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[Can pumpkin beef be eaten together]_Attentions_Attention

[Can pumpkin beef be eaten together]_Attentions_Attention

Foods are mutually complementary, and some things ca n’t be eaten together. From ancient times to today, people ‘s research on food also has some blind spots. The matching of food has always been customary, there are some fixed combinations, so there are some other pairsClear ones don’t dare to try easily.

Potato beef is a consistent match, so can pumpkin beef be matched together in addition to potato beef?

Beef can be eaten with pumpkin.

Trace protein in beef, sarcosine, vitamin A, vitamin B6, vitamin B12, carnitine, nicotinic acid, linoleic acid, and potassium, zinc, magnesium, iron, sodium and other elements; pumpkin mainly contains pumpkin polysaccharides and pectin, Carotene, vitamin A, vitamin C, and potassium, magnesium, calcium, phosphorus, cobalt and other elements, the weight of beef and pumpkin is not the same, it is no problem to eat together.

Benefits of eating beef and pumpkin 1.

Supplemental nutrition Beef and pumpkin belong to two different types of foods. The farther apart the food is, the richer the nutrition will be when consumed together.

2.

Vitamin B6 contained in beef can enhance protein metabolism and enhance immunity. Pumpkin polysaccharide contained in pumpkin is a non-replaceable immune enhancer, which can improve the body’s immune function and enhance the body’s immunity.

3.

Promoting growth Both beef and pumpkin contain zinc. This substance is involved in the synthesis of nucleic acids and proteins in the human body and is also an adrenal cortex hormone component to promote human growth and development.

4.

Jianwei Yiqi From the perspective of traditional Chinese medicine, beef has the effect of nourishing qi and nourishing the spleen and stomach. It is a good tonic for people with poor spleen and stomach function or lack of qi and blood.Pectin can regulate the absorption rate of food in the stomach, and also protect the gastrointestinal mucosa, causing damage to irritating food.

5,

Protecting vision Pumpkin is rich in carotene and vitamin A. These two substances can maintain normal vision and have a certain protective effect on vision. Moreover, beef also contains a small amount of vitamin A.

6.

Blood and iron beef contains rich iron elements, and iron is an essential element for hematopoiesis, suitable for people with iron deficiency anemia. The cobalt element contained in pumpkin has the metabolism of active people, promotes hematopoiesis, and provides blood for the human body.

[Can rhubarb be soaked in water]_ making method _ practice Daquan

[Can rhubarb be soaked in water]_ making method _ practice Daquan

Rhubarb is a relatively common Chinese medicinal material. This Chinese medicine has been used for thousands of years and has a significant effect in treating diseases. Of course, it is also important to understand that rhubarb is a substitute. Why not use it in daily life?Rhubarb is soaked in water, if it is really needed, it is best to be carried out under the guidance of a doctor to avoid alternative problems that cause complications.

Can rhubarb soak in water?

The diarrhea effect of rhubarb in treating constipation should be the most familiar to everyone. When you use rhubarb water in the morning, it will take effect in about 6-8 hours.

2.

Dredging the bile can clear the capillaries in the bile, which has good benefits for some cases of cholestasis, and can also promote the contraction of the gallbladder, promote bile secretion, and also better health.

3.

Hepatoprotective and rhubarb can promote the regeneration of liver cells, and also stimulate regeneration of casein, effectively controlling the proliferation of toxins in the body.

Promote blood circulation in the liver, so that the microcirculation in the body is improved, and the liver is naturally healthier.

4.

Enhance immunity Rhubarb has a very good effect on some endotoxemia, and can also enhance the secretion of phagocytes in the body. The health of the body caused by certain toxins has a good effect.

The dangers of rhubarb soaking in water: 1.

Rhubarb has bitter cold. Rhubarb has bitter cold. If you take it for a long time, it may cause gastrointestinal health, and eventually cause nausea and vomiting, abdominal distension, abdominal pain, dizziness, brain swelling and diarrhea.

2.

