[Can pregnant women drink lotus seed heart bubble water]_Recommended diet

[Can pregnant women drink lotus seed heart bubble water]_Recommended diet

The summer weather is relatively hot, and people are prone to get angry, especially for pregnant women. At this time, if you drink some lotus seeds to soak in water, it has a certain effect of clearing heat and detoxifying the heat, so pregnant women can drink lotus seeds.Water, lotus seed heart has certain health and health effects.

If you have it properly, there are certain benefits to your physical fitness.

The lotus seed core has a good effect of soothing the mind and soothe the nerves. In addition, it can prevent diarrhea and prevent unfavorable urination. Pregnant women are prone to irritability during pregnancy. At this time, drinking some lotus seed heart bubble water can promote peace of mind and peace of mind.Sleep.

In addition, lotus seed heart also has a certain role in promoting skin nourishment, for pregnant women can also achieve a certain beauty effect.

Pregnant women can drink some lotus seeds heart water during pregnancy, but it should also be noted that if pregnant women are cold people, try not to drink them, because lotus seeds are cold ingredients, if you drink too much, insteadConducive to the conditioning of pregnant women, and even easily lead to diarrhea, adversely affect health.

It is very important for women to adjust their diet during pregnancy. An important and reasonable balance can promote the health of the body and promote the healthy growth of the fetus. Pregnant women should not eat too much high-sugar food in their diet, and also eat less richHigh-protein foods.

Especially Aunt Gao’s food, you must eat less.

Properly drinking some lotus seeds soaked in water will have a certain degreasing effect.

Pregnant women can drink lotus seed heart soaking water, because lotus seed heart soaking water has no toxic and side effects, and has a certain health and soothing effect.

If the pregnant woman’s physique is cold, drink less lotus seed heart soaking water. If the pregnant woman’s physique belongs to the situation where the liver and fire are more prosperous, then you can drink some lotus seed heart soaking water properly, which has a good effect of nourishing and nourishing.

Zhibang Household (603801) Annual Report Review Report: Strong Growth in New Categories

Zhibang Household (603801) Annual Report Review Report: Strong Growth in New Categories

Revenue in 2018 was 24.

33 ppm, an increase of 12 in ten years.

80%, net profit attributable to mother is 2.

73 ppm, an increase of 16 in ten years.

51%, net profit after deduction to non-mother is 2.

53 ppm, an increase of 12 in ten years.


Of which 18Q4 achieved income 6.

99 ppm, a ten-year increase4.

00%, net profit attributable to mother is 6942.

720,000 yuan, down 12 every year.

67%, net profit after deducting non-attribution to 6897.

310,000 yuan, down 2 every year.


The growth rate of the cabinet business in 18 years is expected, and the gross profit margin of the wardrobe business is rising.

The company’s overall cabinet revenue in 2018 was 19.

28 ppm, a ten-year increase2.

74%; revenue from custom wardrobes4.

30 ppm, an increase of 91 in ten years.

62%; wooden doors realized income of 778.

510,000 yuan.

In terms of gross profit margin, the gross profit margin of the overall cabinet was 38.

32%, an increase of 1 over 17 years.

52 points; custom-made closet gross margin 29.

97%, an increase of 4 over 17 years.

15 marks.

In the past 18 years, the company’s distribution channel performance has steadily increased, and the gross margin of its bulk business has increased significantly.

Company distribution model income 17.

4.0 billion, an increase of 14 over 17 years.

82%; direct channel revenue1.

5.7 billion, a decrease of 1 from 17 years.

99%; bulk business income 3.

91 trillion, a decrease of 1 from 17 years.

3%, mainly due to the decrease in business from Evergrande.

In terms of gross profit margin, the gross profit margin of the distribution model was 36.

09%, a decrease of 0 from 17 years.

69pct, gross profit margin of direct sales channel 63.

83%, an increase of 0 from 17 years.9 points, gross profit margin of bulk business 30.

22%, a big increase of 7 from 17 years.

北京体验网1pct, the improvement of the company’s customer structure and increase in scale have brought about greater profitability of major businesses.

The company’s 18-year expense rate control is better.

The company’s 18-year sales expense ratio was 13.

72%, an increase of 0 from 17 years.

13 points; management expense ratio 5.

78%, an increase of 0 from 17 years.

91 points; R & D expense ratio 3.

8%, an increase of 0 from 17 years.

72pct; financial expenses-17.39 million, a decrease of 18.05 million compared to 17 years.

The increase in the management expense ratio was due to the increase in the number of employees and the increase in expenses and management consulting expenses.

