[Eating at night]_ 枇杷 _night_attentions

[Eating at night]_ 枇杷 _night_attentions

Loquat is a common fruit in our lives. After ripening, Loquat tastes sour and sweet, moderate fleshy and juicy. It is loved by people. Many people have the habit of eating fruit at night, but loquat is a hot fruit.Sleeping after eating ravioli at night may cause physical discomfort. People with a bad stomach should eat boiled at night to pay attention to their bodies.

可以 It can be eaten at night, but it is recommended not to eat it.

Although the trace and trace contents of ravioli are relatively low, if you want to eat at night, you can eat a little, but the sugar content of ravioli is relatively high. It is not easy to digest at night, and it is easy to convert sugar into feces and accumulate in the body.

The harm of eating ravioli at night is that the blood sugar content is high. If you eat ravioli at night, it is easy to cause blood sugar to rise, which may lead to danger and is not good for your health.

Easy to accumulate Auntie has a high sugar content, and it is easy to eat too much at night. The sugar in it is converted into feces and accumulated in the body, which is not good for your health.

When is the best time to eat ravioli around ten in the morning, the Yang Qi rises, which is the most vigorous time of the spleen and stomach. Eating ravioli at this time is more suitable and more conducive to absorption by the body.

You can also eat ravioli 1 hour after lunch, which will help digestion and promote digestion.

How much to eat in a day is generally best recommended that everyone eat 5-10 capsules a day.

过量 Overdose can cause digestive dysfunction, sore throat, hoarse throat, dry stools, obese body, and increased risk of angina pectoris or other heart diseases.

[How to eat green bamboo shoots]_Delicious practices_Homely practices

銆愰潚绗嬫€庢牱鍋氬ソ鍚冦€慱濂藉悆鍋氭硶_瀹跺父鍋氭硶
闈掔瑡鏄垜浠敓娲讳腑寰堝父瑙佺殑涓€绉嶉鏉愶紝瀵逛簬闈掔瑡鐨勮鐭ワ紝鍏跺疄寰堝鏈嬪弸灏辨槸瑙夊緱闈掔瑡鍛抽亾姣旇緝娓呯敎锛屽彛鎰熸瘮杈冪埥鑴嗭紝骞朵笖鍦ㄧ児鍒剁殑杩囩▼涓紝鍙互鎼厤鐨勯鏉愪篃鏄緢澶氱殑銆傞潚绗嬫€庝箞鍋氶兘鍙互寰堝ソ鍚冿紝姣斿灞辫嵂闈掔瑡鐐掗浮鑲濄€傚北鑽潚绗嬬倰楦¤倽鍋氭硶锛氬噯澶囧北鑽€侀潚绗嬨€侀浮鑲濄€佺洂銆佸懗绮俱€侀珮姹ゃ€佹穩绮夈€傞鍏堝皢灞辫嵂銆侀潚绗嬪幓鐨€佹礂鍑€锛屽垏鎴愭潯銆傞浮鑲濈敤娓呮按娲楀噣锛屽垏鎴愮墖銆傚啀灏嗗北鑽€侀潚绗嬨€侀浮鑲濈瓑鍘熸枡鍒嗗埆鐢ㄦ哺姘寸劘涓€涓嬨€傛渶鍚庯紝鍦ㄩ攨鍐呮斁鍏ヤ竴浜涢鐢ㄦ补锛屽姞閫傞噺鐨勯珮姹わ紝璋冨懗鍚庝笅鍏ュ叏閮ㄥ師鏂欙紝缈荤倰鏁颁笅锛屽嬀鑺″悗鍗冲彲椋熺敤銆傚姛鏁堬細鏀瑰杽鐨偆鑹叉辰銆傚北鑽槸涓尰鎺ㄥ磭鐨勮ˉ铏氫匠鍝侊紝鍏锋湁鍋ヨ劸鐩婅偩銆佽ˉ绮剧泭姘旂殑浣滅敤銆傞浮鑲濆瘜鍚搧銆侀攲銆侀摐銆佺淮鐢熺礌A鍜孊鏃忕淮鐢熺礌绛夛紝涓嶄粎鏈夊埄浜庨泴婵€绱犵殑鍚堟垚锛岃繕鏄ˉ琛€鐨勯閫夐鍝併€傞潚绗嬪垯鏄瘜鍚喅椋熺氦缁寸殑缇庡钄彍銆備笁鑰呭悎鐢紝鍏锋湁璋冨吇姘旇銆佹敼鍠勭毊鑲ょ殑婊嬫鼎鎰熷拰鑹叉辰鐨勪綔鐢ㄣ€傛俯棣ㄦ 砀 猴 畋 椋 敤 灤 Weak 専 瑱 掔 瑣 掣 掗 椇 椂 槴 倴 氲 氲 Wun 銉 笉 鬠 欠 嬠 峡 嬠 尡 峡 峡楗搧锛屼互鍏嶅奖鍝嶉鐗╀腑钀ュ吇鐗╄川鐨勫惛鏀躲€傚鏋滄病鏈夐浮鑲濓紝鎮ㄤ篃鍙互閫夋嫨鐚倽鎴栭腑鑲濅唬鏇裤€?

