Gansu GDP squeezes water, listed companies go against the trend

Gansu GDP squeezes water, listed companies go against the trend

Silk Road Jingwei (1) | Gansu GDP squeezes out water, listed companies go against the trend, source WeChat public account: financial breakfast, why can Gansu listed companies maintain rapid growth despite the province’s economic growth decreasing?

This is probably due to the clear property rights management system and equity structure of listed companies, as well as a sound financial reporting system and direct financing costs. In addition, in recent years, Gansu resource-based listed companies have used the nation ‘s financial capital to carry out global resource distribution.At the stage when resource prices bottomed out, these enterprises can directly share the dividends of rising resource prices.

  Gansu has long been known as the Longyuan Silk Road and the Silk Road. By combing the characteristics of the development of the capital market in Gansu in recent years, it has launched a series of reports on the Silk Road Jingwei.

This is Part 1.

  Gansu Province’s GDP growth rate in 2017 declined by a cliff, only 南京桑拿网 3.


Between 2003 and 2013 before that, the GDP growth rate of Gansu Province maintained a high growth rate of more than 10% for 11 consecutive years, and even during the period of 2014 to 2016, the economic growth rate of Gansu Province maintained.At 8.

9%, 8.

1%, 7.

Above 6%, the growth rate is higher than the national average.

So 3.

The 6% GDP growth rate is definitely in sharp contrast to the rapid growth in previous years.

  This result occurred in the background of reducing production capacity, adjusting structure, and removing water in Gansu Province in 2017. It can be seen that Gansu Province has made great efforts to reform and has great determination.

  However, another happy situation is that the overall operation of listed companies in Gansu Province hit a record high and long-term operating income increased.


The overall net profit of listed companies reached 43, the maximum profit of industrial enterprises in Gansu Province.


It can be seen that listed companies have overlapping positions in the economic composition of Gansu Province.

  Currently, there are 33 A-share listed companies in Gansu jurisdiction, of which 16 are listed on the Shanghai Stock Exchange, 8 are listed on the main board of the Shenzhen Stock Exchange, 6 are listed on the SME board, and 3 are listed on the GEM.

  On the whole, the in-depth advancement of structural reforms has brought the total market value of listed companies to 340.9 billion, an annual growth of 23%, accounting for 44% of Gansu’s total GDP in 2017. For the first time, three companies entered the “China’s Listed Companies with a Market Value of 500Strong “list.

  Why can Gansu’s listed companies still maintain rapid growth despite the cliff-like slope of Gansu’s economic growth?

  The author believes that this is due to the clear property rights management system and equity structure of listed companies, as well as a sound financial reporting system and alternative direct financing costs. In addition, these years, Gansu resource-based listed companies have used national financial capital to conduct globalThe layout of resources, so these companies can directly share the bonus of rising resource prices at the stage when resource prices bottomed out.

Therefore, the resource-based listed companies in Gansu Province have won the basis of possession in the right to speak globally to obtain resource prices.

  Listed companies with half of GDP ‘s net profit have learned from Gansu ‘s 2018 government work report that the total GDP of Gansu reached 777.6 billion last year.

In terms of economic aggregates, the province’s economy is not as good as second-tier cities in some developed provinces, such as Foshan in Guangdong (9549.

6 billion), Wuxi, Jiangsu (10511.

800 million).

  (Unit: one billion US dollars) Not only the economic aggregate is not high, but because of the slow transformation and upgrading of traditional industrial structures, enterprises are not sensitive to market and policies, resource and environment constraints have converged and tightened, the base has been long in previous years, and some cadres have been inactive.The impact of factor substitution, the GDP growth rate of Gansu last year was only 3.

6% did not meet expectations 7.

5% target.

  In 2017, the province’s investment in fixed assets was 5,696.

300 million, down 40 from the previous year.


  Among them, the investment in the primary industry was 382.

0 billion, down 43.

7%; investment in the secondary industry is 1188.

300 million, down 63.

1%; investment in the tertiary industry is 4126.100 million yuan, down 26.


  According to the Statistics Bureau of Gansu Province, the rapid decline in the growth rate of fixed asset investment is the continuous growth of industrial investment and its proportion, the tightening of funds in place and the investment in real estate development are not enough to stimulate investment across the province.

  Wang Jianjun, a professor at the Gansu Academy of Social Sciences, believes that behind the decline in numbers may also be “squeezing water.”

In fact, the economic fundamentals of Gansu Province did not deteriorate in 2017 and remained stable.

In 2017, Gansu’s “two sessions” clearly stated in the government report that “the number should be clear and the numbers accurate.”

  Contrary to the economic growth rate of the whole province of Gansu, the overall operation of listed companies in Gansu has created a new historical high.

  As of April 30, 2018, 33 A-share listed companies in the jurisdiction have publicly disclosed their 2017 annual reports as scheduled.

The total market value of listed companies reached 340.9 billion yuan, an increase of 23% year-on-year, accounting for 44% of Gansu’s GDP in 2017, an increase of 5 from the previous year.

