[Homemade meat floss healthier practices]_Homemade meat floss healthier home-made practices_Homemade meat floss healthier practices Daquan_Homemade meat floss healthier how to do

銆愯嚜鍒惰倝鏉炬洿鍋ュ悍鐨勫仛娉曘€慱鑷埗鑲夋澗鏇村仴搴风殑瀹跺父鍋氭硶_鑷埗鑲夋澗鏇村仴搴风殑鍋氭硶澶у叏_鑷埗鑲夋澗鏇村仴搴锋€庝箞鍋?
You can find it here. You can set it up and down, and you will be able to find out how to do it. If you want to check it out, please go to the next page.簨 鏨  纻 灏 ゅ 叾 鏄  悆 楗  纴 犴 煺 慶 擶 熜 尸 宸 尸 簸 邸 唸唸 爙 錠 テ テ テI want to know how to use it, and how to use it, and how to use it, and how to use it, if you want to use it, you will be able to use it.銆傞偅涔堬紝鐜板湪灏辫璺熺潃灏忕紪涓€璧锋潵浜嗚В涓€涓嬫湁鍏宠嚜鍒惰倝鏉炬洿鍋ュ悍鐨勫仛娉曞惂銆?.1 銆 佸 皢 喋 卋 协 协 ラ 擨 Juan 姘 姘 倹 点 炲 嚭 咲 噣 陆 銆?.12銆侀攨涓姞鍏ヨ倝銆侀叡娌广€佽€侀厭銆佸崄涓夐銆佹按銆佸锛岀洂銆佸啺绯栵紝鐩栦笂閿呯洊鐒栫叜1灏忔椂宸﹀彸锛堣鑲夊ぇ灏忚€屽畾锛夛紱鐩磋嚦姹ゅ嚑涔庡揩鏀跺共涓烘銆?.22銆侀攨涓姞鍏ヨ倝銆侀叡娌广€佽€侀厭銆佸崄涓夐銆佹按銆佸锛岀洂銆佸啺绯栵紝鐩栦笂閿呯洊鐒栫叜1灏忔椂宸﹀彸锛堣鑲夊ぇ灏忚€屽畾锛夛紱鐩磋嚦姹ゅ嚑涔庡揩鏀跺共涓烘銆?.13 銆 佸 璢 夊 备 升 卑 孑 灴 灏 呝 图 雟 垚 姉 嬉 笣 Add to the list of questions: Are you afraid of the chain?.23 銆 佸 璢 夊 夊 升 夑 卑 灴 灏 呜 囝 图 囟 垚 叉 嬣 笣 氘 尀 鏀 鏆 揆 揂 揂 悊 揊 揊 雲 揷 钷 咳 敳 敆?.4銆佺倰閿呯儳鐑紝灏嗚倝鏀惧叆閿呬腑骞茬倰锛岃鏃跺埢淇濇寔鍧囧寑鐨勭伀鍊欍€?.4銆佺倰閿呯儳鐑紝灏嗚倝鏀惧叆閿呬腑骞茬倰锛岃鏃跺埢淇濇寔鍧囧寑鐨勭伀鍊欍€?.5銆佸姞鍏ュ啺绯栫矇銆佸挅鍠辩矇锛堜负鐫€鑹茬敤锛屼篃鍙笉鏀撅級銆佸共璐濈礌锛岀户缁笉鏂炕鐐掞紝鑷虫按鍒嗗厖鍒嗘尌鍙戙€佽倝鍙樻垚钃澗鐘跺叧鐏紝鐢ㄩ攨瀛愮殑浣欐俯缁х画鐑樼儰銆傚ぇ绾﹂渶瑕佺Tweezers?0 闒 嗛 挓 technetium?0鍒嗛挓锛屽嵆鍙€傦紙鏃堕棿鏄牴鎹倝鐨勯噺鍜岄攨瀛愬帤钖勮€屽畾锛?.5銆佸姞鍏ュ啺绯栫矇銆佸挅鍠辩矇锛堜负鐫€鑹茬敤锛屼篃鍙笉鏀撅級銆佸共璐濈礌锛岀户缁笉鏂炕鐐掞紝鑷虫按鍒嗗厖鍒嗘尌鍙戙€佽倝鍙樻垚钃澗鐘跺叧鐏紝鐢ㄩ攨瀛愮殑浣欐俯缁х画鐑樼儰銆傚ぇ绾﹂渶瑕佺Tweezers?0 闒 嗛 挓 technetium?0鍒嗛挓锛屽嵆鍙€傦紙鏃堕棿鏄牴鎹倝鐨勯噺鍜岄攨瀛愬帤钖勮€屽畾锛変粖澶╃殑浠嬬粛鑷埗鑲夋澗Xuancun Qifeng Peak Ammonia Mixing Umbrella Read the Chinese Version of the Chinese New Year ‘s Eve. The following are the most important things: the worms are attached. The following materials are available: hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, hydrogen, and hydrogen.Bake it, weave it, weave it, weave it, weave it, weave it, and weave it.

