[Curry Chicken and Potato Baked Rice]_Curry Chicken and Potato Baked Rice Common Practice_Curry Chicken and Potato Baked Rice Daquan_Curry Chicken and Potato Baked Rice

[Curry Chicken and Potato Baked Rice]_Curry Chicken and Potato Baked Rice Common Practice_Curry Chicken and Potato Baked Rice Daquan_Curry Chicken and Potato Baked Rice

Eating out to a restaurant outside is the normal family life. Although it is understandable, after all, eating outside every day requires a certain amount of economy and is not necessarily healthy. Of course, it is best to cook by yourself.The method of simmering rice is simple, and you can avoid having to eat MSG often for yourself and your family.

1. Prepare ingredients, cook rice in advance, dice chicken, potatoes, carrots and onions.

2. Put the right amount of oil in the pot and heat up. Add the chicken and stir-fry until it turns white.

3. Add potatoes, carrots and onions and stir well.

4, add water without ingredients in the pot, boil on high heat.

5. Remove the floating foam from the pot and simmer over medium-low heat for about 15 minutes.

6, cook until the soup is soaked in ingredients, change to low heat and add curry pieces.

7, stir fry until the curry melts and sticks.

8. Pour the rice cooked in advance and stir-fry until the soup is wrapped.

9. In the container, I used an eight-inch pizza tray and a large bowl.

10. Spread mozzarella cheese on top.

11. Preheat the oven at 190 degrees and bake for 15-20 minutes in the middle layer.

12, take out and eat while hot.

13. Finished product drawing.

Do you know how to make chicken curry with potato and rice?

This is also the easiest of all the recipes. Make an authentic curry chicken and potato risotto for your family and friends to taste together. The rich flavor and the juice immersed in the rice make you want to stop.

[One and a half year old child recipe]_One and a half year old child_has some kind of

[One and a half year old child recipe]_One and a half year old child_has some kind of

When the baby is one and a half years old, he can eat a certain amount of food. He no longer completely accepts liquid food. There can also be some fixed food because the child already has teeth and can chew the food. One and a half years oldBabies are at a critical period of growth and development, so diet is more concerned about nutrition, and parents can learn this mix.

Characteristics of nutritional requirements for babies 1 and a half years old To be healthy and strong, children need to eat a sufficient amount of protein, impurities, traces, vitamins and minerals.

If you can provide your children with a wide range of options, they will surely get everything they need.

The amount of food the child eats is related to the child ‘s activity and whether it is at a peak of growth. For example, after the first birthday, the child’s growth rate gradually slows down, but it quickly increases, at which time the child begins to learn to walk.

By 18 months, the child’s daily conversion needs are three times that of an adult (by weight), because the child’s growth rate is very fast.

Be sure to give your child sufficient energy at this stage, typically 50 calories per 500 grams of body weight.

Children need 25 grams of protein per day, which is not twice as much as an infant, but still twice as much as an adult.

When the child is almost 2 years old, his diet is similar to that of an adult.

From a health perspective, it doesn’t matter what is the most basic food. Children only need a lot of fresh and carefully prepared foods to achieve nutritional balance.

Milk is also the main source of protein that children need (a glass of milk contains 8 grams of protein), and in addition, children need to drink white water or alternative fruit juices.

How to add 1 year and a half baby complementary food?

Main food: Grain, vegetables, meat Supplementary foods: milk, eggs, cereals and beans Breakfast time: morning: breakfast: milk (200 ml) bread (25 g) (about 6 am) breakfast snack: stewed eggs (egg) One, 5 grams of vegetable oil) (around 8 am) Lunch: Soft rice (40-50 grams of rice) Steamed scallops (30 grams of scallops, seasoned with salt) Sautéed vegetables with shrimp skin (3 grams of shrimp skin, 50 grams of vegetables, 5 grams of oil)Carrot tofu soup (5 g carrots, 10 g tofu) (around 12 noon)

[How to make miso eel bacon noodles]_ Home made miso eel bacon noodles _ How to make miso eel bacon noodles _ how to make miso eel bacon noodles

[How to make miso eel and bacon noodles]_Homemade method of miso eel and bacon noodles

In life, everyone can’t live without the word “eating”. This is the most basic need for our survival.

