[Homemade practice of spring onions and sea cucumbers]_How to_How to do

TOWER RECORDS Yan Qi Ji Jing Yue pound Right-trip to a stamp parent pot Dongcen TOWER Tuan Ho Tong Qian Xu pot How to pot?
鐜板湪浜轰滑瀵归ギ椋熻秺鏉ヨ秺閲嶈锛屽洜涓轰汉浣撻渶瑕佽惀鍏诲彲浠ヤ粠椋熺墿涓憚鍙栥€傚コ鎬ф湅鍙嬪楗鏂归潰灏ゅ叾閲嶈锛屽洜涓哄コ鎬ц繃浜?5宀佽兌鍘熻泲鐧藉氨寮€濮嬫祦澶憋紝鍔犲揩浜嗚“鑰佺殑閫熷害銆傛捣鍙傛槸涓€绉嶆捣閲岀殑鐢熺墿锛岃浜轰滑绉颁负鈥滃叓鐝嶁€濅箣涓€锛屽瘜鍚赴瀵岀殑鑳跺師铔嬬櫧锛屾槸濂虫€ф湅鍙嬬殑鏈€鐖便€備笅闈㈢粰澶у璁茶В涓嬭懕鐖嗘捣鍙傜殑瀹跺父鍋氭硶銆備竴銆佽懕鐖嗘捣鍙傜殑鍋氭硶涓绘枡锛氭捣鍙傝緟鏂欙細钁便€佽壊鎷夋补銆侀叡娌广€佸銆佽挏銆佹枡閰掋€佺櫧绯栥€佽殱娌?.Poo Ning, Dao, Ping, Xuan, Ping, Ping, Ping, Ping, Ping, Ping, Ping, Ping, Ping, Ping, Ping, Ping, Ping, Ping, Peng, Ping, Ping, Peng, Ping, Ping, Poke, Poke, Poke.鏀惧湪鍐版按閲屽啀娉′竴浼氾紝鐩村埌鍙樿蒋锛屽洜涓哄厛鍓嶆槸鍐峰喕鐫€鐨勶紝杩樻湁纰椾笉鑳界矘鏈夋补鑵?.What is the problem?.What is the difference between forging and arranging?.Do you want to mix and match?.锷 犲 叆 娴 峰 弬 7.锷 犲 叆 揂 欓 Tired of 8.鍔犲叆涓€灏忓嫼閰辨补9.鍔犲叆涓€灏忓嫼铓濇补10.鍔犲叆娓呮按鎴栬€呴珮姹わ紝灏忕伀鐓?闒 嗛 挓 11.鏈€鍚庡啀鍔犵偣鐧界硸锛屼笉鐢ㄥ嬀鑺★紝鍥犱负铓濇补閲屾湁娣€绮夛紝瓒婄儳浼氳秺绮樼锛屼篃涓嶇敤鍔12英镑鍑洪攨鍓嶅彲浠ュ啀娣嬩笂鐐归娌瑰氨澶у姛鍛婃垚浜嗕簩銆佸搴増钁辩儳娴峰弬鐢ㄦ枡 锛氭捣鍙傘€佸銆佽懕銆侀叡銆佹补銆佺櫧绯栥€佹枡閰掋€佺洂銆佷笂姹ゃ€佹按娣€绮夋捣鍙傛礂鍑€锛岀敤鍔犱簡濮滄眮鐨勬按鐓簲鍒嗛挓锛屾崬鍑烘帶鍑€姘?澶ц懕鍒囧嚑娈碉紝濮滃垏鐗囪捣鍑€閿咃紝鍔犲叆姗勬娌规垨鑹叉媺娌瑰皯璁革紝鍥涙垚鐑椂涓嬪叆钁辨锛岀偢鎴愰噾榛勮壊鏃舵崬鍑猴紝钁辨补澶囩敤鍙﹁捣閿咃紝楂樻堡鎴栨竻姹ゅ姞钁辨銆佸鐗囥€侀€傞噺鐩愩€佹枡閰掑皯璁搞€侀叡娌瑰強鐧界硸涓€灏忓嫼銆佹捣鍙傦紝澶х伀鐑у紑鍚庤浆灏忕伀鐓?I ‘m sorry, I ‘m going to do it, I ‘m going to do it, I ‘ll do it, I ‘ll do it, I ‘ll add it to you, I ‘ll tell you what ‘s going on, what ‘s going on, what ‘s going on?叆鐐稿ソ鐨勮懕娈点€佹竻姹ゆ垨楂樻堡銆佺洂閫傞噺銆佹捣鍙傘€侀叡娌癸紝澶х伀鐑у紑杞皬鐏叏2鈥斺€?鍒嗛挓锛岃浆澶х伀鍔犳按娣€绮夊嬀鑺°€佹敹姹侊紝娣嬭懕娌硅鐩樺嵆鍙?