[Does eating fish gain weight]_Eating fish_Obesity_Fat

[Does eating fish gain weight]_Eating fish_Obesity_Fat

Many people have eaten fish. The rich nutrition of fish meat is good for the body, but some people are more worried about eating fish.

Strictly speaking, whether eating fish gains weight is related to cooking style. Generally speaking, eating fish in moderation is not easy to gain weight.

1.

Many sayings think that eating fish does not make you fat. In fact, this argument makes sense. Of course, this is also related to the cooking method of fish. If you use the same cooking method, eating fish is better than eating beef or pork.Red meat is less likely to gain weight because of the fatty acids contained in fish.

2.

Red meat such as beef and pork contains a large amount of saturated fatty acids, while fish meat contains a large amount of unsaturated fatty acids.

Saturated fatty acids can promote cholesterol production, while unsaturated fatty acids can lower cholesterol and neutral aunts.

3.

In addition, fish contains DHA and EPA, which promote the activation of brain cells. They are also unsaturated fatty acids, which can prevent blood coagulation and keep the blood fresh. It is very helpful to prevent myocardial infarction, cerebral hemorrhage and other cardiovascular and cerebrovascular diseases.

4.

Yellow croaker, carp, saury, catfish, which we usually eat, are rich in DHA and EPA, so we do n’t prevent eating more croaker in spring, carp in summer, saury in autumn, and catfish in winter.Every season, you can enjoy fish of different flesh quality, and you can absorb rich DHA and EPA all year round. Don’t worry about eating too much aunt and getting fat.

[Can you eat grapes by cutting your eyelids]_ Pu Tao_ Can you eat them?

[Can you eat grapes by cutting your eyelids]_ Pu Tao_ Can you eat them?

“The people depend on food.”

Food is inseparable in people’s lives and plays an irreplaceable role.

Food plays an important role in the recovery of patients. If it is not applied properly, it will cause serious illness. Therefore, there are many unique aspects of diet. Do you want to know it?

The following is an introduction to the question of whether you can eat grapes after cutting your eyelids.

After completing the double eyelid, you can eat grapes and grapes. After completing the double eyelid surgery, eat more nutritious foods in the diet. Various nutrients should be supplemented in a balanced manner, which can appropriately increase the intake of animal liver, milk, and egg yolk.
Do not eat tobacco, alcohol, fishy, spicy and other irritating food within 2 weeks.

I believe everyone knows very well that the double eyelid surgery can make the eyes have a three-dimensional sense. Therefore, many people use double eyelid surgery to make their eyes become double eyelids. So what to eat after double eyelid surgeryCan it assist in recovery?

Next we will look at the experts in Beijing that are mentioned; Method / Step 1 Foods containing zinc: fungus, pigskin, trotters, etc.

2 Glucose: During the wound healing period, you can eat more sugar-rich fruits, which can increase sugar and absorb sufficient vitamins.

3 Vitamin A: can promote wound healing.

It is mainly found in foods such as fish oil, carrots, and tomatoes.

4 Vitamin C: can prevent wound healing.

Exist in various vegetables, fruits, fruits and vegetables.

5 protein: increasing protein in the diet can promote wound healing and reduce the chance of infection.

