[How can taro flowers be numb?】 _How to_Daquan Practice

銆 愯 妺 劶 槶 suit 姳 Ho 庝 箞 锅 楞 楉 傹 抆 抆 悱 悍 掍 歘 锅 氭 硶 澶 叏
What is the best way to do it? Aren’t you happy? Aren’t you happy? Aren’t you happy? Aren’t you happy?The awards are presented in the awards, and the awards are made, and the lawsuits are made, and there are no complaints, such as: 冔 姽 姤 ご 姤ㄩ鐢ㄧ殑鏃跺€欎細姣旇緝楹伙紝涓€鑸湪鐑归オ鐨勬椂鍊欐渶濂藉厛杩囨按锛岀劧鍚庡湪灏忕伀鎱㈢倴锛岃妺澶磋姳鐨勯夯灏卞彲浠ヨ鍘绘帀浜嗭紝鑺嬪ご鑺辩殑钀ュ吇涔熸槸寰堜赴瀵岀殑銆傛€庢牱鍋氬嚭棣欐皵鍥涙孩鐨勮捀鑺嬭姳灏嗘柊椴滅殑鑺嬭姳鑼庡墺鐨紝灏嗚姳澶翠笌鑺辫寧鍒嗗紑锛屽幓鎺夎姳钑娿€傛妸鑼庡拰鑺卞This means that the lawsuits are available, and the lawsuits are available, and there is no way to do it, or if you want to know how to do it, if you want to know how to do it, what are you going to do?棿鍒囦竴鍒板垎鎴愪袱娈点€傛妸鍒嗗ソ娈电殑鑺嬭姳瑁呬汉鐩樹腑锛屾斁鍏ョ洂锛屾瀛愰唻锛屾补锛岃樃姘磋荆鎷屽寑銆備笂閿呰捀浜屽崄鍒嗛挓锛屽嚭閿呭嵆鍙鐢ㄣ€傚皢鏂伴矞鐨勮妺鑺卞幓钂傛礂鍑€锛岀敤鍒€鏂滃垏鎴愭锛屾斁鑷抽槼鍏変笅鏆存檼锛屾檼骞插悗瑁呰捣銆傚皢鏅The Chinese Communist Party has been able to distinguish between the Chinese and the Chinese, and the Chinese and the Russians, and the Chinese and the Russians, and the Chinese and the Russians, and the Chinese, the Chinese, the Chinese, the Chinese, the Chinese, the Chinese, the Chinese, the Chinese, and the Chinese, and the Chinese, the Chinese, the Chinese, the Chinese, the Chinese, the Chinese, and the Chinese, and the Chinese锛屾斁鍏ラ叡娌癸紝鐩愯厡鍒跺崄鍒嗛挓鍚庯紝涓嬬儹娌圭儹閿呯炕鐐掋€傛妸鍙戝ソ鐨勮妺鑺卞€掑叆閿呬腑涓€璧风炕鐐掞紝鏀惧叆灏戣姘村井鐒栵紝鎾掔偣楦$簿瑁呭叆鐩嗕腑銆備笂閿呰捀鍗婂皬鏃讹紝鑷宠倝杞儌鍗冲彲鍑洪攨椋熺敤銆傝妺澶寸殑鍔熸晥涓庝綔鐢?銆佽妺澶翠负纰辨€ч鍝侊紝鑳戒腑鍜屼綋鍐呯Н瀛樼殑閰告€х墿璐紝璋冩暣浜轰綋鐨勯吀纰卞钩琛★紝浜х 敓 提 庡  馏 馏 渤 殤 殤 擤 戤 ご 鍠 殑 殑 揤 揤 氃 獮 鍙  揉 ラ 槻 啌 凮 邰 傰 尰 尉 尶 氁 氁 銆?銆佽妺澶翠赴瀵岀殑钀ュ吇浠峰€硷紝鑳藉寮轰汉浣撶殑鍏嶇柅鍔熻兘锛屽彲浣滀负闃叉不鐧岀槫鐨勫父鐢ㄨ嵂鑶充富椋熴€傚湪鐧岀棁鎵嬫湳鎴栨湳鍚庢斁鐤椼€佸寲鐤楀強鍏跺悍澶嶈繃绋嬩腑锛屾湁杈呭姪娌荤枟鐨勪綔鐢ㄣ€?TOWER Cimo still water village Guo chain Bian Cun cre Cuitong suo tea clear wine mace pounds Ren Ju  Han Huan press dull you receive the Manjian quit hack Uuzeng Li Ding  Yuya Tsumagoi sclerophylla adze Shenshou crepe edition percent Huan Hua Yu Ya TsumagoiI am afraid that the chain will be very busy, and you will be able to see if you are going to hang around in China.屾瘨鏈夋姂鍒舵秷瑙d綔鐢紝鍙敤鏉ラ槻娌昏偪鐦ゅ強娣嬪反缁撴牳绛夌梾鐥囥€?The villages are going to the village to go to the village, and they will go to the village. They will go to the mountains, the mountains, the mountains, the mountains, the mountains, the mountains, the mountains, the mountains, the mountains, the mountains, the mountains, the mountains, the mountains, and the mountainsInsatiable father and mother, admiring the sorrows and sorrows, and the habit of using them to get rid of them. 