Those who are not suitable for taking are advised that women are not suitable to take before pregnancy, after pregnancy, during menstruation, in addition to cold stomach and depression, and patients with weak blood should not take rhubarb.

Note: Rhubarb can be soaked in water directly.

Because rhubarb has the functions of detoxification and detoxification, dampness and stagnation, and blood circulation and stasis, drinking with rhubarb water can also have the effect of quenching fire. The rhubarb has stronger diarrhea. If continued decoction, the effect isWill drop a lot, rhubarb can be used to treat bleeding.

However, because rhubarb is a medicine for bitter cold, people can’t take it often because people who have chills, especially those with spleen and stomach deficiency, should not take it. Women cannot take this medicine during menstruation, pregnancy, and lactation.

[Can pumpkin and milk be eaten together]_ pumpkin _ diet taboo _ can you eat

[Can pumpkin and milk be eaten together]_ pumpkin _ diet taboo _ can you eat

Milk is an important source for people to obtain protein and calcium, and it is also one of the most important foods for people. Milk is even high in nutritional value. It can also be put into a variety of delicious foods, such as milk cake, milk fructose, etc. are more popular.Delicious, and seemingly unrelated ingredients of pumpkin and milk can also be made into delicious dishes, but can pumpkin and milk be eaten together, how to eat them?

Method one: 1. Wash and peel the pumpkin and cut into pieces; wash the fish and cut into two equal portions for future use.

2. Take the original soup pot, add the salad oil and heat until warm, add the fish of method 1 to medium fry over medium heat until the aroma on both sides of the fish body overflows.

3. Continue adding ginger, pumpkin cubes, fresh milk and water, cook on low heat until boiled for about 3 minutes, then add salt, chicken powder and granulated sugar to taste, continue cooking for about 1 minute.

Method two: 1. Cut the pumpkin seeds into small pieces and steam them in the pot; 2. Peel the steamed pumpkin; 3. Stir the pumpkin into a muddy shape; if you like the delicate texture, you can sieve it;Pour the mud into a small pot, mix with milk, stir well, heat over low heat until it boils, and turn off the heat.

Method three: 1. Put the yeast in the yeast box, add flour + sugar + salt + cream + cooked pumpkin in the inner pot of the bread machine, start the stroke 14 and knead the dough, and then slowly add milk if the humidity is sufficient. Stop adding milkAfter 1 hour, knead the dough and ferment the first stage.

2. Four pieces of dough are put vertically into the inner pot of the bread machine, and it is fermented to about 8 by clicking stroke 21?
After 9 minutes, click Cancel, and start baking according to stroke 22, which will be completed in 35 minutes.

Method 4: 1. Steam the pumpkin and add the broth to make a mud.

2. Add the fresh milk and slowly boil it in a soup pot. Add the seasoning and cook until it is ready.

3. Sprinkle with a little Brazilian ricotta or drizzle with fresh cream and serve.

4. Foods added with fresh milk are very scorched, so be careful; because pumpkin is a very starchy food, you don’t need to add any powder to increase the concentration to have a thick feeling.

[Can pregnant women eat wild amaranth?

]_Pregnancy_Can you eat

[Can pregnant women eat wild amaranth?
]_Pregnancy_Can you eat

Amaranth is a vegetable that everyone often eats. By contrast, many people may not have eaten wild amaranth. Wild amaranth is distributed in almost all parts of the country, and it is more common in northwest and northeast regions. People generally do n’t consider wild amaranth as a vegetableIt can even be used as a traditional Chinese medicine, sometimes with heat-clearing and detoxifying effects. It can also treat diarrhea, pus, and so on. Can women during pregnancy eat wild amaranth?

Can pregnant women eat wild amaranth?
Can eat.

Amaranth is rich in iron and can synthesize hemoglobin in red blood cells. It has the functions of hematopoietic and oxygen carrying. It is the best vegetable for pregnant women in labor.

Many women’s dietary habits will change a lot after pregnancy. Many families will give nourishment to pregnant women. This is actually not right. After understanding wild amaranth, I know that many foods can be eaten during pregnancy, but we must pay attention to nutritional balance.

