[How to deal with fresh lotus leaves]_How to deal_How to deal with

[How to deal with fresh lotus leaves]_How to deal_How to deal with

Essentially the lotus leaf itself has a very fragrant taste, which can be made in many ways in people’s daily diet, but many people do n’t know what to do with jade fresh lotus leaf, because if the lotus leaf is notConsuming it after processing will cause some bad effects on the human body.

So, what about fresh lotus leaves?

First, what about fresh lotus leaves?

Just clear water.

There are nano particles on the surface of the lotus leaf to form small spherical precipitates, and these tiny structures make the sludge and water particles not easy to adhere to, and achieve self-cleaning effect. This is why the lotus leaves mud without staining.

As long as a light wind blows, the water droplets move quickly and quickly on the surface of the lotus leaf, taking away the dust.

Rinse with water, cut off the pedicles and edges, shred, and dry.

Lotus leaf charcoal: take the lotus leaf, place it in a pot, cover it with a slightly smaller pot, put white paper on it, seal the junction between the two pots with yellow mud, calcinate until the white paper is brown, stop the fire, and wait for cold extraction.
Second, when picking, it is best to reduce the weight when there is no water droplets on the lotus leaves after dew. The second is to better pick the tea leaves with smooth leaf surface. The sunlight in summer is generallyVery good, I want to remind everyone here that after picking, it is best to put it directly on the concrete floor or the roof and let the sun shine directly to prevent it from getting wet, and it is not easy to grow for a long time; please clean the ground before drying,Or put a layer of film on the ground to prevent the sharp soil or debris from mixing into the lotus leaves that are about to be dried. The lotus leaves are kept at 35-38 degrees high for 2-3 days and dried at one time.The leaves are very fragrant and easy to make tea for medical use; if there is rain or not dry during the drying process, when it meets the good sun, it will be tanned for two days to prepare for poisoning, which is not easy.Baocheng.

What about fresh lotus leaves?

The chemical composition of dried lotus leaves is mainly scopolamine, citric acid, malic acid, gluconic acid, oxalic acid, succinic acid and other basic components with anti-mitotic effects.

Pharmacological studies have found that lotus leaves have antipyretic, bacteriostatic and decomposing effects.

After processing, the dried lotus leaves taste bitter, slightly salty, and cold in nature, and have the functions of clearing away heat and dampness, diverging the sun, and removing blood stasis and bleeding.

The lotus leaf has diuretic and laxative effects. In addition, the lotus leaf has the effects of clearing heart fire, calming liver fire, purging spleen fire, reducing lung fire, clearing heat and nourishing, reducing blood pressure and diuretic, astringent antiperspirant, and hemostatic solid essence.

[Color Marshmallow Ingredients]_How to do_How to do

[Color Marshmallow Ingredients]_How to do_How to do

Marshmallow is a memory of generations because of its white fluffy appearance like cotton, sweet and delicious.

At present, marshmallow is still a favorite snack for many children, and it also extends colored marshmallows. It is often seen in shopping malls, parks, and amusement parks. For this novel production method, many people are concerned about colored marshmallow raw materials.thing.

Let’s take a closer look.

First of all, please pay attention to the production of seven-colored marshmallows. Do not choose cotton candy that is usually eaten at home. Because of the molecular structure, this type of sugar has a poor silking effect during production, but it will affect the production of the second.There must be certain specifications, not too long, too thick, but also not too short, too thin, which is not conducive to the production, and will affect the choice of tangled sugar: it must be granulated crystal white granulated sugar, eachA piece of sugar is a separate crystal. Such sugars have a certain sequence when they are melted. The silk will be very regular. The seven-color flower marshmallow is more beautiful. The choice of bamboo sticks: you must remember the sign.It takes people’s two hands to hold the rotation, so it is too short to hold easily, too long to be restricted and difficult to operate. It should be replaced with a length of 35 cm-40 cm, which is 0 in thickness.