[Man’s breasts have these effects on women]_Male

[Man’s breasts have these effects on women]_Male

For most men, breast cancer is nothing more than two “small bean rice” that can be completely ignored. Since it is impossible to grow up and grow like a woman’s breast, it goes without saying that there will not be so many problems, evenDoctors also often ignore breast cancer in men.

As everyone knows, there are often big hidden dangers in small places, and men are also troubled by breast cancer.

1% of breast cancers are men’s normal men. Breast development is very low, so they are often forgotten, and men almost never think that their breasts are about to fail.

In fact, breast cancer is an organ located on the body surface, and men should pay attention to it.

For them, breast cancer can also be a “frequent accident.”

In fact, scientists have long included male diabetes in the field of medical research.

The latest data released by the American Cancer Society website show that the current incidence of diabetes in men accounts for 0% of all cancers in men.

twenty two%.

Because the current research on diabetes in men is not as good as that in women, experts believe that this should not be a small number, and more patients may be missed and not included in the statistics.

Male patients account for about 1% of diabetic patients.

According to the reporter’s understanding, currently male clinical patients in China account for about 1% of diabetic patients, mostly middle-aged and elderly.

123456Next

[Encyclopedia of fungus cold dressing, three appetizers to learn]_How to do_How to do

[Encyclopedia of fungus cold dressing, three appetizers to learn]_How to do_How to do

Fungus, also known as tree ear, is a type of fungal food that can be cultivated in the wild. This kind of food has been popular because of its crispy texture and rich nutrition.

In addition, the fungus has many benefits for the human body, and has the effect of detoxifying and removing heat and heat. There are many methods of fungus that can be eaten cold or eat with other vegetables.

Let ‘s introduce some fungus cold salad.

One.

Cucumber and carrot mixed with agaric fungus 1, soak the fungus in warm water for a few minutes, clean it after tearing, and tear the small flower; 2, cucumber, carrot cut diamond-shaped pieces; 3, after the water in the pot, drip a few drops of oil, put the carrots separately,The fungus is well-cooked and removed from the cold; 4, put some oil in the oil pan, put peppercorns, aniseed, and shallots to fry the flavor and cool; 5, fungus, cucumber, carrot, garlic, sugar, salt, chicken essence, vinegar, Fried oil can be mixed well.

two.

Round onion green pepper mixed with agaric 1.

Prepare raw shallots, fungus, green peppers and more.

2.

After the fungus is soaked, wash the pedicles, wash the green and red peppers, and shred the onion and cut into rings 3.

Fungus simmered in boiling water over 4.

Sit in a wok and stir-fry pepper oil 5 over low heat.

Take a small bowl and add raw soy sauce, vinegar, sugar, pepper oil, sesame oil, and a small amount of water to make a flavor sauce6.

Place the fungus, onion, and red and green peppers in a bowl and pour in the sauce and mix well.

three.

Lettuce mix with fungus Step 1 Prepare fungus, lettuce, carrot Step 2 Peel the lettuce, wash and shred, and salt for 5 minutes Step 3 Peel the carrot, wash, shred, and salt for 3 minutes Step 4 Boil with water, Add the fungus scallops and cook, remove step 5 lettuce shreds and carrot shreds, and then remove the brine, fungus and drain the water step 6 lettuce shreds, carrots, fungus, sesame oil, sesame oil, vinegar, salt, garlic, pepper mixon.

