[How to cut pork belly]_How to cut_How to cut

[How to cut pork belly]_How to cut_How to cut

Pork belly is a type of pork. Pork is divided into many parts. Some parts are pure lean meat used for cooking. Some parts are fatty meat, used for stewing or putting lard.

Pork belly is a fat and thin part of the pig. Because of the difference in color, it is called pork belly. There are many ways to make pork belly, and you must learn how to cut pork belly.

Ingredients: One pound of pork belly knife, cutting board, method / steps. Pack the pork belly that you bought back, wash it thoroughly with water, and put it on the cutting board.

Rinse pork belly with water[When washing pork with water, rinse it first].

Place the rinsed pork belly on a cutting board.[Wash the pork wrinkles]

Look at the thickness of the pork belly to choose the strength of the knife[Pork has skin to cut it with strength].

Hold the knife in your right hand and take the pork belly in your left hand. The right hand will move the knife down rhythmically. The left hand will also move backwards in rhythm.

The right and left hands cooperate with each other, and the skinned pork belly is cut into uniform slices with a knife.

Precautions Old people should pay attention to safety when using a knife.

Ingredients: pork belly (500 grams) seasoning: ginger (five slices), grass fruit (one), rock sugar (appropriate amount), star anise (eight small pieces), salt (one teaspoon), old soy sauce (waste spoon), raw soy sauce(Appropriate amount), cooking wine (one tablespoon), monosodium glutamate (appropriate amount). Kitchenware: Casserole, wok. Steps: 1. Prepare materials. 2. Pork belly cut into pieces of mahjong size. After washing, put one tablespoon of cooking wine and soak for one hour.

Remove and drain.

3. Put the stir-fried pork in oil in the pot until slightly yellow.

4. Add dried pepper, grass fruit, star anise, ginger, and stir-fry.

5, put two tablespoons of cooking wine, fry a few times, and then put the old soy, raw soy, stir well.

6, add boiling water, submerge the meat, transfer to the casserole, and stir in the salt for two hours.

7, simmer to crispy pork belly, put rock sugar on high fire to collect juice, shake the pot, do not flip.

8. Wrap the soup evenly on the meat!

Add MSG to taste.

[How to eat carrots is the most nutritious]_Recommended diet_4

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[Chuanbe almond tea]_Cooking tea_How to make

[Chuanbe almond tea]_Cooking tea_How to make

Chuanbei has the effect of nourishing the lungs, relieving cough, reducing phlegm, and asthma. For some reason, it is very common in daily life, so many medicines we use contain Chuanbei.

Because Chuanbei has a good cough relieving effect, when the child coughs, the dietary therapy using Chuanbei as a raw material is also a very good cough relieving method.

Today we mainly introduce Chuanbei Almond Tea, which is Chuanbei Almond Drink.

Chuanbei almond drink, the name of traditional Chinese medicine prescription.

From “Folk Recipe”.

With phlegm and antitussive effect.

Indications for pertussis cough.

Clinically, it is often used in children who have more than one cough, or who suffers from agglutination, and who has severe sputum.

Usage and Dosage Erwei plus water, boil with Wuhuo, put the rock sugar, and boil for 30 minutes.

Take 1 time before bedtime.

Efficacy of Chuanbei Fritillaria is bitter, sweet, cold, and enters the lung meridian.

It has the effects of relieving cough and reducing phlegm, clearing heat and dissolving knots, and nourishing the lungs.

However, if you have a cold cough, it is very inconvenient to take Chuanbei powder.

Drinking Chuanbei cough syrup after coughing is an experience for many people.

In fact not all coughs can be treated with Chuanbei cough medicine.

Chuanbei has the effect of clearing heat and nourishing the lungs, resolving phlegm and relieving cough, and has good cough relieving effect and peaceful medicine. Therefore, it is compatible with many Chinese patent medicines for cough relieving various types of cough.There are also differences.

There are many medicines named after Chuanbei, many common ones are: Chuanbei cough syrup, Chuanbei syrup, Beef yellow snake gall Chuanbei liquid, Snake gall Chuanbei liquid, and Zhikechuanshell”.
Lu “,” Honey Lian Chuanbei Ointment “and so on.

Mainly used for fever cough, such as wind-heat cough, dry-heat cough, lung fire cough.

Effects of almonds: 1.
Bitter almonds can relieve cough and asthma, moisturize the bowel, and treat lung diseases, cough and other diseases.

Sweet almonds and large dried almonds that are eaten daily tend to be moisturizing and have a certain lung-enhancing effect.

Almonds are also rich in flavonoids and polyphenols. This can not only reduce the cholesterol content in the human body, but also significantly reduce the incidence and the risk of many chronic diseases.

Almonds also have cosmetic effects, which can promote skin microcirculation and make the skin rosy and shiny.

