Category: 洗浴

In the first two months of the year, there was zero substantial growth in the society. How do you view the subsequent trend of the consumer market?

In the first two months of the year, there was zero substantial growth in the society. How do you view the subsequent trend of the consumer market?
As one of the “troikas” driving the growth of the national economy, consumption has been the main “booster” for economic growth for six consecutive years.However, due to the impact of the New Coronary Pneumonia epidemic, consumption was hindered.Data released recently by the National Bureau of Statistics show that in the first two months of this year, the total retail sales of social consumer goods (hereinafter referred to as social zero overall) declined by 20 each year.5%.  How to view the subsequent trend of the consumer market? Sauna, Yewang interviewed Zhao Ping, director of the International Trade Research Department of the China Council for the Promotion of International Trade and Fu Yifu, a senior expert at Suning Financial Research Institute.  Sauna Night Net: How to view the subsequent trend of the consumer market?  Zhao Ping: The epidemic is not over yet, so some consumer demand will be suppressed, certain scales of dinner, cultural and sports activities, etc.But after the epidemic is over, consumption will inevitably return to its normal growth trajectory.  Based on the experience of the SARS period, I judge that the impact of the epidemic on consumption may be higher than the impact on GDP.In 2003, the GDP growth rate was 10.0%, an increase of 0 from the previous year.9 digits, but the company ‘s growth rate is only 9.1%, a decrease of 2 from the previous year.Seven digits, even lower than the GDP growth rate of the year.  First of all, I think the recovery of the entire macro economy will be faster than that of consumption.Also referring to the SARS period, although the growth rate of the zero volume of the company decreased in 2003, the growth rate returned to 13.3%.Therefore, after this epidemic complex, it may take 3-6 months for consumption to gradually return to the normal growth range.  Fu Yifu: The epidemic has put pressure on the growth of the consumer market.However, the negative growth of social zero spending does not mean that the consumption of residents is weak. Many people’s consumer demand has only been delayed and has not disappeared.  After SARS in 2003, social consumption ushered in a clear and rapid rebound.In addition, the economic strength and economic environment of developing countries are completely different from 2003. At present, the overall per capita GDP has exceeded 10,000 US dollars. From this perspective, we are actually closer to the international high-income countries.At the same time, the average Internet in 2003 was still in the enlightenment stage, but now online shopping, live broadcasting, online education, online medical care, etc. have developed and become more comprehensive and thoroughly penetrate the consumer’s life scene.  Therefore, after the new coronary pneumonia epidemic is completely controlled, social consumption will usher in a considerable rebound.At the same time, the resumption of production at the production end is being promoted in an all-round way. If we take some better preventive measures, the gradual consumption data should not be very bad, and even the original expectations can be achieved.  Sauna, Ye Wang, Pan Yichun, editor Wang Yu, Sun Yong proofreading Chen Diyan

[How to make curry vegetables]_Homemade Curry Vegetables_A Guide to Curry Vegetables_How to make curry vegetables

[How to make curry vegetables]_Homemade Curry Vegetables_A Guide to Curry Vegetables_How to make curry vegetables

Cooking can be very simple. Pour the dishes into a pan, stir-fry or cook them.

But do you really like to eat this kind of gradient?

In order to make a dish, you must have a fixed method and skills.

So, let me teach you how to make curry vegetables.

1.

1 minced garlic, minced a small portion of onion.

2.

2 Wash all vegetables and cut into pieces of similar size, except for sweet beans.

3.

1 Then add potatoes and carrots and stir fry.

4.

Heat 2 pans and cook in oil. Add minced garlic and onion and stir fry.

5,

Add the curry powder to the potatoes and carrots.

6.

Pour in the coconut milk and simmer for a while to let the curry powder blend with the coconut milk. If you think the soup is a bit thick, you can put some water instead.

7.

Add sweet beans and bell peppers and stir-fry.

8.

Finally, knead three lemon leaves, throw them in and stew them together, let it release its own flavor, mix with salt and a little sugar to taste before it is out of the pot.