The increase in the R & D expense ratio was due to an increase in staff budgets and an increase in R & D investment.

The channel continued to sink for 18 years, and the wardrobe opened quickly.

As of December 31, 2018, the company had more than 1,220 cabinet distributors and opened 1,487 stores, of which 240 were newly opened and 88 were closed; 595 were custom-made wardrobe dealers, and 726 were stores, of which 347 were newly opened, Closed 16; 117 wooden door dealers, and 88 fusion stores with other categories.

19 years will strengthen the integration of store optimization and cabinet wood.

The company’s cabinet business plans to optimize and renovate old stores for 19 years, and plans to open 150 new stores.

The wardrobe and whole-house customization business will strengthen the channel sink to cities below the third tier, and plans to open 350 new stores.

Wooden doors will be integrated with cabinets and whole house customization to achieve integrated sales, and plans to open 100 new stores.

The linkage of cabinets and woods will increase the value of customer orders, and the recovery of house delivery will increase the number of customer orders. Development in 19 years can be expected.

The company’s 18-year wardrobe business has maintained a high growth rate of more than 90%, the new store is in good condition, wooden doors have also accelerated development, and new categories have maintained a good momentum of development.

In 18 years, the structure of major business customers was adjusted, and in 19 years, the delivery of refined decoration was improved, and higher growth is also expected.

The company strengthened the cabinet-clothing-wood linkage to expand the whole house’s supporting household categories and further increase the value of customers.

We expect the house delivery to increase by 33% / 17% in 19-20 years, which will increase the company’s customer order volume. The development in 19 years is worth looking forward to.

Taking into account the broad and clear recovery of house delivery in 19-20 years, the company’s wardrobe and wooden doors have a good momentum of development, slightly raising the company’s profit forecast, and then add a 2021 forecast.

It is estimated that the company’s net profit for the years 19-21 will be 3.

14 billion / 3.

70 billion / 4.

22 (Originally expected 3.

07 billion / 3.

4.4 billion), the growth rate is 15% / 18% / 14%, the corresponding PE is 21.


6X / 16.

3 times, maintaining the “overweight” level.

Risk warning: industry competition intensifies; traditional cabinet growth indicators; dealers’ profitability worsens

[How to identify bird’s nest bleaching]_How to choose_Identification method

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[How long does it take for the purple potato to be cooked? How long does it take to steam the purple potato]

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[How to dry mulberries is relatively dry-]_ How to dry_Drying method