[How to recycle old brine]_How to use_How to use

銆愯€佸崵姘村浣曞惊鐜娇鐢ㄣ€慱鎬庝箞浣跨敤_濡備綍浣跨敤
鍗よ彍鏄腑鍥界殑涓€绉嶅緢鏈夊巻鍙插簳钑寸殑鑿滅锛屽崵鑿滃彛鎰熸瀬棣欙紝鍙敤鏉ヤ笅楗篃鍙敤鏉ヤ笅閰掋€傝€屾瘡娆″崵杩囪彍鐨勫崵姘村彲浠ラ噸澶嶄娇鐢紝骞朵笖涓嬩竴娆″崵鍑虹殑鑿滃懗閬撴洿濂斤紝鍚冪潃鏇撮銆備笉杩囧崵姘磋鎯抽噸澶嶄娇鐢紝鍒欏簲褰撳仛涓€浜涘鐞嗐€備笅闈负澶у浠嬬粛涓€涓嬭棣欏皢鑰佸崵姘撮噸澶嶄娇鐢紝濡備綍淇濆吇鍗ゆ按銆傚崵姘寸殑淇濆吇锛?It ‘s so hard to see if it ‘s a good idea. It ‘s a chain of fortunes, and it ‘s like a monkey, a monkey, a god, a god, a god, a god, a god, a god, a god, a god, a god, a god, a god, a god, a god.Stretching 傊 傱 娆 ★ 纴 淇 濊 越 姹 ゆ 棉 鏉 傝 川 銆?銆 丸 崵 姘 村 彲 浠 ヨ 繘 琛 屽 娽 娓 ╀ 瀭 瀛 瀛 瀛 瀛 瀛?It ‘s a good idea. It ‘s a good idea. I ‘m afraid of it. I ‘m afraid of it. I ‘m afraid of it. I ‘m afraid of it. I ‘m afraid of it. I ‘m afraid.Do you have a lot of troubles?The chain of chains is broken, and the draft is in the village, the village in the village, the village, the village, the village, the village, the village, the village, the village, the village, and the village.銆 佢 卢 鍗 ゅ 懗 钗 ゥ 刚 訖 Arresting 抶 璶 璒 鬒 嬸 妸 鍗 ゆ Don’t be afraid of 鍐 鍐 飐 壌 瀹 や 兑 導 導 兎 兎 少 導 導 導 少 導 兑劭 銆?Do you want to go back to the nickname? Do you want to go back to the nickname?5 儆 ‘s mutual exchanges of sorrows and sorrows and sorrows and sorrows and sorrows and sorrows and sorrows and sorrows and sorrows and sorrows.This is a new and unrecognizable feature, and it is very difficult to discern it: it ‘s hard to beat it, it ‘s very difficult to do it, it ‘s very difficult to do it.The paper is made of paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper, paper.鐨紙杈涖€佺敎锛岄鎸?涓寚澶у皬鍗冲彲锛屽彲鐓哥倰锛夈€侀鍙讹紙杈涖€佽嫤銆佸湪鍗ゆ按涓崵鍒?0鍒嗛挓鍚庨渶鍘婚櫎锛夈€佸北妤傚共锛堥吀銆佸皬鍗婃妸锛夈€佺敇鑽夛紙鐢溿€佷竴灏忔姄锛夈€佸綋褰掞紙鐢橈紝褰撳綊鍛抽亾杈冨ぇ锛屼笉鍠滆€呭嬁鏀撅級銆佸共杈f锛堣荆銆佸枩杈e彲浠ュ鏀撅紝涓嶅枩鍒欐斁涓€鐐圭偣锛夈€佸ぇ钁憋紙杈涖€佺敎锛屼竴鏍癸級銆佸共铓濓紙椴滐紝浣嗘槸鐣ュ甫鑵ュ懗锛屼笉鍠滃嬁鏀撅級銆佷竵棣欙紙閰革紝鍛抽亾杈冮噸锛屾斁涓冨叓棰楋級銆侀檲鐨紙閰革紝灏戦噺锛夈€佺敓濮滐紙杈涳紝灏嗘暣棰楃敓濮滄媿鎵侊級銆佹柊椴滆荆妞掞紙锛涜荆锛屾寜鐓т釜浜哄彛鍛筹級銆佽€佹娊锛堝捀銆侀矞浠ュ強鐫€鑹诧紝鍚椈鏄箍鍛冲叴鐨勬渶浣筹紝浣嗘槸 @闂讳匠閭f鍗栨病鏈夋姠鍒帮紝浣嗘槸宸茬粡鑱旂郴鍋氬璐哥殑鏈嬪弸甯垜鍏ユ墜锛岀幇鍦ㄧ敤鐨勮€佹娊鏄捣澶╃殑鑰佹娊锛屽崵姘村彉娣辫壊鍗冲彲锛岃嫢鑰佹娊涓嶅ソ锛屽崵姘翠細鍙戣嫤锛夈€佺敓鎶斤紙鍜搞€侀矞浠ュ強鐫€鑹诧紝鍚I am afraid that you will be able to find out what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what ‘s going on, what ‘s going on?Juan Hanhan?

