[Bread and rice are easy to get fat-]_ Rice_Where easy to get fat

What is the best way to get rid of it?What’s the difference?
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[Encyclopedia of light and refreshing dishes]_Recipe_Food ingredients

銆愰潚娣$埥鍙g殑鑿滃仛娉曞ぇ鍏ㄣ€慱鑿滆氨_椋熸潗
By the way, you can capture and capture all kinds of things, you can catch them, you can catch them, you can catch them, you can catch them, you ca n’t do it, you ca n’t do it, you ca n’t do it.贰鐨勶紝澶у鍙互鏍规嵁鑷繁鍠滄鐨勫彛鍛冲幓閫夋嫨娓呮贰鐖藉彛鐨勯鐗┿€傚鏋滄槸姣旇緝鍠滄鍚冨噳鎷岄鐗╃殑锛屽彲浠ュ涔犳媿榛勭摐浠ュ強鍑夋媽榛勭摐鑵愮鐨勫仛娉曪紝鍠滄鍚冩竻娣$殑锛屽彲浠ュ悆榛勭摐鐐掕倝鐗囩瓑锛屽叿浣撶殑鍋氭硶锛屽ぇ瀹跺彲浠ユ牴鎹枃绔犵殑鍐呭鏉ュ涔犮€傚噳鎷岄粍鐡滆厫绔归鏉愶細榛勭摐涓€鏍广€佽厫绔逛竴鍧椼€佸ぇ钂溿€佺洂銆佽姖楹绘补銆佽荆妞掓补銆侀唻銆1 Rui Yigui Lingxiu fine 1.鑵愮鎻愬墠涓€灏忔椂宸﹀彸娉″彂銆傛场鍙戝紑鍚庣劘姘村啀杩囧噳寮€姘淬€?.Hao, what’s going on? What’s going on? What is going on? What is the soup?.What are you talking about? Can you tell me what’s going on?.What are you doing? How to identify and add to it? Do you want to make a note? Do you want to make a note? Do you want to make a note?.I’m afraid, I’m sorry, I’m in Kunming, I’m in trouble, I’m going to go to the village, I’m going to discern the mother, I’m going to make a speech, and I’m going to see you: What is it?What’s going on?Beautiful drama 洂 浜 擈 挶 Forge Chong book 頗 佺 瑑 瑺 discriminate  娌 Wander 簲 阍?PuCang soup trickle pot?鎶婅眴瑙掓娊绛嬶紝鎶樻柇锛屾礂骞插噣锛屽湪寮€姘撮攨閲岀劘鐔燂紝鍚庣敤鍑夋按娴告场锛屾崬鍑烘帶鍘绘按锛屾斁鍦ㄨ皟鐩橀噷銆傚啀鎶婅姖楹婚叡鐢ㄥ喎寮€姘磋皟鎴愮硦鐘讹紝鎶婅姳妞掓补鐑х儹锛屽姞鍏ョ簿鐩愩€佸懗绮俱€佸鏈祰鍦ㄨ眴瑙掍笂锛屾媽鍖€鍗冲彲瑁呯洏銆傜壒鐐? 棰滆壊缈犵豢锛岄鍛冲彲鍙c€傚噳鎷岃タ鍏拌姳1.瑗垮叞鑺辨幇鎴愬皬鏈碉紝褰╂鎺板皬鍧椼€?.閿呭瓙鐑х儹姘达紝灏嗚タ鍏拌姳鏀惧叆锛岀劘姘淬€?.鎹炲嚭锛岀敤绾噣姘存姇鍑夈€?.鍊掑叆鍑夋媽姹併€?鍙互鑷繁璋冮厤锛岀敓鎶姐€侀唻銆佺洂銆侀娌圭瓑)5.Do you want to make up for it?鐢ㄦ护缃戝皢鑺辨绮掓护鍑恒€?6.The mother is in trouble, the mother is in trouble, the mother is in trouble: what is the argument?绮剧洂涓€涓?鑺辨涓€閽?澶ф枡涓€閽辫眴钄诲崐閽?If you want to know what you are doing, 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 ‘s going on, what ‘s going on, what ‘s going on?や笂鐏紝鏀句笂鐩愩€佽姳妞掋€佸ぇ鏂欍€佽眴钄汇€佸锛屽姞鍏ヨ姳鐢熺背鐓啛锛岃繛姹ゅ€掑叆鐩嗗唴锛屽悆鏃舵崬鍑虹洓鐩樺嵆鎴愩€傜壒鐐? 浜旈鍛虫祿锛屽疁涓嬮厭楗€傛媽閲戦拡鑿囬鏉愶細閲戦拡鑿?Adze?What is the supplement?What do you want?Read the details of chiseling 1.閲戦拡鑿囧垏鎺夋牴閮紝娲楀噣锛屾挄鎴愪竴灏忔挳涓€灏忔挳鐨勩€?.姘村紑鍚庯紝鐒啛姘淬€?。What’s the matter? What’s the matter? What’s the matter? What’s the matter?。灏嗙洂锛岄浮绮撅紝閱嬶紝鐢熸娊锛岄娌广€侀鑿滃€掑埌閲戦拡鑿囬噷銆?.閿呴噷娌圭儳鐑€?.灏嗘补绋嶅井鏀句笅锛屾祰鍒伴噾閽堣弴涓婃媽鍖€鍗冲彲銆?