After reading the introduction of Xiaobian, you should be very interested in this curry vegetable!

Do n’t be afraid of failure, let ‘s go to the kitchen to try it unsuccessfully and try again a second time!

Categories: 洗浴

[How to make cute animal pancakes]_Home made cute animal pancakes_Encyclopedia of cute animal pancakes_How to make cute animal pancakes

[How to make cute animal pancakes]_Home made cute animal pancakes_Encyclopedia of cute animal pancakes_How to make cute animal pancakes

There are many ways to keep in good health, and the simplest is to eat and keep healthy.

Below, I will introduce to you the practice of cute animal pancakes.

1.

Prepare egg liquid.

2.

12 An appropriate amount of flour, sesame, and sugar in a basin.

3.

21 Take an appropriate amount of flour and add sesame, sugar, egg liquid, and water to form a dough.

4.

Knead the dough evenly and roll it out with a rolling blade.

5,

Then there are molds to cut out cute animal dough.

6.

Xin opened the extra noodles.

7.

Put the finished dumpling flour into the oiled pan starch.

8.

Turn over on the way and fry the cake.

9.

Fried cute animal pancakes.

In real life, not many men cook.

But with the complete guide for cute animal pancakes, men’s friends can definitely make it alone.

And if you can cook this dish for her beloved, your feelings will be sublimated like never before.

Categories: 洗浴

[Are you selective about drinking more garlic water]_affect_bad

[Are you selective about drinking more garlic water]_affect_bad

Garlic is a vegetable with high nutritional value. Many people like to drink powdered garlic water. It has a good sterilization and disinfection effect. It is also effective in preventing disease bacteria. In addition, it has certain anti-cancer and anti-cancer effects.The effect of course is intended to be a kind of irritating food. If you eat too much, it may lead to the replacement of nocturnal emission, for example, it may easily lead to hyperacidity and easily cause gastrointestinal upset.

Is there any option to eat more garlic?

1. Garlic can increase gastric acid secretion, and spicy hormones have a stimulating effect. Therefore, people with gastrointestinal diseases, especially gastric ulcer and duodenal ulcer, should not eat garlic.

People with liver disease should not consume garlic in excess. It may cause liver dysfunction. Although garlic has a protective effect on the liver, garlic has no effect on the hepatitis virus. Instead, it can have a stimulating effect, inhibit the secretion of digestive juices, and aggravate hepatitis patientsNausea and many other symptoms.

In addition, the arthritis component of garlic can reduce the red blood cells and hemoglobin in the blood and cause anemia, which is not conducive to the treatment of hepatitis.

2. Excessive consumption of garlic will affect vision.

Chinese medicine believes that long-term consumption of garlic in large quantities will “injury the liver and damage the eyes”, so patients with eye disease should eat garlic carefully.

In particular, patients with poor health and weak blood should pay more attention to it, otherwise vision loss, tinnitus, light-headedness, and memory loss may occur over time.

What kind of person is not suitable for garlic?

1, non-bacterial enteritis, diarrhea, should not eat garlic raw.

Because the spicy allicin in raw garlic stimulates the body, congests the intestinal mucosa, worsens edema, promotes exudation and worsens the condition.

If diarrhea has occurred, you should be more careful with garlic.

2. Patients with lung, stomach, fever, blood deficiency and faintness, and body odor should not eat garlic.

3. Severe patients with other diseases.

Consumption of spicy foods such as garlic and pepper is good for healthy people to maintain long-term health, but for patients who are seriously ill or taking medication, there are obvious alternatives. Not only can they replace drugs, but they can also have a chain reaction with drugs, makingThe patient defeats danger.

Therefore, it is necessary to eat reasonably and scientifically to prevent “illness from the mouth”.