[Can pregnant women drink longan red dates tea-]_ pregnancy and _ benefits

[Can pregnant women drink longan red date tea?

]_ Pregnancy and _ benefits

Pregnant women’s body is at a more critical stage during pregnancy. At this time, the daily diet is very critical, and longan jujube tea is a more common tea, which has a tonic effect on the body, but pregnant women should not drink longan jujube tea during pregnancy.If the body causes anger, you can drink some longan wolfberry tea, which is better for the body, and you can pay more attention to your daily diet.

Can pregnant women drink longan red dates and wolfberry tea?
Pregnant women are advised not to drink longan tea.

Pregnant women can eat red dates and wolfberry, but when pregnant, pregnant women’s physique is generally yin and blood deficiency, yin deficiency and internal heat, deficiency fire is strong, and longan temperature is aggravating the degree of dryness in the body, which is uncomfortable for pregnant women.

What does pregnant women drink longan red dates and wolfberry tea substitute for constipation? The physical characteristics of pregnant women are strong fire, prone to dry stool, dry mouth, and the symptoms of dryness and heat after eating longan, and then increase the degree of dryness of constipation, which makes constipation serious.

Heart palpitations and upset moods change during pregnancy, and are susceptible to many factors. When the virtual fire is strong, heart palpitations are hot and hot, liver fire is strong, and physical discomfort can lead to upset and sadness. Therefore, eating warm longan will cause heart palpitations and upset.

Abortion pregnant women are prone to fetal fever when the false fire is strong, long-term warmth, easy to get edible, and increase fetal fever, leading to body disorders, stomach upset, prone to vomiting, prolonged injury to the Yin, can cause abdominal pain, seeThe threat of miscarriage such as red can seriously cause miscarriage or premature birth.

What tea can pregnant women drink? What tea can pregnant women drink?

Pregnant women are in a special period. There are a lot of foods that you need to pay attention to, and you ca n’t eat them. The same is true for tea. Many teas that have blood circulation or coldness are not drinkable. If you ca n’t distinguish a large number of teas, you can drink red date wolfberry tea and red date wolfberry.The tea has a mild flavor and a tonic effect, so it is suitable for pregnant women.

What are the benefits of drinking red dates and wolfberry tea for pregnant women? In the early stages of pregnancy, pregnant women accumulate yin and blood to support their babies. Therefore, yin deficiency and blood are prosperous. You need to eat some cold foods to relieve dryness in the body, but not too cold and cause abortion.The edible taste is not cold, but wolfberry, which nourishes yin and lungs, also helps relieve yin deficiency and internal heat, and some red dates have the effect of nourishing qi, which can nourish yin and kidney, nourish blood and nourish qi, and is very suitable for pregnant women.

