[Can colitis eat peanuts]_ groundnuts _ can you eat

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[How does the braised old hen taste delicious?】 _How to do_How to do

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[Hazards of old brine]_Impact_Disadvantages

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Zhou Dasheng (002867) Annual Report Review: Revenue Increases 28%, Net Profit Increases 36%

Zhou Dasheng (002867) Annual Report Review: Revenue Increases 28%, Net Profit Increases 36%

The company released its 2018 annual report on April 23.

Revenue in 2018 was 48.

70,000 yuan, an increase of 27 in ten years.

97%; net profit attributable to mother 8.

0.6 million yuan, an increase of 36 in ten years.

15%, deducting non-net profit 7.

52 ppm, an increase of 32 in ten years.

53%.

The basic EPS is 1.

68 yuan; expected average return on net assets 22.

18%, net operating cash flow 3.

67 ppm, a 10-year increase3.

3%.

Profit distribution plan: 4.
.

8.7 billion shares are the base number, and 6 for every 10 shares.

5 yuan (including tax) increased by 5 shares, a total of 3 cash dividends were found.

1.7 billion.

Announcing the financial budget for 2019: It is expected that revenue will increase by 15-25% annually in 2019, and net profit will increase by 15-25% year by year.

Brief comments and investment recommendations.

1. Revenue increased by 27 in 2018.

97% to 48.

7 trillion, comprehensive gross margin increased by 1.

62 averages to 34%, of which 4Q18 revenue increased by 21.

53%, gross margin increased by 2.

15 marks.

① By industry: offline self-employed income11.

27 ppm, an increase of 10 in ten years.

86%, accounting for 23 of total revenue.

14%, gross margin increased by 0.

12 up to 29.

92%; online self-employed (e-commerce) income 3.

5 ppm, an increase of 23 in ten years.

69%, the previous cumulative sales of 45.

360,000 pieces, including 43.51 million yuan in sales of reorganized jewelry, sales volume 3.

310,000 pieces, an annual increase of 82.

93%, sales of plain gold jewelry3.

4.0 billion, sales of 40.
860,000 pieces, an annual increase of 14.
6%; franchise income 32.

470,000 yuan, an increase of 35 in ten years.

14%, accounting for 66 of total revenue.

67%, gross margin increased by 1.

36 averages to 33.

72%, of which the selected wholesale income of franchise business increased by 38.
.

83%, brand royalty income is increasing by 26.
.

01%, revenue from franchise and management services increased by 26 per year.

22%; revenue from supply chain services (Baotong Tianxia Supply Chain Service Company) and micro-credit income were 47.29 million and 4.98 million yuan each.

② Product breakdown: replacement of jewelry income 30.

830,000 yuan, an increase of 33 in ten years.

17%, accounting for 63% of total income.

3%, gross margin increased by 1.

13 up to 25.

96%; Prime gold product income 11.

37 ppm, an increase of 15 in ten years.

15%, accounting for 23 of total revenue.

34%, gross margin increased by 2.

76 up to 19.

92%.

③Region by region: All regions achieved positive growth in revenue, of which East China / Central China and Northwest China grew by over 30%, and South China and North China each increased by 28.

58% and 26.

46%, the Northeast and Southwest regions each increased by 15.

9% and 12.

39%; the average gross profit margin of each major region exceeds 30%, of which the gross profit margin of southern China increased by 6.

86 averages to 37.

45%, the gross profit margin of the Southwest District increased by 1.

38 up to 34.

37%.

Further segment the company’s various types of store benefits: (1) Self-operated stores: revenue growth rate of 10.

86%, single store income 3.97 million yuan, an increase of 11 year-on-year.

64%, single store gross profit of 1.19 million yuan, an annual increase of 12.

07%, both continue the growth trend in 2017.

(2) Franchised stores: revenue growth rate of 35.

14% maintained high growth, with a single store revenue of 1.18 million yuan, an annual increase of 11.

15%, single store gross profit of 400,000 yuan, an annual increase of 15.

84%, including 29 class increases.
16%, so we judge that the company is expected to maintain the same level of revenue and gross profit improvement while expanding the expansion of franchise stores.