[Can bean sprouts and kelp eat together]_Bean sprouts kelp _ Eat at the same time _ Can you

[Can bean sprouts and kelp eat together]_Bean sprouts kelp _ Eat at the same time _ Can you

Bean sprouts and kelp are common ingredients in our diet. Many friends are actually very familiar with these because they like to eat such ingredients.

The use of bean sprouts and kelp for frying is also a relatively common practice. It is also common in many families. The taste of frying is relatively light, suitable for the tastes of public friends, and contains rich nutrition.

Bean sprouts fried kelp raw materials 300 grams of kelp, 150 grams of soybean sprouts, 30 grams of cooked lard, 2 grams of salt, 15 grams of soy sauce, 10 grams of cooking wine, a small amount of sugar, 5 grams of sesame oil.

Method: Wash and clean the seaweed kelp, put it in a boiling water pot and cook for 25 minutes, remove and dry it and cut into 6 cm long silk; separate the soybean sprouts, and rinse them with water.

Place the cooked pot on a hot fire and sauté the lard until it is 70% hot. Add the soybean sprouts and stir fry for 2 minutes until it is nearly cooked. Add the kelp, add salt, soy sauce, cooking wine and sugar to adjust the taste. Pour in sesame oil and stir fry quickly.拌均 [1] 匀,即可装盘上桌。Special note: black and white, fresh and crispy and smooth.

Stir fry with high heat, shorter time.

You can add a small amount of red pepper to stir-fry together to increase the efficacy and effect of color kelp. Kelp alias seaweed, kelp, kelp, kelp, river cabbage, sea kumbu, sea horse salamander, western cabbage, black kumbu, daylily: Kelp grows in colder oceans and is epiphytic on rocky reefs. It is produced in the Yellow Sea, East China Sea, and Bohai Sea coasts, with Dalian, Qingdao, and Yantai as the main producing areas.

Fucoidan contained in kelp is a unique mucus component of seaweed plants and is not found in terrestrial vegetables. It can prevent the coagulation reaction of red blood cells, prevent blood clots and increase blood pressure caused by increased blood viscosity.Good for hypertensive patients.

Traditional Chinese medicine believes that kelp is cold and slippery. Soft and strong medicines are often used to treat limulus tumors (thyroid enlargement) and ridges (lymphatic tuberculosis). It has the effect of dispersing nodules. Therefore, ancient doctors pointed out:(Kelp) does not divide.

“, Kelp can also be used to treat insulin pills, swelling and pain, chronic bronchitis, edema and athlete’s foot.

[How to make crispy belly]_How to do_Methods Daquan

[How to make crispy belly]_How to do_Methods Daquan

Foods such as hot pot have been brought to the table and are very popular in life. The most common dry pot crispy belly in dry pot food, the main ingredients selected are pork belly, various vegetables, plus a small amount of hairBelly, the aftertaste is crispy, because it is a dry pot, it has a kind of tender and tender texture, and the sauce is rich. It is very good to eat with rice, so everyone can learn this kind of cuisine.

Tujia dry pot crispy ingredients: 100 grams of wild amaranth, 50 grams of pork belly.

Seasoning garlic seedlings, 10 grams each of onion, 15 grams of red pepper, ginger, garlic slices, 5 grams of dried pepper, 6 grams of balsamic vinegar, 5 grams of chicken essence, 10 grams of red oil and shallot oil, 3 grams of old soy sauce,Raw soy sauce, 5 grams each of sesame oil, 4 grams of thirteen incense, and 15 grams of lard.

Method 1: Cut 2 cm thick slices of pork belly, diced red chilli pepper, change the onion to a wire, and change the garlic seedlings to a horseshoe.

