Serious loss of talents in Chinese women’s football training model deformity: three years of exposure to the net


Chinese women’s football talent loss severe training model deformity: three years of exposure to the net and one year of fishing
Minnan News March 13 Yesterday, the Chinese women’s football coach Hao Wei, who fought in the Algarf Cup in France, said in an exclusive interview with Xinhua News Agency that the current loss of Chinese women’s football talents is severe, coupled with the deformity of the training model and the difficulties of isolation of the physical education system.The height is very serious, and the support for women’s football needs to be increased.  In the 1990s, the Chinese women’s football team won the Olympic silver medal and the World Cup runner-up.Today, they can only rank 18th behind Japan, North Korea and South Korea.Hao Wei believes that the biggest problem facing women’s football is the serious brain drain.It is reported that the current selection range of the national team is limited to 15 provincial-level local teams, each team member 20, a total of about 300 people.The average monthly income of female football players is mostly below 5,000 yuan, and some athletes only earn 2000 in local teams or clubs.3000 yuan, some even less than 1,000 yuan.  Hao Wei said: “For women’s football, the investment in some places is uneven, and it is often not supplemented in the first three years. Let you live first, and then make up for it in the last year. Football is a very comprehensive project.In the year of fishing, many talents will be abolished.There is no one to train women soccer players before the National Games, not even these 300 people.”Hao Wei suggested that the current separation wall between the sports and education systems should be broken through as soon as possible: “Football must first enter the campus to let the children get the joy of football, which is to cultivate interest.When you are interested in elementary school and junior high school, those who have the potential to get a deeper professional education will only be sent to the professional team from the university.In this way, there is no delay in learning, and second, there is no delay in training, and there are other ways to retire.”

The 2015 NBA Finals fourth quarter situation: Zhan Huang injured Warriors must win the law _1


2015 NBA Finals fourth quarter second quarter situation: Zhan Huang injured Warriors must win the law
The Cavaliers ushered in the fourth game with the Warriors Finals at home. The Cavaliers who were behind in the first quarter continued to be suppressed by the Warriors in the second quarter. James hit the camera after being violated by Bogut, causing head injuries and bleeding; the Warriors once in the middle of the second quarterLeading by 15 points, this season the Warriors built a 15-point advantage to maintain the victory; the Warriors led 54-42 at halftime.With 42 points in the half, the Cavaliers set the lowest score in the playoffs.James scored 10 points on 4-of-12 shooting and Curry scored 8 points on 3-of-9 shooting.After James fell, the small lineup adopted by the Warriors played a 22-6 shock wave in the first quarter, and the Warriors led the first quarter 31-24.This is the first time for the Warriors to lead at the end of the first quarter.At the end of the first quarter, Curry shoved Delaware in physical contact, further reflecting the warriors’ fighting mentality in this battle.  James and Curry were both off the court before the second quarter.The Cavaliers tried to focus on the inside, but the face of the Warriors’ tough defensive offense was not ideal. Mozgov’s several near-basket attempts were missed, but he scored 2 points by making up the basket.After Klay Thompson scored a 3-pointer, the Warriors built a double-digit advantage 38-28.  James returned early and jumped into the ball quickly.The inspired knights were successively sent caps by Champert and Tristan Thompson.However, the Cavaliers’ offensive feel was not recovered. JR Smith, Della and Chambert missed consecutive long shots. James also missed a long shot against Curry’s single defense.In the first half of the second quarter, the Cavaliers missed 5 of their 3-pointers.The Warriors continue to show their ability to shoot. Green shoots into the long shot and leads the Warriors 44-32.Leading by 12 points, this is the biggest lead for the Warriors in this final.  When there were 4 minutes and 43 seconds left in the second quarter, an unexpected situation occurred on the court-James was overturned by Bogut when he was rushing along the bottom line. James, who lost his center of gravity, hit the sideline camera and immediately covered his head.Pained to the ground.After covering the towel, the blood on the top of James’s head had penetrated the thick towel.Bogut was convicted of an ordinary foul.James quickly stopped bleeding and made 1 free throw.  Two shocking big words appeared above James’ head.Afterwards, Zhan Huang made another scoring and made Bogut foul, but missed 2 free throws.After Klay Thompson and Green scored goals, the Warriors led 48-33.This season, the Warriors have won at least 15 games with a 15-point advantage to maintain victory!  Mozgov personally scored 5 points, but the Warriors’ tough response did not allow the Cavaliers to narrow the point difference to single digits.Before the end of the half, James finally rushed to the basket, Curry then forced Tunder to score points.The Warriors led 54-42 at halftime.(Sky fire)

[Drinking astragalus water for ten days to lose thirty pounds]

[Drinking astragalus water for ten days to lose thirty pounds]

Women are generally very concerned about their body, if there is excess meat on the body, it must be intolerable.

