[Amazing changes in long-term eating red dates]_Function_Efficacy

銆愰暱鏈熷悆绾㈡灒鐨勬儕浜哄彉鍖栥€慱浣滅敤_鍔熸晥
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[Do eggplant nourish the kidney]

銆 愯 倗 瀛 愯 ˉFear of embarrassment 銆 抧 抱 琛 ヨ 偩 _ 諊 灭 敤
What’s the difference between the Chinese language and the Chinese language? It’s a good idea for the father and the mother. It’s a good idea. It’s a good idea. It’s a good idea. It’s a good idea to talk to each other.汉浠彧鏄妸鑼勫瓙褰撴垚浜嗕竴绉嶅緢鏅€氱殑钄彍鏉ラ鐢ㄣ€傚叾瀹炶寗瀛愮殑钀ュ吇浠峰€间篃闈炲父鐨勯珮锛屽父鍚冭寗瀛愬彲浠ュ欢缂撹“鑰侊紝涓昏鏄寗瀛愪腑鏈変赴瀵岀殑缁寸敓绱燛銆傚緢澶氫汉鍦What is the difference between the chain and the umbrella? The chain between the chains is very simple.銆佹姉琛拌€佽寗瀛愬惈鏈夌淮鐢熺礌E锛屾湁闃叉鍑鸿鍜屾姉琛拌€佸姛鑳斤紝甯稿悆鑼勫瓙锛屽彲浣胯娑蹭腑鑳嗗浐閱囨按骞充笉鑷村楂橈紝瀵瑰欢缂撲汉浣撹“鑰佸叿鏈夌Н鏋佺殑鎰忎箟銆?銆佹竻鐑В姣掔敤浜庣儹姣掔棃鐤€佺毊鑲ゆ簝鐤°€佸彛鑸岀敓鐤€佺棓鐤笅琛€銆佷究琛€銆佽琛€绛夈€備腑鍖诲璁や负锛岃寗瀛愬睘浜庡瘨鍑夋€ц川鐨勯鐗┿€傛墍浠ュ澶╅鐢紝鏈夊姪浜庢竻鐑В鏆戯紝瀵逛簬瀹规槗闀跨棻瀛愩€佺敓鐤枛鐨勪汉锛屽挨涓洪€傚疁銆傝寗瀛愯兘鏁h銆佹秷鑲裤€佸鑲犮€傛墍浠ワ紝澶т究浜庣粨銆佺棓鐤嚭琛€浠ュ強鎮f箍鐑粍鐤哥殑浜猴紝澶氬悆浜涜寗瀛愶紝涔熸湁甯姪锛屽彲浠ラ€夌敤绱寗鍚屽ぇ绫崇叜绮ュ悆銆?銆佹不鐤楀喕鐤彇鍐ぉ鍦伴噷鐨勮寗瀛愮Ё(杩炴牴)涓や笁妫电敤姘寸厧锛屾按寮€涔嬪悗鍐嶇叜20鍒嗛挓锛岀敤姝ゆ按娉℃礂鍐荤柈鎮e锛屽悓鏃剁敤鑼勫瓙绉ф摝娲楁偅澶勶紝浜岃嚦涓夋鍙不鎰堛€?銆侀檷琛€鍘嬭寗瀛愭湁鑹ソ闄嶄綆楂樿鑴傦紝楂樿鍘嬪姛鏁堬紝鍏蜂綋鏂规硶濡備笅锛氶€夌敤娣辫壊闀挎潯鍨嬶紝鍒囨垚娈垫垨鑰呬笣锛岀敤楹婚叡浠ラ叡娌硅皟鎷岃€屾垚锛屽湪鏅氶鏃跺垎锛屾湇鐢ㄥ彲鏈夋晥闄嶄綆鍜岃嚜鎰堛€?銆佷繚鎶ゅ績琛€绠°€佹姉鍧忚閰歌寗瀛愬惈涓板瘜鐨勭淮鐢熺礌P锛岃繖绉嶇墿璐ㄨ兘澧炲己浜轰綋缁嗚優闂寸殑绮樼潃鍔涳紝澧炲己姣涚粏琛€绠$殑寮规€э紝鍑忎綆姣涚粏琛€绠$殑鑴嗘€у強娓楅€忔€э紝闃叉寰绠$牬瑁傚嚭琛€锛屼娇蹇冭绠′繚鎸佹甯哥殑鍔熻兘銆傛澶栵紝鑼勫瓙杩樻湁闃叉不鍧忚鐥呭強淇冭繘浼ゅ搧鎰堝悎鐨勫姛鏁堛€?Insane and stunned, stunned, stunned, stunned, stunned, stunned, stunned, squeezed, stunned, sturdy, sturdy, sturdy, sturdy, and hard to find.竴瀹氭晥鏋溿€傛澶栵紝鑼勫瓙杩樻湁娓呴€€鐧岀儹鐨勪綔鐢ㄣ€?銆佹秷鑲挎鐥涘叿鏈夋竻鐑琛€锛屾秷鑲挎鐥涚殑鍔熸晥銆傚皬鍎跨柧鐥呫€佽叞鐥涖€佺敺绉戙€佽ˉ鑲俱€佽叞闂寸洏绐佸嚭銆佽吙鐥涖€侀妞庣梾銆佽倽鐥呫€佽В閰掋€佽儍鐥呫€佷究绉樸€佸皬鑵圭獊鍑恒€佸绉戙€佺粡鏈熶繚鍏汇€佷钩鑵哄鐢熴€佷钩鑵虹檶銆佸潗鏈堝瓙銆佺棙鐥樸€佺櫧鍙戙€佽劚鍙戙€佷赴鑳搞€佺編瀹广€佺毊鑲ょ梾銆佸捊鐐庛€佺棝椋庛€佺墮鐥涖€佹墦鍛煎櫆銆佸彛鑵旀簝鐤°€侀蓟鐐庛€佺溂鐥呫€佹墜鑴氱梾銆佹劅鍐掋€佸挸鍡姐€佸け鐪犮€佺棓鐤€侀珮琛€鍘嬨€佺硸灏跨梾銆佸績鑴忕梾銆佸績琛€绠°€侀潤鑴夋洸寮犮€佺檶鐥囥€侀鐗╁睘鎬с€佽ˉ琛€銆佺槮寮便€佽偉鑳栥€佺槮鑵般€佹箍姘斻€佺粡缁溿€佷腑鎴愯嵂銆佹墦鍡濊瘖鏂細杈╄瘉銆佽儗璇娿€侀潰璇娿€佹湀缁忋€佽垖璇娿€侀潚绛嬨€佹睏璇娿€佺洰璇娿€佹寚鐢叉不鐧剧梾锛氭墦鍧愩€佹媺绛嬨€佹粴鑳屻€佸埉鐥с€佹媿鎵撱€佹暡鑳嗙粡銆佹弶鍦扮瓔銆侀唻娉¤泲銆佽壘鐏搞€佸銆佺┐浣嶃€侀珮鎶吙

