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In the meantime, any ring chain will be linked to the chain, and the chain will go to the bottom of the chain. The chain will go to the center of the world, and it ‘s going to be a lot of time.Ke Shou yu Zhou Chen ヨ Korean Huajinglianjie Jian Ren last ╋ ¤ Jifeifanshu Ping Mengfuxiaheng mutual heading Hubudianliao Gaofujuanhuo Ren Yaohandugjuan Souliangxijing Yi ュ吇淇濈暀鏁堟灉鏄渶濂界殑锛屼篃鏄渶鍋ュ悍鐨勫悆娉曪紝浣嗘槸鐓楦¤泲闇€瑕佸仛濂藉噯澶囧伐浣滐紝涓嬮潰灏辨潵鐪嬬湅鐓浮铔嬬殑鍋氭硶鎬庝箞鍋氬惂銆?涓€銆佹竻娲楅浮铔嬫嵁鎴戞墍鐭ワ紝寰堝浜哄湪鐓浮铔嬬殑鏃跺€欑洿鎺ュ皢楦¤泲鏀惧叆姘翠腑寮€鐏叜锛屽疄闄呬笂杩欐槸閿欒鐨勫仛娉曪紝鍥犱负楦¤泲琛ㄩ潰寰堝鏄撳惛闄勫緢澶氱伆灏樸€佺粏鑿屼互鍙婄梾姣掞紝濡傛灉鐩存帴鏀惧叆姘翠腑鐓槸寰堜笉鍗敓鐨勶紝鎵€浠ワ紝鍦ㄧ叜楦¤泲涔嬪墠锛屾垜浠娓呮礂涓€涓嬮浮铔嬨€?浜屻€佸噳姘存斁鍏ラ浮铔嬪湪閿呭唴鍔犲叆閫傞噺鐨勬按锛屽彧瑕佹极杩囬浮铔嬪嵆鍙紝娉ㄦ剰锛岃繖鏃跺€欐垜浠彧闇€瑕佸姞鍏ュ噳姘村嵆鍙紝鍚屾椂鏀惧叆楦¤泲銆備负浜嗛槻姝㈤浮铔嬬牬瑁傦紝涔熸槸涓轰簡鐓ソ鐨勯浮铔嬪墺鐨洿瀹规槗锛屾垜浠繕鍙互鍦ㄦ按涓姞鍏ラ€傞噺鐨勯鐩愩€?涓夈€佸紑鐏憼鍏堝ぇ鐏簲鍒嗛挓锛屽啀灏忕伀涓夊垎閽燂細杩欐牱鐓浮铔嬫瘮杈冪渷鐏紝鑺傜害鑳芥簮锛岃€屼笖鐓嚭鏉ョ殑楦¤泲姣旇緝瀚┿€傜伀鍊欙紝澶у鍙互鑷€夛紝浣嗘槸涓嶇鏄ぇ鐏繕鏄You can use it as a guide to help you find the best way to feed you, and you will be able to feed your children, and you will be able to see if you can see each other.辩殑鏈€灏戯紝涔熻兘鏈夋晥鍦版潃姝婚浮铔嬪唴閮ㄧ殑鐥呮瘨銆佺粏鑿屻€傗憽娓╃伀浣挎按涓€鐩翠繚鎸佹哺鑵撅細杩欐牱楦¤泲鍐呴儴娓╁害鍙樺寲涓嶆槸寰堝ぇ锛屼笉瀹规槗鐖嗚锛屼篃姣旇緝瀹规槗鎺屾彙鏃堕棿銆傗憿涓€鐩村ぇ鐏細杩欐牱瀛愮叜楦¤泲锛屽鏋滄椂鍊欐病鏈夋帉鎻″ソ锛屽緢瀹规槗鎶婇浮铔嬬叜鑰併€傚洓銆佸嚭閿呭彲浠ュ皢鍒氭崬鍑烘潵鐨勯浮铔嬬洿鎺ユ斁鍏ュ喎姘翠腑锛岃繖鏍峰瓙鍓ョ毊浼氬緢瀹规槗鐨勩€?
