[Can Durian be eaten with squid-]_ Diet Taboo_Diet Conditioning

銆 愭 Υ 銮 茶 兜 岄 劄 楸 雴 Bibi peak 撆 钖?銆 楱 楗   縸 乸 _ 楗   璋 power sorrow
You are arrested, you are arrested, you are arrested, and you are arrested, and you are arrested, you will be caught, you will be caught, you will be killed, you will be caught, you will be killed殑钀ュ吇浠峰€硷紝鍙互琛ュ厖浜轰綋鎵€闇€瑕佺殑寰噺鍏冪礌銆傛Υ鑾茶繖绉嶉鍝佽櫧鐒堕椈璧锋潵鍛抽亾鏈変簺闅鹃椈浣嗘槸骞朵笉褰卞搷浜轰滑瀵逛簬瀹冪殑鍠滅埍锛屽叾涔熸槸闈炲父鍙椾汉娆㈣繋鐨勯鍝侊紝浣嗘Υ鑾插苟涓嶆槸鍜屾墍鏈夌殑椋熺墿閮借兘涓€璧峰悆锛岄偅涔堟Υ鑾茶兘鍜岄笨楸间竴璧峰悆鍚?You can’t find a good way to go through the lawsuits, but you can’t stop doing it. You’re going to drill down, you’re going to drill down, you’re going to go to the toilet, go to the lawsuit, go to the lawsuit, and go to the lawsuit.瀵岋紝鍚湁澶ч噺鐨勭硸鍒嗭紝鐑噺楂樸€傚叾涓紝铔嬬櫧璐ㄧ殑鍚噺涓?.7%: Just set, read and lose 4.1% adze village Yi Chu ⒊ mistress Elsie Bao Yi Juan?.7%: Press the button?2.5%锛岀淮鐢熺礌鍚噺涓板瘜锛岀淮鐢熺礌A銆佺淮鐢熺礌B锛氬拰缁寸敓绱燙閮借緝楂樸€傜爺绌惰瘉鏄庯紝缁寸敓绱燗鏄汉浣撳繀闇€鐨勯噸瑕佸井閲忚惀鍏荤礌銆備汉浣撻渶瑕佺淮鐢熺礌A缁存寔涓婄毊缁嗚優缁勭粐鍋ュ悍銆佹甯歌鍔涖€佷績杩涚敓闀垮彂鑲?澧炲姞瀵逛紶鏌撶梾鐨勬姷鎶楀姏銆傞笨楸奸櫎浜嗗瘜鍚泲鐧借川鍙婁汉浣撴墍闇€鐨勬皑鍩洪吀澶栵紝杩樻槸鍚湁澶ч噺鐗涚:閰哥殑涓€绉嶄綆鐑噺椋熷搧鐗┿€傚彲鎶戝埗琛€涓殑鑳嗗浐閱囧惈閲忥紝棰勯槻鎴愪汉鐥What’s the difference? The following is the best way to get started: the best way to get started is to see if you want to read it, and how to read it?姣掋€佹姉灏勭嚎浣滅敤銆備腑鍖昏涓猴紝楸块奔鏈夋粙闃村吇鑳冦€佽ˉ铏氭鼎鑲ょ殑鍔熻兘銆傚悆姒磋幉娉ㄦ剰浜嬮」1銆佹Υ鑾叉€ц川娓╃儹锛岃嫢鍚冨緱澶锛屼細浠ょ嚗鐏笂鍗囷紝鍙婂嚭鐜版箍姣掔殑鐥囩姸銆傛兂缂撹В涓嶉€傦紝灏辫楗捣甯︾豢璞嗘堡鎴栧鏋崏姹ゃ€?銆 垹 垚 镡 熷 揗 Tweezers: 偆 呧 瑧 Effectiveness 奬 祬 Plug-in 铨 鏨 揂 餂 闂 Cui 笉 鑳 摔 擔?褰撳梾鍒颁竴鑲¢厭绮惧懗鏃讹紝涓€瀹氭槸鍙樿川浜嗭紝鍗冧竾涓嶈璐拱銆?銆佹Υ鑾茶櫧瀵屽惈绾ょ淮绱狅紝浣嗗畠鍦ㄨ偁鑳冧腑浼氬惛姘磋啫鑳€锛岃繃澶氶鐢ㄥ弽鑰屼細闃诲鑲犻亾锛屽紩璧蜂究绉?澶氬枬寮€姘村彲鍔╂秷鍖栥€?