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You are the only one who wants to know how to distinguish between the power and the forge. You can choose between the key and the key, and the key to the key is to distinguish between the key and the key.灉姹佷篃姣旇緝澶氾紝缁忓父椋熺敤鍙互璧峰埌缇庡鍏婚鐨勪綔鐢紝鑰屼笖杩樺彲浠ヨˉ鍏呰韩浣撴墍闇€瑕佺殑寰噺鍏冪礌浠ュ強澶氱鐭跨墿璐紝瀵硅韩浣撻潪甯稿ソ锛岃€屾檼骞叉钁氱殑鏂规硶鏈夊緢澶氱锛屽彲浠ユ寫閫夊嚭濂界殑妗戣憵缁忚繃椋庡惞闃冲厜鏅炬檼鍚庡嵆鍙€傛钁氭€庝箞鏅掑共姣旇緝绠€渚浚挎钁毟鋷涔堟檼骞?I am a sorrowful whistle-bearer. I have captured a lot of sorrows. I have captured all the sorrows. I have captured the rainbow.滅敎鍛充竴鑷淬€?The masters of the world are arrogant and arrogant. They are in a state of conflict. They are all in trouble, as well as others. How to do it? How to do it?I’m going to kill you, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry, I’m sorry for you庢櫨鎴垮眿椤讹紝鏅炬埧鍥涘鍧囩暀鏈夎冻澶熺殑閫氭皵瀛斻€傛櫨鏅掓灉绌楄胺绉扳€滄寕鍒衡€濄€傛寕涓€鎺掞紝绯讳竴鎺掞紝浠庢渶涓嬬寮€濮嬮€愬眰涓婃寕锛岄噸閲嶅彔鍙狅紝鐘瑰瀹濆锛岀洿鎸傚埌灞嬮《銆傛寕鍒哄悗3Technetium?澶╋紝鏈夐儴鍒嗘灉绌楁灉绮掕劚钀斤紝搴斿強鏃舵竻鎵€備互鍚庢瘡闅?锝?澶╂竻鎵竴娆★紝鐩村埌涓嶈劚钀戒负姝€傝劚钀界殑鏋滅鍜屾灉绮掔疆浜庨槼鍏変笅鏇濇檼锛屽埗鎴愭绛夋钁氬共銆?鍒跺共鏅炬埧閮戒綅浜庤崚鍧★紝鍥涘懆绌烘椃锛屾棤妞嶇墿銆侀珮娓┿€佸共鐕ャ€佺儹椋庨樀闃碉紝鏅炬埧鍐呭 鍧 鍧 囨 掴 渴 ︾It hurts 27?5%: Hook back?  阃?.5 technetium?.6 Aya?绉掋€傜粡绾?0澶╅槾骞诧紝鍗冲彲瀹屽叏涓嬪埡锛屼竴鑸瘡4鍏枻椴滄钁氬彲鍒舵垚1鍏枻妗戣憵骞层€?銆佹垚鍝佸鐞嗭細鎽囧姩鎸傚埡锛屼娇妗戣憵骞茶劚钀姐€傜◢鍔犳弶鎼擄紝鍊熼杞︺€佺瓫瀛愭垨鑷劧椋庡姏鍘绘帀鏋滄焺銆佸共鍙跺拰鐦矑绛夋潅璐ㄣ€傜劧鍚庢寜鑹叉辰楗辨弧搴﹀強閰哥敎搴﹁繘琛屼汉宸ュ垎绾с€佸寘瑁呫€佽串钘忋€佸嚭鍞€傛钁氱殑淇濆瓨鏂规硶鍜岄鐢ㄧ蹇?Moquankesuo Taiyifeifan  Zhao ㄧ Se Lujuerenlu Juanjuewanban  Wanfengcaimo Tan umbrella Luofengchixi Getting Xinweiaoqi Yanggaohuuu eng  Weiduoshanlu ㄧ Qing Qianbianshenmo?銆佹礂鍑€娌ュ共姘达紝灏戣鐩愶紝澶ч噺绯栬厡鍒?Sorry, sorrowful?3銆佸氨鏄敤鐧界爞绯栨垨鑰呯孩鐮傜硸鏉ヨ厡鍒讹紝鎵句釜瀵嗗皝缃愶紝涓€灞傛钁氾紝涓€灞傜硸鍦版斁锛岀劧鍚庣洊濂芥斁鍐扮灏卞彲浠ヤ簡锛屽彲浠ユ斁涓€鏄熸湡閮芥病鏈夐棶棰橈紝鑰屼笖鍚庤竟杩樹細鍑烘钁氭眮锛屽彲浠ヨ繘涓€姝ュ埄鐢ㄣ€?銆 佹 檼 骧 麧 鐴 鐢 ㄥ  鏂 黂 Luan 敏 罏 佽 鏉 郉 ワ 纴 涔 彲 嵠 惠 ョ 洿 鎺 ョ 敉 鏉 Yu field of the field of fear of embarrassment.阒 崇 抑 銆?銆佸厛娲楀噣锛屽垎鎴愬皬鍖咃紝鏀惧啺绠卞喎鍐伙紝鍚冩椂鐢ㄧ儹姘村寲寮€銆傛钁氬共鎬庝箞鍚冪洿鎺ュ悆灏嗗共妗戞す鐢ㄥ喎寮€姘村啿娲楀共鍑€锛屽嵆鍙鐢ㄣ€傚彟澶栵紝椋熺敤骞叉钁氭椂锛屽缓璁渶濂藉湪楗悗鍚冦€傛钁氱殑纭彲娌荤枟绁炵粡琛板急锛屼絾鍚屾椂瀹冭嵂鎬х敇瀵掞紝鍚冨浜嗘槗婊炶吇纰嶈劸锛屾墍浠ヤ笉鑳藉鍚冦€傛场姘村枬鍙栭€傞噺鐨勫彲鍗抽妗戣憵骞叉斁鍏ユ澂涓紝鍔犲叆閫傞噺鐨勬哺姘存场鍒讹紝寰呮钁氱殑鍛抽亾鍜岄鑹叉參鎱㈡场鍑烘潵鏃跺嵆鍙ギ鐢ㄣ€傛钁氬共娉℃按鍙互澶氬姞姘存This is the case: the bugs are inconvenient, the faults are not good, the faults are different, the difference is that the effect is different, the effect is different, and the effect is different.Strong, weak, sorrowful, sorrowful, windy, rudder, sorrowful镶板殑浣灭敤锛屽罐拌吙镞犲姏鍜岀柤鐥涙湁寰堝ソ鐨勭紦瑙d綔鐢ㄣ€傛场閰掑枬骞叉钁氭场閰掍篃鏄竴绉嶉潪甯镐笉閿欑殑椋熺敤鏂规硶锛屽湪娉¢厭鍓嶅厛鎶婃钁氶噸鐨勬潅璐ㄥ幓鎺夊氨鍙互鐩存帴娉¢厭锛屾钁氭场閰掑彲浠ユ彁楂樿韩浣撶殑鍏嶇柅鍔涗篃鍙互鍑忓皯楠ㄥ叧鑺傜殑鐤剧梾銆?