[Can the loofah and onion be fried together]_ loofah _ round onion _ eat together

[Can the loofah and onion be fried together]_ loofah _ round onion _ eat together

Onion is a common vegetable in our lives. It is often seen on the usual table. It can be seasoned with other dishes and it also makes this dish look particularly delicious. You can eat more loofah.Whitens skin and promotes digestion. Loofah can be paired with onion. The sweetness of onion and the freshness of loofah are particularly suitable.

Method 1: Prepare ingredients such as loofah; 200 grams of lean meat; 1 onion; salt; sugar; vegetable oil; raw flour; raw soy sauce; garlic; ginger; green onion.

2. Method steps (1) Cut the loofah peeling hob into pieces and wash them for later use; then cut the pork into slices and marinate them with an appropriate amount of soy sauce, salt and raw powder for a while.

(2) Cut the onion, ginger and garlic into granules, wash the onions and shred them, and put these materials in a container for later use.

(3) Add an appropriate amount of vegetable oil to the hot pot. After the oil is heated, pour the onion ginger and onion into the pot and stir-fry. Add an appropriate amount of salt and stir fry for a while.

(4) Add an appropriate amount of oil to the pan again, pour the sliced meat and stir-fry. After the color changes, pour the loofah together and continue to fry, add the appropriate amount of salt and soy sauce, and finally add the previously fried seasoning together.Pour in the stir-fry, and stir-fry when you are done.

3. Precautions Loofah and onion stir-fried pork is a very common home-cooked dish. You can easily make it at home, but there are some things to pay attention to.

Loofahs are easier to cook than meat slices, so fry them first before frying them. Loofahs are easier to cook than meat slices, so do n’t fry them on high heat or cook them.

The loofah must be cut and prepared, otherwise the water will be lost quickly.

The second method is to peel.

Wipe the loofah skin with a tool and peel the onion off the dry skin.

Wash clean.

Cut vegetables.

Cut the loofah into long strips, and cut the onions into long strips.

Chopped spring onion.

Drain.

Add oil to the pot and let the star anise when the oil is hot.

Fried spring onions.

Add green onions to reset the taste.

Put people on the dish.

Add the cut vegetables, stir fry evenly, add salt when they are cooked, and stir fry evenly.

Out of the pan.

It’s cooked and ready to go.

Practice III 1.

Loofah washed and cut away most of the protruding outside, and then cut the hob block for backup;

2. The black fungus helps to tear into small pieces for later use;

Remove the old skin of the onion and cut into slices for use; 4.

4. Heat oil pan, stir-fry ginger slices and meat slices together until discoloration; 5.

Pour onion and black fungus until there is a little fragrance on the onion; 6.

Add the loofah and stir fry until the ingredients are fully cooked, season with salt, and add a little sugar to freshen!

[Can sweet potatoes and mangos be eaten together?