[Encyclopedia of Spicy Shrimp Balls]_ making method _ how to make

[Encyclopedia of Spicy Shrimp Balls]_ making method _ how to make

We all know that the nutrients are very high, and many people like to eat shrimp which are rich in lecithin each other, which can promote the regulation of our endocrine system.

And at least a lot of calcium in the family can make our bones stronger.

While eating shrimp, we should pay attention to nutritional supplements. Spicy shrimp balls are a relatively common dish with a particularly good taste.

So, what is the practice of spicy shrimp balls?

First, practice 1.

Crayfish scoop off the head, pull out the shrimp intestine, clean it with a brush, peel the garlic, cut the ginger into diced, wash the pepper, and cut the dry pepper for future use; 2.

2. Pour more oil into the wok. When the fire is hot to 80%, add ginger, garlic and cilantro, then dry pepper and pepper to make red oil; 3.

4. When the dried chili pepper is about to change color, stir in the crayfish tail and stir until the shrimp tail is rolled up to turn red. Add two spoonfuls of salt and a large spoonful of cooking wine to boil.

Then add a tablespoon of Shexian Douban, a small spoon of spicy sauce, a large saucepan of vinegar, add half a pot of water and stir well, cover the pot with high heat and simmer for about 10-15 minutes.Add flavor to the shrimp. When the water is almost dry, add a small amount of chicken essence to season, add a tablespoon of white sugar, change to high heat, and keep frying until the sauce is dried and thickened.
Second, nutritional value 1, shrimp contains 20% protein, is one of the foods with high protein content, is several times or even dozens of times of fish, eggs, milk, shrimp and fish meat classification, contains essential amino acidsAmino acid is not high, but it is a nutrient-balanced protein source. In addition, shrimp contains glycine, the content of this amino acid can reach the sweetness of shrimp.

2, shrimp, fish and poultry meat ratio, a small amount and little animal sugar as a source of energy, high cholesterol content in shrimp, rich in taurine that can reduce human serum calcium, shrimp is rich inPotassium, iodine, magnesium, phosphorus and other trace elements and vitamin A and other ingredients.

[Can beer and preserved eggs be eaten together]_wheat_Can you eat

[Can beer and preserved eggs be eaten together]_wheat_Can you eat

Beer and preserved eggs can also be eaten together. We know that preserved eggs are a common cold dish in summer, especially have a certain effect of drinking wine. In the summer, drinking beer and eating preserved eggs is also more comfortable, of course, alsoIt should be noted that we know that there are certain heavy metals in the preserved eggs, and you should not eat too much. In addition, you must drink alcohol in moderation to avoid adverse effects on your health.

Can beer and egg be eaten together? It is possible to eat eggs while drinking, which will not affect and will not cause adverse reactions, so it is not necessary to be overly nervous, but it is usually recommended to drink less.Because alcohol irritates the body and damages various organs, if you are not careful, it may cause disease and cause allergies. Therefore, it is best to drink alcohol properly and not to drink too much.

Do n’t eat the preserved eggs often. The process of making preserved eggs will produce harmful substances to the human body.

Can you eat preserved eggs when you drink beer? Nutritionists introduce that preserved eggs are eaten with beer. Occasionally, there is nothing wrong with it. Do n’t eat it often.

Preserved eggs are not even with beer, do not eat too much, lead content is quite high, it is not good for the body.

