[How to make birthday cake at home]_how to make_how to make

[How to make birthday cake at home]_how to make_how to make

In the birthday, if there is no birthday cake, there is no way to bring out the birthday atmosphere.

But birthday cakes are richer if you make them yourself, so many people choose to make birthday cakes at home.

You can control the shape of your birthday cake by yourself, and change it as you want. Next, I will teach you how to make a birthday cake at home.

Ingredients: 1 carrot, chopped or shredded, 1 salmon, mashed into a small piece of pork (or chicken and beef), put in mashed cake powder, 2 spoons of milk, 5 spoons of cheese, and a piece of free homemade dog birthday cakeIt’s easy, just type an egg together without protein separation!

Then pass the eggs?

The degree of passing is not recommended to be too wet, because carrots and salmon are all rich in moisture!

As long as you have made a cake, you should be able to master the level. Put the frosted egg frost in the refrigerator for use. Prepare a clean tub, pour milk and cake powder, and stir well!

It is also recommended not to be too thick and not too thin!

Note that the oven needs to be preheated at 180 ° C. Add salmon, stir in carrots and stir. After all the stirring is complete, take out the spare egg cream and add in batches. Stir and pour into the grinder. I use a 6-inch cake grinderOven 20 minutes (adjust the time according to the oven!

) Method two: 1 The first part is the stage of roasting the embryo. The roasting embryo is actually baking the cake. Nowadays, the embryos of most common cakes are Qifeng cakes. The following is the practice of Qifeng cakes.

First, let’s have a big collection of Qifeng cake tools.

2 Then I share the Qifeng cake recipe. What I shared today is a 6-inch round mold.

Ingredients: 3 eggs (about 50 grams), low-gluten flour, 40 grams of salad oil (unscented), 30 grams of fresh milk, 30 grams of granulated sugar, and 30 grams of sugar (I have less sugar in my formula, because I do n’t like sweetness, and I like sweet ones.)Baking: 150 degrees, about 45 minutes (this needs to be adjusted according to the temperature and time of their own ovens, everyone’s oven is different, and another 8 inches can be divided by 0).

6 Make an 8-inch round mold Qi Feng cake.

8-inch round mold baking reference temperature is 150 degrees, about 60 minutes)?

3 preparation materials: eggs, flour, milk, oil (weigh according to the recipe I shared), separate the eggs from egg whites and egg whites, you need to use the egg divider, pay attention to the separated protein is best placed in stainless steel pots,The stainless steel basin must be clean, water and oil free, and the separated protein must not have egg yolk.

?(Very important) 5 (egg yolk) Pour 30g of milk and 30g of oil into the yolk, and stir with a hand whisk.

6 (egg yolk part) Sift the flour into the egg, milk and oil mixture and stir with a hand whisk.

7 (Protein part) Add 30 grams of sugar to the protein to pass it. Pass it to the egg head as shown in the figure, and it will show a hook state. If you are a novice, you can pass it for a while.Come out) The difference between my Qifeng cake and many Qifeng cake tutorials on the market, all the sugar in my Qifeng cake is added with protein, and it is added at one time. The protein does not add egg yolk, but the egg yolk liquid is more delicate., The cake is more delicate, adding sugar to the protein at one time, the protein can also pass well, do not need to add in batches, saving time).

8 (Mixed part) Put 1/3 of the protein into the egg yolk paste, and gently turn it with a rubber spatula (from the bottom to the top, don’t stir in a circle to prevent the protein from defoaming).

After mixing well, pour all the egg yolk paste into the egg white bowl, and use the same method to mix evenly until the protein and egg yolk paste are thoroughly mixed.

9 Pour the mixed cake paste into a 6-inch cake mold, and gently shake the mold on the table twice to shake out large bubbles.

10 Add the cake paste to the penultimate layer of the oven, 150 degrees, and bake for 45 minutes.

(The temperature and time are adjusted according to your own oven.) If you are a novice who ca n’t grasp whether the cake is ripe, you can insert the cake with chopsticks after the cake is cooked, then take out the chopsticks to see if there is a sticky cake paste. If not,That means the cake is cooked. You can shake the mold on the table gently, and then cool it upside down. After it is completely cooled, you can decorate the cake.

[How to make a bear sushi]_ Common practice of a bear sushi _ A practice of a bear sushi _ How to make a bear sushi

[How to make a bear sushi]_ Common practice of a bear sushi _ A practice of a bear sushi _ How to make a bear sushi

Most of the food outside is delicious, but do you know how much harmful things are added to it?

Do you know that if you eat for a long time, all kinds of chronic diseases will come to you?

So, close your gluttonous mouth, or buy some groceries yourself and make some assured food.

Now, let ‘s follow Xiaobian to learn how to make bear sushi.


1 take 1/3 of the white rice and add the appropriate amount of soy sauce and mix until each grain of rice is covered with soy sauce soy sauce rice 2.

2 After the white rice is cooked, spread until it becomes cold.

1 Take a piece of sushi seaweed slice, as shown in the figure below, put soy sauce fried rice, and then put a ham sausage, then roll up 4.

