Category: 夜生活

Messi staged an assist hat trick, and this season has doubled in the number of cakes

Messi staged an assist hat trick, and this season has doubled in the number of “cakes”
In the 23rd round of La Liga, a focus game started this morning at the Redis Lubana Stadium. Messi staged an assist hat trick to help Barcelona beat Real Betis 3-2.Barcelona has recently experienced turbulence, the team’s results are not consistent, and the King’s Cup has also been eliminated.In this campaign, facing Betis, the team’s only goal is to focus on the field and take all three points.At the beginning of the game, Barcelona was awarded a penalty for handball. Betis first went to the city, and only 4 minutes later, De Jong went all the way into the penalty area and Messi picked up the pass before the shot.De Jong also became the 45th Barcelona player to receive Messi assists.Messi subtly assists De Jong.Since then, Messi has provided two assists to help the team win 3-2, and also ushered in his fourth career assist hat trick.Messi, who assisted and wore a hat this time, participated in the team’s victory without accident and scored 10 points after the game.In this game, Messi assisted De Jong, Busquets and Langley to score; and in the game against Levante, Messi scored twice assisted Fati.Barcelona’s nearly five goals were all directly involved in the “baker king” Messi, and he became the second player to score in the five major leagues this season, assisting all players who “weared a hat”.So far this season, Messi has twice completed three single-game achievements. This is his first single-game three assists this season, just like Leipzig striker Werner.In addition, Messi is the only player with more than two assists in a single game this season.After this campaign, Messi has double figures in La Liga goals and assists this season, with 14 goals and 11 assists in La Liga scoring and assists respectively.Editor Zhang Yunfeng proofreading Wang Xin

Hitachi consolidated and thickened the profits of Hisense appliances last year, Q1 net profit breakdown exceeded 70%

Hitachi consolidated and thickened the profits of Hisense appliances last year, Q1 net profit breakdown exceeded 70%
On the evening of April 14, Hisense Appliance released its 2019 audited financial report, which showed that the report merged and the company achieved operating income of 374.5.3 billion, an annual increase of 3.98%; realized net profit attributable to shareholders of listed companies.9.4 billion, an annual increase of 30.22%, of which the net profit after reducing non-recurring gains and losses is 12.2.6 billion; budget revenue is 1.32 yuan.Initially, affected by the epidemic, the net profit in the first quarter of this year was extended by 70% -100% each time.In terms of products, the air-conditioning business achieved revenue of 163 main businesses.69ppm, an annual increase of 9.92%, ice washing business achieved 161 main business income.2.8 billion, an annual increase of 0.34%.In terms of reporting scale, the company has realized the scope of Hisense Hitachi consolidated statements, the company’s income scale and asset scale have increased, and its value and overall strength have been further improved.The financial report shows that Hisense Hitachi’s revenue in 2019 is 120.3.8 billion yuan, net profit 19.1.9 billion yuan.In terms of external revenue by domain, internal sales business realized 227 main business revenue.1.2 billion, an annual increase of 3.05%; the main business income of export business is 114.$ 8.5 billion, an annual increase of 6.81%.At the end of the reporting period, sales expenses were 56.7 billion, an annual increase of 13.27%; management costs 5.1.5 billion, an increase of 21 per year.03%; R & D expenses 9.3.4 billion, an increase of 36 a year.06%.The company’s asset budget is 339.9.1 billion, an annual increase of 55.72%, the net cash flow from operating activities is 20.05 billion, an annual increase of 91.10%.It is planned to distribute a cash dividend of 3 for every 10 shares to all shareholders.95 yuan (including tax), total profit distribution 5.3.8 billion yuan.In fact, affected by the epidemic, Hisense Home Appliances released the first quarter 2020 performance forecast, and the net profit attributable to shareholders of the listed company was 0 million – 1.2.6 billion, a decrease of 70% -100% every year.Hisense Appliance said that the new coronavirus epidemic has a serious impact and impact on the consumer market. The company’s operating income has increased, and the insufficient scale has led to a decrease in gross profit margin and an increase in the expense ratio, which has caused the company’s operating performance to decline significantly.Affected by the epidemic, the home appliance industry was hit in the first quarter of this year.Aowei Cloud’s total data show that the overall retail sales of white power in the first quarter fell by about 45%.The scale of Q1 air-conditioning industry in 2020 is 149.2 trillion, down 58 a year.1%; the entire air-conditioning market industry is sluggish, with severe sales.Tonight, Gree Electric, a leading air-conditioning company, also released a first-quarter 2020 performance forecast showing total operating income of US $ 20.7 billion-US $ 22.9 billion, compared with 41 billion in the same period last year; net profit attributable to shareholders of listed companies.3ppm–17.1 trillion, a year-on-year decline of 70% -77%.”In February, our sales data was almost 0, which means a loss of 20 billion, and the industry as a whole is facing such difficulties.At the end of March, Gree Electric Chairman and President Dong Mingzhu said in an exclusive interview with CCTV Finance.Faced with the impact of the epidemic, recently, Hisense Group reported layoffs.In this way, Hisense stated that the information about quantitative layoffs already available on the Internet is not true.Affected by the global epidemic, the average price of domestic and foreign markets in the home appliance industry has expanded.Hisense’s overseas business revenue has accounted for more than 40% of the group’s overall revenue, and the business prospects are more severe.Therefore, we have taken measures such as taking the lead in salary reduction by senior executives and accelerating the “survival of the fittest” of the workforce through elimination at the end.Sauna, Ye Wang Chen Weicheng Editor Chen Lixiao dealt with Chun Leng

