Category: 洗浴

[How to cook red beans faster]_How to_Practice

[How to cook red beans faster]_How to_Practice

銆 愮 Children with a pickaxe 宝 箞 頞 熾 億 咄 嘬 瘮 幨 揨 銆 慱 賱 庝 箞 锅 歘 锅 氭 桶 揶 叏
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[Family drying fish method]_How to do_How to do

[Family drying fish method]_How to do_How to do

[Family drying fish method]_How to do_How to do

Many people especially like to eat dried fish, because many dried fish can be used as dishes and snacks. Moreover, fish contain a lot of nutrients. Frequently eating fish can supplement the protein and calcium required by the human body.Supplementing vitamins, some people think that buying dried fish is more expensive, so they will make dried fish at home. Here is a detailed introduction to the method of drying fish at home.

Many people like to eat dried fish. When eating such foods, you can rest assured that dried fish has no effect on your health. However, when eating dried fish, you should also pay attention to it. The dried fish is salty., When eating too many choices, it is easy to allow yourself to drink a lot of water, which will cause damage to the stomach. That is the practice of dried fish. There is also an introduction to dried fish.: A moray eel, a lot of salt practice 1.

Prepared materials: a moray eel 2.

Cut the eel in the middle. (I can’t cut it directly with a knife, or use tools to knock it down.)

4. Fill the eel belly with salt, as well as the surface of the eel; 4.

Marinate it all day and night.

Ingredients for dried fish raw chicken: 2 chicken roots, half carrot root, dried fish 1 auxiliary material: sunflower oil, soy sauce, sugar, practice 1, dried fish cut into pieces and soaked in water for 20 minutes.

2. Carrot cut hob pieces.

3. Vegetarian chicken slices.

4. Heat the pan, pour half a pot of oil, burn seven layers, fry prime chicken, and heat over medium heat.

5, fry until golden on both sides, filter out.

6. Leave some oil in the pan, stir fry the carrots, then fry the vegan chicken and stir fry together.

7, add soy sauce and sugar, do not put too much soy sauce, because the fish is relatively salty.

8. Wash the dried fish soaked and put it directly into the pot; add water over the noodles, boil over high heat, and then simmer over low heat.

9. After the water is basically dry, it will take about 30 minutes, and the pan will be filled.

These are all in the practice of dried fish, an introduction to dried fish, and how to make dried fish. There are also instructions on how to make dried fish. Making dried fish is not very complicated.It takes a long time to make it, so you have to be patient when making it.