When eating normally, you can peel off the preserved eggs and steam them in the pot for five minutes, then let them cool down before eating, so that the lead content will be reduced a lot.

What to do if the stomach is bloated after drinking beer. If it is due to the phenomenon of bloating caused by excessive drinking, then you can eat more food that helps digestion to help digestion. You can also exercise more to exercise digestion energy and reduce the phenomenon of bloating.Drink plenty of water at this time. Drinking water can promote gastrointestinal peristalsis and help digestion as soon as possible. Therefore, it can help relieve the symptoms of bloating as soon as possible. At this time, you cannot eat spicy food, because spicy foodThe symptoms of bloating are harmful and unprofitable, and you can’t eat greasy food.

[How to eat bird’s nest for pregnant women]_Recommended diet

[How to eat bird’s nest for pregnant women]_Recommended diet

  I believe everyone has some knowledge of bird’s nest. As a relatively tonic, the eye socket is rich in protein and various amino acids needed by the human body, which has a good nutritional effect on the human body.

It is very suitable for pregnant women to eat bird’s nest, because the nutrients that pregnant women need can be absorbed from bird’s nest, and bird’s nest also has a certain effect of nourishing blood and qi, so it can promote the development of the fetus.

  How to eat bird’s nest: 1.

Soak the bird’s nest first, and soak the bird’s nest in room temperature water for 8 hours. The ratio of bird’s nest to water can be 1:50. You can put it in soak and use it the next day.

  2.

Remove the soaked bird’s nest, tear the bird’s nest into strips, and then set aside.

  3.

Add the torn bird’s nest and the water in which the bird’s nest is soaked, then bring it to a boil. After the water is boiled, transfer to the guy and cook for another five minutes.

  4.

You can add the right amount of honey, coconut juice, etc. after seasoning, you can adjust it according to your own taste.

  Many friends have many misunderstandings about the practice of bird’s nest. Some people think that bird’s nest requires longer stew nutrition and taste to be better. In fact, if the bird’s nest is cooked after prolonged high temperature, it will be rich in nutritionThere is a certain amount of damage, so the essential meaning of eating bird’s nest will be lost.

Real bird’s nest does not require long-term stewing.

  During pregnancy, pregnant women need to know more about how to consume bird’s nest, because the collagen and amino acids contained in bird’s nest have many benefits to their body and fetus.

Remember not to cook the bird’s nest for a long time at high temperature to avoid the loss of nutrients in the bird’s nest.

In addition to bird’s nest, pregnant women should also make other dietary arrangements.

Zhongtian Technology (600522): The expected change trend of fiber optic cables is focused on 5G, ocean, power, photovoltaic highlights

Zhongtian Technology (600522): The expected change trend of fiber optic cables is focused on 5G, ocean, power, photovoltaic highlights

Company status 02/26 We invited Zhongtian Technology leaders to communicate with investors through a conference call.

Through exchanges, we believe that the demand for the optical fiber and cable industry still remains at a high level, but the sharp decline in the central purchasing price of operators in 2019 will lead to a decrease in industry profits.

In 2020, the company’s optical fiber and cable business may increase due to the demand for 5G. At the same time, the company continues to expand overseas markets and overlap optical rod process optimization. We believe that the optical fiber and cable business will gradually change its trend in 2020; expansion of communications such as antennas, optical modules, and edge data centersBusiness new products, the company’s communications business is expected to achieve growth.

The company’s submarine cable, cable and new energy businesses have long-term growth and are expected to become the company’s performance driving force.

Comments Communications business is expected to stabilize and rebound.

The company’s optical rod production has been successfully expanded, and the rod-fiber-cable production capacity has been matched, and the optical cable production capacity has reached 0.

7.5 billion core kilometers per year.

Fully maintain fullness.

Some economically developed provinces that have purchased fiber optic cables for China Mobile in early 2019 have come to an end.

We believe that the domestic optical cable demand will increase due to the construction of 5G in 2020. At the same time, the company’s vision will increase from domestic to global.

In addition, the company is constantly optimizing the production cost of optical cables, and the revenue and gross profit margin expansion of optical fiber cables are increasing.

At the same time, the company’s new products such as antennas, optical modules, and edge data centers are expected to become an increase in communications business in 2020.

Other sectors became the highlight of the company’s development.

Offshore market business: Offshore wind farms, offshore oil and gas field platforms have been rapidly constructed since 2017, and increased demand has driven the rapid development of related businesses.