A 4 cm lottery, this kind of lottery is the best tool for making colorful flowers marshmallows. When making colorful flowers marshmallows, there is another ingredient that is essential, that is, water, because you need to get the lotion when making colorful flowers marshmallows.Keep it in front and back so that it is easier to stick with sugar, and water can help the sign to squeeze out the flower shape again when making petals

[Homemade practices of spicy cucumber strips]_How to_How to do

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[Efficacy and role of brown sugar steamed eggs]

銆愮孩绯栬捀铔嬬殑鍔熸晥涓庝綔鐢ㄣ€慱鐩婂_濂藉
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[Good night to sleep on your stomach]_ Harm _ Harm

[Good night to sleep on your stomach]_ Harm _ Harm

Sleeping on your stomach is the worst sleeping position, because sleeping will compress the heart and cause abnormal heart beats, which will affect blood circulation and affect breathing. Sometimes when you sleep on your stomach, the next morningWaking up often causes congestion in the eyes, causing dizziness and tinnitus. If a large amount of pressure is also exerted, it will often cause poor blood circulation in the upper limbs, causing various symptoms such as soreness and pain.

Sleeping on your stomach at night may affect your breathing.

Because of the difficulty in breathing due to sleeping on your stomach, the body’s oxygen supply will naturally be full.

Compression of high blood pressure will induce various heart diseases.

Second, the eyes are prone to congestion, and the sleeping position will press the eyeballs. The eyes are prone to congestion, which will increase the intraocular pressure. After awake, there will be temporary blurred vision, especially for people with high myopia.

Third, dizziness, tinnitus, and the person’s heart rate will gradually slow down after falling asleep, the blood flow through the tissues will also be relatively slow, and the blood flowing into the brain will be less than usual.

After lunch, the blood in the veins must enter the exhaust duct to help digestion. Sleeping on the bed will increase the contraction of the brain, eventually causing symptoms such as dizziness, tinnitus, and soft legs and legs.

Fourth, the arm numbness, soreness, such as when the head end pillow on the arm, the blood circulation of the arm is blocked, nervousness, and it is easy to have symptoms such as arm numbness and soreness.

Fifth, it affects digestion. Most people eat too much at lunch, and it takes about 3 hours to digest these foods.

After lunch, I take a nap on my stomach, which can easily cause flatulence in the stomach.

To get a good night’s sleep, you need to pay attention: tea contains substances such as caffeine, which can stimulate the central nervous system and make people excited.

Drinking tea before bed, especially strong tea, makes it harder for people to fall asleep.

For short-term activities, some brain nerve cells appear excited. This excitement will not calm down in a short time, and people cannot fall asleep quickly.

Therefore, you should try to keep your body calm before going to bed.

Supor (002032): Domestic and foreign sales steadily increase, market share increases

Supor (002032): Domestic and foreign sales steadily increase, market share increases
Performance summary: The company achieved 98 revenue in 2019H1.4 percent, an increase of 11 per year.2%; net profit attributable to mother 8.40,000 yuan, an increase of 13 in ten years.4%; net profit after deducting non-return to mother 8.2 ‰, an increase of 15 in ten years.4%. Q2 single quarter revenue reached 43.600 million, an increase of 10 in ten years.1%; net profit attributable to mother 3.2 ‰, an increase of 12 in ten years.6%.The company proposes to dispatch a discovery bonus2.58 yuan (including tax), combined cash dividends 2.1 ppm (including tax), the dividend amount is 25% of the reported multi-year net profit. Market share increased and domestic and foreign sales steadily increased.In terms of categories, the company’s cooking utensils and appliances revenue were 30 in the reporting period.700 million, 67.1 ppm, a ten-year increase of 8.5%, 12.5%.According to the data monitored by GFK and Zhongyikang, the company’s cookware business and small home appliance business accounted for the first and second market shares respectively in the first half of the year.In terms of different regions, domestic and foreign sales have achieved steady growth, and the company’s domestic sales revenue has reached 76.5 ppm, an increase of 11 years.2%; export revenue 21.800 million, an increase of 10 in ten years.8%.Thanks to the continued 杭州桑拿网 transfer of overseas SEB orders, the overall export business continued to maintain higher growth in the first half of the year. Expenses were properly controlled and profitability improved.The average is reported and the company’s gross profit margin is 30.8%, an annual increase of 0.6pp. Expenses have improved compared to last year, and the company’s selling expenses have decreased.8%, a decline of 0 per year.6pp. Reporting average, the company’s net margin is 8.5%, an annual increase of 0.2pp. The operating net cash flow decreased and the turnover rate increased.Reporting average, the company’s operating net cash flow is -0.300 million, even decreased significantly.Scale, the company’s purchase of goods, additional annual growth in cash paid for labor services; and, the company strengthened the expansion of e-commerce channels, affected by the repayment of e-commerce, the account receivable was 27.30,000 yuan, an increase of 20 per year.6%.The company controls its inventory reasonably and its inventory is reduced by 4 per year.5%, the company’s inventory turnover efficiency improved. The brand has a comprehensive layout, with “online and offline” dual drive.In addition to the SUPER brand, the company also retains high-end brands such as LAGOSTINA, KRUPS, WMF under the SEB Group, thereby completing the full coverage of mid-to-high-end brands in the kitchen field.The company continues to strengthen the development of e-commerce platforms and offline markets, and continues to improve the professional operation of e-commerce online. The market share of major categories has continued to increase, while the coverage of third- and fourth-tier markets has continued to improve, and the third- and fourth-tier markets have been improvedService system. Earnings forecasts and investment advice.We adjusted the EPS for 2019-2021 to 2.34 yuan, 2.72 yuan, 3.16 yuan, maintaining the “overweight” level. Risk Warning: The price of raw materials may fluctuate greatly, and the exchange rate may change.