Weight loss is not an easy task, and most women are unable to achieve their weight loss goals in a short period of time.

Therefore, when it comes to drinking astragalus water for ten days and losing thirty pounds, it must be moving.

So, how about drinking astragalus water to lose weight?

Let’s take a look below.

Astragalus soaked in water did not lose weight.

Astragalus can replenish Qi, and some people get fat because of Qi deficiency, which is caused by metabolic disorders in the body. This is the so-called puffiness. If you eat Astragalus, you can add righteousness and strengthen metabolism, so you will lose weight.

Other types of obesity caused by drinking yellow brown water may not work. Maybe some people see the effect, but it is not recommended to drink yellow spots to drink water to lose weight, because everyone’s physical conditions are different.If you often drink astragalus water without knowing your physical condition, you may become fatter due to excess nutrition.

Effect of astragalus soaked in water to regulate blood sugar: Astragalus soaked in water can lower blood sugar and increase hypoglycemia caused by phenformin and insulin.

2. Cardiotonic and antihypertensive: Astragalus has the functions of cardiotonic, antihypertensive, antiarrhythmic, and protection of the cardiovascular system.

3. Anti-cancer effect: The multi-component anti-tumor drugs contained in Astragalus can enhance the efficacy and reduce the asynchronous effect.

4, enhance physical fitness: Astragalus soaked in water can treat the problem of sweating caused by qi deficiency, and can also prevent colds during the high incidence of influenza.

5, Qi and Yang: Astragalus soaked in water can be used for prolapse of the anus caused by qi deficiency, uterine prolapse, collapse, leakage, dizziness and fatigue.

6, liver protection: Astragalus can protect the liver, it is very good for hepatitis, gastric ulcer, gastritis or liver injury.

7. Antibacterial effect: Astragalus has inhibitory effect on dysentery, pneumococcus, hemolytic streptococcus, etc.

8. Lishui swelling: Drinking astragalus in water can help swelling, such as eyelid swelling, leg swelling or hypertension, and edema caused by diabetes.

[Benefits and disadvantages of eating pears in summer]

[Benefits and disadvantages of eating pears in summer]

In summer, it is very beneficial to eat some pears. It has a good effect of clearing heat and detoxifying. It has a good effect of moistening lungs and relieving cough.Therefore, many people prefer to eat pears in summer. They have a good hydration effect. They can be eaten raw, stewed in pears, etc.

The benefits and disadvantages of eating pears in summer1. Increase appetite Pears have older substances and multivitamins, which are easily absorbed by the body, increase appetite, and have a protective effect on the liver.

2, trace and low content pears contain oxidants that can keep human cells and tissues in a healthy (healthy food) state.

Although pear is very sweet, its transformation and trace content are very low, which is very suitable for people who like to eat sweet and are afraid of fat.

3, clearing heat and sedating pears are cool and can clear heat and sedation, and regular food can restore blood pressure to normal and improve dizziness and other symptoms.

4. Ziyin Runfei Pear is also effective for tuberculosis because it contains glycosides and acid acids.

“Pear cream sugar” made from raw pears and honey is most suitable for those who suffer from chronic lung cough.

Rock sugar stewed pears can both expectorant heat, heal, nourish yin and lungs, and also have a curing effect on the throat.

5. Reduce the chance of catching a cold. Eating more pears can improve the respiratory system and lung function, enhance immunity and disease resistance.

At present, air pollution is relatively serious. Eating more pears can improve the respiratory system and lung function, and protect the lungs from the effects of dust and smoke in the air.

6, vitamin supplements, hypertension, vitamin deficiency should also eat more pears.

For those who are expected to be pale due to anemia, eating more pears can make your face rosy.

For patients with goiter, iodine caused by pear can have a certain effect.

Eating pears also has a certain effect on enteritis, goiter, constipation (constipation food), anorexia, indigestion, anemia, urethral swelling, urethral stones, gout, and vitamin A-caused diseases.

7, anti-cancer anti-cancer pear can prevent atherosclerosis, inhibit the formation of carcinogen nitrosamines, thereby preventing cancer and anti-cancer.

8. Elimination of constipation Pear contains 3 grams of cellulose (cellulose food) per 100 grams (mostly insoluble fiber). It is insoluble fiber and can help prevent constipation and digestive (digestive food) diseases. It can purify the kidney and cleanIn the body, people with long-term constipation should eat more pears and prevent colon and rectal cancer.