Relevant effects of garlic seeds on disease prevention and treatment: 1. Allicin is a unique ingredient of garlic, as long as a small amount can kill typhoid bacteria, influenza bacillus, influenza virus, etc .; 2, alliamine,Can eliminate fatigue and enhance physical strength; 3. The content of organic germanium compounds in garlic is the most abundant in daily foods. The combination of organic germanium compounds and some anticancer drugs has a synergistic effect on inhibiting local tumor growth and preventing tumor metastasis; it can stimulate interference in the bodyIt has a repairing effect on the damaged immune system, which can activate natural killer cells and macrophages, which is beneficial to the control of cancer. Transformation, prevents the spread of invasion, because organic germanium can reduce the viscosity of the blood and reduce the accumulation of adhesions.Opportunity to infiltrate and destroy blood vessel walls.

In addition, garlic may also be selenium. Selenium also has a strong anti-cancer effect, so some people say that garlic has an anti-cancer effect.

Garlic can also promote metabolism, lower blood lipids, blood pressure, and blood sugar. Therefore, garlic has certain therapeutic effects on hypertension, hyperlipidemia, diabetes, and arteriosclerosis; garlic can also beautify, remove cuticles, and whiten spots, etc.Wait.

Categories: 洗浴

[Efficacy and role of black pear]_Use_Nutritive value

銆愰粦姊ㄧ殑鍔熸晥涓庝綔鐢ㄣ€慱鐢ㄥ_钀ュ吇浠峰€?
榛戞ⅷ涔熸槸涓€绉嶆瘮杈冨父瑙佺殑姊ㄥ瓙锛屽畠鐨勮惀鍏讳环鍊兼槸姣旇緝楂樼殑锛屽叿鏈夋竻蹇冩鼎鑲虹殑浣滅敤锛屽湪澶忓ぉ鐨勬椂鍊欓€傚綋鐨勫悆涓€浜涜繕鏈夐檷鐏敓娲ョ殑浣滅敤锛岃皟鍏昏韩浣撶殑鏁堟灉鏄瘮杈冧笉閿欑殑锛屽畠鍚湁鏈ㄨ川绱狅紝杩涘叆鑲犻亾瀹规槗褰㈡垚鑳惰川锛屽湪娌荤枟渚跨锛屼績杩涙帓姣掓柟闈㈣兘澶熷彂鎸ュ緢濂界殑浣滅敤锛屽湪閫夎喘榛戞ⅷ鐨勬椂鍊欎篃瑕佹敞鎰忋€傞粦姊ㄧ殑鍔熸晥涓庝綔鐢ㄦⅷ鏋滅毊:娓呭績銆佹鼎鑲恒€侀檷鐏€佺敓娲ャ€佹粙鑲俱€佽ˉ闃村姛鏁堛€傛牴銆佹灊鍙躲€佽姳鍙互娑﹁偤銆佹秷鐥版竻鐑€佽В姣掋€傛ⅷ绫?邖  湁 链 ㄨ 川 绱?How can you say that it’s a pity?褰㈡垚鍍忚兌璐ㄧ殑钖勮啘,鑳藉湪鑲犲瓙涓笌鑳嗗浐閱囩粨鍚堣€屾帓闄ゃ€傚彲娌讳究绉樸€傛ⅷ瀛愬惈鏈夌〖鍙互棰勯槻濡囧コ楠ㄨ川鐤忔澗鐥囥€傜〖鍏呰冻鏃?璁板繂鍔涖€佹敞鎰忓姏銆佸績鏅烘晱閿愬害浼氭彁楂樸€傛ⅷ鑲?鑴嗘眮澶氥€侀吀鐢滃彲鍙?Sorry, the chains are made up of scorpions, and the group is composed of SN, 漠, 掯, 雸, 囧, sorrows, sorrows, helium?鈙  府 锷 ╀HanxuXinhuan 卷 座 傧 鍲 Hong 咶  噺, Chain 姑 忚 忚 忚 忚 叚 伟 銆 傛 叛 Cangⅷ 镄 嵫 搗?25 Lao?麡 店 钀 ュ 吇 瀛 ﹀Silk flag┒ 鈙 湠 幇, 姣 忎 姐姐 ㄩ 兘 钖  湁 10 鍏 嬮 嫷 庤 卲 唲 洪 唶 啤 單單 單 喆 單 喤Boom, it’s frozen, it’s so hard, it’s a silicon, it’s a helium, and it’s a good thing?0%銆傞€氳繃瀵归┈閲屽叞宸炵殑涓€浜涙垚骞翠汉鐨勮皟鏌ュ悗鍙戠幇,閭d簺鎽勫叆鑶抽绾ょ淮鏈€澶氱殑浜轰綋鍐呮€昏儐鍥洪唶鍜屼綆瀵嗗害鑴傝泲鐧界殑鍚噺鏈€浣?鍚屾椂杩欎簺浜虹殑浣撻噸鏈€杞?韬珮浣撻噸鎸囨暟鏈€浣?鑵板洿涔熸渶灏忋€傞€夎喘鏂规硶1銆佺湅姊ㄨ剱:鎸戞ⅷ鏃?Sorry, my sister, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow.濡傛灉鐪嬭捣鏉ヨ緝娣辫€屼笖鍛ㄥ洿鍏夋粦鏁撮綈,鍏锋湁瑙勫垯鎬х殑鍦嗗舰鍒欎负杈冨ソ鐨勬ⅷ瀛愩€傝€它 剱 娴 呭 Zhang Juanling muddy?Forge and draw 箣 2 犆 warship clock?瑕侀€夋嫨褰㈢姸绔瑙勫垯,鍝佽川濂界殑姊?鏋滃舰绔,鏋滆倝鑲夎川缁嗚吇,璐ㄥ湴鑴嗚€岄矞瀚?What’s the matter? What’s the matter? What’s the matter?姹佹恫涓板瘜,閫氬父鍛抽亾涔熷緢鐢溿€傚敖閲忎笉瑕侀€夋嫨褰㈢姸涓嶈鍒欑殑姊ㄥ瓙,瀵逛簬杩欐牱鐣稿舰鐨勬ⅷ瀛愭灉鑲夊垎甯冧笉鍧囧寑,鍚冭捣鏉ユ病鏈夋劅瑙夈€傝繖绫绘ⅷ閫氬父鑲夎川绮楃硻,姹佹恫灏?What’s the problem? Is it possible to make a fortune?Are you sorrowed by your sister, Fan Lu?

