Category: 洗浴

[How to make a fungus with fresh meat stuffing]_Homemade method of a fungus with fresh meat stuffing_A practice of making a fungus with fresh meat stuffing_How to make a fungus with fresh meat stuffing

[How to make a fungus with fresh meat stuffing]_Homemade method of a fungus with fresh meat stuffing_A practice of making a fungus with fresh meat stuffing_How to make a fungus with fresh meat stuffing

When you are healthy, a reasonable diet can help maintain health. When you are sick, the correct diet can help the body recover and promote the recovery of the disease. In any case, we reduce the casual treatment of the diet.The method is simple, and the effect of dietary treatment on some diseases can also be achieved.

1. Prepare the ingredients in the picture.

Wash the meat, ginger, spring onions, and dutch beans, and rinse the fungus in advance.

2. Prepare one egg.

3. Peel the meat (don’t) and mince with ginger.

4, cut onion flowers, (light white, cut onion leaves separately).

5. Bring an appropriate amount of water to a boil, add dutch beans, and water fungus for 1 minute.

6. Remove the cold water and control the moisture.

(Fungus should squeeze excess water).

7. Mince (small particles).

8. After chopped fungus and dutch beans, add 1 tablespoon of sesame oil (cooked vegetable oil) and mix well.

9. Take a large container and put in the meat filling, edible fungus, scallion, eggs, cooking wine, soy sauce, salt, and sesame oil.

10. Stir in one direction, add 3 tablespoons of water, add in three portions and stir until vigorous.

11, put in the plate for a quarter of an hour and taste even more.

12. Prepare the skin.

13. Prepare half a soup bowl of water and a chopstick.

14. Put the filling in the middle of the crusts, moisten the water with chopsticks, and point at the edges of the crusts.

15. The crust is folded in a triangle, and the chopsticks are dipped in water, and the point is where the chopsticks point.

16. The filling is recessed.

17, the two corners can be folded.

18. The folded part.

19. Bring the water to a boil, add some salt, and add simmered water (12 pieces).

20, take a clean bowl and add seasoning sesame oil, the taste is very fresh, vinegar, shallot leaves, pepper, laver.

21. When the soup is boiled again, add some boiled soup in the bowl and mix well.

22, simmer until fully floated, almost cooked.

(In the process of boiling, pour the water into a half soup bowl of cold water. After boiling three times, it will be almost cooked.) 23, stir into the bowl, add soup and soup and mix immediately.

Office workers usually don’t have much time and energy to cook, it is good to learn a few simple alternatives.

The method of stuffing with fungus and fresh meat is particularly simple, and office workers can choose.

[Chicken and Mushroom Soup Practice]_Chicken and Mushroom Soup_How to Make_How to Make

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[How to eat Niu Baiye]_How to make_Making method

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[How to make New England clam chowder soup]_Home cooking of New England clam chowder soup_New England clam chow soup soup_How to make New England clam chow soup

[How to make New England clam chowder soup]_Home cooking of New England clam chowder soup_New England clam chow soup soup_How to make New England clam chow soup

In fact, most of the time, cooking is almost happy for myself, but it also cultivates sentiment and relaxes.

So sometimes we need to learn how to cook. Let me introduce you to the practice of New England clam soup.

Put the clams in the soup pot with clear water, cook until the clams open and turn off the heat immediately; 2.

Remove the clam skin and peel the clam meat, rinse it repeatedly to remove the remaining sediment; 3.

3. Mushrooms are simmered in boiling water for 2 minutes and sliced out;

4. Cut onion, bacon and peeled potatoes into nail slices for future use; 5.

Put grease in the pan and melt on low heat, 6.

Add onion to simmer until clear; 7.

Add potatoes in portions, 8.

Bacon, 9.

Mushroom slices simmer through; 10.

Add chicken soup and cook for about 10 minutes, until all ingredients are mature, 11.

Add milk and whipped cream and cook on low heat; 12.

Add the noodle sauce and stir well, season with salt and pepper; 13.

Finally, pour the clams and boil.


Put the paste and vegetable oil in the pot, you can also use the paste all, melt the paste over low heat; 15.

Pour the flour in portions and stir constantly to mix the oil and flour evenly; 16.

Stir-fry for about 8 minutes until the flour is mature and thick and thick. If you like cooking today, don’t miss the New England clam chowder soup introduced by Xiaobian today. It will evoke your appetite.