[How to cook leftover rice and porridge?

]_How to do_Practice Daquan

[How to cook leftover rice and porridge?
]_How to do_Practice Daquan

Rice is a very common food in our lives, but when you cook, you will inevitably make too much rice. In fact, there are many ways to leave rice. You can even put in porridge, and you can fry it.Rice can also be fried into pie, etc. These are all very delicious. You can add your favorite vegetables to make rice porridge, which is very simple to make and the taste is very delicious.

How to make leftover rice porridge to make red bean porridge ingredients: leftover rice, honey red beans, red bean paste, water.

Steps: Step 1. Add 2 bowls of water to the boiling pot and boil. Step 2. Add honey and red bean paste. Step 3. Cook for about 20 minutes. Step 4. A bowl of hot red bean porridge is ready.Now, you can have breakfast, and you can consume the remaining rice. Rice quiche Ingredients: 1 bowl of rice, 2 eggs, 70 grams of peas Ingredients: 2 chives, 1 small spoon of saltClean, chopped chives, two eggs, beat the eggs, add salt, chives and peas, mix well 3, then pour leftover rice 4, stir well 5 again, you can use an electric pan with a pan,First grease the bottom of the pan, scoop the rice on the plate with a spoon, 2 spoons of a cake, gently flatten with a spoon, high fire 6, turn after forming, the skin will become slightly brittle, and the fragrant cake is especially goodeat.

Kitchen whistle: Carrots, green peppers, cucumbers and other diced can be used without peas, and any vegetables you like can be used for the fire.

The efficacy and role of rice are mainly as follows: 1.