[Efficacy of wild fetal chrysanthemum]_fetal chrysanthemum_function_benefits

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It ‘s so easy to find out what ‘s going on here: what ‘s going on? What ‘s going on? What ‘s going on? What ‘s going on? What ‘s going on?I ‘m not sure what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?駼 郯 Huo 呯 擋 吀 幀 Qi  瓑 闂  銆? 1 銆 彽 咙 婑 卑 卑 宑 攑 擷 攸 晸 揤 庤 古 古 揤 揤 古 顏 史 鏲 古 古 参 小叔 駏 姏 姂 姴 姴 尴 尴 姴 尴 尴 头头 圴 綏 纴 尴 像 姉姉 姳 关 姳 关 关 关 关 关 关 关 关 关 关 姳 关 关 甠€鐨勬椂鍊欐憳鏀朵笅鏉ョ殑涓鸿儙鑿婏紝鍓嶄袱娆¢噰鎽樼殑璐ㄩ噺鏈€濂斤紝缁忓共鐕ュ姞宸ュ嚭鏉ュ悗涓虹In the village, the village is in a weak state, and the village is weak. It ‘s awesome. It ‘s terrible. It ‘s a terrible performance. It ‘s a key.What is the best way to do it?浠ュ畠鐨勭█灏戣€岄涓虹弽璐?鐜颁唬鐨勯兘甯備汉宸ヤ綔蹇欑銆佺儫閰掍镜铓€銆佺幆澧冩薄鏌撳張缂轰箯鑹ソ鐨勯ギ椋熶範鎯紝鏅亶閮芥湁鐫€鍚勭涓婄伀鐨勭棁鐘?闈掓槬鐥樸€佸彛鑵旀簝鐤°€佽垖鑻斿帤鐧姐€佺洰璧ゃ€佸皬渚块粍绛夌瓑)銆? 2銆佽€屽勾杞讳竴浠g殑宸ヤ綔鐢熸椿濞变箰涓紝寰€寰€绂讳笉寮€涓婄綉鍙婇暱鏃堕棿鐨勯潰瀵圭數鑴戠殑杈愬皠鍜屽厜姹℃煋鏇村姞鍓т簡鐪肩潧鐨勯暱鏈熺柌鍔筹紝閫犳垚浜嗚鍔涚殑鏃ヨ秼鍑忛€€銆傚鏋滀綘瑙夊緱缁忓父鎬х殑瑙嗚妯$硦骞跺紑濮嬬湅涓嶆竻缁嗗皬鏂囧瓧鐨勬椂鍊欙紝涓€瀹氳鏀瑰杽涓嶈壇鐨勭敓娲讳範鎯紝灏濊瘯鏃ュ父娉¢ギ鏉櫧鑳庤強銆傜敤鑳庤強娉$殑鑿婅姳鑼?Deng Chonghan Shu?Xian Yihao, Yi Chen Chen Yue Zuo Zuo, Xiu Zhuo Xiu braided 嬬 嫬 磣?Key 嬖 嬖 娙 嗕 嗕 寕 璕 Early emerging fine 雑 劝 傝 婝 婙 婑 宑 唷 咥 咥 咅 咅 厲 厶 鎶 尃 乃 尃 參 尃 閉 尃 閉 选 閉 选 閉 选 閉 选 閉 选 閉 选 幉 閉 选 閉 选 閉 选 閉 选 閉 幉 閉 幉 幉 僉 閃汉浣撶殑浼ゅ锛岀壒鍒槸瀵圭溂鐫涚殑浼ゅ銆傛斁鍏ラ€傞噺鏋告潪娣峰悎娉¢ギ锛屾竻鐖芥鼎鍙?鍙斁鍐扮硸璋冨懗)锛岀壒鍒湁鍒╀簬甯哥敤鐢佃剳鐨勪汉鈥斺€旀槑鐩竻鐏槻杈愬皠锛屽彲澶氭鍐叉场銆? 3 銆 丸  浜 庨 Nick chains are so cute, how many people are there in the chain?鑳庤強鍏锋湁鍏昏倽鏄庣洰銆佹竻蹇冭ˉ鑲俱€佸仴鑴惧拰鑳冦€佹鼎鍠夌敓娲ャ€佽皟鏁磋鑴傘€佹槬鏆栧幓婀裤€佸鏆戣В娓淬€佺鏃ヨВ鐕ャ€佸啲鏃ユ竻鐏€佸吇棰滅編瀹广€佽ˉ琛€鎻愮銆佸寮虹敓鍛芥椿鍔涖€佸欢缂撹“鑰侊紝浣胯€佸勾浜哄欢骞寸泭瀵跨瓑鍔熸晥.╁Beiban, 偺 呺 呛 呛 呛 味 鑳 観 富 娌 倌 開 嗄 ゅ 瘨 Adhe.闃筹紝璋冪粡锛屾琛€銆傜敤浜庨槼鐥裤€佽叞鑶濊蒋寮便€佸濂冲穿甯︺€佹湀缁忎笉璋冦€侀婀挎€у叧鑺傜値銆佸浼ゅ嚭琛€銆?