Monthly Archives: April 2020
[Can yam and pumpkin be eaten together]_Simultaneously_Can you
[Can yam and pumpkin be eaten together]_Simultaneously_Can you
Chinese yam and pumpkin are ingredients with high nutritional value. These two foods are generally not recommended to eat together, mainly because their nutritional value is relatively high. Eating together will reduce the effect of diet.
In addition, pumpkin contains vc degrading enzymes, so it is best not to eat spinach when eating pumpkin, it is best not to eat sweet potatoes, etc., to avoid reducing the nutritional efficacy, let’s take a look at this content.
Can yam and pumpkin be eaten together? Pumpkin and yam are recommended not to eat together.
Pumpkin is rich in carotene, B vitamins, calcium, phosphorus and other ingredients, is a master of stomach and digestion.
Chinese yam tastes sweet and flat, nourishes the spleen, and contains substances such as amylase, polyphenol oxidase, etc., which are conducive to the digestive and digestive functions of the spleen and stomach.
Pumpkin, yam nutritional value, functions are very powerful.
However, if pumpkin and yam are eaten together, the vitamin C decomposing enzyme contained in pumpkin will destroy the vitamin C yam, thereby reducing the nutritional value of yam.
Vitamin C has the synthesis of collagen, antioxidants, treatment of anemia, anti-cancer, protection of cells, detoxification, protection of the liver, improvement of the body’s immunity, and improvement of the body’s emergency capacity.
It is known that yam of vitamin C cannot be eaten with pork liver and cucumber, for the same reason as pumpkin, it will destroy the vitamin C of yam.
Pumpkin cannot be eaten with anything. Pumpkin plus spinach Pumpkin is rich in vitamin C decomposing enzymes, which will destroy vitamin C in spinach, and at the same time, its own nutritional value will be reduced.
2. Pumpkin and sweet potatoes are easily stagnation food. If they are not cooked, they will cause bloating. If they are eaten together, they will cause flatulence, abdominal pain, and spitting water.
3. Pumpkin and mutton are both hot foods. Eating together may cause bloating, constipation and other diseases.
People with infectious diseases and fever symptoms should not eat to prevent the disease from worsening.
4. Adding vinegar and acetic acid to pumpkin will destroy the nutritional elements in pumpkin and reduce the nutritional value.
5, pumpkin and scallops scallops are rich in high-quality protein, unsaturated fatty acids and DHA, vitamin A, vitamin D, etc., have tonic, liver, promote milk production and other effects, but eating with pumpkin will be bad for your health.
6, pumpkin plus red dates and red dates contain vitamin C, sweet and warm, easy to digest indigestion, and pumpkin is warm, while the same food is destroyed by vitamin C, will increase indigestion and other symptoms.
[A lot of times a night is not as cool as you think]
[A lot of times a night is not as cool as you think]
Duplicate husband and wife life is medically defined to mean repetitive life once or twice a night.
Modern medicine believes that no matter what the circumstances, repeating spousal life is not good for the health of both spouses. It may cause the following hazards: 1. Excessive physical exertion Sexual life is a very physical exhausting activity.A lot of energy inside the body will be consumed. If you repeat sexual life, it will cause physical exhaustion for both men and women.
Over time, it will inevitably cause a decline in physical condition, and may even affect mental state, and even the ability to think, memory, and analysis will worsen, so it is worth the loss.
Second, cause sexual decline due to the continuous and repeated occurrence of sexual impulses, both men and women will increase the burden of sexual control of the nerve center and sexual organs, often this can lead to fatigue and fatigue of the body and sexual organs.
The material must be reversed. This will not be able to obtain sufficient sexual gratification, but will cause the decline of sexual function, and cause the “sexual decline before sex”.
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[Eczema ca n’t eat some fruits]_Recommended diet
銆 愭 咭 鐤 駉 銆 鑆 鍆 簺 姘 姺 偉 銆 慱 鎺 ㄨ 崘 楗
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[Can gout eat honey]_Honey_Hyperuricemia_Can you eat
銆愮棝椋庡彲浠ュ悆铚傝湝鍚椼€慱铚傝湝_楂樺翱閰歌鐥嘷鑳藉悆鍚?