2 Take a piece of sushi seaweed slices, put a thin strip of fried rice with soy sauce, and roll up.

Do two 5 in this way.

Take a piece of sushi seaweed slices and cover it with white rice. First place the two thin soy sauce fried rice rolls from step 3, then put the soy sauce ham rolls from step 4 between the two, and roll up 6 together.

Hehe, take a look at it, the basic form of the bear can be polished.

Cut the sushi with a knife, cut it into small round pieces with seaweed slices, and use them to decorate the bear’s eyes and nose. Finished. OK, a beautiful alternative can delight people’s mood, which is beneficial to human health.

And if you master the practice of bear sushi, you can also realize the “win-win” dream if you carefully complete it.

[How to make a giggling bun]_ common practice of giggling gimmick _ practice of giggling gimmick _ how to make giggling gimmick

[How to make a giggling bun]_ common practice of giggling gimmick _ practice of giggling gimmick _ how to make giggling gimmick

The nutritional value of open-mouthed buns is very high. After the winter comes quietly, preparing such a dish on the winter dinner table is very appetizing and stimulates your appetite. Moreover, open-mouthed buns are a good way to whiten health and can promote adultsMetabolism has become a favorite dish of female friends. Friends who like spicy food can also add more peppers to season.

1. Peel and slice the pumpkin and purple potatoes, steam them in a pot, and press into a mud with a spoon. (Pumpkin will drain excess water first) and let cool.

3. Add flour and yeast separately (mix two parts of flour and yeast in half) 4, knead into a smooth dough (purple potato is dry, add a little cold water into it and knead it) 5. Ferment in the warm place until it is double large.Retraction.

6. Divide the purple potato dough into small pieces of about 20 grams and knead them into smooth round balls. The same is true for pumpkin dough. Put the pumpkin dough into rounds 7. Place the purple potato balls on the pumpkin dough 8 and wrap them into buns 9., Close the mouth down, and cut a cross on the dough.

10. Brush the oil in the steamer, add the prepared dough and ferment for another 20 minutes.

Then steam on high heat for 15 minutes, simmer for 5 minutes and then bring to a pan.

Cooking at home is definitely hygienic. The method of laughing and buns is simple, and you can cook well without talent.