Categories: 洗浴

[How to make orange juice mushroom bag]_how to do _ practice Daquan

[How to make orange juice mushroom bag]_how to do _ practice Daquan

Fruit orange juice mushroom bag is a common bread style, because it is a bit like a small mushroom, so it is named, fruit orange juice mushroom bag contains sweet orange fruit, it smells orange, tasteRich and fresh.

In addition, the nutritional value is relatively high, and it is relatively easy to make. As long as you have an oven at home, you can make this delicious bread.

Materials: 300 grams of high-gluten flour, 50 grams of low-gluten flour, 40 grams of caster sugar, 2 medium-sized sweet oranges, 1 and a half teaspoon of yeast, 1/2 teaspoon of salt, mashed 40 grams, and 2 sweet orangesPeel the juice, pour the juice with pomace (about 180 grams) into a bowl and heat. After drying, pour the yeast into it and dissolve it. Let it rest for 5 minutes. Pour 1 into the high-gluten flour + low-gluten flour + white.In sugar + salt, stir with chopsticks while kneading, knead into a ball, then add knead until the dough is complete. Cover the dough with plastic wrap and leave to warm to 2 in the warm place.

5-3 times the size, vent, divided into 250 grams of dough, 10 grams of dough, spheronize, add 15 minutes in the oil-brushed mold to relax the dough, leave it in the warm place, and double ferment to double the oven.Preheat 180 degrees, brush the egg yolk liquid, middle and lower layers (the penultimate layer of the Changdi oven) for 15-18 minutes.

Efficacy and role of homemade fruit oranges 1, Hewei Jiangni, oranges are sour, cold and cold, enter the liver, stomach meridian.

You and Zhong appetizers, reducing the effect of anti-vomiting.

Good at vomiting caused by stagnant diet, wind and bad air in the stomach, liver and stomach depression and other diseases.

