Category: 夜生活

[Can lime stewed chicken lower blood sugar?】 _Lower blood sugar_Effect

銆愰潚鏌犵倴楦″彲浠ラ檷琛€绯栧悧锛熴€慱闄嶄綆琛€绯朹浣滅敤
闅忕潃浜哄勾榫勭殑澧炲ぇ锛屽嚭鐜伴珮琛€绯栫殑鍑犵巼瓒婃潵瓒婂ぇ锛屽彟澶栭珮琛€绯栧拰浜虹殑寰堝涓The altars are succulent and the chains are up and down. They are the most important ones. They are the most popular ones. They are the most common ones. They are the same as those in the world. They are the same as those in the world.鑰屼笖鍚冪殑鐗瑰埆澶氱殑浜哄緢瀹规槗鍑虹幇楂樿绯栵紝鍊煎緱涓€鎻愮殑鏄紝楂樿绯栬繕鍜屼汉鐨勭簿绁炲洜绱犳湁鍏崇郴锛屼笅闈负澶у浠嬬粛闈掓煚鐐栭浮闄嶈绯栫殑鏂规硶銆傞潚鏌犵倴楦″彲浠ラ檷琛€绯栧悧锛熼潚鏌犳鐐栭浮绌剁珶浼氫笉浼氶檷琛€绯栵紵鐭湡鍙兘浼氾紝闀挎湡浼氭伓鍖栥€傝嫢鏄暱鏈熷彧鍚冮潚鏌犳鐐栭浮锛岃€岄€犳垚铔嬬櫧璐ㄦ憚鍙栬繃澶氾紝鏄緢浼よ偩鐨勪竴浠朵簨锛屽鑷磋绯栨It ‘s not easy to see how to make a donation. It ‘s easy to make a donation. It ‘s simple. It ‘s not easy to see what ‘s going on.竴涓ソ鍚冪殑椋熻氨涔嬩竴锛岃€岄潪褰撴垚娌荤枟绯栧翱鐥呬竴绉嶆墜娈点€傞潚鏌犳涓嶆槸涓烘垚鐔熺殑榛勬煚妾紝闈掓煚妾槸涓滃崡浜氱壒浜э紝鍛抽亾鏇村噷鍘夈€傞潚鏌犳涓惈鏈変竴绉嶅ぉ鐒剁墿璐ㄨ兘澶熶唬鏇胯儼宀涚礌銆傚钩鏃跺彲浠ョ敤闈掓煚妾场姘村枬锛屾垨鑰呭姞鍏ヨ尪閲屻€佸仛鏋滆尪銆佸仛鑿滄椂璋冨懗浠f浛閱嬶紙涓滃崡浜氫汉锛屾瘮濡傛嘲鍥借彍锛岄兘鍙敤鏌犳涓嶇敤閱嬶級鍛抽亾鏇存竻鏂般€傞潚鏌犳鐐栭浮鍚?娆″彲浠ュ交搴曟不濂界硸灏跨梾銆傞潚鏌犳4涓紝绾㈠叕楦′竴鍙紝鐩愬皯璁搞€?銚  潚 镆 犳  鍒 垨 垚 Juan ゅ Kun: Do you float?I ‘m afraid, I ‘m afraid, I ‘m afraid, I ‘m sorry, I ‘m sorry, I ‘m not sure what ‘s going on, I ‘m going to get back up and down, I ‘m going to go back and forth, I ‘m going to do something wrong, I ‘m going to do something wrong.悆鎺夛紝鍥犱负瑕佹不鐥呭槢銆備竴鍙浮涓€涓汉澶ф鑳藉悆涓€鍛ㄣ€傞潚鏌?淇濆仴浣滅敤锛氶潚鏌犳鍏锋湁寮虹⒈鎬э紝琚涓烘槸娌荤枟鐤剧梾鐨勮壇鑽€傛鍜冲寲鐥般€佺敓娲ュ仴鑴撅紝涓斿浜庝汉浣撶殑琛€娑插惊鐜強閽欒川鍚告敹鍧囪兘璧峰埌淇冭繘浣滅敤銆傚惈鏈変赴瀵岀殑缁寸敓绱燙锛屼笉浣嗚兘棰勯槻鐧岀棁銆侀鐗╀腑姣掞紝杩樿兘闄嶄綆鑳嗗浐閱囷紝娑堥櫎鐤插姵锛屽鍔犲厤鐤姏銆傚苟涓旇兘鍏嬫湇绯栧翱鐥呫€侀珮琛€鍘嬨€佽传琛€銆佹劅鍐掋€侀璐ㄧ枏鏉剧棁銆備腑鍖昏涓猴紝鏌犳鎬ф俯銆佸懗鑻︽棤姣掞紝鍏锋湁姝㈡复鐢熸触銆佺鏆戞竻鐑€佸畨鑳庣枏婊炪€佸寲鐥般€佹鍜炽€佸仴鑳冨仴鑴俱€佹鐥涙潃鑿岀瓑鍔熻兘銆傚悆闈掓煚鏋滄垨鍠濋潚鏌犳眮锛屽彲浠ュ寲椋熴€佽В閰掓帓姣掋€傛嵁鍖诲鎶ュ憡鏄剧ず锛岀敱浜庤娑插惊鐜姛鑳介€€鍖栵紝閫犳垚鑴戦儴琛€娑插惊鐜彈闃伙紝濡ㄧ鑴戦儴缁嗚優鐨勬甯稿伐浣滐紝閫犳垚璁板繂鍔涢€€鍖栥€傝€屾煚妾惈鏈夋姉姘у寲鍔熸晥鐨勬按婧舵€х淮鐢熺礌C锛岃兘鏈夋晥鏀瑰杽琛€娑插惊鐜笉浣崇殑闂銆傚洜姝ゆ瘡澶╅鐢ㄩ潚鏌犳湁鍔╀簬寮哄寲璁板繂鍔涖€佹彁楂樻€濊€冨弽搴旂殑鐏垫椿搴︺€?

