[Does the tangerine get angry]_Efficacy_Function

銆 抯 湯 欝 Shan tree 炏 悧 抧 銆 晸 晸 _ 諊 灭 敤
姗樺瓙鍚湁澶ч噺鐨勭淮鐢熺礌C锛屽浜庣己涔忕淮鐢熺礌C鐨勪汉缇よ€岃█锛岀粡甯稿悆姗樺瓙鏄緢濂界殑閫夋嫨銆傞櫎浜嗘墍鍚殑钀ュ吇涔嬪锛屾瀛愪腑鐨勮湝妗斿悆璧锋潵鍙f劅涔熺浉褰撲笉閿欙紝娣卞彈浜轰滑鐨勫枩鐖便€傝湝妗旇櫧鐒跺緢濂藉悆锛屼絾鏈変簺浜烘媴蹇冨悆澶氱殑璇濆鏄撲笂鐏€傞偅涔堬紝铚滄涓婄伀鍚?涓嬮潰鍜变滑灏辨潵鐪嬬湅鍚с€傝湝妗斿悆澶氫簡浼氫笂鐏€傝湝妗斿惈姘撮噺楂樸€佽惀鍏讳赴瀵岋紝鍚ぇ閲忕淮鐢熺礌C銆佹灨姗奸吀鍙婅憽钀勭硸绛夊崄浣欑钀ュ吇鐗╄川銆傞鐢ㄥ緱褰擄紝鑳借ˉ鐩婅倢浣擄紝Insulations and chains of ginsengs and ginsengs and picks and picks and picks and picks and picks and picks and picks and picks and picks and picks and picks and picks and squeezes夫瘨浣灭敤锛屽姞阃熻儐鍥洪唶杞寲锛岄槻姝㈠姩鑴夌‖鍖栥€傞€傚綋椋熺敤鍙杩涢娆诧紝浣嗗椋熺敤涓嶅綋鍙嶈€屾棤鐩娿€傝湝姗樹笉瀹滃鍚冿紝鍚冨畬搴斿強鏃跺埛鐗欐急鍙o紝浠ュ厤瀵瑰彛鑵旂墮榻挎湁瀹炽€傝偁鑳冨姛鑳芥瑺浣宠€咃紝鍚冨お澶氭瀛愶紝瀹规槗鍙戠敓鑳冪勃鐭崇殑鍥版壈銆傛瀛愬惈鐑噺杈冨锛屽鏋滄垜浠竴娆¢鐢ㄨ繃澶氾紝灏变細鈥滀笂鐏€濓紝浠庤€屼績鍙戝彛鑵旂値锛岀墮鍛ㄧ値绛夌棁銆傝繃澶氶鐢ㄦ煈姗樼被姘存灉浼氬紩璧封€滄瀛愮梾鈥濓紝鍑虹幇銆佺毊鑲ゅ彉榛勭殑绛夌棁鐘躲€傝湝妗旂殑鍔熸晥涓庝綔鐢細1銆佽湝姗樺彲璋撳叏韬槸瀹濓紝鍏舵灉鑲夈€佺毊銆佹牳銆佺粶鍧囧彲鍏ヨ嵂銆傛瀛愮殑澶栨灉鐨檼骞插悗鍙€滈檲鐨€?(Don’t talk about each other’s work?)銆佽€屾鐡や笂闈㈢殑鐧借壊缃戠姸涓濈粶锛屽彨鈥滄缁溾€濓紝鍚湁涓€瀹氶噺鐨勭淮鐢熺礌P锛屽叿鏈夐€氱粶銆佸寲鐥般€佺悊姘斻€佹秷婊炵瓑鍔熸晥銆傛鏍告€у懗鑻︺€佹棤姣掞紝鏈夌悊姘旀鐥涚殑浣滅敤锛屽彲浠ョ敤鏉ユ不鐤楃枬姘斻€佽叞鐥涚瓑鐥囥€傚氨杩炴鏍广€佹鍙剁瓑涔熷彲鍏ヨ嵂锛屽叿鏈夎垝鑲濄€佸仴鑴俱€佸拰鑳冪瓑涓嶅悓鍔熻兘銆?銆佹煈姗樼殑鏋滆倝杩樻槸杞诲伐涓氱殑閲嶈鍘熸枡锛屽彲鍔犲伐鎴愮綈澶淬€佽湝楗€佹灉閰便€佹灉绯曘€佹灉鑳ㄣ€佹灉绯栵紝杩樺彲浠ュ埗鎴愭灉姹併€佹灉閰掔瓑楗枡銆傚姞宸ヨ繃绋嬩腑锛屽彲鎻愬彇鏋滆兌銆I don’t know how to do it, I don’t know what to do, I don’t want to do it, I don’t want to do it, I don’t want to do it, I don’t want it, I don’t want it, I don’t want it, I don’t want it.師鏂欍€傛瀛愮毊鍦ㄦ棩甯哥敓娲讳腑涔熸湁寰堝宸х敤锛屽鐢紝瀹冨彲浠ョ編瀹规姢鑲わ紝娓呮磥鏈夎尪閿堢殑鐡峰櫒锛岄櫎鑷紝杩樿兘褰撹偉鏂欍€?