5.Almonds also have anti-tumor effects. The anti-tumor effects of almonds are mainly because bitter almonds contain a bioactive substance, amygdalin, which can enter the blood to kill peptides, but has no effect on healthy cells, so it can improve the symptoms of patients with advanced cancerTo extend patient survival.

At the same time, because it is rich in carotene, it can prevent oxidation, prevent free radicals from invading cells, and have the effect of preventing tumors!

[Does mung bean have a shelf life]_storage time_how long

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Flaws, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, bugs, tears寸豢璞嗙殑钀ュ吇浠峰€间笅闄嶏紝鐢氳嚦缁胯眴閲岄潰杩樹細鐢熻櫕瀛愶紝鎵€浠ュぇ瀹跺湪璐拱缁胯眴镄勬The chain is open, and you can read it all over the world, and you will be able to read it, and you will be able to see if it ‘s going to be awkward.浣滅敤锛屽彟澶栫豢璞嗘湁寰堝浣撹川鐗规畩鐨勪汉涔熶笉鑳界粡甯稿枬锛岃繖涓€涓棶棰樻槸鍊煎緱鍏虫敞鐨勩€傞偅涔堢豢璞嗙湡鐨勬湁鍓綔鐢ㄥ悧?缁胯眴鐨勫壇浣滅敤涓昏浣撶幇鍦ㄦ湁浜涗汉缇や笉瀹滃鍚冿紝鏈変簺鏉′欢涓嬩笉瀹滃悆銆傜豢璞嗘槸涓€绉嶆€у瘨鍛崇敇鐨勯鐗╋紝鎵€浠ュ涓€浜涜劸鑳冭櫄瀵掔殑浜烘潵璇撮鐢ㄧ豢璞嗛潪浣嗕笉鑳芥秷鏆戝幓鐏紝鍙嶈€屼細寮曞彂鎷夎倸瀛愮瓑涓嶉€傜殑鐥囩姸锛屼弗閲嶇殑鐢氳嚦浼氬鑷磋韩浣撹秺鏉ヨ秺铏氬急锛屾墍浠ュ浜庢秷鍖栫郴缁熶笉濂界殑浜烘潵璇磋繕鏄皯椋熺敤缁胯眴涓哄ソ銆傛鍦ㄩ鐢ㄦ俯琛ユ€ц川涓嵂鐨勪汉涓嶅疁椋熺敤缁胯眴銆傛湁浜涗汉闇€瑕佽ˉ鍏呰偩姘旓紝杩欏ぇ姒傞兘闇€瑕佺敤鍒颁汉鍙傛灨鏉炶繖绫荤殑娓╄ˉ鑽墿锛岃繖鏃跺€欏氨涓嶈兘椋熺敤缁胯眴浜嗭紝姝e涓婇潰鎵€璇达紝缁胯眴鎬у瘨鍛崇敇锛岃窡娓╄ˉ鐨勮嵂鐗╀細鍙戠敓鍖栧鍙嶅簲锛岃交鐨勮瘽灏变細瀵艰嚧鏈嶇敤鐨勮嵂鐗╂病鏈変换浣曟晥鏋滐紝涓ラ噸鐨勮瘽缁胯眴閲岄潰鐨勮眴绫绘鐗╄泲鐧藉氨浼氳窡涓嵂鐨勫垎瀛愮粨鍚堢敓鎴愭柊鐨勭墿璐ㄥ鑷磋韩浣撶殑涓嶉€傦紝姣斿鑵规郴绛夈€傛病鏈夌叜鐔熺殑缁胯眴涓嶈鍚冿紝瀹规槗澶存檿銆佹伓蹇冦€佽吂娉汇€?灏忕煡璇嗭細缁胯眴鏀惧湪姘寸摱锛岀亴涓€鐡跺紑姘达紝闂蜂竴鏅氫笂灏卞彲浠ュ悆)杩欎箞璇存潵鐨勮瘽缁胯What is the difference between the chains and the chains? The following is the best way to do this: the version is very simple, the version is very simple, and the version is very simple.ュ 悧?郁 蜯 眴 镄 勪 缭 璐 ㄦ 湡 鏄  撔 呭 冿?杩欒鏍规嵁鍏蜂綋鐨勬儏鍐垫潵瀹氥€傚鏋滄槸骞茬嚗鐨勭豢璞嗗ぇ姒傚彲浠ュ瓨鏀句袱骞翠互涓婏紝浣嗘槸蹇呴』瑕佹妸缁胯眴瀛樻斁鍦ㄥ共鐕ョ殑鐜涓紝骞朵笖鏈€濂借浣跨敤淇濋矞鑶滃寘鐫€銆傛敞鎰忛湁鍙樻垨铏泙灏变笉寰楅鐢ㄤ簡銆傚鏋滄槸鏂伴矞鐨勭豢璞嗙殑璇濋偅鏈€澶氫繚璐ㄦ湡鍙湁涓€涓湀宸﹀彸锛屽洜涓鸿繖鏃跺€欑豢璞嗘墍鍚殑姘村垎鏄瘮杈冨鐨勶紝瀛樻斁涓嶅ソ灏变細瀵艰嚧鍙戦湁鎴栬€呴暱铏瓙銆傚鏋滅豢璞嗚鍒朵綔鎴愪簡鐐瑰績涔嬬被鐨勪骇鍝佺殑璇濋偅鏄琚喎鍐绘垨鑰呭喎钘忕殑锛屼繚璐ㄦ湡涔熷彉寰楀緢鐭紝閫氬父鍙湁涓€涓ぜ鎷滐紝鏈€澶氬崐涓湀銆?