I don’t know how to do it, I don’t know how to do it, I don’t know whether it’s a good idea, I’m going to go to it, I’m going to do it, I’m going to do it秴杩囦簡鑷韩鍚硸閲忕殑涓€鍗婏紝浣嗘槸鐥涢鎮ｈ€呮渶濂介伩鍏嶇粡甯搁鐢ㄨ渹铚滐紝浠ヤ笅鎴戜滑灏辨潵鍏蜂綋鐨勮涓€涓嬨€?You can use the key link to create a link. For example, you can use the link to make a forge. You will be able to use it if you want to do it. It ‘s a good idea.Tired of starving?涓嬮潰鎴戜滑涓€璧峰幓鐪嬬湅鐥涢鐥呮偅鑰呴鐢ㄨ渹铚滅殑褰卞搷銆?What’s the problem? The key chain, the key chain, the key chain, the key chain, the key chain, the chain, the chain, the chain, or the chain.绾﹀崰49％）镄勬灉绯栵纴鏋灭硸澶ч噺杩涘叆缁呜优鍐呭揩阃熶唬璋纴淇冭繘罐哄枪锻ゆ牳鑻烽吀鍒呜呜€燂紝閲婃斁鍑哄槍鍛わ紝鍢屽懁鏈€缁堜唬璋㈡垚灏块吀锛屽苟浣胯灏块吀鍗囬珮銆?鐥涢鎮ｈ€呴櫎浜嗕笉鑳藉悆铚傝湝澶栵紝楗涓婅倝绫汇€佸姩鐗╁唴鑴忋€佹捣椴溿€佽眴绫荤瓑锛屽槍Forget about arresting and arresting, and arresting, and slowing down, and sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows, sorrows缓璁笉瑕佸枬銆傚彟澶栧儚杈ｆ銆佺敓濮滅瓑璋冩枡锛屽鏄撹鍙戠棝椋庡彂浣滐紝鏈€濂戒篃涓嶈鍚冦€傞吀濂跺洜涓烘湁涔抽吀鑿屾垚浠斤紝浼氬垎瑙ｆ垚灏块吀锛屾墍浠ヤ笉寤鸿鍠濓紝骞冲父澶氶鐢ㄨ敩鑿滄Open-hearted and stunned?Shuo Chuanjuan Wanted by the chain?﹀ 崰 49%) 銄 灉 灉 砉 栵 纴 Key 屾 灉 繧 栧 堲 浠 ヤ 傢 灢 吸 熸 垚 澧 炲 姞 集 傜 爷 緌 尃 幜 幃 幃 幃 幃 幃 幃 幃 幃 幃 幜 幃槸鐥涢鎮ｈ€咃紝涔熶笉璁哄彛鏈嶅ぇ閲忔灉绯栵紝杩樻槸闈欒剦杈撴敞澶ч噺鏋滅硸锛屽潎鍙紩璧疯灏块吀鍗囬珮锛岃€屼笖鐥涢鎮ｈ€呰灏块吀鍗囬珮鐨勫箙搴︽洿涓烘槑鏄俱€備笉杩囷紝蹇呴』鎸囧嚭锛屽湪褰卞搷琛€灏块吀鍚噺鏂归潰锛屽彧鏈夋憚鍏ユ灉绯栨暟閲忚緝澶ф椂锛屽叾淇冧娇琛€灏块吀鍗囬珮鐨勪綔鐢ㄦ墠姣旇緝鏄庢樉锛屽皯閲忔憚鍏ユ灉绯栦緥濡傚悆姘存灉锛屽苟涓嶄細浜х敓濡傛鐨勬晥鏋溿€傚洜姝わ紝鐥涢鍙婇珮灏块吀琛€鐥囪€呬笉瀹滅粡甯告垨澶ч噺椋熺敤铚傝湝銆?