】 _Sweet potato_with the same

[Can sweet potatoes and mangos be eaten together?
】 _Sweet potato_with the same

Sweet potatoes are also known as sweet potatoes. Although sometimes the appearance of sweet potatoes looks very inconspicuous, and even cannot be distinguished from many foods, the sweet potatoes have a very high taste and nutritional value.

Especially roasted sweet potatoes can be smelled a few hundred meters away, and they are also very delicious.

Then the question comes. When eating sweet potatoes, you also need to pay attention to matching. Can sweet potatoes and mangos be eaten together?

Sweet potatoes and mangoes can be eaten together appropriately.

It is recommended to eat a balanced and nutritious diet, eat more fruits and vegetables, and strengthen physical exercise. At least 3-5 times a week, such as ball games, swimming, cycling, running, etc.Alcohol is good for improving the body’s resistance and maintaining good health.

Hopefully my answer is of help to you.

Nutritional effect 1. Edible mango has the effect of clearing the stomach and intestines, and it has a certain antiemetic effect on motion sickness and seasickness.

2. Anti-cancer.

From the perspective of modern diet, mango contains a lot of vitamin A, so it has anti-cancer and anti-cancer effects.

3. Beautify the skin.

Because mango contains a lot of vitamins, mango can often be used to moisturize the skin.

4, hypertension, arteriosclerosis.

Mango contains nutrients, vitamin C, and minerals. In addition to its anti-cancer effect, it also has a therapeutic effect on preventing arteriosclerosis and hypertension.

5. Original constipation.

Soil mango contains a lot of fiber, which can promote bowel movements and has certain benefits for preventing constipation.

6. Sterilization.

The extract of mango leaves can inhibit pyogenic bacteria, Escherichia coli, Pseudomonas aeruginosa.

It also has the effect of inhibiting influenza virus.

[Can black beans be eaten with ginseng]_ 黑豆 _ 黄 参 _Can we eat together

[Can black beans be eaten with ginseng]_ 黑豆 _ 黄 参 _Can we eat together

Although ginseng is a relatively well-known Chinese medicinal material, the effect of ginseng is too strong, and people who use the poor ability of the human body cannot eat more, otherwise it is easy to backfire.

Most people who eat ginseng like to drink other ingredients together to improve their medicinal health effects. For example, can ginseng eat black beans?

How to eat it best?

Ginseng should not be abused.

Ginseng is an invigorating medicine. It is inconvenient if you take it casually without qi deficiency.

People with strong constitutions will not be weak, so they do not need to take supplements.

If misused or multi-purposed, it often leads to closed air and chest embolism.

Some people think that ginseng is a supplement, and think that eating it is always good for the body. This is a wrong idea.

Whether it is red ginseng or raw sun ginseng, it must be done step by step in the edible process.

In addition, we must pay attention to seasonal changes. Generally speaking, the weather is cool in autumn and winter, and it is better to eat; while the weather is hot in summer, it is not suitable to eat.

1.

Stew.

Cut the ginseng into 2 cm thin slices, put it into a porcelain bowl, fill it with water, seal the mouth of the bowl, and place it in a pot to steam and stew 4?
Ready for 5 hours.

2.

Chew.

Take 2?
3 pieces of ginseng are chewed in the mouth, refreshed, refreshing and delicious. It is the easiest way to take it.

3.

Milled.

Grind ginseng into a fine powder and swallow it daily, the dosage depends on the individual’s physical fitness, generally every time?
1.

5 grams.

4.

Make tea.

Cut the ginseng into thin slices, put it in a bowl or cup, and brew with boiling water. Cover for 5 minutes before taking.

5,

Sparkling wine.

Can the whole ginseng be cut into thin slices and blended into the bottle with 50?
Liquor soaked at 60 degrees, daily fun.

6.

Stew.

Ginseng is often accompanied by a certain bitterness when consumed. If ginseng is cooked with lean meat, chicken, fish, etc., it can eliminate the bitterness and nourish the body.

In addition, special attention should be paid to the use of hardware cooking utensils, whether it is fried or stewed.