[Can pig liver and watermelon be eaten together]_Pig liver_taboo

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Long Mang Baily (002601): A quarter of performance in line with expectations, continued high dividends, accelerated the construction of the chlorination method and the integration of the industrial chain

Long Mang Baily (002601): A quarter of performance in line with expectations, continued high dividends, accelerated the construction of the chlorination method and the integration of the industrial chain
Investment Highlights: Company Announcement: The company released its 2018 annual report and achieved operating income of 104 in 2018.4.1 billion (+ 1% year-on-year.78%), net profit attributable to mother 22.8.6 billion yuan (YoY -8.66%), of which Q4 operating income was 24.1.6 billion (YoY -11.77% in the second quarter.97%), net profit attributable to mother 3.1.5 billion (-45 compared to the same period last year).80%, QoQ-49.96%), and performance was in line with expectations.The company’s profit distribution plan for 2018 is to pay 2 yuan for every 10 shares to all shareholders.30,000 yuan.At the same time, the company released the first quarter report of 2019, and achieved operating income of 27 in the first quarter of 2019.7.8 billion (+ 9% YoY).02%, +14.96%), achieving net profit attributable to mother 6.2.3 billion (+4 year-on-year.19%, +97.60%).The company’s profit distribution plan for the first quarter of 2019 is to distribute a cash dividend of 6 yuan for every 10 shares to all shareholders, and a total of 12 cash dividends.1.9 billion. Production and sales have progressed steadily in 2018, and the bad debt items of the subsidiaries have affected profit.In 2018, the company produced a total of 56 titanium dioxide.45 inches (YOY + 4.51%), chlorinated titanium dioxide 6.21 for the first time (+9 compared to the same period last year).02%); mining iron concentrate 330.79 Absolute (+3 YoY).87%), titanium concentrate 80.39 inches (+1 year over year.72%), production and sales have increased steadily compared with previous years.Reported that the first-tier company titanium dioxide and mineral products achieved operating income of 87.6.5 billion (+2 year-on-year.05%) and 7.220,000 yuan (-34 compared with the same period last year).97%), with gross profit margins of 43.64% and 38.35%, 10-year average 1.55 and 16.98 units.In the fourth quarter, due to the weak downstream demand for titanium dioxide, the price of the industrial chain declined. We estimate that the average domestic price of titanium dioxide with tax is about 16,800 yuan / ton, the average price of titanium ore is about 1,220 yuan / ton, and the price difference between titanium dioxide and titanium ore(Excluding tax) The earlier Q3 investment was about 350 yuan; the ex-factory price of iron ore concentrate of the subsidiary Longman Mining also appeared to a certain extent, affecting the profit of the mining and metallurgy company.In addition, the company’s financial subsidiaries have overdue projects and made provision for bad debts of approximately US $ 200 million in accordance with accounting policies, which caused the company’s Q4 performance to decline sequentially. The budget volume in the first quarter hit a record high, prices entered into the peak season, and performance increased steadily.After the Spring Festival this year, manufacturers and downstream companies generally have excessive inventory and full orders. The company first announced a price increase of 500 yuan / ton in February and early March. Dozens of domestic titanium dioxide companies have followed suit.There is no doubt that the company’s sales in the first quarter achieved a good start, with sales reaching 16.The initial single-quarter high of 06 was an increase of 10 over the same period of the previous year.11%.According to our data tracking, the average price difference of titanium dioxide and titanium concentrate in the first quarter of this year narrowed by about 300 yuan compared with the same period of last year; the price of iron concentrate has rebounded, and the company as a whole maintained a high level of profitability.The current supply and demand structure of the titanium dioxide industry maintains a close balance. March to May is the traditional peak season for the industry. The price of titanium dioxide is expected to continue.As a leader in the titanium industry in the entire industry chain, the company will fully benefit from this round of market recovery.We estimate that for every 500 yuan / ton increase in the price of sulfuric acid titanium dioxide, the company’s annualized performance will increase1.9.8 billion yuan. Accelerate the production capacity to seize the market and promote the strategic layout of industry 都市夜网 integration.The company is now the first titanium dioxide leader in Asia and the third in the world. It has five production bases and the total titanium dioxide production capacity (including construction in progress) reaches 95 mm.The first phase 6 precipitation chlorination method of the company is currently the most stable chlorination method project in the country. The company will accelerate the expansion of the production capacity of carbon dioxide from 6 to 10 in the first phase of the chlorination method and the standard and production of the second phase 20 injection project.Speed up the transition and upgrade of product structure.From 2019 to 2021, the company strives to achieve the production and sales of 70, 85, 100 tons of titanium dioxide, of which chloride products reach 15, 25, 30 tons, and annual operating 苏州夜网论坛 income of 120, 160, 20 billion yuan.At the same time, in order to realize the initial extension of the industrial chain and further strengthen the competitive advantage, the company plans to build a production line and supporting facilities for upgrading and converting titanium chloride slag with 50 titanium titanium concentrates to improve the company’s upstream layout; build a 3 sponge titanium titanium production line and rely on the chlorination methodProvide high-purity titanium tetrachloride, production scale, high-quality sponge titanium, enter the downstream high-end titanium material field. Implement the second phase of employee stock ownership, improve the incentive mechanism, and promote the healthy development of the company.From September 2018 to January 2019, the company cumulatively repurchased 56.94 million shares, accounting for 2 of the company’s total share capital.80%, pay the total amount of 7.500,000 yuan, all of this share repurchase is the company’s second phase of employee stock ownership plan.The employee stock plan budget is expected to be no more than two.US $ 900 million. After the establishment, the plan will fully subscribe for the general-level shares of the collective trust plan and merge and operate with the priority shares. The collective trust plan is expected to not exceed 5.8 megabytes, the trust plan corresponding to this employee shareholding plan has a transfer price of 10 shares.01 yuan / share.Participants of this employee shareholding plan do not exceed 3,000, which can cover the company’s core executives and nearly 40% of employees on the job.The implementation of the second phase of the employee stock ownership plan will effectively improve employee cohesion and company competitiveness, and will be conducive to the company’s long-term healthy development. Profit forecast and investment grade: Maintain the company’s profit forecast for 2019-2020 and add a profit forecast for 2021. It is estimated that the company’s net profit attributable to mother will be 30 in 2019-2021.51, 36.81, 43.96 ppm, corresponding to PE of 12X / 10X / 8X, maintaining the “overweight” level.