[Fried Meat with Horn Melon]_Fried Meat_Practice Daquan_Homemade Practice

銆愯鐡滅倰鑲夈€慱鐐掕倝_鍋氭硶澶у叏_瀹跺父鍋氭硶
瑙掔摐鏄寳鏂瑰瑗胯懌鑺︾殑绉板懠锛岀毊绨裤€佹灉鑲夊涓旇偉鍘氾紝鍗崇粡娴庡張缇庡懗鏈夎惀鍏汇€傚皢瑙掔摐鍜岃倝鍚岀倰鑳藉璁╄繖閬撹彍鏁e彂鍑烘洿璇变汉鐨勯矞鍛筹紝鍋氳捣鏉ヤ篃寰堢畝鍗曞揩閫熴€傜倰瑙掔摐鐨勬椂鍊欐敞鎰忎笉瑕佸姞姘达紝鍥犱负瀹冩湰韬槸寰堝姹佺殑锛岀炕鐐掔殑鏃跺€欒嚜鐒朵細鏈夋堡What’s the difference between the monkeys and the monkeys? Could you tell me how to do it? Cui 笉 瀹 滆 緆 瀆 駀 繴 纴 浠 ュ 日 钀 ュ 吇 覸 佸 け 銆?How to draw a picture: Adorable 450g adjective?00g璋冩枡锛氶鐩愰€傞噺锛岄叡娌归€傞噺锛屽懗绮鹃€傞噺锛岃懕閫傞噺锛屽閫傞噺锛岃皟鍜屾补閫傞噺锛屽崄涓夐閫傞噺瑙掔摐鐐掕倝鐨勫仛娉?1.What are you going to do? Do you want to go to the right? Do you want to read?.鍦ㄦ妸鑲夊垏鎴愯杽鐗囷紝钁便€佸鍒囨垚涓併€?.鎶婇攨棰勭儹鍊掑叆閫傞噺鐨勮壊鎷夋补锛屽湪鎶婅倝鏀鹃噷缈荤倰鍑犱笅鍚庢妸钁便€佸銆佷笅閿呯炕鐐掑嚭棣欏懗锛屽湪鍊掑叆閰辨补銆佸崄涓夐4.Ma Lilugeju  Diecangyiwei Getting Wayueyuekui Benchukangliao Qixun Juanpinnuanlu Juaiduanchong Buxiachubu Suixierenshi ㄧ kang shackles?What’s the matter? What’s the matter? What’s the difference?。涓€鐩樼編鍛崇殑瑙掔摐鐐掕倝杩欏氨鍋氬ソ浜嗭紒 钀ュ吇鍒嗘瀽1。Crotch: How do you follow the chain? Do you want to use it to set up? 〇.Crotch: What are you going to do in the Han Dynasty? How are you going? How are you going? How are your sisters going? How are you going?.郗 胯 怿 鑺 ﹀Chain 変 头头 圅 黅 餄 駄 懄 燷 熷 姏 尲 彲 卲 鍒 鐒 緺 綺 綜 長長 雲 雰 総 雏 総 纏 雰 纏 総 纏 雏 纏 総 雏 纏 総 雔 環 雏 総 雔 総 雔 総 麰 駰 環 雰 駰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 雰 The turbulent and turbulent and turbulent尌鎶楃梾姣掑拰鑲跨槫鐨勪綔鐢ㄣ€傞鐤椾綔鐢ㄨタ钁姦鍏锋湁娓呯儹鍒╁翱銆侀櫎鐑︽娓淬€佹鼎鑲烘鍜炽€佹秷鑲挎暎缁撶殑鍔熸晥锛涘彲鐢ㄤ簬杈呭姪娌荤枟姘磋偪鑵硅儉銆佺儲娓淬€佺柈姣掍互鍙婅偩鐐庛€佽倽纭寲鑵规按绛夌棁銆?

[Four derailment opportunities that men will never miss]_Men

[Four derailment opportunities that men will never miss]_Men

In 4 cases, men will definitely be derailed, not to mention that in the depths of men’s consciousness, there will be more or less unrealistic fantasies about sex. In general, men will not take risks easily, but external and internal conditions allowIn this case, the probability of this happening will be greatly increased.

First, marriage enters the plateau period: From a system perspective, marriage is a bit of an “iron rice bowl”, especially after the initial stage from love to marriage, the relationship between the other party will definitely enter a relatively dull periodWithout too many ups and downs, a man’s instinct for being new and disgusted with the old is going to move, but the other party may not have the meaning of separation or divorce.

Opinion: In fact, more extramarital affair happened to the two people they met. The old lover’s old age revived, only if the marriage of at least one party turned on the red light.

There is a very interesting phenomenon. Some people are as unscrupulous as Tolstoy in their early years, but at a certain time, especially in their later years, they will be as pure as Puritans. Some people have experienced pure marriage before marriage, but the past of marriage climax, butOutside resistance has become very poor.

In fact, marriage is to live, and the greatest strength in maintaining marriage is the sense of responsibility and mutual respect and needs in life.

Marriage does require feelings, but when it comes to falling in love, there are two states after all, the intention is to be the difference between being a music fan and being a DJ.

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[How long does the large intestine need to be cooked?

】 _How to do_How to do

[How long does the large intestine need to be cooked?

】 _How to do_How to do

The large intestine generally refers to the pig’s large intestine. Many people in life prefer to eat this kind of food. Even in Beijing, people will like to eat the pig’s large intestine, which is called the large intestine tattoo.

However, it needs to be reminded that even if the pig’s large intestine bought home looks clean, it needs to be cleaned, otherwise it may still be attacked by bacteria and viruses.

So, how long does the large intestine need to be cooked?

Before cleaning, turn the large intestine over and remove all the oil and dirt from it.

Then 1. When cleaning the pig’s large intestine, add some vinegar and a tablespoon of alum in the water, knead it several times, and rinse it with water several times to replace it.

2, buy the pig intestines and other water, add some salt and alkali before cleaning to reduce its odor.

3. Washing pig intestines with rice water, the effect of pork belly is also very good.

4. Wash the pig intestines with pickled water in just two times, and its fishy odor can be basically eliminated.

5.

For your own recipe, wash it several times with flour and vinegar.

How can the large intestine burn to be soft?