[Different seafood eats diarrhea]
銆愭捣椴滃悆澶氫簡鎷夎倸瀛愩€慱鍧忓_鎬庝箞鍔?
娴烽矞鏄潪甯稿彈浜烘杩庣殑涓€涓鐗╁搧绉嶏紝鑰屾捣椴滅殑鍝佺涔熸槸鏈夊緢澶氱殑锛屽彧瑕佹槸鐢熼暱鍦ㄦ捣閲岀殑鍔ㄧ墿锛屽彲浠ヨ椋熺敤鐨勮瘽锛岄兘琚汉浠彨鍋氭捣椴滐紝姣斿鑺辩敳锛屾捣鍙傜瓑椋熺墿閮芥槸娴烽矞銆備絾鏄捣椴滃瓨鍦ㄤ竴涓緢澶х殑缂虹偣锛屽氨鏄€ц川瀵掑噳锛屾墍浠ュ悆澶氫簡娴烽矞瀹规槗閫犳垚鎷夎倸瀛愮殑鎯呭喌銆傛墍浠ュぇ瀹跺湪鍚冩捣椴滅殑鏃跺€欏崈涓囦笉瑕佽繃澶氱殑鍚冿紝浣嗘槸娴烽矞閫犳垚鐨勬媺鑲氬瓙濡備綍缂撹В鍛ⅲ?The master of the Chinese Academy of Sciences and the Chinese Academy of Sciences and the Chinese Academy of Sciences, the Chinese Academy of Sciences, the Chinese People’s Republic of China, the Han Dynasty, the Chinese People’s Republic of China, the Chinese People’s Liberation Army, the Chinese People’s Republic of China惈铔嬬櫧璐ㄧ殑娴蜂骇鍝侊紝瀵艰嚧鑲犺儍璐熸媴闄＄劧鍔犲墽缁ц€屽紩鍙戣吂娉绘儏鍐点€傚彟澶栧氨鏄捣椴滄病鏈夊畬鍏ㄧ叜鐔熷氨鍚冿紝瀵艰嚧鑲犺儍鍙楁崯銆傝繕鏈夊氨鏄拰涓€浜涗笉閫傚疁涓€璧峰悆鐨勯鐗╁悓鍚冿紝渚嬪姘存灉銆佸暏閰掔瓑锛屾渶鍚庡氨鏄釜浜虹殑鑲犺儍娑堝寲鍔熻兘涓嶅叏锛屾棤娉曢€傚簲娴烽矞甯︽潵鐨勫埡婵€銆?2銆佹敼鍠勬帾鏂藉嚭鐜拌吂娉绘儏鍐靛悗闇€鍙婃椂閲囧彇鎺柦銆傞鍏堣鍠濈儹姘达紝鐑按鍙互鏈夋晥鎶戝埗鑲犻亾涓殑缁嗚弻锛屽苟涓斿彲浠ユ殩锛屾湁鍔╀簬鍑忚交鑵规郴鐥囩姸銆傚彟澶栧氨鏄悆涓€浜涙祦椋It ‘s very difficult to solve this problem. It ‘s very difficult to solve this problem. It ‘s very important to find out how to solve this problem.鑵规郴鎯呭喌鏁堟灉鑹ソ锛屼笉濡ㄨ瘯璇曘€傚鏋滆吂娉绘儏鍐典弗閲嶇殑璇濆缓璁強鏃跺氨鍖绘不鐤椼€?3銆佹敞鎰忎簨椤硅澶氫汉瀵规捣椴滃瓨鍦ㄤ竴绉嶈繃鏁忔儏鍐碉紝鎵€浠ヤ綘蹇呴』纭畾鑷繁鏄惁瀵规捣椴滆繃鏁忥紝杩樻湁灏辨槸鑷繁鑲犺儍鍔熻兘杈冨急鐨勮瘽寤鸿涓嶈鍚冨お澶氱殑鍒烘縺鎬у己鐨勯鐗╋紝渚嬪娴烽矞绛夈€傛澶栧氨鏄紝寮曡捣鑵规郴寰堥噸瑕佷竴鐐瑰氨鏄笉鍚堢悊鐨勯ギ椋熸惌閰嶉€犳垚锛屽洜姝ゅ悎鐞嗛ギ椋熷崄鍒嗛噸瑕併€傞€氬父锛屼竴浜涗笌娴烽矞涓嶉€傚疁鎼厤鐨勯鐗╁敖閲忛伩鍏嶈€屼笖鏈€濂藉悆鐔熼€忕殑椋熺墿銆?