3 averages.

  Three listed companies, Fangda Carbon, Yinyi Shares, and Silver Nonferrous Metals, entered the list of “Top 500 Listed Companies in China by Market Capitalization” for the first time.

The Air Force Gansu has relatively few companies on the list.

A 55% increase was one of the top ten bull stocks in 2017 (excluding sub-new stocks).

  The revenue and net profit of listed companies in Gansu Province achieved double growth, which continued the good trend of last year, and achieved operating income of 1768.

7.9 billion, an annual increase of 16.

5%, higher than the GDP growth rate of 12 in Gansu.

Nine single ones, the income of enterprises above designated size in Gansu increased by 6.

44 partnerships; realized net profit attributable to shareholders of listed companies 106.

6.9 billion yuan, an annual increase of 241.

07% is 12 of the national level.

5 times, 121 higher than the large-scale enterprises in Gansu.

73 advantages have achieved continuous growth since the beginning of the “Thirteenth Five-Year Plan”.

  Under the ranking, the profit of industrial enterprises above designated size in Gansu Province increased by 246 in 2017.

900 million US dollars, which means that the net profit of listed companies in Gansu Province accounted for 43 of the total profit of the province.


  In terms of profitability: Jiucheng listed companies in Gansu achieved profit, and net profits of 60% of listed companies increased; among the companies that have been profitable for two consecutive years, 11 companies (42%) have a net profit increase of more than 50%; average growth rate earningsIs 0.

25 yuan, an increase of 0 over the same period last year.

17 yuan; total asset compensation subsidy 5.

15%, an increase of 2.

81 mergers; net asset income increased by 8.

5%, an increase of 5 per year.

46 digits; net profit was 85 after eliminating non-recurring gains and losses.

7.7 billion, an annual increase of 293.

08%, achieving a high proportion of growth for two consecutive years.

  The reform of fierce medicine is good for listed companies to eliminate backward production capacity and adjust the structure of economic development. Gansu Province is expected to make great efforts. Of course, this also brings certain reform pains to Gansu’s economic development.

  At the beginning of 2017, the “Gansu Blue Book: Analysis and Forecast of Gansu Economic Development (2017)” stated that it is expected that the GDP growth of Gansu in each quarter of 2017 will exceed the same period of 2016, and the province’s GDP growth rate will also reach about 8%.

  However, the pain caused by the reform is also huge.

  The overall GDP growth rate of the five northwestern provinces in 2017 was earlier, and all of them decreased in 2016, while Gansu ‘s displacement was the largest. In 2017, the GDP growth rate of Gansu was only 3%.

6, a year down 2016 with 4 digits.
  Tang Renjian, Governor of Gansu Province, who just took office in January 2018, reviewed the economic operation and development in 2017 in the 2018 government work report.
  He said that in 2017, Gansu Province faced more difficulties and problems than expected. Due to the slow transformation and upgrading of traditional industrial structures, companies’ insensitivity to markets and policies, tight resource and environmental constraints, base weighting in previous years and inaction of some cadres, etc.Due to the combined effects of multiple factors, the growth of fixed asset investment declined, and the growth rate of industrial added value changed from positive to negative. Gansu Province’s GDP growth rate in 2017 was 3.

6% failed to achieve the expected goal.

  However, the mulberry elm that was lost was lost.

  The pain index brought by the reform in Gansu Province shows that the more thorough it is in reform, the effect of its reform has been transformed into only 33 listed companies in Gansu Province, and the performance of listed companies has increased.

  All seven sectors of Gansu Province listed companies are profitable. Except for the slight decline in net profits of the culture, sports and entertainment industry, the remaining six sectors are showing growth.

  The manufacturing industry has achieved remarkable initial operating revenue of 1492.

1.9 billion, an annual increase of 14.

03%; realized net profit attributable to shareholders of the listed company was 76.

5.7 billion, an annual increase of 227.

64%; net asset income return 9.

88%, an increase of 6 from 2016.

52 advantages, profitability has been significantly improved.

  Gradually achieve a significant rebound in industry performance. Carbon, steel, titanium dioxide, cement and other sub-sectors have achieved net profit growth of three digits, contributing nearly 70% to the net profit increase of listed companies.

  Among them, Fangda Carbon, Jiugang Hongxing, Zhonghe Titanium Dioxide, Shangfeng Cement, Qilianshan and other listed companies are all popular growth stocks in 2017 A-shares.

  The semiconductor industry continues to increase new kinetic energy. Huatian Technology, the only semiconductor industry listed company in Gansu Province, has achieved net profit growth in the electronic packaging field for six consecutive years.Compared with the same period of last year, the net profit increased by 57.

78%, new momentum for economic growth continues to increase.

  The performance of the mining industry has greatly increased, and the electricity, heat, gas and water production and supply industry has turned around. The mining industry in Gansu Province has lost money in 2017. The net profit attributable to shareholders of listed companies has continued to increase.

34%, the electric thermal power gas and water production and supply industry dedicated to new energy development industry reversed the situation in 2016.