[Broccoli fried shrimp ball practice]_ recommended diet

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Great Wall Motor (601633): Third-Quarter Report Performance Exceeds Expected Production and Sales Growth

Great Wall Motor (601633): Third-Quarter Report Performance Exceeds Expected Production and Sales Growth
Investment Highlights The company’s first quarter net profit was -25.70%, exceeding market expectations.The company released the report for the third quarter of 2019, with Q2 single-quarter revenue of 212.2 billion, an increase of 13.08%, an annual increase of 18.01%; net profit attributable to mother 14.10 billion, an increase of 84.70%, an annual increase of 506.82%; gross margin 18.49%, an increase of 4 from the previous quarter.93 units; net interest rate 6.61%, an increase of 2 from the previous quarter.45 units.In the first three quarters of 2019, the company achieved revenue of 625.78 ppm, a ten-year 杭州桑拿 average of 6.10%; net profit attributable to mother 29.17 ‰, 25 years ago.70%; gross profit margin 15.32%, net interest rate 4.80%.Q3’s single-quarter and first three quarters’ results grew at the same rate. It is expected that: 1) production and sales will increase against the trend and market share will increase; 2) the preferential sales price will narrow. Production and sales increased against the trend, and the increase in market share was conducive to high profit growth after the narrowing of the preferential price range of terminal prices. Production and sales in the passenger car industry increased by 13 from January to September.1% and 11.Under the unfavorable situation of 7%, the company’s production and sales volume respectively completed 72.690,000 and 72.410,000 vehicles, with an increase of 7 each year.76% and 7.01%; sales market share reached 4.75%, an increase of 0 compared with the same period last year.31 singles, the only ones to expand and upgrade mainstream auto companies.With the large-scale promotion around the Spring Festival this year and the completion of the substantial price reduction and inventory clearance before the implementation of the National Six emission standard on July 1, the company’s model terminal discount rate has narrowed quarter by quarter (2019Q1-Q3 average bicycle price[Revenue / Sales]are approximately7.97 million yuan, 8.940,000 yuan and 9.190,000 yuan, up 12 from the previous month.17% and 2.80%), bicycle net profit increased quarter by quarter (2019Q1-Q3 bicycle net profit[net profit / sales volume) were about 0, respectively.280,000 yuan, 0.360,000 yuan and 0.610,000 yuan, an increase of 28 respectively.57% and 69.44%).In the fourth quarter, with the advent of the peak season of automobile consumption, taking into account the gradual effect of policies to promote consumption and other factors in the same period last year, the industry’s production and sales growth rate is expected to continue to improve.As for the company’s new models, in the fourth quarter, it plans to launch a number of new models such as Haval new H9 and Euler R2.We judge that under the resonance of the industry recovery cycle and the new car cycle, the company’s sales and profits are expected to continue to improve. Investment suggestion: In the first three quarters of 2019, the overall economic prosperity of the industry is relatively sluggish. The company’s production and sales have grown against the trend, the market share has continued to increase, and its leading position has become prominent.Stimulated by policies such as promotion of automobile consumption and tax and fee reductions, the auto industry is expected to gradually pick up; using the leading advantages, the company’s production and sales volume is expected to maintain steady growth, while profit margins may continue to increase.We adjust the company’s annual earnings from 2019 to 2021 to be 0.49 yuan, 0.59 yuan and 0.66 yuan, return on equity is 8 respectively.1%, 9.3% and 9.9%. Because the growth of the first three quarters exceeded our previous expectations, we upgraded the company’s investment rating to “Buy-A”. Risk Warning: The boom in the automotive industry is weaker than expected; the company’s new model sales are lower than expected

Shanghai Port Group (600018) First Coverage Report: Main Business Growth Reinvestment Determines Valuation

Shanghai Port Group (600018) First Coverage Report: Main Business Growth Reinvestment Determines Valuation

This report reads: Changes in the global economic and trade environment, and the growth of the main port industry.

With a large inflow of operating cash, the return on reinvestment will determine the company’s valuation.

  Investment Highlights: 6.

The reinvestment determines the estimated value and covers it for the first time, with a rating of “cautious increase.”