In order to meet this demand, many people are looking for a variety of foods, but they don’t know that health is gone.

But if you can make some “showy” food yourself, you will not only be able to eat happily, but you will also eat healthy.

Then, let me introduce the method of miso eel bacon noodles.


Stir-fry some bacon shreds, add ginger shreds and stir-fry.

2 dried eels with a small amount of starch to become golden on both sides 3.

Add water and bring to a pan and add noodles, add miso when it is about to mature, 4.

Finally, put some minced onion and coriander on the food, friends, is it too long to bear it, Xiao Bian has opened your appetite.

Then get up and making your own miso eel bacon noodles.

[Onion fried meat practice]_Recommended diet

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[Mushroom Meat Ravioli Stuffing Method]_Mushroom Meat_Method

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In this case, the global coefficients are as follows:  曗 杒 钖 剬 剱 囄 曗 愗 ㄩ  雎 钋 涺 湕 湕 湒 攒 攒 悒 悉弴鑲夐楗ㄩ鍎匡紝鍦ㄥ仛涔嬪墠涓€瀹氳鎶婇鑿囨礂骞插噣锛岀敤鐑按娴告场鍗佸垎閽燂紝鍐嶆竻娲椾袱鍒颁笁閬嶏紝鎶婅倝鍒囨垚灏忕蹇姞鍏ヨ皟鍛冲搧锛岃厡鍒朵簩鍗佸垎閽燂紝浣垮叾鏇村姞鍏ュ懗锛屽彲浠ュ皢钁卞钂滃垏鎴愪笣澶囩敤銆傛兂瑕佸涔犺皟棣勯エ棣呭効鐨勬湅鍙嬶紝鍙互鐪嬩笅闈㈡枃绔犳潵浜嗚В銆?.鍏堝拰闈紝闈㈢矇閲屽姞鍗婂皬璋冩枡鍕虹洂锛屽姞鍏ラ€傞噺姘达紝鎴愰潰绲姸锛岀劧鍚庢弶鍒颁竴璧锋垚鍏夋粦鐨勯潰鍥€?.鍶 婇 破 锲 ㈡ 捁 捒 鍒 Awards the awards 椭 椴 滆 Read 庋 溴 楗 岋 溴 楗 Broken 勬 晥 揋 滋 滀 黋 揀 Fine spin village ソ!鍦ㄩェ闈㈢殑鏃跺€欏彲浠ュ幓鍑嗗棣呬簡!3.Luan Yi’s insults  澶 ч  楗 ㄧ 殑 餭 氭 塶 姝 ラ 33.棣欒弴娲楀噣寮€姘翠笅閿呮妱涓ゅ垎閽燂紝鎹炲嚭鏀惧叆鍐锋按涓繃鍑夛紝鐣ユ尋骞叉按鍒嗗鐢?.What’s the difference?If you are sick, press the rudder. If you want to use it, you will be able to press the forge to pull it out. If you do n’t know how to do it, do n’t you know how it ‘s going to be ℃? If you want to go to the village!5. What is the link between the key and the key?  鐢?.鑲夐涓斁鍏ユ枡閰掞紝鍗佷笁棣欙紝钁卞锛岄叡娌广€佽殱娌癸紝椤烘椂閽堢暐鎷專?7鍔犲叆楦℃堡锛岄『鏃堕拡鎼呮媽鍒拌倝鎶婃堡姹侀兘鍚告敹鍚庯紝鍔犲叆涓€灏忚皟鏂欏嫼鐩? 鎶婅€佹堡(鍚緢澶氱殑鑳跺師铔嬬櫧锛岄兘鎴愬喕浜?What are you talking about: What are you talking about?閖 屾 椂 揂 揀 謞 謞 擞 擞 擞 落 拡 呮 呮 媧 囧 囧 囧 to sleep!嗏 嗛  Chisel 囨 斁 鍏 ワ 纴 厼 呮 呮 囧 囧 囧 to sleep!Do you want to get a simple version or a simple version? I want to make a summary of it. It ‘s a good idea. What ‘s the difference? Is it negative?What is the difference between the back and the back of the ship?Do you have a back-to-back version?  褰?姘 逨 ズ 镄 negative satin?鍘樼背鐨勫渾褰€傞楗ㄧ毊杈冭杽锛岀叜鐔熷悗鏈夐€忔槑鎰熴€備害鍥犳钖勫帤涔嬪埆锛岀瓑閲忕殑棣勯エ涓庢按楗哄叆娌告按涓叜锛岀叜鐔熼楗ㄨ垂鏃惰緝鐭?鐓按楗鸿繃绋嬩腑鍙﹂渶鍔犲叆3娆″噳姘达紝缁忓巻鎵€璋撯€樹笁娌変笁娴€欙紝鏂瑰彲淇濊瘉鐓啛銆傞楗ㄩ噸姹ゆ枡锛岃€屾按楗洪噸铇告枡銆?

