桑拿

Creed exposes official trailer, Nolan plays time and space puzzle again

“Creed”exposesofficialtrailer,Nolanplaystimeandspacepuzzleagain
OnDecember20,the”Creed”(provisionaltranslation)directedbyChristopherNolanexposedtheofficialtrailerandposter.ThefilmwillbereleasedinNorthAmericaatthebeginningofJuly17,2020.Attheendofthetrailer,Nolanplaysthespace-timepuzzleagain.WhenthetwoprotagonistsplayedbyJohnDavidWashingtonandRobertPattinsondroveforward,thenextcarwastravelinginreverse-fromtherollovertotheoriginalstate.Inthissamescenario,timeandspaceflowincompletelycontradictoryorder.Takingacloserlookatthetrailer,infact,multiplescenesincludethesimultaneousprogressionofthespace-timeforwardandreversesequences.”Creed”isdirectedbyNolan,starringJohnDavidWashington,RobertPattinson,ElizabethDebitsky,KennethBranagh,MichaelKaneandsoon.InaninterviewwiththeUnitedNationsEntertainmentWeekly,Nolanstatedthat”Creed”isaspywaractionblockbusterthatspansmultiplecountriesandmergesmultipletypes.Itisalsothelargestandmostambitiousfilmhehasevershot.Sauna,YeWangZhouHuixiaowanEditorXuMeilinProofreadingWuXingfa

[How to make fried beans with dried beans]_Home-made methods of fried beans with dried beans_How to make fried beans with dried beans_How to make fried beans with dried beans

[How to make fried beans with dried beans]_Home-made methods of fried beans with dried beans_How to make fried beans with dried beans_How to make fried beans with dried beans

For most cities, it is not difficult to find that roadside stalls abound.

Although this is convenient for many people, who can guarantee the hygiene of the meal?

Eating roadside stalls for a long time will inevitably lead to major diseases.

And for health or you can choose to eat at home.

Below, I will introduce to you how to make fried beans with dried beans.

1.

The dried beans are steamed and cooked thoroughly, and the small picture is convenient for steaming directly on the rice.

2.

Pork belly, garlic sprouts, dried fragrant, carrots, onion ginger garlic, seasoning is ready.

3.

Slice or shred pork belly and marinate with soy sauce only.

Dried diced diced, carrots, ginger and garlic shredded, dried beans are also steamed, each representative.

4.

Add oil, stir-fry the ginger and garlic, and then stir-fry the six mature fashion plates for later use. Add the garlic seedlings, bean drum sauce, and add the carrots, fragrant dried diced, and stir-fry a few times.White sugar, soy sauce, stir-fry for a little while.

5,

Finally, put salt, place in a plate, and sprinkle with green onions.

When cooking, pay attention to the grasp of the heat, then today I will introduce you to fried beans with dried beans. Everyone must pay attention to the heat, and quickly try to make it!