[Can you eat mangoes when the full moon is over?]_ Children_Can you eat it?

The simple and effective arc chains are simple and effective, and the effect is very good _ 鑳 悆 悆 钖?
鑺掓灉鏄竴绉嶅緢濂囩壒鐨勯鏉愶紝鑰屼笖閰哥敎鍙彛锛屽彈鍒板緢澶氫汉鐨勫枩鐖便€傛湁寰堝浜哄枩娆㈢粰鑷繁鐨勫皬瀛╁瓙鍚冭姃鏋滐紝铏界劧瀹濆疂寰堢埍鍚冿紝浣嗘槸鍖荤敓浠苟涓嶅缓璁紝瀹濆疂椋熺敤杩囧鐨勮姃鏋滐紝灏ゅ叾鏄柊鐢熷効銆傚嵆浣胯繃浜嗘弧鏈堜篃涓嶈兘鍚冭繃澶氱殑鑺掓灉锛屽悆杩囧鐨勮姃鏋滃彲鑳戒細瀵艰嚧浠栦滑鑵圭棝鑵规郴锛岃繖涓椂鏈熻繕鏄缓璁疂瀹濆鍚冩瘝涔炽€備竴銆佸疂瀹濊兘鍚冭姃鏋滃悧缁欏疂瀹濇坊鍔犺緟椋熺殑鏃跺€欒涓€鏍蜂竴鏍风殑鏉ワ紝姘存灉寤鸿鍏堜粠鏋滄眮鍔犺捣锛屾 参 鎱 ㈣Tang 弌 友 友 Cang compensation?涓湀鍚庡彲缁欏疂瀹濆姞鏋滄眮锛屾弧6涓湀鍙坊鍔犳贩鍚堟灉姹併€傚疂瀹濊兘鍚冭姃鏋滃悧?What are the reasons for this problem? What are the reasons for this problem? What are the reasons for this problem? What are the reasons for this?鑳¤悵鍗滅礌)鐨勬垚鍒嗙壒鍒珮锛屾槸鎵€鏈夋按鏋滀腑灏戣鐨勩€備絾鐢变簬鑺掓灉涓惈鏈夊ぇ閲忕殑鏄撹嚧杩囨晱鐨勬灉閰革紝浼氬紩璧疯繃鏁忥紝鍥犳骞朵笉寤鸿涓€鍛ㄥ瞾鐨勫疂瀹濆湪杈呴鑿滃崟涓坊鍔犺姃鏋滐紝鏈€濂介€夋嫨鍏堟坊鍔犺嫻鏋溿€侀钑夌瓑涓嶆槗寮曡捣杩囨晱鐨勬按鏋溿€傚疂瀹濅竴鍛ㄥ瞾鍚庡彲浠ュ杺椋熷皯閲忕殑鑺掓灉锛屽濡堥渶瑕佸厛瑙傚療瀹濆疂鐨勫弽搴旓紝绛夊疂瀹濋€愭笎閫傚簲浜嗭紝娌℃湁鍑虹幇娑堝寲涓嶈壇銆佽繃鏁忕瓑鐨勬儏鍐垫椂鎵嶅彲浠ュ鍚冧竴浜涖€備絾涓€澶╂渶濂芥帶鍒跺湪50In addition, there is a lot of troubles in the world. The awards are mutually exclusive, and the awards are different. The list is correct.ソ 澶?銆佹湁鐩婁簬鐢熼暱鍙戣偛鑺掓灉钀ュ吇浠峰€奸楂橈紝鑳¤悵鍗滅礌鍚噺鐗瑰埆楂橈紝鏈夌泭浜庡疂瀹濊鍔涘彂鑲层€傝瀹濆疂鎽勫叆鍏呰冻鐨勭淮鐢熺礌C銆佽儭钀濆崪绱犮€侀挋绛夊井閲忓厓绱狅紝瀵瑰疂瀹濈殑鐢熼暱鍙戣偛鏄赴甯告湁鐩婄殑銆?You are the only one who has a lot of troubles in the world. It ‘s a bit of a sorrow. It ‘s a bit of a sorrow.拰淇濇姢鑴戠缁忓厓鐨勪綔鐢紝鑳藉欢缂撶粏鑳炶“鑰併€佹彁楂樿剳鍔熻兘銆?銆佺鐤炬鍜宠姃鏋滀腑鎵€鍚殑鑺掓灉鐢欐湁绁涚柧姝㈠挸鐨勫姛鏁堬紝瀵瑰疂瀹濆挸鍡戒付鐥板涓舵皵鍠樼瓑鐥囨湁杈呭姪椋熺枟浣滅敤銆?銆佺泭鑳冦€佹鍛曘€佹鏅曡姃鏋滃浜庣湬鏅曠棁涓舵灏煎焹缁煎悎寰併€侀珮琛€鍘嬫檿鐪┿€佹伓蹇冨憰鍚愮瓑鍧囨湁鐤楁晥銆?銆 ? 娙 娑 ﹁倢 統 敱 浜 庤 姃 始 滀 腑 钖 钖 晶 婄 勭 嬭 嬭 囙 姌 姌 姤 冤 冧 冤 嗧 峢 峤 嗧 嗧 嗢 銆 嗃 嗢 銆 嗤 嗡 麡 峡 麡 峡 麃 嗤嗤 嗤嗤鼎瀹濆疂鑲岃偆鐨勪綔鐢ㄣ€?銆侀槻娌婚珮琛€鍘嬨€佸姩鑴夌‖鍖栬姃鏋滃惈鏈夎惀鍏荤礌鍙婄淮鐢熺礌C銆佺熆鐗╄川绛夛紝闄や簡鍏锋湁闃茬檶鐨勫姛鏁堝锛屽悓鏃朵篃鍏锋湁闃叉鍔ㄨ剦纭寲鍙婇珮琛€鍘嬬殑椋熺枟浣滅敤銆?