Gree Electric (000651): Mixed growth in the early stage of single-quarter growth opens up estimated space

Gree Electric (000651): Mixed growth in the early stage of single-quarter growth opens up estimated space

[Investment Highlights]The company released the results of the third quarter of 2019, and the company achieved total operating income of 1566 from January to September 2019.

76 ppm, a ten-year increase4.

42%; net profit attributable to mother was 221.

17 ppm, a ten-year increase4.

73%.

The company achieved total revenue of 583 in Q3 2019.

350,000 yuan, an increase of 0 in ten years.

50%; net profit attributable to mother is 83.

670,000 yuan, an increase of 0 in ten years.

66%.

In the third quarter, the HVAC industry continued to show signs of weakness, and the company’s single-quarter performance also improved, but overall remained stable.

   Financial indicators are sound.

The company’s gross profit margin was 30 in the first three quarters.

16%, 0 per year.

01pct, 19Q3 gross profit margin 28.

71%, once / mom temporarily 1.

64/2.

62pct, we believe that the reduction of the company’s third quarter is due to the early purchase of raw materials with higher purchase prices, and the cost side is still under pressure. Instead of terminal monitoring data, the retail price of the terminal has also been slightly reduced, which will comprehensively suppress the increase in the company’s gross profit margin.

In terms of expenses, the sales / management / finance / R & D expense ratio of the company in 19Q3 was YoY-0.

24 / + 0.

01 / -0.

11 / -0.

88pct, in which the sales expenses and R & D expenses exceeded a relatively obvious margin. On the whole, the company’s expenses were controlled.

The overall impact in the third quarter increased slightly by zero.

07pct to 14.

55%.

   Cash flow improved significantly, and cash on hand was plentiful.

19Q3 net operating cash flow of the company was 327.

30ppm, an annual increase of 117.

13% / 98.

89%, a clear improvement trend, we believe that the merged company continues to demonstrate its ability to occupy upstream and upstream, while increasing payables and bills extended by 71.

38%, the repayment of the restructuring company’s dealers has picked up, 杭州夜网论坛 accounts and bills plus budget receivables totaled 518.

84 ‰, a decrease of 8 per year.

58%.

In addition, the report has 1567 cash in hand.

28 ppm, +30 a year.

25% indicates that enterprises have sufficient surplus.

Advances received 113.5.1 billion yuan, a decrease of 16.

07%, due to the weakness of the terminal, dealers’ confidence in delivery still needs to be restored.

   The mixed reform counterparty confirmed that the optimization of the governance structure and the expected increase in dividends open up the estimation space.

The company announced on October 29 that the final shareholder transfer of Gree Group, the shareholder holding company, was the final transferee of Zhuhai Mingjun led by Gaofeng Capital, which led to more and more mixed reforms.

Gao Ye Capital has invested in consumer, intelligent manufacturing and other fields in the past and has hatched a number of successful projects. It has rich strategic resources. Gao Ye’s entry attempt has brought new vitality to the company’s management system and governance structure.The equity incentive plan is expected to be launched in the future.

As a strategic investor, Gao Yong is expected to put forward certain expectations on dividends. The optimization of the governance structure and the promotion of dividend expectations will open up the company’s estimated space.

  [Investment suggestion]We believe that the company is currently facing the inflection point of two cycles, namely, the inflection point of the post-cycle caused by the return to completion and the company’s own governance structure.