[Crab and Tomato]_Tomato_Diet Taboo

銆愯瀮锜硅窡瑗跨孩鏌裤€慱鐣寗_楗绂佸繉
Aren’t you kidding me?瑗跨孩鏌胯兘涓嶈兘璺熻瀮锜瑰悆甯稿惉浜鸿涓€浜涢鐗╀竴鍧楀悆瀹规槗浜х敓姣掔礌锛屽鏄撻€犳垚韬綋涓嶉€傦紝鏈変汉璇磋タ绾㈡熆鍜岃瀮锜逛竴鍧楀悆锛屽鏄撳湪鑳冮噷闈骇鐢熷弽搴旓紝瑗跨孩鏌块噷闈㈢殑缁寸敓绱燙浼氭妸铻冭煿閲岄潰鍚湁鐨勬棤姣掓湁鏈虹牱杞彉鎴愭棤鏈虹殑鏈夋瘨鐮凤紝鐢氳嚦鏄笁浠风牱锛屼篃灏辨槸骞虫椂鎴戜滑璇寸殑鈥滅爳闇溾€濓紝杩欒涓嶅皯浜洪兘涓嶅瘨鑰屾牀锛屼絾鍏跺疄杩欑璇存硶骞舵病鏈夌瀛︽牴鎹€傝タ绾㈡熆鍜岃瀮锜逛竴璧峰悆骞朵笉浼氫骇鐢熸瘨绱犮€傝タ绾㈡熆鍜岃瀮锜逛竴鍧楅鐢ㄥ悗锛屼笉浠呭湪鑳冮噷闈笉浼氳浆鍙樻垚鏈夋瘨鐨勬棤鏈虹牱锛岃€屼笖灏辫繛鍒氭墠澶у璇寸殑涓The ring-shaped sickle wase ring-shaped. 0.06 姣  toilet 婏 哏 协 嬏 嬏 姶 喗 喗 倗 刹 鈣 鍜 呜  姹 傜 殑 0 0.5姣厠姣忓崈鍏嬭浣庡緢澶氥€傚洜姝ゅぇ瀹跺畬鍏ㄤ笉鐢ㄦ媴蹇冭タ绾㈡熆鍜岃瀮锜逛竴鍧楀悆瀹规槗涓瘨锛屼細鍗卞韬綋鍋ュ悍銆傝瀮锜瑰拰鏌垮瓙闄や簡铻冭煿鍜岃タ绾㈡熆锛屼篃甯稿惉浜鸿铻冭煿鍜屾熆瀛愮浉鍏嬶紝涓€鍧楀悆瀹规槗瀵艰嚧鑵圭棝鑵规郴锛屼絾濡傛灉浣犵湡鐨勪袱绉嶉鐗╀竴鍧楀悆鍑虹幇鑵圭棝鑵规郴鐨勬儏鍐碉紝棣栧厛瑕佽€冭檻鐨勪笉鏄鐗╃浉鍏嬬殑闂锛岃€屾槸瑕佽€冭檻铻冭煿鏄惁瀹屽叏鐓啛锛岃嚜宸辨槸涓嶆槸鏈夎偁鑳冩晱鎰熺殑鎯呭喌锛岄櫎姝や箣澶栵紝鐢熸熆瀛愰噷闈㈠惈鏈夊ぇ閲忛灒閰革紝鍚冨お澶氫篃瀹规槗瀵艰嚧鑵圭棝鑵规郴銆傝眴娴嗗拰楦¤泲鐩镐俊璞嗘祮鍜岄浮铔嬩笉鑳戒竴璧峰悆锛屼篃鏄ぇ瀹舵渶甯稿惉鍒扮殑椋熺墿鐩稿厠椋熺墿锛屾湁浜鸿璞嗘祮閲岄潰鍚湁鑳拌泲鐧介叾鎶戝埗鐗╋紝浼氭姂鍒惰泲鐧借川鐨勬秷鍖栵紝涓嶅埄浜庨浮铔嬬殑钀ュ吇锛屼絾鏄ぇ瀹惰鐭ラ亾澶ц眴閲岄潰鍚湁鐨勮儼铔嬬櫧閰舵姂鍒剁墿鎬曠儹锛屽ぇ瀹跺湪鎶婅眴娴嗙叜鐔熶箣鍚庢棭灏辨秷澶辩殑鏃犲奖鏃犺釜浜嗭紝鍥犳澶у鍠濊眴娴嗘椂鍙互鏀惧績澶ц儐鐨勫悆楦¤泲銆傝眴鑵愬拰鑿犺彍澶у涓€瀹氭湁鍚杩囷紝鑿犺彍閲岄潰鐨勮崏閰搁亣涓婅眴鑵愰噷闈㈢殑閽欒川锛屼細浜х敓鑽夐吀閽欙紝浠庤€屽鑷寸粨鐭崇殑璇存硶锛屼絾鍏跺疄瑕佸鑷村嚭鐜扮粨鐭筹紝棣栧厛鑽夐吀銆佷互鍙婇挋鐨勯噺瑕佸ぇ锛屽苟涓斿畠浠湪鍝噷鐩搁亣涔熺洿鎺ュ奖鍝嶆槸鍚︿細褰㈡垚缁撶煶锛屽鏋滄槸鎴戜滑鐩存帴椋熺敤璞嗚厫鍜岃彔鑿滐紝閭d箞鑽夐吀鍜岄挋浼氱洿鎺ヨ繘鍏ヨ偁鑳冿紝缁撳悎涔嬪悗浼氶殢鐫€绮Research, research, and development of the Super Fleet, fundraising, research, and development, super fleet, fundraising, research and development, research and development, research and development, and research and development銆?