[Cold black fungus]_cold black fungus_how to do_how to do

[Cold black fungus]_cold black fungus_how to do_how to do

Cold black fungus is a cold dish that we can easily eat in the summer, and black fungus actually has a good effect of removing gastrointestinal toxins and detoxification. At the same time, it is a cold dish, it is even more delicious and appetizing.Introduced different cold black fungus practices.

Method 1: Raw materials: 150g black fungus, 50g crushed walnuts, red and green peppers, ginger, garlic; seasoning: salt, sugar, vinegar, soy sauce, sesame oil, red oil; method: 1, wash and tear small pieces of black fungus,, red and green peppers shredded ginger garlic mince; 2, black fungus red and green peppers shredded water; 3, crushed walnuts and stir-fry with low heat; 4, add black fungus red and green pepper shredded walnuts and ginger garlic minced,Add seasoning and mix well.

Method 2: Main ingredients: Agar fungus accessories: cucumber, walnut kernel Seasoning: salt, chicken essence, sugar, olive oil, garlic juice Cooking method: 1. Pour the water into the pot and put in the fungus when the water is boiling, remove and let coolAfter tearing into small pieces, peel and cut the cucumber into small pieces and put them in the utensil together with the fungus, first pour in the olive oil and mix well, then add chicken essence, sugar, salt, minced garlic and stir well; 2. Pour into the pot and igniteA small amount of oil. After the oil is hot, add walnut kernels to fry, remove and crush and sprinkle on the fungus.

Cold fungus main ingredients: fungus (6 pieces, torn into 1/4 palm-sized pieces) auxiliary materials: a few onion segments (1 inch long), garlic, white vinegar, salt, chicken essence, salad oil, white sesame method three, one.

Boil the water in the pot, add the green onion section first, so that the water has the fragrance of green onions.

2.

Add the fungus and salt to make the fungus taste better.

Add a few drops of salad oil to the pan, so that the fungus that is removed will look better (this is the practice in large restaurants, if the oil in the house is more tight) 3.

After half a minute, remove the fungus and spring onions and put them on a plate. The spring onions do not need to be removed.

4.

Place the garlic on top of the fungus, centered in the middle.

Pour a small amount of salad oil into the pan, pour the green smoke, and pour on the garlic to make the garlic more flavorful.

5,

Add chicken essence and white vinegar and mix with garlic.

6.

Sprinkle with white sesame seeds and serve.