[Can I eat watermelon after exercise]_Watermelon_After fitness_Can you eat

[Can I eat watermelon after exercise]_Watermelon_After fitness_Can you eat

銆 愯 繍 锷 ㄥ 悗 鍙  钖 咖 冭 タ 鐡 滃 悧 銆 慱 瑗 cross-boiler_ 锅 ヨ 韩 钖 巁 鑳 颳 笉 鑳 邳 悆
The global economy: the global economy, the rainbow, the wind, the wind, the wind, the wind, the wind, the wind, the world, the economy, the world, the economy, the world, the economy, the world, the world, the economy, the world, the world, the economy, the world, the economy, the world, the economy, the world, the economy, and the world.The chain of links is fine, the World Economic Union, the World Economic Union, the World Bank, and the world’s most important people, the world’s most important thing is that you can read the cross-country and the world’s most important things, and press the key to get back to the world.勬按鏋滐紝鍚屾椂杩樺瘜鍚绉嶈惀鍏伙紝鎵€浠ヨタ鐡滄槸杩愬姩鍚庨潪甯稿ソ鐨勮ˉ鍏呫€?涓€銆佽繍鍔ㄥ悗鍙互鍚冭タ鐡滃悧 杩愬姩鍚庡彲浠ュ悆瑗跨摐銆傝繍鍔ㄥ畬涔嬪悗閫傞噺鐨勫悆浜涜タ鐡滄槸The chain of links is the same as that of the following: the power chain is different, the power chain is different, the power chain is different, the chain of power is different, and the chain of power is different.锛屼絾鏄娉ㄦ剰杩愬姩鍚庤浼戞伅鍗婁釜灏忔椂宸﹀彸鎵嶈兘鍚冭タ鐡溿€?浜屻€佽繍鍔ㄥ悗鍚冭タ鐡滄湁浠€涔堝ソ澶?杩愬姩鍚庡悆瑗跨摐琛ユ按杩愬姩鍚庡ぇ閲忓嚭姹楋紝闇€瑕佸強鏃惰ˉ鍏呮按鍒嗭紝鑰岃タ鐡滃惈姘撮噺涓板瘜锛岄€傞噺鐨勫悆瑗跨摐鏈夊姪浜庤ˉ鍏呮按鍒嗭紝淇冭繘浜轰綋鏂伴檲浠h阿锛岃繕鑳芥秷鏆戣В娓淬€傚悆瑗跨摐缂撹В鑲岃倝閰哥棝瑗跨摐涓惈鏈夌摐姘ㄩ吀锛岃ˉ鍏呯摐姘ㄩ吀鍙互甯姪淇濇寔浣撳唴鍣ㄥ畼鍋ュ悍锛屼互鍙婁繚璇佽倢鑲夋椿鍔涳紝鏈夋晥鍔犻€熸柊闄堜唬璋紝閫傞噺鍚冭タ鐡滃彲浠ョ紦瑙h繍鍔ㄩ€犳垚鐨勮倢鑲夐吀鐥涳紝杩樺彲浠ラ檷浣庡績璺抽€熺巼銆傚悆瑗跨摐绋冲畾琛€绯栨按骞宠タ鐡滀腑鍚湁绯栧垎澶氾紝鑰岃繍鍔ㄥ悗浣撳唴琛€绯栨按骞虫湁鎵€涓嬮檷锛岃繍鍔ㄥ悗閫傞噺鐨勫悆瑗跨摐锛岃兘甯姪鎻愰珮鍜岀ǔ瀹氭満浣撶殑琛€绯栨按骞炽€?涓夈€佽繍鍔ㄥ悗鍚冭タ鐡滀細闀胯儢鍚?閫傞噺鍚冭タ鐡滃苟涓嶄細瀵艰嚧闀胯儢銆備竴鑸潵璇达紝杩愬姩鍚庡悆瑗跨摐涓€娆℃憚鍏ラ噺涓嶈瓒呰繃500g锛岃繃閲忓悆瑗跨摐鐨勮瘽锛屾憚鍙栫殑绯栧垎杩囧浜嗘湁鍙兘瀵艰嚧闀胯儢锛岃€屼笖瑗跨摐灞炰簬瀵掑噳椋熺墿锛屽鍚冨鏄撲激鑴捐儍锛屽鑷存秷鍖栦笉鑹紝鑲犺儍鎶垫姉鍔涗笅闄嶏紝寮曡捣鑵硅儉鑵规郴绛変笉閫傘€?

[Can you breast enlarge by eating bird’s nest?]

[Can you breast enlarge by eating bird’s nest?]

[Can breast enhancement be done by eating bird’s nest?

】 _How to breast enhancement_How to breast enhancement

Bird’s nest is a relatively precious ingredient. The nutritional value of bird’s nest is very high, and the bird’s nest also contains a lot of collagen. Regular consumption can nourish the body, and at the same time it can achieve the role of beauty and beauty, while women can eat bird’s nest to achieveA certain breast enhancement effect, because the bird’s nest contains a certain amount of collagen, which can supplement the body’s protein, so the effect of breast enhancement is achieved.

Can bird’s nest increase breasts?

Why eating bird’s nest can increase breast nutrition? Bird’s nest has a very high nutritional value, which is widely recognized as an excellent recipe for women’s beauty.

As to whether the bird’s nest can be breast augmented, I can tell you for sure that bird’s nest has a certain effect on breast augmentation.

Because the nutritional content of bird’s nest contains a type of collagen, and collagen has a great disadvantage for breast enhancement.

How to eat bird’s nest breast enhancement effect is best Although experts point out that the nutrients contained in bird’s nest have a certain effect on breast enhancement, but how can it exert its ability to absorb and not damage the bird’s nest breast enhancement nutrients contained in it, so now you recommend a breast enhancementThe best bird’s nest eating method.

Stewed bird’s nest with fresh milk: Prepare fresh milk, bird’s nest, a few pieces of red dates, and a moderate amount of rock sugar; wash the bird’s nest, pit the red dates, then put the stew cup together, add the fresh milk, and use the slow-simmering method for about two hours.Edible.

The effect of breast enhancement is very good, and it is an excellent tonic with fresh milk.

