上海举行健身潜力之星候选人选拔 世界冠军亮相_1

上海举行健身潜力之星候选人选拔世界冠军亮相­2017“RISINGSTARINFITNESS”选拔活动3月4日在上海正式启动,中国首个健美世界冠军钱吉成、中国健美常青树杨新民以及健身达人小宝三位中国健身届的大咖级人物现身上海瑞虹新城,对参与选拔

上海举行健身潜力之星候选人选拔 世界冠军亮相
­  2017“RISING STAR IN FITNESS”选拔活动3月4日在上海正式启动,中国首个健美世界冠军钱吉成、中国健美常青树杨新民以及健身达人小宝三位中国健身届的大咖级人物现身上海瑞虹新城,对参与选拔的12位潜力之星候选人进行面对面的专业指导。­  本次活动由提供私人身材管理塑形服务品牌人马君主办,旨在寻找民间健身潜力之星,为健身发烧友提供接受健身界神级大咖面对面专业指导的机会。活动启动后,得到了全国健身发烧友的热烈反响,一天就有数百名健身爱好者报名参加。通过层层选拔,最终顾问团退筛选出30名潜力健身新秀,参加最后的集训。­  首轮集训3月4日正式在上海启动,中国健美世界冠军钱吉成、连续20年拿下全国80公斤级冠军的健美常青树杨新民以及健身达人小宝亲自现身,与12位选手互动,与他们进行最专业的指导。现场还分成三组,进行耐力和力量的展示,其中千次俯卧撑接力赛,更是令围观者热血沸腾。­  整个训练营还将维持数日,健身大师对学员进行专业训练的过程全部通过直播平台对外公开,人马君通过寻找健身千里之星的活动,倡导健康向上的健身理念,培养乐观拼搏的生活态度,提升业余健身训练水平。­  钱吉成在接受采访时表示,最近几年健身运动在国内蓬勃发展,方兴未艾,但整体训练水平良莠不齐,自己也非常愿意多参加这样的活动,帮助青少年健身爱好者,让大家能够在日常训练时能够更专业更科学。(搜狐体育 裴力)

[Can eat crabs during breastfeeding]_ Food taboo _ Can you eat

[Can eat crabs during breastfeeding]_ Food taboo _ Can you eat

Women will definitely want to eat a lot of delicious food after giving birth to their children, because many foods cannot be eaten during pregnancy, fearing to adversely affect the baby. Women’s diet also needs special attention during breastfeeding. It is best not to eat crabs during breastfeeding.Crab, otherwise it will cause baby’s skin allergy, eczema problem, and it may also cause diseases of the immune system. If you have eaten some crabs, it is best to consult the doctor how to handle it.

Can I eat crabs during breastfeeding? Crabs are a favorite of many people, and normal people can enjoy them as much as possible.

However, it is best for pregnant women who are breast-feeding to eat less or not. This is because crabs contain a variety of proteins and purine bases, which can easily lead to children’s allergies.

According to experts in infant care, crabs are a hair product in traditional Chinese medicine. At the same time, crabs are high-protein foods, which easily cause protein allergies.

There are mothers who eat crabs in life, which can cause diarrhea or eczema in children, which needs to be taken seriously by various mothers.

Once the mother eats crabs, the child’s eczema worsens or diarrhea, they should stop eating crabs immediately, and even say that the mother “holds the pimple” first, it is best not to eat crabs during breastfeeding.

Precautions For people who are breastfeeding, they must pay more attention to their diet, eat less fish, shrimp, crab and other high-protein aquatic foods, as well as spicy, sour, spicy and other condiments.

If the baby takes the method of milk intake, pay attention to it normally, it can extend the boiling time of the cow’s milk to facilitate the decomposition of the protein and eliminate the sensitization effect.

The dangers of crab eating during breastfeeding Crab is fat and it is loved by diners as a kind of nutrient-rich seafood.

Crabs contain high-quality protein and iodine, but crabs are cold and have a variety of proteins and purine bases. If your child takes them, they may easily cause diarrhea or allergies.

Similarly, if it is consumed by a woman who is breastfeeding, it may also cause diarrhea or allergies when the child is being nursed.

In addition, there may be parasites and viruses or heavy metals in crabs, which make us unable to eat crabs happily.

In addition to the hazards mentioned above, you must also pay attention to eating cold crabs. You must avoid eating cold foods. This will increase the burden on your body and cause complications such as cucumber, peanuts, persimmons, etc.edible.