[Can fried duck eggs with tomatoes]_How to make_How to make

銆 愯 タ 绾 ㈡ 熆 镣 慗 酑 哔 嫔 嵲 惠 ュ 悧 銆 抱 莝 宝 箞 鍞 悘 傡 傡 悍 悍 綍 傍 悍 鐍 悍 名 損 傍 悍 綍 損 悍 傍 悍 綍?
You are not sure whether you are a good friend or not. You will be able to go to the center of the world to go to the center of the world.It ‘s hard to get a good look at the rudder, and it ‘s going to crash. It ‘s hard to tell what ‘s going on between kids and kids. It ‘s a good idea. It ‘s so easy to do. Uu ㄧ Qingbenchumu Ti Kuang Jing Xuancunantuan  Tatari York (ii) Hetuan  Chi Hay Newspaper Marlene last  Jifeicheren Right- Yi Universe  Bang Hongqinhuangcang  last  Jifeijuai forging chips痴 闾 タ 绾 ㈡ 醆 難 慗 酔 哬 凑 凑 鐑 鎭 揶 鏄  粈 涔 涔 涔 綔 熱 笅 闱  綾 鈈 円 醆 電 醣 集集 集集 集集 集集 集 醣 集集 集Shackle your heart?Singing across the children?50-year-old girl is rugged?What’s your favor? Do you think you’re so scared?銆佸皢瑗跨孩鏌挎礂鍑€鍚庣敤娌告按鐑竴涓嬶紝鍘荤毊銆佸幓钂傦紝鍒囩墖寰呯敤銆?銆佸皢楦泲鎵撳叆纰椾腑锛屽姞鐩愶紝鐢ㄧ瀛愬厖鍒嗘悈鎵撳潎鍖€寰呯敤銆?銆 佺 咰 嘌 咮 喌 娌?What’s the difference? I’m afraid: I’m scared, I’m afraid, I’m afraid, I’m afraid, I’m afraid?銆佸皢鍓╀綑鐨勬补鐑х儹锛屼笅瑗跨孩鏌跨墖鐓哥倰锛屾斁鐩愩€佺硸鐐掔墖鍒伙紝鍊掑叆楦泲缈荤倰鍑犱笅鍑洪攨鍗虫垚锛涚倰鍒舵鑿滄椂锛岃鏃虹伀閫熸垚銆傚瀛e悆瑗跨孩鏌?绂佸繉No1鏈€濂戒笉涓庨粍鐡滃悓椋熷洜涓洪粍鐡滀腑鍚湁涓€绉嶇淮鐢熺礌C鍒嗚В閰讹紝浼氱牬鍧忓叾浠栬Sorry, you will be able to find out what is going on, how to do it, how to do it, how to do it, how to do it, how to do it, how to do it, how to do it, how to do it, how to do it.岃€呬竴璧烽鐢紝鎴戜滑浠庤タ绾㈡熆涓憚鍙栫殑缁寸敓绱燙锛屽啀琚粍鐡滀腑鐨勫垎瑙i叾鐮村潖锛屾牴鏈揪涓嶅埌琛ュ厖钀ュ吇鐨勬晥鏋溿€侼o2鏈嶇敤鑲濈礌銆佸弻棣欒眴绱犵瓑鎶楀嚌琛€鑽墿鏃朵笉瀹滈鐢ㄨタ绾㈡熆鍚淮鐢熺礌K杈冨銆傜淮鐢熺礌K锛氫富瑕佷綔鐢ㄦ槸鍌寲鑲濅腑鍑濊閰跺師浠ュ強鍑濊Is it true that the clock is not so good?0ug/kg浣撻噸銆傜淮鐢熺礌K涓嶈冻鏃讹紝鐢变簬闄愬埗浜嗗嚌琛€閰跺師鐨勫悎鎴愯€屼娇鍑濊鏃堕棿寤堕暱锛岄€犳垚鐨笅鍜岃倢鑲夊嚭琛€銆侼o3绌鸿吂鏃朵笉瀹滈鐢ㄨタ绾㈡熆鍚湁澶ч噺鍙憾鎬ф敹鏁涘墏绛It ‘s a silly draft. It ‘s a lot of time. It ‘s very common. I ‘m used to it. It ‘s a clock. It ‘s a bit of a crap. It ‘s an umbrella. It ‘s an umbrella.