The contraindication to eating bird’s nest is also called bird’s nest. It is a nest nested with saliva and honor mixed with tears such as Jinsiyan. Traditional Chinese medicine believes that bird’s nest is a high-end tonic, with lungs and yin, blood and stomachIn the middle, the effect of skin care is suitable for people who are weak after illness.

1. Generally, eat spicy and greasy foods during bird’s nest. Because bird’s nest contains a lot of protein, so when eating bird’s nest, you should also eat less acidic things, at least avoid eating at the same time.

2. Don’t smoke or smoke less when eating bird’s nest, and avoid second-hand smoke.

3. When taking other medicines, whether it is Chinese or Western medicine, you can eat bird’s nest during the period, but you should avoid eating them at the same time, which usually takes an hour or two.

Top Ten Taboos for Bird’s Nest4. Avoid drinking tea while eating bird’s nest, because the tea contains acid, which will destroy the nutrition of bird’s nest, it is best to drink it for 1 hour.

5, eat bird’s nest pay attention to eating less frequent meals, keep eating regularly, 3-5 grams of dry bird’s nest each time, about 20-30 grams of instant bird’s nest each time, to be eaten on an empty stomach, once a day or every other day, after eating at night on an empty stomachit is good.

6. For friends who are allergic to taking aspirin, it is recommended not to eat bird’s nest.

7, newborns less than 4 months can not directly absorb the nutrition of bird’s nest, not suitable for eating bird’s nest.

It can be eaten after 4 months, and the stew for a little longer can increase physical fitness and appetite, and promote physical and intellectual growth and development.

8. It is not suitable for people to eat bird’s nest during a cold.

During the peak period of acute diseases and colds, most of the immune system function declines, and the functions of its own organs are hindered, especially the respiratory and digestive tracts.

If there are fever and other symptoms during the cold, it is best to suspend the supplements such as bird’s nest to avoid affecting the evacuation and elimination of the cold evil.

9, bird’s nest chemotherapy for the prevention of cancer and cancer patients, rehabilitation after radiotherapy can restore vitality, supplement nutrition, improve the food effect of immunity.

However, it is not helpful for people who claim to be fighting and fighting for the treatment or advanced cancer, so it is not suitable to eat bird’s nest.

[Can sugar feces eat bananas?】_High blood sugar

[Can sugar feces eat bananas?】_High blood sugar

銆愮硸灞庣梾鑳藉悆棣欒晧鍚楋紵銆慱琛€绯栭珮
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GF Securities (000776): First quarter net profit quarter + 91% Brokerage and asset management business revenue tops growth rate

GF Securities (000776): First quarter net profit quarter + 91% Brokerage and asset management business revenue tops growth rate

GF Securities (000776): First quarter net profit quarter + 91% Brokerage and asset management business revenue tops growth rate

Event GF Securities released the 2019 first quarter report.

In the first quarter of 2019, the company achieved operating income of 68.

39 trillion, ten years +76.

85%; net profit attributable to mother is 29.

19 trillion, +91 for ten years.

25%; basic profit income is 0.

38 yuan.

As of the end of the first quarter of 2019, the company’s equity was owned by its parent shareholders 887.

840,000 yuan, +4 from the beginning of the year.

43%; BVPS 11.

65 yuan.

The short-scored performance exceeded expectations, mainly due to the increase in investment income.

(1) Benefiting from the market recovery, the company realized investment income (including income from changes in fair value) in the first quarter of 201935.

US $ 9.9 billion, + 148% per year. It is estimated that the increase in equity self-operated business income has increased significantly, and the subsidiary Guangfa Shunde’s investment income has increased significantly.

(2) According to the statement of profit statement, in the first quarter of 2019, the proportion of the company’s brokerage / investment bank / asset management / investment / interest net income to total operating income was 17% / 4% / 13% / 53% / 10%Business picks the girders.

Flexible allocation of funds, self-adjusted structure, shrinking stock pledges.

(1) Facing the bull market, the company carefully adjusted the structure of its self-employed disk, moderately increased equity investment, and lightened solid income 北京夜网 investment.

As of the end of the first quarter of 2019, the company’s financial investment totaled 1,894.

00 trillion, which was basically flat earlier, while selling back 680 financial assets.

540,000 yuan, -20 from the beginning of the year.

86%.

(2) In order to prevent risks, the company significantly reduced the size of the stock pledge business, and bought back 270 financial assets at the end of the period.

43 trillion, compared with the beginning of -26.

54%; further credit impairment losses1 were accrued during the period.

3 billion.