The current growth rate of the air-conditioning industry has improved and dropped. The industry is undergoing a new round of reshuffle. The leading Matthew effect will accelerate in the next two years.

   It is estimated that the company’s operating income for 19/20/21 will reach 2105.

48/2263.

43/2516.

1.6 billion, net profit attributable to mother reached 288.

75/313.

44/345.

1.3 billion, EPS4.

80/5.

21/5.

74 yuan, corresponding to PE12 / 11/10 times, maintain “overweight” rating[risk reminder]industry competition intensifies; foreign exchange risk; diversified development is less than expected.

Baiyun Airport (600004) 2019 Third Quarterly Report Review: Tax-free high growth, but Q3 cost rise month-on-month results in single quarter profits continue to be optimistic about the company’s potential release

Baiyun Airport (600004) 2019 Third Quarterly Report Review: Tax-free high growth, but Q3 cost rise month-on-month results in single quarter profits continue to be optimistic about the company’s potential release

The company released the third quarter of 2019 report: the first three quarters of results increased by 38%, Q3 fell by 33%.

1) Revenue for the first three quarters of 58.

33 ppm, an increase of 深圳桑拿网 0 in ten years.

51%, net profit attributable to mother 5.

73 ppm, a ten-year average of 37.

6%, deducting non-net profit 43% per year.

2) View by quarter: Q3 single-quarter revenue of 19.

7.4 billion, the previous decade5.

2%, net profit attributable to mother 1.

4.5 billion, the previous decade 32.

9%, the first quarter and second quarter revenue exceeded 11 for growth.

3% and above 2.

8%, and the attributable net profit is doped 48, respectively.

3% and 24.

3%.

3) Operating data: Q3 single-quarter business volume accelerated.

Q3 company took off and landed 9.

350,000, an annual increase of 5.

5%, the number of passengers exploded 13.51 million, an annual increase of 10%; Q1, Q2 company takeoffs and landings increased by 4 times.

7% and 0.

8%, passenger explosions increased by 7.

9% and 4.

6%.

Especially after July, the company’s business volume growth rate has gradually increased.

Revenue structure: Q3 excludes the impact of the Civil Aviation Development Fund on its annual growth of 7%, with high growth in tax-free sales, and the drag on the commercial part of taxation as a disturbing factor.

1) Excluding the influence of the Civil Aviation Development Fund, the overall revenue growth rate is about every six months.

The company cancelled the Civil Aviation Development Fund as a return of revenue at the end of November 2018, and it is expected to reduce it by about 8 compared to 18 years.

3 trillion, of which Q3 as the peak season of civil aviation, is expected to be about 2 in the same period last year.

400 million US dollars, after deducting the impact of this part, revenue in 19Q3 increased by 7% annually, and Q2 increased by about 10%.

Looking at the chain, Q3’s revenue increased by 0 compared to Q2.

3.2 billion.

2) High growth in tax exemption: Q3 tax exemption is expected to be about 5.

200 million, an increase of 1 from the previous month.

About 100 million, with an average of more than 1 month.

700 million, a significant increase over the first half of the year, in which a single month in September is expected to be approximately 2 billion, and the estimated per capita contribution is about 120 yuan (average 92 yuan in the first half, total tax exemption 8.
.

4 billion, monthly average 1.

4.1 billion).
The company Q3 recognized tax exempt income of about 2 trillion, an increase of about 0 from the previous month.
4.2 billion.

3) The formation of tax-bearing businesses is dragged down: Due to the rent-off of some merchants and the time difference between the expected and re-entry, this part may affect the income volume of about 0.

800 million.

But we think this part is a disturbance factor.

With the subsequent re-investment will be repaired.

4) The impact of civil aviation funds was reduced. In the third quarter, single-quarter profits increased for two consecutive years, reflecting the tax-free business’s driving effect on the company’s performance.

Cost structure: Q3’s single-quarter cost growth declined, but the chain increased by about 95 million, resulting in higher-than-expected profits.

Q3 single quarter operating cost 15.

9.5 billion, down by 1 every year.

7%, an increase of about 0 from the second quarter.

95 billion (an increase of 0 from the previous quarter).

900 million).

We think the reasons are: 1) the sequential increase in business volume has led to natural increases in labor and external costs; 2) the pace of company cost expenditures has led to relatively high levels in the third quarter.