Power cables: The construction of UHV power grids drives the company’s special wire needs; the rural power grid transformation drives the company’s wire exchange needs.

Photovoltaic power generation and energy storage: The company lays out superconductors, supercapacitors and other products through its subsidiaries, and it is geared towards scenarios such as homes and new energy vehicles, and there is huge room for future development.

Commodity trade sector: Control the growth rate and make reports more transparent.

The impact of the epidemic is limited, and the global short-term supply transition is good for companies.

About 80% of the company’s employees come from the place of registration, and a large number of local employees are also employed overseas, which is less affected by the epidemic. After 02/10, the company has gradually resumed work in accordance with requirements.

The company’s overseas order delivery was not affected; the new domestic demand was delayed, and the original demand was successfully delivered.

We believe that Wuhan, Japan and South Korea ‘s light rod 佛山桑拿网 production capacity may account for about 50% of the world. Therefore, if the epidemic continues, global demand may shift to companies such as Zhongtian, Tongding, Hengtong, which will potentially benefit the company.

Estimates suggest that we believe that the company’s performance in 2019 will be affected by the profit margin of the optical fiber or slightly exceed expectations, but the company’s fiber optic cable car business is expected to change the situation in 2020, while the development of other sectors of the business is full of bright spots, reducing the 2019 profit forecast by 5% to 20

300 million, raised 2020 profit forecast by 3% to 24.

300 million, 30 profit forecast for 2021.

8.4 billion.

The current maximum corresponds to 20 / 21e 11.

5/9.

1x P / E.

As the development of the company’s main 杭州夜网论坛 fiber-optic cable segment remains to be seen, we maintain the company’s neutral rating; however, taking into account the bright spots and time changes in the new business, we raise our target price by 29% to 11.

89 yuan, corresponding to 20 / 21e 15.

0/11.

8x P / E and 30% upside.

Risks FTTH exceeded expectations; 5G construction’s pulling effect on fiber was lower than expected.

Dongyi Risheng (002713) Semi-annual Report Comments: Weak Interim Results Need to Improve, Outstanding Cash Flow Value

Dongyi Risheng (002713) Semi-annual Report Comments: Weak Interim Results Need to Improve, Outstanding Cash Flow 杭州夜网论坛 Value

Q2 revenue is expected to lead to improved interim results, which is expected to improve in the second half of the year.

2019H1 company achieved revenue of 18.

6 trillion US dollars, an annual increase of 3%; performance increased by 6181 million, and profits of 1097 million in the same period last year, mainly due to the company’s revenue growth, lower gross profit margins and higher expense ratios.

By quarter, the company’s Q1 / Q2 achieved revenue of 8 respectively.

0/10.

7 trillion, an annual increase of 11% / -2%; the net profit attributable to the mother was -7969/1788 million, compared with -62.07 / 73.04 million in the same period last year.

In terms of different sectors, the company’s home improvement / sewing equipment / public installation business achieved revenues of 16 in the first half of the year.

4/0.

3/1.

6 trillion, a year of growth of 2% / 149% / -5%, of which Sumei business achieved revenue 1.

20,000 yuan, compared with 0 in the same period last year.

40,000 yuan, a substantial increase.

The company’s revenue growth in the second quarter of 2019 was mainly due to the significant insertion of new growth orders in the fourth quarter of 2018, and the H1 new growth orders achieved growth in the first half of 2019, so we expect the company’s revenue to improve in the second half of the year.

Gross profit margin declined slightly, and cash flow continued to perform well.

The company’s gross profit margin in the first half of 2019 was 33.

4%, a decrease of 2 over the same period last year.

7 pct, of which gross margin of home improvement business is 31.

6%, a decrease of 2 compared with the same period last year.

Three pct, mainly due to the pressure on the unit price of customers and rising labor costs.

The cost rate during the period was 34.

5%, an increase of 2.
.

3 pct, in which the sales / management / finance / research and development expense rate respectively change +1.

2 / + 0.

7 / + 0.

1 / + 0.

3 pct, the increase in sales expense ratio was mainly due to the company’s business promotion in the first half of the year, sales team expansion and customer resource expansion and other preliminary work.

Asset impairment losses decreased by 574 compared with the previous year.

70,000 yuan.

Net interest rate decreased by 3.

9 pct to -3.

3%.

Net operating cash flow of the company in the first half of 20192.