Industry Bad Shocked A-share Photovoltaic Sector Longji Shares and Other 10-Share Limits

Industry “Bad” Shocked A-share Photovoltaic Sector Longji Shares and Other 10-Share Limits
After the policy tightening, it is still impossible to predict the annual domestic photovoltaic demand caused a certain impact, but the industry still has an upward “catalyst” in the future.  Photo courtesy of Cao Enhui: Visual China On Friday (June 1), the three ministries and commissions of the National Development and Reform Commission, the Ministry of Finance, and the National Energy Administration formally issued a “Notice on Issues Related to Photovoltaic Power Generation in 2018” (hereinafter referred to as the “Notice”), New policies will be implemented for this year’s national photovoltaic power station construction scale and reduction of compensation intensity.As the policy became stricter and slightly exceeded market expectations, the discussion of the policy was heated for some time.  The above policy directly impacted the A-share photovoltaic sector today.At the end of midday, more than 70% of A-share photovoltaic concept stocks fell.Among them, Sunshine Power (300274.Shenzhen), Tongwei shares (600438.SH), Sanchao New Materials (300554.SZ), Foster (603806.SH), Chint Electric (601877.SH), Longji shares (601012.SH), Jingsheng Electromechanical (300316.Shenzhen), Linyang Energy (601222.SH), Dongxu Lantian (000040.SZ), Central Shares (002129.SZ) and other 10-share limit, Tony Electronics (603595.SH), Solar Power (000591.SZ) and other two shares fell more than 8%.  The “cold water” spilled from the above-mentioned “Notice” to the photovoltaic industry is mainly reflected in two aspects-First, strictly control the increase in installed capacity of photovoltaic power generation this year.The “Notice” states that the construction scale of ordinary photovoltaic power plants in 2018 is not scheduled for the time being.In terms of distributed photovoltaics, a scale of about 10GW is planned to support project construction this year.  According to statistics from various countries, from January to April this year, the number of newly installed grid-connected photovoltaic installations nationwide exceeded 11GW.Among them, the ground power station is about 2.32GW, distributed generator about 8.75GW.If it is used as a reference and combined with the requirements of the “Notice”, the domestic installed capacity of photovoltaics will increase this year.  Second, implement the new electricity price policy.The “Notice” pointed out that, starting from May 31, in addition to poverty alleviation projects, the grid-connected electricity prices of newly-connected photovoltaic power stations and the replacement of decentralized projects will be reduced by 0.05 yuan to 0 per kWh.5 yuan, 0.6 yuan, 0.7 yuan (including tax) and 0 per kWh.32 yuan (including tax).  At this stage, supplementation is an important source of revenue for excess photovoltaic companies.According to the photovoltaic power plant construction cycle and past “6.30” rush installation tide experience, some companies plan to arrange the grid connection time of some generators before June 30, resulting in missed opportunities to continue to enjoy the old electricity price policy.  UBS Securities China public utilities, new energy and environmental protection industry analyst Liu Shuai said that the starting point for this policy formulation is threefold.He predicted 杭州夜网论坛 that according to the impact of the policy, the annual increase in the installed capacity of domestic photovoltaic power generation will be reduced from 45-50GW to 31-37GW.  However, the tightening of the policy will still cause a certain impact on the annual domestic photovoltaic demand, but the industry still has an upward “catalyst” in the future.  Liu Shuai believes that, firstly, the policy is to “do not arrange” the scale of construction, and it does not rule out that the scale will restart after the situation improves; secondly, the parity will go online or exceed expectations, and the industry will be further integrated; further, it is possible that provinces and cities with photovoltaic manufacturing mayLocal support is expected; in the end, photovoltaic installations that do not need to be supplemented and overseas demand growth will exceed expectations.  The research report released by China Merchants Securities also believes that overseas demand will grow rapidly in the future, the global market has some support, and efficient products will benefit relatively.