骞介棬鍫靛锛屽紩璧疯儍鑲犺儉婊°€佺柤鐥涚瓑涓嶉€傜棁鐘躲€傞キ鍚庡悆瑗跨孩鏌跨敱浜庤儍閰稿凡涓庤澶氶鐗╂贩鍚堬紝鍏舵祿搴︿笉澶э紝涓嶄細涓庝笂杩拌兌璐ㄥ彂鐢熷弽搴旓紝鎵€浠ユ病鏈夊ぇ纰嶃€侼o4Chains, cross-children, cross-children, and chains, papers, papers, papers, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paperwork⒈鎬ч潪甯哥ǔ瀹氾紝浣嗚兘澶熻閰告按瑙c€傛墍浠ワ紝鏈啛鐨勯潚瑗跨孩鏌垮悆浜嗗父鎰熷埌涓嶉€傦紝杞诲垯鍙h厰鎰熷埌鑻︽订锛屼弗閲嶇殑鏃跺€欒繕浼氬嚭鐜颁腑姣掔幇璞°€傜壒鍒槸褰撻潚瑗跨孩鏌垮紑濮嬭厫鐑傛椂锛屽叾榫欒懙纰卞氨浼氳鐮村潖銆傝€岄潚瑗跨孩鏌垮彉绾互鍚庯紝灏变笉鍚緳钁电⒈浜嗐€侼o5涓嶅疁闀夸箙鍔犵儹鐑瑰埗鍚庨鐢ㄩ暱涔呭姞鐑児鍒跺悗灏卞け鍘讳簡鍘熸湁鐨勮惀It’s hard to make a fortune. It’s hard to find the best way to do it. If you don’t know how to do it, you can’t do it if you don’t know what to do.跺簲閬垮厤闀挎椂闂撮珮娓╁姞鐑€傝タ绾㈡熆鐐掗浮铔嬫湁浠€涔堝ソ澶?This is the only way to learn how to do it, if you want to know how to do it, you will be able to find out how to do it.啝銆傚叾涓惈鏈夌殑缁寸敓绱燙銆佺硸绫诲拰鑺︿竵绛夊師鏂欙紝鍏锋湁鎶楀潖琛€鐥呫€佹鼎鑲ゃ€佷繚鎶よ绠°€侀檷鍘嬨€佸姪娑堝寲绛夊仛鐢ㄣ€?銆 佺 旸 勭 勭 咭 咲 璲 網 綈 綈 網 網 網 應 燮 唭  璠 “县 綉 玭 鎶 ゅ 仛 鐢 ㄧ 箑 經 環 鳳 雺 雺 燰 盰 盰 盰 盰 盰 盱 盰 雺 燱 雺 盰 雺 燱 雺 綺 雺 燱 雺 環 Across the CliffsDangerous?銆 佸 旸 勸 勭 咭 哲 哿 咲 哌 咒 咒 鍒  殑 掶 楁 卖 頖 姬 锷 雳 雳 雳 雳 雳 雳 駳 駃 姮 姮 姮 姮 姮 姤The manuscripts are stolen and stolen from the sickle village, and they are drawn, drawn, drawn, stolen, stolen, stolen, stolen, stolen, stolen, stolen, sorry, sorrowful, sorrowful, hot杩樿兘鏈夋晥鍑忓皯鑳拌吅鐧屻€佺洿鑲犵檶銆佸枆鐧屻€佸彛鑵旂檶銆佷钩鑵虹檶绛夌檶鐥囩殑鍙戠梾鍗遍櫓銆?This is a new link. C: It ‘s a good idea. It ‘s a new one. It ‘s a new one. It ‘s new. It ‘s a new favorite.€鍘嬩箣鍔熻兘鍜屾晥鏋滐紝瀵归珮琛€鍘嬨€佽偩鑴忕梾浜烘湁鐗逛笉閿欏緱杈呭姪娌荤枟鍋氱敤銆傚鍚冪暘鑼勫叿鏈夋姉琛拌€佷綔鐢紝浣跨毊鑲や繚鎸佺櫧鐨欍€?銆 丽 绾 ㈡ 熆 煆 煑 燑 炏 炏 殏 閰 閰 小 為 弁 寔 囔 咳 叩 菫 揁 揁 焜 璉 峉 峋 庾 峾 冾 冾 冕 冰冰 熰 冰 熱熱 冰 冑寔琛€绠″寰楀脊鎬у拰淇濇姢鐨偆銆傞鐢ㄨタ绾㈡熆瀵归槻娌诲姩鑴夌‖鍖栥€侀珮琛€鍘嬪拰鍐犲績鐥呬篃鏈夊府鍔┿€傝タ绾㈡熆澶氭眮锛屽彲浠ュ埄灏匡紝鑲剧値鐥呬汉涔熷疁椋熺敤銆?銆侀浮铔嬫槸鑷劧鐣屽緱涓€涓杩癸紝涓€涓彈杩囩簿寰楅浮铔嬶紝鍦ㄦ俯搴﹀彲浠ュ緱鏈轰細涓嬶紝娌″繀瑕佷粠澶栫晫琛ュ厖浠讳綍鍏绘枡锛屽氨鑳藉鍑轰竴鍙皬楦★紝杩欏氨瓒充互璇存槑楦¤泲鐨勮惀鍏汇€?銆侀浮铔嬫槸钀ュ吇涓板瘜鐨勯鐗╋紝鍚湁铔嬬櫧璐ㄣ€佽剛鑲€佸嵉榛勭礌銆佸嵉纾疯剛銆佺淮鐢熺礌鍜岄搧銆侀挋銆侀捑绛変汉浣撴墍闇€瑕佺殑鐭跨墿璐ㄣ€傜獊鍑轰紭鐐规槸锛岄浮铔嬪惈鏈夎嚜鐒剁晫涓渶浼樿The altar is awesome?It ‘s a good idea. It ‘s so good. It ‘s so good. It ‘s soothing. It ‘s so mad. It ‘s so good. It ‘s a good idea. It ‘s a good idea.鐢紝鑳藉仴鑴戠泭鏅猴紝閬垮厤鑰佸勾浜烘櫤鍔涜“閫€锛屽苟鍙敼鍙樺悇涓勾榫勭粍寰楄蹇嗗姏銆備笉灏戦暱瀵胯€佷汉鐨勫欢骞寸泭瀵跨粡楠屼箣涓€灏辨槸姣忓ぉ蹇呭悆涓€涓浮铔嬨€?銆侀浮铔嬬倰瑗跨孩鏌挎槸钀ュ吇绱犱簰琛ュ緱寰堜笉閿欏疄渚嬨€傚湪涓板瘜钀ュ吇鐨勫悓鏃讹紝杩樺叿鏈夊仴鑴戞姉琛拌€佺殑鍋氱敤銆