300 million US dollars, basically the same as the same period last year, in the current tight credit environment, cash flow is still outstanding performance commendable.

The cash-to-cash ratio / cash-to-cash ratio were 113.

3% / 113.

3%, a decade change of -0.

4 / + 1.
Three.
H1 orders resumed a slight increase, and marketing strategies were adjusted to open up a new situation.

In the first half of the year, the company added a total of 24 new orders.

0 million yuan, an increase of 8% in ten years, about 17% improvement in the fourth quarter of last year, of which home improvement / public service business in the new decade.

5/2.

2 trillion, respectively, at least 3% /-7%, the growth rate changes -3 / -52 percentage points compared with the same period last year, a new order for precision tooling business1.

30,000 yuan (newly signed 700,000 yuan in the same period last year), the order growth of home improvement business has improved, and the precision tooling business has achieved rapid growth.

In terms of quarters, 2019Q1 / Q2 will be 11 in the new year.

5/12.

600 million, a 9% / 7% increase in ten years.

As of the end of the second quarter of 2019, the company had signed incomplete work orders39.

100 million US dollars, of which home improvement / Seiko / public business are 32.

1/2.

7/4.

200000000.

In the face of hardcover delivery and housing price limit policies, the company actively promotes custom hardcover (B2B2C) business, helping small and medium developers to achieve batch personalized delivery, and at the same time exploring new business areas such as renovation and local decoration to promote order improvement.

The information management system is expected to improve operating efficiency and promote the expansion of management scale.

The company continues to transform to information management, and continuously improves the management efficiency of design, procurement, construction and other transformations: 1) Analysis of customer portraits through Sass system big data, accurate marketing to improve customer conversion rate; 2) DIM + system to achieve 3D construction drawingsAutomatically generate and automatically accurate quotation, the current calculation volume and quotation accuracy rate are above 95%; 3) Control the project quality, schedule, risk, and improve collaboration efficiency through “online supervision system”, the current Sumei business online rate is 100%; 4) E-Business provides integrated warehouse supply and demand chain integration services in the field of general home furnishings, and the efficiency of the supply chain continues to improve, prompting the company’s management scale to continue to expand.

Investment suggestion: According to the company’s current order situation, we predict that the company’s EPS in 19-21 will be 0.

60/0.

66/0.

75 yuan (18-21 years, CAGR is 7).

9%), the current corresponding PE is expected to be 14/13/12 times, the expected dividend rate is 6%, and the company maintains a “Buy” rating for its excellent cash flow.

Risk warning: real estate policy risks, increased market competition risks, and rapid rise in costs.

Weichai Power (000338) 2019 Semi-annual Report Review: Engine Segment Growth Slows Down, KION Injects Growth

Weichai Power (000338) 2019 Semi-annual Report Review: Engine Segment Growth Slows Down, KION Injects Growth

This report reads: The gross profit margin of the engine segment decreased from the previous year2.

1

To 26.

9%, the profit declines about 5% every year, and the KION Group’s contribution to the return to net profit increased by 52% to 5.

900 million, inject growth into the company.

Investment Highlights: Maintain target price of 17.

11 yuan, maintaining the 成都桑拿网 “overweight” level.

In Q2 2019, the company’s total operating income was US $ 45.7 billion, + 6% over the years, and net profit attributable to mothers was US $ 2.7 billion, + 9% for the whole year, net profit attributable to non-mothers was US $ 2.5 billion, exceeding + 14%, maintaining 2019 /The EPS for 20/21 is 1.

20/1.

33/1.

The 49 yuan forecast maintains a target price of 17.

11 yuan.

The performance was basically in line with expectations. The growth rate was earlier. The decline in Q1 in 2019 was mainly due to the decrease in non-recurring profit and loss in Q2 of 2019 by 32%, while the profit of the engine segment fell by about 5%.

(1) The non-recurring profit or loss for Q2 of 2019 is 1.

US $ 900 million, -32% per year, mainly due to changes in fair value of trading financial assets and investment income of 1深圳桑拿网.

3 ‰ (previously -48%), this trend is not expected to continue.

(2) The revenue (parent company’s revenue) and profit (parent company’s alternative investment income) of the Q2 engine segment in 2019 were US $ 11.6 billion (previously + 9%) and US $ 1.7 billion (previously -5%)Interest rates are down from the previous year2.

1

To 26.

9%, it is expected that H2 gross profit margin pressure will be reduced in 2019 (H2 in 2018 is 25.