[Baby food supplement black sesame powder homemade]_Baby eat_How to make

[Baby food supplement black sesame powder homemade]_Baby eat_How to make

With the gradual growth of the baby’s body, the mother’s breast milk can no longer fully supply the nutrition needed by the baby’s body, so at this time, it is necessary to appropriately add some complementary foods for the baby to eat.

And when choosing complementary foods, it is best to promote foods that can help your baby digest and absorb. Because black sesame is rich in rich nutrients, many parents will choose mommy powder as a complementary food for their baby.

So how to make black sesame powder at home?

?

Ingredients: Black sesame, walnut kernel, rice flour, formula milk, eggs, flour, walnut oil?

Tools: cooking machine, wok, food box?

Method: Step 1: Prepare a bowl of water, pour an appropriate amount of black sesame into the water and wash it.

Step 2: Sift the moisture of black sesame with a sieve.

Step 3: Turn on low heat, pour the sifted black sesame seeds into the pan and fry until all the black sesame seeds are dried, and fry until some of the black sesame seeds burst and turn white.

Step 4: Pour the black sesame into the dry grinding cup of the cooking machine and break it, you can mix it with various foods and feed it to your baby!

If you make more than one at a time, you can put it in a sealed food container or small jar and eat it within 1 week.

Black sesame powder is not only nutritious, but also has many uses. Baoma can usually be used as a complementary food for your baby. Lemon mother teaches you 3 ways to eat black sesame powder. The operation is simple.Right?
1. Black Sesame Walnut Paste Step 1: Prepare an appropriate amount of walnuts, scoop each walnut into small pieces, and then pour into a dry grinding cup with a bear holding a cooking stick and break into walnuts.

Step 2: Pour the walnuts into a wok, turn on a low heat, and fry until the walnuts become slightly golden brown.

Step 3: First mix the baby’s formula with warm water at about 60 ° C, then pour in the right amount of black sesame powder and walnut powder and mix well. Then you can feed it to your baby!

2, black sesame rice cereal is very simple to make, suitable for babies over 7 months.

Baoma can directly take the fortified iron rice noodles that the baby is eating, first mix the rice noodles with warm water, then add an appropriate amount of black sesame powder and mix well, and the black sesame rice paste is ready!

The taste is super fragrant, and the baby must love it!

3. Black sesame egg cake Step 1: Take an egg yolk.

Step 2: Sieve the flour to the surface of the egg yolk. After sieving the flour, add an appropriate amount of vegetable oil, and finally stir the egg yolk powder thoroughly.

Step 3: Turn on low heat, scoop a spoonful of batter with a spoon, and evenly make a few cakes.

After one side is cooked, turn it over and slowly fry.

Step 4: The black sesame egg pancakes are ready now, very fragrant, and the baby loves them very much.

Tips: When you first try to use black sesame rice paste for your baby, don’t feed too much at a time, adjust according to your baby’s food intake, try 2-3 spoons first, and then gradually increase; your baby’s digestive ability is weak, it is not suitable to eat directlyYes, it is recommended to give the baby black sesame paste, which is easier to absorb, or eat with other complementary foods; if the baby is 1 year old, it is recommended to put only egg yolk, after 1 year old, you can try to add the whole egg!

When making omelets, I poured vegetable oil into the egg yolks, so I didn’t need to put oil in the pan when I fried omelets.

If you do n’t use a non-stick pan at home, you may worry about it, you can also brush a thin layer of oil.