Bu Zhong Yi Qi, promote blood circulation The skin is yellowish and dull, loses ruddy, and people with cold hands and feet can eat more rice because rice can supplement Zhong Qi and promote blood circulation.

2.

Spleen and Stomach Many people often experience abdominal distension, loss of appetite, weak limbs, and inadequate stool formation. You can eat more rice, which can neutralize stomach acid and relieve stomach pain.

3.

Eyesight In addition, rice also has the effect of preventing dry eyes and blurred vision, and can effectively treat eye diseases such as conjunctival congestion, pupil dilation, and myopia.

4.

The analgesic rice is rich in amino acids and vitamins, which can promote metabolism and calm the nerves.

In addition, the organic acids in rice can also reduce fatigue and help sleep.

5,

Patients with diarrhea of diarrhea and spleen deficiency type often suffer from chronic diarrhea, loss of appetite, thin stools, and pale and yellow complexion. You can eat more rice according to your actual situation.

Although the rice looks ordinary, the nutritional value of the rice is high.

The main ingredient in rice is carbohydrates, which are rich in protein and various amino acids, which is easily digested and absorbed by the human body.

[Can you eat locust flower during pregnancy]_Pregnancy_Benefits

[Can you eat locust flower during pregnancy]_Pregnancy_Benefits

Huaihua is a kind of plant, but Huaihua also has certain medicinal effects.

After eating the locust flower, it can clear the heat and remove the fire, and purgatory. The locust flower can be used to soak the water.

However, you should also pay attention to the amount of sophora flower water. Pregnant women can also drink some sophora water appropriately. Let me take a closer look at pregnant women.

The older generation of the family believed that pregnant women should avoid eating blood, slippery and hot foods, and sophora flowers have the effect of activating blood and stopping bleeding, so pregnant women should avoid eating.

They worry that pregnant women eating sophora flowers will almost have an impact on the development of the fetus. Seriously, they may cause slipping, even heartbreaking, and cause great harm to the body of pregnant women.

But modern medicine has shown that pregnant women can eat locust flowers.

Huaihua clears heat and detoxifies, intestines and laxative, has a good effect on treating hemorrhoids during pregnancy and preventing constipation in pregnant women.

Expectant mothers with constipation can drink rapeseed honey, camellia nectar, coriander honey, and locust flower together to drink water. This recipe has a good effect on treating constipation and stopping bleeding and hemorrhoids.

However, although pregnant women can eat locust flowers, they should not eat too much at one time, because locust flowers are rich in sweetness and contain high sugars. Frequent consumption will cause pregnant women with diabetes.

In addition, because Huaihua is a cold food, eating too much can cause abdominal pain, and in severe cases can lead to the tragedy of miscarriage.

Some people of Huaihua can’t eat Deficiency of Spleen and Stomach and Yin Deficiency fever without real fire, people with diabetes, allergic constitution, take it with caution; people with poor digestive system, especially middle-aged and elderly people should not eat too much.

Sophora japonica is suitable for the general population.

Sophora flower taboo1, because sophora flower is relatively sweet, people with diabetes should not eat more.

2. The steamed powdered locust flower is not easy to digest, and people with poor digestive system, especially middle-aged and elderly people, should not eat it in excess.

3. People with allergies should also be cautious in eating sophora flowers.

The efficacy and role of raw locust flower TCM believes that the sexual mutation of bitter cold of locust flower is better than clearing liver and purging fire, clearing heat and cooling blood.

Mostly used for blood heat delusion, liver heat, red eyes, headache, dizziness, sore swelling and pain.

Fried locust flower: The bitter cold nature eases and destroys the enzyme activity, which is conducive to the preservation of effective ingredients.

Its heat-clearing and cooling-blood effect is weaker than that of raw products, and its hemostatic effect is worse than that of locust flower charcoal, which is stronger than that of raw products. It is used for bleeding patients with weak spleen and stomach.

Sophora charcoal: The effect of clearing heat and cooling blood is very weak, and the astringent nature is enhanced, which is preferred to stop bleeding.

For hemoptysis, bleed blood, blood in the stool, hemorrhoid blood, bleeding under the bleeding and other types of evidence.

From the point of view of Western medicine, locust flower contains rutin (ie rutin), quercetin (quercetin), sulfide, sophoradiol, vitamin A and other substances.

