securities (601688) has ranked first in the industry. Since its listing, its capital strength and profitability have accelerated to catch up; benefiting from a clear strategic positioning and strong strategic execution capabilities, the company’s development pace has further accelerated.At the same time as the first echelon, we have a forward-looking layout of wealth management and have seized the first-mover advantage in terms of the introduction of strategic shareholders.

GF Securities pointed out that benefiting from a clear strategic positioning and strong strategic execution capabilities, the company’s continuous development pace has further accelerated, while maintaining the first echelon of the securities industry, it has advantages in the capitalization of investment banks and derivatives.

On the whole, the current opening up of the capital market, the partial innovation of institutional business and the development of wealth management business are the inevitable directions of the securities industry, and continue to be optimistic about the company’s development prospects in the field of wealth management.

  Haitong Securities (600837), a leading high-quality innovative brokerage company, continues to strengthen its internationalization, grouping, and comprehensive layout as a comprehensive all-round leader in A-shares.

The company’s performance in 2019 has grown rapidly, returning to the second place in the industry.

Great Wall Securities pointed out that under the background of the current era of a new era of bottom-up independent innovation that is different from the past, and the requirements of deep and multi-level capital market construction, the supervisory thinking should be limited to large companies with good corporate governance.The sequence of brokerage companies is to try first under the control of innovation risks. As a leading large brokerage company with high-quality innovation genes, the company will have outstanding achievements in innovative businesses such as CDR, GDR, science and technology board, GEM registration system and FICCPerformance, and further incorporated into the monopoly constitution.

The company is expected to benefit from the era of two-way opening up of the industry and continue to be optimistic about the company’s long-term development.