  The growth of the real estate industry and the wholesale and retail industry accelerated, and the net profit attributable to shareholders of listed companies increased by 209 respectively.

32% and 71.


  The positive image of Ganqi has been rising since the ancient northwest, especially Gansu, and it is the frontier area where the Central Plains culture and the Western Region culture collided most intensely.

Zhishuang and Zhanyi are integrated into the cultural microcosm of Northwesterners.

Therefore, the capital market’s perception of the image of Northwest listed companies will not be too high, but it will not be too serious.

  According to the author’s statistics, among the 53 listed companies in Xinjiang, 33 in Gansu, 12 in Qinghai, 25 in Inner Mongolia, 47 in Shaanxi, and 13 listed companies in Ningxia, there was no listed company except Yinguangxia was identified as financial fraud in 2002.Suspected of fraudulent financial data.

This also fully illustrates the characteristics of Northwest listed companies that can perform poorly but also be honest in the end.

  With the acceleration of profit growth, listed companies in Gansu Province have become more and more active in the equity market. The awareness and ability to use the rapid development of the capital market has continued to increase, and the function of optimizing the allocation of resources in the capital market has been further exerted.

  Regarding the initial public offering of IPOs, the pace of listing has obviously accelerated. Gansu has gradually realized the initial public offering of three listed companies, namely Silver Nonferrous Metals, Manor Ranch, Guofang Group, and the issuance of new shares.

5.0 billion shares, raising funds 19.

4.0 billion, the highest and best level.

  In terms of M & A and reorganization, Gansu Province reorganized a total of 6 listed companies to suspend trading and initiate major asset reorganizations 7 times, copying 6 reorganization plans involving transaction value of nearly 20 billion US dollars, completing 4 M & A and reorganizations, with a total transaction value of 142.

310,000 yuan, supporting funds raised 8.

09 billion yuan, an increase of 18.

9.1 billion shares, an increase of about 16 billion yuan in market value.

  Yinyi shares led by innovation, from the original professional military real estate development business to the expansion of the “high-end manufacturing + real estate” two-wheel drive development pattern. In 2017, net profit increased by 211%, and the return on net assets increased by 4.

01 averages.

Hengkang Medical achieved effective integration of resources in the east and west through horizontal mergers and acquisitions, and its total assets increased by 152.

97%, the industry competition pattern has been further optimized.

  For bond financing, Gansu Power Investment Corporation and Jiugang Hongxing issued corporate bonds to raise funds14.
200 million yuan.
  In terms of shareholder dividends, the cash dividend levels of listed companies in Gansu increased at a high level in 2017. 22 listed companies disclosed cash dividend plans, which accounted for 66% of the total number of companies.

USD 3.2 billion, which is nine times the total dividends in 2016, accounting for 69% of the net profit attributable to shareholders of the parent company. The amount of cash dividends reached a record high.

  In terms of environmental trust, Gansu-listed companies have continuously enhanced their awareness of environmental protection, and have basically disclosed the construction and operation of key environmental protection indicators and corrective measures. The substantiality, quantification, and credibility of environmental information have increased from the previous year.

  In terms of poverty alleviation, as a major poverty alleviation province, listed companies in Gansu Province have also contributed a lot to targeted poverty alleviation. Listed companies have actively promoted industrial development and poverty alleviation through the establishment of poverty alleviation industry funds, business development, training, and participation in poverty alleviation activities., Transfer of employment and poverty alleviation, 18 listed companies disclosed information on targeted poverty alleviation in 2017, an increase of 11 from 2016.

  In terms of major contributions, fees and taxes paid by listed companies in Gansu totaled 93.

USD 7.2 billion, an increase of USD 1.7 billion over the previous year, and the net profit realized by all listed companies in Gansu has increased significantly.

  In terms of employment, listed companies in Gansu have created more than 130,000 jobs and paid a total of US $ 13.4 billion in employee budgets, an increase of 30%.

Gaode Infrared (002414) Note: The first batch of newly-designed military products has won the bid 1.3.1 billion contracts