[How to lose weight with egg, beef and cucumber]_How to lose weight_How to lose weight

銆 愰 Floating 鬔 嬬 Altar inlaid with 粍 琡 晃 噺 inlaid with jade 島 堁 堟 偉 忡 傡 綍 銆 慱 賱 囝 箞 鍑 忚 _ 濡 綍 獑 忚 伟
浜虹殑楗涓€瀹氳鏈夎寰嬶紝鍚屾椂涔熻娉ㄦ剰楗鐨勫崼鐢燂紝鍥犱负澶у鏁扮柧鐥呴兘鏄€懲 楗  鏉 ュ Ship 釴 懮 殑 氽  鏋 滈 ギ 椋 The nickname chain is stretched to read the sorrows and the sorrows, the sorrows, the seas, the seaweed, the seaweed, the seaweed, the seaweed薄涓ラ噸鍗卞澶у鐨勮韩浣撳仴搴凤紝鐢氳嚦璇卞彂鍑洪珮琛€鍘嬪拰楂樿绯栫柧鐥咃紝鎵€浠ュ強鏃剁殑鍑忚偉鍙互The chain is so long, it ‘s so easy to make a good deal. It ‘s a good idea. It ‘s a big deal. It ‘s a big deal. It ‘s like a hazel. It ‘s so good. How about it?Quilting: Do you want to make a forge?銆€榛勭摐楦¤泲鐗涜倝鍑忚偉娉曠畝鍗曟潵璇村氨鏄竴涓湀涔嬪唴锛屽潥鎸佹瘡澶╃敤榛勭摐鍜岄浮铔嬩互鍙婄墰鑲変綔涓轰富瑕侀鐗┿€傚洜涓洪粍鐡滃拰楦¤泲閮芥槸鍑忚偉椋熻氨閲岄潰鐩稿綋鍑忚偉鏉愭枡锛屽啀鎬庝箞鍚冿紝涔熶笉鑳栥€傜浜岋紝鐜颁唬鑽悊瀛︾爺绌惰涓猴紝椴滈粍鐡滃唴杩樺惈鏈変笝閱囦簩閰革紝鍙互鎶戝埗绯栫被鐗╄川杞寲涓鸿剛鑲€傞粍鐡滀腑杩樺惈鏈夌氦缁寸礌锛屽淇冭繘鑲犺爼鍔ㄣ€佸姞蹇帓娉勫拰闄嶄綆鑳嗗浐閱囨湁涓€瀹氱殑浣滅敤銆傞粍鐡滅殑鐑噺寰堜綆锛屽浜庨珮琛€鍘嬨€侀珮琛€鑴備互鍙婂悎骞惰偉鑳栫棁鐨勭硸灏跨梾锛屾槸涓€绉嶇悊鎯崇殑椋熺枟鑹敩銆傜涓夛紝鏃╅鍚冮浮铔嬬殑浜The monkey’s shoulders are lingering and the shoulders are dry, and the rules are stubborn.The new hooks are new, and the crocodile is just inlaid. The crocodile is just inlaid, and the water is rushed. The temperature is very high. The temperature is very high. The temperature is ℃ ℃.镒 ╃ 銆 劆 傞 哔 嬭 鬮 鍙  Mutual arbitrage  唑 舭 蒮 叮 瀵 嗗 唝 唏 擏 錏  Hawthorn birch cream?鎶よ绠¢槻姝㈢‖鍖栥€傜敱姝ょ湅鏉ラ浮铔嬪噺鑲ユ硶鏄湁绉戝鏍规嵁鐨勶紝閫氳繃瀹炶返涔熸槸琛屼箣鏈夋晥鐨勪竴绉嶅疄鐢ㄧ殑鍑忚偉娉曘€備篃鍙互閫夋嫨鍋ュ悍鍑忚偉椋熷搧锛屼互瀹夊叏鏈夋晥鐨勬彁鍗囧噺鑲ユ晥鏋溿€傚綋浣撻噸杈惧埌鏍囧噯鍚庯紝鍐嶄娇鎽勫叆鐑噺涓庣儹閲忔秷鑰楀钩琛★紝灏卞彲浠ヤ娇鍑忚偉鏁堟灉鎸佷箙銆傞浮铔嬬墰鑲夐粍鐡滃噺鑲ユ硶鏁堟灉濡備綍?Insects and sorrows are in the mountains and mountains, and the mountains and rivers are sturdy and sturdy.皯銆傜墰鑲変腑娼滃湪鐨勬姉姘у寲鍓傚彲浠ユ湁鏁堝鎶楃敱涓鹃噸鍜屽叾浠栬繍鍔ㄩ€犳垚鐨勭粍缁囨崯浼ゃ€傚彟澶栵紝浜氭补閰镐篃鍙互鐢ㄤ綔鎶楁哀鍖栧墏鏉ョ淮鎸佽倢鑲夎川閲忋€傚啀娆★紝鐗涜倝鏄綆鍗¤矾閲岄鍝侊紝鏄€傚悎鑳栦汉鍚冪殑鑲夌被銆傚浜庨渶瑕佷綆鐑噺鐨勫コ鎬ф潵璇达紝鍚冪墰鑲夋潵鍑忚偉鏄潪甯稿ソ鐨勶紝鍥犱负鐗涜倝澶у鏄槮鑲夈€?