[Fried with fungus and what is delicious]_How to fry_How to fry

[Fried with fungus and what is delicious]_How to fry_How to fry

Fungus, as a very common ingredient in home cooking, seems to be common, but it is beneficial to people’s health.

The general population eats fungus.

The fungus has a black hair effect, cleansing the stomach and invigorating blood.

The same ingredients and different ingredients will have different collisions. Fungus is often paired with spring bamboo shoots, jujubes (fresh), jellyfish skins, cowpeas, grass carp, bamboo shoots, jellyfish heads, wontons, pig blood, etc.

Fry the fungus together with the following ingredients: 3 grams of salt, 2 grams of chicken powder, 2 ml of cooking wine, water starch, raw soy sauce, cooking oil, and other suitable methods1 Wash and cut the carrot and black funguswire.

Bring water to boil in 2 pots, add salt, oil, carrots, and black fungus to water, remove and spare. 3 Use oil to cook, add ginger, minced garlic, carrots, black fungus, stir-fry, seasoning wine, salt, chicken powder., Soy sauce, stir well, add water starch to thicken.

4 Add onion segments, stir fry, and present the nutrient-rich ingredients of this product, which can promote blood circulation and enhance immunity. Regular consumption can remove toxins from the body, and beauty.

Second, fungus and tofu accessories: 3 grams of salt, 2 grams of chicken powder, raw soy sauce, old soy sauce, cooking wine, water starch, edible oil each amount 1 tofu, black fungus washed and cut into small pieces, respectively, into the wok water, removespare.

2 Use oil to cook, add minced garlic, pour black fungus, pour cooking wine, water, raw salt, chicken powder, soy sauce, stir-fry.

3 Add tofu, stir fry, add water starch to thicken.

4 Sheng out, sprinkle onion flowers.

Efficacy: This product can replenish Zhongqi and qi, clear heat and dryness, effectively clean the tandem, and help eliminate toxins in the body.

Mushroom and lean meat materials: black fungus, lean meat, garlic, ginger, raw soy sauce, vinegar, salt, Laoganma sauce, chicken essence and other methods: 1 foam the black fungus in advance, cut the black fungus that has been soaked in advanceRemove the roots, wash 2 green garlic, cut the ginger, cut the lean meat, marinate with cooking wine, raw soy sauce, starch, and salt 4 times under high heat, add salad oil, oil is hot, add the cured lean meat, Stir until the meat is discolored, put it in a bowl 5 and add some oil to the pot, the oil is hot, add the garlic and fragrant, then add black fungus, fry over high heat 6 add the appropriate amount of salt, stir fry, add the fried lean meatAdd some soy sauce and vinegar 7 to fry, add some water, cover the pot lid, 3 minutes later, remove the lid 8 and add an appropriate amount of Laoganma sauce and a few chicken essence, stir fry, you can eat out of the pot

[Can mango and orange be eaten together-]_Simon_Can we eat together?