If the subsequent market recovers or stabilizes, credit impairment losses are expected to continue to reverse.

Group management of asset management business gradually achieved significant results.

In the first quarter of 2019, the company realized net income of asset 淡水桑拿网 management business8.

80 trillion, +5 for ten years.

26%.

GF Asset Management follows the requirements of the new asset management regulations and steadily promotes the transformation of connotative growth and transformation of quality, including active management. At the end of 2018, the asset management scale was 3814.

11 trillion, compared with the beginning of -27.

13%.

The shareholding fund subsidiaries have steadily expanded. At the end of the first quarter of 2019, the net asset value of GF Fund totaled 4,827.

370,000 yuan, +4 from the beginning of the year.

90%, the total net asset value of E Fund reached 7044.

69 trillion, +9 from the beginning of the year.

76%. The influx of funds from brokerage clients, the investment banking business traded for price.

(1) The company uses wealth management, institutional brokerage, technology finance and integration as four-wheel drive to promote the steady transformation of wealth management business.

The securities market was active in the first quarter of 2019, and the company achieved a net income of brokerage business11.

63 ppm, +9 for ten years.

96%; the total amount of securities traded at the end of the period was 887.

700,000 yuan, +51 from the beginning of the year.

89%.

(2) In terms of investment banking business, the company continued to consolidate its advantages in the field of high-quality SME customers. In the first quarter of 2019, the recovery caused by the scale of stocks and debt underwriting increased by + 172% and + 249%, respectively.Net worth income 3.

07 million yuan, at least -13.

53%, allegedly dragged down by lower underwriting commission rates.

As of now, the company has 23 IPO projects in the meeting (second in the industry), and the advantages of reserve projects are expected to gradually translate into performance.

Investment suggestion: Maintain “overweight” rating.

The performance of the securities brokerage sector in 2019 will continue to benefit from the easing of liquidity and the catalysis of capital market reforms. The long-term market is worth looking forward to; under the regulatory thinking of “supporting the good and limiting the bad”, the capital strength has been enhanced (the net assets at the end of June 2018 ranked fifth in the industry), The wind control system is perfect (achieved AA rating from the CSRC for 2 consecutive years), and the company ‘s innovative ability is strengthened (technical finance, leading layout of big asset management joint ventures). GF Securities will be one of the beneficiaries.The icing on the cake of related business.

Regardless of the impact of the fixed increase on equity replacement, we expect GF Securities’ BVPS to be 11 in 2019-2020.

93 yuan and 12.

69 yuan, corresponding to 1 for the current budget PB.

29X and 1.

21X to GF Securities (000776).

SZ) “Overweight” rating.

Risk warnings: stock market recovery fails to meet expectations; marginal easing of monetary and credit policies fails to meet expectations; capital market reform progress does not meet expectations.

Tongwei shares (600438): the first half of the battery profit is in line with expectations

Tongwei shares (600438): the first half of the battery profit is in line with expectations