Breastfeeding mothers, for the sake of their baby’s health, it is better to avoid eating more. Do not make your baby sick because of gluttony.

After all, what could be more important than a baby’s health?

Once a child develops an allergy or excessive diarrhea, the consequences can be serious.

[Does the cheese baked rice have high denaturation]_calories_content

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[How long can lemon honey water last]_ Shelf life _ How long

[How long can lemon honey water last]_ Shelf life _ How long

Honey lemonade is a common drink. It has a sweet and sour taste and is loved by many people, but honey lemonade cannot be used in excess. If it is used in excess, it may cause an increase in gastric acid and aversion.

Homemade honey at home, lemonade is not conducive to long-term preservation, you must drink it in time. If you make too much, you can put it in the refrigerator, but still drink it within 24 hours. If you do not drink it, it will cause deterioration.

So, how long can honey lemonade last?

First, how long can lemon soak honey for one night.

Material: lemon, honey, sealed bottle.

Eat as you like, do n’t make too much each time. Lemons are sold all year round in the supermarket. I use two lemons at a time.

The bottle can also be an ordinary honey bottle, as long as it is overlapped and sealed, it will not leak.

Slice: Cut lemon into thin slices.

Bottling: Pack lemon slices in bottles.

Add honey: Then add honey and completely submerge the lemon slices.

After adding honey, the lemon slices will float up, and there will always be a little bit exposed. You can tighten the lid to turn the bottle upside down several times. If there are no air bubbles, put it in the refrigerator upside down overnight.

You can drink it with warm water. Don’t look at just one or two tablets, but you can brew it repeatedly. The taste is very strong.

Second, how long is the shelf life of lemon soaked honey water? The shelf life of lemon soaked honey is 2 months. This is the case in the refrigerator. If it is placed on the top and the temperature is high, it is recommended to eat it the same day.

Steps to make honey with lemon: Soak the lemon in water for a while and add a small amount of salt.

Scrub carefully and set aside.

Cut the lemon into thin slices, the thinner the better, and cut carefully to prevent excessive loss of lemon juice.

When you’re ready, use a toothpick to prick a small eye on the lemon slice for better flavor.

Take a clean small glass.

Spread the lemon into a few slices of lemon, pour in the right amount of honey, add a few more lemons, and continue to pour in the right amount of honey.

Until the cup is full.

Squeeze the lemon slices tightly and seal the shell.

Gently shake the glass upside down to make the fusion more even.

Add to the refrigerator and refrigerate, and serve a few days later.

When serving, brew with warm water, add a few slices of lemon, and pour in some water.

Or add a few tablets to the brewed tea week for better results.

[Effects and side effects of carambola]_may_bad

[Effects and side effects of carambola]_may_bad

I remembered a text about starfruit in elementary school. At that time, the memory of starfruit was fruit that looked like a five-pointed star.

When I grew up, I did n’t eat the star fruit in the south. It was full of moisture and sweet and sour taste. It turned out to be star fruit.

Carambola is rich in vitamins. It is said that carambola has high medicinal value. Let’s learn about the effectiveness of carambola and all things that are relatively common?
First, the effectiveness and role of carambola. The appearance of carambola is unique. Its color is emerald green goose yellow, the skin is thin, the flesh is crisp and smooth, fresh and sweet and sour, and it is rich in excess water.

In addition to being eaten fresh, people in some areas will use some “unique” methods when eating carambola. For example, Hainanese eat carambola and stick to the salt and pepper. This way, they do n’t have a flavor.; Sanya people often cook sour carambola with fresh fish, and its soup is sweet and sour, and it can remove fishy smell.

Carambola contains many ingredients that are good for human health, such as sugar, vitamin A, vitamin C, and various fiber and acids.

Carambola is also of great medicinal value. It has good effects on the treatment of aphthous ulcers, chronic headaches, bruises and swelling.

The fiber and acid contained in it can relieve visceral heat, clear the intestines and clear the bowels, and it is the most suitable heat-removing fruit for those with heat in the lungs and stomach.

In addition, carambola is an expert in sore throat.

The leaves, flowers and roots of star fruit also have very good medicinal effects: its leaves facilitate urination; its flowers can cure cold and heat; its roots can cure joint pain.

Despite the great role of carambola, patients with kidney disease should eat less carambola.