[Can cabbage be whitened]_Whitening_Function

鍦ㄥ啲澶╃殑鏃跺€欙紝鎴戜滑鏈€甯歌鐨勮敩鑿滃氨鏄櫧鑿滐紝鍥犱负鐧借彍鐨勪环鏍奸潪甯镐究瀹滐紝鎵€浠ユ湁寰堝瀹跺涵閮戒細鎵归噺璐拱锛屽叾瀹炲啲澶╁悆鐧借彍鏄渶姝g‘鐨勯€夋嫨锛屽洜涓虹櫧鑿滃睘浜庡啲澶╃殑搴斿钄彍锛岃€屽叾浠栫殑钄彍澶у鏁伴兘鏄ぇ妫氶噷闈㈠煿妞嶇殑锛屾湁寰堝钄彍閮戒細鎵撳啘鑽紝鑰岀櫧鑿滄濂藉氨鏈夎В姣掔殑鍔熸晥锛岄偅涔堝悆鐧借彍鑳藉缇庣櫧鍚?Powerful, sturdy, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, stolen, patented, stolen, patented, stolen櫧鑿溿€侀粍鐭彍銆佺櫧鑿溿€佷氦鑿滅瓑銆傚ぇ鐧借彍鍚儭钀濆崪绱犮€佺淮鐢熺礌B1銆佺淮鐢熺礌B2銆侀搧銆佺淮鐢熺礌C銆佺儫閰搞€侀捑銆侀挋銆佺7銆佽泲鐧借川銆佽剛鑲€佺硸绫荤瓑銆傜櫧鑿滄槸鏈€寤変环鐨勭編瀹归鍝佷箣涓€锛屾湁鏀瑰杽鐨偆寮规€с€佸鍔犵毊鑲ゅ厜娲佸害銆佸欢缂撶毐绾逛骇鐢熺瓑浣滅敤銆傚ぇ鐧借彍杩樻湁杈呭姪娌荤枟鎰熷啋銆佸捊鍠夎偪鐥涖€侀鐑挸鍡姐€佹敮姘旂鐐庛€佸皬鍎胯叜鑵虹値銆佽偩铏氶槼鐥裤€佹€ユ€ц倽鐐庛€侀厭鍚庡彛娓寸瓑鐥呯棁銆傜櫧鑿滅殑鍚冩硶寰堝锛屽彲绱犵倰锛屽彲鑽ょ倰锛屽彲鑽ゅ仛锛屽彲浣滄按楗恒€侀ズ瀛愮殑棣咃紝浜﹀彲鍒舵垚閰歌彍銆侀叡鑿溿€侀鑿滃強鑴辨按鑿滅瓑銆傚悆浠€涔堣彍鍙互缇庣櫧鐨偆鐚剼姹ら噸鐐癸細鎽勫彇镶岃The spine bone pick х 尓 鑴 special special chain link to go to Lulu and Lulu  纴 姣 忓 ぉ 玸 为 Drawing 厽 勫 彇 徇 徇 峮 叮叮 邮 叾 鳮 鍾 鈮 鍾规€э紝鍑忓皯缁嗙汗锛岃鑲岃偆鐪嬭捣鏉ユ洿骞磋交銆傜敤娉曪細鍙皢钑冭寗鎼呮媽鎴愯晝鑼勬眮鍚庡姞鍏ラ€傞噺铚傝湝鎼呰嚦绯婄姸銆傚潎鍖€娑備簬鑴告垨鎵嬮儴锛屽緟绾?5 闒 嗛 匓 娲 奀 幓 劆 Effects slowing down?鈥斺€?娆°€傚皢闈掓銆佸ぇ榛勭摐銆佸洓鍒嗕箣涓€鑻︾摐銆佽タ娲嬭姽銆侀潚鑻规灉绛夋墦鎴愮編瀹硅敩鑿滄眮鏉ュ枬锛岃繖鏍风殑钄彍姹侀噷澶存湁瓒冲鐨勭淮浠栧懡C锛屽浜庣編鐧介潪甯告湁鏁堛€傜編鐧界殑鏂规硶铚傝湝铔嬬櫧鑶滄柊椴滈浮铔嬩竴鏋氾紝铚傝湝涓€灏忔堡鍖欙紝灏嗕袱鑰呮悈鍜屽潎鍖€锛屼复鐫″墠鐢ㄥ共鍑€杞埛瀛愬皢姝よ啘娑傚埛鍦ㄩ潰閮紝鍏堕棿鍙繘琛屾寜鎽╋紝鍒烘縺鐨偆缁嗚優锛屼績杩涜娑插惊鐜€傚緟涓€娈垫椂闂撮骞插悗锛岀敤娓呮按娲楀噣锛屾瘡鍛ㄤ袱娆′负瀹溿€傝繖绉嶉潰鑶滆繕鍙互鐢ㄦ按閲婄█鍚庢悡鎵嬶紝鍐鍙槻娌荤毑瑁傘€傝晝鑼勮渹铚滅編鐧借繖涓編鐧介厤鏂瑰彲鍚屾椂浣滆劯鍙婃墜閮ㄧ編鐧姐€傜壒鍒槸鏆楃柈鐨偆锛岃兘鏈夋晥鍘绘补鑵伙紝闃叉鎰熸煋锛屼娇鐨偆鐧界殭缁嗚嚧銆傞厤鏂癸細钑冭寗鍗婁釜銆佽渹铚滈€傞噺