[Home-made method of cold chives]_ cold chives _ production method _ how to do
[Home-made method of cold chives]_ cold chives _ production method _ how to do
Leek is a food with excellent blood effect, rich in nutritional value, the taste of leeks is more exciting, and the taste of cold chives is relatively refreshing.
Cold chives need to be cooked, which is simple and can be done at home.
You need to prepare the seasoning according to your preference.
1.
Pick the leek clean and soak it in water.
Wash the leek and drain.
Cut 4 cm long sections.
Place the chopped chives in a large bowl.
Add salt, chicken essence, soy sauce, and taste very fresh.
Mix well and eat.
2.
Put an appropriate amount of water in the pot and let it boil.
Then put the leek prepared in advance into the pot, paying attention to the direction of the leek in the pot.
This way, the softest root of the leek is boiled.
Slowly put the whole leek in the pot, and maybe the leek is all soft.
Finally, use the chopsticks to take out the leeks in the pot, cut into small pieces, put them in a bowl, and then put the cut dry peppers. Friends who like spicy food can put more.
The right amount of fuel, the right amount of soy sauce.
After placing the seasonings, stir well with chopsticks, feel that it is almost enough, and finally put it in a dish and drizzle with sesame oil.
This is more fragrant.
3.
Choose the leek, wash, and cut into small pieces.
2. Prepare a pot of boiling water, first place the leek roots, then the leek leaves, and put some salt. The time should not be too long.
3. Remove the leeks, add them to cold water and soak them, remove them, and drain the water.
(Salts in boiling water and super cold water are used to keep the color tender and green.) Put the leek in a plate, place some garlic slices, add 2 spoons of sugar, a small amount of soy sauce, and an appropriate amount of salt.
Pour the oil in the pan and heat it up. Add the dried red peppers to sauté, then add the garlic slices and stir fry.
Pour the fried chili oil directly on the chives and stir well.
4.
Wash the leeks, cut into old roots, and wash them with ginger and garlic.
Boil a pot of boiling water, put in the leek section and simmer for 5 minutes, wait for the water to boil again and remove the water.
Put in a large bowl.
Add ginger, garlic, sugar, vinegar, soy sauce, chili oil, pepper powder, chicken essence, mix well, sprinkle with sesame oil, and sesame seeds.
Shenzhen Expressway (600548)： Tax deduction welcomes good deductions but not in line with expectations
Shenzhen Expressway (600548): Tax deduction welcomes good deductions but not in line with expectations
1H19, income +10 for ten years.
81%, net profit attributable to mother +10 for ten years.
79%, deducting non-performance results are in line with expectations On August 23, the company released its 2019 Interim Report: 1) Revenue increased slightly by 0.
81% to 26.
9.9 billion, net profit attributable to mothers increased by 62.
79% to 15.
77 ‰, deducting the cost of diabetes and returning to 5.
$ 1.2 billion 9.
97% to 10.
65 ppm; 2) Deductions are in line with expectations (our earnings forecast is 10.
6.6 billion).
The profit growth mainly comes from: 1) Yanjiang Company completed the capital injection, confirmed the deferred income assets for the previous recoverable reorganization and asset impairment, and increased the net profit by about 5.
1.2 billion; 2) Transfer Guilong land and increase net profit by about 1.
4 billion.
We adjusted the company EPS to 1 for 2019/20/21.
25/1.
11/1.
20 yuan, raise the target price to 12.
10-12.
20 yuan, upgrade to “Buy” rating.