Categories: 夜生活

[Fluffy Pancake fluffy western-style pancakes]_Fluffy Pancake Home-made fluffy western-style pancakes _Fluffy Pancake

[Fluffy Pancake fluffy western-style pancakes]_Fluffy Pancake Home-made fluffy western-style pancakes _Fluffy Pancake

Do you know Fluffy Pancake?
This is the secret for many people to keep their youthful skin. Making this dish is actually not complicated. After the oil is heated, add the green onion and stir fry the ingredients. You can add bean paste according to your personal taste and slowly simmer for a few minutes.The duration of the curing process should not be too long, otherwise it will affect the taste and destroy the food aroma.
1、把所有食材准备好2、Prepare all the ingredients3、面粉 + 盐 + 糖 = 搅拌均匀 (A)4、Ingredients (A) : Mix Flour + Salt + Sugar5、鸡蛋 + 牛奶 = 搅拌均匀 (B)6、Ingredients (B) : Mix egg + milk7、把(B)及 溶了的牛油 加入 (A)里8、Pour (B) & melted butter into (A)9、搅拌均匀10、注意:不要搅拌过量!Stop stirring evenly!
11.Mix evenly.
12.Attention: Do NOT over mixed the batter!
Stop once it is even.
13、把食油抹在锅底 (中火)14、Spread some cooking oil on the pan (medium heat)15、放入适量(大约两汤匙)面糊16、Pour in roughly 2tbsp of batter onto the pan17、3-5 分钟后 当侧边呈现定型的状态以及泡泡浮出(如图)就能翻面18、Flip the batter once the side of batter shaped (as in the photo) and the top bubbled. It takes about 3-5 minutes to turn into this look.
19. After both sides are cooked, put them on the plate and you can eat!
20.Once both side is fried evenly, you may move it to a plate then add any topping as you like and ENJOY!
Cooking is a big thing, and housewives may not enjoy the cooking process. During the cooking process of Fluffy Pancake, you can find the joy of cooking. You can make delicious dishes during the rest time., Is the gospel for beginners.

Categories: 夜生活

[How to make multi-grain egg pancakes]_ Common practice of multi-grain egg pancakes _ How to make multi-grain egg pancakes _ How to make multi-grain egg pancakes

[How to make multi-grain egg pancakes]_ Common practice of multi-grain egg pancakes _ How to make multi-grain egg pancakes _ How to make multi-grain egg pancakes

There are a lot of things to do when you want to make a dish.

Of course, cooking is not as difficult as everyone thinks. Everything is difficult at the beginning. First prepare the ingredients and seasonings, and then start to make miscellaneous grain egg pancakes.

Mix the powder evenly 2.

12 加 水 3.
12 plus water 3.

21 Blend to dry powder-free state 4.

Cover with plastic wrap and let stand for 1 hour.

Let the batter crunch on its own, a little sticky5.

First preheat the pancake pan, then take a spoonful of batter, pour it on the pan and turn it over, and it is best to keep the scraper perpendicular to the pan, so the pancakes will be thin.

If scraped sideways.

.Not only is the shovel prone to batter, but it is also easy to scrape very thick6.

1 Take out an egg!

Hold the pan with one hand and squeeze the egg onto the pancake!

Then throw away the eggshell 7.

2 Then a complete pancake skin 8 is completed.

Use a spatula to chop the eggs, break the yolks, and spread the eggs on the pancakes 9.

When the eggs are solidifying and the pancakes are crispy, you can spread the sauce and sprinkle with green onions (if you want to sprinkle some cucumbers, mustard, parsley, come together) 10.

Wrap a piece of homemade shortbread, and use a shovel to scrape the pancake (our pan is non-stick, so we do n’t need the pancake shovel tool), the pancake is folded in half.

Cut it with a shovel and cut it down, and then put the sausage on the horse to prepare it for eating. Miscellaneous grain egg pancakes have been introduced, but everyone understands and masters it differently. Below you can do it according to your own understanding.。