Shennan Circuit (002916) 2019 Interim Report Performance Preview Comment: Full Capacity Utilization 5G Continues to Benefit

Shennan Circuit (002916) 2019 Interim Report Performance Preview Comment: Full Capacity Utilization 5G Continues to Benefit

The company is a leader in the equipment PCB industry, benefiting from the explosive growth of 5G demand and domestic substitutes for substrates. The forecast performance in the first half of the year was slightly higher than expected.

The production capacity of high-speed boards and IC carriers has been released rhythmically, and performance growth is the foundation.

We maintain our “Buy” rating.

The rapid growth of 2019H1 performance slightly exceeded market expectations.

The company expects to realize net profit attributable to mothers in the first half of 2019, ranging from RMB 420.53 million to RMB 476.66 million, a year-on-year increase of 50?
70%, of which: Q1 1.

8.7 billion (60% year-on-year), Q2 is calculated based on the median2.

6.2 billion (60% year-on-year).

The company ‘s highest and sustained profit growth is mainly due to three reasons: (1) domestic 5G and Datacom have strong demand for large PCB boards; (2) the industry’s competitive improvement due to environmental protection requirements; (3) the company’s expanded production capacity drives revenue growth.

Looking forward to the future, we judge that the above trends will remain unchanged, and continue to benefit rigid board companies. Gross profit margin and net profit are expected to increase steadily.

5G sharing is leading, and it is expected that the volume will continue to increase in the second half of the year.

The company is a leader in the equipment PCB industry, sharing the number one in Huawei and the top three in Ericsson and Nokia. Capacity reserves, process accumulation and business cooperation constitute barriers to competition.

Overseas 5G deployment has continued to advance, and domestic 5G licenses have been implemented. At the end of June, Huawei’s 5G base station dispatch shipments were about 150,000, which is expected to increase to 500,000. Expect further increase in the second half.

The 5G single station PCB usage has increased significantly, and the proportion of multiple high-speed boards has increased. We gradually increased the 5G PCB ASP ratio to 4G by more than 50%. Due to the increase in process defects, the gross profit margin can be improved.

We judge that the domestic 5G progress is basically not affected by trade frictions. Huawei’s new 5G base station PCB has begun to gradually break through and be transformed into 2020?
The number of 5G stations will climb rapidly in 2022, and the company will clearly benefit.

The construction of the second phase of Nantong was started to increase the layout of the high-speed field.

The company’s high-level Shenzhen, Wuxi PCB production capacity is 1.4 million square meters; Nantong Phase I project design capacity is 340,000 square meters, the actual production of 400,000 square meters.

The company plans to issue convertible debt to build the second phase of Nantong. We estimate that the planned production capacity is 50?
600,000 square meters, is expected to start production in 2020H2, when the full production capacity will reach 2.4 million square meters.

