Category: 按摩

NBA Spurs vs. Warriors Online Live Room Watching Address

NBA Spurs vs. Warriors Online Live Room Watching Address
The Golden State Warriors failed to defend their title last season, which brought them a lot of touch. During the offseason, they successfully transferred Durant to create a super-luxury venue. They were once again one of the favorites.On the first day of the new season, the Warriors will face the San Antonio Spurs at home. Curry and Durant will play a leading role. They will lead the team to start the season.The Spurs’ Duncan chose to retire, they introduced Gasol, they want to promote the Warriors off the road in the road.(10:30 Beijing time on October 26th at Oracle Arena TNT TV live) Click to enter: Spurs vs. Warriors online live broadcast as the defending champion, the Warriors took the lead in the finals, but unfortunately they did not seize the opportunity,Trapped by the Cavaliers, missed the defending success.The Warriors created the best record in league history last season, but their defeat in the finals was a stimulus for them. They also worked hard on location reinforcement during the offseason.The Warriors successfully won Durant, the largest free agent on the market during the offseason. Together with Curry, Thompson and Green, they created an ultra-luxury venue that became a hot topic to win.  The arrival of Durant allowed the Warriors to be significantly reinforced in the third position, and the presence of four star players ensured that they could still use their troops while using the rotation for a while.In the preseason, the Warriors deliberately arranged multiple games, and Durant played full preseason. The purpose of the Warriors is to let him transform into the team.He was a few light years away from the score three weeks ago, and I’m sure he can face all the trivial matters calmly.Cole talks about Durant.Judging from the last few preseason games, Durant and Curry’s combined power gradually showed, plus Thompson, they ensure that the team has an unusually stable attack point.  For the Warriors, the game with the Spurs is a good opportunity to test their new level through this game.The opponent is the Spurs, which becomes more interesting.Cole talked about his opener opponent.  In the preseason, there were too many rumors about the Warriors last season, Curry said that these will not affect the team.There is no doubt that we are all competitive and we are still ourselves.We will continue to move forward, and nothing can get us off track, which is basically the point.Therefore, our goal is not to let anything that has nothing to do with us enter our dressing room. We have done a great job in this regard.Curry article.  Durant will usher in the home regular season debut, he and Curry, Thompson to drive the team in the offense, Green has to gradually adapt to his new role.Pachulia’s new season’s internal line plays a big role, he and West want to become Green’s good helpers.On the bench, Iguodala, Livingston to play an important role, the team also needs young people like McCaw to bring vitality and passion to the team.  The Spurs introduced Aldridge last season. They are considered to be the most popular champions, but unfortunately they have not gone further in the playoffs.In the offseason, Dun Duncan finally chose to retire. The Spurs lost a cornerstone. They now build the team around Leonard and Aldridge, plus the arrival of Gasol, supplemented by Parker and Ginobili.These veterans, their strength cannot be underestimated, but whether they can contend with the Warriors, this requires actual combat test.  When meeting the Warriors, Leonard and Aldridge have to play a more important role, especially Leonard has to create more trouble for opponents in the third position.Aldridge, Gasol wants to play harder inside, so as to ensure that the team is more competitive.On the bench, Mills, Lee, Simmons, Murray and others were replaced. The Spurs also signed international players such as Betans and Laprovittola. They tried to give the main players more support.  In the regular season last season, the Warriors defeated the Spurs 3-1. They have won the Spurs three times at home.The first encounter between the two teams in the regular season last season was January 26, 2016. The Warriors started with a 24-game winning streak last season.  The two teams are expected to start the first-level Spurs: Parker, Anderson, Leonard, Aldridge, Gasol Warriors: Curry, Thompson, Durant, Green, Pachulia