Categories: 夜生活

[Efficacy of male silkworm moth wine]_Effect_Efficacy

銆 愰 泟 铡 雓 殘 掰 掔 殑 锸 晸 銆 銆 揱 堁 堟 灉 _ 鐩 婂 
It ‘s hard to say what ‘s wrong with each other. It ‘s very simple. It ‘s a simple sentence. It ‘s a lot of time. You ca n’t talk about it. You ca n’t do it.You can’t wait to see the umbrella, the new one, the new one, the newest one, the newest one, the best one, the best one, the best one, the best one, the best one, the best one, the best one, the best one, and the best one.箒锛屾湁杩欐牱涓€涓垚璇紝椋炶浘鎵戠伀锛岃鐨勫氨鏄畠锛屽畠鐨勭繀鑶€涓婂甫鏈変竴瀹氱殑绮夋湯锛屽畠闄や簡鏄姩鐗╀互澶栬繕鏈変竴瀹氱殑鑽敤浠峰€硷紝閭d箞闆勮殨铔鹃厭鐨勫姛鏁堟槸浠€涔堬紵闆勮殨铔惧吇鐢熷師鏂欓厭鏄噰鐢ㄦ潕鏃剁弽銆婃湰鑽夌翰鐩€嬬О涔嬩负鈥滅铏浗瀹濃€濈殑鏌炶殨闆勫Teachers are very rich and flawed. Teachers are distinguished from each other. They are different from each other. They are gong and dong. They are forging and forging. They are forging and drilling, and they are forging and drilling.佺儹娴哥敓浜у伐鑹鸿€岀敓浜х殑淇濆仴椋熷搧銆傞泟铓曡浘鍏荤敓鍘熸枡閰掓槸浠ュ綋鍦扮函姝g殑绮灏忕儳55% 锛圴/V锛夐厭涓哄熀閰掞紝閲囩敤鍐锋蹈宸ヨ壓灏嗘椿闆勮殨铔句綋鍐呯殑闆勬€ф縺绱犲強鍏跺畠钀ュ吇鎴愪唤婧朵簬閰掑唴锛屽姞鍏ラ€氳繃婕捀鍚戜腑鑽夎嵂鎻愬彇娑诧紝缁忚繃绉戝璋冮厤銆佽串瀛樸€佸喎鍐荤瓑鐢熶骇宸ヨ壓鑰屽埗鎴愩€傜敱浜庤閰掗厭绮惧害楂橈紝钀ュ吇婵€绱犲拰钀ュ吇鎴愪唤娴撳害澶э紝姣忕摱鈥滃師鏂欓厭鈥濆彲鐢?45% adze?V/V锛夌殑鐧介厭鍕惧厬鎴愪笁鍊嶇殑钀ュ吇閰掔洿鎺ラギ鐢ㄣ€傚嬀鍏戝悗鐨勮惀鍏婚厭鍏锋湁閰掓恫娣¢粍銆佽垝閫傚吀闆呭崗璋冪殑棣欐皵锛屽彛鍛虫煍椤猴紝鍙e懗濮嬬晠鐨勭壒鐐广€傞泟铓曡浘鍏荤敓鍘熸枡閰掓墍鐢ㄧ殑闆勮殨铔炬槸閫夌敤鏈湴鏌炶殨鏈氦閰嶇殑闆勮浘涓哄師鏂欙紝鍏锋湁琛ヨ偩澹槼銆佺敓绮剧泭楂撱€佹澀鐤插姵鍙婂厤鐤皟鑺備綔鐢紝闀挎湡閫傞噺楗敤鍙娇浜虹殑鏈轰綋澶勪簬鏈€浣崇姸鎬併€傞泟铓曡浘鐨勭壒鐐癸紝闆勮殨铔句綋鍐呭惈鏈変赴瀵岀殑娲绘€х墿璐紝闆勬€ф縺绱犲惈閲忎赴瀵岋紝瀵瑰寮轰汉浣撳厤鐤姏鍜屾€у姛鑳芥晥鏋滄樉钁椼€傚畠鍚湁涓板瘜鐨勭粏鑳炶壊绱燙銆佺淮鐢熺礌B12銆佺儫閰搞€乤铚曠毊閰強B-铚曠毊閰瓑澶氱鎴愬垎锛屽叾涓剳婵€绱犲涓€佸勾浜烘湁鏋佸ソ鐨勪繚鍋ヤ綔鐢紝鏈嶇敤涓€瀹氶噺鐨勮剳婵€绱犲彲浠ヤ績杩涚粏鑳炵敓闀匡紝鍒烘縺鐪熺毊缁嗚優鍒嗚锛屾帶鍒剁壒寮傛€ц泲鐧藉悎鎴愶紝杈惧埌寤剁紦琛拌€佺殑鍔熸晥銆?闆勮殨铔鹃厭鐨勫姛鏁堬紝闆勬€ф縺绱狅細澧炲己浜轰綋鍏嶇柅鍔涘拰鎬у姛鑳芥晥鏋滄樉钁椼€傝剳婵€绱狅紝闆勮殨铔惧湪鎴愯櫕鏈熺敱鑴戠缁忕粏鑳炰腑鍒嗘硨澶ч噺鑴戞縺绱狅紝鍙互淇冭繘缁嗚優鐢熼暱锛屽埡婵€鐪熺毊缁嗚優鍒嗚锛屾帶鍒剁壒寮傛€ц泲鐧藉悎鎴愶紝瀵逛腑鑰佸勾浜烘湁鏋佸ソ鐨勪繚鍋ヤ綔鐢紝杈惧埌寤剁紦琛拌€佺殑绁炲鍔熻兘銆傝湑鐨縺绱狅紝鍏锋湁淇冭繘缁嗚優鐢熼暱锛屽埡婵€鐪熺毊缁嗚優鍒嗚锛屽啀鐢熸柊鐨勭敓鍛界粏鑳炲拰鐢熸畺缁嗚優鐨勪綔鐢ㄣ€備繚骞兼縺绱狅細鎺у埗鐗瑰紓鎬ц泲鐧藉悎鎴愶紝淇冭繘鐢熼暱锛岄樆姝㈣€佸寲锛屽彲浠ユ槑鏄剧殑寤剁紦鍜屾姷鍒朵汉浣撹“鑰侊紝骞舵帹杩熸洿骞存湡鐨勫埌鏉ワ紝杈惧埌寤剁紦琛拌€佺殑绁炲鍔熸晥銆?