The efficacy and role of wild amaranth Does wild amaranth have a certain effect and role?

Why eat more wild amaranth?

Wild weed contains a variety of nutrients.

Which contains 7 carotene per 100 grams.

15 mg, vitamin C153 mg.

Rich in carotene, vitamin C helps to strengthen the body’s immune function and improve the body’s anti-cancer effect.

1. Clear heat and detoxify.

The wild amaranth clears heat and dampness, clears liver and detoxifies, cools blood and dissipates blood stasis, and has redness and swollen throat caused by dampness and heat, and redness and swelling of the throat, which are unfavorable.

2. Enhance physical fitness.

Protein in wild weed, aunt.

Carbohydrates and multivitamins and minerals contain proteins that are more fully absorbed by the body than milk, and carotene is more than 2 times higher than that of solan fruit, which can provide the body with rich nutrients and is good for strengtheningBody, improve the body’s immunity, known as “longevity dishes”.

3. Promote the growth and development of children.

Wild vegetables have 1 times the iron content of spinach and 3 times the calcium content, making them the best among fresh vegetables.

More importantly, amaranth does not contain oxalic acid, it contains calcium, and iron can be easily absorbed and used after entering the human body.

Therefore, amaranth can promote the growth and development of children, and has certain therapeutic value for the healing of fractures.

4, prevent muscle fractures.

Can maintain normal myocardial activity, promote blood clotting, increase hemoglobin, and improve oxygen-carrying capacity to promote hematopoietic functions.

[Do wolfberry soak in water and drink impotence]_Recommended diet

[Do wolfberry soak in water and drink impotence]_Recommended diet

Lycium barbarum is a kind of ingredients in many people’s homes. If it is directly eaten sweet and delicious, it can also be soaked in water. Paired with meat such as chicken or tremella or some porridge, it can increase its color and nutritionvalue.

It has a suicidal beauty effect on female friends, and it also has a good nourishing effect on male friends. So, is wolfberry soaked in water to drink impotence?

Goji berries soak in water to drink impotence.

Lycium barbarum has always contained a large number of vitamins and trace elements, which can effectively supplement the nutrients required by the human body. It has a good nourishing effect and can be used to nourish the kidney. Therefore, it is targeted at male friends and has certain aphrodisiac effects.Yes, it is more convenient in daily life.

However, Chinese wolfberry is a warm supplementary ingredient. Improper soaking in water can also cause the body to accumulate heat, which can lead to symptoms such as anger or constipation, which is not conducive to human health and exerts a negative effect.

Therefore, when adding Chinese wolfberry, it is necessary to add an appropriate amount of de-fired ingredients, such as fetal chrysanthemum or honeysuckle, to effectively clear heat.

In addition, a certain substance contained in wolfberry can promote the secretion of certain hormones in the male body, which has a positive and effective role in correcting impotence. There are also many male friends who like to soak wolfberry with wine, which is beneficial to the nourishing and health care of human organs.
Coupled with the bright red color of wolfberry, can also stimulate the appetite of the human body, many benefits.

Therefore, wolfberry soaked in water to drink impotence.

But also get pregnant in moderation, because eating too much wolfberry can cause the body to get angry.

But don’t completely rely on the effect of wolfberry on aphrodisiac in the human body, it just has the corresponding auxiliary effect, you need to strengthen exercise in the body, and eat more aphrodisiac herbs with obvious effects.

[Can the black thread inside the shrimp be eaten]_in the shrimp_how to eat

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AVIC Optoelectronics (002179) Incident Review: Downstream Demand, High Prosperity, Multi-pronged Advantage Enhancement

AVIC Optoelectronics (002179) Incident Review: Downstream Demand, High Prosperity, Multi-pronged Advantage Enhancement

Event: The company released an interim report: the number of reports and a total operating income of 45.

97 ppm, an increase of 28 in ten years.

23%; realized net profit attributable to mother 5.

7 ppm, an increase of 23 in ten years.

13%.