2. Heat the pan, add lard to 50% heat, stir in ginger, garlic slices and stir-fry, add pork belly slices, stir-fry, stir-fry in old soy sauce, raw soy sauce, vinaigrette, add pepper, redHang the peppers and stir-fry, add the dried amaranth and stir-fry evenly, add chicken essence, garlic sprouts, thirteen incense, and drizzle with red oil.

3. Finally, pour the onion oil in the pan, fill the dry pan with onion shreds, and drizzle the sesame oil on the table.

The flavor is dry and crisp, and the aftertaste is long.

The key is not to fry for a long time when frying the wok. Properly drip a little water to ensure that the mangosteen is not soft.

Laoganma Spicy and Crispy Belly Ingredients: half fresh pork belly, half onion, 1 tablespoon of Laoganma tempeh sauce, salt, soy sauce, starch, oil, chicken essence, and coriander.

Cut the pork belly into shreds and use salt, soy sauce, starch, and a small amount of oil to grasp it for 10 minutes;

2. Shred the onion;

4. The belly shreds under the hot pot are fried quickly, and the belly shreds are rolled up and rushed out;

Add the remaining oil to the old lady and stir-fry, stir-fry the onion shreds, stir in the shreds and stir-fry the chicken essence.
5.

Decorated with coriander?
Tip 1: Fresh pork belly can be cleaned quickly by rubbing it with salt and white vinegar. 2. The belly should be crispy and can’t be fried for a long time.Out, otherwise they will not chew if they are fried; 3, delicious and delicious, creak?

[No man can refuse such a tease]

[No man can refuse such a tease]

The night was moving and the women at night were very charming.

On an intoxicating night, the beautiful woman who opened her heart bloomed a wonderful tenderness of summer.

With the intoxication of the night, it was still warming up slowly.

This is what appeared to hover and fall in front of him!

Provocative ways that your man can’t refuse (1) The voice will also say that the woman who loves you during the day is smart and beautiful, but the woman at night will certainly put these away.

Make yourself stupid, so you can fly in heaven.

Generally speaking, language communication is clearer and less prone to misunderstanding.

But because it is relatively straightforward, sometimes it is inevitable that it will “damage the atmosphere”.

Therefore, if you are in love, you can communicate in a “non-verbal” way.

For example: If you want him to move lightly, touch his cheek; if you want to slow down, push his arm . 1234Next page

[Efficacy and Function of Ginger Honey Water]_Efficacy_Concentration

[Efficacy and Function of Ginger Honey Water]_Efficacy_Concentration

Ginger honey water is an essential element in winter, which can maintain people’s health, and can also prevent many people from suffering from colds and fever due to weak blood and blood. Ginger honey water can inhibit some precipitation in the body.It can accelerate the excretion function of the human body, and can also supplement vitamins, which is great for the body.

Ginger honey water is refined with high-quality winter honey and ginger harvested during the winter solstice. Its sweetness is spicy.

Ginger “warm in the middle to stop bleeding, sweat, and wind,” honey “replenish qi, relieve pain and detoxify, remove all diseases and hundred medicines”, honey and ginger complement each other.

Winter ginger honey disperses cold, warms the stomach, relieves cough, and relieves pain. It is especially effective in treating children with tapeworm intestinal obstruction and stomach cold and vomiting.

Ginger honey anti-oxidation exceeds vitamin E. Traditional Chinese medicine believes that the generation of senile plaques has a certain relationship with poor blood and blood running. Ginger has the effects of sweating, relieving vomiting, warming lungs, coughing, and detoxifying.Promote the operation of qi and blood; modern medical research also shows that the spicy ingredient “Gingerolin” contained in ginger has a strong antioxidant effect, which can quickly remove free radicals and inhibit the production of peroxides in the body, which can prevent orReduce the deposition of lipofuscin, its antioxidant effect is stronger than the most commonly used antioxidant-vitamin E.

Consumption of ginger and honey Therefore, the elderly can take 10-15 grams of fresh ginger slices, soak them in 200-300 ml of boiling water for 5-10 minutes, and when the water temperature cools below 60 ° C, add 10-15 grams of honey and stir well.

It should be noted that when adding honey, the water temperature should not be too high, otherwise it will destroy the vitamin C and reduce its antioxidant capacity.

Long-term adherence can prevent the senile plaques from growing to a certain extent, and may also make the senile plaques that have appeared gradually shallower and smaller.