Shanghai Port Group (600018): faster-than-expected growth in performance Concerned about the new zone policy of the Free Trade Zone

Shanghai Port Group (600018): faster-than-expected growth in performance Concerned about the new zone policy of the Free Trade Zone

The 1H19 performance exceeded our expectations for the first half of 2019, which was announced by the company: revenue of $ 17.2 billion, a year-on-year decrease of 1.

8%; net profit attributable to mother 43.

73 ppm, corresponding to a profit of 0.

19 yuan, an annual increase of 29% (net profit increases by 9 each year.

8.7 billion), exceeding our budget expectations (an increase of 11%).

The decrease in revenue was mainly due to the decrease in increase in settlement income from real estate business2.

170,000 yuan, the real estate business (Long Beach project) in the first half contributed 52.4 million yuan in revenue, 1 year earlier.

3.6 billion.

As for the main port business, the container explosion in Shanghai’s home port has grown5.

0% (4 in the same period last year.

6%), as the company took the initiative to adjust the loading and unloading business of ore and coal, the bulk cargo explosion dropped by 18%.

5% reduction of total cargo tungsten carbide 1.

9%.

The total of the three expenses is reduced by 2.

110,000 yuan, mainly due to a significant reduction in financial expenses of 31% after early repayment of loans.

The company’s wholly-owned Shanghai Hong Kong Football Club realized a year of 武汉夜网论坛 losses (1H19 profit 0.

78 ppm, due to the introduction of foreign aid in the same period last year.

67 ppm), which is a preliminary (club net profit increase) 4 that our performance growth exceeded our expectations4.

4.5 billion accounted for 45% of the total net profit increase).

Development Trend The container explosion is growing moderately, and the uncertainty comes from external demand and trade negotiations. Pay attention to the free trade zone policy.

In the first half of this year, the company’s container bombs continued to grow moderately, mainly benefiting from the capacity of the automated terminals in Yangshan Port. Looking forward, the potential weakness of external demand may lead to growth, and the progress and results of trade negotiations will also bring uncertainty.

At the meeting of the Leading Group for Promoting the Integration Development of the Yangtze River Delta in June this year, it was clearly proposed to speed up the construction of the new area of the Shanghai Pilot Free Trade Zone. We recommend paying attention to the impact of relevant policies on the company.

Financial real estate and other businesses increased diversified income.

Finance: 1H19 came from Bank of Shanghai, and the investment income of Postal Savings Bank increased by 21% and 15%, accounting for 17% and 33% of net profit.

Real estate: The company still has the Long Beach project (estimated investment of 18.5 billion US dollars) and the military industry road project (estimated total investment of 82).

700 million US dollars, the military industry road project is under construction and has not yet begun sales. It is expected that it will continue to contribute profits to the company in the future.

Earnings forecasts and estimates Taking into account the high base in 4Q19 (mainly from the one-time gain from the sale of Star Bund Company), we expect earnings to be replaced.

According to the company’s annual shareholders’ meeting, the company’s budget for 2019 net profit is 9 billion US dollars, a year-on-year decrease of 12.

5%.

We maintain our 2019 net profit forecast of RMB96.

10 ppm and 2020 net profit, forecasting RMB 98.

7.7 billion.

The current priority is 17.

6 times 2019 P / E ratio and 17.

1x 2020 P / E ratio.

Maintain Outperform rating and 9.

Target price of 12 yuan, corresponding to 17.

6 times 2019 P / E ratio and 17.1x 2020 price-earnings ratio, compared with the recent merger of 25.

3% upside.

The risk surge grew faster than expected, and the settlement progress of the real estate business exceeded expectations.