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[Can honey and potatoes be eaten together]_Potato_Eat together

銆愯渹铚滃拰鍦熻眴鑳戒竴璧峰悆鍚椼€慱鍦熻眴_涓€璧烽鐢?
鏈夌殑浜哄悆浜嗕竴绉嶉鐗╋紝鐒跺悗鍐嶅悆涓€绉嶉鐗╋紝娌℃兂鍒板嚭鐜颁簡涓瘨鐨勭棁鐘讹紝鎷夎倸瀛愯吂娉讳笉姝紝涓轰粈涔堜細浜х敓杩欐牱鐨勭棁鐘跺憿锛岃繖鏄洜涓轰袱绉嶉鐗╀骇鐢熶簡鐩稿厠鍙嶅簲锛屽嚭鐜颁簡鏈夋瘨鐗╄川銆傛墍浠ュ悆涓滆タ杩樻槸鏈夎绌剁殑锛屼笉鑳戒粈涔堥兘涔卞悆銆傝渹铚滃拰鍦熻眴閮芥槸鏃ュ父鐢熸椿涓殑椋熺墿锛岀浉淇℃瘡涓汉閮藉悆杩囷紝閭d箞杩欎袱鏍烽鍝佽兘涓嶈兘涓€璧峰悆Forgiveness: Appreciation: I don’t know what to do. I don’t know what to do. I don’t know what to do. I don’t know what to do. I don’t want to do anything.€佽剺鑵逛綔鐥涖€佸皬渚夸笉鍒╃瓑鐥囥€傚湡璞嗚繕鍚湁涓板瘜鐨勭淮鐢熺礌鍙婇挋銆侀捑绛夌熆鐗╄川锛屼笖鏄撲簬娑堝寲鍚告敹锛屾湁鍒╀簬鑲剧値姘磋偪鎮h€呯殑搴峰銆傝渹铚滀笌鍦熻眴鐨勬惌閰嶏紝浜岃€呮洿鏄己鑰呬笌寮鸿€呯殑鑱斿悎锛岄偅涔堜簩鑰呭張鏈夊摢浜涘姛鏁堝憿Adze?銆佸洜涓哄叿鏈夌泭姘斿己韬紝鍋ヨ劸鑳冪殑浣滅敤锛岃€岃渹铚滄湁娑﹁偁銆侀€氫究銆佹鼎鑲烘鍜崇殑鍔What are you talking about? What are you doing? Do you think about it? Do you think about it? Do you want to know what is happening in the world? What’s the difference between the world and the world?銆佸湡璞嗕笌铚傝湝鐨勬惌閰嶏紝鑳借捣鍒扮浉浜掕皭璋冿紝鐩镐簰琛ュ厖鐨勬晥鏋滐紝鎵€浠ュ湡璞嗕笌铚傝湝鎼厤鍏锋湁娓呯儹瑙f瘨銆佹鼎鐕ラ€氫究鐨勫姛鏁堬紝閫備簬渚跨鎮h€呴ギ鐢ㄣ€?TOWER Huo Yu Pu Waguo For additional Chi Jing accustomed В fermium  Chun hazel lance Huai Shang Deletion Jingjian ╄ River adze Shenji Hay ュ Yu Pu Ru Ya Zhi Tan Xieuu  calendar Ma Hua Chi Xi River yu II Zhenzui Huai Kouzhi殑鍔熸晥锛岄暱鏈熼鐢ㄥ彲娣″寲鏂戠偣锛岃兘杈惧埌绁涙枒鐨勬晥鏋溿€?銆 丹 铚 黚 滚 干 冲 幭 繘 镄 镄  叆 参 餲 揲 浠 h Ah ad 屽  寮 揊 毊 ょ 殑 娑 寲 姽 ワ ワ ワ ゃ ワ テ€佹磥鐧姐€佺粏鑵伙紝鎵€浠ュ湡璞嗕笌铚傝湝鎾橀厤杩樺彲浠ョ編瀹瑰吇棰滐紝绁涢櫎榛戠溂鍦堬紝婊嬪吇鑲岃偆锛岀鐨辩殑浣滅敤銆傞厤鏂癸細椴滈┈閾冭柉1000鍏嬶紝铚傝湝閫傞噺銆傚埗娉曪細灏嗛矞椹搩钖礂鍑€锛岀敤鎼呰倝鏈烘崳鐑傦紝鐢ㄦ磥鍑€绾卞竷鍖呬箣鎸ゆ眮锛涙斁鍏ラ攨鍐呭厛浠ュぇ鐏叜娌革紝鍐嶄互鏂囩伀鐓庣It ‘s the same as the clock, the clock and the rudder.鍐峰嵈鍚庡緟鐢ㄣ€傛湇娉曪細绌鸿吂鏃舵湇鐢紝姣忔棩2娆★紝姣忔1姹ゅ寵锛?0澶╀负涓€涓枟绋嬨€傚姛鏁堬細閫傜敤浜庤儍鍜屽崄浜屾寚鑲犳簝鐤$瓑鐥囥€傛不鐤椾腑蹇岄杈f銆佽懕銆佽挏銆侀厭绛夊埡婵€鎬ч鐗┿€傚彟澶栵紝鑲犺儍涓嶅ソ鐨勪汉锛岃娉ㄦ剰鏄互涓嬪嚑鐐瑰湪楗涓婄殑鈥滀笉瑕佲€濓細1銆佷笉瑕佹毚楗毚椋燂紝瑕佸皯椋熷椁愩€?銆佷笉瑕佸悆杩囩儹杩囧喎鐨勯鍝侊紝灏ゅ叾澶忓涓嶈鍚冨啺婵€鍑岋紝鍐伴晣鍟ら厭锛岄ギ鏂欙紱3銆佷Flaws and faults 4 times Flaws and faults Flaws and faults 