In addition, the company continues to tap the production capacity through technological transformation.

Its Nantong project is mainly aimed at high-speed and high-density multi-layer PCBs, and through cumulative climbing, it will drive output value and realize gross profit.

The Wuxi plant started production, and ceramic substrate revenue is expected to continue to grow.

The company plans to build a new factory in Wuxi to improve its packaging substrate capabilities. The domestic substitution is expected to accelerate. It will use the state-owned background and the nearest response capability to preferentially introduce orders from domestic storage plants.

At present, the Wuxi plant is preparing for production. The climbing period is 1?
In 2 years, the designed production capacity will be 600,000 square meters, which will help to double the revenue of the substrate business. It is expected that the profit and loss will be balanced in the second half of 2020.

Risk factors: 5G base station construction is less than expected; new capacity climbs higher than expected; package substrate prices fluctuate.

Profit forecast and estimation.

The company is a leader in the equipment PCB industry, benefiting from the explosion of 5G demand and domestic substitutes for substrates, generating a rhythmic release of the basis for productivity growth.

Considering that the maximum production capacity exceeds expectations, the increase in 2019?
Net profit forecast for 2021 is 9.



28 trillion (previous forecast was 8.



RMB 790,000, a change of 7.

4% / 9.
8% / 3.

3%), corresponding to an EPS of 2 after the capital increase.



51 yuan.
Considering the leading premium, give 45x PE in 2019 with a target price of 126.

40 yuan, maintain “Buy” rating.

Lingnan (002717): Improved cash flow diversified layout will benefit policy recovery and regional construction

Lingnan (002717): Improved cash flow diversified layout will benefit policy recovery and regional construction

Matters: The company released the third quarter report of 2019, and achieved operating income of 52 in the first three quarters.

$ 7.1 billion, a ten-year average of 7.

73%; realized net profit attributable to shareholders of listed companies.

500,000 yuan, 46 years ago.

71%, basic profit income is 0.

20 yuan / share.

The construction rate of newly-built cultural tourism projects has dropped, and the high base has targeted the decline in the first three quarters.

Since 2015, the company has developed the two major industries of ecological environment and cultural tourism through endogenous growth and extensional expansion. At the same time, it has strengthened the implementation of the strategy of water affairs and water environment.Environmental and cultural tourism orders quickly landed, the pan-entertainment PPP strategy continued to develop, and the company entered a high-speed development stage.

From 2016 to 2018, the company’s revenue increased by 35 each year.

94%, 86.

11%, 85.

05%; net profit attributable to mothers increased by 55 each year.

29%, 95.

27%, 52.


In 2019, under the pressure of many industries such as the economic downturn, tightening external financing, and PPP project specifications, the operating rate of new projects in the cultural and tourism sector has dropped sharply, and the company achieved operating income of 57 in the first three quarters.

1.2 billion US dollars, on the basis of a high base in the same period last year, an annual extension of 7.


In terms of quarters, the single-quarter revenue growth rate of Q1 to Q3 2019 was 11 respectively.

39%, -14.

05% and -8.

84%, compared with the second quarter of 2019, the third quarter revenue decline has narrowed significantly.

Initially, the company realized net profit attributable to shareholders of the listed company.

500,000 yuan, 46 years ago.

71%, mainly due to the decline in revenue and profitability.

Profitability improved and operating cash flow improved.

In the total reported, the company’s comprehensive gross profit margin was 24.

37%, down by 1 every year.

94 pct, the company’s gross profit margin decreased or the main business’s gross profit margin decreased due to intensified market competition.

Expenses during the initial company period15.

91% (ten years +2.

99 pct).

The management expense ratio and financial expense ratio increased by 1, respectively.

37 and 1.


Finance costs increase by 38 each year.

34%, mainly due to the increase in project funding requirements leading to an increase in financing scale and corresponding increase in interest expenses.

The initial company’s net margin level has gradually decreased4.27 to 5.