Gaode Infrared (002414) Note: The first batch of newly-designed military products has won the bid 1.3.1 billion contracts
Event: On April 13, 2019, the company issued a major contract announcement to disclose that it has recently received a certain military product.3.1 billion 佛山桑拿网 subscription contracts. Opinion: The total contract amount announced in December last year and this time is 5.2.6 billion, will have a positive impact on the company’s operating performance in 2019.The company’s scheduled contract amount is 1.3.1 billion, the amount of which was announced on December 8, 2018 was 3.For 9.5 billion military contracts, only recently announced contract amounts totaled 5.2.6 billion, accounting for 48 in 18 years of revenue.52% will have a positive impact on the company’s 2019 operating results. Since 2018, the company and related companies in the infrared industry have repeatedly announced major contracts, further verifying that the military procurement work has been fully resumed after the military reform was implemented.Since 2018, the company has announced military contract awards three times. In the industry as a whole, companies such as Dali Technology have repeatedly announced military contract awards after 2018. Orders continue to be announced to verify the implementation of defense and military reform measures.Full recovery of work.Since 2018, Gaode Infrared has announced that the total amount of winning bids in listed companies in the infrared industry is up to 6.4.5 billion, Dali Technology announced a total of 2 orders.06 billion, Jiu Yang announced the order 1.2.1 billion, further illustrating the advantages of Gaode Infrared in the infrared industry. This contract is the first delivery of a new military model of the company.The first batch of new military model products has been delivered, indicating that the company’s continued research and supplementation has paid off, market development has continued to deepen, and it has opened up new product series revenue sources in addition to the existing military model mission base.There will be follow-up orders after the first batch of delivery, and the company’s new products will continue to contribute to the company’s revenue increase. Expected 2019 1?The return to mother’s net profit in March exceeded 250%?280%.The company announced in its annual report that the net profit attributable to listed companies for the first three months of 2019 reached 576.730,000 yuan?626.160,000 yuan, a change of 250%?280%, the company’s operating performance continued to improve in the first quarter, and the growth rate of net profit further accelerated. Long-term optimistic about the company’s core competitiveness in the field of infrared detection, and the development potential of private military industrial enterprises in the overall design and production field.At the same time, it has a complete technical system of refrigeration and non-refrigeration, leading R & D and production capabilities, and a platform-based development idea, so that Gaode Infrared has sufficient deep technology moats in the infrared imaging field and can penetrate the amount of wafer-level packaged detectors in the futureProduction, packaging efficiency will be greatly improved, device costs will be effectively reduced, which will promote the development of the entire infrared industry. At the same time, the civilian product market may reduce the cost to achieve the scale of application scenarios.As a leader in the thermal infrared imaging industry, the company continues to expand its core business in the infrared thermal imaging industry while continuing to expand its layout in the upstream and downstream of the industrial chain for a long time, expanding the downstream and downstream capabilities of the weapon system assembly, and realizing “parts supply-sub-system supporting-overall”Design” industry chain upgrade.The company is the first and currently the only private enterprise to obtain the overall development qualification of a complete weapon system. At present, it has achieved the overall batch production of a certain type of weapon system and has officially won the bid for a military project.The overall R & D and design capabilities have great potential and extreme scarcity. Earnings forecast and rating: We expect the company’s diluted expected earnings for 2019-2021 to be 0.35 yuan, 0.45 yuan, 0.52 yuan, based on Gaode Infrared’s product technology leadership in the field of infrared imaging, as the scarcity of the overall private military industry market, maintaining the “overweight” level. Risk factors: Insufficient demand for infrared imaging products, inferior production progress and yield rate of infrared focal plane detectors, less-than-expected orders for individual anti-tank missiles, and less-than-expected advancement of infrared imaging products in the consumer sector.

Hengshun Vinegar Industry (600305): 2Q results exceed expected growth guidance

Hengshun Vinegar Industry (600305): 2Q results exceed expected growth guidance

1H19 results are lower than expected The company announced 1H19 results: revenue 8.

800 million, ten years +9.

4%; net profit attributable to mother 1.

400 million, +15 per year.

3%, corresponding profit 0.

18 yuan.

Among them, 2Q19 single quarter income / net profit attributable to mother +3.

8% / + 9.

4%, mainly due to the final growth of the vinegar business, so the performance is expected.

Development Trend 2Q The growth rate of vinegar income has been included in the income target unchanged.

In the second quarter of 19, the company’s vinegar revenue was +2 per year.

6%, the previous double-digit growth rate in 1Q19 has improved.

Grassroots research shows that after the company 杭州养生会所 announced a price increase in January, terminal prices in most regions in 1H19 have increased, but the ex-factory price has not actually increased. The main reason is that some of the profits are returned to the channel in the form of discounts.Lead to an advantage in increasing revenue growth.

We judge that this is the most important factor affecting the growth of 2Q vinegar revenue.

Research shows that the increase in ex-factory prices in August is already obvious. We judge that 2H is favored by the price increase factor, and the growth rate of vinegar income has quickly recovered.

1H19 cooking wine still maintained strong growth, with revenue exceeding +32.

6%, has become the company’s star product.

Leaders said they still kept the minimum 12% revenue growth target unchanged.

Continue to expand markets outside East China and actively explore new channels.

1H19 East China base market revenue growth rate 9.

In regions outside East China, revenues in Central and South China increased by 17 respectively.

5% and 14.

7%, eye-catching growth rate.

In terms of different channels, 1H19’s online sales increased by nearly 100%, and 2Q showed an accelerating trend. In the future, it will also be multi-pronged in channels such as KA, distribution, and catering.To expand the number of channel outlets and SKUs in areas outside East China.

2Q gross profit margin and sales expense ratio both increased.

The company’s gross profit margin in the second quarter of 19 was short-term +0.

5ppt, +0 ring.

2ppt, by category, 1H19 vinegar gross margin extended + 2ppt, cooking wine gross margin extended +3

2ppt, mainly due to product structure upgrades and scale effects.