2020 Spring Festival Gala Director Yang Dongsheng: Rehearsal with makeup for the first time on January 14

2020 Spring Festival Gala Director Yang Dongsheng: Rehearsal with makeup for the first time on January 14
Sauna Night News reportedly announced the official news of the Spring Festival Gala. On January 11, the China National Radio and Television Station 2020 “Spring Festival Gala” and an e-commerce platform released a press conference in Beijing.At the press conference, Lang Kun, the convener of the Arts and Television Program Center of the Central Radio and Television Station, director of CCTV Variety Channel, and director of the large-scale program center, said that this year’s Spring Festival Gala will have a big breakthrough in three aspects: first, there is a big artisticA lot of newcomers poured into the stage of the 2020 Spring Festival Gala, everyone will soon see, especially from the current popularity of actors, the entire propaganda momentum, it is worth looking forward to; the second is a breakthrough in technology, 5G + 4K + 8K + AR, especially the addition of naked-eye 3D technology, brings a rich and colorful visual enjoyment for everyone. A team at Spring Festival Gala specializes in research and development in technology; in addition, it has been striding forward in new media.We have reason to look forward to the glorious success of this national project in the Spring Festival Gala of 2020.The director of the 2020 Spring Festival Gala, Yang Dongsheng, said that this year’s Spring Festival Gala has many innovation highlights, and many new faces have not been seen by everyone.The first rehearsal with makeup will be held on January 14th, and the media will be there on the spot.Editor Liu Jiani Source: Chinese New Year Party Gala

[How is the most convenient way to peel potatoes?

]_How to peel_Peeling method

[How is the most convenient way to peel potatoes?
]_How to peel_Peeling method

Potatoes, also known as underground apples, are very common ingredients in life, and there are many ways to eat potatoes, which are essential for almost every family.

Before eating potatoes, we will peel them habitually, because potatoes are prone to sprouts for a long time, and the skin may turn green, and the skin is rich in alkaloids, which may cause food poisoning.

So, how can peeling be more convenient and fast?

Method 1 for quickly peeling potatoes. First, we need to wash the potatoes and place them in a pot filled with cold water.

2. When it is about two minutes, remove the potatoes from the pot and place them in cooler water.

3, wait for thirty or forty seconds before you peel again, peel it gently to peel the potato skin, so that you can peel quickly.

Can potatoes be eaten without peeling? Under normal circumstances, potatoes can be eaten without peeling, as long as they are not eaten too much, they generally do not cause poisoning problems.

To prevent poisoning from eating potatoes, the key is not to eat germinated, immature or rotten potatoes.

Potatoes contain an alkaloid. The body absorbs a large amount of alkaloids and can cause reactions such as poisoning, nausea, and diarrhea.

But this toxic compound is usually concentrated in the potato skin, so you must peel it when eating, especially to peel the green skin.

Potatoes usually do not cause poisoning, but when it turns green or germinates, it produces a large amount of solanine, also known as solanine.

Solanine is a very toxic substance. This toxin is not only present in the surface layer of potatoes, but also contains more shoots, shoot eyes, shoot roots and green areas.

Solanine content in the bud is 50% higher than the potato itself?
60%.

If people eat potatoes containing solanine, they will become poisoned.

So peeling potatoes is safer.

The nutritional effects of potatoes are sweet, flat, slightly cool, enter the spleen, stomach, and large intestine; there are harmony with the stomach, spleen and dampness, detoxification and anti-inflammatory, broad bowel laxation, hypoglycemic and lipid-lowering, blood circulation and swelling,Yiqi physical strength, beauty, anti-aging effect.

Indications Stomach fire toothache, lack of spleen deficiency, dry stool, high blood pressure, hyperlipidemia and other symptoms; and auxiliary treatment of indigestion, habitual constipation, fatigue, chronic stomach pain, joint pain, skin eczema and other symptoms.

Categories: 按摩

[How long is the cooked soy bean cooked]_After soaking_Making time

[How long is the cooked soy bean cooked]_After soaking_Making time

Regularly eating soybeans can improve our own immunity, and it can also overcome the effect of preventing vascular sclerosis. Because of the large amount of protein in the soybeans, it can prevent diabetes. Therefore, soybeans are becoming more and more popular, and many people can even useThe soybeans are cooked and eaten directly. In fact, we can sprinkle a handful of soybeans in the cooking to achieve the effect. So how long can the cooked soybeans be cooked?

The dry soya beans that have not been soaked require a fire of 20 minutes, a blaze of 30 minutes, and a fire of 10 minutes, which is expected to take 1 hour.