Do not store the sealed black sesame powder and walnut powder for too long, and do not make too much at one time. It is recommended to finish it within 1 week!

Wuliangye (000858) Interim Review: Performance Meets Expectations, Company Continues High Growth

Wuliangye (000858) Interim Review: Performance Meets Expectations, Company Continues High Growth

Event description The company disclosed its semi-annual report in the evening, and realized operating income of 271 in the first half of the year.

51 ppm, an increase of 26 in ten years.

75%; net profit attributable to mother 93.

360,000 yuan, an increase of 31 in ten years.

30%.

The event commented that the volume and price of core products increased, and performance was in line with expectations.

The company achieved revenue of 271 in 2019H1.

5.1 billion, net profit attributable to mother 93.

3.6 billion, an increase of 26.

75% and 31.

30%, the performance is in line with expectations (the company’s target total revenue in 2019 is 50 billion US dollars, maintaining a growth rate of about 25%), of which single Q2 achieved 95.

610,000 yuan, +27 a year.

08%, net profit attributable to mother 28.

610,000 yuan, ten years +33.

72%, continued high growth in the second quarter.

This is mainly due to the increase in the volume and price of Wuliangye’s core products, and the overall product structure is further optimized. First, the re-launch of the classic Wuliangye has inspired consumer enthusiasm and market vitality. In the first half of this year, a new eighth-generation classic Wuliangye was launched, accompanied byThe upgrade from the seventh-generation Puwu to the eighth-generation Puwu, the ex-factory price also increased from 789 yuan / bottle to 889 yuan / bottle; secondly, the drastic reform of the series of wines provided another driving force for the rapid development of Wuliangye in the second half.In June this year, a series of three-in-one wine series was announced. Wuliang Luzhou-flavor series was announced. The series of wines, special head song and Wuliang alcohol company were integrated into Wuliang Luzhou-flavor Series Liquor Co., Ltd. to achieve efficient use of resources.And unified management.

The product structure has been optimized to incorporate cost control and profitability has been continuously improved.

2019H1 company sales net profit margin 36.

12%, an increase of 1 each year.

28 percentage points, mainly due to the increase in gross profit margin and the decline in expense ratio.

Specifically, 1) the gross profit margin of sales in 2019H1 is 73.

81%, increasing by 0 every year.

The 97 goals are mainly due to the increase in the ex-factory prices of core products such as Puwu, and the company’s eighth-generation new Wuliangye will be launched in the third quarter. It is expected that the gross profit margin will still increase in the second half of the year.

2) Expense rate during the H1 2019 sales period is 12.

01%, a decrease of 1 per year.

The 11 single ones mainly benefit from the improvement of cost control efficiency, of which the sales expense ratio is 9.

76%, a reduction of 0 per year.

3 units with a management expense ratio of 4.

80%, reducing by 0 every year.

72 units.

“Digital” empowerment, configure “accelerators” for marketing.

In accordance with the policy of “preliminary unification and horizontal specialization”, the company will re-establish 7 large marketing centers into 21 marketing theaters, and set up 60 marketing bases to create a deeply cultivated regional market of “headquarters management and theater management.”, Respond quickly to the market model; add more than 260 outstanding marketing personnel, sink planning, personnel, cost accounting and other variables to the front line, promote the team’s transformation to digital terminal marketing, and improve the terminal and consumer precision service capabilities.

The company’s marketing digital platform is officially launched. In this way, after the channel marketing and dating “digital” tool, it becomes a protection of consumer rights; instead, it can make the marketing chain shorter, the process transparent, and visualized, thereby achieving more convenient and accurate, and waste of resources.Less, management closer to the market is more effective, and marketing efficiency will naturally increase.

Investment proposal: The company’s target revenue will increase by 25% in 2019. At present, half of the mission is over half of the current time. Currently, the monopoly price of Feitian Moutai is maintained at about 2400 yuan. Out of stock is still obvious, which is good for Wuliangye and old warehouses. The remaining prices of the eighth generation Puwu in the near future continue.The price has risen and has stood at a price of more than 1,000 yuan. At the same time, the company’s channel and management capabilities have been continuously improved to gradually achieve its goals.