In the second quarter of 19, the company’s sales expense rate increased by +2.

5ppt, unchanged from the previous month.

At least the reason for the increase is the increase in support for the channel after the price increase, which is mainly reflected in the increase in personnel costs, advertising costs and the proportion of promotional costs.

We expect the highest gross margin and expense ratio trends to be the same as 1H.

Earnings forecasts and estimates have been lowered for 19/20 due to higher-than-expected 1H19 results4.

1% / 6.

1%, downgrade EPS forecast by 7.

5% / 8.

9% to 0.45/0.

51 yuan, the current price corresponds to 19/20 33/29 times P / E, correspondingly lowered the target price of 7.

5% to 16.

2 yuan, maintain outperform industry rating, corresponding to 19/20 36/32 times P / E, the current price is 8.

5% space.

Risks Raw materials fluctuate, industry demand changes, industry competition intensifies, and food safety risks.

Fire Communications (600498) Interim Review: Fibre Optic Cable Under Pressure H1 Performance Slightly Lower

Fire Communications (600498) Interim Review: Fibre Optic Cable Under Pressure H1 Performance Slightly Lower

Fiber optic cables are under pressure and H1 performance is slightly lower. The company is expected to achieve revenue of 119 in the first half of the year.

8.5 billion, an annual increase of 7.

07%; net profit attributable to mother 4.

28 billion, more than a decade8.

43%, slightly lower than expected.

We believe that the bidding price of mobile common cable in the first half of the year and the pressure of the company’s fiber optic cable business have dragged down the performance of the first half of the year.

9.2 billion, an increase of 251 in ten years.

47%, became a highlight of performance.

Looking forward to the second half of the year, the company’s communication system business is expected to benefit from the increase in industry demand driven by the construction of transmission networks. We maintain the company’s 19?
The 21-year EPS is 0.



42 yuan, maintaining 19 years of PE 35?
37 times, maintaining target price of 30.



19 yuan, maintaining the “overweight” level.

The optical fiber and cable business dragged down the first half of the year’s performance. From the perspective of FiberHome, Starlight became the highlight of the current period. As for the optical fiber and cable, the impact of China Mobile’s 19-year general cable tender price changes began to manifest in the second quarter of this year, dragging down the second quarter results.

Q2 company realized revenue 71.

4.0 billion, a slight increase of 2 previously.

28%; realized net profit attributable to mother 2.

61 billion, 20 from the previous decade.


As for other business segments, Beacon Sky became the highlight in the first half of the year, and Beacon Sky achieved net profit in the first half.

9.2 billion, an increase of 251 in ten years.


As for the communication system business, we believe that the large-scale bidding of operators in the first half of the year has not yet started, which has affected the progress of some businesses in the first half to a certain extent.

The decrease in comprehensive gross profit margin, the decrease in selling expenses and improvement, and the significant decline in expenditure goods, due to the impact of changes in the price of fiber optic cables, the company’s comprehensive gross profit decline in the first half of the year fell.

73 up to 20.


Among them, the Q2 合肥夜网 comprehensive gross profit margin is 17.

72%, a decline of 2 per year.

67 units.

In terms of expenses, sales expenses decreased by 11 in the first half of the year.

12%, management costs (including research and development costs) increase by 9 per year.

91%, financial expenses contributed 70% from the year-on-year decrease due to foreign exchange income.


As for the main subjects of the balance sheet, interest-denying (long-term borrowing and short-term borrowing) increased by 10 from the previous month.
8.4 billion, reaching 42.

22 billion.

At the end of the final reporting period, the company issued 46 commodities.
5.0 billion, evaluated in the early 61.

88 billion, a decrease of 15.

8.3 billion.

The company’s communication system business is expected to benefit from the increase in industry demand driven by the transmission network construction. Looking forward to the second half of the year, we believe that the demand for transmission equipment is expected to improve.

Judging from China Mobile’s Interim Report, the investment in transmission network in the first half of the year accounted for only 45% of the first-tier investment in this sector.

9%, investment intensity is expected to increase in the second half of the year.

In addition, in terms of 5G, we believe that 5G construction promotes acceleration, and the demand for SA from network construction solutions will be gradually revealed.

The company’s 5G product layout is leading, and related product verification and commercialization progress has been steadily progressing.

Among them, G at 10G rate.

Metro fronthaul equipment has passed the inspection and acceptance of Unicom. The functional performance of the new OLT, ONU, etc. is continuously optimized to meet the needs of the operator’s network reconstruction and smooth to SDN / NFV.

Maintain “Overweight” rating Looking forward to the second half of the year, the company’s communications system business is expected to benefit from the increase in industry demand driven by the transmission network construction. We maintain the company’s 19?
The 21-year EPS is 0.



42 yuan, maintaining 19 years of PE 35?
37 times, maintaining target price of 30.


19 yuan, maintaining the “overweight” level.

Risk warnings: the continuous deterioration of the optical fiber and cable business; increased competition in the industry; less-than-expected overseas expansion; and less-than-expected informatization transformation.