In addition to being beneficial to human health, starfruit also has a very good effect on women’s beauty.

Starfruit contains a lot of fruit acids, which can inhibit the precipitation of melanin, effectively remove or lighten dark spots, and have a moisturizing effect, which can make the skin moisturized and shiny, and also improve the dry or oily skin tissue.Significant effect.
The following introduces a beauty method of carambola external application: mash the carambola and apply it on the face for 10-15 minutes each time. This can eliminate dark spots and melanin.

In addition, star fruit has a wonderful effect on weight loss.

Second, what nutritional value does carambola have? Carambola is also of high medicinal value. It helps digestion, nourish and health-care functions for the human body. It is a very popular fruit. Except for patients with kidney disease, most people can eat with peace of mind!

The nutritional value of starfruit is as follows: 1. Lowering blood lipids, plasma Carambola can reduce the body’s absorption of feces, reduce blood lipids and plasma, and prevent cardiovascular diseases such as hypertension and arteriosclerosis.

It also protects the liver and lowers blood sugar.

2, Shengjin quenches thirst, urinates carambola rich in sugar, vitamin C and organic acids, and is plentiful in juice, which can quickly replenish the body’s water, quenches thirst, allows the body’s heat or wine poison to be discharged from the body with urine, eliminating fatiguesense.

3. Promote food digestion Star fruit juice contains a large amount of oxalic acid, citric acid, malic acid, etc., which can increase the acidity of gastric juice and promote food digestion.

4, clearing away heat and larynx, causing a hot toothache.
Carambola contains a lot of free radicals, carotene compounds, sugars, organic acids and vitamins B, C, etc., which can eliminate throat rupture and mouth ulcers, and cause fiery toothache.

[Can clams and cucumbers be eaten together]_Eat together_Can you

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Yanghe Co., Ltd. (002304): The Blue Relay of Xingzhizhiyuan Dream has become the engine of continuous growth

Yanghe Co., Ltd. (002304): The Blue Relay of Xingzhizhiyuan Dream has become the 天津夜网 engine of continuous growth

Event: 18 annual report, revenue 241.

600 million (+21.

3%) and net profit of 81.

200 million (+22.

5%), net profit after deduction of 73.

700 million (+20.

1%).

1Q19, revenue 108.

900 million (+14.

2%) and a net profit of 40.

200 million (+15.

7%), net profit after deducting 38.

100 million (+14.

3%).

32 yuan will be distributed for every 10 shares.

Core views: 1. The 18-year performance was in line with expectations, and the performance in 19Q1 was better: The company’s 18-year report is basically consistent with the performance performance report, and its liquor sales have increased.

4%, sales fell by 0%.

9%, the ton price increased by 20.

5%, product structure upgrade is obvious, especially in the province’s market dream of blue to the sea, sky, etc. there 北京桑拿洗浴保健 are some alternative upgrades.

At present, the company’s Dream Blue accounts for nearly 30% of revenue and most of it is sold in the province. It is expected that the Haitian series will account for more than 50% in the province. Since the second half of last year, the company has actively promoted the new version of the Haitian series to replace the replacement products.Facing certain upgrade pressures, affecting the overall growth performance.

Among them, the provincial market increased by 13 in 18 years.

5%, accounting for 51%, the growth mainly comes from structural upgrading; the market outside the province grew by 25.

3%, accounting for 48% of the company’s revenue.

98%, of which Henan, Shandong, Anhui, Jiangxi and other markets develop better.

In 1Q19, the company’s revenue increased by 14 in ten years.

2% is slightly better than market expectations, and is expected to be mainly driven by rapid growth outside the province, of which Dream Blue still maintains a high level of growth.

In addition, in the first quarter, the company’s credit to channels increased, and net cash flow decreased. It is expected to turn positive.

2. The product structure has been significantly improved, and the continuous optimization of costs has helped boost profitability: In 18 years, the company’s net profit margin increased by 0.

36 points to 33.

6%, of which gross profit margin increased by 7.

2pct.

Excluding the impact of changes in the consumption tax settlement model, it is roughly estimated that the actual gross profit margin of liquor last year is expected to increase by more than 3 pct, and the consumption tax rate is also increased by 3.

9cpt to 12.

6%.

In essence, the company’s sales expense ratio and management expense ratio decreased by 1 respectively.

39pct, 0.