2. Ordinarily opened 872 new stores, with a net opening of 651 stores and a total of 3375 stores.

At the company level, there were 820 new franchised stores and 52 self-operated stores; 195 franchised stores were closed, and 26 self-operated stores were closed; eventually, there were 651 net openings, including 625 franchised stores and 26 self-operated stores.
As of the end of 2018, the total number 杭州桑拿 of stores was 3,375, an increase of 23 per year.

9%, including 302 self-operated stores and 3073 franchised stores; the number of mall stores is 1,883, accounting for 55 of the total number of stores.

79%, the number of specialty stores is 1,492, accounting for 44 of the total number of stores.

21%, the number of specialty stores increased by 1 compared with 1,155 stores at the end of 2017.

81 units.

We expect the company to maintain a fast net store opening rate in the next 2 years, continue to strengthen the sinking of third- and fourth-tier channels, and further strengthen channel capabilities.

3. Sales expense ratio decreased by 1.

05 averages, the management expense rate increased by 0.

86 averages, mainly due to supplementary fair incentive costs.

The sales expenses increased by 73.38 million yuan, 厦门夜网 and the expense ratio decreased by 1.

05 averages to 10.

66%, mainly due to a significant increase in revenue and a decrease in staff budget expense ratio of 0.

82 units; management expenses increased by 60.28 million yuan, and the expense ratio increased by 0.

86 up to 2.

59%, mainly due to supplementary equity incentive expenses of 40.7 million yuan.

4. Revenue growth, gross profit margin increased, and operating profit increased by 30.

67%.

Non-operating net income increased by 27.89 million yuan, and the effective income ratio decreased by 1.

21 up to 23.

9%, net profit attributable to mothers increased by 36.
.

15% to 8.

0.6 billion, up 32 after deducting non-value.

53%, excluding the impact of equity incentive expenses, net profit attributable to mother increased by 43.

03% to 8.

4.7 billion.

Maintain judgment of the company.

The company locates mid- to high-end affiliated jewellery and joins the main body. It is self-supported and quickly sinks to third- and fourth-tier cities. As of the end of 2018, the total number of stores reached 3,375.

The company has significant advantages in scale; at the same time, through diversified product structures, the first scenario-style jewellery, exclusive dating 100-face cutting technology, and differentiated competition with Hong Kong-funded brands, attracting passenger traffic with pure gold and creating profits with intervention;Share plans to merge equity incentives to protect the growth of interim results.

Update profit forecast.

Taking into account the amortization of the cost of equity incentive costs, we update the company’s estimated revenue for 2019-2159.

6, 70.

19, 81.

14 ppm, an increase of 22 in ten years.

39%, 17.

77%, 15.

59%; net profit attributable to mother 9.
9, 12.

18, 14.

76 ppm, an increase of 22 in ten years.

81%, 23.
01%, 21.

17%, corresponding to 2 each for EPS.

03 yuan, 2.

5 yuan, 3.

03 yuan, after excluding amortization of equity incentive expenses by 25.

82%, 21.

39%, 20.

37%.

With reference to the 2019 estimates of comparable companies, taking into account the company’s high-end jewelry positioning, the asset-light model continues to accelerate rapid expansion, giving 18-22 times PE in 2019, corresponding to a reasonable value range of 36.

57-44.

7 yuan, given the “preliminary market” rating.

risk warning.

Weak industry demand; uncertain expansion speed; inventory management risk; first-shareholder reduction risk.

Huaneng Hydropower (600025): Rising volume and price boost performance and high dividend yield highlights strategic allocation value

Huaneng Hydropower (600025): Rising volume and price boost performance and high dividend yield highlights strategic allocation value

The second largest hydropower company in China is deeply cultivating Lancang River waters.

Huaneng Lancangjiang Hydropower Co., Ltd. is deeply engaged in the development of Lancang River waters. It is the core and leading enterprise implementing the “West-to-East Power Transmission” and “Cloud Power Transmission”. The installed scale of hydropower has reached 2,294.

880,000 kilowatts, ranking second in the country.

In 2018, the Yunnan unit upstream of the Lancang River entered an intensive production period and the new unit sent electricity to Guangdong. The electricity price was high, and the company’s profitability index ushered in a substantial increase.