[Boiled Prawns]_Boiled Prawns_How to_Practice

銆愭按鐓ぇ铏俱€慱姘寸叜澶ц櫨_鎬庝箞鍋歘鍋氭硶澶у叏
Donate, donate, sing, go, set, chain, spine, pickaxe, key, key, key, key, key, key, key, key, key, keyThe coefficient of handsomeness is very high, and the elder sisters are in trouble. They are in good condition. They are in good condition. They are in good condition.幀 幇 鍦 ㄥ Ammonia 鐬 咅 倹 Power 殑 淺 Father’s pot 氭 桶 銆?涓€銆佸鏋滆鍚冩按鐓櫨鐨勮瘽锛屽彲浠ラ€夋嫨鐢ㄦ瘝铏撅紙淇楃О瀛愯櫨锛夋潵鐓€傛瘮濡?00: This is a preliminary report. Click on this button and click on this button to find out how to use it. The patent is valid and effective. You can click on the button to view the page.傚姞浜涘懗绮俱€侀浮绮撅紙鏍规嵁涓汉鍠滃ソ锛屽彲浠ヤ笉鍔狅級锛屽嚑鐗囧锛屽皯浜涜荆妞掞紙涔熷彲浠ヤ笉鍔狅級锛屼竴浜涚洂锛岀瓑姘村紑鍚庯紝绔嬪埢鎶婅櫨鏀捐繘鍘伙紝鍔犵洊鐓竴銆佷簩鍒嗛挓锛岀瓑铏惧彉鎴愮孩鑹诧紝鍐嶅姞浜涢钁憋紝鍔犵洊鍐嶇叜涓夊垎閽燂紝婊村嚑婊存瀹楃殑棣欐补灏卞彲浠ヨ捣閿呬簡銆傛垜鎵€鐓殑闀挎睙铏剧嫭鐗逛箣澶勫氨鍦ㄩ偅鍑犳淮棣欐补锛屽洜涓洪暱姹熻櫨涓嶆瘮鏅€氱殑娌宠櫨锛岀敱浜庢槸閲庣敓鐨勶紝姣旀渤铏剧殑鑵ュ懗閲嶏紝鎵€浠ュ嚑婊撮娌规槸鍘昏叆鍛崇殑锛屽姞棣欐补镄勯昵姹熻栌鈜 嬼 笉 男 犻  娌 Gui 殑 闀 Backpack 靏 铏 铏 懗 阆 撴 湁 澶 ╁ ¥ 涔 嫔 埆 銆 Effective 嵲 惠 ヨ 伞涔Yu  Ngok Fei  Liguijingpin inch Xiaohong backpack Liexingjuyi Wenjugoufei Tongbianduanchou Renwanaoji Juanloucundie Duotanghongyun Jingsheng ra Yanbenhanyu Duandiaorenrou  GeDo you have any questions?浜屻€佸叧浜庣櫧鐏艰櫨鐨勫仛娉曡繕鏄瘮杈冪畝鍗曠殑,鍏抽敭鏄櫨瑕侀矞娲?娲昏櫨涓嬮攨鍋氬嚭鏉ョ殑铏捐倝瀵屾湁寮规€с€傛湁寰堝浜洪兘璁や负鐧界伡铏惧氨鏄敤鐧芥按鐓竴涓嬫崬鍑烘潵灏卞彲浠ヤ簡锛屽叾瀹為偅鏄瀛楅潰涓婄殑涓€涓瑙?You have a hard time, you have a hard time, and you have a hard time! 1銆侀鍏堥攨鍐呰櫨灏戣娌癸紝寰呮补娓╀竷灞傜儹鏃朵笅钂滅墖鍙婂鐗囩◢寰倰涓€涓嬶紝鎺ョ潃鍊掑叆閫傞噺娓呮按锛屽啀寰€閿呭唴鍊掑皯璁告枡閰掋€佺洂璋冨懗鐓哺锛?銆佸湪鐓哺閿呬腑鐨勬按闇€瑕佷竴娈垫椂闂达紝杩欐湡闂存濂藉皢娲昏櫨娲楀噣骞跺壀

[Corner melon cake practice]_Corner melon cake_How to do_How to do

Do you have a pot?
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Langzi (002612) 2019 Third Quarterly Report Review: Steady Growth in Revenue, Falling Investment Income Affects Net Profit

Langzi (002612) 2019 Third Quarterly Report Review: Steady Growth in Revenue, Falling Investment Income Affects Net Profit

Revenue continued to increase, investment income decreased and asset impairment losses increased, resulting in a decrease in net profit. The company released its 2019 third quarter report and achieved operating income21.