52pct, the optimization is obvious. The main reason is that the transportation of finished wine is shifted from the manufacturer to the distributor to drive the decline in loading and unloading transportation.

In the single quarter of 19Q1, the company’s profit grew faster than its income, mainly due to lower taxes and additional proportions, while its gross profit margin gradually decreased, which is expected to be related to changes in quarterly marketing policies.Initially, profitability can continue to improve through the continuous increase of Dream Blue’s proportion and optimization of efficiency.

3. The target revenue growth in 19 years is over 12%, and the development is stable: Based on such a huge sales scale, it is rare that the company can continue to grow at a double-digit rate.

According to the company’s revenue growth plan, we estimate that the increase mainly comes from the steady volume of markets outside the province and the rapid growth of Dream Blue. This year, Dream Blue is expected to account for over 30%.

In the wave of escalating development of the liquor industry, Dream Blue has become the second-largest single product, but there is still a lot of room for development in the province and outside the province.

At the same time, the company’s 495 new Jiangsu markets have spread from point to surface, and we are constantly optimistic about the gradual national development.

4. Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 6.

26/7.

33/8.

69 yuan, corresponding to 19/16/14 times PE, maintaining the “strongly recommended” level.

5. Risk reminders: 1) Under the industry trend, the next high-end accelerated upgrade, the company is committed to accelerating the growth of price products to slow down the overall performance; 2) the intensified competition in the industry leads to rising costs and affects net profit performance; 3) Dream Blue is currently focusingThe market within the province and the market outside the province did not meet expectations; 4) the impact of industry policy adjustments; 5) food safety issues.

Sanhua Intelligent Control (002050) 2018 Annual Report Comments: Refrigeration Business Under Pressure in New Energy

Sanhua Intelligent Control (002050) 2018 Annual Report Comments: Refrigeration Business Under Pressure in New Energy

Event: Sanhua Zhikong announced the 2018 annual report, and the company achieved 108 operating income in 2018.

400 million (+13.

1%), net profit attributable to mother 12.

900 million (+4.

6%).

At the same time, the company announced the dividend distribution plan, and paid 2 for every 10 shares.

5 yuan, 3 shares for every 10 shares.

Comments: In the fourth quarter of 2018, revenue growth increased, and the growth rate of profitability narrowed and narrowed, in line with market expectations. Sanhua Smart Control achieved operating income of 108 in 2018.

400 million (+13.

1%), net profit attributable to mother 12.

900 million (+4.

6%), EPS 0.

61 yuan.

4Q18 achieved operating income of 25.

700 million (+7.

5%), net profit attributable to mother 2.
.

700 million (+4.

7%), 18Q4 revenue growth has improved compared with the first three quarters, but the profitability has expanded slightly, because the early results have been released, annual reports are in line with market expectations.

The company released the 2018 dividend distribution plan, and plans to formulate a cash distribution of 0.

25 yuan (including tax), and at the same time 3 additional shares for every 10 shares, the cash dividend plus the interim report cash dividend, so that the cash dividend rate reached 57.

35%, in line with expectations.

In addition, the company transferred 3 shares for every 10 shares.

Revenue analysis: 18Q4 traditional refrigeration and steam-free growth slowed down, and micro-channels resumed growth. Refrigeration business: 18 years of traditional refrigeration business / micro-channel / Yaweike revenue were 59.

6 ppm / 12.

2 ‰ / 10.

US $ 900 million, +21% /-3% /-9%, especially the traditional refrigeration business in 18H1 grew by 26%, but due to weak demand in the air-conditioning industry, the growth rate of 18H2 has improved.Acquisition and consolidation (1.

5.6 billion), the overall performance is not bad.

Micro-channels were mainly affected by the destocking of JCI, a major customer, which resulted in a 9% decrease in 18H1 revenue, but a 4% increase in 18H2.

Due to weak price competition in overseas supply chains, Yaweike has limited incremental orders, and its revenue in 18H2 has decreased.

Auto zero business: Auto zero revenue of 18 years14.

3 ‰, +18 a year.

3%, mainly due to the pull of new energy steam zero order volume, especially the rapid volume of Tesla Model 3.

We expect that the growth rate of single-quarter revenue growth in 18Q4 is mainly due to the impact of increased sales of traditional vehicles on related parts revenue. Zero energy revenue growth of new energy vehicles has grown rapidly.