Guizhou Moutai (600519) 19Q3 Comment: Supply and sales rather than demand growth are still in a reasonable range

Guizhou Moutai (600519) 1夜来香体验网9Q3 Comment: Supply and sales rather than demand growth are still in a reasonable range
Investment Highlights: Event: The company released the third quarter report of 2019, and achieved total revenue of 635 in the first three quarters of 2019.09 billion, an increase of 15 in ten years.53%, revenue 609.3.5 billion, an increase of 16 in ten years.64%, net profit attributable to mother 304.5.5 billion, an increase of 23 in ten years.13%, of which 19Q3 achieved total revenue of 223.3.6 billion, an increase of 13 in ten years.28%, revenue 214.4.7 billion, an increase of 13 in ten years.81%, net profit attributable to mother 105.4.0 billion, a growth of 17 in ten years.At 11%, we forecast the company ‘s 19Q3 revenue and net profit attributable to mothers to increase by 18% and 23%, respectively. The company’s performance is slightly lower than our expectations. Investment Ratings and Estimates: Maintain earnings forecasts, predicting EPS for 2019-2021 of 34.49 yuan, 42.1 yuan, 47.86 yuan, an annual increase of 23%, 22%, 14%. The current corresponding PE is 35x, 29x, 25x respectively. Maintain Buy rating.Although the performance of the report is slightly lower than expected, we believe that it is mainly due to channel adjustments that have not been launched as scheduled in the early period. For non-demand reasons, we are optimistic that the core logic of Moutai remains unchanged: 1. 2019 is the year when the Moutai channel broke.It is expected that the company will continue to optimize the channel and product structure, and coordinated development of distribution and direct management, and the terminal’s control and anti-risk ability will be significantly strengthened under the premise that the company will maintain moderate growth in the future.The above price bands have a clear layout, strong brand power and rich channel profits build a sound moat with the strongest certainty; 3. Consumption upgrades continue to bring incremental demand, and continuous production capacity brings tight supply and demand balances to ensureMoutai’s steady increase in both volume and price; 4. From the perspective of estimation, the conversion to the continuous advancement of internationalization of stocks is expected to benchmark the overseas leader and the center will continue to rise. In 19Q3, the sales volume of Moutai wine increased slightly, and the series of wine accelerated.19Q3 Maotai achieved revenue of 214.4.7 billion, an increase of 13 in ten years.81%, of which, Moutai liquor income was 190.3.7 billion, an annual increase of 12%, and series wine income of 23.8.3 billion, an annual increase of 22.8%.Looking at the volume and price, it is estimated that the price of tons of wine has increased by 10% on average. It is estimated that the sales volume of Maotai liquor in 19Q3 corresponds to about 8,500 tons, and the sales volume of Maotai liquor in 18Q3 is about 8,300 tons.5%, mainly due to the adjustment of channels and the decrease in the number of dealers. This year, a considerable part of the company’s volume has not been delivered in rhythm. We expect 19Q3 sales of 8,000-9000 tons, and the reported sales in this range are in line with expectations.Considering that the advance receipts decreased by 1 billion yuan from the previous month, the actual shipment in 19Q3 is expected to be slightly lower than the reported sales volume.In terms of series wines, the revenue of 19Q3 series wines increased by 22.8%, the growth rate is faster than the previous month.In terms of channels, the revenue from direct sales in 19Q3 was 15.01 billion, an increase of 16% before, accounting for 8%, the proportion is at least basically the same, an increase of 5 shares, mainly due to the increase in direct sales and e-commerce channels in 19Q3 Maotai.At the end of the reporting period, the number of domestic dealers decreased by 616, of which 62 were reduced by 19Q3 Moutai dealers, and a total of 598 Moutai dealers were reduced from 2018 to the end of the third quarter of 2019. In 19Q3, the profit growth rate improved somewhat, and the profit growth rate was still faster than the income growth rate.In 3Q19, the net profit of Moutai’s return to mother increased by 17.11%, net sales margin 50.21%, an increase of 1 per year.27 averages, gross margin 91.16%, a decline of 0 every year.66 grades, the main reason for the proportion of liquor increased by 1.92 units.The increase in net interest rate was mainly due to the decrease in tax rate and sales expense rate, with a tax rate of 14.36%, down by 1 every year.95 levels, mainly due to the timing of confirmation of consumption tax.Selling expense ratio 2.81%, a decline of 0 every year.For a total of 47, the decline in the sales expense ratio was mainly due to the decrease in the expenses of the Maotai liquor market.Management expense ratio (including R & D expenses) 6.43%, an increase of 0 a year.15 units. In 19Q3, the growth rate of cash flow was slower than the growth rate of revenue, and advance receipts declined slightly from the previous quarter.Net cash flow from operating activities in 19Q332.28 billion, 69 from the previous decade.21%, mainly due to the net increase in customer deposits and interbank storage warehouses was -128.700 million, compared with 56 in the same period last year.The increase in net deposits of customer deposits and interbank deposits decreased by 9.7 billion mainly due to a decrease in the increase in funds collected by Maotai Group Finance Co., Ltd. from other members of the group (a significant increase in 19Q2).Cash received from sales of goods and services 228.3.9 billion, New Year’s Eve 0.73%, the slower growth rate of cash flow than income growth was mainly due to the decline in advance receipts. Moutai’s growth rate is still in the normal range, and demand and performance are still the most certain.The growth rate of Moutai’s 19Q3 results was lower than market expectations. We believe that the company’s growth rate is still in a normal fluctuation range.1. The company’s product sales are in the expected market pattern. This has been reset in 2016. Sales volume has changed from supply rather than demand. The growth rate replacement is related to channel adjustment and release rhythm. For non-demand reasons, the company has entered since Q4 last year.During the channel reorganization and adjustment period, it is not easy for the company to maintain 17% revenue growth through existing distribution channels and the increase of direct stores. 2. Maotai itself is higher than other competitors in terms of sales volume, price, and profitability.Occupy the high-end liquor consumption market and master the pricing power of the industry; 3. Since August this year, Maotai has successively introduced a number of policies to stabilize prices, and the current approval price has dropped to around 2,300 yuan. The rational return of prices is beneficial to the long-term development of Maotai and the industry, andMoutai dealers maximize abundant profits and abundant funds, and the inventory is generally not high. The approval price continues to be supported. 4. 2019 is the year when the Moutai channel adjustment is broken. We believe that through channel adjustment, the company controls the channels and terminals.The power will be significantly improved, and the distribution and direct sales channels will be more balanced, which will really benefit the long-term, stable and sustainable development of the company and the industry.续development of. Catalysts for advanced performance: Ex-factory price adjustments Core assumptions Risk: Economic downturn affects overall demand for high-end wines