[How to eat calcium citrate]_How to eat_How to eat

[How to eat calcium citrate]_How to eat_How to eat

Calcium is an important element that promotes the toughness and development of bones in the human body. Therefore, when calcium deficiency occurs, calcium should be added in time.

In the process of calcium supplementation, there are mainly two kinds of drugs that can be selected. One is calcium citrate and the other is inorganic calcium. Calcium citrate has a higher absorption rate than inorganic calcium, so it is also more popular.

And in the process of eating calcium citrate, how should I eat to achieve better results?

First, eating with vitamin D is different because of different calcium supplementation groups. For example, the elderly should eat with vitamin D when taking it. This will promote the absorption of calcium in the small intestine.

However, the amount taken is best based on the actual condition of your body.

The biggest advantage of calcium citrate as a new generation of calcium supplement products is that the human body will not produce carbon dioxide and cause flatulence like calcium carbonate after ingestion, so that people with bad stomachs will have an adverse effect.

Second, on time and in the same amount as other calcium supplement products, calcium citrate is just enough for the human body. Taking three capsules a day can meet all the human body’s needs.

If your treating physician has recommended other amounts and is based on your condition.

Then you should refer to the opinion of professionals on taking the medicine. It is not appropriate to take too much. I believe that when you consulted calcium citrate, you have learned that calcium citrate salt has higher solubility in human blood than oxalate that produces stones.Acid radicals will rob the calcium in the stones, thus giving the medicine an added effect to prevent stones.

But no matter how good the food is, it will be selective.

When you take too much calcium, there is a great chance that it will cause constipation and other bad situations, so we must remember to not take too much when taking it.

These are the three ways to eat calcium citrate.

It should be noted that each of us is different in weight and height, so the calcium required is also different.

When taking medicine, you must meet your own needs. For people with very poor constitution, they can take more, but they only need to adjust the amount if they are in good constitution.

[How to make colorful dumplings]_Home made colorful dumplings_How to make colorful dumplings_How to make colorful dumplings

[How to make colorful dumplings]_Home made colorful dumplings_How to make colorful dumplings_How to make colorful dumplings

With the development of the times, few of us may cook.

Everyone eats food stalls and takes away.

There is nothing wrong with this, but the food outside is not necessarily clean. Sometimes you can prepare your own meals to taste delicious food and also get healthy. The following editor will introduce you to colorful dumplings and learn how to make them yourself.

1.

12 Use a knife to chop the meat into meat fillings. Don’t be afraid of trouble!

The chop you make is fragrant.

Add minced ginger, soy sauce, salt, and pepper noodles and stir well.

2.

21 Wash and chop the cabbage, add in the meat and stir well when you want to wrap.

3.

1 Purple potatoes are steamed and cooled, then added to the flour to neutralize the yellow dough.

4.

2Sweet potatoes are cooked and added to the flour to neutralize the yellow dough.