2, wide chest open knot, orange cold, have the function of clearing heat and reversing the heat, clearing the heat of the lungs and chest, due to exogenous wind and heat, obstructing the air, causing pain, cough, yellow sputum, and treatment with oranges,Relieve heat and remove phlegm, wide chest open knot, cool blood to stop bleeding, and significant effect.

3. Eliminate dysentery, invaded by external evils, or internal injuries of emotions, and weak constitution, so that the Qi is blocked, and the body fluid accumulates into sputum.

Such as “Danxi Heart Law”: “The sputum is a thing, rise and fall with the air, everywhere.

“Therefore, there is a certain internal connection between spontaneous occurrence and sputum condensation.

4, killing fish and crab poison, oranges are sour and aromatic, acid can sterilize, have awakening the spleen, and lowering the stomach. For excessive drinking or replacement of fish and crab, it can better flavor and detoxify the hangover effect.

Makes the flavor more delicious and moderate, delicious.

5, identification application, oranges and orange nucleus, meat is preferred to stop vomiting, wide breasts, diarrhea, poison of fresh fish and crabs.

The orange nucleus is preferred to treat kidney qi, gonorrhea, low back pain, topical can be used to treat facial acne, orange is preferred to cure liver and lung diseases, and orange nucleus is preferred to kidney disease.

Categories: 洗浴

[How to make a small colored owl]_ Common practice of a small colored owl _ How to make a small colored owl _ How to make a small colored owl

[How to make a small colored owl]_ Common practice of a small colored owl _ How to make a small colored owl _ How to make a small colored owl

A bowl of fragrant colored cockles is sure to be mouthwatering, and it is not difficult to make it. The key to this dish is that the ingredients must be fresh and the cooking time must be controlled. The local unique onion oil will definitely make you think every dayeat.

Remind that when you do, you can put some smoke, the color will look better.

1. Wash the bell peppers, remove the stalks, and chop them up.

2. Combine the milled colored pepper juice into a dough, and a piece of ordinary dough (4 parts of egg white are poured into the colored pepper juice and water, respectively), knead the dough and put it in the basin to wake up.

3. When waking up, adjust the meat filling, the pork filling is the stir-fried minced meat, chopped onion, and chopped ginger, pour the minced ginger into a small bowl, and then add the soy sauce, soy sauce, salt, allspice, pepper water, andPeanut oil is added to the bowl and stirred clockwise, and the seasoning is prepared according to each person’s taste.

4. Mushrooms are simmered in water, washed, dried, and chopped.

5. Pour the minced mushrooms into the meat and stir well.

6. Roll the awakened dough into a large dough, and then cut into small squares. Try not to cut it too big.

7, take a piece of dough and put the stuffing, fold the sides of the dough in half and squeeze the edges.

8. Circle the two corners of the unpinched edge inward, squeeze them tightly, and wrap them.

9. Pack all the badges one after another.

10, add water to the boil, boil the boiled pan, boil the pot for 3-5 minutes and remove.

11, put seaweed in the bowl, pour a little bit of flavored soy sauce, first add the soup to the bowl, then fish in the soup, cooked soup to a bowl * ^ _ ^ * health is not taken for granted, it needsWe take care of it normally, and the practice of colored cockles is simple and very popular.

Categories: 洗浴

Placco (603566): Swine vaccine sales under pressure from epidemic impact

Placco (603566): Swine vaccine sales under pressure from epidemic impact

Net profit attributable to mother in the first quarter of 19 years was -62.

60%, performance is lower than expected Placo announced 1Q19 results: revenue 1.

47 trillion, ten years +2.

43%; net profit attributable to mother 0.

14 trillion, -62 a year.

60%, blacks earn 0.

04 yuan, it was expected that the poor sales of pig vaccines is preliminary: 1) the epidemic situation overlaps with low pig prices, the production capacity of pigs continues to be eliminated, and the income of pig vaccines in 1Q19 decreases by -37.

67% to 0.