8%).

The KION Group’s share of total net profit attributable to mothers increased by 2.

3 points

To 11.

2%. It is expected that the continuous improvement of its performance will ensure that the company remains stable in the slight decline in heavy truck industry sales.

In H1 2019, the KION Group (income more than + 10%) contributed a significant increase to the net return to motherhood to 5.

9 trillion, + 52% a year, mainly due to its net interest rate increased by 0 compared with 2018 H1.

9 points.

To 3.

9%, reflecting the effective integration of the company’s responsible management and control.

In 2019, H1 Shaanxi Heavy Duty Truck and Faster contributed 4 to their net profit attributable to mothers.

200 million (+ 23%) and 4.

300 million (11% ago).

Catalyst: Increase in the number of supporting facilities of China National Heavy Duty Truck and increase its shareholding in the KION Group.

Risk warning: The expansion of the heavy truck industry exceeds expectations, and the impairment of goodwill exceeds expectations.

COSCO SHIPPING (601919): Consolidation business significantly improved single box revenue performance

COSCO SHIPPING (601919): Consolidation business significantly improved single box revenue performance

Event: COSCO Haikong disclosed its interim results and achieved operating income of 721.

10,000 yuan, an increase of 60 in ten years.

0%; net profit attributable to mother 12.

37 trillion, a significant increase of 2932 in ten years.

8%; net profit deducted from non-mother 10.

500 million, turning losses every year.

Vigorously promote the OCEAN & PLUS strategy, digitalization + end-to-end will bring container throughput and related business volume.

Relying on the scale of the liner and the network, the company extended end-to-end business and improved its ability to create value for customers. At the same time, the gross profit margin increased, and the H1 Group’s container shipping and related businesses achieved gross profit63.

5 ppm, an increase of 230 in ten years.

6%.

The company disclosed the container business EBIT33 for the first time.

800 million, EBIT margin 4.

9%, an increase of 3.
.

7%.

Among them, COSCO Shipping Container Lines achieved EBIT20.

30,000 yuan, EBIT margin 4.

3%, an increase of 3.
.

1 pct.

The volume and price of the container shipping business went up, and the shipping revenue performed brilliantly.

The company achieved route revenue of 638 in the first half of the year.

800 million US dollars (data does not take into account internal compensation), compared with 384 in the same period last year.

700 million increase 65.

9%, of which COSCO Shipping achieved 435.

0 million yuan, an increase of 13 in ten years.

1%.

In terms of freight volume, the Group completed 1,245 freight volumes.

90,000 TEUs, an increase of 39 in ten years.

8%.

Among them, COSCO SHIPPING has completed freight volume of 908.

50,000 TEUs, increasing by 2 every year.

In terms of price, the Group’s single container shipping revenue benefited from the rebound in prosperity and the RMB 北京夜网 depreciation recorded at 5,123.

2 yuan / TEU, a big increase of 18 in ten years.

7%; single container revenue on international routes in US dollars reached 882.

2USD / TEU, a 36-year increase.

$ 75 / TEU.

The synergy effect drove down the cost of container shipping business, and the impact of fuel cost was limited.
The unit cost of H1’s consolidated shipping business in US dollars decreased by 0 compared with the same period last year.

3 pct, of which the cost of a single container of COSCO Shipping increased slightly by 1.
2%, the cost of deducting a single container was flat; OOCL’s single container cost decreased by 1.

7%, the cost of deducting oil decreased by 2%.

The assets held for sale at Long Beach Terminal are expected to bring high one-time income and abundant cash flow to the company, which is the basis for the scale of subsequent business development.

During the company’s acquisition of OOCL, OOCL, COSCO SHIPPING and the US Department of Homeland Security and the Department of Justice entered into a national security agreement on the OCBC holder’s Long Beach Terminal in the United States, and the agreement has been reached at 4.

30 announced the sale of assets, the current book value of the asset is 104.

5 billion yuan, which is expected to bring high one-time income and abundant cash flow, and to make room for the company’s subsequent development.

Investment suggestion: The company’s profitability and industry competition have improved markedly. The current delivery of container ship orders has basically been completed. It is expected that subsequent capital expenditures will expand and the container shipping business will be highly flexible.

Without considering the one-time income of Long Beach Terminal, the profit forecast for 19 and 20 will be 18.

6, 20.

400 million increased to 29.