It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 171.

1.7 billion, 207.

15 billion, 245.

5.1 billion, with EPS of 4.41 yuan, 5.

34 yuan, 6.

32 yuan, corresponding to the company’s closing price of 141 on August 30.

50 yuan, PE is 32 times, 27 times, 22 青岛夜网 times.

First Buy rating.

There are risks Food safety risks, macroeconomic downside risks leading to a sharp decline in the price of high-end wine

Huaneng International (600011): In the first quarter, the amount of power generation is basically flat every year.

Huaneng International (600011): In the first quarter, the amount of power generation is basically flat every year.

The main points of the report describe the company’s announcement of the completion of power generation in the first quarter of 2019: in the first quarter of 2019, the company’s internal power plants in China completed power generation of 1038.

3.9 billion kWh, a decrease of 0 per year.

45%.

Incident review demand slowed down to control the impact of coal policy, and the company’s power generation continued to decrease slightly.

From January to February 2018, due to the acceleration of industrial production growth and a high base, the electricity consumption of the whole society usually increased by 4%.

5%, a year-on-year growth rate (13.

3%) down 8.

8 units.

As a nationwide thermal power company with the main body of thermal power, the power generation situation of the unit is closely related to the demand for power.

At the same time, thermal power consumption is second in order to clean energy, and from the perspective of power generation from January to February, hydropower and nuclear power increased by 6 respectively.

6% and 23.

0%, the high growth of clean energy electricity has formed a certain squeeze on the thermal power output space.

In addition, since last year, coal control policies have been implemented throughout the country, and the company’s east 无锡桑拿网 China region has been affected. At the same time, the increase in power consumption in Shanghai, Fujian, and Zhejiang in January-February reflects the increase in power demand in the three provinces and cities.The average price of coal, electricity and electricity in the three provinces and cities has decreased, or the company’s generating capacity has been limited due to coal control policies.

Affected by the slowing demand, clean energy squeeze and coal control policies, the company’s power generation in the first quarter of 2019 declined by 0.

45%.

Coal prices have landed significantly in the past, and the cost improvement is expected to reach the first quarter.

From January to March 2019, the national comprehensive thermal coal price index increased by 507.

55 yuan / ton, compared with the same period last year 深圳spa会所 (554.

30 yuan / ton) down 46.

75 yuan / ton, a decrease of 8.

43%.

Although the company’s power performance was weak in the first quarter, coal prices have declined. Under the circumstances, the cost improvement trend has pushed the company’s first quarter performance, and the growth of the first quarter is worth looking forward to.

The expected growth rate is to be reduced by 3 samples, and the company’s performance improvement is expected to accelerate.

Decreasing the minimum tax rate can reduce the company’s tax and fee burden and recognize more revenue; confirming that under the market-oriented environment of coal prices, the company’s cost has theoretically reached a limited increase.

In addition, from a general point of view, the reduction of general industrial and commercial electricity prices will not affect the power generation end.

Taken together, the expected growth rate is adjusted from 16% to 13%, which is conducive to reducing the tax burden of thermal power companies and improving performance.

Investment suggestions and estimates: According to the latest public data of the company, we adjust the company’s profit forecast. It is expected that the company’s EPS for 2019-2021 will be 0.

28 yuan, 0.

39 yuan and 0.

57 yuan, corresponding to 23 for PE.

92 times, 16.

82 times and 11.

72 times, maintaining the company’s “Buy” rating.

Risk Warning: 1.

Risk of deterioration of power supply and demand environment; 2.

Coal prices are at risk of unsustainable growth.

Shenhuo Shares (000933): Selling expenses greatly reduced.