Don’t be afraid to eat fat. Occasionally it doesn’t matter. Hurry up and cook.

[Can brown sugar white hair be eaten?】 _Can you eat_Can you eat

Global, Hong, Hong, Dong, Democratic Party, Children, Children, People, People, People, People, People, People, People, People, People, People, People, People, and Peopleу湪鏉ユ湀缁忕殑鏃跺€欙紝濡傛灉鍑虹幇鐥涚粡鐥囩姸鐨勮瘽锛屽氨鍙互鐢ㄧ孩绯栨潵娉℃按鍠濓紝鍏锋湁蹇€熺殑缂撹В鐥囩姸鐨勪綔鐢紝鍙﹀绾㈢硸杩樺叿鏈夎В閰掓瘨绛夊姛鏁堬紝涓嶈繃鎻愰啋澶у娉ㄦ剰锛岀 儿 黃 槨 槸 湉 缭 璐 ㄦ 幡 镄 勶 纴 鏀 揀 椂 闂 簂 簜 〃 闱 ㈠ 彲 鑳 Equipment or the cross-section of the main stream of the key of the child’s heart鑳藉悆銆傜孩绯栭暱鐧芥瘺杩樿兘鍚冨悧锛熶竴鑸儏鍐典笅锛岀孩绯栨槸鏈夎ˉ閾佽ˉ琛€鐨勪綔鐢紝浣嗘槸濡傛灉鏄敓浜嗙櫧姣涚殑绾㈢硸灏变笉寤鸿鍐嶉鐢ㄤ簡锛岃瘉鏄庢湁鍙兘鏄彂闇夊彉璐ㄧ殑锛岄鐢ㄧ殑璇濆彲鑳戒細鍑虹幇涓€浜涜儍鑲犻亾鐥囩姸锛岃€屼笖骞虫椂濡傛灉椋熺敤绾㈢硸鍚庯紝寤鸿瑕佸埛鐗欙紝閬垮厤鐗欓娇鎹熷銆備换浣曚竴绉嶉鐗╀竴鏃﹀彂姣涳紝灏辨剰鍛崇潃缁嗚弻婊嬬敓锛屼竴瀹氫笉鑳藉悆銆傛剰瑙佸缓璁細鍙槸缁撶悆鐨勮瘽锛岃繕鍙互鍚冿紝鍙槸绾㈢硸鍙楁疆浜嗐€傞暱浜嗙櫧姣涘彲鑳芥槸鍙戦湁浜嗭紝鏈€濂戒笉瑕佸悆銆傜敓浜嗙櫧姣涚殑绾㈢硸鏄笉鑳借繘椋熺殑锛涜繖寰堟湁鍙兘鏄洜涓虹孩绯栬寰敓鐗╂劅鏌撳鑷寸孩绯栧彉璐紝杩欐牱鐨勭孩绯栨湰韬凡缁忓嚭鐜颁簡鎬ц川鐨勬敼鍙橈紝鍐嶈繘椋熻繖鏍风殑绾㈢硸瀹规槗鎹熷浜轰綋鐨勫仴搴风壒鍒槸鑳冭偁绯荤粺锛屾槸涓嶅缓璁繘椋熺殑銆傜孩绯栦笂闈㈢敓鐨勭櫧姣涘叾瀹炴槸鐪熻弻鑿屼笣锛岀孩绯栨斁缃繃涔呯湡鑿屽氨浼氬湪涓婇潰鐢熼暱锛屾剰鎬濆氨鏄繖鍧楃孩绯栧凡缁忓潖浜嗭紝濡傛灉瑕佹槸鐢ㄧ殑璇濆彲浠ヨ捀鐔熼鐢紝鍙互鏉€鐏竴閮ㄥ垎鐪熻弻锛屼絾鏄繕鏄缓璁笉瑕侀鐢纴鈙 戼 ル 紩 Bi Fengfeng 務 紛 廛 夎 啙 廛 廛 廛 廛 廛 燻 紻 紻 繉 囉 圗 姗 咗 咗 咄 勭 圭 在 姨 尨 兩 兩 杸 永 畸 将 商 商 商 商 商 商 商 商 啸 商 商 啸 姤The rivers and lakes are faint and faint, and they are faint and faint. They are very sorrowful. They are not so good. They are not so good.This means that you can use any ring chain and link the network, and you have the following problems: the peaks and peaks are different, and you are in trouble with the world.槗琚┖姘斾腑鐨勯噹鐢熼叺姣嶆垨鑰呭叾浠栫淮鐢熺礌姹℃煋锛屽憜婊炵孩绯栧彉璐ㄣ€傝繖鏍风殑绾㈢硸宸茬粡涓嶈兘澶熶娇鐢ㄤ簡锛屾渶濂戒涪寮冦€傜孩绯栧氨鏄湁鑿屽湪绯栨按閲岄潰澶ц妯″娈栦簡銆傜孩绯栨According to the richness of the flaws, the paintings are made, the paintings are made, the paintings are made, the paintings are made, the paintings are made, the paintings are made, the paintings are made, the paintings are made, or the paintings are made存寔鏂伴檲浠h阿鐨勪富瑕佽兘婧愮墿璐紝娌℃湁鐩栫洊鎴栬€呮病鏈夌洊涓ョ殑瑁呮湁绾㈢硸姘寸殑瀹瑰櫒灏卞ソ姣斾竴涓煿鍏荤毧锛岀┖姘斾腑鎮诞鐨勯湁鑿岃繘鍏ヤ互鍚庯紝鐢变簬钀ュ吇鍜岀┖闂村厖瓒筹紝鎵€浠ュammonia Shi ㄩ Xin Quarters (iii) Zhou Luanzuidaosou Yakult Jianmoxiaogou Zusuilannao Quanqingliangxi Yihong crashes great fortune Shou Newspaper Qinganqunya Haobianyima Yusaihaoren Minyuankuacha Xiyao Jingzaoyenjian銆傚缓璁笉瑕佸枬浜嗐€?