The growth of toll revenue was slightly sluggish, and the decline in financial expenses was faster than expected in the first half of the year. After replacing the impact of the three project repurchase, the company’s toll revenue increased by 3.
95% of which the tolls of Jihedong, Jihexi, along the river, Qinglian, Shuiguan, and Wuhuang Expressway increase by +1 each year.
1%, +1.
8%, +17.
0%, +9.
0%, -0.
8%, +5
6%.
In addition to the high-speed growth along the Yangtze River in Shenzhen, due to the saturation of production capacity at Jihe Expressway and landslide maintenance at Shuiguan Expressway, the traffic growth rate was slightly sluggish.
In the first half of the year, the company’s financial expenses decreased by 2 each year.
31 trillion, after adding back the derivative income generated by the foreign exchange lock-up, the overall financial expenses decreased by 2.
US $ 3.6 billion, mainly due to the reduction in the size of borrowings for the repurchase of three projects, and the average interest rate was 4 from the same period last year.
70% dropped to 4.
42%.
Yanjiang Company completed the budget optimization, and the expenditure expenses were largely reversed. In order to improve the financial status of Yanjiang Company, Shenzhen Expressway Group injected US $ 4.1 billion in Yanjiang Company in the second quarter, mainly to transfer the syndicated loan of Yanjiang Company to the Group.
Before the capital injection, Yanjiang Company continued to expand continuously, forming a scale of off-balance-sheet deductions; after the capital injection, the future profitability of Yanjiang Company is expected to improve significantly, so the previous part can be made up, and the depreciation compensation for road asset impairment is confirmedAssets, a corresponding increase in net profit of about 5.
1.2 billion, which is a one-time benefit.
The Group’s credit rating is higher than that of Yanjiang Company, and the loan interest rate is relatively high.
We expect the comprehensive interest rate to decline further after the group takes over the loan.
In the second half of the year, Meilinguan real estate was delivered in a concentrated manner. ETC toll discounts and equipment upgrades affected the controllable diversified business.
We expect the Meilinguan 佛山桑拿网 project to be delivered at the end of the year. Assuming that the first phase of the housing is carried forward by 50%, the project will contribute about 2 net profits.
100,000 yuan.
Affected by the state’s cancellation of the provincial border toll station policy, the company will complete the transformation of ETC equipment in the second half of the year, and the capital expenditure is expected to be 4.
.
3.8 billion; Guangdong ETC discount adjusted from 98% to 5% from July.
In the short term, investment cash expenditures increase, but in the long term, charging efficiency improves and labor costs (1H19 is 1).
4.1 billion) is expected to decline.
We expect the multi-year impact of ETC discount changes on Guangdong rates to be -2.
5% (2H19), -3.
4% (1H20), -0.
8% (2H20), but increased efficiency and lower rates are expected to attract new traffic.
Raise target price to 12.
10-12.
20 yuan, upgrade to “buy” rating because the tax deduction is better than expected, we adjust the 2019/20/21 return to mother net profit forecast to 27.
21/24.
10/26.
1.2 billion (previous 21).
44/23.
79/26.
4.4 billion).
We raise our target price to 12 based on the segment valuation method.
10-12.
20 yuan (previous time 11.
90-12.
00 yuan).
High dividends are attractive.
Assuming a dividend rate of 45%, we expect the company’s 2019/20/21 dividend to replace 6.
08% / 5.
38% / 5.
83% (closing price 20190823).
Upgrade to Buy rating.
Risk reminder: The traffic flow is growing faster than expected, and environmental protection projects and Meilinguan projects are not progressing as expected.
Zhaoyi Innovation (603986)： NOR new demand heavy DRAM project continued layout
Zhaoyi Innovation (603986): NOR new demand heavy DRAM project continued layout
This report reads: Zhaoyi Innovation is a leading domestic memory chip design company, with a deep layout of the entire storage platform. Cooperation with Hefei is expected to benefit from the wave of domestic DRAM substitution.
Investment Highlights: 合肥夜网 Coverage for the first time, give overweight rating, target price 191.