Rutin can improve the function of capillaries, maintain the normal resistance of capillaries, and prevent bleeding caused by excessive brittleness and high permeability of the capillaries, hypertension, diabetes, and it can prevent bleeding.

Therefore, Huaihua is mostly used as a commonly used medicine for the treatment of blood in the stool. It is used for hemorrhoids bleeding caused by damp and heat in the large intestine, blood in the stool, blood stasis, and blood vomiting due to blood heat.

Generally frying, 10?
15g, appropriate amount for external use, spleen and stomach Deficiency and Yin Deficiency fever without real fire with caution.

[Are there any parasites in salmon]_How to eat_How to eat

[Are there any parasites in salmon]_How to eat_How to eat

The best way to eat salmon is fresh salmon, with mustard or soy sauce. The taste is soft and elastic. Many seafood lovers particularly like salmon. When eating salmon, you must ensure that the meat is fresh and fresh.Because it helps better absorption, there is no need to worry about bacterial infection in the meat. Is there any parasite in the salmon?

This is also a concern of many people.

Are salmon parasites eaten raw?

Wild salmon are parasitic.

Therefore, eating sashimi is at risk of parasitic diseases. Japan is a country with a high incidence of parasitic diseases.

However, in actual life, we do not eat raw wild salmon directly.

Freezing salmon before eating can kill parasites.

Generally, it can be stored at a low temperature of about minus 30 degrees for about 24 hours to destroy and kill parasites.

Also, farmed salmon is generally dewormed, so it is generally free of parasites (but there may be antibiotic residues).

Why can salmon be eaten raw?

Salmon is delicious when eaten raw. It is quite smooth and non-greasy. Its main ingredients are protein and unsaturated fatty acids. The types of unsaturated fatty acids can be directly absorbed. They do not need to be cooked after cooking and can be eaten raw.

For salmon, we eat more raw because: 1. Salmon is not easy to store. After fishing, it will be quickly pre-treated. The salmon’s internal organs will be removed and then quickly frozen at low temperature, so the quality of the processed salmon is high.It is guaranteed that it can be eaten raw.

2. The nutritional ingredients in salmon can be directly absorbed by the human body, and there is no need to heat it before eating.

Salmon is a species that can be eaten raw.

Shengyi Technology (600183) Annual Report 2018: Performance slightly exceeded expectations 5G applications are set sail

Shengyi Technology (600183) Annual Report 2018: Performance slightly exceeded expectations 5G applications are set sail

18-year revenue growth of 11.

45%, with a minimum net profit of -6.

90%, slightly lower than the expected 18-year revenue of 119.

8.1 billion, ten years +11.

45%, net profit 上海夜网论坛 attributable to mother 10.

10 billion, at least -6.

90%, gross profit margin 22.

18%, ten years +0.

71pct, net interest rate 8.

89% a year -1.

47 points.

The company’s revenue increased steadily, mainly due to the company’s release of copper clad laminates and PCB board capacity to promote continued revenue growth. The company’s gross profit margin increased slightly, but the net profit rate declined, mainly due to the company’s expansion of research and development, and the significant increase in research and development costs, which continued to increase.About 116%.

The company’s PCB business segment has grown rapidly. From the perspective of the business segment of the copper clad laminate business, ① Copper clad laminates and replacement sheets have achieved revenue of 97.

6.7 billion, up from 9 previously.

南京桑拿网
19%, gross profit margin 20.

16%, flat for one year.

In 18 years, it sold 86.87 million square meters of copper-clad laminate, which is the same as +8.

99% can be 12.076 million meters, ten years + 14.

At 95%, the maximum production capacity was expanded slightly, resulting in a slight increase in inventory. It is estimated that the company’s copper-clad laminate ASP decreased slightly by 1%.

②PCB business revenue 20.

36 trillion, ten years +21.

68%, gross margin 25.

99%, ten years +1.

50pct.

The company’s PCB business is mainly undertaken by its subsidiary, Shengyi Electronics. Shengyi Electronics competes on high-end communication PCBs, benefiting from increased demand from major customers, and its revenue and profit are all better, with a net profit rate of about 11%.

It is estimated that the average PCB price of Shengyi Electronics is 2038 yuan / square meter, a year-on-year increase of + 10%, indicating that the company’s product structure is being upgraded.