It is recommended to soak them so that the soybeans are still delicious.

Soybeans need only 10 minutes of fire, if it is a large pot, it does not take 10 minutes.

Soybeans should be soaked in a pressure cooker for at least 3 hours to cook soaked soybeans. After boiling, put on a cap and cook for 8-10 minutes.

Boil the soaked soybeans in an ordinary pot. After the high heat has boiled, cook for another 20 minutes on medium heat and it is almost cooked.

Soy beans that have not been soaked in water need to be cooked for 40?
It will take 50 minutes to cook.

Soy beans that have not been soaked in water are dry and generally not easy to boil, so it takes more time.

The effects of soy beans are: regular eating soy beans can enhance the body’s immune function and improve the body’s immunity.

Eating soy regularly can prevent blood vessels from hardening.

Soybeans also have a therapeutic effect on diabetes.

It only takes 10 minutes to soak the soy beans.

Soybean (scientific name: Glycine max (Linn.

) Merr.

) Commonly known as soy.

Leguminous soybeans are annual herbs, 30-90 cm tall.

Stems stout, erect, densely brown-bristled.

Leaves are usually 3-lobed; stipules veined and covered with yellow pilose; petiole 2-20 cm in length; leaflets broadly ovate, papery; racemes short, short, long, more flowery.

Total pedicels usually have 5-8 sessile, compact flowers; bracts lanceolate, covered with fur; bracteoles lanceolate, covered with setae; flowers vase lanceolate, flowers purple, palePurple or white, base petiolate, wing petals castor-shaped.

The pods are hypertrophy, slightly curved, drooping, yellow-green, densely covered with brown-yellow hairs; 2-5 seeds, oval, nearly spherical, smooth seed coat, light green, yellow, brown and black.

Flowering from June to July, fruiting from July to September.

It is native to China and cultivated all over China. It is also widely cultivated around the world.

Soybean is one of the important food crops in China. It has been cultivated for 5,000 years. It was known as 菽 in the ancient times. The main production area of Northeast China is a crop whose seeds are rich in plant protein.

Soy is most commonly used to make various soy products, extract soybean oil, brew soy sauce and extract proteins.