Investment points: strong demand and high revenue growth.

Benefiting from the high prosperity of the military and communications fields, the company’s revenue has grown rapidly, with a growth rate of 28.

In terms of costs, the company’s gross profit margin remained stable and maintained at a relatively high level; in terms of expenses, sales and financial expenses increased slightly, R & D expenditure increased, and R & D expenses increased to 54.

43%.

Multi-pronged approach to strengthen competitive advantage.

The company is at the leading level in the connector field, with obvious revenue scale and overall strength advantages in the military field; the company is a Huawei gold supplier in the communication field.

With leading market orientation and healthy and abundant financial strength, the company’s R & D expansion and market expansion efforts have also increased, and the R & D expenses have reached 4.

03 trillion, selling expenses reached 1.

7.3 billion.

At present, the concentration of the connector market is still decreasing. The company has made efforts in product research and development and market expansion, and gradually increased and strengthened the market advantage to achieve strength and strength, and its market share continued to increase.

Downstream demand is high-resonance resonance.

The company’s products cover a wide range of high-end manufacturing industries such as national defense military industry, communications and data transmission, new energy vehicles, rail transit, consumer electronics, and industry. Among them, national defense military industry and communications account for a large proportion.

In the field of defense and military industry, long-term weapons 北京夜网 and equipment construction continue to break through the gap. In the short term to the 14th Five-Year Plan, the demand for defense and military industry continues to grow. The communications field, the 5G construction cycle starts, and substrate construction investment continues to rise.Promotion.

Earnings forecast and investment rating: Buy rating.

Downstream demand is high and the business environment is resonant. The company’s product research and development and market development are intensified, and revenue is expected to continue to grow rapidly.

The company’s performance exceeded expectations and raised its profit forecast. It is expected that the net profit attributable to mothers will be 11 in 2019-2021.

9 billion, 14.

82 trillion and 18.

16 megabytes, corresponding to 1, respectively.

16 yuan, 1.

苏州夜网论坛
44 yuan and 1.

77 yuan, corresponding to the current expected PE is 35 times, 28 times and 23 times, raised to the buying level.

Risk reminders: 1) less than expected profits; 2) less than expected defense and communications needs; 3) less than expected market expansion; 4) systemic risks.

NavInfo (002405) Annual Report Review: 2018 Business Dismantling

NavInfo (002405) Annual Report Review: 2018 Business Dismantling

Investment Highlights 2018 & 19Q1 Performance Analysis The company’s operating income in 201821.

34 trillion, a decrease of one year.

1%, net profit attributable to mother is 4.

79 trillion, an increase of 80 in ten years.

7%, the net profit after deducting non-attribution is -10.

57 trillion, a reduction of 581 a year.

6%.

The main factors affecting the performance include: (1) The decline in the growth rate of domestic passenger car sales has led to a decrease in downstream demand.

(2) The former holding subsidiary of the company, Tuba BVI, increased its capital and shares, and completed the delivery procedures on November 23, 2018. It will no longer be consolidated.

The one-time increase in investment income for this transaction is 10.

7.7 billion.

(3) The subsidiary Jiefa Technology has not fulfilled its performance commitments, reducing the company’s reduction of the consideration paid to Jiefa’s original shareholders, and Jiefa equity transfer performance compensation amount6.

1.6 billion.

At the same time, the company accrued goodwill impairment on Jiefa8.

8.6 billion yuan.

In Q1 2019, the company’s operating income was 5.

22 ppm, an increase of 15 in ten years.

3%, net profit attributable to mothers is 42.03 million yuan, a decrease of 42 per year.

7%, the net profit after deducting non-attributed mothers was 35.22 million yuan, a year-on-year decrease of 37.

0%.

The preliminary growth in the quarter includes: 1) The profit for the same period in 2018 includes the consolidation of Jiefa Technology in January and February.

2) The intermediary subsidiary Tuba Technology intervened. In 19Q1, it may change, and the parent company will count it into investment income according to the equity method, which will bring some performance drag.