The core tax exemption logic has not been affected, and the heavy volume of international flights in winter and spring has helped to consolidate the tax exemption foundation.

We believe that the company’s core logic lies in the tax-free market space and the rapid growth of the company compared to the Shanghai airport. The international line has significantly increased in the winter and spring seasons this year, with a total growth rate of 6.

8%, the top ten airport flights, of which international growth rate reached 10 in ten years.

6%, the high growth rate of the international line has consolidated the company’s tax-free development foundation.

Earnings forecast and investment recommendations: 1) Based on the company’s Q3 cost increase from the previous month and the expected drag on the commercial sector, we adjust the profit forecast for 2019-21 to: 7.

9, 11.

96 and 15.

84 trillion (previous forecast was 9.

2, 13.

4 and 17.

400 million), corresponding to PE55, 36 and 27 times.

2) We believe that the company’s core logic has not been affected, and maintain the same view: optimistic about the restructuring of the airport cluster of Guangdong, Hong Kong and Macao, and the rapid growth of corporate tax exemption.

We estimate that international tourists will reach 30 million or more in 2025, with a per capita contribution of 200-300 yuan, tax-free receipts of 6-111.3 billion, airport commission income of 2.3-4.3 billion, and overall profits of 2.5-4 billion, giving 20 timesPE corresponds to a medium-term market value of 50-80 billion. We expect that with the tax-free growth rate, the market may recover to 50 billion in market value in advance, corresponding to a target price of 24.

2 yuan, maintain the “recommended” level.

Risk warning: The growth rate of tax exemption is lower than expected, and the cost is higher than expected.

Dongzhu Ecology (603359): Profitability Steadily Increases Order Surplus Performance

Dongzhu Ecology (603359): Profitability Steadily Increases Order Surplus Performance

Matters: The company announced its 2018 annual report, reporting that the combined company realized operating income15.

9.4 billion, a previous growth rate of 30.

17%; net profit attributable to owners of the parent company3.

2.6 billion, the previous growth rate was 34.

18%; basic return 1.

02 yuan, an annual increase of 17.

twenty four%.

At the same time, the company plans to distribute a cash dividend of 1 for every 10 shares.

50 yuan (including tax).

The scale of business continued to accelerate, and municipal roads grew rapidly.

The company achieved operating income of 15 in 2018.

0.94 million yuan, an increase of 30 in ten years.

17%, an increase of 5% over 2017.

With an average of 18, the business scale has been accelerating for 2 consecutive years.

From the perspective of business structure, the operating income of the company’s ecological wetland business in 20189.

180,000 yuan, an increase of 24 in ten years.

05%, business accounted for 57.

59%; revenue from municipal road greening business6.

31 ppm, an increase of 91 in ten years.

97%, business accounted for 39.

59%.

In 2018, the company obtained the first-level qualification for municipal public works construction assembly packages, and the rapid growth of municipal road greening business. Since 2019, the company has won new municipal road greening projects such as the Hangzhou Jiangdong Avenue Reconstruction Project.It is expected that the company’s municipal road greening business will maintain rapid growth in the future.

The gross profit margin decreased slightly, and the expenses were well controlled during the period: the company’s comprehensive gross profit margin in 2018 was 28.

16%, a decline of 0 every year.

The gross profit margins of 23 units, ecological wetlands, municipal road greening and other businesses were 29.

08% and 27.

21%, the former increased by 1 in ten years.

18 averages, usually down by 1.

The 62 first-tier, the company’s gross margin decline is mainly due to the rapid increase in the proportion of municipal road green business.

The company’s period expenses are well controlled in 2018.

28%, a decline of 0 per year.

There are 78 totals, of which the management expense ratio, R & D expense ratio and financial expense ratio are 3 respectively.

76%, 1.

82% and -0.

30%, the lowest level in the industry.

The company’s net interest rate reached a new high. In 2018, the company’s net interest rate was 20.

41%, an increase of 0 from 2017.

56 units. The sufficient funds for expansion are sufficient, and the low denial rate has a lot of leverage.

As of the end of 2018, the company’s monetary funds12.

270,000 yuan, 0 financial assets suspected of being sold.

83 trillion, the company’s available capital is about 13 trillion, accounting for about 81 of the company’s operating income in 2018.