[How to control sexual desire?

】 _How to control_Control method

[How to control sexual desire?
】 _How to control_Control method

Proper sex life is good for the human body, but some people have more sexual desires. If they replace sex, whether it is for men or women, even physical exertion is very large, and it may alsoAffects physical health. In fact, when people have sexual impulses, we can control our sexual desire and control our sexual desire by diverting our attention.

Too strong sexual desire may be over-obsessed by the other half, or there may be fierce sexual colors in the day, not just a merit. If hypersexuality (the manifestation of sexual function) is caused, it may require treatment.

Clinically, hypersexuality is to be diagnosed and distinguished from the following diseases: 1. Nymphobia (psychiatric disease): abnormal sexual manifestations that occur under conditions of consciousness. As to whether excessive sexual desire is a mental illness, you should ask for neuropsychiatryThe doctor made a preliminary identification.

2, sexual metamorphosis (perverted libido), abnormal sexual psychology.

Its characteristics are the initiation of sexual desire, the choice of sexual goals, the method of satisfying sexual desire, etc., which are different from normal sexual activities.

Sexual satisfaction such as fetishism, vulgarity, homosexuality, etc. is usually taken in violation of normal methods.

3, Yang Qiang (abnormal erection of the penis): It usually occurs after sexual intercourse, the erection of the penis without sexual desire, pain, and continues. It has the characteristics of acute onset and easy to leave permanent sequelae.

4. Sexual hooliganism: There are significant cases of sexual hooliganism, and often there are plans and premeditated violations.

To achieve their own satisfaction by harming the interests of women, in addition to insulting women, it will lead to vicious cases such as rape and even homicide.

What to do if libido is too strong?

1. Adolescents with deep sexual thoughts and hypersexuality frequently go on to have sex days, which is essentially nothing more than getting more sexual pleasure.

Therefore, it is necessary to start with the “source” of the idea of living.

The specific method is: force yourself to calm down, carefully read a few books on healthy physiology and sexual psychology, and have a rational knowledge of sex.

Automatically communicate with your lover and ask for supervision.

Whenever sexual thoughts come down, you can quietly mumble yourself over such thoughts; if it is invalid, you can say “no” to yourself repeatedly and forcefully suppress sexual thoughts.

2. Sexual colors in the above-mentioned environment and in the surrounding environment, anything with sexual colors may become the fuse of sexual desire, and it must be shielded as much as possible, including movies, books, images, audio, etc.

In short, reduce the variety of sexual stimuli in the environment as much as possible.

On the surface, it is necessary to consciously evade conversations with other people about sexual content, and also to consciously evade the understanding of the opposite sex, and try to distract from the attention that was originally gathered on sexual issues.

3. It is believed that the immediate sexual impulses are normal. Once sexual impulses are present, they can be stopped by perseverance.

However, people with hypersexuality have weak perseverance in this regard, and sometimes it is difficult to control themselves. Therefore, it is necessary to temporarily take some measures: immediately soak feet in cold water or cold compress creatures with cold water towels, and empty the urine in time; clear the environment in time, such asGo to the street or talk to friends and relatives; do a usual favorite activity in time, such as music, playing ball, playing chess, surfing the Internet, etc., to take care of your sexual impulses; notify your lover in time to let the other party consciously escape sexual lifeWait.
In addition, in the days of strong sexual desire, it is advisable to soak your feet with cold water before going to bed, so that the degree of congestion of the sexual organs can help cut the sexual urge.