Rongbai Technology (688005) New Share Issuance and Listing Pricing Report: Leading the High Nickel Trend into Global Markets

Rongbai 南宁桑拿 Technology (688005) New Share Issuance and Listing Pricing Report: Leading the High Nickel Trend into Global Markets

Core point of view: New energy vehicle policy guides high-quality development trends Starting in 2017, new energy vehicle policy guidelines began to shift from scale-oriented to quality-oriented. According to high-tech lithium batteries, 2017-2018 battery installations36.


0GWh, the demand for power batteries is expected to reach 90 in 2019-2020.


6GWh, compound growth rate of more than 55%.

Under the minimum design of the dual-point system, the supplementary management target has been increased from 2 million vehicles in 2020 to 7 million vehicles in 2025, and at the same time guide the industry to high-end mileage, high energy density and high quality, high nickel ternary and other new typesBattery products are expected to accelerate to market.

High-Nickel Ternary-Global Technology Consensus for Power Batteries According to the technology roadmap of mainstream battery manufacturers around the world, ternary high-nickelization has become the consensus of global power battery technology directions. Third-party multi-material companies can fully take advantage of technical expertise in the short to medium termContinue to expand market share. In the long run, it will be integrated with upstream companies. Mastering resource cost advantages will further increase market share.

Rongbai Technology: domestic high-nickel, going global. According to the prospectus, the company is the first domestic high-nickel product mass production of change materials company, deducting non-net profit in 20182.

30,000 yuan, an increase of 121 in ten years.

20%, using the first-mover advantage of technology, customers include Ningde Times, BYD, LG Chemical, Tianjin Lishen, Funeng Technology, BAK Power and other first-tier manufacturers.

Earnings forecast and investment recommendations The company is expected to return to its parent’s net profit in 2019-2021.



0 ppm, compound growth rate of 45%, using relative estimation method, compared with Dangsheng Technology / Ningde era leading companies, considering the high nickel ternary scarcity, given the current year price-earnings ratio range 28-33 times in 2019, a reasonable value range 24.


3 yuan / share.

Risk warning: The promotion and application of high-nickel ternary materials is lower than expected; intensified market competition has brought about a decline in product profitability; and the production and sales of new energy vehicles have fallen short of market expectations.