Business spin-off 1: Navigation business, or the warming-up navigation electronic map business mainly includes: mainly including map data, data compilation and navigation software.

There is a certain correlation between the navigation business and the vehicle sales data of the former OEMs.

According to the data of the China Federation of Passenger Consortiums, China’s passenger car sales in 2018 were 22.35 million, a decrease of 5 per year.

8%, with a production of 23.09 million units, a decrease of 5 over the previous year.

0%.

Revenue from navigation electronic map business in 2018 was 7.

75 ppm, a reduction of 17 per year.

6%, gross margin is 91.

3% (indicating that the product is more standardized).

The growth rate of the navigation business income in 2018 exceeded our expectations. We believe that the preliminary includes: first, the large industry background.

In June 2018, China’s annual passenger car sales showed negative growth, and downstream demand temporarily fell.

Secondly, the penetration rate of large-screen domestic passenger cars has gradually increased. We believe that the penetration rate of four-dimensional navigation electronic maps for domestic independent brands may have increased.

In 2018, the growth of passenger car sales mainly occurred from internal self-owned brand cars, and the sales of some joint venture high-end brand cars maintained double-digit growth.

Third, the negative growth rate of domestic automobile sales occurred in June 2018, and the negative growth in the following months.

Siwei’s revenue in the first three quarters of 2018 still accounted for 15% growth, and the decline in the company’s revenue growth mainly occurred in the fourth quarter of 2018.

We believe that with the ranking of passenger car sales growth, the company’s navigation business may be in a late 厦门夜网 stage of stay for 2-3 months. Business Outlook: 1. We believe that the growth rate of China’s automobile sales in 2019 may show a pattern of low front and high back (ie, the growth rate in the second half of the year is better than the growth rate in the first half), and the downstream demand of the company’s navigation business may gradually pick up.

From January to March 2019, China’s passenger car sales growth rates were -4.

0%, -18.

5%, -12.

0%.

Compared with the decline rate at the end of 2018, the overall downward trend in 19Q1 has improved.

2. The penetration rate of front-mounted car navigation still has room for improvement.

According to Analysys data, the penetration rate of China’s passenger car front-mounted navigation system in Q2 201814.

9%, through increased demand for in-car entertainment, 重庆耍耍网 increased penetration of intelligent driving, and increased sales of mid-to-high-end cars, the penetration of front-mounted car navigation is still increasing.

3. The penetration rate of local brands has increased.

As the proportion of domestic large-screen brands increases, Siwei ‘s coverage of domestic independent models may increase.

Business spin-off 2: Internet of Vehicles business, which is expected to usher in data realization. The four-dimensional Internet of Vehicles business includes passenger car and vehicle networking, commercial vehicle and vehicle networking, and dynamic traffic information products and services.

Passenger car networking mainly provides Welink mobile car networking solutions, WeCloud application platforms and solutions, intelligent network connection operating system, Call-Center system and cloud services, and vehicle hardware.

Commercial vehicle vehicle networking provides intelligent vehicle networking terminal equipment, vehicle networking operation systems and big data platforms, mobile terminal application products and integrated solutions that can face the front-loading and rear-loading markets at the same time.

Dynamic traffic information products and services, providing application products and customized services for customers in different fields, mainly including advanced traffic information, event information, simple graphics, traffic prediction, text and voice and other forms of traffic information services.

The main subsidiaries that undertake the above three businesses include: Mapbar technology, China Satellite, Century Qualcomm and so on.

In August 2018 and September 2018, the company introduced strategic investors to Zhonghuanyu Satellite and Tuba respectively.

Siwei’s shareholding in Zhonghuan Satellite is from 70.

98% canceled 43.

68%, Siwei’s stake in Tuba from 60.

32% is about 45.

17%.

The time for the completion of the capital increase and stock expansion is November 23, 2018.

At this point, Tuba will become the company’s associate subsidiary and will no longer be consolidated in 2019.

In 2018, Tuba’s operating income was 1.

50,000 yuan, net profit is -1.

700,000 yuan (2017 Bar revenue of 49.92 million yuan, net profit is -1.