R & D budgets and construction in progress have increased, and preparations have been made for products such as 5G and automotive electronics. The company’s 18-year R & D expenses have increased, increasing by approximately 116%, and the amount of increase has been approximately 2.

8.4 billion, mainly for automotive electronics substrates, 5G nano-speed substrates and other products for application-oriented research and development.

At the same time, the base period of the company’s construction projects increased significantly at the beginning.

4.5 billion US dollars, mainly for the expansion of production capacity of related products, the company budgeted funds to build Shaanxi Shengyi Phase II, Jiangsu Shengyi Phase I, Shengyi Electronics Dongcheng No. 1 Plant and Phase III expansion projects.

Among them, Jiangsu Shengyi is a special copper-clad laminate project that integrates high-frequency plates in the antenna field. The first phase has a design capacity of 1 million square meters per year. Trial production has begun in November 18th.

The company’s R & D and construction are increasing significantly at the same time, showing that the company is fully prepared for the future outbreak of 5G and automotive electronics demand.

The company with an “overweight” rating for 18 years had a per capita revenue of 1.33 million, which was + 8% in the past and ROE was 16%, which performed quite well.

As a leading domestic copper-clad laminate company, the company converted to 5G commercial fast. The company’s high-frequency copper-clad laminate project is expected to usher in explosive growth demand.

The company’s 2019-2020 net profit is expected to be 1103/1274 million yuan, an increase of 10 in ten years.

2% and 15.

6%, corresponding to PE 25/22 times, given an “overweight” rating.

Risks suggest that the PCB industry is weaker than expected

Zijin Mining (601899) Company Comments: Public Offering Landed to Improve Financial Expenses to Achieve Leap Development in Three Years

Zijin Mining (601899) Company Comments: Public Offering Landed to Improve Financial Expenses to Achieve Leap Development in Three Years
Event: The company announcement intends to start with 3.41 yuan / share issue 23.4.6 billion shares, expected 11.Start online purchase at 15 and start at 11.21 resumes trading, the company announces the output plan for the next three years every year, and mainly achieves leapfrog development with copper. The underlying assets have significantly increased the company’s resource reserves, and the public offering is expected to bring improvements in financial expenses and dilution in a reasonable range.The company’s public offering raised 80 million U.S. dollars to replace the 100% equity of Nevsun, a copper-zinc-gold resource company (at a price of 93).600 million), significantly increasing the company’s resource reserves.The amount of zinc metal mainly produced in Bisha copper-zinc ore is 312.81 Cobalt and copper average grade 1.02%, the amount of copper metal is 65.54 years, with an annual output of 12.5 zinc zinc, copper 1.7 Initially (2018), the company’s operation and management optimized production and service life, and quickly contributed profits.Timok acquired the lower ore belt to amplify the synergy effect. The total amount of copper metal in the upper and lower ore zones of the Timok copper-gold mine was 1,551.89 Cobalt and 374 Gold.76 tons, which is expected to be put into production in 2021, and the copper and gold output will continue to climb in the long term. The company adheres to the strategic layout of resources, enhances the company’s core competitiveness and international industry level, and high-quality projects continue to bring improved cash flow and profit growth.This public offering 23.4.6 billion shares correspond to the diluted existing share capital10.2% is within a reasonable range. If the public offering is completed in full to improve financial costs, the expected annualized financial costs will be realized after the completion of the offering.About 500 million. The overseas layout continues to make efforts, and the 都市夜网 three-year plan realizes the leapfrog development. The company announces the output in the next three years. By 2022, the company’s mineral gold, zinc, copper, silver, and iron concentrate will reach 49-54 tons, 38-42 tons, 67-74 constant, 242-269 tons, 299-332 pointer, of which the composite length of mineral copper reaches 21.9-26%.The company’s counter-cyclical expansion, the Kolwezi copper mine, and the Duobaoshan copper mine have gradually reached capacity. The technical renovation and expansion of the RTB-Bor copper mine acquired in 2018 (forward 12 inches), the Timok copper (gold) mine in Serbia,The Kamoa-Kakura copper mine in the Congo has the resources to form a world-class mine, and its high grade will achieve high efficiency. It is expected to start production in 2021 and achieve 30% of the designed production capacity,武汉夜生活网 and 70 in 2022.%, Reaching production in 2023.With continued efforts in overseas layout, it is expected to achieve leapfrog development and truly leapfrog the global resource leader. Earnings forecast and rating: According to the company’s latest production plan, we fine-tune the company’s net profit attributable to the mother for 2019-2021 to 42.2, 48.5, 66.10,000 yuan, corresponding to the EPS before the public offering of 0.18 yuan / share, 0.21 yuan / share, 0.29 yuan / share, (corresponding to 0 after the public offering.17 yuan / share, 0.19 yuan / share, 0.26 yuan / share), corresponding to the current closing price of PE.8, 16.3, 12 times, according to the assessment method of apportionment business, the copper, zinc, and gold businesses are given 20, 10, and 25 times respectively, and the company’s market value reaches $ 129.8 billion. Considering the corresponding volume of the company’s business, the performance elasticity of each sector is relatively low.The comprehensive assessment 19 times in 2021 assumes that the company’s market value space by 2021 will advance to USD 1255-1298 billion. Maintain BUY rating. Risk reminder: Kamoa’s exploration reserves increase risk, development progress is less than expected risk, development cost is seriously higher than expected risk, copper and zinc prices fall risk