[Effects and taboos of drinking lotus seed water]_Recommended diet

鑾插瓙蹇冩湁涓€瀹氱殑鑽敤浠峰€硷紝鑾插瓙蹇冨懗鑻︺€佹棤姣掓€у亸瀵掋€傝幉瀛愬績褰撲腑鍚湁鑾插績纰憋紝杩欑鐢熺墿纰辨湁娓呯儹瑙f瘨鐨勪綔鐢紝鍙﹀鑳藉棰勯槻鐢锋€у嚭鐜伴仐绮撅紝杩樻湁寮哄績鐨勬晥鏋滐紝鏈夋竻鐑郴鐏殑鍔熸晥锛屽鏋滄湁楂樿鍘嬮€傚綋鐨勫枬鑾插瓙蹇冩场姘达紝涔熸湁涓€瀹氱殑璋冨吇鍜岄闃茬殑浣滅敤銆?鑾插瓙蹇冩场姘村枬鏈変竴瀹氱殑鍏荤敓浠峰€硷紝浣嗘槸锛屽湪鍠濅箣鍓嶄篃瑕佹敞鎰忚幉瀛愬績娉℃按鐨勪竴浜涚蹇屾€х殑闂锛岃櫧鐒惰幉瀛愬績娌℃湁姣掑壇浣滅敤锛屼竴浜涙櫘閫氫汉缇や篃鍙互鍠濄€備絾鏄浜嗚В鑾插瓙蹇冩€у瘨锛屾墍浠ュ鏋滆韩浣撴瘮杈冭櫄寮憋紝鎴栬€呰韩浣撴€曞喎锛屽敖閲忎笉瑕佸枬鑾插瓙蹇It ‘s a hard time, but it ‘s a hard time, and it ‘s hard to find a good way. It ‘s a good idea for you. It ‘s a good idea. It ‘s a good idea. It ‘s very difficult to find out.簨椤癸紝涓€鏂归潰閬垮厤褰卞搷鍚告敹鐨勫姛鏁堬紝鍙﹀涔熻閬垮厤瀵硅韩浣撳仴搴烽€犳垚涓嶅埄鐨勫奖鍝嶏紝姣忓ぉ閮藉簲璇ヨ寰嬬敓娲伙紝鍏绘垚鑹ソ鐨勭敓娲讳範鎯紝鏈€濂戒笉瑕佺啲澶?濡傛灉鍠濅竴浜涜幉瀛愬績娉℃按锛岄偅涔堟渶濂藉氨涓嶈鍚冧竴浜涘埡婵€鎬х殑椋熺墿锛屽挨鍏舵槸杈涜荆鐨勯鐗╋紝鏈€濂戒笉瑕佸悆銆傝幉瀛愬績鍚湁涓板瘜鐨勭淮鐢熺礌鍜岀熆鐗╄川锛屽鏋滄槸姣旇緝椴滃鑾插瓙蹇冿紝鍙互鐢熷悆锛屽鏋滄槸姣旇緝鑰佺殑鑾插瓙蹇冿紝鏈€濂芥槸娉℃按鍠濄€傚彟澶栬幉瀛愯姱鐨勫彛鎰熸瘮杈冭嫤锛岀‘瀹炴湁涓€瀹氱殑娓呯儹娉荤伀鐨勪綔鐢紝鐢熷悆鐨勫彛鎰熷緢宸紝娉℃按浠ュ悗濡傛灉鍐嶉€傞噺鍔犲叆鏋告潪锛岀孩绯栫瓑椋熸潗锛屽懗閬撳拰鍙f劅浼氬ソ寰堝銆備互涓婄畝鍗曠殑浜嗚В浜嗚幉瀛愬績娉℃按鍠濈殑鍔熸晥鍜岀蹇屾柟闈㈢殑闂锛岃幉瀛愬績鍏锋湁涓€瀹氱殑鑽敤浠峰€硷紝鑾插瓙蹇冨懗鑻︼紝娌℃湁姣掓€э紝閫傚綋鐨勭敤鑾插瓙蹇冩场姘村枬鏈夊緢濂界殑鍏荤敓鐨勪綔鐢紝灏ゅ叾鏄兘澶熼闃查珮琛€鍘嬶紝鍏锋湁寮哄績鐨勫姛鏁堬紝濡傛灉韬綋浣撹川杈冧负铏氬瘨锛岃灏戝枬鎴栬€呬笉鍠濊幉瀛愬績娉℃按銆?

Haier Zhijia (600690) 2019 Third Quarterly Report Review-High-end performance continues to improve

Haier Zhijia (600690) 2019 Third Quarterly Report Review-High-end performance continues to improve

In the third quarter, the company’s overall operating performance was better, with revenue of 49.9 billion yuan (previously +4.

6%, after excluding logistics, the revenue of the same caliber is +9 twice.

1%), deducting non-attributed net profit11.

300 million (previously +8.

1%, +4 from the previous quarter.

3pcts), as expected.

Specifically, high-end brand Casa Di’s dazzling performance and the continuous and steady growth of overseas business overlap with favorable foreign exchange are the main sources of better performance.