Juewei Food (603517): Store Expansion Steady Expenses Managed Properly to Offset Cost Pressure

Juewei Food (603517): Store Expansion Steady Expenses Managed Properly to Offset Cost Pressure
Event: The company released its annual report. In 2018, the company achieved operating income of 43.68 trillion, the same increase of 13.45%; net profit attributable to mother 6.410,000 yuan, an increase of 27 in ten years.69%.Among them, the revenue in the fourth quarter alone was 11.02 trillion, with the same increase of 14.71%; net profit attributable to mothers1.5.3 billion, an increase of 23.60%, performance is in line with expectations. Stores developed steadily, and new terminal development was the core driving force for the company’s revenue growth.At the end of 18, the company opened a total of 9,915 stores, an increase of 862 in the early 17 years. The speed of opening stores is in line with the company’s goal of adding 800-1200 stores in China every year. Gradually, the company continues to run blank markets and expand new markets in Xinjiang and other terms of revenue breakdown, new stores in 18 years contributed about 11% of revenue growth.7%, single store revenue 46.0.6 million yuan, the same store growth contributed about 1.5%.It is reported that the first-tier company has completed the fourth-generation store upgrade, and completed the company’s continuous promotion of online O2O, and the number of transitional registered members has doubled.In 19, the company is expected to continue to maintain the goal of opening combat stores, increase the proportion of high-potential energy stores, and promote the expansion of “Jiaojia Youwei” new brand-operated stores. The prices of raw materials such as duck deputy went up, and the gross profit margin was slightly pressured.The company’s overall gross profit margin was 34 in 2018.30%, down by 1 every year.49pct, with a single Q4 gross margin of 32.47%, a decline of 4 per year.40 marks.Affected by stricter environmental protection and increased upstream costs, the prices of ducks and vice versa rose in 18 years.We calculate that the unit cost of fresh products is yoy + 10.7%, of which poultry products yoy + 11.3%; and the average price point of view, the price of fresh products per unit yoy + 8.5%, of which the unit price of poultry products +7.7%.The increase 北京桑拿洗浴保健 in unit price is slightly lower than the increase in cost. At the end of the 17th, the price increase factors and the product structure upgrade to a certain degree of gross margin pressure.Looking forward to 19 years, the price of wool ducks in Q1 has dropped slightly, and H1 cost pressure is expected to ease slightly. Expenses are properly controlled, and profitability is boosted by profit release.18 years company sales expenses 8.23%, a decline of 2 per year.84pct; management expenses + R & D expenses 6.20%, a decline of 0 every year.67 points.The decrease in sales expense ratio was mainly due to the substantial reduction in advertising and publicity expenses, scale, and scale effects gradually highlighting a certain degree of diluted unit transportation expenses. Profit forecast: As a leader in leisure halogen products, we are optimistic about its strong sales network and channel resources, and its profitability may continue to increase.The EPS is expected to be 1 in 2019-2021.93, 2.31, 2.73 yuan, corresponding to PE is 23 times, 20 times, 17 times, maintaining the “buy” level. Risk warning: food safety issues; store expansion is less than expected.

Shanghai Electromechanical (600835): A new round of rising profits is about to usher

Shanghai Electromechanical (600835): A new round of rising profits is about to usher

Conclusion: Shanghai Mechatronics is about to usher in a new round of profit rise. The elevator output growth rate is in line with the moving direction of construction area growth rate. The growth rate of completed houses in advance is 6-12 months. Subject to the tight funding in 2018, 1-12 The monthly construction area is increasing at a rate of only 5.

2%, housing shutdown projects continued to increase.

However, we judge that through the marginal relaxation of financing conditions, the shutdown projects will enter a centralized resumption period in 2019, and the growth rate of construction area in 2019 will reverse, which will drive the order / delivery of elevators.

At the same time, benefiting from the decline in the cost of raw materials such as steel, the company’s elevator business will usher in a resonance of volume and profitability.

The company is expected to achieve revenue of 246 in 2019-2021.

3.1 billion, 280.

7.9 billion and 320.

1 billion, 16%, 14%, and 14% each year; net profit attributable to mothers is 16 each.

8.3 billion, 21.

03 billion and 26.

2.7 billion, 33%, 25% and 25% each year; the corresponding EPS is 1.

65 yuan / share, 2.

06 yuan / share and 2.

57 yuan / share.

First coverage, given 15 times P / E in 2019, corresponding to a target price of 24.

75 yuan / share.

Actually strong construction, the prosperity of the elevator industry bottomed out and entered the 杭州桑拿网 fourth quarter of 2018, the growth rate of building construction area and the growth of elevator output ushered in a period of upward.

As of February 2019, the growth rate of building construction area and the growth of elevator output rebounded to 6, respectively.

8% and 15%.