Shenhuo Shares (000933): Selling expenses greatly reduced.
Event: The company released a quarterly report, realizing net profit attributable to its mother of 54.84 million yuan, at intervals of 20.27%, realized non-profit deduction of 41.62 million yuan, an annual increase of 214.63%. The selling expenses have been greatly reduced, and the cost of Xinjiang Shenhuo has been reduced.In the first quarter of 2019, the company’s sales expenses 青岛夜网 were only 21.98 million yuan, which was reduced by 93.23 million yuan each year. Basically, the company’s subsidiary Xinjiang Shenhuo Coal and Electricity Co., Ltd. sold a large increase in liquid aluminum sales nearby, resulting in a significant reduction in freight.Prior to this, although the electricity cost advantage of Xinjiang Shenhuo was obvious, the total transportation cost of 2 tons of alumina to Xinjiang and 1 ton of electrolytic aluminum out of Xinjiang was about 1,500 yuan, and the cost advantage of electricity was fully swallowed.During the reporting period, Xinjiang Shenhuo not only saved the transportation cost but also the cost of electrolytic aluminum ingots by transporting aluminum liquid nearby, and the company achieved significant cost reduction and efficiency improvements. Reversal of impairment provisions 苏州夜网论坛 reduces drag on performance.During the reporting period, the company’s asset impairment loss was -380,000 yuan, compared with -1 in the same period last year.Affected by this, the company’s net profit attributable to the mother was 5,484 million, at intervals of 20.27%, but realized non-profit deduction of 41.62 million yuan, an annual increase of 214.63%. Business goals for 2019.The company expects to produce 595 targets for commercial coal, 5 targets for coke, 101 targets for electrolytic aluminum products, and 6 targets for aluminum; it will achieve a balance of production and sales.Expected operating income of 18.6 billion US dollars (including: coal business of 4.6 billion US dollars, aluminum electricity business of 13.5 billion US dollars), the full cost of coal is controlled at 720 yuan / ton, the complete cost of electrolytic aluminum in the headquarters is controlled at 14,000 yuan / ton, Xinjiang electrolytic aluminumThe total cost is controlled at 11,150 yuan / ton. The calibration hydropower aluminum substitutes division expanded, and idle capacity will boost performance.The 90 short-term hydropower aluminum projects planned by the company and Shenhuo Group and Wenshan Chengtou have low investment costs (6,000 yuan / ton), good location advantages (nearly the alumina producing area), and preferential electricity prices (zero-paid electricity prices within 5 years of production).RMB 025 / degree). With the exit of the high-cost throughput of the headquarters and the commissioning of hydroelectric aluminum production, the company’s performance will increase significantly between one increase and one decrease. Profit forecast and rating.Yunnan Shenhuo 45 is expected to be put into production in the second half of the project. In the future, after the Yunnan Shenhuo Phase II project is put into operation, the expansion of the production capacity of the headquarters will be shut down, replacing hydropower and aluminum substitutes.Maintain the company’s “overweight” rating, and it is expected that the EPS for 2019-2021 will be 0.18 yuan, 0.30 yuan, 0.32 yuan, corresponding to the current sustainable PE is 28.2 times, 16.6 times, 15.2 times. Risk reminders: the risk of macroeconomic fluctuations, the risk that Yunnan Shenhuo’s production is less than expected, and the risk of the replacement of aluminum exports.

Tangshan Port (601000): Growth growth and price increases drive first-quarter results beyond expectations

Tangshan Port (601000): Growth growth and price increases drive first-quarter results beyond expectations

The first quarter of 2019 results exceeded expectations. Tangshan Port announced the first quarter of 2019 results: operating income of 30.

30,000 yuan, an increase of 65 in ten years.

5%, in addition to the increase of 11% in tungsten driven loading and unloading revenue growth, revenue growth, main trading business increased; net profit attributable to the parent company.

30 ppm, an increase of 15% per year, which corresponds to a 天津夜网 profit of 0.

07.

Non-recurring factors are expected to increase non-net profit by 25 per year.

7%, an acceleration from the same period last year (7%) and the previous (3%).

The higher-than-expected results were mainly due to Tanzania’s growth and higher rate increases: According to the company report, the company’s total growth in the first quarter.

4%, recording faster growth.

Among them, the tungsten carbide of ore with a relatively high gross profit margin increased by 22%, which is related to the stocking of downstream steel mills from January to February;

7%.

Since 2018, due to environmental protection investments and payment of environmental protection taxes (tax and additional growth of 160% in the first quarter), the company is facing cost increases. Therefore, in the first quarter of this year, measures have been taken to increase prices of some types of goods, which has led to the company’s gross profit increaseUp to 1.

600 million (33% increase).