Industrial Bank (601166) 2019 Third Quarterly Report Review: Optimizing Capital Negative Structure and Profits Steady and Rising

Industrial Bank (601166) 2019 Third Quarterly Report Review: Optimizing Capital Negative Structure and Profits Steady and Rising

The company’s balance sheet continues to be optimized. The allocation strategy is more flexible under ample liquidity environment, and the volume and price factors remain stable.

Maintain the “overweight” rating.

Industrial Bank’s return to net profit for the first three quarters increased by 8.

52%, an increase from the first half (+6 in ten years.

6%).

The highest revenue growth rate remains at a high level (+22 in the first half / first three quarters).

5% / 19.

2%), the net interest rate and non-interest income are slightly lower than the growth rate due to the high base in the same period last year, but still at a relatively high level; instead of the provision of a small amount of assets in the third quarter, asset impairment lossesMonthly growth of 15.

6% (+24 in the first half).

2%), and a decrease of 8.
.

6%, which has contributed to the rebound in profit growth.

In the third quarter, the scale of assets remained flat month-on-month, but the length of structural adjustments.

Q3’s total assets were -0.

11% (Q1 / Q2 were -0.

21% / + 4.

36%).

While the overall scale has remained stable, the structure has changed. 1) Loans are still actively invested, and new loans in Q3 amounted to 13.62 billion (Q1 / Q2 increased by 169.5 billion / 147 billion), which were mainly invested in retail and discounting (an increase of 82.9 billion) and577.9 billion), and general public loans decreased by 4.6 billion; 2) Non-credit assets have been substantially downgraded, especially debt investment and other debt investment in financial investment have decreased by more than 110 billion (considered to be related to non-standard), the same industryBuy-back resale and inter-bank storage also experienced pressure drops.

The balance sheet structure was optimized to help maintain the net interest margin stable.

The company’s net interest rate income in the first three quarters increased by 8 per year.

5% (+9 in the first half).

4%), of which Q3 single quarter still increased 4 quarter-on-quarter.

8% (mainly because interest rate expenditure increased by 1 in QoQ.

4% is lower than the growth rate of interest income2.

7%).

The company disclosed in its financial report that “the interest margin remained stable.” We 夜来香体验网 reportedly benefited from the optimization of the asset-liability structure: 1) the asset side, the proportion of loans increased, especially retail loans, which helped stabilize the return on assets; 2) liabilitiesThe proportion of deposits continued to rise to 58.

2% (ring ratio + 1pct).

We expect the interest margin to remain stable in the fourth quarter, and gradually the net interest margin will gradually increase.

Asset quality was generally stable, with moderate exposure and disposal rhythms in the third quarter.

Q3 company non-performing rate 1.

55% (down 1BP from the previous month), and the NPL balance increased by 18.

900 million (Q1 / Q2 increased by 2.6 billion / 1.9 billion), considering that the company’s Q3 concern rate fell by only 3BPs (Q2 decreased by 23BPs) and the concern loan balance increased by 15.

900 million (4.5 billion in Q2 reduction), 都市夜网 we estimate that the company’s new generation in the third quarter caused by poor production and overlapping efforts, but asset quality remains stable.