Liuyao shares (603368) semi-annual report comment: performance slightly exceeded expectations regional leader steady growth

Liuyao shares (603368) semi-annual report comment: performance slightly exceeded expectations regional leader steady growth

The semi-annual performance in 2019 increased rapidly, and the scale of operations continued to expand. The company released the semi-annual report for 2019, and the company’s semi-annual revenue for 2019 reached 71.

9.7 billion (+30.

47%); net profit attributable to mother 3.

5.6 billion (+39.

35%); net profit after deduction to the mother 3.

500 million (+37.

22%); estimated increase in average net asset income by 8.

97%, increase by 1 every year.

87 pp.

In the first half of 2019, the company’s sales scale continued to expand and its performance achieved rapid growth.

We judge the company’s initial results in the first half of the year to maintain high growth results: (1) the core wholesale business structure has been continuously optimized: high gross profit rate hospital pure sales business has steadily increased, and the pure sales ratio has continued to increase (the pure sales ratio in 2018 was 75.

79%), the proportion of commercial distribution declined, and the third-terminal primary medical service developed rapidly. (2) The retail business has steadily advanced, and the number and scale of Guizhong Pharmacy have continued to increase. In the first half of 2019, the retail business accounted for 12 of the company’s main business.

09%; (3) The industrial end brings new points of profit growth through the continuous release of production capacity.

The industrial chain extension effect is obvious. The three major businesses go hand in hand to become the leading pharmaceutical business in Guangxi Province. The company takes the hospital sales business as the core driving force for the company’s development and brings the advantages of commercial channels. The company actively carries out upstream and downstream business extensions to achieve diversified business development, And achieved more obvious results: (1) the company in the business side to strengthen upstream cooperation with industrial enterprises to obtain more high-quality varieties, improve the variety satisfaction rate; strengthen the network layout of downstream medical institutions, and extend service projects through the supply chainStrengthen the service to medical institutions. In 2019, H1 Company and 68 medical institutions in Guangxi Province clinical hospital supply chain extension service project agreement and gradually implemented.

The company’s hospital sales business reported revenue of 53.

80,000 yuan, an increase of 27 in ten years.


At the same time, the company strengthened the business development of medical devices and consumables, and reported that the sales of two medical devices were realized.

900 million (+33.

60%); the inspection reagent business is advancing steadily.

(2) The retail chain has steadily improved and its performance is remarkable.

The company Guizhong Pharmacy achieved revenue in the reporting ten years.

6.8 billion (+52.


In 2019H1, the company continued to accelerate the establishment of stores in core cities through self-construction or acquisition, with a total of 547 drug stores, including 341 medical insurance drug stores.

The company actively plans to undertake prescription outflows, improve channel construction, improve the advantages of commercial channels, and increase the advantages of special diseases such as chronic diseases and tumors, and gradually form a city-specific pharmacy as the center, with DTP pharmacies and hospital-side pharmacies as the support and coverage.Store system in core urban areas and communities.

(3) The production and processing capacity 北京夜网 of Chinese herbal medicines for industrial use has continued to increase.

At present, there are nearly 700 varieties of Chinese medicinal materials; Medical University Xiansheng has passed GMP certification to achieve production; the target Wantong Pharmaceutical acquired has operated well and its profitability has steadily improved.

In 2019H1, the company’s industrial segment achieved revenue1.

800 million (+270.

48%), net income of Xianzhu Traditional Chinese Medicine and Wantong Pharmaceutical was 0.