The growth trend of global trade and port tariff reduction policies have led to the growth trend of the port’s main business.

With a large inflow of operating cash, the return on reinvestment will determine the company’s assessment.

The EPS for 2019-2021 is predicted to be 0.

41, 0.

44, 0.

50 RMB.

According to the DCF assessment method and the comparable company PE method, a target price of 6 is given.

39 yuan.

  7

The port management is excellent, but the development speed is high.

As the world’s largest container port, Shanghai Port has high loading and unloading and operating efficiency.

Shanghai Port Group has excellent operation management and leading profitability industry.

  The company’s forward-looking investment in the field of automation promotes the transformation into cost reduction and efficiency improvement in the medium and long term.

However, changing the economic transformation and trade growth forecast, the port demand 上海夜网论坛 growth will also change.

At the same time, port tariff reduction policies are not conducive to profitable growth.

  8.

The reinvestment ability is good, and new models and new directions are being explored.

Shanghai Port Group has a good investment record. Investment in ports and ports along the Yangtze River has brought stable sources of supply. Real estate development and investment in banking stocks have brought rich financial returns.

Good investment ability, good accumulated cash to obtain good investment return.

However, changes in the macro environment and industrial policies have made it difficult to replicate past investments. The company is exploring new investment models and directions.

  9.

Real estate settlement and equity disposal contribute short-term profits.

In 2017-18, Shanghai Port Group disposed 天津夜网 part of the real estate company’s equity and replaced the sale of financial assets. Real estate settlement increased and contributed short-term profits.

In the next three years, the profit contribution from equity disposal and real estate settlement is expected to gradually decrease, and the substantive nature of reinvestment in new projects remains high.

  10.

risk warning.

Global trade has grown significantly, port rates continue to fall, house prices have fallen, and reinvestment yields have fallen.

Marubeni (603983) 2019 Third Quarterly Report Review: Efforts to Improve Efficiency and Reduce Expenses Increase Q3 Results Larger Than Expected

Marubeni (603983) 2019 Third Quarterly Report Review: Efforts to Improve Efficiency and Reduce Expenses Increase Q3 Results Larger Than Expected

Third-quarter results increased by 150.

6%, far more than the market expects the company to achieve revenue in the first three quarters of 1912.

1.2 billion, an increase of 14.

77%, achieved performance 3.

59 trillion, the same increase of 52.

26%, deducting non-performance growth of 40.

24%, exceeding market expectations.

Among them, Q3 single quarter revenue increased by 21.

28%, performance increased by 150.

62%, the performance growth performance is extremely outstanding under the increase in efficiency and cost reduction efforts.

E-commerce is expected to accelerate, and the performance of beauty salons will be split. The company’s e-commerce is expected to achieve about 20% growth under the promotion of mainstream platforms such as Tmall, which is significantly faster than the 10% growth rate of the interim report.Still beautiful performance, an increase of 11%; the department store channel slightly increased by about 25% compared to the interim report, while the company’s beauty salon channel increased 30%.

At present, the company still mainly resists the growth of Maru ‘s main brand, while Chunji and Lianhuo have different degrees of deviation. In the future, the two brands will increase their e-commerce channels, increase content marketing and new product launch efforts.

The best optimization of sales rate boosted profitability, and the operating cash flow remained stable. The company’s gross profit margin fell and dropped by 0.

25pct, which is expected to be due to increased sales.

At the same time, the sales expense ratio decreased by 4.

82pct, of which the single third quarter fell by 13.

84pct, fee reduction efforts penetrated, but the company is expected to expand vigorously this year’s Double 11 marketing, the resulting expense rate is expected to continue to pick up; financial expense rate fell by 1.

01pct is mainly due to the increase in deposit interest rates.

On the whole, the company’s third quarter reported net interest rate reached 29.

5%, much higher than the level of companies in the same industry (Polea 11).

2%, Shanghai Jahwa 9.

4%).

The company’s cash flow level is good, and net cash flow from operations increased by 10.

94深圳桑拿网%.

The company’s inventory / receivable turnover days were 105.