Tongwei shares (600438): the first half of the battery profit is in line with expectations
Event: The company announced its 2019 Interim Report and achieved revenue of 161.2.4 billion, an increase of 29.39%; net profit attributable to mother 14.51 trillion, with an increase of 58.01%; EPS 0.37 yuan, ROE 8.83%.Among them, 2Q19 achieved revenue of 99.55 trillion, with an increase of 37.51%; net profit attributable to mother 9.6 billion, an increase of 60.50%; EPS 0.25 yuan, ROE 5.91%, performance was in line with expectations. Battery performance increased by 192.72%, non-silicon costs are expected to fall further.In terms of production and sales, at the end of the reporting period, the company has formed a 12GW high-efficiency solar cell capacity, with a conversion volume of about 6GW in 1H19, an increase of about 97%, and the company’s production capacity and 重庆耍耍网 output continue to remain the first in the industry.In terms of profitability, Tongwei Solar achieved net profit in 1H19.7.7 billion, an increase of 192.72%, 1H19 single watt net profit is about 0.16 yuan / W, an increase of about 49% over the same period last year.In terms of cost, the company newly built and commissioned Chengdu and Hefei6.The 4GW production capacity achieved 100% capacity utilization rate only after 3 months of production commissioning, which has now exceeded 110%. It is expected that the capacity utilization rate will exceed 120% during the year. At the same time, Chengdu Phase IV and Meishan IPhase high-efficiency crystalline silicon battery projects have been completed and put into production one by one. By then, the company’s cell production capacity will reach 20GW, and the scale effect will be obvious. Non-silicon costs may be further reduced. Break through the contradiction to maintain profit, single crystal materials accounted for 80% -85% of the year.In terms of production and sales, at the end of the reporting period, the company had formed a high-purity crystalline silicon production capacity of 8, and 1H19 Yongxiang achieved high-purity crystalline silicon sales2.28 years, with an annual increase of 162.85%.In terms of profitability, with the market price falling by 40% -50% compared to the same period last year, the gross profit margin was 16.98%, reflecting the company’s core competitiveness in the field of high-purity crystalline silicon.In terms of cost, most of the main consumption indicators of Baotou and Leshan’s new production capacity exceeded design expectations, and production costs met the established target of less than 4 million tons / ton.In terms of the proportion of single crystal materials, the proportion of single crystal materials in the initialization 2 insertion project has exceeded 80%. The conversion of Baotou and Leshan’s new projects has improved the quality and efficiency, and the technology of the replacement project is perfect.The proportion of crystal material can reach 80% -85%. Investment suggestion: Domestic demand is obviously turning point at the end of the third quarter. At the same time, the peak season for overseas demand is coming, and battery prices are expected to bottom out. At the same time, the supply and demand of monocrystalline silicon materials continue to be tight.We expect to achieve net profit 31 in 2019-2021.17, 40.61 and 47.6.6 billion, an increase of 54 each year.40%, 30.28%, 17.36%, current sustainable corresponding PE for three years is 16, 12, 10 times, maintain “Buy” rating. Risk reminder: the risk of market fluctuations brought by the acceleration of decompletion; the risk of technological updates.

Yangnong Chemical (600486): Founder Chemical’s M & A assets achieve high growth

Yangnong Chemical (600486): Founder Chemical’s M & A assets achieve high growth

Yangnong Chemical (600486): Founder Chemical’s M & A assets achieve high growth

The company releases three quarterly reports and steady growth in performance. The company releases three quarterly reports for 2019 and gradually realizes revenue of 70 in the first three quarters.

62 ppm, an increase of ten years.

09%, achieving net profit attributable to mother 10.

70 ppm, an increase of 14 in ten years.

69%.

  Realize non-net profit attributable to mothers 7.

94 ppm, a ten-year increase1.

26%.

Non-recurring gains and losses mainly come from current gains and losses brought about by consolidated Sinochem assets.

  Among them, Q3 achieved revenue of 18 in a single quarter.

00 ppm, a ten-year average of 8.

19%, achieving a net profit of 2.

19 ppm, 10-year average4.

twenty one%.

  For the expense ratio, enter the selling expense 2.

100,000 yuan, accounting for 2.

97%, an increase of 0 every year.

17PCT; entry of administrative costs 3.

4.6 billion, accounting for 4% of revenue.

90%, increase by 0 every year.

69PCT; Enter R & D expenses2.

3.0 billion, with a revenue share of 2.

88%, a decline of 0 every year.

71PCT; Entered financial expenses of -7.66 million yuan.

The overall cost rate is 10.

64% increase of 0.

50PCT.

  The performance of M & A assets achieved high growth. The company realized the consolidation of M & A assets. The report shows that Sinochem’s M & A asset conversion realized profits from January to September.

33 trillion, compared with 1 in the same period last year.

4.9 billion.

Among them, Q3 achieved a profit of 14.65 million yuan in a single quarter.

  Compared with the average report last year, Yangnong Chemical’s original assets (excluding M & A) in the first three quarters of 2019 achieved net profit attributable to mothers8.

3.6 billion, an increase of 6 in 2018.

7%, of which Q3 achieved net profit attributable to mother 2 in a single quarter.

40,000 yuan, a ten-year average of 8.

32%.

  M & A assets achieved net profit in the first three quarters of 20192.

33 ppm, an increase of 56 in ten years.5%, of which Q3 achieved a net profit of 0 in a single quarter.

15 trillion, zero compared with the same period last year.

50,000 yuan turned losses into profits.

Mergers and acquisitions performed well and achieved high growth.

  In terms of volume and price performance of permethrin, the sales data was dazzling. From January to September, sales of pesticides reached 10,880 tons, with revenue of 24.

5.7 billion, a single ton of formaldehyde22.

58 million / ton, an increase of 9 in ten years.

65%; sales of herbicides achieved 2.

87 for the first time, revenue 8.