5,

Add water and flour into white dough. Mix the three doughs and wake up for a while.

6.

Knead the three kinds of dough into long strips, roll the white and purple into thin slices, put yellow on top, purple in the middle, and white on the bottom.

7.

Wrap the yellow dough with purple and then the purple dough with white.

8.

Cut into pieces.

9.

Roll out the skin, stuff it, and squeeze it.

10.

Three kinds of dough can be combined at will.

11.

Open the dumplings in the water in the pot and serve when cooked!

A healthy diet is very important for a person, and you who have mastered the practice of colorful dumplings, why not create a new healthy diet environment for yourself?

Don’t hesitate, go to the kitchen and cook.

[How to make cold cakes]_Homemade practices of cold cakes_Cookies of cold cakes_How to make cold cakes

[How to make cold cakes]_Homemade practices of cold cakes_Cookies of cold cakes_How to make cold cakes

I want to make a dish, it is not as difficult as everyone thinks, as long as you prepare the ingredients, tableware, master the heat, and then follow the steps on the cold cake, I believe you can.

1.

Prepare the materials!

Simple, soak the flour and lime water, soak the lime in water, wait for the lime to calm down, take the cool lime water above, and soak it once more to get more lime water.

2.

Take out the lime water and pour it into a larger pot or pot. I used to use stainless steel pots.

3.

Take an appropriate amount of flour and put it in another clean small pot, add water, stir well, and make it into a slime form. There should be no particles. The flour is completely dissolved in the water, and a spoonful of it can be pulled into a line.

4.

Place the pot of lime water on the stove and heat it, then slowly pour the adjusted flour into the hot lime water while stirring constantly, stirring clockwise, do not stop.

5,

Medium and low fire, cook!

Stir while cooking, until the liquid in the pot changes color, thickens, becomes smooth and free of particulate matter, it also falls into a line when it is simmered, and there are bursts of slightly alkaline fragrance to turn off the fire!

Do not cook for too long, it will have a mushy taste after cooking for a long time!

But cook it!

It is up to you to grasp this fire in actual operation!

Can’t say clearly.

6.

Remove from the pan, place into small bowls, let it cool down, and then refrigerate for 6 hours.

7.

When you want to eat, take it out of the refrigerator and pour the brown sugar cooked earlier!

A bowl of cold cakes from Ba Shi is right in front of you!

Cleaner and cleaner than outside, it’s slippery and tender!

As long as you master the amount and heat of lime water and flour, there is no problem!

You can try it.

After reading the introduction above, you don’t have to envy others to make delicious food.

You can also do it yourself and follow the steps above to make a cold cake.

Jiechang Drive (603583): Third-quarter results exceed expectations and are bullish on long-term development potential

Jiechang Drive (603583): Third-quarter results exceed expectations and are bullish on long-term development potential

The third-quarter performance exceeded expectations and the gross profit margin declined. The company released its third quarter report and achieved revenue of 10 in the first three quarters of 2019.

10,000 yuan, an increase of 37 in ten years.

5%; net profit attributable to mother 2.

25 ppm, an increase of 40 in ten years.

8%.

By quarter, 19Q3 single-quarter revenue3.

60,000 yuan, an increase of 40 in ten years.

2%; net profit attributable to mother is 74.23 million yuan, an increase of 37.

3%, still maintaining high growth.

As the company’s products are mainly exported to the United States, affected by the escalation of trade disputes, Q3 gross profit margin was 32.

79%, a decline of 10 per year.

38.

Corporate expense ratio has shrunk, Q3 financial expense ratio 3.

14 pct, a decrease of 3 per year.

46 pct. At the same time, the asset disposal income and net investment income totaled 11.83 million yuan, which will certainly reduce the impact of tariff reductions on net interest rates.

Operating net cash flow in the first three quarters2.

190,000 yuan, an increase of 67 in ten years.

09%, basically 成都桑拿网 matching the scale of profit.

Overseas capacity transfer is smooth, optimistic about the company’s long-term development potential. According to the announcement, the company invested 5 million yuan to set up a wholly-owned subsidiary in Taiwan, China for product sales; the US subsidiary contributed US $ 25.3 million, and established a wholly-owned subsidiary in Malaysia.Sun Company, as the company’s overseas production base, actively implements capacity transfer and accelerates global deployment.