Categories: 按摩

[How long the stewed meat is cooked]_Stewed meat_How to stew_How to stew

銆 愮 倮 倴 夊 嘊  雀 Sui 椂 啂 啛 銆 慱 镣 栬 倝 倝 _ 訆 庝 箞 镣 朹 傡 傍 綍 镣?
In the real world, we have a lot of stubble, and we have a negative version of the original version. It ‘s a very good example. It ‘s not a good idea. It ‘s not a good idea. It ‘s a good thing. It ‘s not a good idea. It ‘s a good idea.▼  珮 珄  璁 璁 珄 Draft  璁 璉 甆 Effects of the effect of the rainbow are set in the air and the fan is squirming and the fan is not in the same direction.瀹规槗璁╃尓鑲変腑娈嬩綑瀵勭敓铏紝鍚冧笅鍘讳細瀵逛汉浣撻€犳垚鏋佸ぇ褰卞搷銆傝€岀倴鐚倝涔熸槸涓€绉嶄笉閿欑殑鍚冩硶锛屽湪鐐栫尓鑲夌殑杩囩▼涓篃瑕佸皢鐐欑儹瀹屽叏鐐栫啛锛屽惁鍒欎細娈嬩綑鑵ュ懗銆傞偅涔堢倴鐚倝澶ф闇€瑕佺瓑澶氫箙鎵嶈兘鐐栫啛?1 銆 人 倴 鐚 Women’s flaws  闀 Slagged side-by-side study 兡 镡 熺 倴 夊 ぇ 绾?.5涓皬鏃垛€?涓皬鏃惰繕鏈夊氨鏄鏋滀笉鏀惧績,鏈夌绠€鍗曠殑杈ㄥ埆鏂规硶:灏辨槸鎷夸竴鍙揩瀛愬悜鐓倝閲Annoying?What are you doing, what are you doing, what are you doing, what are you doing, what are you doing, what are you doing?What are you looking for? What are you talking about?銆佺尓鑲夌殑钀ュ吇浠峰€?.1 銆 佺 尓 勌 勑 擔 嬬 姬 槠 璐 ㄥ 睘 浼 樿 泿 川 鬔 嬠 木 璐?鍚湁浜轰綋鍏ㄩ儴蹇呴渶姘ㄥ熀閰搞€?.2銆佺尓鑲夊瘜鍚搧,鏄汉浣撹娑蹭腑绾㈢粏鑳炵殑鐢熸垚鍜屽姛鑳界淮鎸佹墍蹇呴』鐨勫厓绱犮€?.3銆佺尓鑲夋槸缁寸敓绱犵殑涓昏鑶抽鏉ユ簮,鐗瑰埆鏄簿鐚倝涓淮鐢熺礌B1鐨勫惈閲忎赴瀵屻€?.4 銆 尺 間 閉 撉 撉 撩 撈 掶 掎 揶 氶 怑 怑 們 們 們 逴 逬 掰 捒 捒 曒 曒 雒 擒 甔 綔 琔 ㄧ 殑 缇 珆 珆 珆 畓 現 珇 2 氱 經 經 經 珇 2 氱 簱 經 珇 2 漓 簇 經 經 經 鐒 撒 撰 搒 撒 雒 璒 鐒 璒 璔 綔 琔 ョ 殑 綇 經 珆 珆 畆 畓 畇 畇 畇 經 珆 2?銆 佸 悆 鐚  倝 镄 傫 ソ 澶?.1 銆 丸  寮 夤 餤 悤 傻 鎻 揰 珮 璁 璁 璷 男 咚 尓 咊 璜 钖  紭 璐 ㄧ 擔 鬔 槠 璐?Are you going to be able to find out what is going on? What is the difference between this and the other?.2銆佹敼鍠勮传琛€淇冭繘閾佺殑鍚告敹鐚倝涓瘜鍚汉浣撹娑蹭腑绾㈢粏鑳炵殑鐢熸垚鍜屽姛鑳界淮鎸佹墍蹇呴渶鐨勯搧,鍙互涓轰汉浣撴彁渚涜绾㈢礌鍜屽崐鑳辨皑閰?鑳芥湁鏁堟敼鍠勭己閾佹€ц传琛€銆?.3銆佽惀鍏绘粙琛ヨ惀鍏讳赴瀵岀尓鑲夊惈鏈変赴瀵岀殑铔嬬櫧璐ㄣ€佽剛鑲€佺⒊姘村寲鍚堢墿銆侀挋銆侀搧绛 夋 垚 鍒?鏄惀鍏绘粙琛ヤ箣鍝併€?.4銆侀伩鍏嶉毦浜ф鼎鐕ョ尓鑲夌叜姹らギ涓嬪彲鎬ヨˉ鐢变簬娲ユ恫涓嶈冻寮曡捣鐨勭儲鐕ャ€佸共鍜炽€佷究Creepy birch sorrowful sentence?

Categories: 按摩

[Attention and contraindications for newlywed girls in the first night]

[Attention and contraindications for newlywed girls in the first night]

How to spend the first night is a concern for every married girl.

Some people say that the first and initial years of sexual life on a wedding night are very important. If they do not live well, it will affect the sexual life between husband and wife in the future and affect the relationship between husband and wife.

Of course, it is good to have a satisfactory sexual life for your first and initial wedding.

But there are also people who are not very satisfied, because newlyweds often lack sexual knowledge, the two sides have just contacted, it is easy to be nervous, shy and fearful, and it is normal to have a bad sex life.

However, it is best to have a good wedding night.

Specific attention should be paid to the following points: 1. Prevent broken hymen inflammation. After the hymen breaks, there is some slight pain and a small amount of bleeding. It should be wiped with sterile gauze or cotton wool, and it is best to have sex every 2-3 days to prevent wound inflammation.

If the hymen ruptures and bleeds a lot and the pain is intolerable, you should seek medical attention.

Reminder: Sometimes women’s hymen is thick or the hymen’s hole is too small, or the man’s sexual intercourse is rough, bleeding and rupture may occur after the hymen is torn.