09 billion).

Zhonghuan Satellite Business Revenue 2.

300,000 yuan, net profit is -0.

6.4 billion (2017 revenue was 1.

79 trillion, net profit is 2.25 million yuan).

Century Qualcomm’s operating income was 2.

4.8 billion yuan, net profit is 0.

7.9 billion (2017 revenue was 2.

110 thousand yuan, net profit is 0.

6.6 billion).

Business Outlook: Based on the growth rate of the above several business revenues, we can trim it.In 2018, the four-dimensional connected vehicle business saw rapid growth.

1. The Internet of Vehicles business is expected to be the business in which the company’s business model is gradually implemented in the next two years.

Passenger vehicle networking continues to circle users, and commercial vehicle networking is looking for different commercial landing scenarios. 2. Passenger car-to-vehicle networking has increased the coverage of downstream products for car-to-vehicle connected products by introducing strategic investors such as Tencent Fund, Weilai Capital, Shanghua Capital and other strategic investors.

Therefore, in the short term, the coverage of passenger car-to-vehicle users is worthy of attention.

3. Commercial vehicle and vehicle networking. We think that it is more to find channels and scenarios for data realization. The relevant industrial chain switches include: OEMs, car owners and drivers, logistics companies, aftermarket service providers, financial insurance, and carless carriers.Wait.
The landing of the commercialization scene may be a place worth paying attention to in this business.

Business Spin-off III: Advanced Assisted Driving and Autonomous Driving Businesses, products continue to mature. The business mainly includes high-precision maps, high-precision positioning, ADAS solutions and overall solutions including autonomous driving-related data, chips, algorithms and related cutting-edge technologiesR & D.

We believe that the current revenue contributed by this business mainly comes from ADAS map data and ADAS solutions.

The proportion of this business in the company’s revenue is still relatively small, but the growth rate is very fast.

Another concern is the progress of 4D HD maps (high-precision maps).

In 2018, the revenue of advanced assisted driving and autonomous driving business was 52.93 million yuan, an annual increase of 24.

1%.

In view of product transformation and downstream product demand upgrade, we believe that the business is expected to continue to maintain rapid growth.

Business Outlook: 1. Product: The company’s ADAS map has gradually matured and has been widely used in Tesla, Weilai and other models.

In the face of HD maps above L3, they are gradually being improved, and they are continuously testing with Tier1 manufacturers and car manufacturers.

2. Customers (commercialization landing): In 2019, we saw that four-dimensional precision map orders have begun to land, and the first advanced order is locked in BMW.

We believe that customers of 4D traditional electronic navigation maps, including Mercedes-Benz, Toyota, Tesla and other mid-to-high-end car companies, are expected to still choose 4D high-precision map products.

3. Critical time schedule 2020 & 2021.

We see that the three major European car manufacturers ABB (Audi, Mercedes-Benz, BMW) and major Japanese car manufacturers (Toyota, Honda, Nissan) have already announced their mass production plans for L3 vehicles.

We estimate that the mass production time of traditional L3 vehicles will be around 2021.

From this, it can be estimated that the time when the high-precision map order will land is 2019-2020.

4. Advanced maps are just one of the four-dimensional layouts in the field of intelligent driving. The company inherits and upgrades from traditional electronic maps to natural products with high-definition maps.

In addition, we should pay more attention to the layout of the four-dimensional smart driving overall solution, which is a fusion of four-dimensional high-precision maps, algorithms, and chip-related core products.

In 2018, we have seen that the four-dimensional intelligent driving solution has been tested on Great Wall Motors.

Business spin-off 3: chip business, new products are constantly landing. The main business is the subsidiary Jiefa Technology. The product line includes: IVI chip, AMP chip, MCU chip, TPMS chip (under development), smart cockpit and ADAS chip (under development)).
Jeffery’s income in 2018 was 5.

79 trillion, net profit is 1.

9.9 billion.

We believe that the chips that contributed revenue in 2018 mainly came from IVI chips, and may also include a small amount of AMP chips.