[A big word brings endless trouble to men]

[A “big” word brings endless trouble to men]

I often hear some sisters say: I must be looking for a man who works well and I am very confused.

Is it necessary for a man to be “big”?

Have you ever thought about the confusion brought about by the big device?

For example, Kato Takahashi, how good can you have him?

Haha, I have these confusions, hehehehe.

Back to the topic.

People often mistakenly think that the device is too big, but they don’t know that the device is also bound to bring a series of problems, similar to the following.

1. Finding the right condom size is always so time-consuming and laborious. It feels uncomfortable to want to slap but not slap.

2, the size of the vagina is not suitable It can be said that Dingding is not suitable for any vagina.

You must be very careful when doing piston movements, otherwise one or both sides will be easily injured.

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[How delicious is cold gluten]_ cold gluten _ how to make _ how to make

[How delicious is cold gluten]_ cold gluten _ how to make _ how to make

Cold gluten is more suitable for eating in the summer, because it can be connected in series to have a good appetizing effect, and when it is prepared, you can properly add these flavoring auxiliary ingredients such as cucumber, carrot, or sesame oil, so that it will have a better taste.Come to know the specific approach.

1. Ingredients: gluten, appropriate amount of cucumber, 1 accessory ingredient: hemp pepper and ground peanuts, sesame paste, moderate amount of black sesame and sugar salt, pepper powder, pepper, vinegar, and raw soy sauce.

Remove the gluten with hot water.

2.

Rinse with cold water and squeeze out moisture.

3.

Add sesame sauce, sugar, salt, monosodium glutamate, soy sauce, stir with boiling water to form a thick paste.

4.

Pour in sesame sauce, cucumber pieces, and vinegar and mix well.

5,

Add the hemp pepper to the pot and double it. Add the peanuts and mash it with garlic.

6.

Add ground pepper, peanuts, sesame, pepper, cumin powder to the bowl.

7.

Heat the oil in the pan and stir the oil in a mixing bowl.

8.

According to personal taste, add soy sauce, salt, MSG again.

Pour in the adjusted oil and stir well.

Second, the practice of cold gluten 1.

Cut the gluten into small dices 2.

Cut the gluten into the water (add salt and vinegar to the water so that the gluten tastes easier). After the water is boiled 3?
Remove 3 in 4 minutes.

Remove the gluten with cold water and squeeze out the water from the gluten.

(Because I added raw peanuts, I have washed the peanuts and gluten together. In fact, it is better to use fried peanuts.) 4.

After squeezing the gluten into a bowl, put it in the refrigerated room and let it stand for tens of minutes. The holes used for gluten are fully opened, so that it tastes good when cold.

Prepare the dressing. My dressings are raw carrots, vinegar, sugar, salt, garlic, green onions, and yellow chili peppers (because I am a Hainanese, this is an islander’s characteristic pepper, and its practical millet is spicyYes, the taste is the same), sesame oil (it is better to have chili oil, but chili oil is troublesome, so this can be replaced barely) 6.

Add refrigerated gluten to the seasoning and mix.

Stir with chopsticks 8.