Looking forward to the fourth quarter, the high-end market is expected to continue high growth, and the company’s overall operation is expected to continue to improve.

The operating conditions in the third quarter are good, and the growth rate in the fourth quarter is expected to continue to increase.

In the first three quarters of 2019, the company’s revenue was 148.9 billion (ten years +7.

7%), net profit attributable to mother 77.

700 million (previously +26.

2%); 19Q3 single-quarter revenue of 49.9 billion (ten years +4.

6%, after excluding logistics, the revenue of the same caliber is +9 twice.

1%, the growth rate +0.

4pcts), net profit attributable to mother 26.

200 million (previously +91.

0%, of which logistics contribution table contributed 14.

400 million), deducted non-attributed net profit11.

300 million (previously +8.

1%, +4 from the previous quarter.


Under the overall pressure of domestic appliances in the third quarter, especially the intensified competition in the internal sales price of air conditioners, the company’s performance of Casa Di and overseas revenue improved, and its operating performance improved. It is expected that the growth rate of the fourth quarter will continue to increase.

A strategic achievement, Casa Di resumed high growth.

From the perspective of sharing, the long-term strategy for many years has gradually shifted to the domestic market. Every increase in overseas revenue + 25%, after excluding the effects of candy, it has maintained a double-digit growth. Among them, the US dollar caliber in the third quarter of GEA even increased 6%.

In terms of domestic sales, Casa Di’s performance was dazzling. In the third quarter, it was + 42%, and the growth rate was significantly improved (twice in the first half of the year + 15%). Among them, the performance of the air conditioning price strategy was outstanding, from January to September + 120%The quarter is at least + 200% and it is expected that the growth rate of Casa Di is expected to remain in the fourth quarter.

Looking at the total, Zhongyikang’s data show that from January to September refrigerators (online / offline total +1.

9 pieces / +1.

4 pieces), washing machine (online / offline +1.

3 pieces / + 2.

7pcts), home air conditioner (online / offline +0.

1 piece / +0.

7pcts) share increased, and corporate competitiveness increased.

Profitability is stable, and short-term fluctuations in cash flow come from differences in Candy’s business model, which will improve in the fourth quarter.

19Q3 company gross profit margin 29.

1% (+0 per year / mo.

7pcts / + 0pcts), high-speed growth of high-end brands drives profitability.

In terms of expenses, the sales / management / R & D expense ratios changed by + 0pcts / + 0 respectively.2 pieces / +0.

4pcts, R & D efforts continue to increase.

In terms of cash flow, the company’s operating cash flow was twice in the third quarter.

3%, mainly due to the operating rhythm of Candy, the cash inflow will be mainly concentrated in the fourth quarter, it is expected that the fourth quarter will improve.

High-performance and high-end layout has been achieved, and systemization has seized the opportunity of the industry.

The company’s overall industry as a whole has a very unique vision, integration, and high-end layout are leading. Overseas revenue accounts for 47%, and nearly 100% are independent brands.

The layout of the seven major brands and sustainable operations have significantly improved global competitiveness.

Based on the brand advantage, the company’s floor-to-door products, the smart home experience center opened successfully in September, and gradually sold 20 million 武汉夜网论坛 yuan per month.

In terms of channels, the company has completed the pilot of the unified warehouse allocation model. The national replication of the model will be completed in the fourth quarter. The channels will gradually promote the company’s transition to efficient retail and further strengthen the company’s competitiveness.

Risk factors.

Terminal retail in 2019 is less than expected; raw material prices are rising; high-end progress is less than expected.

Investment Advice.

The high-end layout is leading, and Casa Di has performed brilliantly, raising its EPS forecast for 2019-21 to 1.



65 yuan (previous forecast was 1.



63 yuan), corresponding to PE is 11/10/9 times.

The company is a global leader in white goods, and gradually develops and continues to deepen. High-end brands stand out, and systematization opens up revenue space, and subsequent profitability improves. It continues to recommend and maintains a “buy” rating.