In terms of provisions, in the third quarter, provision for asset impairment losses was 12.5 billion, compared with the previous two quarter division reduction (Q1 / Q2 was 15.5 billion / 13.6 billion), but credit costs remained at a high level, so provision coverage ratioA slight increase from the previous quarter.

35% to 197.

87% . Risk factor: Asset quality worse than expected.

Investment suggestion: The company’s balance sheet continues to be optimized. The allocation strategy is more flexible under ample liquidity environment, and the volume and price factors remain stable.

Maintain EPS forecast for common shareholders of the parent company in 2019/203.
08/3.
37 yuan, currently corresponding to June 2019.

06xPE / 0.

79xPB.

Maintain the “overweight” rating.

Hikvision (002415): The multi-sensor product line that is gradually enriching is expected to become a new growth point in 2020

Hikvision (002415): The multi-sensor product line that is gradually enriching is expected to become a new growth point in 2020

Company dynamics keep outperforming industry companies. We organized investors to visit Hikvision shareholders at the end of December.

We have seen that Haikang’s product system is further enriched with multi-sensor products. At the same time, in terms of applications, Haikang plans to establish a fire protection subsidiary.

Although there are still uncertainties in 2020, we believe that new video-based needs such as bright kitchens and unmanned roads will continue to emerge. Digital transformation of Chinese enterprises is a long-term opportunity for the company.

The front-end Haikang has an all-round layout in hardware, software and algorithms, and has established a comprehensive software and hardware platform such as AI Cloud and material-information fusion.

We believe that the personnel investment stage of Hikvision has ended and the software and hardware platforms have entered the harvest period.

Maintain “Outperform” rating and target price of RMB 40.

  The multi-sensor product system is becoming more and more abundant, becoming an important fulcrum for the implementation of artificial intelligence technology.

  The biggest feeling of the exhibition hall visit is that Hikvision’s front-end camera products have expanded from visible light cameras in the past to multi-sensor fusion solutions including speed radar and infrared thermal imager.

Among them, Rayvision integrated headpieces and other products are widely praised in intelligent traffic scenarios such as ETC unmanned toll collection; the combination of infrared thermal imagers and traditional sensors such as smoke detectors is also expected to become an important product that disrupts the traditional fire equipment industry.

The new type of sensors that Haikang has actively invested in the past few years have established a core hardware platform that supports multiple sensing technologies.

We believe that this hardware platform is an important fulcrum for the implementation of Haikang artificial intelligence big data technology.

  The fire protection industry is expected to become a new growth point.

Haikang announced in 2019/12 that it will establish a fire protection subsidiary to officially enter the fire protection equipment industry.

According to Grand View Research, the global fire protection equipment industry market size reached USD 58.7 billion in 2018, equivalent to three times the security equipment industry.

At present, the mainstream fire-fighting equipment is mainly smoke alarms, temperature monitors, and other post-alarm equipment, and does not have the prevention capability.

The latest revised “Fire Protection Law” in 2019 clarified the policy of “prevention-oriented and combination 苏州桑拿网 of prevention and elimination”. We believe that this is a new development opportunity provided by smart fire protection product suppliers such as Haikang.

At present, the domestic fire equipment market is fragmented. The top 30 companies have a combined share of less than 10%, and few manufacturers have integrated technical capabilities such as AI, cloud computing, big data, and the Internet of Things.

We believe that Haikang is committed to enhancing its powerful software and hardware capabilities to penetrate the fire protection equipment industry and lead the development of smart fire protection.

  Estimates suggest that we expect the company’s revenue to maintain a steady growth of 16% / 17% in 2020/2021. The growth rate of new businesses such as large enterprise (EBG) and robotics is higher than the overall level.南宁桑拿

Net profit forecast for 2021 is $ 18 billion, which currently corresponds to 21 in 2020/21.

1x / 17.

6x P / E.

  Maintain target price of 40 yuan, corresponding to 24 in 2020/21.

9x / 20.

8x P / E with 18% space.

  New risk applications fell short of expectations; Sino-US trade frictions escalated.

Zhejiang Mida (002677) Semi-annual Report for 2019 Comment: Net profit growth after deducting non-return to motherhood in the second quarter exceeded expectations and continued to maintain Buy investment rating

Zhejiang Mida (002677) Semi-annual Report for 2019 Comment: Net profit growth after deducting non-return to motherhood in the second quarter exceeded expectations and continued to maintain Buy investment rating

Key points of investment: The company’s non-net profit growth rate exceeded expectations.