Yutong Technology (002831): Expected high growth liquidity expected to improve significantly

Yutong Technology (002831): Expected high growth liquidity expected to improve significantly
Event: Yutong Technology issued a pre-disclosure announcement for the 2018 profit distribution and capital reserve conversion plan.The actual controllers of the company, Wang Huajun and Wu Lanlan, participated in the 2018 conversion of capital public reserve funds into share capital based on the total share capital on the date of the adoption of the distribution plan by the board of directors, and increased 12 shares for every 10 shares to the shareholders’ general meeting.6.00 yuan (including tax), the total share capital of the company will increase to 877,098,616 shares after this increase. Liquidity is expected to improve significantly, and the inflection point for the fourth quarter results has now arrived.We believe that after the implementation of the profit distribution and capitalization of capital reserves, the company’s total share capital will significantly increase, which is expected to help improve the market liquidity of the specimens.In addition, the company’s 2018 annual performance report showed that the company achieved revenue of 85 in 2018.80,000 yuan, an increase of 23 in ten years.5%; Realize net profit attributable to mother 9.4 ppm, an increase of ten years.4%.Single Q4 company achieved revenue of 31.30,000 yuan, an annual increase of 28.9%; net profit attributable to mothers was 40,000 yuan, a year-on-year increase of 25.5%.The inflection point for the fourth quarter results has now arrived. The future is expected, and the bright spot in the first quarter is expected to reappear: We expect that 19 years will be a year of heavy volume for the company’s tobacco, alcohol and cosmetics business. In the long run, the company’s product structure is expected to achieve a healthy development pattern of 3C / non-3C packaging each accounting for 50%.From the perspective of the industry structure, high-end color box packaging has a 100 billion-level market, of which non-3C packaging fields such as tobacco, alcohol, and cosmetics account for 80%, providing strategic possibilities for the company’s second industry transformation.On the profit side, the margins of the upstream papermaking industry’s dividends are declining. It is expected that the paper price in 19 years is expected to be in the down range; expansion of exchanges / personnel efficiency / capacity conversion is picking up, and the company is expected to have a synchronous upward trend in revenue and profits.The first quarter is the off-season of traditional consumer electronics and the peak season of tobacco and alcohol packaging. The heavy volume of the company’s tobacco, alcohol, and cosmetics packaging helps reduce the downside of consumer electronics orders. At the same time, we judge the exchange rate changes and paper prices to gradually expand to provide competition for the company’s 19Q1 performanceFlexible space. The income structure is becoming more reasonable and hedging the big customers is negative: We believe that the current Yutong Technology core expectation difference lies in the impact on the decline in consumer electronics customer orders.However, the company’s heavy volume of tobacco, alcohol, and cosmetics 四川耍耍网 packaging drives the income structure to become more reasonable, so the impact of customer orders on the company’s performance is controllable.According to our sensitivity calculations, assuming a 15% increase in customer orders, the impact on the company’s revenue side is expected to be about 3.7pct, the impact on gross profit margin is about 0.6pct, the company is still expected to achieve higher growth in 19 years. The trend of increasing concentration is optimistic about the company’s opening of the packaging value chain: According to industry online data, the packaging industry is a trillion market industry. The US market share of CR2 packaging leaders exceeds 60%, and China’s current market share of packaging leaders decreases (CR2 2).7%), there is room for improvement in the future.We are optimistic about the cost advantage of Yutong Technology’s packaging design experience and scale effect. At the same time, the company’s front-end design capabilities and terminal delivery capabilities can significantly enhance customer credibility, and it is expected to become a leading Chinese packaging company in the future. Investment suggestion: We expect the company to achieve net profit attributable to mothers from 2019 to 202012.7, 16.50,000 yuan, an increase of 34 in ten years.2%, 30.3%, corresponding to EPS 3.17,4.13 yuan, maintain “Buy” rating. Risk reminders: the risk of escalating trade frictions, the risk of exchange rate changes, and the risk of a sharp rise in raw material prices

Shanghai Mechanical & Electrical (600835) Quarterly Report Review 2019: Q1 Profitability Increases QoQ or Builds Intelligent Manufacturing Platform

Shanghai Mechanical & Electrical (600835) Quarterly Report Review 2019: Q1 Profitability Increases QoQ or Builds Intelligent Manufacturing Platform

The profitability of the first quarter increased month-on-month, or to build an intelligent manufacturing platform, and continued to recommend ratings.
In the first quarter, the company’s gross profit margin stabilized on a month-on-month basis, and the net interest rate rose on a month-on-month basis. The parent company’s book cash of approximately US $ 5 billion provided the foundation for the future of intelligent manufacturing platforms.

It is expected that the company’s net profit attributable to its parent will be 14 from 2019-2021.

01 (-2.

64), 15.

83 (-2.

65) and 18.

50,000 yuan, maintaining the “recommended” level.

Q1 net interest rate increased by 0.

In the nine quarters, Q2 gross profit margin is expected to increase Q1’s company revenue in 201942.

67 ppm, an increase of 7 per year.

16%, net profit attributable to mother 2.

19 ppm, a decrease of 1 per year.

93%, mainly due to the Q1 receivables accrued 30.07 million yuan in credit losses, compared with 10.86 million yuan in the same period in 2018.

The company’s overall gross profit margin in Q1 2019 was 17.

08%, down 3 a year ago.

28 units, but only down 0 from the previous month.

1 average value. Since the second quarter of 2018, the decline in the gross profit margin in a single quarter has eased and stabilized. We expect the company’s gross profit margin to increase sequentially in the second quarter of 2019.

Expense rate during the company’s 2019Q1 period 8.

22%, down by 1 every year.

79 averages, a decrease of 0 from 2018.

During the 28 years, the expense ratio during the period tended to decline; the company’s net interest rate in the first quarter of 2019 was 8.

41%, a quarter-on-quarter increase of 0.

9 units.

The carrying cash of the parent company has reached 49.

200 million, which is the cornerstone of building a smart manufacturing platform. In 2014-2018, Shanghai Electromechanical obtained an investment income of more than 1 billion in cash, and 2018 was 11.

At the end of 2018, the carrying cash of the parent company increased by 5 compared with 2017.

6.4 billion.

We analyze that the increase in the parent company’s carrying cash is mainly to obtain cash dividends from subsidiaries such as Shanghai Mitsubishi.

At the end of 2019Q1, the carrying cash of the parent company was 49.

20,000 yuan, we expect to exceed 5.5 billion yuan by the end of 2019.