56%, the cash income ratio are in the forefront of the garden industry, the business expansion is full of momentum.

At the same time, the company’s total assets are about 47.

23 trillion, mainly by monetary funds (12.

2.7 billion), bills receivable and accounts receivable (6.

3.6 billion), inventory (17.

10 billion) and long-term receivables (8.

1.8 billion) composition; 杭州桑拿网 total debt is about 20.

600,000 yuan, mainly by bills payable and accounts payable (18.

The company has no short-term borrowings, long-term borrowings, and interest-bearing debts payable, such as bonds;

62%, far lower than the average negative interest rate in the garden industry, and the company has a lot of room for future financial leverage.

The cash flow is generally good and the operating risks are controllable.

The company’s operating net cash flow from 2015 to 2018 was 2.

7.9 billion, 2.

6.4 billion.

1.6 billion and -0.

70 ppm, while the company’s operating income growth rate was 21 in the same period.

08%, 11.

48%, 24.

99% and 30.

17%, the company’s business scale expansion at the same time brought cash flow complexity, significantly better than other garden listed companies.

From the quarter of 2018, the company’s operating net cash flow from the first quarter to the fourth quarter of 2018 were -1.

4.5 billion, -0.

99 ppm, -0.

82 ppm and 2.

56 ppm, operating cash flow improved significantly in the fourth quarter.

At the same time, a large number of factors that caused the decrease in the company’s operating cash flow were the surge in the company’s bidding and bidding projects, the transfer of bidding deposits, performance bonds and other expenses.

40,000 yuan, an increase of 136% over 2017.

In the new decade, the business will grow at a high speed and the business development will be flexible.

In 2018, the company won 21 new bids, with a total of 30 new bids.

32 ppm, an increase of 51 in ten years.

83%, about twice the 2018 revenue.

According to the announcement of the company, since 2019, the company has gradually expanded the amount of winning projects to 74.

95 trillion, close to the bid amount of 10 years in 18 years2.

5 times the level. In 2019, the company’s new bids will increase exponentially.

At present, the company’s orders in hand are expected to be about 9 billion (unfinished in 2018 and carried forward to 2019 orders + 2019 new winning orders), and the company’s order revenue ratio is about 5.

65 times.The company’s order income ratio and cash income are relatively high, the asset-liability ratio has increased, and it has no interest to deny it. The company has great development momentum and its future performance is expected to continue to accelerate.

Estimates and investment recommendations: It is expected that the company’s operating income will grow at an annual rate of 48 in 2019-2021.

6%, 32.

7% and 30.

5%, the net profit attributable to shareholders of the parent company increased by 35.

1%, 51.

1%, 36.

9%.

It is expected that the company’s operating income for 2019-2021 will be 23 respectively.

6.8 billion, 31.

4.3 billion, 41.

02 ppm; net profit attributable to shareholders of the parent company is 4, respectively.

4 billion, 6.

6.5 billion, 9.

100,000 yuan.

The initial gain is 1.

38 yuan, 2.

09 yuan, 2.

86 yuan, dynamic PE is 14.

5 times, 9.

6 times, 7.

0 times, PB is 2 respectively.

2 times, 1.

9 times, 1.

6 times.

As “the first share of National Wetland Park”, the company has incorporated its core competitiveness in the field of wetland restoration. The volume of orders + sufficient capital + low debt ratio has determined the company’s development momentum.Layout, maintain “Buy-A” rating, target price of 26.

4 yuan, corresponding to 19 in 2019.

1x PE.

Risk reminders: Fixed asset investment is accelerating, PPP projects are progressing slowly, project payments are not timely, and core staff are at risk.

Zhongke Shuguang (603019) Quarterly Report Review 2019: Performance Exceeds Expectations Synergy

Zhongke Shuguang (603019) Quarterly Report Review 2019: Performance Exceeds Expectations Synergy

Event: The company released the 2019 first quarter report: operating income22.

4.2 billion, an increase of 52 over the same period last year.

62%; net profit attributable to shareholders of the listed company is 5079.

560,000 yuan, an increase of 122 over the same period last year.

73%; net profit attributable to shareholders of listed companies replacing non-recurring gains and losses is 2649

350,000 yuan, an increase of 36 over the same period last year.

38%.

The performance exceeded market expectations.

Investment points: The performance exceeded expectations, business development was good, revenue growth 失败:重查 continued to increase, and expenses were well controlled during the period.