In the worst cases, the hymen is not only penetrating, but also the lacerations of the labia minora wall, leading to major bleeding.

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Categories: 按摩

[How to make rock sugar lemon cream]_How to do_How to do

[How to make rock sugar lemon cream]_How to do_How to do

Rock sugar lemon paste is a paste-like boiled body of lemon. After cutting the purchased lemon, put a large amount of rock sugar in the pot and boil it repeatedly. This can be put into rock sugar lemon paste, crystal clear, becauseAdded sugar, so it will not be too bitter. It needs to be eaten cold, and it needs to be refrigerated in the refrigerator. The flavor will be better. It has the effects of detoxification, beauty spots, and skin smoothness.

The method of stewing lemon with rock sugar is to wash the lemon after buying it, and dry the surface water; chop the lemon, it should be chopped.

Put the cut lemon into the stew pot; add a pound of rock sugar without adding water; use boiling water outside the electronic stew pot to the maximum water level line; cover the lid and simmer for about tens of hours; I found 5 more than 6 hoursIt’s almost running out of water, so it is recommended to cook it at night, then simmer for 6 hours, then wake up and wake up and add simmer for 2 hours!

If you feel the heat is enough, lazy people simmer for 6 hours, huh?
!!

Stewed lemon with sugar candies and found the shadow of sugar candies turned dark brown!

Store in cool bottles and refrigerators!

Fill the glass with a moderate amount of rock sugar lemon, add warm water and pour before serving!

When the lemon peel was just rushed, when the coach was biting his head, it was delicious, and it would gradually soften after soaking for more than 5 minutes.

Tip 1, it is recommended to decore the lemon, because the lemon peel will be delicious when you turn back!

If you always accidentally eat a bitter nucleus, is that a thing of great evil?
2. The sterilized bottle is sealed and stored in the refrigerator after being installed. It is generally stored for about 6 months. Take it with a clean spoon.

The efficacy of lemon cream: lady detoxification and beauty, whitening pale spots, make the skin smooth and tender, maintain skin elasticity, relieve aging.

Nourish the yin and lungs and promote digestion.

Man: Anti-fatigue, enhance resistance, smoking and drinking are necessary to stay up late, it can purify the urethra, benefit liver and detox.

Child: clearing heat and nourishing lungs, resolving phlegm and cough, appetizing and intestines.

The elderly: Shengjin and spleen, promote blood circulation, delay human aging, have the effect of reducing blood lipid levels and clearing toxins in the human body, it is very effective for diabetes, hypertension, atherosclerosis, osteoporosis in the body.

Pregnant women: Relieve early pregnancy reactions, reduce nausea, and have anti-vomiting effects.

Colds during pregnancy can also drink lemon juice to reduce the symptoms of runny nose and promote the self-healing of the cold.

Reduce the chance of dark spots and freckles during pregnancy.

Its vitamin C, citric acid, malic acid, high amount of sodium and low amount of potassium are very beneficial to the human body and can absorb relevant nutrients through the mother.

Categories: 按摩

[Effects and functions of cold mixed field seven]_Benefits_Inevitable

[Effects and functions of cold mixed field seven]_Benefits_Inevitable

Tian Qi can pressurize and stop bleeding, swelling, and disperse blood stasis, so it is usually used to treat vomiting, bloating and pain, blood in the stool, blood stasis, postpartum halo, and so on.

In particular, its effects of removing blood stasis and hemostasis, promoting blood circulation and relieving pain are very significant.

Tianqi can not only stop bleeding, but also disperse blood stasis, which is a good medicine for removing blood stasis and stopping blood.

The main component of “Yunnan Baiyao” is Tianqi.

At the same time, Tianqi also has certain therapeutic effects. Let’s take a look at the efficacy and role of cold mixed Tianqi.

First, the practice and effect materials of cold mixed Tianqi: fresh Tianqi, salt, vinegar, sugar, sesame oil, ginger, garlic practices: 1. Fresh Tianqi bought at the market, remove the old and wash.

2. Rinse with boiling water, cut ginger and garlic into pieces.

3, put a little salt, vinegar, sugar, sesame oil, mix well.