In 2019, the assembly machine in Yunnan through the upper reaches of the Lancang River will continue to be released. Overlaps of the 18-year commissioning unit can achieve full production.

66% and 224.

77%.

The installed capacity has been steadily increased, and the power station cascade adjustment capability is strong.

The Lancang River developed by the company is one of the 13 major hydropower bases. As of December 31, 2018, the installed capacity of hydropower in the mainstream of the Lancang River was 1937.

500,000 kilowatts, accounting for only 60 of the total installed capacity that can be developed.

55%, and then a large amount of hydropower resources can still be developed and utilized.

Since 2017, the hydroelectric unit in the upper reaches of the Lancang River in Yunnan has begun production, and in 2018 and 2019, it will be put into operation 325 respectively.

5 and 1.34 million kilowatts, the installed capacity increased steadily.

The company’s current hydropower stations Zhongxiaowan Power Plant and Nuozhadu Power Station have rare multi-year adjustment capabilities. Therefore, the company has the strongest anti-seasonal adjustment capability in the southern region, and the joint optimized dispatching capacity of cascade hydropower stations.It has basically reached about 1: 1, which has improved the company’s competitiveness and profitability (the electricity price in the dry season in Yunnan Province is equivalent to higher in the high season).

The improvement of power supply and demand in Yunnan Province brought about a rebound in utilization hours.

The conservative pattern of domestic supply and demand in Yunnan Province has improved significantly. On the supply side, during the “Thirteenth Five-Year Plan” period, the national policy has shifted to the scientific and orderly development of large-scale hydropower and strict control of small and medium hydropower.

Affected by this, Yunnan Province’s power installation growth measures, in 2018, the additional power and hydropower installations were 476.

3.6 billion kilowatts and 479.

6.1 billion kilowatts, which dropped to about half of 2015-2016; on the demand side, from 2017, Yunnan Province continued to vigorously develop high-energy-consuming industries such as electrolytic aluminum and photovoltaic manufacturing.The growth rate is distorted from negative to 厦门夜网 positive. From 2017 to 2018, the growth rate is approaching two numbers and the continuous implementation of supporting lines for power transmission from west to east. In addition, the dual control of coal and electricity in Guangdong has led to rising demand for external power consumption in the province.Greatly increased power.

Due to the significant demand for supply and demand, the company’s unit utilization hours rebounded sharply, from 3550h in 2015 to 4128h in 2018, a significant increase.

A new unit from the upper reaches of the Lancang River in Yunnan Province sent electricity to Guangdong, bringing both volume and price.

The five hydropower stations (Miaowei, Dahuaqiao, Lidi, Wulonglong, Huangdeng) in the upper reaches of the Lancang River of the company participated in the power transmission from west to east, and the power receiving area was Guangdong.

The benchmark electricity price in Guangdong Province is relatively high, and pushing back the on-grid electricity price in the corresponding location has a significant advantage.

Relative to the market in Guangdong Province, e-sports bids have become more rational, and the monthly bidding spread in the province has continued to narrow and is basically stable at 30% / kWh.

Therefore, since 2018, the company’s average price of unit electricity has increased marginally, and the average price of unit of unit electricity in 2018 and 2019 has increased by 8 respectively.

19% and 4.

14%.

Investment strategy: The value of high dividend yield assets is prominent.

With the commissioning of all the units in the Lancang River and Yunnan section, the company currently has only the Toba Hydropower Project under construction. In the 2018 annual report, the company disclosed only 39 for its capital expansion plan for 2019.

US $ 1.7 billion, which has been decreasing year by year. It is expected that the follow-up company CAPEX will continue to decline. Abundant net profit is expected to return to investors in the form of dividends to stabilize the replacement rate at a high level.

In the context of the current slow economic growth and the expected decline in incremental growth, it will become more and more difficult to obtain capital gains on assets. The value of equity assets with stable performance and willingness to return to shareholders is in the new context.The next outstanding indigenous treasure.

The current fixed-rate treasury bonds have one-year, three-year, five-year, and ten-year interest rates of 2 respectively.

59%, 2.

82%, 2.

96% and 3.