In the first quarter of 2019, the company’s operating income increased by 52 compared with the same period last year.

62%, net profit attributable to shareholders of listed companies increased by 36%.

38%, we judge that it is mainly driven by the growth of general server expansion.

The company reported a total gross profit margin of 15.

27%, a decrease of 2 over the same period last year.

35 mergers, and then gradually increased the price of upstream raw materials to stabilize and the synergy of chip and server business appeared, the company’s profitability promoted continuous improvement.

In the first quarter of 2019, the company accrued 8020 sales expenses.

670,000 yuan, an annual increase of 12.

04%; management expenses 4217.

660,000 yuan, an increase of 19 every year.

68%; financial expenses 4791.

930,000 yuan, an annual increase of 49.

40% is mainly due to the financial expenses accrued from convertible corporate bonds.

On the whole, the company’s expenses exceeded the increase in revenue on average, and the expenses were well controlled.

The volume of Haiguang chips increased, and the synergy effect gradually appeared.

As of the 2018 annual report, the company holds Haiguang Information36.

44% equity, becoming the largest shareholder of Haiguang Information.

Haiguang Information achieved revenue of 1357 in 2017.

880,000 yuan, net profit attributable to shareholders of the parent company-6425.

820,000 yuan.

In 2018, Haiguang Information’s Dhyana (Zhan Ding) x86 processor started production and achieved operating income1.

1.3 billion, net profit -0.

3.6 billion.

Haiguang Information is a leading company that realizes the localization of core chips and achieves self-controllability. By cooperating with each other, the company independently researches and develops servers using domestic x86 chips, etc., which reduces procurement costs, and the synergy effect gradually appears.

The company’s investment income was -49 in 2018.

The 28 million increase was 599 in the first quarter of 2019.

680,000 yuan can also verify the improvement of the performance of Haiguang Information. It is expected that the projection amount of Haiguang will continue to increase in 2019.

R & D investment has grown significantly, and product and technology competitive advantages are significant.

In the first quarter of 2019, the company’s R & D expenses were 1.1.2 billion, an increase of 46 over the same period last year.

94%.

The continued high investment in research and development costs gives the company a competitive advantage in terms of technology and products: 1) High-end computers.

The company’s E-class efficient computing prototype system development project has passed technical acceptance. The new generation TC4600E blade computing system has been mass-produced. The M-Pro architecture computing system and cold-plate liquid-cooled blades have begun to be supplied in bulk.

2) Storage products.

In 2018, the company launched the first multi-control unified DS800-G30 series storage product, and released a new generation of ParaStor series products, supporting flexible options for symmetric and asymmetric architecture deployment on demand.

3) Cloud computing.

The company’s ability to build urban cloud and industry cloud computing centers has been significantly improved. Chengdu and Wuxi urban cloud computing centers have taken the lead in passing the enhanced security review of the Central Network Information Office.

4) Safe and controllable.

Independently developed security products such as intelligent network cards, convergence and diverter, and network traffic processing platforms, and actively participated in the construction of important national information systems.

The Chinese Academy of Sciences has a leading background in science and technology innovation, and there is huge room for future value-added.

The company belongs to the important listed company platform in the Chinese Academy of Sciences system and will play an important role in the industrialization of scientific research results of the Chinese Academy of Sciences.

The company further promotes the “first move” and has the right to prioritize cooperation in high-quality scientific research resources in the advanced computing technology field of the Chinese Academy of Sciences.

Zhongke Xingtu, in which the company shares, has been an exception by the science and technology board. As a leading domestic digital earth product provider, the listing of the science and technology board will bring a premium to the company.

In addition, Haiguang Information, Shuguang Cloud Computing, Zhongke Sanqing, Zhongke Ruiguang and other participating companies are all related fields, and have gradually entered the harvest period, and there is huge room for equal value appreciation.

Earnings forecast and investment rating We believe that the company fully benefits from the upgrade and expansion of server infrastructure and the deep layout of the industrial chain. Server, storage, and software businesses will all accelerate their development.

In summary, we are optimistic about the future development of the company. It is expected that the company’s EPS for 2019-2021 will be 0.

91, 1.

24 and 1.

67 yuan / share, maintaining the “overweight” rating.

Risks suggest that competition in the server 北京夜网 market is intensifying and gross margins are falling; new business expansion is not up to expectations.