32 ppm; 2) Benefiting from high poultry prices and increasing veterinary drug demand from breeding companies, poultry vaccines and chemical drugs business in 1Q19 had a relatively high growth, with revenue increasing by +20 respectively.

31% / 22.

20% to 0.

55/0.

56 ppm; 3) Period expense ratio increased / + 17.

5 / + 20.

0ppt to 57.

9%, mainly due to the company’s research and development of African swine fever, foot and mouth disease, bird flu vaccine, while the company strengthened the development of direct sales customers led to increased sales costs.

Development trend Poor vaccine sales are not good, but the external environment has improved: 1Q19 African swine fever has not significantly improved, pig production capacity has been reduced and the profitability of investment in farming has been low. The company’s swine vaccine sales have been impacted, and 1Q19 revenue has decreased by -37.

67%, the ring vaccine is the company’s main pig vaccine products, product sales and pig price correlation replacement, under the replacement pig price in 1Q19, we increased 1Q19 ring vaccine revenue by 60%.

Looking forward, although the short-term and short-term sales of swine vaccines are still affected by the epidemic situation, the price of pigs has gradually reversed, and there is room for marginal improvement in farmers’ epidemic prevention needs and supplementary pens. We initially judge that sales in 2H1合肥夜网9 will be better than 1H19.

Focus on the breakthrough opportunities of potential single products: We are still optimistic about the breakthrough opportunities of the company’s overall potential single products: 1) The ring-mycoplasma combined vaccine was listed at the end of last year, and we expect this year’s revenue to be about 40 million yuan;New products that match popular strains have been launched, and the epidemic prevention effect has improved. We expect to be listed in 2Q19, and this year’s revenue will be about 30 million yuan; 3) Avian genetic engineering vaccine products are strong and benefit from the upward trend of poultry prices.The increase is about 30%, which drives the income of poultry vaccines to increase by about 20% to 2 per year.

6ppm; 4) As the epidemic boosts the demand for veterinary drugs and 厦门夜网 disinfectants in China, we expect the revenue of the chemical medicine business to increase by about 20% to 2.

0 ppm; 5) We expect that the Foot-and-Mouth Disease Vaccine will be available in 2020, further complementing the product line.

Earnings forecast is under pressure due to swine vaccine sales in Africa due to the swine fever epidemic in Africa. We lower our 2019/2020 net profit return to mothers22.

7% / 1.

7% to 0.

90/1.

3.6 billion.

Estimates and Suggestions Estimates correspond to 48/31 times the estimates for 2019/2020.

Maintain the recommendation level, and consider the downward revision of the profit forecast but the industry assessment repair, slightly lower the target price of 5.

7% to 16.

5 yuan, the target price corresponds to 59/39 times the 2019/2020 estimate, + 26% space.

Risks New products do not meet expected risks; market competition intensifies risks; breeding downturn risks.