Due to the coal explosion in the Caofeidian port area and the continued volume of railway distribution, the investment income contributed by the Tanggang Railway and Caofeidian Industry, which the company has a shareholding, increased by zero.

33 ppm (45% increase over ten years).

Development trend Whether high growth of fractures can be observed.

For iron ore, whether the restocking of steel mills needs to be continued needs to be observed. We noticed that the company’s steel tungsten carbide decreased by 15 in the first quarter.

56%, and steel supply-side reforms, environmental protection and production restrictions may bring uncertainty to the growth of iron ore crystals.

On the coal side, if tungsten is affected by competition and then transitions to surrounding ports, it may face sudden growth.

Earnings forecast Currently we maintain our 2019 / 20e earnings forecast16.

84 ppm / 17.

76 trillion, corresponding to a 10-year growth rate of 4.

6%, 5.

5%.

Estimates and recommendations currently correspond to October 19/20.

5/9.

9x P / E, maintain neutral rating and target price of 3.

00 yuan, corresponding to 10 in 19/20.

5/10.

0 times P / E, basically the same as the current one.

Risk corruption has grown faster than expected, loading and unloading rates have fallen, and costs have risen.

Depth-Company-Hualu Hengsheng (600426): Cost advantage highlights half-year results exceeding expectations

Depth * Company * Hualu Hengsheng (600426): Cost advantage highlights half-year results exceeding expectations

Hualu Hengsheng released the 2019H financial report, and the company realized operating income of 70.

76 ppm, an increase of ten years.

12%; net profit attributable to mother is 13.

09 billion, down 22 a year.

09%.

The main points of the support level The volume of main products increased and prices fell, and the semi-annual performance declined.

Due to changes in supply and demand, the company’s core product prices have improved.

According to the company’s announcement, 2019H company’s fertilizer sales were 122.

38 for the first time, growing 55 per year.

36%, due to the company’s release of ammonia alcohol capacity, urea capacity increased; fertilizer sales average price was 1,491.

26 yuan / ton, sometimes a small margin 2.

60%.

Acetic acid and derivatives sales were 30.

85 Initially, it was flat for one year with an average sales price of 2,622.

37 yuan / ton, a temporary significant reduction of 36.

69%, due to the decline in the acetic acid boom.

Polyol sales were 33.

05 for the first time, growing by 180 per year.

08%, average selling price 4,708.

02 yuan / ton, previously temporarily 31.

24%, due to the company’s new production capacity, increased production and replacement of glucose boom.

2019H sales gross margin reached 29.

36%, a decline of 3 per year.

77 units.

The increase in the expense 天津夜网 ratio during the period was mainly due to the increase in expenditure on research and development.

2019H company period expenses7.

08%, up 2 every year.

96 units.

R & D expenses2.

28%, up 1.

78 supplements are due to the increase in the company’s investment in research and development materials; sales expenses supplement 2.

67%, rising by 1 every year.

06 levels, due to the increase in sales freight.

The single-quarter performance improved month-on-month, due to the rise in the price and price of chemical fertilizers and the decline in costs in the second quarter.

Operating income for the second quarter of 2019 was 35.

3.3 billion, unchanged from the previous month, due to the rise in the volume and price of chemical fertilizers, which offset the decline in sales and prices of polyols.

In fact, 2019Q2 都市夜网 operating cost is 24.

670,000 yuan, a decrease of 64.36 million yuan.In the absence of large fluctuations in the price of raw materials, this once again confirms the company’s ability to increase revenue and reduce profits.

New planning projects relayed growth.

According to the announcement, the company’s amide and nylon new material project (30 tons / year) and refined adipic acid quality improvement project are progressing smoothly, and it is expected to achieve sales income of 75 after completion.

99 ppm with a total profit of 7.

US $ 4.2 billion, further improving the company’s profitability and improving the structure of the industry chain.

It is estimated that net profit will be realized in 2019-2021.

5.8 billion, 25.

90 ppm and 29.

880,000 yuan, corresponding to the current price-earnings ratio of 10.

6 times, 9.

6 times and 8.

3 times.

The current company estimates the budget and plans to invest in new projects to maintain the company’s buy rating.

The main risk items facing the rating were lower than expected; product prices fluctuated significantly.