98%, the decline in profitability was mainly due to the decline in gross profit margin and the increase in expense ratio during the period.

From the perspective of cash flow level, the company’s operating cash flow has improved, and the net operating cash flow is -1.

380,000 yuan, repeated less than the same period last year.

110,000 yuan, mainly due to the increase in business repayments of first-tier companies.

As of the end of the third quarter of 2019, the company’s monetary funds were 17.

US $ 6.6 billion, slightly higher than the same period of the previous year. Too much and too much capital in hand has consolidated the company’s development momentum and helped the rapid release of performance.

In terms of bond interest rate, the company’s 都市夜网 asset bond interest rate at the end of the period was 72.

76%, an increase of 0 from the end of 2019H1.

54 averages, an increase of 2. from the end of September 2018

The total of 79 was mainly due to the increase in short-term short-term borrowings and accounts payable.

The introduction of listed stock incentives, more order reserves, the future growth of the company is still worth looking forward to.

In 2018, the company launched a series of stock stock incentive plans, which are planned to grant 1493 to 217 middle managers and core business backbones of the company.

720,000 shares per share, the grant price is 6.

05 yuan.

According to the budget stock exercise conditions, it is estimated that the company’s net profit growth after deductions for 2018-2021 will be 60%, 30%, 30% and 20%, respectively.

From a speed perspective, the company’s performance growth rate will be reduced by less than 30% in 2019-2021. This is a relatively rapid growth based on a high base, and the quality of growth is improved.The proportion of the company’s cultural travel business may increase, and once again improve the quality of the company’s development.

In 2019, the company tilted its key resources to developed coastal areas such as the Guangdong-Hong Kong-Macao Greater Bay Area, increasing the proportion of EPC projects and high-quality operating projects, and continued to obtain quality orders., Huangshan Xiuning and Lianzhou comprehensive improvement of water environment and other key projects.

According to the summary of the company announcement, the company has signed approximately 66 new major project orders since 2019.

6.6 billion, which is close to 80% of the company’s 2018 operating income. The company’s order reserve is relatively abundant, which provides a certain guarantee for the release of the company’s performance.

The company continues to diversify its layout. Under the pressure of the ecological environment construction industry, it will support the company’s overall profit growth during the downturn of the industry through the development of water affairs, water environment and cultural tourism business, which will help achieve higher quality growth in the future industry recovery period.To obtain higher performance flexibility.

Estimates and investment recommendations.

Due to the company’s revenue growth rate and period expenses increased, we adjusted the company’s profit forecast, and expect to achieve revenues of 89 in 2019-2021.

7.6 billion, 117.

58 ppm and 146.

9.8 billion, a year-on-year growth rate of 1.

5%, 36.

9% and 20.

1%; net profit is 7 respectively.

2.2 billion, 9.

88 ppm and 118.

6.4 billion, the previous growth rate was -7.

3%, 36.

9% and 20.

1%; EPS are 0.

47 yuan, 0.

64 yuan and 0.

77 yuan, dynamic PE is 10 respectively.

0 times, 7.
3 times and 6.
1 times.

The company’s “second venture” strategy has been launched. At present, the company’s “big ecology + pan-amusement” layout covers the business sector layout of water management, water environment governance, ecological environment restoration, and cultural tourism. The synergy between the three business sectors is obvious, helping the companyRapid growth in the context of future industry recovery and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

The company has sufficient funds, improved operating cash flow, increased proportion of high-quality orders, and better growth.

Maintain the company’s “Buy-A” rating with a target price of 7 yuan, corresponding to about 15 times PE in 2019.

Risk reminders: changes in PPP policies, rising interest rates, high receivables, market adjustments, shareholders’ reductions and other risks.

Non-reverse repurchase for up to 7 trading days

Non-reverse repurchase for up to 7 trading days

About 7 trading days have not reversed the repurchase liquidity and has a high levelHigh level, no reverse repurchase operation on that day.

This is also the seventh consecutive trading day per second.