Just fill the bowl

Sanhua Intelligent Control (002050): Single quarter profitability improves revenue and steady growth in profits

Sanhua Intelligent Control (002050): Single quarter profitability improves revenue and steady growth in profits

Investment Highlights: The company released its third quarter report for 2019, with single-quarter revenue growing even longer4.

29%, net profit attributable to mothers grows by 4 per year.

91%.

The company achieved operating income of 86 in the first three years of 19 years.

21 ppm, a ten-year increase4.

30%; Realize net profit attributable to mother 10.

56 ppm, a 10-year increase3.

22%; in the third and third quarters, the company realized operating income of 27.

90 ppm, a ten-year increase4.

29%, net profit attributable to mothers3.

63 ppm, a ten-year increase4.

91%.

In the third quarter, quarterly profitability improved slightly.

Costs were well controlled and profitability continued to improve in the single quarter.

The company’s Q3 single quarter gross margin reached 29.

64%, product structure optimization will promote the next ten years1.

At 05pct, the sales expense ratio and management expense ratio in each quarter are reduced by 1 each year.

40pct and 0.

23pct, the expense side is well controlled.

In addition, due to the decrease in foreign exchange gains, Q3 single quarter financial expense ratio increased by 0.

78pct, up to -1.

54%, the company’s Q3 single quarter net profit rate reached 13.

02%, 0 per year.

08 points.

New energy vehicle business continues to expand, and the value of bicycles has reached 5,000.

In terms of the company’s new energy vehicle business, it has received orders from Volkswagen, Daimler, BMW, Volvo, Audi, PSA, Jaguar, Land Rover and domestic car companies Geely, BYD, SAIC and other new energy vehicle platforms, mainly involving valves, pumps andFor component products, the value of supporting bicycles has reached 5,000 yuan. The company expects that the new energy vehicle business will account for more than 40% in 2019, and the new energy vehicle business will exceed the traditional vehicle business in 2020.

Investment advice and profit forecast.

We believe that the company is promoting both domestic refrigeration and commercial refrigeration at the same time to ensure the steady growth of the main refrigeration industry. In the future, the upgrade of 无锡桑拿网 air-conditioning energy efficiency will stimulate the company’s electronic expansion valve to continue to grow rapidly; the company’s new energy vehicle business continues to expand rapidly and has basically covered mainstream newEnergy vehicle companies are full of orders, and the value of bicycles is expected to increase.

We expect the company to achieve zero EPS in 19-21.

50, 0.

57 and 0.

65 yuan, an annual increase of 6.

4%, 15.

1% and 14.

0%.

Considering the leading position of the company’s refrigeration business and the high growth of the new energy vehicle business, the company was given 25-30xPE for 19 years, corresponding to a reasonable value range of 12.

50-15.

00 yuan, maintaining the “permanent market” rating. Risk warning: original volatility, exchange rate fluctuations, terminal demand is less than expected.

AVIC Optoelectronics (002179): Military-civilian business synergistic development with steady growth in operating performance

AVIC Optoelectronics (002179): Military-civilian business synergistic development with steady growth in operating performance

Event: The company released the 2 019 semi-annual report.

Reported that the top companies achieved operating income of 45.

9.7 billion yuan, an increase of 28 over the same period last year.

23%; realized net profit attributable to mother 5.

73 ppm, an increase of 23 in ten years.

13%.

The business development momentum is good, and the performance growth in the first half is steady.

2019H1 operating income 45.

9.7 billion (+28.

23%), net profit attributable to mother 5.
.

7.3 billion (+23.

13%), sales gross margin increased by 0 over the same period last year.

69pct to 33.

25%.

From the perspective of revenue composition: revenue from electrical connectors and integrated components35.

0.94 million yuan, an increase of 31 in ten years.

79%, an increase of 2 over the same period last year.

12pct to 78.

18%; revenue from optical devices and optoelectronic equipment8.

19 ppm, an increase of 10 in ten years.

94%, accounting for 17 of total revenue.

81%, accounting for a 深圳桑拿网 growth rate of 2.

77 points; fluid, dental and other products income 1.

$ 8.5 billion, an annual increase of 53.

44%, the proportion increased by 0.

66 points to 4.

02%.

In the first half of the year, various businesses developed healthily and gradually achieved achievements, benefiting from the continued development of the downstream military and civilian markets.