Tianmu Lake (603136): Partial upgrade with good 19-year performance growth opens up room for growth

Tianmu Lake (603136): Partial upgrade with good 19-year performance growth opens up room for growth

The company released a 19-year performance report, and its performance has grown beautifully.

The company released a 19-year performance report and gradually realized revenue5.

0 ppm, a 10-year increase of 2.

8%, net profit attributable to mother and net profit after deduction are 1, respectively.

2.4 billion and 1.

2.2 billion, an increase of 19 each year.

9% and 29.

8%.

Mainly benefited from the increase in gross profit margin and the decrease in financial expenses.

Among them, Q4’s single quarter revenue / deducted non-post net profit was 1.

2 ppm / 8.93 million yuan, down 4 each year.

7% and an increase of 184.

7%.

The issuance 合肥夜网 of convertible bonds passed the review, and the upgrading and transformation of the scenic spot proceeded steadily.

In March 19, the company issued an announcement, intending to issue 300 million yuan of convertible bonds to raise funds; in April, the company issued an announcement to adjust the use of the raised funds to Nanshan Xiaozhai Phase II project and Yushui Hot Spring (Phase I) renovation and renovation project, the investment scales were respectivelyFor 26492.

0 million and 6911.

90,000 yuan, it is planned to use raised funds2.

400 million and 0.

600 million.

According to the company’s announcement, the construction period of the second phase of Nanshan Xiaozhai is two years, with the core content of hotels and restaurants and construction area.

40,000 square meters.

At the same time, it is equipped 成都桑拿网 with indoor characteristic workshops, exhibition halls, academies, tea houses, small theaters, etc., with a construction area of 5000 square meters; as well as illuminated light shows, homestay squares and streets.

Nanshan Xiaozhai Hotel adopts a direct operation model to improve the company’s Nanshan Zhuhai hotel layout, mainly to complement mid-to-high-end hotel products; at the same time, rich tourism projects extend the stay of tourists and increase per capita consumption.

Except for hotels, other cultural attractions can be opened for free, which is expected to effectively attract tourists to visit and guide the hotel business.

The construction period of Yushui Hot Spring Decoration and Reconstruction Project is one year, mainly for hotel renovation and renovation.

In July 19, convertible bonds passed the meeting, and the upgrading and transformation of scenic spots is expected to advance steadily as planned.

In 18 years, Nanshan Bamboo Seaview Area and Yushui Hot Spring Scenic Area received 101 visitors.

70,000 and 30.

60,000 people, an increase of 4 each year.

9% and 4.

7%.

After the transformation and upgrading are completed, it will help to increase the number of tourists and increase per capita consumption.

Investment Advice.

The company’s 19-year performance has grown beautifully, and the company’s convertible bonds have passed in July. With the support of funds, local transformation and upgrading are expected to proceed.

It is estimated that the company’s net profit attributable to the parent in the years 19-21 will be 1.

2.4 billion, 1.

4.5 billion and 1.

69 ppm, corresponding EPS is 1.07, 1.

25, 1.

46 yuan / share.

The average P / E of a comparable company in 2020 is estimated to be 18 times. Considering that the company, as a private place operator, has the advantages of strong market sensitivity and high management efficiency, the surrounding area and its volume are also high enough.

We are optimistic about the company’s previous secondary development potential and the performance boost brought by subsequent fixed-increasing projects.

Give the company a 25x P / E estimate for 2020, a reasonable value of 31.

25 yuan / share, maintaining the “overweight” rating.

risk warning.

The progress of the upgrading and upgrading of the scenic spots was worse than expected; natural disasters; and market competition intensified.

Aikedi (600933) investment value analysis report-big see big with expertise

Aikedi (600933) investment value analysis report-“big” see big with expertise

The company has a unique business model and obvious management advantages in the field of miniaturized aluminum high-head parts.

The company’s peak of depreciation and amortization has passed, and its operating performance has picked up; expansion of capacity has been completed, and subsequent new orders are abundant, and it is expected to enter a period of rapid release of performance.

We predict that the company’s EPS for 2019/20/21 will be 0.

55/0.

69/0.

86 yuan, corresponding PE is 19/15/12 times, giving the company an estimate of 25 times PE in 2019, corresponding to a target price of 13.