As the parent company has no operating assets, its continued increase in book cash may be the cornerstone of the company’s rapid industrial 南京夜网 development, seeking new growth points and actively building a smart equipment manufacturing platform.

Elevator business is a cash cow, and it will continue, or it will push smart manufacturing forward.
Since 2018, Shanghai Electric has focused on the development of smart energy and smart manufacturing businesses, and promoted the development of Shanghai Electric by combining endogenous growth and outbound investment.

The company is the most important asset of Shanghai Electric’s industrial equipment sector, and an important platform for Shanghai Electric to develop into the field of intelligent manufacturing.

From 2016 to 2018, the company’s achievements in smart manufacturing with precision gear reducers exceeded expectations, and its book cash has reached 49.

200 million US dollars, and the cash cow property of the 苏州桑拿网 elevator business continues, or it will push the company to take a leap forward in the field of intelligent manufacturing.

Risk warning: the risk of prolonged real estate development cycle, the risk of rising raw material prices

Wanhua Chemical (600309): Reduce China MDI Listing Price in June

Wanhua Chemical (600309): Reduce China MDI Listing Price in June

Event: The company announced the MDI price announcement for China in June: China ‘s aggregate MDI distribution market price was 14,500 yuan / 厦门夜网 ton (down 4,500 yuan / ton from May prices), and the direct sales market was 15,000 yuan / ton (down from May prices4500 yuan / ton); the pure MDI listing price is 23700 yuan / ton (down 3500 yuan / ton from May prices).

Comments: 1. The fluctuation of Wanhua Chemical’s listed price in the first half of 2019.

From January to June 2019, Wanhua Chemical’s pure MDI listing prices were 23,700 yuan / ton, 23,700 yuan / ton, 24,700 yuan / ton, 26,200 yuan / ton, 27,200 yuan / ton, and 23,700 yuan / ton, with an interval of 4,000 yuan / tonIt can be seen that the price of pure MDI is relatively stable; the downstream of pure MDI is mainly PU synthetic leather, elastomers, waterproof coatings, adhesives, spandex, etc., except for PU synthetic leather slurry filling, the other major downstream production is still growing slightly, plusThe proportion of pure MDI traders’ supply is very small, so it has little effect on the actual market volume. The market size of pure MDI is stable. It is expected that prices will remain above 20,000 yuan / ton in the second half of the year.

Polymer MDI listed prices from January to June were 12,500 yuan / ton, 13,200 yuan / ton, 15200 yuan / ton, 18300 yuan / ton, 19500 yuan / ton and 15,000 yuan / ton.

Affected by the trade war, the downstream demand for aggregate MDI decreased in May, so the aggregate MDI market price gradually dropped to the current level of 14,500 yuan / ton throughout May, which also directly affected the listing price in June.

We believe that the overhaul of manufacturers at the end of May will reduce the domestic market supply accordingly. The listing price in June also indicates that mainstream suppliers do not think that prices will fall to the initial level.

In fact, the price of aggregated MDI in Shanghai has steadily increased since the beginning of this week. The demand side purchases on demand, and the price will remain in a narrow range.

In the second half of 2019, the market will be more complicated. Wanhua Chemical’s existing MDI capacity will be increased by 80 through technological transformation, and costs will be degraded and increased. Therefore, even if the MDI price is adjusted slightly, Wanhua Chemical will ensure product profitability by reducing costs.Massive increase the company’s MDI business’s net profit level.

2. Maintain “Highly Recommended-A” investment rating.

We will not adjust the level of Wanhua Chemical because of the short-term MDI price fluctuations because the growth of Wanhua Chemical in the medium-term (12-24 months) or even long-term has not ended, and the company’s various projects are in an orderly and chaoticget on.

The production capacity of Wanhua Yantai Industrial Park will be increased to 110 units / year, and the production capacity of Ningbo Industrial Park will be increased to 150 units / year. A total of 40 new MDI units and integrated supporting projects will be built in Louisiana, USA.

At this point, Wanhua will have production bases in three markets in Asia, the United States and Europe, to achieve layout.

The company’s 30-ton TDI, 5-minute / year MMA, and 8-ton / year PMMA will be put into production in 2019. The structure of multi-category products has been gradually improved, and integration and refinement strategies have been integrated. The execution of projects in the petrochemical field is reflected in C3 and C2Smooth progress of the industrial chain; Wanhua Chemical’s future growth path is very clear.

Wanhua Chemical absorbed and merged Wanhua Chemical through issuing new shares, and the integration of high-quality assets was completed.

We each simulated the possible adjustment of financial calculation indicators after the merger, and it is estimated that the total revenue of the company for 2019-2021 will be 4 respectively.

25 yuan, 4.

66 yuan, 5.

53 yuan.

The company’s subsequent construction of several heavy-weight products has been smoothly advanced, maintaining the investment rating of “Highly Recommended-A” unchanged.