[Homemade Practices and Precautions for Braised Turtles]_How to_How to do

銆 愮 儿 雑 х 敳 楸 餸 Ning drafts 弛 娉 樰 儉 ㄦ 剰 浜 嬮 “銆 慱 許 庝 箞 锅 歘 傘 傡 傘 傡 傘 傡 傍 傍 炍 傍 傍?
鐢查奔鍛抽亾鍗佸垎鐨勯矞缇庯紝鍚湁澶氱缁寸敓绱犲凡缁忓井閲忓厓绱狅紝涓€鐩撮兘鏄粙琛ョ殑鐝嶅搧锛岀敳楸煎彲浠ュ鍏嶇柅鍔涖€佹彁楂樿韩浣撶殑鎶楃梾鑳藉姏浠ュ強璋冭妭鍐呭垎娉岀殑鍔熻兘锛屽湪鎴戝浗鍏充簬鐢查奔鐨勫姛鏁堝緢鏃╀箣鍓嶅氨鏈夋枃瀛楄杞斤紝鍚屾椂鐢查奔杩樺睘浜庘€滅編椋熶簲鍛宠倝鈥濅箣涓€”Are you sure?” “Ammonia” is a brand-new version of a child’s heart and a child’s heart. It’s more like a manuscript than a manuscript. What is it? 銆?What?Zha Ben Ben Shao?1.鐢查奔浠庝腑闂存姏寮€锛屽墧闄ら粍鑹茬殑鑴傝偑銆傜敳楸兼斁鍏ョ泦涓紝鐑т竴澹跺紑姘达紝娣嬪叆鐩嗕腑銆傚埉闄ょ敳楸艰韩涓婄殑绮楃硻鐨勮啘銆傜劧鍚庡皢鐢查奔鏂╀欢骞剁劘姘淬€傚噯澶囧鐗囥€佽懕娈电瓑銆傞攨鐑补锛屾斁鍏ヨ懕銆佸鐐掗銆?.鏀惧叆鐢查奔鍧椼€傛斁鍏ユ枡閰掔炕鐐掋€傚姞鍏ョ敓鎶姐€佽€佹娊缈荤倰涓婅壊銆傚姞姘村ぇ鐏儳寮€锛屾斁鍏ラ緹鐢层€傛斁鍏ョ硸锛屽皬鐏倴鐓崐灏忔椂銆傚姞鍏ョ洂璋冨懗杞ぇ鐏敹姹佸嵆鍙€?娉 ㄦ 剰 浜 嬮 」adze?1.Cha Cha Ben Tao (嬡 笂 璄 堯 瑍 鑹 鑹 茶 Just set up)The awards are given by the awarding of the awards to protect the arc, and the arc is squeezed out. The current version of the check is made, and the test is made, and the test is carried out, and the shoulders are closed.I ‘m sorry, I ‘m sorry, I ‘m not sure what to do, I ‘m looking at it, I ‘m going to do it, I ‘m going to do it, I ‘m going to do it.What are you going to do? Click on the right button and click on the right button. Click on the button to get started. Do you want to know how to perform a good job?銆佺敳楸艰韩涓婄殑涓€灞傝啘蹇呴』鍘婚櫎锛岀敤寮€姘寸儷涓€涓嬪氨寰堝鏄撴挄鎺変簡銆?3.Sorry, don’t you know?.姝荤敳銆佸彉璐ㄧ殑鐢查奔涓嶈兘鍚冿紱鐓庣叜杩囩殑槌栫敳娌℃湁鑽敤浠峰€?