Benefiting from the improvement of the net resumption of housing, it is determined that the construction and completion peak will begin in 2019, driving the demand for elevators.

As of February 2019, the growth rate of building construction area and the growth of elevator output rebounded to 6, respectively.

8% and 15%, respectively, an increase of 1 year over 2018.

6% and 7.


In addition, the mileage of rail transit vehicles will usher in 2019-2020, which will further improve the industry’s prosperity.

The cost of raw materials has fallen, the profitability of the entire elevator business has improved, and the maintenance business will be a new growth point.

It is judged that the average price of steel for the whole year of 2019 has a 10% offset space from 2018, and the gross profit level of the entire elevator will be improved.

In addition, benefiting from the layout of the maintenance business in advance, it is judged that the maintenance business will be an important growth pole for the company’s revenue and improve its ability to resist cycles.

Risk warning: the industry’s prosperity is lower than expected; elevator prices exceed expectations.

Anjing Food (603345) 2018 Annual Report Comments: Three major businesses work together to raise pig prices to disrupt short-term profit pressure

Anjing Food (603345) 2018 Annual Report Comments: Three major businesses work together to raise pig prices to disrupt short-term profit pressure

Core point of view The company is a domestic leader in quick-frozen foods. Through the cumulative release of the company, the three major businesses work together, and revenue is expected to continue to grow steadily. The short-term profit pressure caused by the swine fever event will not change the company’s long-term leader value.

Give 2019/2020/2021 EPS forecast1.



11 yuan, maintain “Buy” rating.

Performance review: Revenue / net profit increased by 22 in 2018.

25% / 33.


The company realized revenue in 201842.

5.9 billion, an increase of 22.

2%, net profit attributable to mother 2.

7 billion, an increase of 33.

50%, of which Q4 achieved revenue of 13.

1.9 billion, an increase of 26.

11%, net profit attributable to mothers was 73.81 million yuan, an increase of 16.


Revenue analysis: The three major businesses performed well and focused on the development of catering channels.

In 2018, the company’s three major businesses achieved outstanding performance. In terms of hot pot products, the company has successively launched mid-to-high-end products such as Maruzun and QQ fish roe buns. The product structure has continued to upgrade. In 2018, surimi products / meat products achieved revenue of 15 respectively.

6.7 billion / 11.

9.5 billion, an increase of 21.

3% / 20.

7% (amount increased by 20.

9% / 19.

1%, the price increased by 0.

4% / 1.

4%); rice noodle products made great efforts to make noodles, continued to promote the nationwide distribution, and achieved revenue of 10 in 2018.

9.8 billion, an increase of 18.

In terms of alternatives, the Mr. Frozen brand was launched 杭州桑拿网 in 2018, focusing on new products with potential in the catering market. In 2018, the company’s alternatives achieved revenue3.

9.5 billion, an increase of 45.


By region, the company’s development is balanced across the country, and the nationwide layout has continued to improve. In 2018, the core market in East China achieved revenue23.

8.8 billion, an increase of 22.

5%, all other regions also achieved growth of more than 18%.

In terms of different channels, the company’s franchise channel revenue increased by 23 in 2018.

5% to 36.

US $ 4.3 billion, with a net decrease of 33 franchisees to 618, and the sales per share of Supermarket / Extra channels reached 5 respectively.

1.3 billion / 0.

9.6 billion, an increase of 14.6% / 10.


Profit analysis: The gross profit margin changes due to 北京桑拿洗浴保健 fluctuations in pig prices, and the scale effect has slightly improved costs.

The company’s gross profit margin increased by 0 in 2018.

24PCT to 23.

39%, mainly due to price increases, the decline in pig prices led to a gross increase in meat product margin2.

24PCTs (2018 purchase price of pork decreased by 10%.


The sales expense ratio also decreased by 0.

64PCT, mainly because the proportion of employees’ salary decreased by 0.

71PCT (scale effect), the advertising expense rate also decreased by 0.

24PCT (2017 sponsored “chef king” caused higher advertising costs); management fee rate increased slightly.

05PCT; At the same time, the investment income generated by the growth of Xinhongye increased by 7.46 million yuan, which caused the company’s net profit margin to increase by 0 in 2018.


Looking at Q4 alone, the gross profit margin also decreased by 0.

23PCT, mainly due to the price increase of raw materials; management costs increased by 0.

63PCT, mainly due to the increase in employee compensation; financial expense ratio increased by 0.