When roasting pork intestines, the large intestine is first cut into about 10 cm sections and cooked in boiling water.

It usually takes more than half an hour to cook the large intestine until it is soft.

It is more convenient for secondary processing, mainly seasoning.

Do not throw the raw large intestine directly into the pan and fry. The large intestine must not be chewed.

Jiuzhuan large intestine ingredients: pig large intestine, wine, soy sauce, sugar, vinegar, ground coriander, pepper noodles, cinnamon noodles, ammonium noodles, minced green onion, ginger, cooked lard, pepper oil, clear soup, salt

Method: Wash the pig’s large intestine, rub it inside and outside with vinegar and salt to remove the dirt, rinse it, put it in a boiling water pot, add the shallot, ginger, and wine simmer, remove it and cut into sections, then add boiling waterStir in the pot and remove the drain; heat over the wok over medium heat and pour lard until it is 70% hot. Remove the lower intestine until it is red. Put the oil in the pot and put the onion, ginger, and minced garlic., Cook vinegar, add soy sauce, sugar, clear soup, refined salt, and wine, quickly stir-fry in the intestine, move to a low heat and burn until the soup is tight, put pepper noodles, cinnamon noodles, ammonium noodles, and drizzleZanthoxylum oil, turn upside down, serve in a plate and sprinkle with coriander.

Lier Chemical (002258) 2018 Annual Report Comments: Performance basically in line with expectations Guangan project gradually future growth

Lier Chemical (002258) 2018 Annual Report Comments: Performance basically in line with expectations Guangan project gradually future growth

Incident Lier Chemical releases its 2018 annual report.

The company achieved operating income of 40 in 2018.

27 ppm, an increase of 30 in ten years.

60%; realize net profit attributable to shareholders of listed companies.

78 ppm, an increase of 43 in ten years.

75%; basic return 1.

10 yuan.

The company expects to achieve a net profit of 5780 attributable to shareholders of listed companies from January to March 2019.

350,000 yuan-9248.

550,000 yuan, a year of decline of 20% -50%.

The company plans to build a production line of 15,000 tons / year of methyl phosphorus dichloride, 2000 tons / year of phosphorus-containing flame retardants, and 3,000 tons / year of L-glyphosate.It is expected to achieve an annual income of 7 after reaching production.

600 million.

The 2018 performance is in line with expectations, and the 2019 Q1 performance forecast is slightly lower than expected.

In 2018, the company’s operating income increased by 30 per year.

6%, mainly benefited from the increase in the volume and price of the main product glufosinate.

In 2018, the annual production capacity of glufosinate in the company’s Mianyang base increased to 8,400 tons, an annual increase of 68%.

5 million / ton, an annual increase of 7%.

The company expects that net profit in the first quarter of 2019 will decrease by 20% -50%, mainly due to the decline in profit contribution of some products and the progressive construction of the Guang’an base.

The current price of glufosinate is around 15.

50,000 yuan / ton, which is 20% higher than the average price in the first quarter of last year.

The industry supplements production capacity or releases it intensively, and the price of glufosinate is under pressure.

From the supply side, it is determined that the 西安耍耍网 additional production capacity released in 2019 will come from Lier and Yisheng, while Bayer (6,000 tons), Huifeng (5000 tons), and Red Sun (3,000 tons) have not yet put into operation additional production capacity.

If the above capacity is put into production this year, it will have a distorted impact on glufosinate prices, or more than 15 million / ton.

The Guang’an base is making steady progress, waiting for the release of production capacity to increase profits.

The 1,000 tons of fluroxypyr in the Guang’an base were put into production at the end of last year, and 1,000 tons of fluconazole are expected to be put into production in the first half of this year.

With the successive commissioning of products such as propafluchlor and fluconazole, the company’s profit channels will be broadened.

Profit forecast We are optimistic about the company’s scale, technology, cost advantage and long-term growth of the company in the glufosinate field. It is estimated that the EPS for 2019-2021 will be 1.

37, 1.

72, 1.

92 yuan, corresponding to the closing price of 15 on February 27.

25 yuan, PE is 11, 9, and 8 times, maintaining the “overweight” level.

Risk reminder: The price of glufosinate has fallen sharply; the progress of new projects is less than expected.

Inner Mongolia No. 1 Aircraft (600967): Railway vehicles have long and large contract advances and high orders for military products

Inner Mongolia No. 1 Aircraft (600967): Railway vehicles have long and large contract advances and high orders for military products

On June 26, the company announced that China Railway Corporation and Baotou North, a wholly-owned subsidiary of the company, broke through the “C80B Railway Wagon Procurement Project Contract” with a total contract amount of 2.

670,000 yuan, delivered on a quarterly basis before September 30, 2019.