2 days / 0.

Within 5 days, the company and its peers are still at a better level.

The advantages of differentiation are obvious, and there is a lot of room for multi-channel efforts. Maintaining the “overweight” rating. As a whole, the company has established a brand image of eye anti-aging experts in certain areas through its differentiated layout over the years.The market has a broad customer base. Breakthrough companies continue to upgrade their products to increase customer unit price levels, and at the same time actively expand the anti-aging product category, and develop Marumi Tokyo imported product series. At present, terminal feedback sales are in good condition, and the industry will be transformed into high functionality in the futureThe strengthening trend of skin care upgrade is expected to get further development opportunities.

In addition, in the future, the company will still have a penetrating force in e-commerce direct sales channels and second- and third-tier department store channels, and will pass the multi-brand and multi-category strategy to achieve external expansion expectations.

Considering that the company’s efficiency improvement and fee reduction are prominent, and the e-commerce channel is being developed to gradually open up new space for revenue growth, we raised the EPS in 19-21 to 1.

45/1.

67/1.

90 yuan, corresponding to PE44 / 38/34 times.

Risk reminder: E-commerce growth is not up to expectations, and high-end series are not up to expectations

Meng Lily (603313) pre-increasing performance comments: 19 results in line with expectations optimistic about 2020 capacity release

Meng Lily (603313) pre-increasing performance comments: 19 results in line with expectations optimistic about 2020 capacity release

The decline in raw materials stimulated the company’s high performance and long growth. The slowdown in Q4 growth was due to a high base.

The company disclosed its results and earnings announcement, and expects to realize net profit attributable to mothers in 20193.

66 trillion, ten years +96.

70%; net profit after deduction to mother 3.

62 trillion, +60 for ten years.

68%.

In Q1 / Q2 / Q3 / Q4 in 2019, net profit attributable to mothers will be 0.

75/0.

75/1.

1/1.

0.6 billion, +1547 each year.

30% / + 123.

91% / + 52.

17% / + 40.

11%; net profit after deduction is 0.

49/0.

88/1.

32/0.

93 trillion, +4170 each year.

99% / + 56.

93% / + 64.

73% / +3.

26%. The slowdown in profit growth in the fourth quarter was mainly due to the high base brought by the decline in raw material prices in the fourth quarter of 2018.

Profitability was restored as scheduled, and Q4 profitability is expected to remain stable.

Q1-3 gross margin constant +6.

91 to 37.

01%; Q1-3 net interest rate +4 per second.

84pcpts to 10.

39%.

The gross profit margins for Q1 / Q2 / Q3 were 34 respectively.

09% / 40.

68% / 36.

43%, +9 each year.

19 + 9.

07 / + 3.

71pcpts; Q1 / Q2 / Q3 net interest is 9 respectively.

78% / 9.

84% / 11.25%, +8 each year.

48 / +4.

74 / +2.

15pcpts.

In Q4, the prices of raw materials dropped slightly, export throughput has transitioned to overseas, and overall overseas labor costs are relatively high. However, considering the climb of overseas production capacity and the increase of pricing power, profitability is expected to remain stable with 19Q3, and the growth rate will shrink.

Optimistic about the release of overseas production capacity in 2020, the bargaining power under anti-dumping is expected to continue to increase.

At present, the Serbian factory has covered all the orders affected by anti-dumping duties. In 2020, the company’s throughput in the United States 南宁桑拿 and Thailand will soon be delivered. With the increase of anti-dumping duties, accompanied by clearing, the trend of concentration of overseas orders is obvious.

2020-2021 As overseas production capacity continues to climb, income-side growth is a definitive alternative.

From the perspective of profit, the Serbian factory has realized the profitability of domestic exports before the anti-dumping tax was levied. The successful experience of overseas capacity deployment attempts to replicate to the US and Thai factories and gradually replace the price of raw materials. The production efficiency is gradually improved. The company is expected to welcomeA new round of high performance growth cycle.