Gujing Gongjiu (000596) Annual Report Review: The Annual Report Ends Perfectly The First Quarterly Report Exceeds Expectations

Gujing Gongjiu (000596) Annual Report Review: The Annual Report Ends Perfectly The First Quarterly Report Exceeds Expectations

18 years of perfect ending, the first-quarter results exceeded expectations and welcomed the start.

The company announced its annual report and quarterly report, and achieved revenue of 86 in 18 years.

8.6 billion, an increase of 24.

65%; net profit after deduction is 16.

3.8 billion, an increase of 53.

18%, corresponding to basic EPS3.

37 yuan / share, 15 yuan for every 10 shares.

Of which 18Q4 achieved revenue of 19.

2.4 billion, an increase of 18.

43%. The growth target of Q4 is mainly due to completing the task ahead of schedule and the company’s initiative to adjust the pace of delivery; realizing net profit after deduction of non-return to mother 4.

1.9 billion, an increase of 23.


2019Q1 achieved revenue of 36.

69 ppm, an increase of 43 in ten years.

31%; net profit after deduction is 7

4.9 billion, up 31 previously.

83%, cost growth + sales expenses increased the first quarter profit growth was slower than revenue.

Core point of view The product structure has continued to upgrade, and the price of liquor has increased significantly.

In terms of volume and price, the company’s liquor sales for the 18 years dropped by 1 year-on-year.

According to this calculation, the ton price has increased by 26 in ten years.

72%, the rapid increase in ton price is related to the company’s price increase and continuous optimization of product structure.

From the perspective of products, we estimate that 无锡桑拿网 the company’s raw pulp revenue in 18 years will account for more than 75%, and the gift + ancient 5 will grow by more than 20%, and ancient 8 and above products will grow by about 70%.

In terms of advance receipts, the company’s advance receipts reached a new high in 18 years, with an increase of 128.

42% reached 11.

At 4.9 billion, dealers made positive payments; due to the increase in cash income and the maturity of bills, the company received advance payments in 19Q111.

1.5 billion, down 13.

25%, down from the previous month.

3.4 billion.

The gross profit margin increased + the fee rate decreased during the period, and the profit level rose steadily.

Price adjustment + increase in the proportion of high-end products led to a gross profit margin of 77 in 18 years.

76% (+1.

33pct), with a net margin of 20.

04% (+3.


19Q1 Affected by rising costs of base wine, labor, packaging materials, etc., gross profit margin also decreased by 1.

52 points to 78.

21%, net sales margin reached 21.

69%, there is still room for improvement in the long run.Under the rapid growth of income and dilution, the sales expenses for 18 years were 30.

88% (-0.

26pct), management expenses cost 7.

70% (-0.

96 points).

The dual brands lead the upgrade, and both internal and external repairs are advanced.

As the leader of Huijiu, the company can fully enjoy the price bonus brought by consumption upgrades in the province, and date the high-end strategic single product Gu 20 to enhance the brand and achieve continuous harvest share; Hubei, Shandong, Henan, Hebei, Jiangsu and other places outside the province will accelerate investment promotionPace to accelerate the nationwide distribution.

In 18 years, Yellow Crane Tower realized revenue 8.

6.6 billion, an annual increase of 25.

72%; realized net profit of 0.

9.3 billion, an increase of 25 a year.

17%, Gujing + Huanghelou double brand operation is worth looking forward to.

Financial Forecast and Investment Recommendations Considering that the consumption upgrade trend continues to accelerate the growth of ancient 8 and above products, we have raised the revenue forecast of the raw pulp series for the year, and slightly lowered the gross profit margin forecast under the upward pressure of costs; the company is in the expansion period, and promotional expenses may increase. WeIncreased the sales expense ratio forecast.

Adjust the company’s EPS forecast for 19-21 is 4 respectively.

49, 5.

70, 6.

94 (previously 19-20 years forecast 4).

19, 5.

15), giving the company a 27-year P / E ratio of 19 times, corresponding to a target price of 121.

23 yuan, maintain BUY rating.

Risk Warning: The competition in the province is exacerbated by risks, Huanghelou’s performance is lower than expected risks, and consumption upgrades are lower than expected risks.

[Salted egg yolk steamed egg]_How to steam_Precautions

[Salted egg yolk steamed egg]_How to steam_Precautions

Steamed chicken cake is very suitable for some children who start to add complementary foods, both because the nutritional value of steamed chicken cake is high, and because the steamed chicken cake is very soft, suitable for children under the age of age.When making chicken cakes for children, they will not put salt, because children eat too much salt, which is not good for the body. So, can egg cakes be steamed?

Generally, there are two methods. It should be noted that the ratio of 1 egg to water 1: 1 must be stirred evenly{water can be slightly more}.

2 Salted egg yolks must be fried and dispersed. You can add them as you like, ham, shrimp, etc.

3 containers of steamed eggs are best sealed with plastic wrap (otherwise the edges and the middle are easy to cook together).