11 ppm, 0.

3.3 billion US dollars, gradually forming a new profit support point.

Profitability has improved, and cash flow has been gradually optimized. The optimization of business structure has also further improved the company’s profitability.

The company’s reported gross sales margin and net sales margin were 12 respectively.

12%, 5.

47%, increasing by 1 each year.
89 pp, 0.
69 pages.

The report summarizes the company’s supplementary loan, and the financial expenses have improved; the report merges the company’s sales expense ratio, management expense ratio, and financial expense ratio to 2, respectively.

30%, 1.

98%, 0.

90%; increase by 0 respectively.

3 pp, 0.

29 pp, 0.

52 pp.

Report the turnover days of accounts receivable of first-tier companies, and inventory turnover days are 141 respectively.

99, 4.

64 days, increased by 3 respectively.

61, 0.

23 days.

The net cash flow from H1’s operating activities in 2019 was -3.

640,000 yuan, the net cash flow from operating activities in the same period of 2018 was -5.

01 million US dollars, through the initial optimization of the company’s business structure, the cash flow situation has been gradually optimized.

It is estimated that the rapid growth of the retail and industrial sectors of the company is expected to promote the steady growth of the company’s performance. It is expected that the company’s net profit for 2019-2021 will be 6 respectively.



0 million yuan, corresponding to PE is 12.


6X / 7.

Three times, maintaining the “buy rating” risk warning: industry policy risk, drug price risk, receivable bad debt risk, intensified market competition, less progress in the industry sector, and less than expected development of pharmaceutical chain operations.

Jinzhi Technology (002090): The successful development of a new generation of intelligent terminals is about to exert ubiquitous power IoT construction

Jinzhi Technology (002090): The successful development of a new generation of intelligent terminals is about to exert ubiquitous power IoT construction
Event: Recently, the new generation of intelligent distribution transformer terminal iPACS-5612T independently developed by the company passed the special test, safety function verification test and type test of the State Grid Corporation of China, and obtained a full set of bidding qualifications for intelligent distribution transformer terminals.At the same time, the company’s new generation of intelligent terminals won the bid of 3.02 million TTU (transformer terminal) in the State Grid Jibei Electric Power tender. The intelligent distribution transformer terminal is the core device of the edge computing of the power distribution IoT.The intelligent distribution transformer terminal is used to realize the measurement, communication, protection, fault location, isolation and power recovery of the switching network, distribution transformer monitoring data analysis, operation and maintenance, etc. The products include DTU, 重庆耍耍网 FTU, TTU, fault indicators, etc.In August 2018, the Chinese Academy of Electric Power and Huawei jointly released the core technology of a new type of intelligent distribution terminal based on open edge computing architecture, which mainly includes: 1) adopting self-developed chips and integrating national network security chips to support dual-channel identity of distribution transformer terminalsAuthentication and data encryption and decryption processing; 2) Open self-developed operating system, built-in Huawei Edge Computing Operating System (ECOS), and open the system API and device hardware interface through eSDK for third-party APP to call; 3) Open edge computingArchitecture, compatible metering schemes, can realize plug-and-play, interconnection and interoperability between various low-voltage smart devices; 4) Established an end-cloud collaboration mechanism with the main power distribution automation station to enhance the real-time nature of calculations,Meet demand and respond quickly. The ubiquitous electric power Internet of Things has developed a comprehensive perception capability, and smart terminal bidding volume is expected to rise rapidly.By the end of 2018, 193 prefecture-level companies in the State Grid’s jurisdiction have gradually installed DTUs (station terminal) 9.80,000 units, FTU (feeder terminal) 15.20,000 units, 320,000 sets of fault indicators, and the switch automation line coverage is about 60%, which is still far from the development goal of 90% coverage of switch automation in 2020.In recent years, the pace of automation of distribution network automation has been slow, and smart terminal bidding has remained low. From 2015 to 2018, the number of bids for smart distribution terminals of the State Grid was 9 respectively.29, 5.09, 9.35 and 10.110,000.Recently, the new generation of intelligent distribution terminal products based on open edge computing architecture have completed testing and started the first batch of bidding, which indicates that the bidding volume of smart terminal products in 2019 is expected to rise rapidly. The company’s new generation of intelligent terminals has been successfully researched and developed, and made a good technical and product reserve for full participation in ubiquitous construction.According to the deployment of the State Grid Corporation of China, starting from 2019, the intelligent distribution transformer terminal will be the core to complete the research and development of key technologies for the exchange of the Internet of Things, form the relevant standards and typical design schemes of the power Internet of Things for low- and medium-voltage distribution networks, and carry out large-scale demonstration applications.Renovation of multiple distribution station areas; the comprehensive promotion and application of intelligent distribution transformer terminals, the construction of an integrated monitoring and control system for low and medium voltage based on the Internet of Things, and significantly improved the overall coverage of intelligent distribution station areas.The company’s iPACS-5612T intelligent distribution terminal is a new generation of intelligent switch terminals independently developed based on Huawei’s domestic chips.The successful development of the iPACS-5612T intelligent distribution transformer terminal has replaced the foundation for the company’s participation in the construction of the “Ubiquitous Electricity Internet of Things” of the State Grid Corporation of China. The flood of power IoT construction will bring new opportunities for the company’s development.State Grid in March 2019 proposed a comprehensive deployment of ubiquitous electric power IoT construction, a two-step strategy, and plans to fully build ubiquitous electric power IoT by 2024.2019 will be the first year of launch. The annual construction plan has been initially issued. There are 57 major construction tasks proposed from six internal and external sources, of which 27 will be promoted in 2019.The company’s substation comprehensive automation, power distribution automation, line monitoring, inspection robots, information and communication infrastructure and other related products and businesses are all ubiquitous in the induction layer and network layer of the electric power Internet of Things, and are expected to usher in new opportunities for development.In addition, the company is actively deploying ubiquitous electric power IoT application scenarios, and has successively cooperated with State Grid Jiangsu Integrated Energy Service Company and Daquan Group to expand the ubiquitous electric power IoT integrated energy service application.According to the research of the State Grid Energy Research Institute, from the perspective of the integrated energy service basic business and terminal energy demand, the potential scale of the integrated energy service market can reach USD 500-600 billion by 2020. Investment advice: We expect the company’s revenue growth to be 4 in 2019-2021.3%, 6.0%, 13.3%, net profit growth was 117.7%, 27.9%, 27.3%.Maintain BUY-A investment rating with 6-month target price of 32.00 yuan. Risk warning: The spread of the State Grid is slow in the advancement of the Internet of Things; the company’s internal business integration is weak; the progress of smart terminal bidding is gradually expected or the competition is too intense.