Categories: 夜生活

[How to make a little bear rice]_Home-made ways of little-bear rice

[How to make a little bear rice]_Home-made ways of little-bear rice

When you return from work one day, you will definitely feel exhausted.

Of course, you also feel empty at this time, how to fill your belly?

The best thing is to get out of the kitchen yourself.

When you taste the food in your sweat, you must feel extremely sweet.

Now let ‘s try to make a little bear rice for everyone.

1.

3 eggs, separated from egg whites and yolks.

Add egg yolk to traces of salt and flour.

2.

Stir egg yolks and flour.

3.

Spread a thin layer of oil in a saucepan, pour in the yolk paste, and spread into egg crust.

4.

Fried yellow egg crust.

5,

Place a round bowl on the egg crust.

6.

Cut into circles with a knife.

then.

7.

Pass the egg whites too.

8.

Spread the pan into white eggs.

9.

Put a fresh-keeping bag in the bowl and fill it with rice.

10.

Turn the bowl upside down on the plate, remove the fresh-keeping bag, and squeeze two millet rice as ears.

11.

Place the cut eggs on the rice.

Cut out the ears with the remaining egg skin and place on the rice.

12

Cut the fried white egg into a small semicircle.

then.

13

Nori.

14.

Cut out your eyes and mouth with nori.

At 15 o’clock, just ketchup.

The practice of Little Bear Rice has already been told.

If you like it, get ready to do it or have time to practice it.

Categories: 夜生活

[Effects and taboos of wolfberry chrysanthemum tea]

[Effects and taboos of wolfberry chrysanthemum tea]

There are actually many effects of wolfberry chrysanthemum tea, wolfberry can better help us to nourish liver and kidney, and improve eyesight, and chrysanthemum has a good effect of dispersing wind and heat and alleviating visual fatigue, but it should be noted that the constitution is hotOverbearing is also bad for your health.

1. Lycium barbarum: To understand the efficacy and contraindications of chrysanthemum wolfberry tea, we must start with the ingredients of chrysanthemum wolfberry tea, understand the properties and effects of two materials of chrysanthemum and wolfberry tea, and see the whole body.

Chinese wolfberry is referred to as Chinese wolfberry, which is hailed as a food for the whole body by neighbors and belongs to a kind of traditional Chinese medicine.

The evaluation of wolfberry in “Compendium of Materia Medica” is sweet and flat, has a unique effect of nourishing liver and kidney, Yiming eyesight, that is, a drug ingredient commonly known for thousands of years people can not cure men, has a good healing effect on the kidneyIt is well known to all that the kidney, the essence of the five internal organs and the six organs, is very important for human anger. 2, Chrysanthemum: Chrysanthemum is not the chrysanthemum behind the buttocks of people often referred to on the Internet, and even refers to chrysanthemum.