Dish effect: Hemostasis, disperse blood stasis, swelling, and pain.

Treatment of vomiting blood, coughing blood, bleeding in the stool, blood in the stool, blood stasis, bleeding, dysentery, postpartum halo, lochia, stasis, bleeding from trauma, bloating and pain.

Second, Tian Qi’s diet formula 1, Tian Qizhi under the large intestine: use Tian Qi to study the fine, light white wine to adjust one to two servings.

Three servings can be healed.

2. Tianqi Hemostasis: Tianqi, ash, frankincense, falling incense, blood exhaustion, five times, oysters are equally divided.

Without fire, the last.

Apply it.

3. Tian Qizhi’s unexplained bloating, and the pain is more than painful: use Tian Qigen milled vinegar to adjust the coating;

4, Tian Qizhi vomits blood, bleeds blood: Tian Qiyi money, chews himself, and sends rice soup.

5. Tian Qi treats stab wounds and closes: Good keel, elephant skin, blood exhaustion, Tian Qi, frankincense, myrrh, and fragrant powder are equally divided.

At the end, under warm wine.

Or strengthen it.

6, Tian Qizhi blood in the large intestine: Tian Qi researches the end, adjusts with the light liquor one or two to serve.

Add five cents to Siwutang too.

7, Tian Qizhi Tian Qi women’s blood collapse: Tian Qi researches finely, adjusts the white liquor to one or two money service, three service can be cured.

8. Tian Qizhi had more postpartum blood: Tian Qi was at the end of the research, and the rice soup served one dollar.

9, Tian Qizhi severe red eyes: Tian Qigen grinding juice, painted around the eyes, very effective.

10. Tian Qizhi’s red eyes are very serious: Tian Qigen’s juice is painted around.

Categories: 按摩

Shimao (600823): Performance in line with expectations

Shimao (600823): Performance in line with expectations

The 1H19 results are in line with the expected 1H19 results announced by the company: operating income of US $ 12.8 billion, an increase of 6% in ten years; net profit attributable to mothers of US $ 1.6 billion, an increase of 10%, corresponding to zero profit.

42 yuan, in line with expectations.

The gross profit margin declined, and the decline in the profit and loss of minority shareholders led to a longer increase in net profit attributable to mothers.

The preliminary company’s real estate sales settlement income increased by 6% to US $ 12.1 billion annually. The settlement gross profit margin decreased by 11 percentage points to 28% compared to the same period last year. The gross profit after tax fell by 14% to 32 trillion, and the gross profit margin after tax decreased to25% (31% in the same period last year).

The minority shareholder’s profit and loss fell by 26% each year, leading to a 10-year growth of 10%.

Abundant cash in hand and low financing costs.

At the end of the period, the company’s net debt ratio decreased by 2 percentage points from the beginning of the year to 19%, and cash in hand increased earlier by 22% to $ 12.6 billion, equivalent to 2 of interest-bearing debt due within one year.

7 times (initial 2.

0 times).

In the early days, the company successively started with 3.

67%?
4.

65% of the coupon rate is gradually issued US $ 3.5 billion corporate bonds (3 years) and US $ 1 billion short-term financing bonds (maturity 366 days), and financing costs are low.

Development trend It is expected that the annual sales growth rate will exceed 10%.

The initial company’s sales area decreased by 34% to 570,000 square meters, and decreased by 24% to 122 trillion in the past year, which is equivalent to 41% of the sales target (company 南宁桑拿 plan).

We expect that the company’s push volume will increase significantly in the second half of the year, and the slenderness will continue to pick up sales. It is expected that the company will gradually achieve a sales target of 30 billion US dollars (estimated saleable value is expected to exceed 45 billion), corresponding to an 11% growth rate.

The ground end was significantly speeded up and soil reserves were abundant.

The first-tier companies successively increased their land reserves in Nanjing, Hangzhou, Kunming, and Zhangjiakou and increased their growth by 25% to 830,000 square meters (according to the land acquisition announcement). The land acquisition amount exceeded the 41% increase to the 47 budget, corresponding to the average land acquisition.The annual price increased by 13% to 5686 yuan / square 北京桑拿洗浴保健 meter, equivalent to 27% of the average sales price during the same period.