2.9 billion, with an annual increase of 6.

65%, deducting non-net profit 1.

2.5 billion, downgraded by 25 every year.

80%, net profit attributable to mother 1.

5.7 billion, downgraded by 14.

92%, EPS0.

39 yuan.

Under the background of income growth, the growth rate of net profit margin was mainly due to the increase in investment income and increase in asset impairment losses due to the loss of the subsidiary Langzi Hana Asset Management from the end of July 19th.

19Q1-Q3 revenue increased by 11 respectively.

78%, 3.

69%, 4.

68%, net profit attributable to mothers was -12.

54%, -29.

17%, -6.

86%.

Women’s growth 北京夜网 has been steadily increasing, and medical aesthetics has been growing at a higher rate. In terms of the break-even income of infants and children, 19H1 women’s clothing, infants, medical aesthetics, and asset management income increased by 5 respectively.

78%, 1.

68%, 22.

29%, 2.

37%, of which women’s clothing, infants, medical beauty income accounted for 50%, 26%, 20% respectively.

In the women’s clothing business, only the main brand of Langzi achieved revenue growth (sometimes by 12) in 19H1.

79%), other small brands substitute alternatives.

Looking at the first three quarters, it is estimated that the women’s clothing business will grow in single digits, of which Q3 revenue growth rate is slightly inclined, infants and young children continue the trend of mid-term reporting; the growth rate of medical beauty is still high.

Gross profit margin increased, investment income decreased, and asset impairment losses increased. Gross profit margin increased in the first three quarters of 20192.

65PCT to 59.

29%, mainly women’s clothing with a higher gross profit margin, the proportion of medical beauty business income increased, and the gross margin of medical beauty and infants increased; 19H1 women’s clothing, infants, medical beauty, asset management business gross margins were 59.

35% (+0.

25PCT), 52.

52% (+5.

35PCT), 58.

12% (-2.

60PCT), 100% (+0).

19Q1?
Q3 gross profit margins were doubled +3.