Categories: 洗浴

Bairun Co. (002568): Pre-mix business returns to rising channel

Bairun Co. (002568): Pre-mix business returns to rising channel
1Q19 revenue exceeded market expectations Bairun shares announced 1Q19 results: Revenue 2.84 ppm, an increase of 14 years.62%, net profit attributable to mother 0.430,000 yuan, an increase of 65 in ten years.65%, corresponding to EPS 0.08 yuan.The revenue exceeded market expectations, mainly due to the unexpected growth in the pre-mix business.At the same time forecast the first half of the net profit1.10?1.34 ppm, corresponding to a single quarter net profit growth of 27.6?72.1%. The 4Q18 and 1Q19 revenue / net profit period has been the highest quarterly level since the company’s contraction adjustment in 2016 (4Q18 net profit excludes the impact of termination of distribution incentives). We believe the company has come out of the trough and returned to the upward channel. Development Trend The key to the pre-mix wine business returning to the rising channel is to acquire new consumer groups and open new consumption scenarios, bringing incremental space.The company has an alcohol score of 3?8 degrees, products with different styles and tastes, segment consumer groups.The focus of packaging has shifted from glass bottles to cans, introducing daily scenarios on multiple occasions, breaking through the previous impression of a single polydrink.Xinwei’s growth has become the strength of Hyundai’s growth, with revenue growth of 60% in 18 years, and we expect to continue to grow 55% in 19 years. In 19, marketing began to expand twice, but still more cost-effective.Optimize traditional and modern channels, expand e-commerce, nightclubs, and ready-to-drink channels.Expenses continue to focus on high-budget segmented products and channels. New products drive growth, and multiple product mixes promote the cultivation and development of the pre-mix wine industry.As the absolute leader of China’s pre-drinking industry, the company’s market share reaches about 80%, but the absolute size of the industry is still very small.The company has continuously promoted new product models and brand strategies, continued to conduct market segment education and cultivate consumer habits to gain incremental growth space.The company’s product reserves are abundant, continuous R & D investment is the support, and R & D expenditure in 18 years is zero.6.3 billion, accounting for 5% of revenue.11%. Earnings forecast is revised up by EPS 9 in 19/四川耍耍网20 due to the increase in the forecast for the growth of pre-mixed wine revenue.6% / 9.1% to 0.53/0.66 yuan. Estimates and recommendations As a result of the upward revision of earnings forecasts and the company’s basically upward growth trend, the target price is raised by 12% to 19.5 yuan, corresponding to 37 in 19/20.2/29.9xPE, current price corresponds to 19/20 33.2/26.7xPE, with 12% growth in target price. Maintain recommendation. Risk If the expenses are too large, the profit may not meet expectations.

Categories: 洗浴

Depth-Company-SANY Heavy Industry (600031): record high revenue, high profitability, transformed into a cash cow

Depth * Company * Sany Heavy Industry (600031): record high revenue, high profitability and turn into a cash cow

Revenue of Sany Heavy Industry in 2018 was 558.

22 ppm, an increase of 45 in ten years.

6%, net profit 61.

16 ppm, an annual increase of 192%, and a net cash flow from operating activities of 105.

27 ppm, an increase of 22 in ten years.

91%.

As of December 31, 2018, the company’s total assets were 737.

7.5 billion, net assets attributable to shareholders of listed companies 314.

8.5 billion.

The company plans to reach 67 billion in revenue in 2019, an increase of 20%.

Key points of the supporting grade Leading products: Strong sales growth across the board, with gross margins generally rising.

In 2018, excavator sales revenue increased by 41% to US $ 19.2 billion, concrete machinery revenue was US $ 17 billion, an increase of 35% over the years, crane machinery revenue was US $ 9.3 billion, an increase of 78%, and pile machinery revenue was 4.7 billion, an increase of 61%.
Revenue from road machinery increased 21% to 21 billion.

In terms of profitability, mining machinery gross margin was 38.

66%, down 1.

The 96 units, mainly due to the increase in the proportion of small excavations in the second half of the year, changed the sales structure of excavators; the gross profit margin of concrete machinery was 25.

24%, up 1.

02 units; gross profit margin of lifting machinery 24.

85%, up 1.

86 per second; gross profit margin of piling machinery 37.

3%, up 6.

65 units; gross profit margin of road machinery 31.

34%, up 13.

14 averages.

Financial indicators: The operating capacity has been greatly improved and is at the best level in history.

(1) Gross profit margin of main business 31.

12%, an increase of 1 unit over 2017; net sales margin was 11.

29%, an increase of 5 from 2017.

48 units, net profit 61.

160,000 yuan, a year-on-year increase of 192%, and high profit quality.

(2) Expense control: Expenses and expenses during the period15.

02%, a sharp drop from 2017 compared to 5%.

In 2003, among them, the sales expense ratio, management expense ratio, and financial expense ratio decreased by 2 compared with 2017.

03, 0.

93, 3.

2 per share, interest expenses are reduced by 13 per year.

24%, interest rate income increases by 2 every year.

700 million US dollars, in addition, exchange gains and losses from the previous year expenditure of 700 million US dollars and more in 2018, more than 100 million.(3) Asset quality: The number of days of turnover of accounts receivable decreased from 174 days in the previous year to 126 days, the trend of overdue transactions decreased, the overdue ratio of value sales was controlled at the lowest level in history; the inventory turnover ratio was 3 from the previous year.