91 yuan.
It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 5.
29, 9.
05, 11.
400,000 yuan, a year-on-year increase of 31%, 71%, 26%, and EPS are 1 respectively.
65, 2.
82, 3.
56 yuan, giving the company 68 times PE in 2020, corresponding to an investment of 191.
91 yuan.
Zhaoyi Innovation is a leading company in domestic memory chips and microcontrollers.
The company’s main business is memory chips and microcontroller products, with a deep and in-depth layout of the storage + IoT business, and it has gradually grown into a leading domestic storage platform company.
Emerging applications of TWS + AMOLED + IoT drive the boom of NOR Flash.
1) TWS headphones: It is expected that the company’s 苏州桑拿网 share of major customers will far exceed market expectations, and the capacity of TWS headphones will be significantly increased in the future.
(2) AMOLED: In the future, the capacity of NOR for AMOLED is expected to show a breakthrough increase, which will lead to a rapid increase in the size of the entire market.
(3) IOT, emerging applications are booming: automotive, industrial control, wearable bracelets, game consoles, substrates, etc. have become the company’s main future growth points.
Committed to building a full storage platform, it is expected to deeply benefit from domestic substitution dividends.
1) At present, the DRAM market is almost monopolized by the three giants of Micron, Samsung, and Hynix, which have been transformed into the company’s Hefei project, which is trying to make the first profit in the wave of domestic alternatives and quickly increase market share.
2) The company acquired Siliwei’s approval documents, deployed human-computer interaction in the field of Internet of Things, and had a significant synergy with the company’s main business, further enhancing the company’s competitive advantage.
Risk warning: the global semiconductor boom is down, downstream demand growth is not up to expectations, and Hefei DRAM production scale is not up to expectations.
Jinjiang Hotel (600754)： Q3 non-growth growth accelerated faster than expected, effective cost control driven
Jinjiang Hotel (600754): Q3 non-growth growth accelerated faster than expected, effective cost control driven
Event: The company released the third quarter report for 2019, and the revenue from 19Q1-Q3 reached 112.8.2 billion (+2.97%), net profit attributable to mother 8.7.3 billion (+0.15%), deducting non-net profit 8 ‰ (+18.08%). Investment highlights in the third quarter deducted non-performance performance exceeded expectations.19Q1-Q3 achieved revenue of 112.8.2 billion (+2.97%), net profit attributable to mother 8.7.3 billion (+0.15%), non-recurring gains and losses decreased by ten years.200 billion US dollars, mainly due to the loss of changes in fair value and the investment income of the sale of Bank of Beijing increased by 1501 million (before tax).French diabetes-adjusted plasma costs affect approximately 57.23 million yuan; deducting non-net profit 8 ‰ (+18.08%), which performed well, mainly due to the accelerated store opening, KFC’s investment income increased, and effective fee control.19Q3 realized revenue 41.3.9 billion (+3.04%), net profit attributable to mother 3.0.6 billion (-17.1%), non-recurring gains and losses mainly include 2 caused by changes in fair value of Tong Yilong.1.4 billion losses (before tax), deducting non-net profit4.4.2 billion (+22.09%), the growth of non-net profit was higher than expected. Acceleration speeds up Q3’s first initial fee, and catering revenue grows steadily. 19Q3 Limited Service Hotel Revenue 40.6.8 billion (+2.89%), of which: mainland territories revenue 29.6.1 billion (+3.90%), of which upfront service fee income2.3.6 billion (+52.26%), the acceleration of franchise expansion drives the first-time franchise fee income growth; continued franchise fee income4.20,000 yuan (+0.90%), a growth rate of 18 compared to 19H1.9% focuses on forecasting and is expected to be related to the decline in RevPAR; other income (including direct housing, catering, scheduled channel income, etc.)2.3 billion (+1.2%), the growth rate is +2 than H1.An increase of 7%.Revenue outside Mainland China11.07,000 yuan (+0.29%), with an income share of 27.20%, down from H1.7 points. Estimated 19Q4 hotel operation and management revenue is 35.85-39.6.2 billion (-2.6% to +7.6%), of which estimated territorial income is 26.31-29.08 thousand yuan (-1.2% to +9.3%), income from overseas operations1.2.4 billion to 1. 