On June 22, the company issued an announcement that China Railway Corporation and the company’s wholly-owned subsidiary Baotou North Venture broke through the “C70E Type Railway Freight Car Purchase Project Contract”, with a total contract amount of 7.

340,000 yuan, delivered on a quarterly basis by November 30, 2019.

Brief comment on the large-scale contract for the purchase of civilian goods railway vehicles, which lasted more than the same period last year until the end. The company has announced that the total amount of railway vehicle purchase contracts has been extended to 10.

10,000 yuan, 9 more than the same period last year.

2.4 billion levels.

This millennium contract will be delivered quarterly before the end of September and November this year, respectively, and will have a positive impact on the company’s performance growth this year.

Preliminary results increased slightly, advance accounts and inventories increased again in 2018, and the company achieved operating income of 122.

67 ppm, a 10-year increase2.

5%; achieve net profit attributable to mother 5.

34 ppm, an increase of ten years.

67%.

In the first quarter of 2019, the company achieved operating income16.

74 ppm, a ten-year increase of 9.

03%; net profit attributable to mother 1.

37 ppm, a 126-year increase.

9.6 billion.

As of the end of the first quarter, the company’s total inventory was 22.

100,000 yuan, compared with 20 at the end of 2018.

The level of 8.7 billion US dollars has increased and still maintains a high level; the total amount of advance accounts at the end of the first quarter was 70.

2.2 billion, compared with 59 at the end of 2018.

The level of 440,000 yuan has been significantly increased again.

We believe that the company’s inventory scale has maintained a high position, and the advance receipts expenditure has further increased, indicating that the company’s acceptance of military orders remains in a good condition, and the production and delivery of products will ensure the company’s performance growth.

In the first quarter of 2019, the main reasons for the increase in the company’s net profit attributable to mothers were: (1) Administrative expenses decreased by 1103 compared with the same period last year.

620,000 yuan; (2) Interest income increased by 5713 over the same period last year.

340,000 yuan; (3) Asset impairment losses decreased 武汉夜生活网 by 1,249 over the same period last year.

230,000 yuan; (4) Investment income increased by 1694 over the same period of the previous year.

680,000 yuan.

New breakthroughs have been made in the development of the military product market, and core technologies have been continuously improved.

In the foreign trade market, the export of VT4 tanks and VN1 wheeled combat vehicles made new achievements, and artillery entered the diabetes market for the first time.

New growth in military spare parts is scheduled, and professional service support is fully recognized by the army.

The core technology of military and civilian products has been continuously improved.

On product digital intelligence, research was conducted on the independent development of acquisition and control systems and software integration modes 南宁桑拿 of core processing systems; research on environmental perception and system monitoring was conducted around VT4 tanks, unmanned ground vehicles; and the Academy of Military Sciences, 201Cooperation with the Army Military Transportation Academy, National University of Defense Technology and other related institutions.

Beijing Intelligent Technology Engineering Center was established.

The ground armor business continued to grow, and the railway vehicle market was picking up military products. Benefiting from the army’s need to upgrade and replace, the growth rate was wheeled armored combat vehicles.

We believe that the stock of the Army’s main battle tanks is continuous and there is no structural gap. In the future, it will be in a state of multiple models with peak shift configurations and old and old model conversions. At the same time, after the military reform, the Army officially re-set up a new establishment system.Therefore, the wheeled infantry fighting vehicle has a broken structural gap, which will become the focus of army equipment construction.

The civilian products business benefited from the economic recovery and the railway construction needs of the Belt and Road countries.With the recovery of railway freight, the company’s traditional railway vehicle business strives to stabilize and rebound.

In 2017, the company’s temporary contract for railway vehicles was 3683, with a total order of 16.

300 million, of which 9.

US $ 0.5 billion is a new long-term order; in 2018, the company’s railway vehicles achieved overall revenue11.

600 million.

At the same time, the company has continued to benefit from the huge railway construction needs of the countries along the Belt and Road. At present, the company has established cooperative relations with railway departments in some countries, which has achieved a good foundation for subsequent related businesses.

Earnings forecast and investment recommendations The company’s net profit attributable to its mother from 2019 to 2020 is 5, respectively.

68, 6.

08, 6.

64 ppm, an increase of 6 per year.

31%, 7.

05%, 9.

24%, the corresponding 19 to 20 years of EPS are 0.

34, 0.

36, 0.

39 yuan, corresponding to the current expected PE is 33, 31, 29 times, maintain BUY rating.

Anzheng Fashion (603839) 2019 Third Quarterly Report Review: Small Brand Revenue Growth Improves Acquisitions and Consolidates Multiple Impacts on Multiple Indicators

Anzheng Fashion (603839) 2019 Third Quarterly Report Review: Small Brand Revenue Growth Improves Acquisitions and Consolidates Multiple Impacts on Multiple Indicators

In January-September 19, revenue increased by 54%, net profit increased by 13%, 19Q3 net profit growth accelerated in January-September 2019, the company realized revenue of 17%.