The first method is to mix the eggs with water and stir well.{Add when stirring, oil, monosodium glutamate, salt, pepper, appropriate amount according to your taste}such as steaming in a steamer for 3 minutes on medium heat for 3 minutes{like microwave oven}.

Take out the ingredients such as fried salted egg yolk.

The second method is to add the eggs and water to the seasoning and stir well. Add the fried salted egg yolks and stir well to mix the ingredients.

The method of steaming is the same.

, If there is a better method welcome exchange.


Beat 3 eggs in a bowl and stir well in one direction.


Add hot water, the ratio of hot water to egg liquid is 1: 1, add appropriate amount of salt and chicken essence according to personal taste, and stir in one direction again.


At this time, because the egg liquid in the bowl is fully stirred, there will be floating foam on its surface, which is gently skimmed with a spoon.

Step four.

The processed egg liquid is added to the steamer and steamed for about 15 minutes. During the period, pay attention to observe the shape of the egg liquid. If the egg liquid bulges, you can leave a small gap in the lid.


Handle salted egg yolks while steaming eggs.

Crush the salted egg yolk with a spoon, put a little cooking oil in the pan, and fry the salted egg yolk over low heat until the egg yolk becomes sandy, slightly foaming, and turn off the fire until use.


When the eggs are steamed to 9, you can gently spread the treated salted egg yolk on the surface of the steamed eggs, steam for a further two minutes, and then leave the pan.

For cooking skills, be sure to mix egg liquid with hot water, paying attention to the ratio of water to egg liquid.

[Fried vegetarian dishes have a certain variety]_How to do_How to do

[Fried vegetarian dishes have a certain variety]_How to do_How to do

Seeing that summer is coming, at this time, in order to wear beautiful skirts and slim clothes, many people are fighting to lose weight. Slowly eating boiled vegetables will make people feel no taste, and occasionally they want to eat a little oilDeep-fried snacks, but also worried about too much oil, most of the meat makes you fat, you can make some fried vegetarian dishes at home, which is delicious and can also be used as a seasoning for rice.

The basic method of frying is to sizing or not sizing the raw materials and placing them in a large amount of oil pans at different temperatures to heat the mature cooking techniques[1].

When frying raw materials, the amount of oil is more than the main ingredient, which is 2?
3 times, sometimes even more.

Large amount of oil, fast frying, and good results.

Common methods are clear frying, dry frying, soft frying, loose frying, crisp frying, crisp frying, splash frying, dipping frying, and roll frying.

Although there are many methods, the first few times are commonly used.

Commonly used raw materials, because the fried vegetables here are directly replaced, not as semi-finished products or even sintering, so the choice of materials has its limitations.

Among animal raw materials, a wide range of materials are selected, such as livestock meat, dirty products (that is, heart, liver, kidney, etc.), poultry carcasses can be fried food, and poultry hearts, poultry liver, poultry, etc.It’s easy to use. It can be fried in fish, shrimp, crab, etc.

Among the plant-based raw materials, the selection materials are swollen and slender, and there are peanuts, potatoes, sweet potatoes and so on.

The main features are different due to the increased number of fried dishes.

Fried vegetable flour is coke (crispy, crispy) and tender (soft, glutinous), golden color or reddish brown, and tastes delicious.

[Is the five-finger hair peach poisonous]_ Toxic_ Is there any

[Is the five-finger hair peach poisonous]_ Toxic_ Is there any

Hairy peach is a kind of fruit that people often see. This kind of fruit is different from nectarine. It has many fine hairs on its surface, so you need to wash its hair before eating.

There are many types of hairy peaches, and five-finger hairy peaches are one of them.

Some people have allergic reactions to the hair on the peach, so be sure to pay attention to these issues before eating the peach.

Let ‘s take a look at the five-finger hair peach.

Taboo population of five-fingered peaches 1. Patients with gastric disease who are weight sick are not suitable to consume five-fingered peaches, which will cause a burden on the body.

Peach five-fingered peach has antibacterial effect and inhibits tumors, but for patients with gastric disease, five-fingered peach can only be a “boost” to aggravate gastric disease.

Therefore, in daily life, you cannot eat blindly to supplement your body.

2. People who stay up all night before or during taking Wuzhi Maotao, if there are people who often stay up late to work, it is not suitable to eat Wuzhi Maotao.

And during the consumption of five-fingered peaches, you should not enter some spicy food. Keep your mood relaxed and learn to decompress yourself. Only in this way can the effects of five-fingered peaches be exerted.

3, pregnant women eat more five-finger hair peach is helpful to improve some gynecological diseases, but it is best not to eat it for pregnant women, the reason is that pregnant women are pregnant and have a little carelessness in dietThere is a certain degree of impact on its mortality rate. Therefore, in terms of diet, it is not only five-fingered peaches, but you should also be careful when eating other foods.

4. Those who are unwell and who have noticed physical discomfort immediately after taking the five-finger Maotao should stop taking it immediately.

Although Wuzhi Maotao has many effects, its effect is different for people with different physical qualities. It may be a tonic for some people, but it is a deadly poison for some people. Therefore, when eatingBe careful.