3.7 billion (-4.6% to +5.4%). Subsidiary budgets look at: 1) Platinum Tao’s subsidiary revenue +2.84%, net profit attributable to the mother + 11%, after excluding the increase in holdings and Tongyi Yilong’s fair value gains and losses of about + 7%.2) Revenue of Vienna subsidiary +17.47%, net profit attributable to mother +32.12%, maintaining strong growth, is expected to be related to the strength of channel development and accelerating accession.3) Revenue of the Loufuzi company +0.65%, net profit attributable to mother -5.63%. 3Q19 food and catering business revenue of 71.61 million yuan (+12.63%), Jinjiang Foods, a military group meal business, has grown for many years, and Jinya Foods, a military Chinese fast food chain, has declined. The increase in the proportion of franchises led to a decline in the sales expense ratio and effective fee control.19Q1-Q3 gross profit margin 89.73% (+0.03pct), of which the hotel business gross margin is 90.39% (+0.07pct), food business gross margin 51.2% (-1.17pct).The fee control is effective, and the sales expense ratio is 50.93% (-0.75pc), which is expected to be related to the increase in the proportion of franchises; the management expense ratio is 25.45% (+0.1pc), basically stable; R & D expense ratio is 0.32% (+0.24pct), which is related to the increase in the 武汉夜网论坛 software development costs of Platinum Wave; the financial expense ratio is 2.3% (-0.55pct); other income increased by 117% per year, mainly due to the increase in government subsidies in this period.Q3’s single-quarter profit growth rate was higher than revenue growth rate mainly due to the increase in gross profit margin and sales expense ratio, and the decline in financial expense ratio. Many factors affected the decline in net cash flow from operating activities.Cash flow from operating activities declines by 36 per year.59%, mainly due to: 1) changes in the collection method of purchase business, advance receipts decreased compared to the same period last year; 2) improved settlement efficiency, payment of franchisees on behalf of collections increased over the same period last year;The bonuses paid to employees in this period increase every year; 4) The three-year 重庆耍耍网 term deposit interest received during the same period of the previous year and other factors. The same store RevPAR narrowed, the price increase decelerated, the occupancy rate decreased, and the performance was stable.In 19th, Q1-3 RevPAR -3 in the same hotel in China.55%, narrower than the decline in H1.32pct, which is expected to be related to lower cardinality, ADR + 1.29% (down from H1 by 0.3pct), OCC-3.84pct (narrower than the H1 decline.4pct).Among them, mid-end hotel same store RevPAR-0.35%, (narrower than the decline in H1.35pct), same hotel RevPAR-7.47% (narrower than the decline in H1.41pct). In Q3, the speed of opening stores further increased from the previous month, and the expansion accelerated against the trend.In 19Q1-3, 1,107 hotels were newly opened, with 718 net openings (21 decrease in direct sales and 739 additions); 447 new openings in Q3 and 312 net openings, and the speed of opening the store further increased from Q2.As of the end of September, 8161 hotels had been opened (the total number of rooms reached 81.30,000 rooms), of which 39 are mid-end hotels.43%.Contract hotel 1 by the end of September.240,000 houses (about 1.27 million rooms). Profit forecast: According to the operating status tracking and non-recurring profit and loss changes, the forecast profit forecast is appropriately adjusted, and the net profit attributable to the mother in 19-21 is 11 respectively.22, 12.15, 13.32 ppm, a ten-year increase3.7%, 8.3%, 9.6%, EPS are 1 respectively.17.1.27, 1.39 yuan, corresponding to PE is 18, 17, 15 times.We are optimistic about the long-term growth of the hotel leader and pay attention to the expected bottom opportunities. Risk Warning: Macroeconomic fluctuations, less-than-expected expansion, and less-than-expected operating benefits.