48, -0.

99, +5.

19PCT.
Expense ratio: The increase in expense ratio during the first three quarters decreased by zero.
15PCT to 54.

38%, including sales, management, R & D, and financial expense ratios of 37.

25% (+2.

95PCT), 10.

03% (-0.

47PCT), 2.

79% (+0.

14PCT), 4.

31% (-2.

77PCT).

The increase in the sales expense ratio was mainly due to the increase in shopping mall expenses, medical beauty advertising expenses, store custody fees, and employee compensation. The decrease in financial expense ratio was mainly due to the fact that Langzi Hana Asset Management was no longer consolidated and the company repaid the rest in advance.

Other financial indicators: 1) Inventory earlier than early 19-19.

35% to 10.

51 ppm, an increase of 17 over the same period last year.

62%, inventory turnover is 0.

86, compared with 1 in the same period last year.

03 has improved; accounts receivable increased by 12 from the beginning of 19th.

86% to 4.

09 million yuan, accounts receivable turnover rate 5.

53, compared with 4 of the same period last year.

36 speed up.

2) Investment income is reduced by 30 each year.

59% to 1.

50 ppm, a net reduction of 66.16 million yuan, mainly due to the subsidiary Langzi Hana Asset Management no longer holding shares since the end of July, the impact of the decline in shareholding ratio, in addition, L & P performance increased (net profit in 19H1 was 29.03 million yuan, 18H1 was 1.

27 ppm, interest rate 77%), the company confirmed that the reduction in investment income also had an impact.

3) Asset impairment losses increased by 642 in ten years.

13% to 20.78 million yuan, mainly due to the increase in the decline in inventory of women’s clothing business.

4) Net cash flow from operating activities increased significantly to 6.

3.3 billion, a net increase of 5.

USD 8.9 billion was mainly due to the repayment of corporate loans by Langzi Hana Asset Management.

Business structure adjustment, shrinking asset management business, women’s clothing and medical beauty continued to acquire May 2019, the company completed the mid-to-high-end well-known women’s clothing brand “Zibaomi (m.

tsubomi) “.

The Zibaomi brand was born in Japan and has a history of more than 20 years. The brand image is simple, clean, and has both design and practicality.

After the company’s introduction, it plans to turn it into a domestic “leading brand of daily fashion aesthetics” and a “multi-platform innovative brand” within the group.

The overall scale of the brand is relatively small. At the end of June 19, it had two directly-operated stores, which contributed a consolidated income of 2.25 million yuan in the first half of the year.

The company announced in June 2019 that it would issue shares to the controlling shareholder and actual controller, Mr. Shen Dongri, to purchase Langzi Medical 41.

19% equity, set the shareholding ratio to 100%, the completion on August 5, 19, the new issue of shares on August 20, 3507.

07 million shares were listed.

In July 2019, the company changed its 42% stake in subsidiary Langzi Hana Asset Management to 6.
RMB 9.6 billion was transferred to Wuhu Dezhen, and the industrial and commercial change was completed on July 22. The company expects to hold 34% of its shares instead of consolidating consolidated statements.
The company announced in August 2019 that it had invested 63 million yuan to acquire a 60% stake in Xi’an Meicube, and it had been consolidated since October 2019.

Xi’an Beauty Cube is a high-end general hospital in the medical and beauty industry. Its main business is plastic surgery including plastic surgery, minimally invasive surgery, dermatology and hair transplantation. It has been operating since 2013 and has more and more brand influence in Xi’an.

The target’s 2018 revenue was 33.75 million yuan, net profit was 14.90 million yuan, 19H1 revenue was 45.96 million yuan, and net profit was -3.24 million yuan.

Factors such as the decrease in investment income in 19 years have affected profit. The reasons for the improvement in business structure are: 1) The main business of women’s wear has grown steadily. In terms of revenue performance in the first half of the year, Langzi’s main brand has grown steadily.The speed of medical beauty business development, the company’s acquisition of the US cubic hospital and increasing the average shareholding ratio of Langzi Medical show the key development strategies of the business; the infant and child flat increase slightly; the asset management business shrinks, confirming the decrease in investment income.

2) The company will no longer consolidate the management of Langzi Hana Asset Management, which will affect 19 years of net profit, reduce investment income, and reduce restructuring financial costs accordingly.

In addition, the performance of L & P companies increased in 19, and the investment income recognized by the company will also decrease.

3) In terms of consolidation, the women’s clothing brand Baozi has been consolidated since May 19th, and the US Cube in the medical beauty business has been consolidated since October 19th, due to its relatively small scale and limited increase in revenue.