Yingfeng Environmental (000967) Annual Report Comment: Zhonglian Environmental Consolidation Leader Trying to Be Stronger Hengqiang

Yingfeng Environmental (000967) Annual Report Comment: Zhonglian Environmental Consolidation Leader Trying to Be Stronger Hengqiang
Event: The company released its 18-year annual report and initially achieved a total operating income of 130.450,000 yuan, an increase of 46 in ten years.81%; Net profit attributable to shareholders of listed companies.29 ppm, a 64-year increase of 64.02%; estimated average return on net assets is 7.62%, zero for one year.07 averages; basic profit returns 0.4.2 billion yuan; a cash dividend of 1 yuan (including tax) for every 10 shares at the end of the period. In addition, the company disclosed the report for the first quarter of 19 and achieved a total operating income of 27.46 ppm, a six-year increase of 6.19%; net profit attributable to shareholders of the listed company.370,000 yuan, an increase of 64 in ten years.96%; basic profit return is 0.08 yuan. Opinion: The consolidation of Zoomlion’s environment has led to a significant increase in the company’s 18-year performance.The company’s revenue and net profit have increased significantly in 18 years. It is expected that on November 27, 18, the company completed the acquisition of 100% equity of Zhonglian Environment to achieve consolidation of Zhonglian Environment.Among them, Zhonglian Environment has revenue of 80 in 18 years.2.1 billion, an annual increase of 24.80%; Net profit 11.73 ppm, an increase of 54 in ten years.5%.In other businesses, environmental monitoring and management business realized operating income.54 ppm, 10-year average4.03%; electrical equipment manufacturing 28.5.7 billion, an annual increase of 4.35%; general fan manufacturing 5.3.0 billion, an annual increase of 19.84%.In 19, the company will replace or split non-core businesses, focus on the company’s core areas, and help further strengthen the leading position of sanitation equipment and sanitation services. Acquired Zhonglian Environment to acquire core assets of the sanitation equipment industry.As one of the largest sanitation equipment and sanitation service providers in the country, Zhonglian Environment has intensively cultivated in the field of sanitation equipment, perfected a complete sanitation machinery product line, reached over 80% of industry standard formulation, and ranked the industry by product market share for 18 consecutive years.the first.In 18 years, the company’s sanitation equipment business has three highlights: one is the acquisition of Zhonglian Environment, which successfully realized the asset securitization of the leading sanitation equipment leader, which is conducive to improving its capital strength; the second is the realization of sanitation equipment sales by Zhonglian Environment2.270,000 units, an annual increase of 20%, the growth rate of production and sales exceeds the overall level of the industry, the position of the industry leader is solid; the three companies have obvious advantages in product development technology, and made breakthroughs in intelligent sanitation robots, unmanned sanitation vehicles and other fields.Therefore, the entry of Zhonglian Environment into the listed company can significantly enhance the company’s competitive advantage.The company has realized front-end environmental sanitation equipment R & D, production and sales, midstream environmental sanitation services, and gradually integrated waste incineration treatment operation mode, thereby reducing operating costs and improving operating efficiency.With the increase of the upstream sanitation mechanization rate, the increased demand for customization from the downstream market-oriented operations, and the upgrading of product technology, the trend of increasing industry market concentration is expected to continue.The company as a leading enterprise in the domestic sanitation equipment industry has benefited significantly. Sanitation service orders have ample reserves, and we look forward to continued strength in 19 years.Zoomlion provides a sanitation integration solution of “sanitation equipment + sanitation services”.From the perspective of operating performance, the operating income of China United Environmental Sanitation Services for the first four months of 16, 17, and 18 was 846.510,000 yuan, 10121.140,000 yuan, 6244.590,000 yuan, showing a rapid growth trend.It mainly expands the scale of revenue brought by the large number of environmental sanitation service projects that have entered the operation period.According to the statistics of the Southern Division of Environmental Affairs: China and the United Nations signed new environmental sanitation service contracts in the first quarter of 18 and 19 respectively at 80.08 thousand yuan, 15.50,000 