  Lu Zheng, chief economist at Industrial Bank and chief economist at Huafu Securities, told the Securities Daily reporter that there were 110 billion reverse repurchases due to open market operations this week. Cross-season liquidity faces a certain impact, but considerBy the end of the month, the intensity of fiscal expenditure will increase, and the transition probability will continue to “cut peaks and fill valleys” according to the fiscal expenditure situation, and the capital is expected to remain stable as a whole.

  Dongfang Jincheng’s chief macro analyst Wang Qing said in an interview with the Securities Daily reporter yesterday that due to local debt payments, tax periods and other factors, the market interest rate represented by DR007 has risen to the policy guidance rate (period is 7Days) reverse repurchase rate), and continue to stay in the open market for a long time.

Initial crackdowns on precautionary measures Market entities have formed illusions of liquidity and unilateral liquidity easing expectations, restricting financial institutions from managing liquidity risk management.

At the same time, this move in advance will also help maintain market liquidity at a reasonable level of abundance without entering a state of excessive abundance.

At the end of the current extended quarter, the increase in liquidity resulting from fiscal expenditure is intertwined with various factors such as bank assessments at the end of the quarter. Market liquidity will generally be in a relatively tight situation. It is possible to gradually resume small reverse repurchases in time to stabilize market capital.

  Foreign Exchange Judge Wang Youxin of the Bank of China Institute of International Finance told the Securities Daily reporter yesterday that domestic liquidity is still relatively abundant and there is no need to initiate a reverse repo for the time being.

In addition, the current growth rate of social finance and M1 has stabilized, the credit crunch has eased, and the overall supply of money is stable.

It can not only support the real economy, but also not cause the phenomenon of “flooding flood”.

In the future, monetary policy should grasp the strength of open market operations, learn to take the balance beam, improve the forward-looking, timely and relative operation, and at the same time aim at preventing and controlling financial risks, avoiding financial bubbles and disorderly development of corporate leverage and resistance.

  Wang Qing said that the recent gradual suspension of reverse repurchase, the market interest rate center has increased higher than the previous period, does not mean that the current “wide currency” policy orientation has been adjusted, and “wide currency” to support “wide credit” is still preliminary for future adjustmentsPolicy spindle.

As 北京夜网 a result, the market interest rate center will continue to guide policy interest rates to fluctuate slightly.

The reason behind this is that there is a certain downward pressure on the current growth rate of the national economy. Macroeconomic policies are still needed to increase counter-cyclical adjustments, and monetary policies are fine-tuned in a loose direction.

At the same time, the Fed stopped raising interest rates and minimized the pressure to devalue the RMB. It only fully moderated monetary conditions internally, and used timely and quantitative methods such as deposit reserve ratios and interest rates to guide financial institutions to expand the scope of credit offerings.

  Wang Qing said that in the future, interest rates will gradually keep the market capital in a reasonable and sufficient state, support “wide credit” with “wide currency”, and focus on opening up monetary policy channels to guide the moderate decline in long-term interest rates.

At the same time, in order to prevent market participants from forming a “liquidity illusion” and unilateral expectations, the continued growth of market interest rates and gradually lowering the policy-guided interest rate (gradual transformation into a seven-day reverse repurchase rate) are also difficult to continue.

In addition, under the circumstances that the growth rate of deposits has significantly exceeded the background of the growth rate of loans, the two to three reductions will be implemented in the future to support banks in increasing the rate of credit to the real economy.