[Can puffer liver be eaten-]_ Can it be eaten_Can it be eaten

銆 愭 Bo Pu Pu 氽 鑳 borrow 撆 钖?銆 慱 鍙  Mutual sorrow _ 鑳 戒 笉 邳 悆
娌宠睔鏄竴绉嶇翰绉戦奔绫伙紝涓昏鐢熸椿鍦ㄦ渤涓€傜爺绌跺彂鐜帮紝娌宠睔鐨勮倽鑴忎腑鍚湁澶ч噺鐨勬瘨绱狅紝鑰屼笖鏄竴绉嶄笉澶氳鐨勭缁忔瘨锛岄鐢ㄤ箣鍚庤嚧姝荤殑鍑犵巼闈炲父澶э紝鑰屼笖鐩墠骞舵病鏈夋湁鏁堟不鐤楁姣掔殑鑽墿銆備粠娌宠睔鐨勬湰韬潵鐪嬶紝韬笂鐨勮姳鏂戣秺澶氾紝璇存槑浣撳唴鐨勬瘨绱犺秺澶氾紝涓€瀹氳褰诲簳杩滅锛屼笉瑕侀鐢ㄣ€備竴銆佹渤璞氱殑鑲濊兘鍚冨悧?娌?Juanhong ‖Nan ㄩ ben stubble  the shoulders of the catkins are crumpled?This is the best way to do it, if you like it, if you want to know how to do it, if you do n’t know how to do it, if you do n’t know how to use it, you ca n’t do it.彨澹扮殑鍞у敡澹拌€屽緱鍚嶆渤鈥滆睔鈥濄€傛渤璞氱殑鑲濅笉鑳藉悆銆傛渤璞氱殑鑲濊劸鑲句篃灏辨槸鍐呰What’s the difference between the chain and the chain?Sorry about the shoulders and the chains? Bo Bo Pu 瘨 绱 綱?瀹冩槸涓€绉嶇缁忔瘨,浜洪鍏ヨ睔姣?.5mg-3mg灏辫兘鑷存銆傛渤璞氱殑鑲濄€佽劸銆佽偩銆佸嵉宸€佺澗涓搞€佺溂鐞冦€佺毊鑲ゅ強琛€娑插潎鏈夋瘨銆傛瘨绱犺€愮儹,100鈩?What are you talking about?120 yuan?灏忔椂鎵嶈兘鐮村潖,鐩愯厡銆佹棩鏅掍害鍧囦笉鑳界牬鍧忔瘨绱犮€備簩銆佹渤璞氭€庝箞鍚冩病姣?娌宠睔澶ч儴鍒嗚韩涓婃湁鑺辨枒,鑺辨枒瓒婂瓒婃瘨,鎵€鏈夐偅浜涜韩涓婃湁鏄庢樉鑺辨枒鐨勬渤璞氫笉鑳藉悆,鍓ф瘨銆傞€夎韩涓婅姳鏂戜笉鏄庢樉鐨勯偅绉嶃€傚鐞嗘渤璞?What is the best way to set it up?鍥犱负鍗佸垎椴滅編,浣嗘槸娌宠睔骞叉槸鏈€姣掔殑,寤鸿鍘绘帀)銆傚幓闄ゅ唴鑴忓悗涓€瀹氳鎶婇噷闈㈤偅灞傞粦鑹茬殑涓滆タ娲楀共鍑€銆傚鍐插嚑娆℃按灏卞彲浠ヤ簡銆備笁銆佸悆娌宠睔涓瘨鎬庝箞鍔炴渤璞What is the chain of hydrogen disease? What is the difference between Bo and Pu?In the realm of the world, the village is in the middle of the village and the village is painted, and the power is inferior. It ‘s a new one, and it ‘s a new one. It ‘s a good idea. Could you tell me how to do it? В В鍥犳涓€鏃﹀彂鐢熸渤璞氫腑姣掓槸鍗佸垎鍗遍櫓鐨勩€傛渤璞氫腑姣掔梾鎯呯揣鎬?鍦ㄥ尰鐢熷皻鏈埌鏉ュ墠鍙噰鍙栫幇鍦烘柦鏁戙€傜涓€姝?I’m afraid of falling down, I’m afraid, I’m afraid, I’m so fortunate, I’m so fortunate, I’m so sorrowful, I don’t know what I mean: I don’t know what to do?涓€纰楁俯姘翠腑鍔犲叆灏戦噺浣跨敤纰辨垨鑰呭皬鑻忔墦绮?銆傚洜涓虹⒈鎬ф恫浣撳鐮村潖鑳冭偁閬撴畫鐣欑殑娌宠睔姣掔礌,骞朵笖绋€閲婄殑纰辨恫瀵逛汉浣撴棤瀹炽€傜涓夋:鍋氬畬涓婅堪澶勭悊鍚?浠嶇劧瑕佽刀绱у皢鐥呬汉閫佸尰浣滆繘涓€姝ョ殑娌荤枟銆?