21%, higher than the value of more strategic allocation of high-yield assets such as Huaneng Hydropower.

The first coverage is given an “overweight” rating: Considering the completion of the Yunnan section of the upper Lancang River, the follow-up company CAPEX is expected to decline significantly. Assuming the dividend rate remains above 55%, the company’s yield will remain high and stable for a long time.

5% -4.In the 5% range, the value continues to stand out against the backdrop of expected downward interest rates.

We estimate that the company’s EPS for 2019-2021 will be 0.

30, 0.

32, 0.

31 yuan, the current sustainable corresponding PE is 14 respectively.

9X / 14.

2X / 14.

3X, covering the first time to give the company an “overweight” rating.

Risk reminders: risk of incoming water fluctuations; risk of insufficient hydropower capacity; risk of market power expansion.

SF Holdings (002352): Accelerated revenue growth and market share continue to increase

SF Holdings (002352): Accelerated revenue growth and market share continue to increase
Event: The 重庆耍耍网 company released the third quarter report of 2019, and the company achieved revenue of 787 in the first three quarters.70 ppm, an increase of 20 in ten years.37%, net profit attributable to mother 43.110,000 yuan, an increase of 44 in ten years.77%; revenue in the third quarter was 286.950,000 yuan, an increase of 25 in ten years.36%, achieving net profit attributable to mother 12.100,000 yuan, an annual increase of 57.47%; Benefiting from the promotion of “e-commerce special offers”, business volume has grown rapidly.Since the company launched the “e-commerce discount” in May 2019, its business volume has increased rapidly, and its business volume has further increased in the third quarter.52%, with a market share of 6 from May.6% to 8 in September.1%.The increase in business volume has not only accelerated the revenue growth. In Q1-Q3, the revenue growth rates in 2019 were 17%, 19%, and 25%, which further promoted the company’s market share and conducted a strategic defense of the e-commerce parts market. Gross profit margin improved significantly, and profit growth accelerated.Gross profit margin for the third quarter of 2019 was 18.43%, rising by 0 every year.89pct, the growth rate of profits accelerated upward. In Q1-Q3, the growth rate of net profit attributable to mothers was 27%, 48%, and 57% respectively.We believe that the improvement of the company’s gross profit margin and profit mainly come from three aspects: 1) the increase in business volume highlights the scale effect and effectively improves the cost improvement brought by the loading rate; 2) the company’s express business crosses the breakeven line and begins to contribute to the companyProfit; 3) The company contracted some businesses in the first half of the year, effectively reducing expenses. Financial stability and steady increase in net cash flow from operating activities.In the first three quarters of 2019, the company’s net cash flow from operating activities was 76.470,000 yuan, an increase of 66 in ten years.58%, synchronized with profit growth.The third quarter of 2019 reports the company’s asset and debt restructuring52.22%, the company is financially sound. Firmly optimistic about the company’s development, focusing on the profit contribution brought by the non-courier business.Firmly optimistic about the company’s development. In the short term, the company’s “e-commerce discount” is expected to continue to drive the growth of total business volume, which will bring the company’s market share and cost improvement; the short-to-medium-term express business will promote the company’s profit contribution.The important layout will become an important engine of revenue growth; in the long run, the Ezhou Airport, which will officially operate in 2021, will comprehensively improve the company’s transportation network, which will further enhance the company’s time-efficient transportation capacity. Investment suggestion: The company’s EPS for 2019/2020/2021 is expected to be 1.28/1.55/1.85 yuan, corresponding PE is 32x, 26x, 22x, maintaining the “buy” level. Risk Warning: Macroeconomic downturn, new business expansion is less than expected.

[How to make beef tripe soup]_ making method _ how to make

[How to make beef tripe soup]_ making method _ how to make

The tripe is a common ingredient. The tripe is crunchy and has a lot of small barbs on it, so many people like it, but the chop is usually blocked. In addition to stir-frying some spicy food, there are many other things.There are many ways to cook soup with beef tripe. There are many ways to cook soup with beef tripe. You should choose according to the taste of everyone. Let ‘s take a look at the practice of soup with beef tripe.