Tsingtao Brewery (600,600): Price increase and structural improvement drive ton price increase, closing of factories to continue production

Tsingtao Brewery (600,600): Price increase and structural improvement drive ton price increase, closing of factories to continue production
The 18-year performance was in line with expectations, and revenue growth under comparable calibers was satisfactory.The company achieved revenue of 265 in 18 years.75 trillion, the same increase by 1.13%, revenue of 276 under comparable caliber.300 million, an increase of 5.15%; Realize net profit after deducting non-return to mother 10.5.4 billion, an increase of 8.05%.Basic EPS 1.05 yuan / share, 4 shares are planned for 10 shares.8 yuan.Revenue in the fourth quarter alone was 29.34 ppm, an increase of ten years.46%, with revenue of 30 under comparable caliber.2 ‰; 10 years growth 4.42%; net profit after deducting non-return to mother -7.48 ppm, a decrease of 4 per year.82%. The core point of view price increase and structural improvement helped the ton price increase, Shandong North China performed well, and South China realized losses.In terms of different products, Qingdao brand and other brands of beer achieved revenue of 161 in 18 years.1.9 billion (+2.67%), 101.1.5 billion (-1.66%), the proportion of revenue of major brands has further increased.Looking at the component prices, the company’s beer sales also increased by 0.76% reached 803.520,000 kiloliters, of which the sales of Qingdao brand and other brands increased by +3.97%, -2.12%, Qingdao brand Zhongguote, Fortune led, classic 1903, pure draft beer and other high-end products achieved sales of 173.30,000 kiloliters, an increase of 5 in ten years.98%; benefiting from price increases and further upgrading of product mix to the mid-to-high end, the average ton price increased by 0.2% (reduced to a comparable caliber to extend the overall ton price by 4.2%), of which the Qingdao brand ton price fell by 1.25%, the ton price of other brands increased by 0.47%.In terms of regions, Shandong, the base camp, has obvious advantages, and price increases drive revenue growth of 8%.04%, the highest in the region; North China further seized the share of competing products, with a revenue growth rate of 6.35%; the share of South China affected by Budweiser has been lost, and revenue has decreased by 13.73%, achieving a net profit of 76.02 million yuan. The rising cost of raw materials and packaging materials led to a slight decrease in gross profit margin, and the increase in the control of sales expense ratio.Affected by rising costs of glass bottles and malt, the company’s gross profit margin for the 18 years under comparable caliber has dropped by 0.53pct to 40.02%.Affected by the accounting adjustment of marketing assistance expenses, the company’s sales expense ratio for the 18 years dropped by 3%.63% to 18.32%; the management expense ratio (including R & D expenses) exceeds 0.56 points is 5.29%.The decline in the selling expense ratio 佛山桑拿网 helped to gradually increase the net interest rate.61pct up to 5.87%, back to 2015 levels. The closure of factories continued to advance, and industry competition eased.In 18 years, the company closed down Yangpu and Wuhu to further optimize production capacity and increase efficiency.We believe that the beer industry is currently in the stage of stable value-added value-added structure upgrade. Leading manufacturers have strengthened their profit appeals, abandoned price wars, and upgraded their products to high-end.Expected initial recovery. Financial Forecast and Investment Recommendations Considering that the company’s beer sales volume has recovered, we slightly increase our revenue forecast; through the company’s ability to control expenses, we have reduced our sales expense ratio forecast.Adjust the company’s EPS forecast for 19-21 to 1.34, 1.63, 1.95 (previously 19 and 20 years forecast was 1.22, 1.41).Combined with the evaluation of comparable companies, the company is given a 19-year 43 times price-earnings ratio, corresponding to a target price of 57.62 yuan, maintaining the overweight level. Risks suggest that sales volume growth is lower than expected, ton price rise is lower than expected, raw material prices continue to increase, and industry competition is intensifying.

China Chemical (601117) 2018 Annual Report and 2019 First Quarterly Report Comments: Orders and revenue are bright, expect profit margins to bottom out and rebound

China Chemical (601117) 2018 Annual Report and 2019 First Quarterly Report Comments: Orders and revenue are bright, expect profit margins to bottom out and rebound

Event: The company released its 2018 annual report and 2019 first quarter report.

In 2018, the company’s operating income was 81.4 billion yuan, an increase of 39%; net profit attributable to mothers was 19.

300 million, an increase of 24%.

18-year performance slightly exceeded democratic expectations (Expect 18.

900 million).

The company’s annual bill for the new millennium in 2018 was 1,450 trillion, an increase of 53%.

In Q1 2019, the company achieved operating income of 17.7 billion yuan, an increase of 18%; net profit attributable to 深圳桑拿网 mothers6.

200 million yuan, an increase of 56%.

In the new millennium in 19Q1, the company alone was 37.7 billion, an increase of 48%.

Comment: In the new year, the single-digit growth rate was high in 2018. The company’s single-year annual order was 145 billion yuan, an increase of 53%.

By industry, 1031 trillion new chemical projects were signed, an increase of 56%; infrastructure was 281 trillion, an increase of 121%.

In chemical engineering, chemical projects increased by 57%, petrochemical projects increased by 8%, and coal chemical projects increased by 181%.

By region, 946 trillion were newly signed in China, an increase of 54%; 504 trillion were newly signed overseas, an increase of 50%.