In December 2018, Jiefa’s MCU chips also began mass production.

Business Outlook: 1. The pace of mass production of new products.

AMP has been mass-produced at the end of 2017, and the MCU has also begun mass-production in December 2018.

The two new products are expected to gradually contribute to the revenue, but the real volume needs a time course, especially the current MCU products are mainly two control unit chips for car windows and wipers.

With the increase in the number of products and the increase in the number of selected models, it is expected to initially contribute revenue.

2. Competitiveness of the old product IVI.

IVI chips are expected to continue to increase penetration in front-loading OEMs, and price competition for rear-mounted IVI chips will ease easing.

Jiefa IVI chips have more room for business expansion in the former OEMs.

3. TPMS is expected to gradually enter mass production in 2019-2020; focus on the pace of mass production of intelligent cockpits and ADAS chips.

Earnings forecasts and investment advice.

We estimate that the company’s net profit attributable to the parent in 2019-2021 will be 4 respectively.

2.8 billion / 5.

07/6.09 thousand yuan, EPS is 0.

32 yuan / 0.

38 yuan / 0.

46 yuan, currently expected corresponding PE is 80 times, 67 times, 56 times.

Maintain “Buy” rating.

risk warning.

Downstream demand recovery was lower than expected risks; new products landed more than expected risks.

Zhibang Household (603801) Annual Report Review: Multi-category strategic collaborative engineering business structure optimization

Zhibang Household (西安耍耍网603801) Annual Report Review: Multi-category strategic collaborative engineering business structure optimization

Investment Highlights: Event: The company released its 2018 annual report and achieved revenue 24 in 18 years.

3 ppm, an increase of 12 in ten years.

8%, realizing net profit attributable to mother 2.

7 ppm, an increase of 16 from the previous year.

5% to achieve deduction of non-net profit2.

50,000 yuan, an increase of 12 in ten years.

6%; basic return is 1.
.

71 yuan / share, an annual increase of 2.

0%.

Q4 revenue and profit decline: the company’s Q4 single-quarter revenue reached 7.

0 ppm, a four-year increase of 4.

0%, compared to the first three quarters of revenue16.

The growth rate of 8% has slowed down, and the profit of Q4 in the single quarter achieved net profit of 69.43 million yuan, a decrease of 12.
.

7%; we judge that the company’s growth rate is mainly related to the demand of the leading real estate industry. With cross-category competition and diversification of front-end traffic, industry competition has intensified.

Kitchen cabinets have developed steadily and wardrobes have grown rapidly. In terms of business, kitchen cabinets have grown slowly due to the effects of hardcover policies and real estate. The development of wardrobes has quickly become a new growth driver. Wooden doors and whole-house multi-category integration have begun. In the future,Will be an important driver of the whole house.

In terms of kitchen cabinets, it achieved 19 in 18 years.

30,000 yuan, an increase of 2 over the same period of 17 years.

7%. In the previous 18 years, it has had 1,220 dealers, with a net increase of 152 stores to 1,487 stores, the second largest scale in the custom kitchen cabinet industry; sales volume decreased by 0 compared with 17 years.

1%, the company has continuously consolidated the foundation of kitchen cabinets and optimized its business structure.

As for the wardrobe, it has achieved income 4 in 18 years.

3 ‰, an increase of 91 in ten years.

6%, as of 18 years, there are 595 dealers of custom wardrobes, of which about 80% are custom house dealers, and gradually open 331 new stores to 726 stores. From a single category to whole house customization, the wardrobe business has grown into a company.Important driving point.

In terms of wooden doors, it has achieved revenue of 7.79 million yuan in 18 years. It is still in the incubation stage. As an important part of the whole house customization, it has formed a prototype of brand, research and development, supply, production, and service integration. Only 18 years, the wooden door business has 117 dealers.88 fusion stores with other categories.

The gross profit of major businesses has increased significantly, and the overall expense ratio has increased slightly: the company’s 18-year profit restructuring11.

2%, compared with 10 in 17 years.