The trade disputes escalated in June, and the company’s revenue in the third quarter still maintained a high level of growth, indicating that downstream customers are more sticky, and recognition of product quality is the source of support for the company’s long-term development.

At the end of the third quarter, the company’s advance accounts were 2,372 million, equivalent to an increase of 33 at the beginning of the year.

52%, sufficient orders.

Investment suggestion: It is predicted that the revenue for 19-21 will be 13 respectively.

92/17.

67/21.

7.6 billion, with EPS of 1.

69/2.

03/2.

42 yuan / share, the current sustainable corresponding PE is 20x / 16x / 14x.

There is a certain difference in the proportion of the company’s products and comparable companies. Under the background of continuous downstream demand, the company has strategic layout in the fields of smart home and photovoltaic industry. The product application scenarios are expanded and the future growth is better.

Taking into account the differences in assessment levels and growth of comparable companies, the company’s 19-year PE is 26x, corresponding to a reasonable value of 44.

04 yuan / share, give the company a “buy” rating.

Risk reminders: the risk of intensified trade friction between China and the United States, the risk of fluctuations in gross profit margin, the risk of intensified market competition, the fluctuation of the RMB exchange rate, and the relatively high concentration of customers.

Haitong Securities (600837): Investment floating surplus drives net profit for ten years + 118%

Haitong Securities (600837): Investment floating surplus drives net profit for ten years + 118%

Core point of view Haitong Securities released 19Q1 results, the company achieved revenue of 99.

500 million, previously + 74%, achieving net profit attributable to mother 37.

700 million, previously + 118%, is expected to be comparable to the industry level.

Among them, the company expected an average ROE3 in the first quarter.

14%, an increase of 1 each year.

67 points.

The significant increase in investment floating profit is the main reason for the company’s performance.

In 1Q1, Haitong’s revenue increased by 42 every year.

500 million US dollars, of which self-operated performance (investment 杭州夜网论坛 income + fair value changes-joint ventures) increased by 35 each year.

700 million is the main force for the company’s performance growth.

In the first quarter of 2019, the market grew rapidly. The Shanghai Composite Index and the Shenzhen Component Index rose by 24% and 37%, respectively.

According to the 18th Annual Report, the fair value of equity positions in Haitong Securities’ trading financial assets was US $ 17.7 billion (including direct investment and other consolidated subsidiary positions), and changes in the fair value of stocks directly entered the income statement, which had a significant impact on performance.

Interest income fluctuated slightly, and pledge impairment losses have not yet significantly reversed.

In 19Q1, the company realized interest income of US $ 41 million, a year-on-year increase of -5%.

At the end of 18, the scale of Haitong’s on-balance sheet stocks was 56.1 billion, a decrease of 20.4 billion compared with the end of 17; at the same time, considering that the average size of the industry’s two financial industries fell by about 20%.

Therefore, the scale of the credit business stock in 19Q1 increased, which drove down interest rate income.

Brokerage, investment banking and asset management performance did not fluctuate much.

Brokerage income 9.

600 million, ten years +6.

7%, market share base turnover in the same period exceeded + 19%, brokerage commission rate is expected to improve.

Investment bank income 5.

8 trillion, +1 a year.

5%, 19Q1 industry equity financing reached -34%, corporate bond and corporate bond issuance scale expanded by + 108%; Haitong has currently reported to 3 science and technology board companies, including the star project Microelectronics.

Asset management income 4.

100 million US dollars, -9% in ten years, the company will increase the direction of capital management (channel-based) from 270.7 billion euros to 217.1 billion US dollars in 18 years. It is expected that the continuous downgrade of the channel will have an impact on asset management performance.

Progress of fixed increase: The company revised the fixed increase plan, and the raised funds did not exceed 20 billion, and Shanghai Guosheng Group, Shanghai Haiyan, Guangming Group, and Shanghai Electric subscribed for 10, 30, 10, and 1 billion yuan, respectively.

Considering that most of the fixed increase quotas have been locked in Shanghai state-owned assets, and the company is estimated to be above 1 PBPB, it is expected that this certain increase will be able to be issued smoothly, which will help Haitong further consolidate capital, enhance core competitiveness, promote company diversification, and develop steadily.