45 ppm, single ton of formaldehyde 2.

94 million / ton, temporarily extended by 29.

64%.

  In Q3, single quarter sales of pesticides were 3026 tons, which was 19% than the previous month.

1%, an increase of 18 per year.

2%; average price 21.

300,000 yuan / ton, an increase of 0 from the previous month.

3%, an increase of 3 per year.

9%.

  Sales of pyrethroids have increased, but at least prices and prices are still rising.

  Q3 single quarter herbicide sales were 7,914.

18 tons, 22 formaldehyde.

8%, three times a year 33.

1%; average price 2.

58 million / ton with a molecular weight of 19.

1% for more than ten years.

3%.

We judge that the loss of wheat straw caused by the overseas production capacity continues.

  The company’s long-term growth and worry-free company Youjia Phase III and Phase IV are expected to 四川逍遥网 become performance growth points. We judge that Phase III projects are expected to contribute incremental profits in 2020.

Calculating with reference to the return on investment in the construction of the Yangnong Air Force project, Youjia Phase III is expected to create a profit of nearly US $ 600 million for the company.

The company’s long-term growth is worry-free.

  Investment suggestion: We estimate the company’s net profit attributable to its mothers to be 11 in 19-21.

810,000 yuan, 13.

6.2 billion and 15.

4.6 billion, with EPS of 3.

81 yuan, 4.

40 yuan and 4.

99 yuan, PE is 12 respectively.

9X, 11.

2X and 9.

8X, maintain “highly recommended” level.  Risk reminder: The new project is not up to expectations, the sales of dicamba are not up to expectations, the environmental protection is relaxed, and the price of pyrethroids has fallen sharply.

Supor (002032): speeding up export sales, domestic sales, temporary rational control of inventory, steady improvement in the second half of the year

Supor (002032): speeding up export sales, domestic sales, temporary rational control of inventory, steady improvement in the second half of the year

Supor (002032): speeding up export sales, domestic sales, temporary rational control of inventory, steady improvement in the second half of the year
Event: The company released a semi-annual report and achieved 98 revenue in the first half of 2019.3.6 billion, an increase of 10 years.15%; net profit attributable to mother 8.38 ppm, an increase of 13 in ten years.35%. Comments: The domestic sales department speeded up, and the profitability increased steadily. In the first half of 2019, the company achieved revenue of 98.3.6 billion, an increase of 10 years.15%; net profit attributable to mother 8.38 ppm, an increase of 13 in ten years.35%.In terms of different regions, the export revenue in the first half of the year increased by 10 per year.8%, of which Q2 growth rate increased month-on-month; under the high base Q2 domestic sales growth rate fell, but still continue the industry.In terms of profit, the gross profit margin of the main business was 30.85%, a decrease of 0 every year.28 points, mainly due to the decline in domestic gross profit margin.At the same time, the company plans to pay dividends in the medium term, paying dividends every 10 shares2.58 yuan (including tax). Domestic small 天津夜网 household appliances are fiercely competitive, and the company’s expansion of product categories + purification structure are divided in parallel. E-commerce is still the key to the company’s domestic sales growth in the first half of the year, and we expect the offline scale to remain stable.Aowei’s data shows that the company’s 9 major category lines have increased their market share by 1.1 unit, the growth rate continues to lead the industry.In terms of categories, thanks to the introduction of new products, the number of rice cookers has continued to increase, and wall-mounted cooking machines and kitchens have achieved double-digit growth.At the same time, in recent years, the company successfully cut into the field of kitchen and bathroom. The company plans to jointly fund the establishment of the Supor Water Heater Co., Ltd. 淡水桑拿网 (the company holds a 52% stake) with the Supor Group to develop water heater categories and give full play to the synergy of the categories. Accelerating inventory turnover, and actively responding to market changes in the second half of the year due to the overall domestic environment. The sales of small household appliances are advancing at a low speed and the online and offline differentiation is accelerating, which also makes the company’s advance collection in 2019 drop significantly.Therefore, the company took more measures to terminate the company’s inventory at the end of the first half of the year by 14.9%, inventory turnover accelerated, inventory inventory was reasonably controlled, laying a good foundation for responding to market changes in the second half of the year.In addition, the decline in the number of accounts receivable turnover in the first half of the year was mainly due to the increase in the proportion of exports and e-commerce, and offline dealers still had good returns. Profit forecast and investment recommendations The company is expected to achieve net profit in 2019-2021.04 billion, 22.3.6 billion and 26.4.4 billion, corresponding to the current PE is 30 times, 25 times and 21 times.SEB orders continue to shift, and domestic sales growth is highly certain; domestic refining structure + expansion of categories go hand in hand, leading style is fully displayed, and a “recommended” rating is given. Risk reminder: offline product structure improvement is less than expected, and price competition for wall breakers is fierce