Ingredients for making raw materials: tripe (500 grams) auxiliary materials: 30 grams of Huaishan, 30 grams of real rice, 30 grams of indica rice, 5 ginkgo, 4 slices of ginger, 5 dates of jujube seasoning: salt making method 1, Huaishan, Zhishi, barleyWash ginkgo and candied dates.

2. Rub the tripe with salt and raw powder repeatedly, and slice.

3. Put all the ingredients into the pot, add an appropriate amount of water, switch to a simmering pot for 2 hours after the Wuhuo boil, and season with salt.

Bis 1, minced shallots and garlic, shredded beef tripe; 2, hot oil pan, minced garlic and fragrant, add minced onion, stir-fry the beef tripe, stir-fry, add water, add soy sauce;After opening, add an appropriate amount of sesame paste that has been mixed with hot water, then add an appropriate amount of salt, and a small amount of chicken essence to season; 4. Cook a little, turn off the heat and sprinkle the coriander;

Just fine.
Food effects: Huaishan nourishing qi, nourishing yin, astringent essence, nourishing spleen and relieving diarrhea, beef belly, nourishing spleen and stomach, nourishing qi and nourishing blood, nourishes and dampening heat, nourishing lungs and nourishing stomach, ginkgo, nourishing qi, relieving cough and asthma, nourishing lung and kidney.
The belly soup is fragrant, rich in nutrition, and attractive in appetite. It is suitable for all seasons. It is especially loved by women, the elderly and non-spicy people.

[How is the meatball fried and scorched and crispy?

]_How to fry_How to fry

[How is the meatball fried and scorched and crispy?
]_How to fry_How to fry

Meatballs are a very popular type of fried food. People add a lot of stuffing to the dough. The most common way is to add minced meat and some vegetables, and then fry them to make them fried.It’s crispy and tender, with a very good taste and an attractive appearance, but it’s not easy to make delicious fried meatballs. You need to master a lot of methods and techniques. Let’s learn this knowledge below.

How is the meatball deep fried and crunchy?
Method 1: “Dried croquettes” is a common dish. It tastes tender and tender outside, and tastes delicious.

Its raw materials are 400 grams of pork (fat six lean three), one egg, 100 grams of wet dough powder, ginger, salt, pepper noodles, 100 grams of edible oil (actual consumption 75 grams).

Method: Chop pork into rice-sized dices, put it in a nine-inch soup plate, add eggs, wet dough powder, water (appropriate amount), ginger, salt, stir well, and set aside.

Heat the wok, pour the oil, and when it is hot to 60%, knead the prepared ingredients into large balls with a diameter of about 3 cm. Put them into the oil pan one by one and fry them slightly. Remove the oil. When the oil heat rises to eightyThen, re-fry it into the oil once and remove it; finally, fry it again until it is jujube red, drain the oil and sprinkle the pepper noodles on the plate.

In order to make a good meatball, you must master the following points.

1.When selecting materials, strictly follow the ratio of 70% fat and 30% lean meat.

2.The meat should not be chopped too fine, but it is usually in the form of crushed rice.

3.
The starch should be adjusted to a wet dough powder with water, and the amount of dough powder added should be appropriate. If the shrinkage in the pan under the meatballs becomes smaller, it is less dough powder; if it is expanded, it is more dough powder.

Then adjust the amount of dough powder according to the situation.

4.It is best to add water to the meatballs in batches. The thinness of the meatballs is: the paste is placed in the soup plate, which can basically spread out into a flat surface. Do not make the paste too thick.

5.Grasp the oil temperature, and put the oil into the pan three times.

Due to the thinness, the balls that were introduced were basically oblate.

Method 2: Ingredients: minced meat, egg white, ginger onion, seasoning: yellow sauce, cooking wine, salt, vinegar, sugar, starch, ginger onion, soy sauce Practice: 1, minced meat, egg white, cooking wine, ginger onionStir together with the yellow sauce 2, use cooking wine, salt, vinegar, sugar, starch, ginger, spring onion, soy sauce, water to mash the sauce 3, heat the oil, fry the meatballs to eight or nine, and basically the meatballs will float onEnough.