7, 32.

700 million, and it is estimated that the net profit attributable to mothers will be 58 in 2021.

700 million, corresponding to PE19 in 2019-2021.

5 times, 17.

7X, 9.

9X, upgrade rating to “Buy” rating.

Risk reminder: Macroeconomic downturn unexpectedly, fuel oil costs up unexpectedly, industry competition pattern exceeds expectations, security accidents, etc.

Suzhou Keda (603660): Steady growth in performance, proposed to issue convertible bonds, strengthen comprehensive video application service capabilities

Suzhou Keda (603660): Steady growth in performance, proposed to issue convertible bonds, strengthen comprehensive video application service capabilities
Investment Highlights: The company released its 2018 annual report: The company achieved significant revenue 24.50,000 yuan (ten years +34.4%); achieve net profit attributable to mother 3.2.2 billion yuan (+18 per year).9%); after deducting the effect of fair incentive expenses of 50.45 million yuan, the company’s net profit attributable to the parent is 3.720,000 yuan, an increase of 37 in ten years.5%, basically in line with expectations.The company plans to pay 1 yuan for every 10 shares.At the same time, the company announced the plan for the issuance of convertible bonds, which is planned to be publicly issued no more than 5.500 billion USD video artificial intelligence industrialization and other projects. The performance growth was stable, and the product mix led to changes in gross profit margin.The uncertainty of macro environment intensified in 18 years, and the company still achieved 34.4% revenue growth and 37.The 5% net profit growth (after deducting the distribution of incentive costs) shows a gradual increase.Structurally, revenue from the video conferencing segment was 12.50,000 yuan (ten years +34.0%), but the gross profit margin decreased by 13pct to 67%, mainly due to the increase in the proportion of low-margin LED small-pitch products.With the company’s expansion in the field of command centers and emergency dispatch, the growth rate of LED small-pitch products will exceed the overall level.Revenue from the video surveillance segment11.60,000 yuan (ten years +33.6%), gross margin increased by 1 pct to 52.4%, still achieved good results against the background of the general growth of enterprises in the security industry.The company’s 18-year operating activities have a net cash flow of zero.200 million, down 75 a year.6%, mainly because the company is more involved in some large projects with extended implementation cycles, and the repayment period is relatively long, but we think the risk is controllable. R & D and sales investment continued to remain high, strengthening technology and marketing capabilities.In terms of research and development: the company has 18 years of research and development promotion5.800 million yuan, accounting for 23% of operating income.6%; the number of R & D personnel is 2184, an increase of 36%, accounting for 45 of the total number of companies.2%, fully reflecting the characteristics of the company’s technology-based enterprises.In 18 years, the company released a series of heavyweight products and solutions such as judicial 杭州桑拿 police command platform, a full range of state secret video conferencing products, and IoT mobile law enforcement terminals.In terms of sales: The company’s 18-year sales expense ratio reached 21.2%, based on key industries such as the Public Prosecution Law Department, and actively promote the gradual sinking of the marketing network. It has more than 100 service branches and has established joint laboratories with public security bureaus in many places. Positioned as a comprehensive service provider of video applications and merged the “AI + Big Data” strategy.Realize AI empowerment on the front end, collect big data and perform structured analysis; continue to enrich video big data applications such as portraits, vehicles, and traffic on the platform side; combine small-pitch LEDs on the display side to create a perfect 天津夜网 control platform and command and dispatch systemAudiovisual space.Through the integration of video conferencing systems, AI, and big data, the value of video can be fully explored to empower public security, procuratorate, court, judicial, emergency, and other industries.At present, the company has developed more than 80 industry solutions. Proposed issue 5.5 trillion convertible bonds, increase investment in key areas.The funds raised by convertible bonds are mainly invested in video artificial intelligence industrialization projects, cloud video industrialization projects, marketing network construction projects, and supplementary liquidity.The successful release will help the company’s cutting-edge technology industrialization. Profit forecast: The company is a leading integrated video application service provider with unique competition and moats. We are optimistic about the growth of the company and its industry.The net profit forecast for 19-20 years was slightly revised down to 4.61/6.20 ppm (former predictor).82/6.7 billion), plus a 2021 net profit forecast of 8.20,000 yuan.The corresponding PE for 19-21 is 20/15/11 times, maintaining the “Buy” rating. Risk Warning: Receivables Recovery Risk; Channel Expansion Does Not Meet Expectations