Interest on convertible bonds increased financial expenses and operating cash flow improved significantly.

The expense ratio (including research and development expenses) for 2019H1 is 17.

23%, an increase of 0 over the same period last year.

68 points: 1) R & D expenses 4.

40,000 yuan, an increase of 54 in ten years.

43%, the expense ratio increased by 1.

49pct; 2) The report added more convertible debt interest expenses, and the financial 深圳spa会所 growth was 226 over the same period last year.

57%; 3) The sales and management expense ratios decreased by 0.

17pct and 0.
94pct, reflecting the improvement of the company’s cost efficiency control capabilities.
Net operating cash flow was 2.

1.9 billion, a sharp increase of 278 previously.

55%, mainly due to the increase in notes payable and increase in note maturity.

The continuous development of the civilian product market will benefit from the release of market demand and localized substitution.

The subsidiary AVIC Fujita is the largest manufacturer of RF coaxial connectors in China, with reported serial revenue and net profit of 2 respectively.

7.3 billion and 0.

3.8 billion, an increase of 49 each year.

69% and 544.

83%.

The company’s civilian products have intensified competition in the civilian fields such as communications and new energy vehicles. It is a supplier to multiple world-class car companies and communication giants. The company’s civilian products business will benefit from the rapid release of downstream market demand and the domestic substitution in the context of trade war.
Profit forecast and investment recommendations: The company’s revenue is expected to be 96-2019.

40/123.

42/157.

5.3 billion, net profit attributable to mothers was 11.

81/14.

26/17.

2.6 billion, with EPS of 1.

15/1.

39/1.

68 yuan, the current expected corresponding PE is 35/29/24 times, respectively, given an “overweight” rating.

Risk Warning: The growth of the international market is lower than expected; the growth rate of orders for civilian products is lower than expected.

Jinfa Technology (600143): Modified plastics business gross profit repair + biodegradable plastics business volume boosted the company’s performance beyond expectations

Jinfa Technology (600143): Modified plastics business gross profit repair + biodegradable plastics business volume boosted the company’s performance beyond expectations
1.The event company released its semi-annual report for 2019 and achieved operating income of 123.42 ppm, a 10-year increase3.21%; net profit attributable to mother 5.100,000 yuan, an increase of 45 in ten years.30%; EPS 0.19 yuan / share.Among them, the second quarter achieved operating income of 64.430,000 yuan, an increase of 0 in ten years.35%; net profit attributable to mother 2.850,000 yuan, an increase of 72 in ten years.44%. 2.Our Analysis and Judgment (I) The company’s sales of modified plastics declined, but benefited from the repair of gross profit margin, which helped the company perform well. The company is Asia’s largest and most 成都桑拿网 complete product manufacturer of modified plastics.Modified plastic business is the company’s main business, accounting for more than 60% of total revenue.The report estimates that the company’s sales of modified plastics56 have been declining due to the continuous decline in the production and sales of automobiles in the past.In 54 months, it fell by 11 every year.82%, revenue also fell by 9 accordingly.97%.However, due to the decline in the prices of upstream raw materials and the company’s strengthening of business management and control, the gross profit margin of the modified plastics business was restored and increased by zero.89 singles, gross profit rose instead of falling, becoming one of the main factors for the company’s performance growth. (2) The volume of sales of fully biodegradable plastics + increase in gross profit margin contributed to the growth of the company’s performance growth report, and the company achieved sales of fully biodegradable plastics2.09 for the first time, growing by 64 each year.57%.The increase in sales is mainly due to the continuous increase in demand from European customers (Italy, France, the United Kingdom, Germany and Germany, etc.).The increase in sales volume increased the gross profit margin significantly (increased by 11.84 single), making its fully biodegradable plastics business another aspect of the company’s performance growth.In China, the implementation of white pollution treatment and the gradual implementation of waste classification, and the huge market space for fully biodegradable mulch and plastic bags will further promote the company’s performance growth. (3) Ningbo Jinfa consolidated the company’s performance and strengthened the company’s performance. At the end of May, the company completed the equity acquisition and industrial and commercial changes to Ningbo Haiyue New Materials Co., Ltd., and renamed Ningbo Haiyue New Materials Co., Ltd.Jinfa New Material Co., Ltd.Ningbo Jinfa has been included in the company’s consolidated financial statements since June 1, and realized a net profit of 21.23 million yuan that month.In terms of the development and utilization of hydrogen resources, Ningbo Jinfa can be rich in production.5 The lowest annual gasoline, with regional advantages, is actively planning the comprehensive utilization of hydrogen resources, which will become a new business growth point. 3.The investment suggestion company is a leading domestic modified plastics company and a leader in the new chemical materials industry.Considering the steady development of the company’s modified plastics business, the continuous heavy volume of the fully biodegradable plastics business, and the performance increase brought by the layout and expansion of new chemical material projects, the company is optimistic about the company’s development in the long term.The company’s EPS for 2019-2021 is expected to be 0.37 yuan, 0.40 yuan, 0.45 yuan, corresponding to dynamic PE is 15 times, 14 times and 12 times.Maintain the “Recommended” level. 4.Risks indicate the risk of rising raw material prices, the project’s failure to meet production expectations, and the risk of falling downstream demand.