9.1 billion, an increase of 54.

13%, net profit attributable to mother 2.

7.8 billion yuan, an increase of 12.

55%, deducting non-net profit 238.

7.4 billion, an increase of 20.

73%, EPS is 0.

70 yuan.

  The lower growth rate of net profit was mainly due to the decrease in gross profit margin and the decrease in investment income, while the non-profit deduction was mainly due to the decrease in government subsidies and entrusted investment income.

  In terms of quarters, 2018Q1-19Q3 company revenues increased by 26.

84%, 13.

98%, 10.

48%, 14.

76%, 41.

46%, 58.

20%, 62.

64%, net profit increased by 30.

09%, 20.

11%, 12.

29%, -50.

01%, 10.

51%, 28.

55%, 1.

40%.

  At the end of October 2018, the company’s acquisition of Lishang Information consolidated the balance sheet, driving the growth rate of revenue in Q1 to Q3 in 2019, excluding the consolidation, which affects the company’s revenue in Q1 to Q3 in 2019 to increase by -0.

57%, 4.

11%, -0.

20%; In 19Q2, the company’s clothing revenue growth rate is relatively high. At the same time, the company strengthened price control. The gross profit margin of the apparel business increased. The gross profit margin of e-commerce operation was relatively stable.

  In 19Q3, the overall apparel consumption was still severely weak, and the company’s apparel revenue was at least basically flat. The growth rate of net profit was relatively mainly due to the clearance of apparel inventory, the decline in gross profit margin and the decrease in investment income.

  In 19Q3, the revenue growth rate of small brands improved, and the online revenue growth was significant. 1) From the perspective of brands, in January-September 2019, Zizi, Yin Mo, Fina Chen, Anzheng Menswear, and Mossac achieved revenue8.

5.8 billion yuan, 1.

5.1 billion yuan, 6,968.

40,000 yuan, 5,205.

870,000 yuan, 1,628.

800,000 yuan, an increase of 6.

61%, -8.

84%, -20.

91%, -5.97%, -14.

36%, of which 19Q3 Zanzi, Yin Mo, Fina Chen, Anzheng Menswear, and Mosak also increased their income by 1.

50%, -4.

35%, 9.

01%, 13.

55%, 10.

77%, the growth rate of the revenue of the main brands improved, and the growth rate of the small brands Yin Mo, Fina Chen, Anzheng Menswear, and Mosak improved.

  As for the main brand, at the end of September 19, there were a total of 674 stores in Changzi.

46%, channel structure is optimized, direct sales in January-September 19 can increase by 7 compared with the same store.

At 12%, the Fangzi brand has strengthened its design, marketing and promotion to increase its influence and drive the store efficiency to keep growing for several years.

  In terms of small brands, at the end of September 19, Yin Mo, Fina Chen, Anzheng Menswear, and Mosak directly operated stores grew by -11 in ten years.

11%, -19.

19%, -26.

09%, 68.

18%, direct sales in January-September 19 can increase by 5 compared with the same store.

06%, 2.

53%, 4.

32%, 0.

67%, Yin Mo, Fina Chen, Anzheng Men ‘s Direct Sales Channel closed the store, the income was extended, and the Mosak brand was optimized to quickly expand the franchise channel, driving the return to growth.

  2) From the perspective of channels, from January to September 2019, it will directly operate, join, and achieve online revenue4.

7.6 billion, 4.

4.1 billion, 8.

6.9 billion yuan, an increase of -4.

91%, -7.

58%, 376.

22%, the combination of Lishang information led to a significant increase in e-commerce revenue; direct sales in 19Q3, franchise, and online revenue increased by 13.

05%, -17.

67%, 402.

86%, the effect of the company’s direct channel organizational structure adjustment, attracting outstanding management talents, revenue resumed growth, some products were delivered to 19Q2 in advance, and some franchisee adjustments caused 19Q3 companies’ franchise income to decrease.

  At the end of September 2019, the company had a total of 917 stores, with the extension down by 4 as well.

18%, of which 328 are directly operated stores, and the extension is down by 6.

82%, mainly because small brands closed stores to strengthen profitability, joined 589 stores, the extension also decreased by 2.

64%.

In January-September 19, the company directly operated the same store and increased by 2.

05%, the channel optimization effect gradually appeared, the same store to join the same drop 5.

07%.

The combination of Lishang information affects multiple financial indicators: reduced gross profit margin, lowered expense ratio, and increased cash flow. Gross profit margin: January-September 19, gross profit margin decreased by 13 as well.