In 18 years, the total output of Tesla Model 3 reached 15.

The revenue contribution of a single model 3 aircraft is expected to exceed US $ 200 million, and domestic new energy vehicle orders have also grown well. The company’s continuous development of new energy auto zero revenue accounted 无锡桑拿网 for about 35% of the zero auto revenue.

Profit analysis: Price competition lowers order profitability. In 18Q4, the decline was narrowed and narrowed. The company’s profitability was under pressure and the change in net interest rate fell by nearly 1 pct, mainly due to the increase in gross profit margin.

6pct, the total sales / management / R & D expense ratio is basically the same. Benefiting from the depreciation of the RMB exchange rate, the exchange rate income generated in 18 years totaled 87.79 million yuan, which significantly reduced the financial expense ratio.
8pct, part of hedging downward pressure on gross margin.
The supply and demand pattern is still loose, and gross profit margins continue to be under pressure.

From 2018Q2 to 2018Q4, the company’s single quarter gross profit margin was twice.

6pct 武汉夜网论坛 / -6.

0pct / -1.

8pct, of which the capillary increment of the refrigeration business and the micro-channel business is the largest. The main reason for the continuous change in gross profit margin is the increase in the scale of downstream supply and demand, which has led to fierce competition in parts orders and decreased order profitability.

18Q4 expenses are well controlled, and the net interest rate in a single quarter is only slightly.

4Q18 sales / management / R & D / financial expense ratio for half a year-1.

7pct / + 0.

7pct / + 0.

4 points / -0.

6pct, the cost is well controlled, and the net interest rate in the single quarter decreased slightly.

3 points to 10.

5%.

Just looking at the profitability of Microchannel, Yaweike and Auto Zero, Yaweike is still decreasing, and the net profit margin of Micro Channel is basically flat in 2018. As the proportion of new energy orders with better profitability increased, the auto zero business netInterest rates have increased significantly 3.

3pct to 18.

3%.

Performance outlook: 19 years is expected to achieve double-digit growth, long-term growth path clear revenue outlook: traditional refrigeration business is still facing the test of weak downstream air-conditioning demand, but because the company’s operating efficiency and ability to obtain orders is stronger than the industry, conservative estimates for 19 yearsRealized a large number of growth, the trend of 18H2 microchannel revenue growth trend continued in 19 years, Yaweike revenue has not seen a warming income for the time being.

In terms of the auto zero business, the Model 3 is likely to continue its heavy volume in 2019, driving the auto zero revenue to grow by more than 20%.

Taken together, it is expected that the revenue growth rate in 19 years is expected to reach about 10%.

Net profit outlook: Before the improvement in the supply and demand structure is realized, the company’s gross profit margin is still expected to be more or less pressured. Based on the feedback from the industry chain, the domestic air-conditioning leader began to produce more actively in March 19 than in the previous period.Realize a marginal improvement in the gross profit margin of refrigeration orders.

In terms of auto zero, new energy orders are still in the rapid volume phase, the size of supply and demand is better, the company has a large number of high-quality customers, and its profitability is expected to remain at a high level.

The company’s profitability is expected to improve quarter by quarter. It is expected that the growth rate of net profit is expected to be flat with revenue.

There is absolutely vast space for refrigeration and steam zero, and the growth path is clear.

In the context of frequent global extreme weather, the demand for temperature control will continue to increase, and the company has huge room for growth in domestic refrigeration, commercial refrigeration, and micro-channels.

In addition, the new energy vehicle industry is about to break out. The company has cut into the supplier system of most OEMs and is committed to becoming a systematic development and supporting capability, transforming from thermal management components to overall and general control suppliers to achieve the level of the industrial chain.The upgrade will further increase the passenger unit price and profitability.

Investment suggestion As the downstream demand of the refrigeration business and the traditional auto zero business enters a weak cycle, and the short-term adjustments of businesses such as micro-channels, the company’s revenue growth and profitability in 2018 are affected to some extent.

Looking ahead, it is expected that the overall revenue growth rate in 19 years is expected to reach about 10%, profitability is expected to improve quarter by quarter, and long-term net profit growth is expected to be flat with revenue.

As the price competition for refrigeration orders is expected to continue, lowering 2019?
The EPS forecast for 20 years is zero.

67/0.

80 yuan (previous forecast was 0.

80/0.

96 yuan), plus EPS forecast for 2021 is 0.