8 yuan, the first coverage given a “buy” rating.

The company focuses on high-pressure casting, focusing on small aluminum alloy parts.

The company is the leading aluminum high-pressure casting leader in China, focusing on the production of small parts. The company achieved revenue of 12 in the first half of 2019.

500 million US dollars, 1% a year; net profit attributable to mothers2.

0 megabytes, -13% a year, mainly due to the downward impact of the global auto market boom and the distortions of the trade war. It is expected that the performance in the second half of the year will pick up significantly.

The company supplies high-pressure cast aluminum casings and brackets for wiper systems (22%), engine systems (19%) and conversion systems (18%) for tier-1 faucets worldwide.75% of revenue.

The company’s equity is concentrated, and a four-phase equity incentive plan has been formulated to motivate company executives and core personnel.

Energy-saving advancement promotes the rapid increase of automobile aluminum alloy consumption.

With the development of energy conservation and environmental protection regulations and the trend of electrification in the global auto market, the amount of aluminum used in bicycles has gradually increased rapidly.

According to the statistics from ResearchAndMarkets, a global authoritative consulting agency, the global aluminum alloy high-yield market space in 2018 was approximately 38.3 billion U.S. dollars, and it is expected to grow to 59.7 billion U.S. dollars in 2024, with a CAGR of 7.
.

7%.

The current global automotive high-pressure cast aluminum parts industry is fragmented. The global high-pressure cast aluminum leader Pilberg (Pillburg) has a market share of less than 10% in 2017, and Japan’s Ryobi has a market share of less than 5%.There are many types of die-cast aluminum parts, the supply chain is hierarchically connected, and there is a continuous demand for local support.

The peak of depreciation and amortization is about to pass, and excellent profitability is revealed.

Since 2013, the company’s gross profit margin has been 44.

1% reduced to 32.

9%, down 11.

2pcts; net profit margin to mothers by 20.

7% reduced to 16.

1%, down 4.

6pcts, apparently showing a projection trend.

杭州桑拿网
However, we added the cost of depreciation stalls and deferred stalls back to the company’s net profit attributable to the mother, and found that the company’s actual profitability only decreased by one.

One.

The company’s pre-capacity construction investment has reached 24.

500 million, expected to be fully completed in 2020, conservatively estimated to meet at least 3.5 billion tons of production.

The peak of the company’s depreciation and amortization will pass, and the operating efficiency will improve. The subsequent new orders are full, and the performance end is expected to enter a period of rapid release.

The unique model has strong anti-risk capabilities, and lean management amplifies scale advantages.

The company is a second-tier supplier in the supporting system of OEMs. It is a leading supplier of 武汉夜网论坛 global auto parts such as Valeo, Bosch and Magna. It has stable customer demand, and downstream customers help aggregate OEM orders and customers.The price sensitivity is relatively low. At the same time, the company focuses on miniaturized parts and has a natural advantage in product premium.

The company has promoted pull-type production by building a “digital factory”, which realized the networking of more than 1,300 devices, and invested more than 2,000 devices such as industrial control computers and electronic signage, realizing real-time monitoring and management of each machine, and continuously optimizing operating efficiency.

Although the production of miniaturized parts has the natural disadvantage of “diseconomies of scale”, under the support of the “digital factory”, the company’s fixed asset turnover rate is second only to Guangdong Hongtu, and its inventory turnover rate is second only to Wen Can’s shares.Leading level.

Risk factors: The global automotive industry is weaker than expected, overseas business is lower than expected, and the electrification of automobiles is lower than expected.

Investment suggestion: The company is a leading aluminum high-pressure casting leader in China, benefiting from the increase in the amount of aluminum for bicycles under the trend of electrification; the company’s depreciation and amortization peak has passed, and there are plenty of new orders in the future.
We predict that the company’s EPS for 2019/20/21 will be 0.
55/0.

69/0.

86 yuan, corresponding to 19/15/12 times the PE.

The company has a unique business model in the field of miniaturized aluminum high-quality parts, with obvious management advantages. The peak of depreciation and amortization has passed, and its operating performance has rebounded. The company’s production capacity has been completed and subsequent new orders are abundant.The estimate of PE on 25th of 2019 corresponds to the target price of 13.

8 yuan, the first coverage given a “buy” rating.