Boss Electric (002508) 2019 Interim Report Review: Brand-leading solid performance bottoms to be picked up

Boss Electric (002508) 2019 Interim Report Review: Brand-leading solid performance bottoms to be picked up
Matters: Boss Electric released the 2019 semi-annual report, 深圳桑拿网 and the company achieved a total operating income of 35 in 19H1.27 trillion, ten years +0.88%, net profit attributable to mother 6.700,000 yuan, +1 a year.52%.In the single quarter, the company achieved a total operating income of 18 in Q2.670,000 yuan, at least -1.98%, net profit attributable to mother 3.510,000 yuan, at least -2.11%. Comment: Revenue growth is short-term and market share is leading steadily.In 2019H1, the company achieved a total operating income of 35.27 ppm, an increase of 0 in ten years.88%; 19Q2 company realized total operating income of 18.670,000 yuan, at least -1.98%, affected by the tightening policy of the real estate industry, the kitchen appliance industry as a whole continued to be sluggish in the first half of the year, and the revenue growth rate gradually.18. Smoked products, steam stoves and disinfection cabinets contribute revenue respectively.8.4 billion, 8.50 billion, 2.4.6 billion, each year -1.11%, -1.74%, +8.71%, accounting for 84% of total revenue.49%.The market share of range hoods and gas stoves is 25.54% and 23.13%, ranking first in the industry.In addition, the company is actively deploying new products such as embedded products, steam ovens, and dishwashers, and the expansion of new categories continues to increase, which is expected to continue to contribute to the company’s increased revenue.At the channel level, the company continued to optimize the specialty store system in the first half of the year, focusing on the layout of retail channels sinking in third- and fourth-tier cities. At the same time, it strengthened the integration of multiple channels of retail, e-commerce, engineering and innovation channels to achieve online and offline collaborative development.Among them, benefiting from the real estate fine decoration policy, the company ‘s engineering channels increased by 80% annually in the first half of the year, and it is expected that the engineering channels will continue to be one of the channels for the company’s accelerated growth in the future. Profitability remained sound and operating cash flow declined.2019H1 company maximizes profits8.00ppm, +2 per year.70%.In a single quarter, Q2 achieved maximum profit4.190,000 yuan, at least -1.10%; net profit attributable to mother 3.510,000 yuan, at least -2.11%.Benefiting from the decline in raw material costs and high-end positioning of products, the operating costs of the company in 2019H1 decreased by 1.80%, driving the gross profit margin +1 over the same period last year.24pct to 54.66%, the company’s profitability has improved significantly.The main categories of range hoods, gas stoves H1 gross margins are +3 respectively.48pct, +2.24pct to 58.54%, 55.88%, profitability remains good.Q2’s overall gross profit margin was 54.54%, a slight increase of 0 a year.02 points.In terms of expenses, the sales expense ratio, management expense ratio, and R & D expense ratio of the company in 19Q2 were 25.61%, 3.51%, 3.57%, -1 each year.28pct, +0.04pct, +0.At 05pct, the sales expense ratio decreased significantly, and other expense ratios basically maintained a smooth potential.In terms of cash flow, Q2’s net operating cash flow was 4.8.9 billion, down 13 before.16%, we think it is mainly due to the rapid growth of engineering channels leading to a decrease in receivables and a high base in the same period last year, but the company has sufficient funds in hand, and by the end of the reporting period, the parent company held monetary funds (including financial management).5.5 billion. The strategic layout has been strengthened initially, and land recovery is expected to benefit in priority.The reporting company has steadily advanced the three strategies of multi-category, multi-brand and technology upgrade. While maintaining the core category’s outstanding advantages, new embedded products have developed smoothly, and embedded products are expected to become the company’s new growth point.In terms of product positioning, the company’s brand has a high-end trend. It has a solid market leading position in the traditional kitchen appliances industry. It has maintained the number one market share in multiple kitchen appliances categories and enjoyed long-term competitive advantages.In the short term, the land data has improved significantly recently, and the leading indicators of completion have risen rapidly. In July 2019, the floor area of residential buildings completed and the monthly growth rate of sales area increased by 13 sequentially.52pct, 5.17pct, 19Q2 flat glass domestic sales increased for many years9.72%, elevator output in July increased by 11 quarterly.4%, real estate data is generally improving.Although the reported company is under pressure from the downturn in the real estate industry, after the marginal improvement of real estate completion, the company as a leading enterprise in the kitchen and electric industry will benefit first. Investment advice: We maintain the company’s EPS forecast for 19/20/21 to be 1.70/1.88/2.08 yuan, corresponding PE is 14/12/11 times.In the long term, the boss’s brand advantage is obvious, the category and brand expansion are progressing smoothly, and the scale advantage is prominent; in the short term, real estate completion related indicators have recovered, and kitchen appliances are most obviously driven by the real estate, and the fundamentals may be ushered in the second half of the yearInflection point.Maintain the “strong push” level. Risk Warning: Increased real estate growth; increased industry competition; sharp fluctuations in raw material prices