Investment suggestion: In the short term, the company’s capacity growth from 2020-2021 is expected to enter a new cycle of high performance growth, and raw materials and exchange rates are at a low level to thicken profits; in the long term, the company is a pioneer in the cultivation of internal memory cotton bedding and M & AThe release of the synergy of channels, the spatial redundancy of the gradual development of independent brands.

Without considering the impact of the consolidation of Mor Furniture, the EPS is expected to be 1 in 2020-2021.

56/1.

88, corresponding PE is 16 / 13x, maintaining the “strongly recommended” level.

Risk reminders: fluctuations in raw materials and exchange rates, Sino-US trade frictions, overseas policy risks, the company ‘s new production base ‘s capacity release progress to local market demand, the difficulty of worker recruitment, and equipment operating conditions and other factors, there is uncertainty about the release.

Shanying Paper (600567): Continuous expansion is optimistic about long-term development

Shanying Paper (600567): Continuous expansion is optimistic about long-term development

2018 results 59.

04%, basically in line with expectations Shanying Paper announced its 2018 results: revenue of 243.

南京桑拿网
670,000 yuan, +39 a year.

48%; net profit attributable to mother 32.

04 ten percent, +59.

04%, blacks earn 0.

70 yuan, performance basically in line with expectations.

Due to the mergers and acquisitions of Liansheng Paper and Nordic Paper, the company’s consolidated paper business increased its caliber, and sales in 2018 increased by 30.

3% to 460.

63 annual income of at least +47.

9% to 185.

94 trillion, gross profit per ton +14 for ten years.

8% to 1,073 yuan / ton.

The development of the carton business was generally stable, with sales increasing by +4 in 2018.

2% to 12.

1.8 billion square meters, income +19 per year.

7% to 43.

69 ppm, gross profit margin -2.

0 points to 13.

twenty two%.

Development trend Industry uncertainty factors, it is difficult to significantly improve short-武汉夜网论坛term profitability: The overall consumption of packaging paper has not yet improved significantly, and the increase in prices of paper mills is not conducive to overcoming. From the beginning to the present, the average price of corrugated paper was at least -3.

8%, +1.

3%.

At the same time, we calculated that this year’s planned new production capacity is more than 1,000 tons, an ultra-balanced level. If the relaxation of environmental protection this year makes the landing capacity more than expected, the price of paper will also be under pressure.

From a cost perspective, the policy direction of tightening waste paper imports has not changed. We expect the long-term waste paper import quota to fall by 35%?
45% to 1,000?
1,200, which will make packaging paper leaders continue to increase the use of high-priced domestic waste paper, and its cost advantage will be further compressed.

The company continues to expand and has long-term development opportunities: the company’s capacity expansion path is clear, and horizontal and vertical extensions are involved.

Excluding the consolidated Nordic Paper and Liansheng Paper, we currently estimate that the Central China Base 127 Packaging and Packaging Paper project will be completed in 4Q19, and the company’s total production capacity will be close to 600 mm.

In addition, in September 2018, the company acquired 100% equity of Phoenix Paper in the United States. After upgrading, Phoenix Paper will enter a high-end production capacity of 36 high-end kraft paper / wood pulp.

In our opinion, the significance of the company’s acquisition of Fenghuang Paper lies in the layout of overseas markets, as well as strengthening the ability to control upstream resources.

We judge that the tightening of waste paper imports in developing countries is still a definite trend in the future, and papermaking leaders will continue to reduce the amount of imported waste paper. If the company can control overseas wood pulp resources, it will help it obtain stable and cheap raw material sources.Breaking to consolidate the advantages of the cost side.

Earnings forecast remains attributable to net profit attributable to mothers for 2019/202030.

00/33.

35 trillion is unchanged.

Estimates and recommendations currently correspond to 2019/2020.

2/5.

6 times price-earnings ratio.
Maintain the recommendation level, but considering the overall assessment and repair of the industry, we raise our target price by 23% to 4.

86 yuan, the target price corresponds to July 2019/2020.
5/6.

7 times price-earnings ratio, corresponding to + 20% space.

The release of production capacity in risk industries caused paper prices to fall, the cost of waste paper increased, and the company’s capacity construction was delayed.