Considering that investment income accounts for a higher proportion of the company’s profits, the proportion of shares in Langzi Hana Asset Management declined in 19 years, no longer holding, and the increase in investment income of cosmetics L & P, the impact on the profit of consolidated statements, down 19?
The 21-year EPS is 0.

46, 0.

51, 0.

55 yuan, 20 times PE in 19, maintaining the “overweight” level.

Risk warning: weak terminal consumption; improper integration of mergers and acquisitions; fluctuations in asset management business, L & P investment, etc., causing changes in investment income to exceed expectations.

Scottish Chief Minister: Scots should have the right to choose whether to become independent

Scottish Chief Minister: Scots should have the right to choose whether to become independent
Xinhua News Agency, London, February 11th (Reporter Gui Tao) The chief minister of the Scottish Government of the United Kingdom, Scottish Nationalist Party leader Nikolaster King, 北京夜网 said in London on the 11th that the Scots should have the right to choose whether to be independent again.  At the press briefing organized by the British Foreign Journalists Association on the same day, Sturgeon said that Brexit was against the will of the Scots and the Scots should have the right to re-opt out of the United Kingdom.  She also stressed that the goal of Scotland’s independence must be achieved through a legal second referendum.Scotland is holding a ‘legal’ second referendum because the referendum and its results must be accepted and recognized by the international community.  Sturgeon said that he would continue to communicate with the British government and work hard to promote a second independent referendum because this is a path that can be made.  According to British law, Scotland’s second independent referendum must be approved by the British government and parliament.  In January this year, British Prime Minister Boris Johnson explicitly rejected Scotland’s request for a second independent referendum during the year, saying that the second referendum would put Scotland in a political deadlock again.  In September 2014, Scotland held a referendum on whether to leave the United Kingdom, and eventually chose to stay in the United Kingdom with 55% opposition and 45% support.Scotland and the EU have close economic relations, and most Scottish voters chose to support staying in Europe in the UK ‘s 2016 referendum. Original title: Chief Minister of Scotland: Scots should have the right to choose whether to become independent

Subbott (603916) in-depth report: industry concentration increased, gross profit margin improved, and adjuvant leaders developed rapidly

Subbott (603916) in-depth report: industry concentration increased, gross profit margin improved, and adjuvant leaders developed rapidly
Foreword to the report summary: The company is a leading company in concrete admixtures. Leading figures in the industry lead scientific research, brand advantages, and financial strength create the company’s three major competitive advantages.Since 2016, the company has benefited from the explosive demand for superplasticizers, and the company has grown rapidly.In the next three years, with the acceleration of industry concentration and improvement in gross profit margin, the company’s production capacity will enter the launch period, which will bring stable and rapid growth in performance. At present, it is estimated that the corresponding PE for 2020 is 11 times, and maintain the “Buy” rating. 1. The leader in the admixtures industry. Accelerated release of concrete admixtures after market launch refers to the introduction of materials that improve the properties of concrete during the concrete manufacturing process, and the effect of water reducers on its important varieties.The company has formed a complete system of concrete admixture research and development, large-scale production and professional technical services, and is a leading enterprise in the industry.The company has the only “State Key Laboratory of High Performance Civil Engineering Materials” in the industry.The founder of the company is an academician of the Chinese Academy of Engineering, and has a research and development team consisting of more than 100 doctors and masters, with strong continuous research and development capabilities.The company adopts “advisory marketing”, and its products have absolute competitive advantages in major projects such as axial, nuclear power, national defense, and dams.The company’s total additive production capacity is about 135 tons, and the total order volume has increased. Next year, large-scale water reducer 52 will be successively put into new capacity, and the Sichuan base capacity will also be put into operation to support high growth. 2. The policy promotes the concentration of the industry from the top down, which is beneficial to the leading enterprises in the concrete admixture industry. The concentration of the enterprises is allowed to increase slowly through the industry’s own development.However, leading enterprises of scale have accelerated their development, and have successively increased their market share through mergers and acquisitions and expansion of their own production capacity. The concentration of the industry has accelerated.According to statistics from China Concrete Network, the total market share of TOP10 of Chinese polycarboxylic acid water reducing agent companies increased by 19 in 2018.37%, an increase of 3 per year.12 units.Among them, Subotic accounted for 5.48%, an increase of 1 per year.26 units. We believe that the current internal driving factors for the improvement of industry concentration are changing, from the previous competition between enterprises to the top-down policy.Safe and environmentally-friendly production is forcing small businesses to shut down and increasing demand for higher-performance water-reducing agents due to sand and gravel quality indicators are two key driving factors.According to “Statistical Analysis of Concrete Admixture Production and Forecast of Future Market Development”, in 2017, China’s total output of concrete admixtures was 1,399.1 sample, equivalent to 478 sales of admixtures.600 million.With the recovery of infrastructure construction, the amount of admixtures is expected to maintain growth, leading companies have ample room for development. 3. The price of carbon dioxide emissions of raw materials is operating at a low level. The high gross margin of water reducer is expected to remain high. The main raw material of water reducer is epoxy resin. Generally, propylene oxide accounts for 35-50% of the production cost.Fluctuations in the price of epoxy resins will cause fluctuations in the gross margin of water reducers.The price of crude oil in 2019 has transitioned from 9,300 yuan / ton at the beginning of the year to 7,500 yuan / ton, a decrease of 19.35%, Subote gross margin from 39.39% rose to 46.55%, up 7.16 units.Until 2020, these prices will be in a low level shock.The high gross profit margin of water reducer is expected to continue. 4. Profit forecast and rating The company is a leader in admixtures. Leading figures in the industry lead scientific research, brand advantages, 杭州桑拿 and capital strength to shape the company’s three major competitive advantages.In the next 3 years, with the acceleration of industry concentration and improvement in gross profit margin, the company’s production capacity has entered the launch period, which is expected to bring rapid growth in performance.We expect the company to achieve net profit attributable to mothers for 2019-2021 of 3 respectively.4.2 billion, 4.2.1 billion, 5.44 trillion, corresponding to EPS 1.10 yuan, 1.36 yuan, 1.75 yuan, PE 14X, 11X, 9X.Launch at 15X P / E ratio of 2020 and target price of 20.40 yuan, maintain “Buy” rating. Risk warning: raw material prices rise, new projects reach production beyond expectations