91 yuan, corresponding to PE is 25/21/18 times, the company’s refrigeration and auto zero business expansion has a broad space, a clear growth path, maintaining the “overweight” level.

Core risks: 1. The escalation of Sino-US trade disputes; 2. The appreciation of the RMB exchange rate; 3. The price of raw materials that have not been priced in linkage increases.

China Construction (601668) 2019 Third Quarterly Report Review: Q3 Order Significantly Accelerates Counter-cyclical Adjustment of Infrastructure Marginal Improvement

China Construction (601668) 2019 Third Quarterly Report Review: Q3 Order Significantly Accelerates Counter-cyclical Adjustment of Infrastructure Marginal Improvement

Matters: China Construction released the third quarter report of 2019: 19Q1-Q3 company gradually realized revenue 9735.

99 ‰, +15 for ten years.

83%, net profit attributable to mother / non-net deduction is 299 each.

80 ppm, 281.

11 trillion, ten years +9.

82%, +4.

4%.

Net operating cash flow-1066.

75 ppm, more than 417 times a year.

1.8 billion.

Comment: Steady growth in performance, multiple businesses go hand in hand: the company achieved revenue of 9,735 in the first three quarters.

99 ‰, +15 for ten years.

83%, net profit attributable to mother 299.

8 billion, previously +9.

82%.

Net profit growth lags behind revenue 6.

01pp, we think it is mainly the minority shareholders’ profit and loss year +33.

69% to 140.

Caused by 74 trillion.

By quarter, 19Q1 / Q2 / Q3 revenue growth rates were +10 each.

15% / + 21.

67% / + 14.

55%, the growth rate of net profit attributable to mothers is +8 each.

76% / + 4.

16% / + 18.

50%, Q3 performance significantly accelerated; in terms of business types, the company’s multiple businesses go hand in hand, with growth rates exceeding 14%: ① Real estate construction project revenue of 6018 trillion, +15 multiple times.

3%, the earlier 19H1 was 3.

4pp; ②Infrastructure achieves 2208 trillion yuan, +14 in ten years.

3%, the earlier 19H1 speed up 3.

1 pp; ③ The real estate sector performed well, with an annual income of +22.

8% to 1450 trillion, the earlier 19H1 speed up 5.

6 pp, we think it may be related to the rapid repayment of real estate sales promotion; ④ survey and design revenue of 6.4 billion, +14 in ten years.

6%, the growth rate is 16.
.

7 pp.

New millennium single year growth of 9.

0%, the decline in infrastructure has narrowed significantly: the company’s progressive new length of the first three quarters2.

04 trillion, previously +9.
0%, of which Q3 newly signed 0.
60 trillion, previously +16.

84%, the new acute single season increased significantly in a single season, we believe that the main reason is that the counter-cyclical regulation has increased, and infrastructure has gradually recovered.

According to business segments: 1) Housing construction orders have grown steadily, +17 per year.

1% to 1.

40 trillion; 2) The reduction in infrastructure and survey design has narrowed, with new crack orders of 321.9 billion and 8.6 billion each, -24 each.

8% /-1.

9%, a decrease of 12% from 19H1.

6/7.

2 pp; 3) Real estate orders continue to maintain a high growth rate, and the contract must be +30 consecutively.

4% to 269.9 billion yuan.

The company still maintained a high growth in revenue and orders under the policy of tightly controlled real estate, reflecting its ability to resist risks and adjust to changes.

Overseas, the company’s new contract value (including real estate business) was 108.9 billion U.S. dollars each time.

8%, mainly due to the number of large overseas 无锡桑拿网 projects undertaken in the third quarter of last year.

Q3 gross profit welcomed improvement, asset-liability ratio effectively improved: 19Q1-Q3 company’s gross profit margin extended slightly decreased by 0.

06 pp to 10.

43%, but 0 higher than 19H1.

3pp, Q3 single season gross profit improved.

In terms of business, only the gross profit of survey and design increased by 0.

7 pp, housing construction / infrastructure / real estate more than each -0.

4 / -0.

5 / -0.

5 to 5.

5% / 7.

9% / 32.

0%.

The rate during the period is high and stable, +10 for ten years.

06 pp to 3.

59%, of which sales rate / management rate / finance rate is 0.

30% / 2.

51% / 0.

78%, ten years +0.

02 / + 0.

41 / -0.