Five-fingered peaches have good medicinal value, so they are often cut down on diet therapy formulas. Many people will add five-fingered peaches when cooking because it can help everyone to regulate the body for health and prevention.

But Wuzhi Maotao is a kind of Chinese medicine, so we can’t eat it casually in our lives, and we can’t take it as fruit.

[How to make steamed pepper batter in rural areas]_batter making_how to make

[How to make steamed pepper batter in rural areas]_batter making_how to make

Chili batter is a very common food in rural areas. The main ones are chili and flour, and other seasonings are also needed.

Although the pepper batter is very spicy, it is very comfortable to eat and very refreshing, and some people ca n’t stop even sweating.

The chili batter is generally steamed, so the chili batter is better.

So, what is the practice of steaming pepper batter in rural areas?

First, the practice of steamed pepper batter in rural areas 1.

First put the paprika in a large bowl, add salt, pepper, monosodium glutamate, sesame, and mix well.


Cut a small amount of braised beef (the one that is tenderer) into small diced pieces (the size can be according to your preference).


Go to the supermarket and buy a small bag (about slap pack) of Sichuan flavor instant bean drum.

Specific practices: 1.

Put a small amount of oil into the pan and bake until it is 80% hot. Add the beef cubes, stir-fry the half-boiled beans and drumsticks (don’t fry the old ones), add it to the paprika bowl, add a little sesame oil and mix well again.

Cook the cooking oil into the pot, quickly pour it into a bowl of paprika, turn it over with a spoon while pouring, and gradually pour the peppers until the oil fills the pepper, so that the homemade paprika (oil) is ready.

Second, the practice of chili batter 1. The main ingredients for making chili batter are flour and chili. There is nothing to say about flour, as long as it is wheat flour.

Peppers can be mashed peppers or chopped green sharp peppers.

2. Put the chili, flour and the right amount of salt together and add water to make a paste. There are two different ways.

One is to pour a small amount of oil into the pot, and then stir the batter until it is cooked and ready to come out.

The second is to cook the batter in a steamer.

3. If you are lucky enough to pick up delicious mushrooms, cut some mushrooms and put them in the batter. It is even more perfect. You can also insert an egg in the slightly better living conditions, and finally you can add some sesame oil. This is our childhood.The practice of hot pepper batter, just like this hot pepper batter, people with small meals can even eat two big buns.

4, there are people who like to make the chili batter freely, and drink it as soup, of course, only those who love spicy food, the chili batter for food is still thick.

[Silver Fungus Slices]_White Fungus_How to Make

[Silver Fungus Slices]_White Fungus_How to Make

Tremella fried meat is a popular dish. Nutrition and sliced meat are common ingredients. You can easily buy the nutrition on the urban surface. Before making it, you need to blister the fungus with foam and send it. It is crisp and delicious. It is suitable for many people.Human taste.

Meat slices are generally selected from pork belly, which can supplement trace amounts or protein, which is more beneficial to our body.

So, what should you do with white fungus?

I. Ingredients: 50 grams of Tremella (dry) Ingredients: 100 grams of pork (lean), 60 grams of egg white Seasoning: 10 grams of shallots, 10 grams of ginger, 5 grams of salt, 5 grams of cooking wine, 5 grams of sesame oil, MSG 210 grams of starch (corn), 30 grams of peanut oil

Wash the white fungus and meat separately and cut into pieces; 2.

Add salt, egg white, water starch, sesame oil, peanut oil, pickle for a while; 3.

Set the stir-fry spoon on the hot fire, add oil and cook to five maturity, stir-fry the meat slices, scallion ginger, lower white fungus, refined salt, cooking wine, clear soup and stir-fry, add MSG, sesame oil, and serve.

Third, the efficacy and role of Tremella 1, liver detoxification Regular consumption of Tremella can help us improve the detoxification function of the liver. I believe many people know that the liver plays a certain role on our body, so we eat it in our daily diet.Tremella has certain benefits.

2, clearing heat and strengthening the stomach Many people like to use Tremella to make soup and drink, because they know that Tremella can achieve the effect of clearing heat and strengthening the stomach. It is also a nourishing medicine, which is characterized by nourishing and not greasy.Clearing the intestines, sleeping, strengthening the stomach, nourishing the brain, nourishing yin and clearing heat, moistening dryness, it is a good tonic for patients with yin deficiency and fire, not affected by ginseng and other heat.

3. Increasing immunity can prevent the loss of calcium, which is very beneficial to growth and development; due to the introduction of trace elements such as selenium, it can enhance the body’s anti-tumor immunity.

4, beauty freckle Tremella fuciformis is rich in natural properties, plus its soothing effect, long-term use can moisturize, and has the effect of removing melasma and freckles on the face.

5, weight loss Tremella is a kind of diet food with additive fiber, its supplementary fiber can help nitroglycerin vibration, reduce trace absorption.

6. Increased tolerance Tremella can also enhance tumor patients’ tolerance to radiotherapy and chemotherapy.