76PCT to 53.

86%, mainly due to: 1) the proportion of low-gross margin e-commerce operating income increased, and 2) the gross profit margin of the apparel business declined.

  In terms of brand, from January to September of 19th, the gross profit margins of Menzi, Yin Mo, Fina Chen, Mosak, and Anzheng men’s clothing increased by -1.39PCT, -0.

33PCT, 3.

72PCT, 4.

09PCT, 1.

41PCT to 64.

94%, 77.

47%, 77.

63%, 53.

70%, 76.

64%, the stock of the brand is cleaned up, and the increase in the proportion of low-margin online revenue has led to a decline in gross profit margin. Feina Chen strengthened the discount control. The brand adjustment effect appeared, the gross profit margin gradually increased, the adjustment of the Mosak brand ended, and the gross profit margin resumed growth, Anzheng menswear design style is optimized, discount control is improved, and gross profit margin is reduced and increased.

  In terms of channels, from January to September of 18, it was directly operated and joined, and the gross profit margin of online channels increased by 0.

35PCT, -1.

55PCT, -12.

51PCT to 73.

19%, 69.

13%, 38.

18%, the consolidation of the Li Shang information led to an increase in the decline in online gross profit margin.

  Looking at the quarter, the company’s gross profit margin for the 18Q1-19Q3 was 68.

71% (-1.

72PCT), 67.

90% (-0.

47PCT), 66.

32% (-0.

02PCT), 52.

90% (-10.

31PCT), 53.

80% (-14.

91PCT), 56.

15% (-11.

75PCT), 51.

94% (-14.

38PCT), 18Q4-19Q3, due to the combination of gift and fashion information, the decline in gross profit margin was biased. In 19Q2, the apparel business strengthened price control, the decrease in gross profit margin decreased. In 19Q3, the stock inventory of brands such as Zizi cleared up, and the decline in gross profit margin expanded.

  Expense rate: During the period from January to September of 19, the expense rate of the company also decreased by 10.

27PCT to 33.

65%, of which the sales expense ratio decreased by 5.

88PCT to 24.

41%, mainly due to the consolidation of information on the acquisition of Lishang information; the management expense ratio (including research and development expenses) also decreased by 4.

42PCT to 9.

30%, mainly due to the consolidation of information on the acquisition of Lishang information; the financial expense ratio also fell to 0.

03PCT to -0.05%.

  Other financial indicators: 1) The inventory at the end of September 2019 increased by 35 compared with the beginning of the year.

61% to 10.

7.3 billion, mainly due to the expansion of sales scale, the increase in stocks on Double Eleven Online.

Inventory turnover ratio from January to September 2019, inventory income ratio is 0.

89, 0.

60,18 for the same period in 2018.

66, 0.

57. The acceleration of inventory turnover was mainly due to the impact of consolidation.

2) Accounts receivable at the end of September 2019 increased by 15 from the beginning of the year.

76% to 1.

5.7 billion yuan, accounts receivable turnover days were 22.

13 days, 5 reductions per year.

In 28 days, the turnover rate has improved.

3) The asset impairment losses from January to September 2019 increased by 13.

96% to 3580.

910,000 yuan, mainly due to the 杭州桑拿 expansion of inventory scale, increase in provision for impairment.

  4) Investment income from January to September 2019 decreased by 13.

87% to 4067.

610,000 yuan, mainly due to the decrease in investment income from the sale of financial assets.

5) Operating cash flow from January to September 2019 increased by 324.

59% to 4,940.

650,000 yuan, mainly due to the increase in clothing sales and the consolidation of gift information.

Clothing consumption is still weak and we continue to optimize multi-brand operations. We believe that: 1) In terms of revenue, due to the relatively sluggish clothing consumption, the company’s clothing revenue has grown rapidly after Q2 2018. Among them, the brand development is quite mature. In 2019, the revenue rate will first be adjusted to achieve growth.In the future, the company 杭州桑拿网 will continue to strengthen the investment of the main brand and promote the continuous growth of revenue. For small brands, Yin Mo has a contradictory income volume and stable income performance. Fina Chen optimizes product design and cost performance, and returns to growth in 19Q3.Product style adjustments were basically in place. Revenue growth picked up in 19Q3. The adjustment of the Mossac brand was over. Through the renewed expansion of the resources store of Fangzi franchisees, revenues increased again. Lishang Information cooperated with more than 20 well-known domestic and foreign brands to develop online operations.Revenue maintained rapid growth.

  2) In terms of profitability, the company ‘s online information has driven the company ‘s online revenue to maintain rapid growth, which has dragged down the overall gross profit margin. In the future, the company will strengthen discount control on apparel business, close stores, optimize channel structure, and promote profitability of the main business.