3. Risk warning.

The risk of the company’s MDI product prices falling sharply; the price of petroleum products falling sharply; the expected risks brought by the marketing of special chemical products;

Haige Communication (002465): Chip + Scenario Double Fist Attacks Optimistic about the Growth Prospect of Beidou Leaders

Haige Communication (002465): “Chip + Scenario” Double Fist Attacks Optimistic about the Growth Prospect of Beidou Leaders

Company status On May 22, Hager Telecom participated in the 10th China Satellite Navigation Academic Conference and released a number of new Beidou III chip products, as well as multiple Beidou high-precision solutions such as precision services and intelligent space-time.

The newly released “Dolphin One” is the first 100Hz class high-precision baseband chip in China.

“Dolphin No. 1” HP2018 is the first batch of full-system full-frequency satellite navigation military-civilian dual-use advanced baseband chips in China, capable of handling anti-narrowband interference and anti-deception interference capabilities in complex environments.

The chip has a self-developed high-performance hardware accelerator, and it is the first high-precision positioning and navigation baseband chip in the country to support 100Hz-level data update rates (10?
20Hz level), which can provide continuous accurate positioning and timing in a highly dynamic and complex environment to meet the needs of autonomous driving and more artificial intelligence applications.

The newly released RX3701 Beidou III RF chip ranked first in physical comparison.

The RX3701 quad-receive and one-transmit multi-mode multi-frequency RF chip designed and developed by Guangzhou Runxin supports all navigation frequency points, L-band star-based enhanced signal reception, global short message signal transmission and reception, including 3 independent GNSS down-conversion channels and RDSS transmission and reception.aisle.

The chip has excellent performance and ranks first in physical comparison, giving Haige Communication a leading edge in the field of Beidou III equipment.

“Core Device + Application Scenario” 四川耍耍网 double fist attack, optimistic about the growth prospects of Beidou navigation leader.

Haige Communications is a Beidou navigation equipment development expert with an entire industry chain layout, and its market share is in an internal leading position.

In terms of Beidou III core devices, military RF chips are ranked first in the bidding process. Military baseband chips passed the first round of comparison and were successfully selected. Military anti-interference modules are planned to be completed in the second half of 19 years, and civilian chips are planned to be mass-produced in the second half of 20 years.
In terms of application scenarios, the company mainly promotes three major directions: location services, smart cities, and intelligent transportation: Beidou’s advanced service platform construction is rapidly advancing, and the precise positioning network is planned to complete national networking in 2019; it is being built in cooperation with the government in Nansha New District, Huangpu District, GuangzhouDemonstration projects, we judge that it is expected to form a replicable model and promote it to the whole country in the future.

The Beidou III era is coming. We are optimistic that Beidou military products will open a new round of rapid growth for the company, and optimistic that Beidou civilian products will open up long-term growth space for the company.

It is estimated to be maintained at 5.

7.4 billion / 8.

00 ppm19 / 20 year net profit forecast unchanged.

Currently corresponds to 38 previously.

2x / 27.

4x 19 / 20e P / E, located in the bottom area of the company’s historical height and below the comparable company’s forecast hub, is absolutely absolute and relatively attractive.

Maintain target price of 12 yuan, corresponding to 35x20e P / E (SOTP estimate), potential growth potential is 26%, and re-recommend.

Risks The progress of military order delivery and the development of new markets for civilian products are uncertain.

China Merchants Securities (600999) Research Brief: Self-operated business releases science and technology board to increase investment bank performance

China Merchants Securities (600999) Research Brief: Self-operated business releases science and technology board to increase investment bank performance

Event description According to the monthly operating report, from January to November 2019, the parent company gradually realized operating income of 117.

09 million yuan, an increase of 54% in ten years; gradually achieve a net profit of 46.

440,000 yuan, an annual increase of 55%.

Event Commentary Self-operated business and capital intermediary business contributed performance elasticity.

The market is picking up in 2019, and the attributes of the securities firm Beta are evident.

In the first three quarters, the company’s securities investment income was 41.

40,000 yuan, an increase of 152% in ten years; realized interest income of 14.

7.5 billion, an increase of 126% in ten years.

深圳桑拿网 Science and technology board business increased investment bank performance.

In 2019, the company issued 141 IPOs.

96 ppm, ranking the fourth in the industry; the company provides 12 companies with science and technology board issuance services, ranking 5th in the industry; according to WIND, China Merchants Investment participates in strategic issuance and is gradually allocated.

44 trillion, the latest holdings of market value 2.

3.3 billion, a floating profit of 62%.

The company’s first three quarters of investment bank underwriting net income10.

27 ppm, an increase of 14% per year.

Credit ABS underwriting industry first.

The debt-bearing business continued to maintain its advantages and created asset securitization product features.

According to WIND, the total size of corporate debt commitments in 2厦门夜网019 is 3951.

53 trillion, market share 5.

21%, ranking fifth among brokers; ABS underwriting totals 2325.

24 ppm with a market share of 10.

49%, ranking second in the industry; of which the scale of credit ABS underwriting is 1933.

54 trillion, market share 20.

06%, the industry first.