yuan, the industry rankings are significantly higher, fully reflecting the company’s project acquisition capabilities.We believe that although compared with companies with a high proportion of environmental sanitation operations such as Insound, Longma Sanitation, Qiaoyin Environmental Protection, etc., China United Environment currently has a relatively small amount of environmental sanitation service revenue, but it takes advantage of equipment technology to improve its sales network and improve its equipment sales office.The rich local government resource advantages formed, the company has obvious competitive advantages in the field of sanitation operations.And the subsequent implementation of sanitation service orders will constitute an important driving force for the company’s performance. The environmental monitoring business develops well, preventing environmental risks from contracting environmental engineering business.The company’s acquisition of Yuxing Technology has completed its performance commitments in 2017. Due to the 武汉夜生活网 tightening financing environment and the standardized development of PPP projects in 18 years, the company has contracted and even adjusted its investment in environmental engineering projects.In 18 years, Yuxing Technology achieved a total operating income of 15.18 ‰, an average of two in ten years.96%; Net profit 1.09 trillion, 52 in the same period of six years.96%; gross margin 28.55%, ten-year average.39 units.It is worth mentioning that the number of orders for the company’s environmental monitoring market increased by 44% each year in 18 years, and won 1 bid.1.3 billion national surface water monitoring projects, 0.1.9 billion Chongqing Environmental Monitoring Center Water Station Project and 0.4.5 billion Shandong Linfen Environmental Protection Bureau air station project.It is expected that the need for re-monitoring of network subsidence and the increase in water quality monitoring will increase the company’s environmental monitoring business in 19 years. Accounts receivable continued to increase, paying attention to the situation of receivables.As of December 31, 18, the company’s bill receivables and accounts receivable balance 63.07 billion, an increase of 20 over the beginning of the period.30%, basically matching the growth rate of Zoomlion’s environmental revenue; of which bills receivable6.1.9 billion, accounting for 9.81%, accounts receivable 56.87%, accounting for 90.18%.The company’s bad debt reserve amount 4.4.0 billion, with a provision ratio of 6.64%, accrued 0 this period.9.5 billion bad debt provision.The company’s account receivable amount deduction is mainly related to: 1) the use of the first payment and the last payment; 2) the development of the market, the use of installment payments; 3) the downstream customers’ financial allocation progress is slow and prolongPayback period.The company’s customers are government environmental sanitation departments and private environmental sanitation service companies.At the end of 18, the company’s accounts receivable accounted for the proportion of total assets.Below 78% in the same industry level, and accounted for more than 80% within one year, the overall possibility of large bad debt losses is small, but still need to consider the pressure on the company’s capital occupation.It is worth mentioning that the company’s influence on the existence of upstream suppliers, at the end of the 18-year period, notes payable and accounts payable63.3.7 billion, which is basically equivalent to receivable items.It can polish the company to make full use of the commercial credit given by the supplier to improve the speed of its own capital turnover. The company was given an “overweight” investment rating for the first time.It is expected that the fully diluted EPS in 19 and 20 will be 0 respectively.48 yuan, 0.55 yuan, according to 7 on April 22.Calculated at the closing price of 62 yuan / share, the corresponding PE is 15 respectively.7 and 13.8 times.Considering that the company’s leading advantages in the field of sanitation equipment are obvious, and the momentum of the expansion of the sanitation service business is strong, the company is given an “overweight” investment rating for the first time. Risk reminder: The sales growth rate of the sanitation equipment industry is declining; the downstream sanitation service market is accelerating and customer demand changes; the sanitation service market is low in concentration, and participation in many competitions has intensified and the gross rate has decreased; receivables have increased and the repayment range has increased; acquisitions are in progressThe company has formed a large amount of goodwill on the book. If the performance of gambling cannot be completed, the company has the risk of impairment of goodwill