50PCT is mainly due to the conversion of convertible bonds’ cash value and the increase in loans, and the comprehensive net profit rate also decreased by 0.


Future trends: Expansion of production capacity supports steady growth of income, pig prices continue to increase and short-term profit pressure is under pressure.

In terms of production capacity, the company’s designed production capacity reached 37 tons in 2018, an increase of 13%. At the same time, Sichuan Anjing trial production is expected to increase production capacity in 2019. 2 The Taizhou / Liaoning plant will also promote capacity expansion, and the Wuxi / Henan / Hubei plant will be initially put into operation.Double-digit compound growth in production capacity is expected in the next three years.

The initial release of production capacity will effectively alleviate the company’s increase in production capacity and help the company’s revenue grow steadily.

On the cost side, due to the impact of African swine fever, the company uses imported pork instead of domestic pork, and the cost of raw materials has improved under pressure, which is expected to have a certain impact on the profitability of the company’s meat products in 2019.

Risk factors: less than expected channel expansion; rising raw material prices; food safety issues.

Investment suggestion: Considering the cost pressure brought by the substitution of imported pork, lower the company’s EPS forecast for 2019/2020 to 1.


76 yuan (was 1).


17 yuan), adding EPS forecast 2 for 2021.

11 yuan, corresponding to 17% / 21% / 20% growth rate, maintain “Buy” rating.

Rongsheng Development (002146): Steady increase in performance, 30% increase significantly in 2019

Rongsheng Development (002146): Steady increase in performance, 30% increase significantly in 2019
Results Review First profit in FY20181.74 yuan, an increase of 31% per year, in line with expectations FY18 results announced by Rongsheng Development: operating income of 56.4 billion US dollars, an annual increase of 46%; net profit attributable to mothers is 7.6 billion US dollars, an increase of 31%, and the performance report (US $ 7.7 billion)Basically the same.  Real estate business income grew steadily, and gross profit margin carried upwards slightly.The carry-over income of short-term company real estate business increased by 44% to US $ 50 billion per year, the gross profit margin carried forward increased by 4 to 31%, and the after-tax gross profit margin increased by 2 to 27%.Financial expenses increased by 262% to US $ 800 million due to interest expenses, and minority shareholders’ profit and loss increased by 124% to US $ 700 million, dragging down the return to the parent’s net profit margin by 1 to 13.4%.  Net cash inflows from operating cash flow for two consecutive years, and the net debt ratio dropped significantly.Short-term company operating cash inflows of $ 17.5 billion ($ 2.3 billion in 2017, 2010-2016 swap net interest rate); the net debt ratio at the end of the period fell by 36 to 88%, and the cash in hand was due within one year. Interest denied1.1x, unchanged from the same period 淡水桑拿网 last year.The company is divided into 0 dividends in 2018.45 yuan, corresponding to 26% of the dividend ratio, before 2016 (42%) and 2017 (32%) fell.  Development Trend The sales target for 2019 is 11.2 million yuan, corresponding to a 10% growth rate in ten years.At the end of the year, the company’s total soil storage increased by 3% to 36.14 million square meters, corresponding to a value of over 400 billion yuan.From January to February, the company achieved a contracted amount of 93 trillion / 800,000 square meters, an increase of +9% /-5%, respectively. We expect that with the subsequent increase in sales, the sales growth rate will gradually increase, and is expected to exceed 11.2 millionSales target.  Land acquisition is expected to increase significantly in 2019.The company plans to add 16.73 million square meters of 杭州桑拿网 soil reserves in 2019, an annual increase of 120%, corresponding to a total cost of 38.3 billion (assuming that the cost of land acquisition is the same as in 2018), plans to increase credit financing by 611 trillion, and plans to start / complete 954/86110,000 square meters, corresponding to a growth rate of 6% / 40% per second.  Earnings forecast We maintain our 2019 / 20e earnings forecast2.21/2.59 yuan unchanged.  Estimates and recommendations The company currently has a deal at 5.2/4.5x 2019 / 20e PE ratio.Maintain the recommended level and raise the target price by 9% to 14.34 yuan (mainly due to the improvement of the company’s financial end and land acquisition speed), the new target price corresponds to 6.5/5.5x 2019 / 20e target P / E ratio and 24% upside.  The main risks are the city’s adjustment policy. The positive adjustment range is less than expected.