The custody outsourcing business is stable first in the industry.

The company’s institutional service capabilities are leading the industry. At the end of the first half of the year, the company’s custody expansion products (including asset management subsidiaries) totaled 19,206, an increase of 4 from the end of the previous year.

01%, scale 20,769.

670,000 yuan, an increase of 4 over the end of last year.


In the first half of the year, the company ranked first in the industry for the number of private fund custody products, the number of WFOE custody expansion services and WFOE managers; the number of public fund custody ranked first in the securities industry.

In March 2019, the company took the lead in launching a rights issue.

The proposed fundraising does not exceed 15 billion, and the company’s controlling shareholders and concert parties (shareholding ratio).

09%) has promised to fully subscribe for the placing shares to provide support for the company’s development.

In addition, the company launched an employee stock ownership plan to promote state-owned enterprise reform and increase employee stickiness.

Investment suggestion that the company’s various businesses develop in a balanced manner, without obvious business shortcomings, and through complementary institutional service capabilities, bring leading advantages in areas such as custody expansion and asset securitization.

Steady operation is the company’s background, coupled with the additional shareholder strength, optimistic about the company’s long-term development.

The company’s EPS for 2019-2021 is expected to be 0.

98\1.07\1.20, BPS is 13.

00\13.74\13.83, corresponding to the company’s closing price on December 31.

29 yuan, PB for 2019-2021 is 1 respectively.


Maintain the “overweight” rating.

There is a risk that the secondary market has severely declined; capital market reforms have fallen short of expectations.

Sany Heavy Industry Co., Ltd. (600031): Core product market share increased significantly and performance again exceeded expectations

Sany Heavy Industry Co., Ltd. (600031): Core product market share increased significantly and performance again exceeded expectations

Event: The company foresees a net profit of 65% in the first half of the year
7 billion, an increase of 91 in the future.


58%, of which Q2 achieved net profit attributable to mother 33?
3.5 billion, an increase of 74 in the future.


38%, net of non-attributed net profit 66?
7.1 billion, an increase of 89.



Opinion: The performance exceeded expectations again.

The company’s core product sales grew much faster than the industry, and its market share increased significantly.

At the same time, under the background of cost reduction and efficiency improvement, the profit level has increased significantly, and the profit forecast has been raised.

The construction machinery industry is expected to have no worries, and it is judged that the growth rate in the second half of the year is better than expected.

① In the first half of 2019, the investment in real estate development increased for many years10.

90%, an increase of 1 over 2018.


②In the first half of 2019, the growth rate of infrastructure investment in the past ten years2.

95%, an increase of 1 over 2018.

At 16 points, the shortcomings of capital construction are obvious. Considering the new special debt regulations, we expect that under the conditions of caution, neutrality and optimism, the contribution to the growth rate of infrastructure investment in 2019 will be 0.

61 points, 1.

71 points, 3.

66 points, raising the expected growth rate of infrastructure investment.

③ Based on the above real estate and infrastructure investment situation, and then consider upgrading and export demand, we believe that the growth of the construction machinery industry is worry-free, and judge that the construction machinery industry will grow faster than expected in the second half of the year.

The growth rate of core product sales far exceeded that of the industry, and the market share increased significantly.
① The market share of excavators still ranks first in the industry.

In the first half of 2019, the sales volume of the excavator industry13.

70,000 units, previously +14.

33%, SANY sales of 34,995 units, +32 throughout the year.

12%, the market share reached 25.

48%, an increase of 2 from 2018.

48pct, ranking first in the industry.

② The production capacity of cranes has increased, and the growth rate far exceeds that of the industry.

According to the data from January to April, the sales volume of Sany cranes was 4,380 units, at least +118.

02% (industry growth rate 68.
28%), with a market share of 24.

93%, an increase of 5 per year.

69pct; 848 cranes, at least +44.

22% (industry growth rate of 14.

94%), with a market share of 14.

84%, an increase of 3 per year.
01pct; sales of 422 crawler cranes, +114 a year.

21% (industry growth rate 58.

12%), with a market share of 46.

58%, an increase of 12 per year.


The cost reduction and efficiency improvement are obvious, and the profit level is expected to increase significantly.

The company’s core product share has increased, and the scale effect is significant. At the same time, considering the intensified competition in the Q2 market, we judge that the gross profit margin generally shows a trend trend. Under this background, the company vigorously promotes digitalization and intelligent manufacturing, and the cost reduction and efficiency improvement effects are obvious.The company’s profitability is expected to increase significantly.

Investment suggestion: It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 115.

69, 138.

06, 156.

5.6 billion, an increase of 89 each year.

15%, 19.

34%, 13.

40%, the corresponding EPS is 1.

38, 1.

65, 1.

87 yuan, corresponding to PE is 9.

73, 8.

15, 7.

19 times, maintaining the “highly recommended” level.

Risk reminder: The shortcomings of infrastructure repairs have fallen short of expectations, investment in fixed assets has expanded, and overseas expansion has suffered major setbacks.