Sinopec (600028): Exploration and Development Continuously Improve Refining Segments

Sinopec (600028): Exploration and Development Continuously Improve Refining Segments

Report Summary: Incident: The company released the 2019Q1 quarterly report and achieved a total operating income of 7175 in 19Q1.

79 ppm, an increase of 15 in ten years.

5%, to achieve a net profit of 147.

63 ppm, a ten-year average of 21.

3%, deducting non-net profit 143.

70 ‰, 20 years ago.

1%, overall, the performance is slightly lower than expected.

In 19Q1, oil prices continued to rise steadily, and the rise in the volume and price of natural gas prompted the exploration and development sector to turn a deficit.

Q1’s production and operation are very stable, with an oil and gas equivalent output of 113.

46 million barrels, an annual increase of 1.

9%.

Crude oil 南京龙凤网 production was 70.

81 million barrels, previously temporarily 0.

8%, but the overall volume and price of natural gas rose-production increased by 6.

7% reached 255.

79Bcf, realizing an early price increase12.

6% reached 7.

$ 07 / thousand cubic feet, which can also reach 21 in the exploration and development sector.

4.3 billion (up from 3 in the same period last year.

(18 ‰) The growth rate of the refining segment’s performance, and the weak sector’s demand for refined oil products under pressure: The crude oil processing volume of the refining segment increased in the first quarter.

7%, reached 6178 initial budget, and refined oil production increased by 3.

8% of the budget reached 3944, but operating income was only 119.

63 ppm, 37 years average.

06% (compared with 190 last year).

07 billion).

From the financial report, the decline in the performance of associates and joint ventures has led to a decline in investment income20.

700,000 yuan, the floating loss of non-hedging derivative financial instruments increased by 23.

520,000 yuan also dragged down the performance of the refining sector.

From the perspective of oil consumption, diesel production and consumption both increased negatively, gasoline growth was stable, and overall demand was average.

Judging from historical data, the single-quarter performance of the refining segment was 11.9 billion yuan, which was also significantly behind the average level of the past three years.

Expansion and growth of exploration and development capital expenditure: Q1 capital expenditure was RMB 119.

140,000 yuan, of which the capital expenditure in the exploration and development segment was 55.

US $ 6.2 billion, mainly for the construction of Fuling, Weirong shale gas production capacity, and Hangjinqi natural gas production capacity, the same period last year.

14 ppm, of which the capital expenditure in the exploration and development segment was RMB 15.

9.7 billion.

In 2019, it is estimated that the capital expenditure of the exploration and development segment will reach US $ 59.6 billion. Continuous capital expenditure will promote the continuous growth of natural gas production and replace the contribution to the adjustment of energy security structure.

Profit forecast: Adjust the company’s net profit attributable to its parent to 608 in 19-20 years.

84/605.81 trillion (original value 626.

06/626.

5.9 billion), adding 643 profit in 2021.

90 ppm, corresponding to 12/12/11 times the PE, maintaining the “Buy” level.