Guangming Dairy (600597) 19th Quarterly Report Review: Room Temperature Milk Stops Displacement, Multiple Factors Promote Performance Over Expectations

Guangming Dairy (600597) 19th Quarterly Report Review: Room Temperature Milk Stops Displacement, Multiple Factors Promote Performance Over Expectations

First, the event overview The company released the three quarterly report of 19 years.

Reporting information, the company achieved revenue of 171.

37 trillion, ten years +8.

25%, net profit attributable to mothers4.

44 trillion, ten years +11.


Second, the analysis and judgment of performance exceeded expectations, room temperature milk terminated 17 years since the replacement trend 19Q1-3 companies realized revenue 171.

37 trillion, ten years +8.

25%, equivalent to 60 in Q3 single quarter revenue.

4.7 billion yuan, +18 per year.

86%, the growth rate increased significantly from the previous quarter; 19Q1-3 companies achieved net profit attributable to mothers4.

44 trillion, ten years +11.

27%, equivalent to Q3 single quarter net profit attributable to mother, 76.58 million yuan, every +29.

70%, the growth rate also increased significantly.

Overall, the company’s performance in 19Q3 exceeded market expectations.

In terms of products, the significant improvement in 19Q3’s performance was mainly due to the volume of liquid milk products. The liquid milk business of 19Q3 achieved 38 in revenue.

32 ppm, +17 a year.

23%, of which Q3 room temperature dairy enterprises steadily rebounded and achieved positive revenue growth, stopped the decline since 17 years, low-temperature milk continued to increase volume; Q3 other dairy products achieved revenue of 15.

41 trillion, ten years +28.

38%, a significant increase from the previous month; animal husbandry products recorded revenue4.

26 trillion, ten years +0.

23%; by region, the Shanghai region achieved revenue of 16 in 19Q3.