Enjie (002812): Wet profit integration global leader has strong profitability

Enjie (002812): Wet profit integration global leader has strong profitability

Wet expansion of the global leader, strong profitability event: Enjie issued an interim report, which reported that it has actually achieved revenue13.

78 ppm, an increase of 41 in ten years.

44%; net profit attributable to mothers3.

89 ppm, an increase of 140 in ten years.


Among them, Shanghai Enjie realized revenue 8.

33 ppm, an 80-year increase.

02%; Net profit 4.

08 million yuan, an increase of 84 in ten years.


Strong profitability of expansion business: Reported the proportion of revenue contributed by the merger of Shanghai Enjie’s wet-scale business.

4%, contributing 3% of net profit.

68 million, accounting for up to 94.


In terms of profit margins, the company’s gross profit margins in East China and overseas regions reached 57 in the first half of the year.

26% and 59.

89%, which basically reflects the reduction of gross profit margin, shows that it still has strong profitability. From the perspective of net interest rate, it reached 49% in the first half of the year, and it is expected to be close to 40% after replacing government subsidies, which can only increase by about 2pcts.

The domestic wet method market accounted for over 40%, and overseas customers accelerated development: the company achieved wet method subdivision conversion in the first half of the year.

500 million flats, a total of 8 wet implanted in the industry.

3.9 billion flat, accounting for up to 41.

7%, 36% from the previous 18 years, further increased by 5pcts.

In addition to being the core supplier of CATL in China (the supply accounts for about 70%), the company’s supply to well-known international battery factories has rapidly climbed.

In the first half of the year, the company and LG 5 years.

The US $ 1.7 billion purchase and sales contract, while cooperating steadily with Panasonic and Samsung.

Under development, the current overseas revenue share has risen to 25%.

Rapid expansion of production capacity and enhancement of scale supply capacity: The company has already established four large-scale production bases in Shanghai, Zhuhai, Jiangxi, and Wuxi. According to the report, the Wuxi base in Jiangxi has put into operation four and two production lines, with a total capacity of more than 300 million square metersIn addition, two other lines are being installed in Wuxi. In addition, the company has successively started Zhuhai and the second phase of Wuxi has 杭州夜网 completed project filing, and is expected to be put into production from the end of 19 to early 20.

It is expected that by the end of 19, the company’s parent roll production capacity will exceed 2 billion square meters.

Traditional business revenue has increased and decreased, and the overall net profit has been long-term: the report and the company’s aseptic packaging and film business revenue growth rates, the increase rate was 26% and 22%.

Among them, the volume and price of aseptic packaging products have increased, and the overall competitiveness will be further enhanced through the completion of the “Project with an Annual Output of 3 Billion Color Printing Packaging Boxes”.

In addition, it is mainly replaced by special paper, cigarette label, and film business for cigarette companies.

On the whole, the company’s traditional business revenue was 5 in the first half of the year.

4.6 billion, an annual increase of 6.

6%; net profit is 0.

21 ppm, an average of nearly half a decade.

Investment suggestion: Regardless of the impact of the acquisition of Suzhou MRT, we expect the company’s revenue growth rate to be 30 in 19-21.

0%, 38.

4%, 31.

1%, net profit growth rate was 48.4%, 20.

0%, 35.

1%, EPS is 0.

96, 1.


55; Maintain Buy-A investment rating and target price of 38.

40 yuan.

Risks: Lower-than-expected downstream demand, lower-than-expected capacity release, and intensified competition in the industry leading to lower-than-expected price drops.