At the end of the period, the company’s total planned gross floor area was 16.04 million square meters (15.71 million square meters in the initial stage), which was equivalent to 11 times the sales area in 2019 (forecasted by CICC).

The company announced that it plans to acquire a 50% stake in Tianjin Zhongmin Aipu, which will increase the company’s soil storage by 800,000 square meters.

Earnings forecasts and estimates remain unchanged from 2019 / 2020e earnings forecasts.

The company is currently trading at 5.

4/4.

7x 2019 / 2020e PE ratio.

Maintain Neutral rating and TP4.

31 yuan, corresponding to 6.

0/5.

2x 2019 / 2020e target price-earnings ratio, 11% upside in the near future

Venture companies’ progress in launching the market fell short of expectations, and the de-allocation rate of key cities was below expectations.

Categories: 按摩

Changjiu Logistics (603569): 3Q19 results are in line with expectations. Focus on vehicle transportation market share to remain neutral.

Changjiu Logistics (603569): 3Q19 results are in line with expectations. Focus on vehicle transportation market share to remain neutral.
The 3Q19 results were basically in line with expectations. Longjiu Logistics released the 3Q19 results: single quarter revenue of 11.800 million (-12%), net profit attributable to mother 0.21 ppm (-21%), basically in line with expectations.In terms of ratio, gross profit margin increased by 5.3ppt to 13.1%, the net profit margin fell by 0.2ppt to 1.7%. The increase in gross profit margin was due to the low base that was not included in the Kazakhstan line subsidy last year, while the increase in net profit margin was due to the measurement change brought by the financial leasing business. The revenue increased from 7.6 million yuan in 3Q18 to 29.09 million yuan.yuan.At about 1H19, the net 杭州夜网 profit of returning mothers decreased by 72%, and the decline in the performance in the third quarter of 19 improved, but the pressure on the industry caused by automobile sales remained. From the perspective of cash flow, 3Q19 operating cash flow turned positive. Due to better freight collection, 3Q19 operating cash flow net inflow was zero.600 million in the second quarter of 19 net worth1.1 ppm and 3Q18 net reduction of 1.500 million turned positive. The development trend focuses on increasing the market share of the long-term logistics vehicle transportation.Changjiu Logistics is the leader of third-party vehicle logistics, with a current market share reduction of 12%. Since its comprehensive management in June 2018, Changjiu Logistics has more than 2,500 mid-axle vehicles (8-car), and the freight cost is lower than the market.In addition, the long-term logistics multimodal transport (public hot metal) capacity was transferred, and the scale of the transportation form was large. In 1H19, the long-term logistics multimodal transport shipments increased by 34% to 340,000, which accounted for the total shipments.Raised to 24%.It is expected that in small and medium-sized logistics companies, it has a long-term cost advantage and redundant transportation capacity. We expect that Long-term logistics will further increase its city share in the field of vehicle transportation in the future. Passenger car sales maintained a single-digit decline in September, but the operating pressure of OEMs in the second half of the year may continue to affect the transport side: since June, the decline in passenger car sales has narrowed to single-digits, and the decline in June-September is 4-8The percentage range fluctuates, but according to the forecast of the CICC Motor Group, the discount of 2H19 OEMs will still change. We believe that the pressure on the profitability of automobile companies will be replaced by the transportation side by reducing the freight of logistics companies. Earnings Forecast and Estimates As the ride-hailing market is worse than expected at the beginning of the year and the operating pressure of the OEMs has shifted to the transportation side, we have reduced the net profit for 2019/20 by 19% / 19% to 2 respectively.87/3.At 03 ppm, we maintain our neutral rating and maintain the target price of 10.00 yuan, corresponding to 19.5x 2019 P / E ratio and 18.5 times 2020 price-earnings ratio, 4 compared with the same period last year.9% downside.The advantage is now 10.51 yuan, corresponding to 20.5x 2019 P / E ratio and 19.4x 2020 price-earnings ratio. Risky stock pledge risk, auto stimulus policies fail to meet expectations, macroeconomic stall

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