21 ppm, +28 a year.

56%, revenues outside Shanghai achieved 31.

2.6 billion, +6 per year.

71%, driven by the volume of new Wright, overseas revenue 12.

5.6 billion, previously significantly +44.


Rise in raw milk prices and lower gross profit margins of overseas subsidiaries to reduce gross profit margins; lower sales expense ratios and net profit margins to increase against the trend; gross profit margins: The company’s gross profit margin was 32 in 19Q1-3.

20% a year -1.

33%, Q3 single quarter gross margin was 31.

11%, twice -2.

54%, mainly due to the increase in the price of raw milk + the replacement effect of the new Wright’s low gross profit bulk powder business; net profit margin: 19Q1-3 company’s net profit margin3.

58%, ten years +1.

07%, of which Q3 single quarter company net interest rate is 1.

71%, ten years +0.

35%, against the background of a significant reduction in gross profit margin, the net interest rate rose against the trend, mainly due to the decline in sales expense ratio: 19Q3 company’s sales expense ratio fell -3.

09%, we judge that this is mainly due to the optimization of the company ‘s advertising expenses. This year, the company began to optimize the structure of advertising expenses, increased the aerial expense of relatively normal temperature products, reduced the cost of low-cost expenses, and improved the efficiency of advertising.In terms of expense ratios in other periods, the company’s management / R & D / financial expense ratios increased by +0 in 19杭州桑拿论坛Q3.18% /-0.

02% /-0.


At room temperature, fresh products are coming together, and we are optimistic about the company’s performance. In terms of room temperature milk, products, channels, and marketing are three-pronged. We look forward to returning room temperature milk revenue to the growth track in the second half of 19th.

Product side: In response to the aging problem of Moslien room temperature yogurt products, the company upgraded the product from two aspects of taste and packaging. The new Mosslian has richer flavors, more exquisite packaging, and good terminal feedback.Pressing orders is conducive to increasing the sales enthusiasm of distributors and promoting the healthy development of channels. Marketing: After the new chairman comes to power, the company gradually began to tighten the cost of the 重庆耍耍网 company, reduce the adjustment of the fee structure, and increase the issuance of air temperature milk at room temperature.On May 29, 2019, the company hired the popular star Liu Haoran to become the new spokesperson for its room temperature yogurt Moslian, demonstrating the company’s determination to revitalize the room temperature yogurt Moslian.

In terms of fresh products, we are cultivating low-temperature products based on local conditions in East China base camp and are optimistic about the steady growth of fresh products.

Third, the investment proposal estimates that the company’s operating income in 19-21 will be 231.

05 ppm / 256.

00 ppm / 285.

4.5 billion, ten years +10.

1% / 10.

8% / 11.

5%; net profit attributable to listed companies is 4.


5.2 billion / 6.

14 trillion, +30 a year.

5% / 23.

7% / 11.

3%, equivalent to 0 EPS.

36 yuan / 0.

45 yuan / 0.

50 yuan, corresponding to PE is 29X / 23X / 21X.

Based on the wind consensus forecast data, the overall dairy sector is estimated to be 27 times in 2019. The company’s forecast is basically consistent with the industry. Considering that the three ends will help normal temperature milk return to the growth trajectory, the price increase + structure upgrade will help the stable growth of low temperature milk to meetThe progress of new products has gradually increased the company’s performance, and it is expected that the company’s performance growth will be faster than the industry average in the future.

In summary, maintain the “recommended” level.

4. Risk Warning: Raw milk price rises more than expected, room temperature milk performance is lower than expected, environmental protection risks, food safety risks

Zhaoyan New Medicine (603127): Stock Incentive Plan Launched with High Growth Expected

Zhaoyan New Medicine (603127): Stock Incentive Plan Launched with High Growth Expected

The company’s 2019 stock budget and budget stock incentive plan include two parts: the stock budget incentive plan and the alternative stock incentive plan, which are planned to be awarded 124.

90,000 stock budgets, with a grant price of 48.

11 yuan; it is planned to grant 450,000 shares of stock at a price of 24.

06 yuan.

A total of 243 incentive targets are included in this plan, including: 5 directors and senior executives; 238 core technical (business) backbones.

Granted a stock budget of 0 per capita.

470,000 shares, per capita granted to long-term stock 0.

330,000 shares, can get both budget and supplementary shares.

The company currently has 817 people, 杭州桑拿网 covering a wide area, reaching about 30%.

The exercise period is three years, and the three-year exercise period is 50%, 30%, and 30%.