In 19Q1, the company’s new millennium alone was 37.7 billion, an increase of 48%.

Among them, 205 trillion were newly signed overseas, an increase of 139%; 172 trillion were newly signed domestically, an increase of 1%.

The company’s new single unit continued to grow at a high speed, mainly due to 1) the stabilization of oil prices and the relocation of chemical companies into the park, which led to the expansion of capital scale of downstream petrochemical, chemical, coal chemical and other enterprises; 2) changes in the company’s operating philosophy, strong market expansion, and internal and external diversificationThe business (non-chemical) has grown in an all-round way; 3) The overseas market has a strong expansion, and the brand, process and technology output are very effective.

The profit rate of the project has been reduced, the three expenses have been effectively controlled, the asset turnover rate has increased in 2018, and the company’s comprehensive gross profit margin was 11.

6%, same as minus 3.


By business, gross margin of project contracting is 10.

2%, same as minus 3.

8; gross profit margin of survey and design 27.

2%, the same increase of 4.

8%; Industrial and other gross profit margins 15.

7%, same as minus 5.


In 2019Q1, the company’s comprehensive gross profit margin was 11.

6%, same as minus 2.


The decline in the company’s comprehensive gross profit margin was mainly due to 1) the order entered into the settlement during the period of low oil prices, and the gross profit margin of some newly started petrochemical projects was low; 2) the cost of some projects exceeded expectations.

Effective control of three expenses.

In 2018, the company’s three expenses accounted for 6%.

54%, same decrease of 2.


The decrease in the three expenses was mainly due to the decrease in the management expense ratio and the decrease in the financial expense ratio (mainly the exchange contribution).

In 19Q1, the three expense ratios of the company continued to decrease every year.

At the same time, the company’s turnover rate has improved significantly.

In 2018, the company’s inventory turnover days were 74 days, a decrease of 50 days compared to 2017; accounts receivable turnover days were 74 days, a decrease of approximately 19 days compared to 2017.The asset-liability ratio was 64%, with a decrease of about 1 pct.

Asset turnover rate is 0.

88x, increase by 0.

2 times.

The impact of asset impairment on profitability will gradually decrease in 2018, and the company’s asset impairment scale12.

6 trillion, a decrease of about 3 trillion compared with the same period in 2017.

In 18, the company’s asset impairment mainly includes: 1) New provision for impairment of fixed assets and intangible assets for PTA projects3.

96 ppm; 2) Supplementary three projects (Xinjiang Cathay Xinhua, Congo-Mongolia 1200kt / a potash fertilizer project, Rongxin methanol synthesis project) inventory depreciation reserve of approximately 100 million; 3) and receivable single items to supplement multiple projectsAccrual preparation.

In the medium and long term, the risk of impairment of PTA projects still exists. The impairment scale of accounts receivable under the aging method may continue to increase, but it is also because of the rapid growth of the company’s income scale that the proportion of accounts receivables as a percentage of income has also fallen.
In 2018, asset impairment accounted for approximately 1 of revenue.

6%, same as minus 1.


Orders and revenue trends are good, and we expect the profit to accelerate in 19 years. Maintaining the “Buy” rating orders and revenue growth will continue to grow. We expect the 19 year profit growth to accelerate.

Infrastructure investment and financing projects have been launched one after another, opening up subsequent growth space.

At this stage, the company’s asset-liability ratio is relatively low among similar construction central enterprises, providing sufficient financial space for subsequent investment and financing project expansion.

Against the background of high income growth, asset impairment as a percentage of revenue is expected to decrease.

In 18 years, due to the period of low oil prices, the projects have gradually entered into the final settlement cycle, which gradually reduced the company’s gross profit margin and judged that there is room for marginal improvement in subsequent profit margins.

In 19Q1, the company’s project gross profit margin stabilized, the three expense ratios were effectively controlled, and the net profit margin has now shown a marginal improvement trend.

Increase the company’s EPS forecast for 19-20 to 0.

56 yuan, 0.

80 yuan (the original value is 0.

54 yuan and 0.

69 yuan), plus EPS forecast 1 in 2021.

08 yuan.

Considering that the company’s orders and revenue growth rate is higher than expected at this stage, the currently observed operating data is better than that of state-owned construction enterprises. It is expected that the compound growth rate of the next three years may reach 40%, and it is estimated that there should be a premium.

Give 19-year dynamic price-earnings ratio of 13x, raise the target price to 7.

28 yuan, maintain “Buy” rating.

Risk warning: the scale of asset impairment increases, downstream petrochemical investment 合肥夜网 is less than expected, gross profit margin continues to grow, and the yuan appreciates rapidly