Risk reminder: Macroeconomic downturn, extended oil prices, downturn in the refining industry

Longma Sanitation (603686): second-quarter revenue, net profit attributable to mothers increased rapidly, and sanitation services ranked first in newly signed contracts

Longma Sanitation (603686):杭州桑拿论坛 second-quarter revenue, net profit attributable to mothers increased rapidly, and sanitation services ranked first in newly signed contracts
Event: The company released its semi-annual report for 2019 and achieved operating income in the first half of the year19.100,000 yuan, an increase of 18 in ten years.80%; realize net profit attributable to shareholders of the parent company.23 ppm, a decrease of 9 per year.11%.The company’s main business income 18.9.3 billion, an annual increase of 18.90%; gross margin is 25.40%, rising by 0 every year.38 units.Among them, the second quarter achieved operating income10.460,000 yuan, an increase of 24 in ten years.50%, realize the net profit attributable to shareholders of the parent company 0.7.1 billion yuan, an annual increase of 21.43%.The company’s sales receipts for the first half of the year are now zero.92, compared with 0 in the same period last year.72 increased significantly, the company’s net operating cash replacement was 2.320,000 yuan, compared with the same period last year 5.The 11 billion US dollars overall narrowed, and the company’s operating conditions showed a good trend. Sanitation equipment revenue slightly declined, gross profit margin increased significantly, and continued to maintain a leading position.In the first half of 2019, the sanitation equipment market continued to grow. The company adhered to its product and market positioning and did not actively participate in price wars in order to seek long-term health, stability and sustainable development of the market.Report the income of environmental protection equipment of Tier 1 companies11.24 ppm, a decrease of 2 per year.46%, gross profit margin 29.05%, rising by 1 every year.94 units.(1) Sanitation cleaning equipment income6.1.3 billion, down 21 a year.17%, gross margin 27.57%, up by 1 each year.06 averages; (2) Garbage collection equipment income 4.31 ppm, an increase of 27 in ten years.22%, gross margin is 31.93%, an increase of 3 per year.08 averages; (3) New energy and clean energy sanitation equipment revenue is 0.48 ppm, an increase of 91 per year.44%, gross margin is 31.78%, an increase of 5 per year.10 units.According to the statistics of the China Automotive Technology Research Center, which was cited by the company’s semi-annual report, the company ranked among the top three in the sanitation equipment industry in the first half of 2019 with a market share of 4.72%, the company’s market share of environmental sanitation innovation products and mid-to-high end operating machines is 9%.47%. The market expansion of the sanitation service business accelerated, and the industry with the total amount of newly signed contracts ranked first.In the first half of 2019, the company’s sanitation service business income7.69 ppm, an increase of 74 in ten years.80%, gross margin is 20.09%, rising by 0 every year.55 averages.From the perspective of orders, in the first half of 2019, the company replenished 29 environmental sanitation service projects. The first year of environmental sanitation service contracts amounted to 551.97 million yuan, and the total value of newly signed contracts was 70.145 million yuan.According to the statistics of the company’s semi-annual report citing the bidding data of the South Department of the Environment, the company ranked first in the total amount of newly signed contracts in the first half of the year.On the disclosure date of the company’s semi-annual report, the annual contract value of the company’s on-hand sanitation service project was 21.56 ppm, for a total contract value of 226.One million yuan. In the first half of the year, the company’s waste separation business continued to develop.In the context of the promotion of waste classification, the company has won bids for 30 waste classification projects in Xiamen, Wuhan, Tianjin, Longyan and other regions since its involvement in the waste classification business in 2017, with a cumulative contract value of 2556.300,000 yuan, of which 11 bids were awarded for waste classification from the disclosure date of 2019 to the semi-annual report, with a total contract amount of 2015.370,000 yuan.In the field of waste sorting business, the company has excellent performance, complete product lineage of wet and dry waste collection and sanitation equipment, and already has a regionally distributed sanitation operation project. We believe it is conducive to the continued development of waste classification business in the future. profit prediction.We expect the company to achieve net profit attributable to mothers in 2019-2021.82, 3.10, 3.62 trillion, the diluted EPS are 0.95, 1.04, 1.22 yuan / share, the company’s closing price of 15 on August 26, 2019.65 yuan / share, corresponding to our forecast for each PE in 2019-2021.47, 15.05, 12.83 times.Based on the situation of comparable companies, 16-20 times PE in 2019 will be given, corresponding to a reasonable value range of 15.20-19.00 yuan, given the “primary market” investment rating. Risk reminder: The development of the sanitation industry is less than expected, the accounts receivable increase, and the gross profit margin decreases.