A slight increase of 9%, the business structure optimization and scale effect have significantly improved the gross profit margin, and the overall expense ratio increased slightly.

The gross profit margin of kitchen cabinets and wardrobes has increased: the company’s main business is a furniture manufacturing business with a gross profit margin of 36.

5%, an increase of 0 from last year.

86pct, of which the gross profit margin of the kitchen cabinet is 38.

3% (+1.

52pct), mainly due to the decline in the proportion of bulk business and the improvement of the product mix.

0% (+4.

15pct), mainly due to the increase in scale effect, the maximum capacity of the whole house custom factory increased to 95.

2%; because the wooden door is still in the incubation stage, the gross profit margin is -56.

6%.

The gross profit margin of the bulk business increased significantly: In terms of channels, the company’s direct sales channel gross profit margin was 63.
8% (+0.

9pct), the distribution channel is 36.
1% (-0.

69pct), gross margin of bulk business is 30.

2% (+7.

1pct), the increase in gross profit margin of bulk business, our judgment is closely related to the trend of raw material prices, which can enable the company to actively adjust the customer structure, while developing high-quality customers.

The expense ratio increased slightly: the company’s sales expense subsidy13.

7% (+0.

14 pct), mainly due to the increase in engineering service fees and sales budgets, with an administrative expense ratio of 9.

6% (+1.

63pct, including research and development expenses), is mainly due to increased research and development investment and management consulting investment, financial expenses expenditure -0.

7% (-0.

74pct), mainly due to the increase in exchange income and interest income.

Rich customer resources and optimized engineering business structure: Through the continuous advancement of internal hardcover housing policies, the 2B business model has a huge space in the overall cabinet field. Compared with its peers, the company’s major business accounts for a large proportion. Since 18 years, it has continuously optimized the customer structure (bulk)18 years of business revenue accounted for 16.

1%, 17-18.

4%); the company’s engineering customer resources are rich, the top 100 real estate customers accounted for 30%, of which the top 10 accounted for 50%, the top 20 accounted for 60%, and closely follow the customer’s development trend and layout to achieve bulk businessSteady Expected Growth.

Kitchen cabinets optimize store quality and high-speed development of wardrobe openings: For the company ‘s 19-year channel expansion plan, the current layout of the kitchen cabinets is relatively complete. In 2019, optimization and old store renovations will be the focus, and 150 new stores are planned to be opened; wardrobeAt present, the channels for custom wardrobes and whole-house custom business are concentrated in cities above the third tier.In 2019, the layout of cities below the third tier will continue to be improved. In the future, the space market capacity will be increased, and 350 new stores are planned to be opened. In terms of wooden doors, 100 new wooden doors will be opened.Integrate wooden door products into Zhibang kitchen cabinets and custom-made stores throughout the house to achieve integrated sales.

Multi-category strategy is clear and comprehensively empowers dealers: The company has formed a multi-brand combination system based on Zhibang kitchen cabinets, Frankie wardrobes, IK whole house customization, and wooden doors. Based on customer needs, through deep integration of kitchen clothes, coordinated wooden doors andFor finished homes, product development is promoted in the form of projects to form a prototype of customized products for the whole house. At the same time, the company uses the core design strength of the headquarters to provide on-site design support for key cities and new businesses, and strengthen the terminal through training and other forms.Design marketing awareness to empower dealers.

Profit forecast and estimation: The company is the second largest company in the custom kitchen cabinet industry. The company relies on the advantages of kitchen cabinets to expand into the wardrobe, wooden door field, rapid expansion of channels and the development of major markets will bring continuous development momentum to the company; we expectThe net profit for 2019-2020 is 3, respectively.

1, 3.

6 ppm, an increase of 11 in ten years.

8%, 18.

4%, with reference to the company’s PE estimate of 22-25 times in 19 years, corresponding to a reasonable value range of 42.

02?
47.

75 yuan, corresponding to PS interval 2.

4-2.

7 times, giving “Excellent” rating.

Risk warning: industry competition intensifies risks, raw material price fluctuation risks.