Chrysanthemum is known as the fairy in flowers and is one of the top ten famous flowers in the country.

Chrysanthemum itself has a sweet and bitter taste, and its sexuality is weak. Tea with chrysanthemum has the effect of dispersing wind and heat.

Office workers often make chrysanthemum tea to help reduce the eye fatigue caused by the computer for a long time. It also has a certain effect on the flame reduction and fire reduction. 3, wolfberry chrysanthemum tea: by understanding the two kinds of tea materials of wolfberry and chrysanthemum, it can be simply summarizedTo defeat the chrysanthemum’s eyesight, wolfberry nourishes yin and nourishes the kidney.

I saw a few messages online saying that eating too much wolfberry will get angry and cause nosebleeds and other symptoms.

I do n’t know if this will actually lead to fire. If it does, it will have the effect of making tea with chrysanthemums. It is a perfect combination of Chinese wolfberry and chrysanthemums.Less than nineteen fears, vitamin A, so wolfberry with chrysanthemum will not start adverse reactions and conflicts 4, efficacy: eyesight clear liver, Yiming eyesight, health care, refreshing relief taboo / harm: it is a drug with three poison, Excessive consumption of wolfberry may be as dry and bleeding as excessive ginseng.

The same is true for tea. Don’t total wolfberry chrysanthemum tea 24 hours a day, although I have not heard of any adverse reactions with wolfberry chrysanthemum tea.

Friends who suffer from a cold or arthritis should eat less Chinese wolfberry, otherwise it will be bad for their recovery.

Categories: 夜生活

Jinjia Co., Ltd. (002191): Performance in line with expectations, focus on the promotion of new tobacco and color box business

Jinjia Co., Ltd. (002191): Performance in line with expectations, focus on the promotion of new tobacco and color box business

[Event]The company released its 2019 Interim Report, reporting a series of realized revenue18.

65 ppm, an increase of 15 in ten years.

9%, net profit attributable to mothers4.

65 ppm, an increase of 22 in ten years.

64%, an increase of 25.
.

twenty four%.

By quarter, Q1 / Q2 revenues increased by 24.

1% / 7.

5%, net profit increased by 21.

8% / 23.

7%.

In addition, the report realized the first net cash flow from operating activities.

45 yuan, a decrease of 16 per year.

8%.

The company expects that the net profit attributable to mothers will increase by 20% -30% annually from January to September 2019.

[Comment]1) Performance is in line with expectations and profit growth is steady.

① Revenue: Cigarette production increased by 10 years in the first half of the year.

8%, but negative growth in the second quarter was zero.

Affected by this, the revenue of Cigarette Label 2019H1 will increase by 6 per year.

55%.

At the same time, it is expected that the company’s refined cigarette box revenue growth rate will also improve, which will affect the growth rate of the color box business in the first half of the year (+80.

64%); ② Cost: affected by the increase in the proportion of color box business, the gross profit margin decreased by 1.

0pct to 43.

0%, but in terms of business, the gross profit margin of the cigarette label business remained stable, while the gross profit margin of the color box business gradually increased6.

66 points to 32.

71%, the scale effect is revealed; ③ Expenses: Benefiting from the improvement of profitability of the color box business, the expense ratio increased during the period and decreased by 0.

7 points to 13.

0%, of which, the management expense ratio is reduced by 1.

7 points to 6.

2%, the financial expense ratio increases by 1pc to -0 every year.

2%; ④ Investment income: 2019H1 realized investment income of 49.38 million yuan, an annual increase of 67.

8 %%, of which Chongqing Hongsheng contributed 21.65 million yuan each year. From the equity ratio calculation, it is estimated that Shenren Packaging contributed 8.7 million yuan and Shanghai Rencai contributed 6.25 million yuan.

2) The large packaging strategy is advancing steadily, and the promulgation of electronic cigarette regulations is expected to accelerate the development of the industry.

① Large packaging: The company’s traditional main business is cigarette label packaging. It is expected that tobacco sales will remain stable in the short term to support the stability of the main business.