Wanda Movies (002739): Acquisition of Wanda Films makes significant progress through the full-entertainment content industry chain layout

Wanda Movies (002739): Acquisition of Wanda Films makes significant progress through the full-entertainment content industry chain layout

Wanda Movies (002739): Acquisition of Wanda Films makes significant progress through the full-entertainment content industry chain layout

Investment highlights: 2018 revenue growth in ten years6.

6%, net profit attributable to mothers is reduced by 14.
.

7%, basically in line with expectations.

The company disclosed the results report for 2018 and initially realized revenue of 141.

0 million yuan, an increase of 6 in ten years.

6%; net profit attributable to mother 12.

9.3 billion, a decrease 西安耍耍网 of 14 a year.

72%.

The company’s 2018 performance is basically in line with market expectations. The reason for the decrease in net profit is that (1) the number of new cinemas in the cinema industry exceeds the box office growth rate, and the newly opened cinemas have less than mature theaters, resulting in a decrease in single screen area and affecting the projection businessGross profit margin; (2) The sales growth rate of high-margin business such as sales and advertising shifted. We judge that the growth rate of non-ticket business revenue shifted below 20%, which was 35% to 45% in 2017.

The review of the acquisition of Wanda’s film and television assets was passed conditionally, and the entire entertainment content industry chain was advanced.

On February 27, after being reviewed by the M & A and Reorganization Review Committee of the China Securities Regulatory Commission, the company issued shares to purchase Wanda’s movie assets and obtained conditional approval.

The main business of Wanda Film and Television includes investment, production, distribution of film and TV series, and distribution and operation of online games.

Wanda Television 96.

83% equity transaction was priced at 106.

5 trillion, all of which are traded by issuing shares, and the net profit attributable to the mother for the performance of 2018-2021 is 7, respectively.

6.3 billion / 8.

8.8 billion / 10.

6.9 billion / 12.

7.4 billion.

After the completion of the transaction, the company’s main business will cover the entire industry chain of entertainment content such as film and television investment, production, distribution, screening, integrated marketing, video game linkage, derivatives, and real-world entertainment to enhance profitability.

Wanda Film’s follow-up projects have abundant reserves and serve as a catalyst for subsequent continuous performance.

In 2018, Wanda Film and TV produced 15 films, and the cumulative box office accounted for the total distribution of the country’s total box office in that year. There were about 47 films reserved in 2019-2021. Among them, the key works in 2019 include the well-known IP adaptation of the “Star Book of Ghost Blowing Lamps”, and subsequent key worksIncluding “Chinatown Detective 3”, award-winning novel adaptation “Folding City”, the popularity of the IP series “Long Xun Jue 2” and so on.

In the field of TV dramas, the subsidiary new media Eslite will launch “The Parade Soldiers” and “Surge” and other real-life themes that meet market demand.

The performance of the projection business was solid.

The company achieved a total of 95 box office in 2018.

US $ 600 million, of which China’s domestic box office is approximately US $ 7.9 billion to US $ 8 billion, which is basically the same as the overall domestic box office growth, and its market share has remained basically stable.

In the future, the company plans to add about 700 new screens every year.

We believe that the company ‘s movie theaters have a good movie viewing experience, benefiting from the increase in the number of units and the increase in unit cost caused by the increase in scale, which will help reduce the adverse impact of the single screen change on the industry.

Maintain profit forecast and “overweight” rating.

As the acquisition of the company has not been completed, we do not adjust the profit forecast for the time being, and maintain the company’s net profit attributable to the mother for 2018-202013.

100 million / 13.

100 million / 13.

9 trillion predictions, the corresponding EPS is 0.

74/0.

74/0.

79 yuan / share, corresponding to the current maximum PE is 32/32/30 times.

Significant progress has 夜来香体验网 been made in the layout of the company’s film and television entertainment content. Recently, senior executives such as the company’s president, executive president, and secretary of the board increased their shares with their own funds to achieve confidence in subsequent development.
Maintain the “overweight” rating.

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