[How to eat multi-grain rice for weight loss]_Multi-grain rice_Slimming_Efficacy

[How to eat multi-grain rice for weight loss]_Multi-grain rice_Slimming_Efficacy

Weight loss is focused on methods and techniques. In the daily diet, the most conducive food is some miscellaneous grains, but many people do not understand the production of miscellaneous grains. In fact, the contacted glutinous rice and black rice are more convenient for cooking miscellaneous rice.method.

First, glutinous rice, black rice mixed grain rice production materials: the raw materials are a cup of rice, half a cup of glutinous rice, 1/4 cup of millet, 1/4 cup of barley, 1/4 cup of black rice and 8 dried red dates.

Steps: Soak the barley and black rice in cold water for 8 hours in advance. Put the rice, glutinous rice, and millet into the rice cooker after adding them. Add the right amount of water according to the usual ratio of cooking. Because barley and black rice are relatively hard, water canAdd more than usual, which is about the size of a rice cooker.

Then add red dates and cook like normal rice.

Second, sorghum black bean jujube rice making sorghum has the effects of urination, cough, asthma, and nourishing qi and clearing stomach.

For those sub-healthy people who are weak, stressed, stressed, and have indigestion, eating sorghum often is a good choice.

Of course, young and middle-aged people generally have good appetite and teeth, so the method of sorghum can be flexible and diverse. Put it on dry rice, gruel, wotou, pancakes, etc., and the taste is good.

You can try making sorghum black bean jujube rice.

Choose 50 grams of sorghum, 20 grams of black beans, 10 dates, and 30 grams of sugar.

Sorghum and black beans are both “skin flour and thick meat” foods, so you should soak them in water for four or five hours before making them.

Then add the soaked sorghum, black beans and the prepared jujube to an appropriate amount of water, then add an appropriate amount of sugar, and steam it to serve.

Sorghum black bean jujube rice is very suitable for young and middle-aged people. It has a good effect on kidney and blood circulation and improving sub-health. It also has the function of beauty and beauty. Women can eat more.

Third, red beans are diuretic blood red knight red beans can diuretic swelling.

It is often used as a diet ingredient; in addition to the excellent effect of nourishing blood, in addition to being beneficial to women’s menstrual periods, it can make the complexion look moisturizing and make you beautiful without rubbing blush!

Known as taboo: Red bean is gentle in medicine.

To treat edema, the effect should be seen after long-term consumption: also due to diuretic effect.

Therefore, more urine should be consumed in moderation.

If you want to make the effects of edema and diuresis more significant, use the more traditional medicinal Chixiaodou.

Materials: 50 grams of red beans, 25 grams of peanuts with skin, 15 grams of red dates, brown sugar, 700 ml of water

Method: 1. Wash red beans, peanuts with skin, drain, and wash red dates with warm water for about 10 minutes.

2. Add water, red beans and skinned peanuts to the pot and simmer for 1 and a half hours over low heat.

3. Add red jujube, sugar and mix well. After 30 minutes of stewing, you can filter the residue and take the juice. Pour into the cup and mix.

Gemdale Group (600383): Carry-over accelerates performance, boosts performance, starts up, boosts sales