4. Leave a little oil in the pan, pour in the sautéed sauce, and pour the meatballs back and stir-fry.

[Poor female libido]_ low libido _ woman _ how to solve _ solution

[Poor female libido]_ low libido _ woman _ how to solve _ solution

Sexual love is mysterious and beautiful. Generally speaking, as long as normal women have a desire for sex.

However, in reality, there are some women whose sexual desire always seems to be poor, even without any sexual impulses, and this time has seriously affected the life of husband and wife.

So what method can you choose to help solve it at this time?

Let’s make a detailed introduction below.

1. Both men and women look for the causes of sexual indifference.

It should be said that the reasons for each woman’s apathy are definitely different. At this time, men and women must work together to solve it.

For example, it is dissatisfied with certain performances of men, or any psychological shadows in childhood, or suffering from certain diseases.

Then both parties make adjustments in a timely manner based on these conditions, and if necessary, they can also ask a psychiatrist or physiologist to intervene in the treatment.

This requires women to treat the issue of “sexual apathy” first.

2. Improve the relationship between the two parties.

Most women are sexual because of love, so men do not prevent verbal communication with their wives before doing sex, or do the most wasteful things, give more psychological comfort to women, and let women cause happiness from the heart.

When there are emotional disputes between the two parties, or if the woman suffers from some unsuitable sex life, it is necessary to help women to solve the problem with a tolerant attitude.

In addition, both men and women also need to continuously improve their charm and enhance each other’s feelings.

3. Focus on sexual skills.

For example, sexual foreplay, place of sexual life, sexual posture, necessary assistive tools, etc. are all essential.

The study found that most women do not like a layer of constant sexual posture and sexual lifestyle. Therefore, in terms of sexual life skills, the husband does not guard against quoting the woman’s opinions and learning and progress together.

The above solutions can appropriately improve the symptoms of female low sexual desire. Therefore, Xiaobian suggested that friends who are being solved by this problem can replace the article as a reference and work out a reasonable plan. At the same time, the husband must also be activeCooperate well, the armor can resume normal sexual life as soon as possible.

[How to cook duck blood sprouts]_How to make_How to make

[How to cook duck blood sprouts]_ making method _ practice Daquan

China’s food culture is vast and profound, and the combination of some humble ingredients will turn into a mouth-watering delicious.

Duck blood sprouts are such a delicious dish.

Although the duck blood sprouts are simple to supplement, the nutritional value is not simple at all. The duck blood sprouts have the functions of nourishing blood and detoxifying, conditioning the five internal organs, and diuretic and dehumidifying, so it is very suitable for people to eat.

So, how delicious is duck blood sprouts?

Method: Ingredients: 1 duck blood, 1 small plate of bean sprouts, 3 garlics, appropriate amount of oil and salt, steps: 1.

Prepare raw materials; 2.

2. Boil the water in the pan and simmer the duck blood clots to help it go fishy; 3.

Heat the pan with cold oil, first add the garlic and white to stir fry; 4.

4. Add soy sprouts and stir fry after fragrant; 5.

5. After stir frying a few times, add duck blood to stir fry; 6.

6. Stir fry a few times and add the right amount of salt to taste; 7.

Finally, add the garlic leaves and stir fry; 8.

Serve it.

Tips: 1.

Duck blood water can remove the fishy smell by simmering; 2.

2. Be careful not to flip the duck blood too much, and avoid frying the duck blood; 3.

Bean sprouts and duck blood should not be fried for too long to avoid getting old.

The main ingredients of the second method: bean sprouts, duck blood auxiliary materials: ginger garlic, seasoning, salt, seafood powder, cooking wine method: 1, the bean sprouts are washed and drained.

2. Duck blood slices simmer.

3, put some oil in the pan and sauté the ginger and garlic.

4. Add the bean sprouts and stir fry twice, then pour in the broth, add some salt, seafood powder, and cooking wine to taste.

5. Put the cooked bean sprouts into the soup bowl first.

6, put some oil in the pan and heat the duck blood and stir-fry, add some salt, seasoned with cooking wine, serve the sprouts, sprinkle with paprika and minced garlic.

7, put a small amount of oil in the pot, add pepper and pepper to fry the aroma, remove the pepper and pepper, and pour the oil on the duck blood.