Raised 87 times to 4.

03 times.

(4) Capital structure: On December 31, 2018, the company’s assets and liabilities were reorganized55.

94%, the company’s financial structure is very stable.

The internationalization strategy is advancing steadily.

In 2018, it achieved international sales revenue of 136.

27 ppm, an increase of 17 in ten years.

29%, accelerated growth in the second half of the year, sales of 75.

35 ppm, an increase of 29 in ten years.

49%; the company’s overseas major regions continue to improve the quality of operations, Southeast Asia, Indonesia, Latin America and other eight overseas regions, Sany India, Sany Europe, Sany United States, such average prices achieved rapid growth; per capita income in overseas markets, overallProfit, sales recovery rate, growth in the speed and magnitude of foreign payment and inventory turnover, and sales expense ratio decreased; of which, the overseas market share increased significantly. Among them, the overseas market of excavators achieved rapid growth and the market share continued to grow.

Product strategy: Continue to launch new product series that are intelligent, energy efficient and comfortable to operate.

(1) Excavator H series: In 2018, H series excavators such as SY155H, SY225H, SY305H, and SY395H were launched. They have a variety of performance advantages such as high efficiency, reliability, intelligence, and energy saving, which can meet the spectrum coverage of large, medium and small mines.

(2) Crane T series: 80 tons of T series truck cranes are the industry leader in cost performance. In 2018, the market share of Sany in 80T reached 39%, ranking first in the industry.

Sany has already stocked products in countries 5 and 6 of each tonnage. The possibility of outbreak of renewal demand caused by environmental protection upgrades is planned in advance.

(3) Pump truck: In 2018, Sany launched two new bridge trucks of 30 and 37 meters in size, SYM5180THBES30C-8 and SYM5230THB370C-8. The market share of that year’s sales reached a high level.

In 2019, the company released a new generation of C10 series pump trucks with 52 meters of 3 bridges and 62 meters of 4 bridges to the world.

The market share of categories of products has risen in an all-round way, pushing the industry pattern to continue to solidify.

Concrete equipment is the world’s number one brand. Excavators, large-tonnage cranes, rotary drilling rigs, road equipment, etc. have promoted products to become China’s number one brand.

In terms of market share in 2018, the market share of Sany’s excavators, truck cranes, crawler cranes, concrete machinery, etc. has all increased: (1) in terms of excavators: Sany leads domestic excavators to replace rich brands.One excavator market share of 23% ranks first in the domestic industry; (2) Truck cranes: Sany breaks through the dual duopoly distribution layout, and Sany continues to seize the market share of leading enterprises, with its share rising to 22% in 2018 and 2019The increase in market share will be more obvious; (3) Concrete machinery: Sany pump trucks account for more than 50% of the market, and mixer trucks account for 15%.

5%, the market share continues to rise on average, and the brand advantage is very obvious.

R & D expenses hit a 杭州桑拿网 record high.

The proportion of R & D investment in revenue from 2016 to 2018 was 4.

83%, 5.

00%, 5.

38%, reaching 1.1, 19, and 3 billion yuan, respectively.

The research and development in 2018 is mainly used to strengthen the speed of R & D and innovation of construction machinery products and key components, realize the upgrading of mainframe products, strengthen the research and development of core components, and further enhance the company’s core competitive advantage.

It is estimated that we will increase the company’s profit in 19/20 from 90/99 / to 90/102 billion US dollars, mainly based on the continuous improvement of the company’s various products’ gross profit margins. The comprehensive environmental protection upgrade of construction machinery starting in 2020 will promote construction machineryMaintain 西安耍耍网 a high level of prosperity.

The current 19/20 PE corresponding to the market value is estimated to be 12/10 times, maintaining the buying level.

The main risks faced by the grade The sustainability of the high prosperity of the domestic construction machinery industry in the second half of the year.

Categories: 洗浴