The accumulated design and production technology strength 北京夜网 in many years of operation are conducive to Jinjia’s realization of large packaging extensions, gift boxes, 3C packaging and other color box businesses have become new driving forces for performance-it is expected that 19 years of high revenue growth will release scale effects, Driving the overall profit growth.

In addition, Jinjia’s strategic cooperation with Yibin Licai Group is also expected to contribute to the performance in the second half of the year; ② New tobacco: The proposal for the regulation of electronic cigarettes will be released around October 2019 and will change the disorderly development of the new tobacco industryThe state and market share are concentrated on the leading players of standardized development, which is good for Jinjia Co., Ltd., which has deep cooperation with China Tobacco.

At the same time, the company’s own brand, foogo, was released in June and will contribute part of the performance increase in the second half of the year.
Earnings forecast and rating: Jinjia’s traditional main business maintains steady growth, and the development of e-cigarette and color box packaging markets opens up room for growth. It is expected that EPS for 2019-2021 will be 0.
61/0.

72/0.

84 yuan, maintaining the “recommended” level.

Risk reminders: segmentation of the prosperity of the tobacco industry; supervision of e-cigarettes; increased tobacco control.

Categories: 夜生活

Baby-friendly room (603214): Channel expansion promotes performance growth Focus on future cross-regional expansion and high-end milk powder

Baby-friendly room (603214): Channel expansion promotes performance growth Focus on future cross-regional expansion and high-end milk powder

The company disclosed the semi-annual report and 杭州桑拿 realized revenue in the first half of the year11.

$ 7.9 billion / +15.

9%, realized net profit of 62.29 million yuan / + 27.

3%.

  Key investment points Channels steadily increase revenue, benefit from high-end milk powder: On the revenue side, the company ‘s revenue has grown steadily, mainly due to the continuous and steady expansion of the channel.
On the profit side, the company’s net profit continued to grow rapidly. First, the revenue scale steadily increased, and second, the main category of milk powder continued to be high-end, driving the profit margin upward.

  The number of channels has steadily increased, and the cross-regional layout has started: As of the first half of 2019, the number of channels of the company reached 251.

Among them, there were 10 net increase stores in Jiangsu, Zhejiang and Shanghai; 天津夜网 stores in Fujian remained stable; Chongqing Taicheng 51 was completed in the first half of the year.

Consolidation of 7% equity, adding 18 new stores.

According to the company’s channel expansion plan, in 2019, it plans to gradually open 50 to 60 directly-operated stores.

Based on the number of company stores in 2018 of 223, the number of directly operated stores in the company in 2019 is expected to increase by about 25%, laying a solid foundation for future scale growth.

  Milk powder is the mainstay of the company’s revenue, and high-end technology drives the increase in gross profit margin. In terms of categories, the company’s main revenue sources in the first half of 2019 are milk powder, supplies, cotton, food, and toys, which accounted for about 46% of revenue,%, 10%, 7%, 5%, milk powder is the company’s revenue pillar.

In the first half of the year, except for relatively small lathes and baby care services, other businesses achieved revenue growth.

Among them, the revenue of major milk powder, supplies, cotton spinning, food, and toys increased by 18%, 9%, 27%, 19%, and 27% respectively, and all of them maintained rapid growth except supplies.

  In addition, the company’s milk powder continued to be high-end, and its gross profit margin increased from 19% in 2017 to nearly 22% in the first half of 2019. The continuous improvement of the gross profit margin of the main categories promoted the steady upward margin.

  Investment suggestion: Baby-friendly room is a professional mother-to-baby retailer based in Jiangsu, Zhejiang and Shanghai. The company’s channel expansion has promoted steady revenue growth, and the gross profit margin of milk powder has increased to accelerate profit growth.

The number of company channels is expected to increase by about 25% in 2019, driving future revenue growth; the trend of high-end milk powder continues, and the company’s gross margin improvement trend may continue.

Our company predicts that the annual revenue from 2019 to 2021 will be 1.

45, 1.

75 and 2.

05 yuan.

Return on net assets were 14.

8%, 16.

0% and 16.

5%.

At present, the company’s PE (2019E) is about 26 times, and it is covered for the first time.

  Risk reminders: online consumption of mothers and infants may affect the flow of customers in offline stores; channel expansion and cultivation may be lower than expected; uncertainty of high-end mother and infant products exists.

Categories: 夜生活