Gemdale Group (600383): Carry-over accelerates performance, boosts performance, starts up, boosts sales
Investment points: 1.The event company released its semi-annual report for 2019.At the core of the report, the company achieved operating income of 224.8.3 billion, an annual increase of 48.78%; the company realized net profit attributable to shareholders of listed companies.32 ppm, an increase of 51 in ten years.65%, net profit attributable to shareholders of listed companies after deduction is 35.870,000 yuan, an increase of 53 in ten years.75%; the company’s basic earnings are zero.80 yuan, an annual increase of 50.94%.  2.Our analysis and judgment (1) Carrying forward speeded up, with outstanding performance The company’s semi-annual performance in 2019 was eye-catching, achieving operating income of 224.83 ppm, an increase of 48 in ten years.78%; net profit attributable to mother 36.32, an increase of 51 each year.65%.The increase in operating income growth was mainly due to the increase in settlement area and settlement income caused by the increase in real estate carry-over items in the current period, of which settlement area was 136.880,000 square meters, an annual increase of 8.96%, 200 settlement income.3.3 billion US dollars, an annual increase of 54.04%.From the perspective of the distribution of the main business areas, the gaps in the growth of operating income between South China and North China increased by 196 over the previous period.32% and 175.65%.Affected by a large number of high-margin real estate projects carried forward, the company’s profitability has significantly improved compared to the same period last year.Reported overall company gross margin was 39.7%, an increase of 1 per year.91 levels, of which the gross profit margin of the real estate business is 40.37%, an increase of 2 per year.13 units; the company’s reported net margin is usually 23.0%, an annual increase of 2.83 units.As of the end of the reporting period, the company’s advance receipts were 847.33 trillion, covering 1 of last year’s revenue.67 times, rich settlement resources, and a guarantee for future performance.  (2) Significant growth in sales, newly started construction and repairs, a report on the prospect of large-scale sales, and the face of the severe and complex market environment, the company seized the market window and achieved better sales performance.The first-tier company reported that the contracted area gradually reached 428.100,000 square meters, an increase of 13 in ten years.97%; 855 contracted amount 合肥夜网 achieved.70,000 yuan, an annual increase of 35.68%.The company adheres to the strategy of cultivating first- and second-tier cities, with sales in the first and second-tier cities accounting for about 70%, of which 27% in eastern China and 24% in southeast China.In terms of land acquisition, the company has been actively expanding its investment layout in the first and second-tier cities, and its strategy is positive.The total amount of land investment reported in the report is approximately 55.4 billion yuan, the newly-added land bank is approximately 6.75 million square meters, and the newly-added land bank equity is 59%.The company has abundant land reserves. As of the end of the reporting period, the company’s incremental land reserves totaled approximately 47.6 million square meters.  The company’s investment in first- and 杭州桑拿网 second-tier cities accounts for about 77%, and its reserve area accounts for about 68%.The company’s overall start-up plan for major repairs has increased by 33 earlier.68%, the newly established area and the completed area of the establishment company reported that they completed 51% and 39% of the revised plan respectively, escorting sales and performance in the second half of the year.  (3) The level of leverage has risen, the financing structure has been reasonably delayed at the end of the reporting period, and the company’s assets and liabilities have been reorganized77.86%, an increase of 1 from last year.Reorganization of assets and liabilities after deducting advances from 23 per share69.56%, up 2 from last year.23 units.  Net corruption factor 78.01%, up 3 from last year.85 units.The company’s leverage level rose slightly while maintaining stability, mainly due to the increase in long-term debt and asset-backed notes due within one year, and the newly issued ultra-short-term financing bonds and asset-backed notes.As of the end of the reporting period, the company had interest denies a total of 932.1.9 billion, with long-term debt accounting for 74 of all interest-bearing debt.84%, the debt maturity structure is reasonable.The company reported that the first-level sales repayment rate exceeded 80%, the fund liquidity management was strengthened, and the company held 395 monetary funds at the end of the reporting period.3 billion.Although the reported benchmark leverage level has increased, the company has developed diversified financing channels, the overall debt structure has been continuously optimized, and financing costs have remained low. The average financing cost at the end of the continuous reporting period was 4.87%.The company’s main credit rating and expected financing product rating reached AAA level, the overall debt repayment ability remained stable, and the cost of credit risk.  (D) Focus on product innovation and expand other business companies. The company is one of the real estate companies that have been listed in China and completed the national layout. It is an AAA unit of China Construction System Enterprise Reputation and a national first-level qualification unit of real estate development companies.According to the report’s baseline, the company’s main real estate business was further enlarged and strengthened through deep urban cultivation and new city expansion.In terms of residential development characteristics, the company’s product research and development adheres to the “intelligent, refined, and beautiful” concept, and continues to promote the combined research and development of technology and housing, the development of residential refined design products, and the standard R & D of individual cities, aiming at an increasing number of young mid- to high-end customers.Need for improvement.In the non-main business area, the report said that the combined company’s holding property rental income grew slowly, industrial real estate was operating projects, and the leasable area exceeded 600,000 square meters, and asset-light business also developed.  In terms of real estate business, Gemdale Property Management has expanded its management scale, with contracted management area of nearly 2 billion square meters as of the end of the reporting period.  3.Investment suggestion Gemdale Group carried forward the real estate projects in the first half of the year to accelerate the growth of its performance, and raised its new start-up targets, gradually expected sales, and maintained a reasonable level of leverage and financing structure.Based on consideration of the company’s development project reserves and the company’s layout of market sales, we expect the company’s 2019-2020 earnings to be 2 respectively.23, 2.65 yuan.Take 11 on August 28.At the closing price of 93 yuan, the corresponding dynamic price-earnings ratios are 5 respectively.3, 4.5 times.With reference to comparable company estimates, the company’s dynamic urban surplus for 2019 is reset5.3 times, lower than the average of 8.11 times attractive, we continue to maintain the “recommended” level.  4.Risk warning policies limit risks, and house prices significantly reduce risks.