The company achieved revenue in the first half of 20197.

40,000 yuan, an increase of 25 in ten years.

24%, achieving net profit attributable to mother 1.

82 ppm, an increase of 25 in ten years.

04%, deducting non-attributed net profit1.

770,000 yuan, an increase 苏州桑拿网of 27 in ten years.

16%, corresponding to EPS0.

28 yuan; of which the company achieved revenue 4 in the second quarter.

15 ppm, an increase of 21 per year.

14%, net profit attributable to mother 1.

07 million yuan, an increase of 27 in ten years.

20%, net of non-attributed net profit1.

50,000 yuan, a year-on-year increase of 32%.

E-commerce volume + offline channel upgrades, a two-pronged approach to promote high revenue growth.

1) In terms of channels, offline revenue accounts for about 90%, and is expected to grow by about 21% per year; the company added 70 first-tier dealers in the first half of the year (+ 6%), and newly opened 300 offline terminal stores (+13%), of which the number of KA stores has increased to 100, as of now, all offline terminal stores have 2,500, and there is still room for improvement and encryption.

Initially, the company’s entry into the first- and second-tier KA market is consistent, and it is expected that 300 KA stores will be completed with a high probability.

In the first half of the year, the e-commerce channel increased by about 80% each year, and currently accounts for nearly 10% of the company’s revenue, which is related to the e-commerce penetration rate of 17% in the integrated stove industry.Other businesses increased by 24%, 39%, and 31% respectively; the overall growth rate of the integrated stove business is close to that of the industry. According to the National Household Appliances Industry Information Center, the overall growth rate of the integrated stove industry in 2019 is expected to be 24%, and the industry will be compounded in 2018-2022.The growth rate was close to 20%; the growth rate of the cabinet business exceeded expectations, accounting for 3% of the company’s revenue.

2% increased slightly; other businesses, driven by new products such as sinks, maintained rapid growth as a whole, currently accounting for 7% of revenue.

3%.

Initially, we expect to resume land completion and restoration in the second half of the year, and the income side is expected to maintain a growth of 25% -30%.

Gradually increase the dividend + decrease in raw material costs, and promote the company’s gross profit margin.

The company ‘s gross profit margin increased in the short term in the first half of the year2.

3 pcts reached 53.

5%, mainly due to a substantial increase in the second quarter quarter4.

2 pcts, the budget tax rate is expected to be reduced, the cost of raw materials will be reduced, and the direct contribution of e-commerce will be increased; in terms of expenses, the company’s period rate will increase by 2.

8 pcts, of which the sales expense ratio and research and development expense ratio increased by 5.

1 and 0.

With 7 pcts, advertising and publicity expenses increased by 52 million yuan in the first half of the year, and marketing expenses gradually approached the final growth, indicating that the company has increased its marketing strategy, and R & D expenses currently account for 3% of the company’s revenue.

5%; overhead and financial expense ratios decreased by 2.

8 and 0.

2 pcts, outstanding savings in internal costs.

On the whole, the company’s net interest rate in the first half of the year was 26%, and the net interest rate after deducting non-return to motherhood was 25%, which was basically the same as the same period last year.

In terms of balance sheet, the company’s accounts receivable increased by more than 20 million yuan, which is expected to be mainly due to the increase in online direct e-commerce business; the net increase of 63 million yuan in accounts receivable was mainly due to the expansion of the overall income scale;Advance receipts fell by 18% each year, which was related to the fluctuation of dealers’ quarterly payments.

Initially, we continue to maintain the company’s performance side to maintain a growth rate of 25% -30%.

Profit forecast and investment rating.

We maintain the company’s net profit forecast for mothers for 2019-2021 to 4.

7.8 billion, 5.8.3 billion and 6.

950,000 yuan, a year-on-year increase of 27%, 22% and 19% respectively, and the corresponding income is 0.

74 yuan, 0南宁桑拿 .

90 yuan and 1.

At 08 yuan, the dynamic price-earnings ratios are 18 times, 14 times, and 12 times, respectively. The company’s industry is in a high-growth stage. We believe that it is reasonable to estimate that it will be more than 20 times in 2019.