37 pp, of which the increase in management fee rate is mainly due to two years of research and 杭州桑拿网 development expenses +357.

6% to 57.

At 75 ppm, the decrease in financial expenses was mainly due to the decrease in current discounts. The factoring fee for termination of recognition of invoices receivable was included in investment income.

Net operating cash flow-1066.

75 ppm, more than 417 times a year.

1.8 billion.
In addition, the company has significant leverage reduction benefits, with an increase in asset-liability ratio downgrading2.
6 pp to 76.

0%.

Earnings forecast and rating: We maintain our company’s EPS forecast for 2019-2021.

03, 1.

14.1.

27 yuan, calculate PE as 5x, 5x, 4x.

Given the expectations of the infrastructure, we believe that the company can still maintain a compound double-digit growth with solid performance, corresponding to a reasonable estimate of about 6 times in 2020, compared with only 4 currently.

8 times, giving 20% of space, target price 6.

5 yuan to maintain the “strong push” level.

Risk warning: Infrastructure investment falls short of expectations, real estate expectations exceed expectations, overseas expansion falls short of expectations.

Jiajiayue (603708): Steady growth in revenue and profits, focusing on the progress of outreach stores

Jiajiayue (603708): Steady growth in revenue and profits, focusing on the progress of outreach stores

Key points of the report describe the first three quarters of 2019, the company achieved operating income 112.

65 ppm, an increase of 17 in ten years.

89%, net profit attributable to mother 3.

51 ppm, an increase of 16 in ten years.

7%; In the third and third quarter of 2019, the company realized operating income of 4 billion U.S. dollars, and it will increase by 20 in the future.

14%, net profit attributable to mother 1.

25 ppm, an increase of 16 in ten years.

42%.

  Incident review in the third quarter is expected to grow faster in the same store, hypermarket opening of new stores speeded up, and promoted revenue growth.

  In 2019Q3, the company opened 13 new stores, closed 8 stores and added a net increase of 5 stores.

The number of new stores opened in Q1-Q2 2019 were 12 (excluding Fuyuexiang consolidation) and 17 stores.

It is worth pointing out that Q3 has significantly increased the number of hypermarket openings compared to Q2. In the third quarter alone, eight new hypermarkets and five general supermarkets were opened. In terms of regions, Jinan (3), Qingdao (2), Weihai(1), Yantai (4), other regions (3).

In the third and third quarters, driven by the continued high CPI and regional competition of the company’s merger, it is expected that the same store will still maintain rapid growth, and the above will jointly promote the company’s revenue growth in the third and third quarters20.

14%, a breakthrough increase in the chain.

Taken together in the first three quarters, the company’s revenue growth rate for Q1-Q3 2019 was 17.

89%, which has also been improved every year last year, of which, the main business income increased by 15.

25%, in terms of regions, the income end of the 天津夜网 Jiaodong area increases by 10 per year.

63%, the income end of other regions outside Jiaodong increased 49.

74%; In terms of division, the hypermarket format is increasing by 21 each year.

75%, the overall supermarket format is growing by 9 per year.

96%.

We estimate that the main business revenue growth rate in the first three quarters exceeded the overall revenue growth rate mainly due to the rapid growth of other business income such as production and processing, distribution and wholesale.

  The gross profit margin fell slightly, but the cost control was still good, leading to steady growth in performance.

In Q3 2019, the company’s comprehensive gross profit margin fell by 0.

35 averages to 21.

47%, benefiting from better management of the expense side, the company’s sales + management expense rate drops by 佛山桑拿网 0 every time.

For 84 units, the financial surplus slightly decreased and the financial expenses increased. On the whole, the operating profit calculated on the basis of gross profit-three fees increased by more than 20%.

The slight increase in the yield in the single quarter caused the growth rate of the net profit attributable to mothers to be lower than the growth rate of operating profit, and the overall net profit to mothers recorded 16.

42% growth.

  Investment suggestion: The advantages of the company’s intensive layout of regional outlets, the deterioration of business stability in the context of intensified industry competition, and the expected expansion of the infrastructure based on the gradual completion of the infrastructure.It is worth looking forward to, we expect EPS to be 0 in 2019-2021.

83, 0.

98 and 1.

18 yuan, maintain “Buy” rating.

  Risk Warning: 1.

Terminal consumption has further increased; 2.

The expansion of outbound store openings was less than expected.