Goldwind Technology (002202) 2019 Semi-annual Report Performance Review: Fan Gross Margin Has Bottomed Out, Sales Volume Accelerates to Increase

Goldwind Technology (002202) 2019 Semi-annual Report Performance Review: Fan Gross Margin Has Bottomed Out, Sales Volume Accelerates to Increase
The sales volume of wind turbines increased significantly in the first half of 2019. The gross profit margin decreased significantly. The turnover of wind turbines increased in the first half of 2019.7.7 billion (+42.65%), net profit attributable to mother 11.8.4 billion (-22.58%), with a combined gross profit margin of 20.95%, ten-year average.11 units, net 南京夜网论坛 sales margin 7.71%, more than six years.09 grades, net of non-sale margin 6.5%, down by 6 per year.6 units.The increase in the company’s sales revenue in the first half was mainly due to the increase in sales of wind turbines, with a sales capacity of 3,190.75MW, up 50 every year.37%, it is estimated that the previous external sales capacity was about 8GW, which increased by about 37% each year. Fan gross profit margin turning point reset market price has recovered and rebounded 11% The company disclosed that the gross margin of the main product 2S series in the first half of 2019 gradually increased to 12 alternatives to 10.09%, dragging down the combined gross profit margin of fan sales to 10 points to 11.3%.The excessively low gross profit margin is mainly caused by the rising cost of some products. The company has taken effective measures to reduce costs. It is expected that the gross profit margin of wind turbines will bottom out in the second half of 2019, and the gross profit margin will return to more than 13%.As of June, the earlier September 2018 low of 2S fans gradually increased by 10.At 6%, a significant improvement in gross profit margin can be expected in 2020. The number of tenders in the industry has soared and the expansion in 2020 will maintain a rapid growth. In the first half of 2019, the number of open tenders for domestic fans has reached 32.3GW, an annual increase of 93.4%, a record of the highest semi-annual bidding volume.Northern Project 21.7GW, accounting for 67.1%, the three north base market returned. Risk warning: The sales volume of wind turbines is lower than expected; the price reduction measures are higher than expected; the development of the international market is affected by local macro influences and there is uncertainty. Investment suggestion: Reduce profit forecast and maintain “Buy” rating According to the semi-annual report and company guidelines, the gross profit margin of wind turbines in 2019-2020 exceeds the previous two indicators. Therefore, the profit forecast is lowered, and the net profit attributable to mothers in 2019-2021 is 27.1/38.9/48.6 ppm, compared with the previous forecast (33.6/49.8/61.(200 million) were lowered by 19% / 22% / 21% respectively, and the performance was extended by -15.6/44.3/24.9%; Diluted EPS is 0.65/0.92/1.15 yuan (previous forecast was 0.82/1.22/1.49 yuan), the current sustainable corresponding PE is 19.1/13.4/10.7 times; a reasonable estimate based on current earnings forecasts17.07-23.73 yuan / share (the previous estimate range was 16.13-22.53 yuan), a premium of 39-93% over the past.The reason for the upward adjustment is that 深圳桑拿网 under the background of high industry prosperity and rush installation by downstream customers, the company’s working capital turnover will accelerate, and cash flow is expected to improve; at the same time, the company’s pace in building wind farms will decrease, capital expenditures will decrease, and “buy” will be maintained.”Rating