Financial forecast and investment recommendations We expect the company’s BVPS to be 10 in 2019-21.

76/11.

34/12.

05, according to a comparable company assessment, we give the company January 2019.

6xPB, corresponding to expected 17.

21 yuan, maintaining the overweight level.

Risk reminders: 杭州桑拿网 Systematic risks suppress the company’s estimates; the advancement of science and technology board is less than expected.

Fuling Mustard (002507): Performance exceeded expectations and gradually recovered after gradual adjustment

Fuling Mustard (002507): Performance exceeded expectations and gradually recovered after gradual adjustment

Event: Company 19H1 operating income 10.

8.6 billion, previously +2.

1%, net profit attributable to mother 3.

15 trillion digits, +3 a year.

1%, net profit after deduction of 3.

1.2 billion, +2 a year.

6%.

Core viewpoints: 1. The performance exceeded expectations, the marketing adjustment took the initiative to change, and it will take time to realize the performance: the company’s Q2 single quarter revenue5.

590,000 yuan, an increase of 0 in ten years.

56%, continuing the low speed in the first quarter, and the net profit is every ten years.

2% to 1.

600 million, lower than market expectations.

This is mainly due to the downward pressure on the macro economy that has been facing since the end of last year. The company’s internal pre-arrangement adjustments and overlapping destocking in the second quarter have a certain impact on revenue growth.

In the first half of the year, in terms of products, mustard revenue was 9.

200 million, an increase of 3 in ten years.

3%; kimchi income was 75.64 million yuan, an increase of 5.

9%; table appetizer income was 8341 million, which was extended by 2 every year.

97%.

This year, the company actively adjusted and adjusted the sales assessment, upgraded the mustard production, promoted fresh radishes, catering ingredients, retail boxes, Wujiang bottled series and other new products. The management was optimized. Although the revenue was still under pressure in the short term, it was generally better.Adjustment.

2. The gross profit margin is stable, and the increase in expenses and expenses affects the profit growth rate: the company’s net profit margin was shortened and increased by 0 in the first half of the year.

29pct to 28.

99%, down 5 in the second quarter.

7pct, affecting the second quarter profit growth.

This is mainly because the sales expense ratio stabilized at a relatively high level in the first half of this year, increasing by 1 every year.

4pct to 21.

2%, while last year’s sales expense rate decreased quarter by quarter, related to the company’s development of blank markets this year, sponsoring brand promotion activities such as marathons; in the first half of the year, management costs fell by 3.

3%, but the development of soy sauce products, mustard and other upgrades led to an increase of 125% in research and development costs, while the total proportion of revenue has basically not changed much last year.

In addition, the company’s gross profit margin increased by 3 in the first half of the year.

52pct to 58.

6%, there is no obvious change from the previous month. This is because the price of newly picked cabbage heads this year is close to last year’s level, while the reserves of cabbage heads of the previous year are still used in the first quarter, and the prices of cabbage heads in 18 years have continued to decline.

3. The channel sinks, the market is intensively cultivated, and it is expected to improve after periodic adjustments: In terms of sales this year, the company will decompose and convert the “dual indicators” of quantity and process, and gradually realize the task of sales quantity and process, separate promotion strategy by category, new retailThe key emerging channels such as food delivery 南宁桑拿 and food delivery have begun to break through. At the county level, the sinking of third-tier market channels has also been steadily promoted. The number of offices has been changed from 37 to 67, and the number of dealers has increased by 300.

These short-term changes have limited contribution to revenue. With the cooperation of marketing, we judge that the company’s revenue growth will accelerate and gradually recover in the future.

4. Profit forecast and estimation: Without considering extension, the company’s EPS in 19-21 is expected to be 0.

89/1.

00/1.

13 yuan, corresponding to 31/28/25 times PE, maintaining the “recommended” level.

5. Risk warnings: 1) The rise in prices of cabbage heads lowers profitability; 2) The sinking of channels or intensified competition brings less-than-expected sales of 北京夜网 mustard; 3) The promotion of new products such as pickles exceeds expectations; 4) Food safety issues.