The assessment targets are 19, 20, and 21, which require income to increase by 30%, 69%, and 119 over 18 years, respectively.

7% can also be understood as an annual increase of 30%.

We believe that the company’s production capacity has been released rapidly in the past two years, and there is little pressure to reach this target.

This equity incentive is conducive to further establishment, perfecting the company’s long-term incentive mechanism, attracting and retaining outstanding talents, fully mobilizing the enthusiasm of senior executives and core technology (business) backbones, and effectively bringing shareholders ‘interests, company’s interests and operators’ personal interestsintegrate.

It is estimated that the total amortization expenses will be 15.95 million, which will be 371/864/281 / 780,000 in the next four years from 19 years. The estimated inventory is expected to affect the net profit growth rate by 3-4 percentage points this year and the net profit growth rate by about 5 yearsSingle, little impact.

The demand-side boom is very high, and the production capacity of new drugs has been released in large quantities this year and next.

From the perspective of company orders, orders are significantly larger than operating income.

In the middle of 2018, Beijing + Suzhou Animal House will be about 18,000 square meters (excluding quarantine). At the end of 2018, about 10,000 new animal houses will be added in Suzhou, and another 3,000 square meters will be occupied.

It is expected that the maximum production capacity of the new animal house in two years can be used up, so the production capacity will be fully released this year and next.

Whether future production capacity is needed can be further expanded.

Earnings forecast and investment rating The company’s EPS for 2019-2021 is expected to be 1.



07 yuan, corresponding to 48 for PE.



2. Give the company a “Buy” 佛山桑拿网 rating.

Risk Warning: Large CROs Entering Competition

Liuyao Pharmaceutical Co., Ltd. (603368): Performance is slightly higher than expected

Liuyao 武汉夜生活网Pharmaceutical Co., Ltd. (603368): Performance is slightly higher than expected

Event: The company released a quarterly report for 19 years. The revenue, net profit attributable to mothers and net profit attributable to non-mothers were 33 respectively.

8.6 billion yuan, 1.

6 billion and 1.

5.4 billion, each year +24.

89%, +41.

68% and +36.

56%, slightly higher than our previous profit growth rate of 35%, due to the faster-than-expected growth of net sales of major drugs and government subsidies (non-recurring gains and losses).

The opinion is as follows: Endogenous growth is excellent.

We estimate that 7Q1 Vantone’s consolidated profit is 7 million-8 million (the company holds 60% equity of Vantone). Excluding Vantone’s consolidated profit, the growth rate of non-profit is still above 30%.

19Q1 hospital net sales revenue maintained rapid growth.

We estimate that the company’s pure drug sales in 19Q1 maintained a high growth rate of about 22%, mainly due to the continuous promotion of the two-vote system: most of the hospitals at county level and above in Guangxi implemented the two-vote system in 18 years, and the county-level hospitals began to implement them in 19Two-vote system; Compression In the large hospital, there were still small distributors conducting non-two-ticket business for 18 years. After its successive withdrawal in 19, the company took over the business of small distributors, forming a continuous increase.

At the same time, the company increased in-depth cooperation with hospitals through the fundraising project “Hospital Supply Chain Extension Services” and began to develop innovative value-added services for hospital drugs. We estimate that the gross profit margin of hospital pure sales will gradually increase.

In addition, we estimate that the annual revenue growth rate of the equipment distribution business is 30% -40%.

The industrial chain extension is progressing smoothly.

We estimate that the chain drug store revenue of the company in 19Q1 was more than + 50%, and the revenue growth rate after excluding Hehe was about 40%, indicating that new stores have started to migrate and began to contribute revenue; the revenue of Chinese medicine decoction pieces has doubled; the revenue of Wantong of the proprietary Chinese medicine business has remained stableThe growth, meanwhile, the GMP certification of Medical University Xiansheng has been completed and has been put into production.深圳桑拿网

Maintain “Highly Recommended-A” rating.

We expect the company’s attributable net profit growth in 2019-2021 to be 30% / 24% / 21%, and the corresponding EPS will be 2 respectively.



97 yuan; excluding equity incentive expenses, returning to the mother every year + 21% + 33% / 23% / 20% in 19-21, EPS is 2.



99 yuan.

The current market value corresponds to an estimated 19X pe of about 13X.

As a regional pharmaceutical circulation leader, the company has deep industry barriers. The extension of the industrial chain provides strong support for the continued growth of future performance. The revenue structure continues to be optimized, and the “strongly recommended-A rating” is maintained.

Risk reminder: industry policy risk, risk of impairment of accounts receivable.