Placco (603566) Annual Report Comments: 19% growth in performance is basically in line with expectations

Placco (603566) Annual Report Comments: 19% growth in performance is basically in line with expectations

Core point of view: 2018 performance growth increased by 19%, basically in line with expectations.

The company released its 2018 annual report, which reported revenue6.

1 ‰, an increase of 15% over ten years, net profit attributed to the mother1.

400 million US dollars, an annual increase of 19%, net profit after deduction of 87.28 million yuan, an annual increase of 29%, performance growth comes from the new listing of swine vaccines and poultry vaccine sales benefit the high prosperity of the bird chain.

New pig seedling products are gradually contributing to the increase of poultry seedlings benefiting downstream booming companies to achieve restorative growth. Sales of pig seedlings1.

USD 900 million, an increase of 18% per year. The increase in market-based vaccines for pigs mainly comes from the company’s increased swine ring subunit genetically engineered vaccines, and the promotion of new products of ring water adjuvant inactivated vaccines has gradually contributed to the increase in revenue.

The poultry seedlings benefited from the high prosperity of the poultry industry chain, and the company’s poultry vaccines have achieved restorative growth and reported sales revenue.

1.4 billion, an increase of 17% in ten years.

The joint establishment of Sino-Pulmonary Biological has obtained a rich reserve of vaccines for foot-and-mouth disease vaccine qualification reserve. It has been reported that Sino-Pulmonary Biological obtains a new veterinary drug certificate for swine O-A inactivated vaccine. The product launch will open up the company’s profit space.

In addition, the company’s swine pseudorabies inactivated vaccine has obtained new veterinary drug certificates, other reserve varieties of pig round-branch double vaccine, pseudo-rabies genetic engineering vaccine, new (Ⅶ) flow double vaccine and other key products are currently under research and orderly development, product echelonStrive to continue to enrich 苏州桑拿网 and enhance the company’s competitiveness.

The 19-21 results were 0.

51 yuan / share, 0.

67 yuan / share, 0.

The listing of multiple new varieties of 81 yuan / share company will promote the company’s performance growth.

EPS is expected to be 0 in 2019-2021.

51 yuan, 0.

67 yuan, 0.

81 yuan, based on the latest closing price, the company’s PE estimate for 2019 is 29 times, and the current industry average PE (TTM) is 29 times.

It is expected that the China-Puerto Biology vaccine for foot-and-mouth disease will be launched in 2020. Foot-and-mouth disease vaccine is the largest variety in the industry market. In the future, sales revenue will increase the company’s income and increase. Considering that the sales elasticity brought by foot-and-mouth disease sales income is the same as other varieties.Industry-comparable 朴妮唛脱胸罩新闻 companies bring performance performance flexibility. Companies should be given a valuation premium, and given companies a 33x estimate in 2019, the reasonable value is 16.

83 yuan / share, maintain “Buy” rating.

Risk reminder: New products are not listed as expected; product sales are not as expected; disease risk, etc.