3) On February 1, 2019, the company plans to repurchase shares for 40 to 80 million shares, and the repurchase price does not exceed 15 yuan / share, and the repurchased shares are calculated at the upper limit of 533.

330,000 shares, accounting for 1 of the total share capital.

32%, the repurchase period is February 18, 2020.

As of September 30, 2019, the company had repurchased a total of 535.

10,000 shares, accounting for 1 of the total share capital.

33%, the repurchase amount is 6283.

650,000 yuan, the average repurchase price is 11.

74 yuan / share, repurchase has not been completed.

In October 2019, due to the departure of some employees in the equity incentive plan, the company repurchased and replaced the restructured shares17.

810,000 shares.

  As the company ‘s gross profit margin fell more than expected, we lowered its EPS forecast for 2019-21 to 0.

83/0.

96/1.

13 yuan (previous average 0.

93/1.07/1.

21 yuan), currently corresponding to 17 times PE in 2019, the company’s main clothing industry is gradually optimized, through mergers and acquisitions, agents and other areas involved in mother-to-child, children’s clothing, luxury goods and other fields to create a fashion industry group, the future growth space bearing capacity, maintaining “Buy “entry” level.

  Risk warning: weak consumption, shop opening progress is not up to expectations, inventory risks, acquisition targets, and unfulfilled performance promises.

Estun (002747): Revenue and profit distribution acquisition of CLOOS synergistic development accelerates internationalization

Estun (002747): Revenue and profit distribution acquisition of CLOOS synergistic development accelerates internationalization

The company achieved revenue in the first three quarters of 9.

6.8 billion (-9.

11%), net profit attributable to mother 0.

5.7 billion (-18.

90%), of which, the third quarter achieved revenue2.

8.6 billion (-15.

75%), net profit attributable to mother 0.

10,000 yuan (-95.

51%).

  The industry’s economic prosperity has declined, and the company’s domestic intelligent manufacturing system integration business has decreased by 1 each time.

2 ‰, a decrease of 54.

62%, the robot body increased by about 10% over the same period.

Due to the influence of the industry, the numerical control system decreased slightly compared with the same period.

The first three quarters of comprehensive gross profit margin of 36.

47%, an increase of 0 every year.

33 points, gross profit margin of 35 in the third quarter.

51%, a decrease of 0 every year.

61pct, the gross profit margin has remained basically stable. In recent years, the company’s core components gross profit margin is around 40%, the gross profit of the main body and system integration is around 30%, and the comprehensive gross profit margin is maintained at around 35%, which is not considered compared with other companies in the industry.High, we believe that the industry can improve and product scale, and there will be room for further improvement in product gross margin in the future.

Net cash flow from operating activities in the first three quarters was zero.

180,000 yuan, an increase of 140 in ten years.

74%, mainly due to the company’s control of cash flow risks this year, and selective abandonment of some of the poor automotive industry’s intelligent manufacturing system projects.

  Continue to maintain high R & D investment and create a competitive advantage of the entire industry chain of “core components + ontology + robot integrated applications”.

R & D expenses in the first three quarters1.

0.7 million yuan, an increase of 3 every year.

25%, accounting for 11.

10%, usually always maintains R & D investment of more than 10% of revenue, successfully covers the entire industrial chain from automation core components and motion control systems, industrial robots to intelligent manufacturing systems for robot integrated applications, and builds technology, cost, and serviceComprehensive competitive advantage, long-term optimistic about the industry development and company’s overall industrial chain layout strategy.

  In terms of overall orders in hand, it is expected that the 杭州桑拿 business will improve in the fourth quarter, the robot physical business will continue to grow steadily, and the core components of automation will gradually pick up. It is expected that the growth in 19 will be slightly higher than in 18 years.

Acquired Cloos, the world’s leading welding robot company, and coordinated development to accelerate internationalization.

The company intends to invest in cash by acquiring the platform subsidiary Germany SPV1.

9.6 billion euros to acquire 100% equity of Cloos and bear the interest and related intermediary costs required under the lock-box mechanism. This acquisition will allow the company to occupy the high point of the diversified industry of the robot industry and obtain the world-class welding robot top technology.Consolidating the market-leading competitive advantage of domestically-made robot brands has been made up, and it is also an important part of the company’s internationalization strategy for the robot industry.

After the completion of the German CLOOS settlement, it is expected to increase its net profit performance for the year.

  Investment advice and rating: Ignore the impact of the acquisition of Cloos for the time being. It is estimated that the company’s net profit for 2019-2021 will be 1.

07 billion, 1.

4.5 billion and 1.

9.3 billion, corresponding to PE of 68x, 51x, 38x, given the “overweight” rating.

  Risk reminder: Macroeconomic downside risks; Industrial robot industry development is less than expected