Wanhua Chemical (600309) annual report comment: Annual report performance fluctuates slightly MDI boom attempts to stabilize and rebound

Wanhua Chemical (600309) annual report comment: Annual report performance fluctuates slightly MDI boom attempts to stabilize and rebound

The 2018 net profit has a small gradient. The annual report intends to pay high dividends. Wanhua Chemical will release the 2018 annual report on April 22, and the company will gradually achieve 北京夜生活网 revenue of 606.

2 ‰, an increase of 14 in ten years.

1%; net profit attributable to mother 106.

1 ppm, 10-year average of 4.


Follow 31.

The latest equity calculation of 400 million shares corresponds to an EPS of 3.

38 yuan.

Q4 achieved operating income of 147.

0 ppm, an increase of 3 per year.

8%; net profit attributable to mother 15.

9 ‰, an average of 52 in ten years.


The company plans to pay 20 yuan (including tax) for every 10 shares.

We expect the company’s EPS to be 3 in 2019-2021.



94 yuan, maintaining the “overweight” level.

Based on the caliber of the overall listing, the net profit in 2018 fell slightly by 1.

At the same time, 4% of the companies also disclosed the basis for the special preparation after the merger (including 100% equity of BC, Ningbo Wanhua 25.

5% equity, etc.) in the 2018 financial statements, the actual realized revenue was 728.

400 million, an increase of 12 in ten years.

3%, achieving a net profit of 155.

7 trillion, down 1 a year.


Comprehensive gross profit margin 36.

2%, ten years ago.

5pct, sales / management / R & D expense ratio increased by 0.



6 points to 3.

8% / 2.

8% / 2.

5%, financial expense ratio reduced by 1.

0pct to 1.


The decline in MDI boom affects performance. According to Baichuan Information, the average price of pure MDI / aggregated MDI in East China in 2018 was 2 respectively.

80/1.92 million / ton, temporarily decreased by 0.

4% / 29%, the company’s polyurethane sector sales of 188.

7 for the first time, higher than the added value of 4.

7%, of which MDI output is about 146 tons, which is reduced by 6.


Realized revenue of 309.

500 million, with a previous appreciation of 3.

8%, gross margin decreased by 5.

1pct to 50.


The subsidiary Ningbo Wanhua achieved revenue of 198.

$ 500 million, twice a year.

7%, achieving a net profit of 63.

5 ‰, a ten-year average of 9.


The petrochemical sector is relatively stable, and new materials are growing rapidly. In terms of petrochemical products, in 2018, the average price of acrylic acid / epoxy resin in East China was 0.



840,000 yuan / ton, an increase of 15% / 10% / 0%, the company achieved sales of 151.

5 initially, once downgraded to 4.

6%, achieving revenue of 189.

10,000 yuan, an increase of 23 in ten years.

5%, gross margin decreased by 2.

5 points to 10.


In terms of fine chemicals and new materials, the company achieved sales of 32.

2 Initially, higher than the added value of 34.

3%, to achieve 57 revenue.

0 million yuan, an increase of 35 in ten years.

9%, gross margin decreased by 0.

2pct to 31.


The sales / management / R & D / financial expense ratios each changed by 0.



4 / -0.

4 points to 2.

8% / 1.

6% / 2.
7% / 1.

In April, the MDI listing price was raised, and a variety of new projects quickly promoted. The company announced on March 27 that it would raise the April China pure MDI / aggregated MDI listing price to 2.


830,000 yuan / ton, a month-on-month increase of 1,500 / 2800 yuan / ton.

According to Baichuan Information, the current pure MDI / aggregated MDI price in East China is 2.


77 million / ton, up 14% / 54% year to date.

The company’s new projects (TDI, PMMA / MMA, etc.) gradually contribute incremental: 2019-2021 includes MDI in the 1950s, 100 ethylene and US 40 alternative MDI is expected to continue to contribute incremental.

Maintain “Overweight” rating. We maintain a 19-year net profit forecast of US $ 12 billion, and increase the company’s 20-year net profit forecast to 14.2 billion (originally US $ 13.5 billion) based on the progress of the project, and forecast a 21-year net profit of 15.5 billion, Corresponding to 2019-2021 EPS are 3 respectively.



94 yuan, the combined estimate of comparable companies (14 times PE in 2019), giving the company 13-14 times PE in 2019, corresponding to a target price of 49.


48 yuan (the original value is 45.


66 yuan), maintaining the “overweight” rating.

Risk reminder: Downstream demand continues to be at a risk of slump, and new projects are not put into operation as expected.