銆 愯 尯 鰪 鷺 彲 浠 ュ 惛 鏀 閳 敳 敘 悘 悧 銆 慱 叁 堟 灉 _ 遊 灭 敤
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銆 愯 尯 鰪 鷺 彲 浠 ュ 惛 鏀 閳 敳 敘 悘 悧 銆 慱 叁 堟 灉 _ 遊 灭 敤
[Eat a little or eat a little or aunt]_ look at calories _ or lipids
When choosing foods, everyone hopes that their foods are healthy and nutritious.
Therefore, many people pay attention to the transformation and trace content of food before purchasing food. In fact, the concepts of transformation and trace content are completely different, and they also target different directions of the human body.
Trace refers to calories and occasionally a nutrient.
So, should we look at transition or aunt?
1 Change refers to the energy of various foods, which is a reflection of how much energy it can provide to the human body. Slightly is a nutrient, and its energy is expressed by transformation.
2 In general, adults have high heat production. The excess is that other substances are converted into adults and stored in the body. The more conversions do not necessarily cause weight gain, because the conversion of other substances into adults consumes a lot of energy and does not necessarily cause weight gain.Your metabolism needs to change rapidly. Generally, food needs a little ability to ensure our mental state, but a slight excess of the body’s basic metabolism needs is the reason for weight gain.
3 adopt scientific methods to lose weight, do aerobic exercise every day.
At the beginning, 15 minutes of fast running and aerobic exercise every day, then gradually increase each day, extend the time, and finally lock the exercise for about an hour every day. If you have the ability, the time can be longer, but pay attention to work and rest.
In terms of diet, strictly abide by and develop a “good morning, full lunch, late at night” diet, eat less sweets, eat slowly, chew slowly, so easy to digest, drink more water, eat more fruitsEat less vegetables.
It’s expensive to persist.
4 First of all, the volume of instantaneous depends on the size, especially the amplitude, because the transition will turn into a small accumulation.
It is recommended to eat less sweets, staple foods, drinks, milk tea or whatever.
Properly increase exercise.
5 Foods that are high in absorbed feces are relatively high.
Inadequate diet can easily affect weight loss.
The aunt content is not high.
If the total static electricity is too high, it will easily affect weight loss.
Diet is also very important.
Pay attention to the overall diet.
Plus pay attention to exercise.
】 _How to cook_How to cook
[How to cook duck soup is delicious and nutritious?
】 _How to cook_How to cook
According to the index of pork and chicken, usually people do n’t eat a lot of duck meat. In fact, duck meat is also a very good tonic. According to reports, the nutritional value of duck meat is very similar to that of chicken. Usually, eat more duck meat.Health is very good, in addition, it has certain kidney tonic effect, can also relieve cough and phlegm, etc., especially those who have heat in the body are particularly suitable for eating duck meat, so how to cook duck soup to be nutritious?
How to make duck soup delicious and nutritious?
First, duck soup with shiitake mushrooms — a delicious and nutritious duck soup has been said since ancient times, duck soup is delicious!
And the duck meat is delicate and fatty, which is also an excellent choice of tonic. With reasonable stew, you can taste a delicious and nutritious duck soup.
Ingredients: half a duck, a few shiitake mushrooms, a courgette, a piece of ginger, a green onion, an amount of salt, and an amount of pepper.
The practice of stewed duck soup with shiitake mushrooms: Dried shiitake mushrooms are soaked in water in advance and reserved. If fresh shiitake mushrooms are better, the flavor will be stronger.
Ginger, slice and prepare the duck meat and some ginger slices that have been cleaned and put in cold water and boiled to a scorch. At this time, you can see a layer of foam floating on the water surface. The duck meat also shrinks and becomes elastic.And the soup is all drained.
Add water again, soak the duck meat, or add as appropriate, then add the remaining ginger slices, shiitake mushrooms, cover, boil over high heat, and simmer over low heat.
If there is any foam during the period, you can use a spoon to scoop it down. If you don’t like the soup too much oil, you can also scoop some oil.
Squash, cut into pieces.
Of course, winter melon or Chinese cabbage can also be used. You can use whatever you can. Add vegetables to make the scallions for the soup. Cut the green onions and simmer for 40 to 50 minutes. The duck meat is fully cooked.It is rich enough, then add the courgette, and continue to simmer for about ten minutes, and the courgette will be cooked. At this time, the delicious mushroom and duck soup will be done!
Add scallions, salt, pepper, soup, and a large piece of soup to the bowl!
Tips: The step of simmering the duck meat before stewing the soup is essential, otherwise the duck soup will be very embarrassing and affect the consumption.
How to stew duck soup is delicious and nutritious. Cordyceps flower stewed duck soup — autumn and winter moisturizing soup ingredients are widely distributed, rich in nutrition, and can be taken by the entire family, young and old!
Ginseng and Yuzhu have a flat taste and sweetness, especially for women. The addition of Cordyceps flowers effectively enhances the body’s immune function. Duck meat is used instead of chicken, so you can often drink soup that is not afraid of getting angry!
Ingredients: Duck 500G, Cordyceps flower 10g, Sand ginseng 30g, Yuzhu 30g, Jujube, Chinese wolfberry, ginger flakes, salted Cordyceps flower stewed duck soup, duck clean, directly simmer blood in cold water pan, wash and reservePrepare soup stock; Soak the ginseng, bamboo and wolfberry in water to wash, drain and reserve; wash the red dates to remove the pits; wash the Cordyceps in water, then add the boiling water for 5 minutes;Put the slices into the stew pot; add the spare soup materials in 3, 4, and 5, including the water of the cordyceps militaris water, and then add the boiling water to the stew pot about seven or eight minutes.Boil water to the highest water level; stew for about 3 hours in a stew mode. Season with an appropriate amount of salt before serving.
[Can virgin olive oil be stir-fried]_Action_Benefits
The use of olives is very extensive, because many olives can be eaten as a fruit, it can also be made into candied fruit as a snack.
It is particularly important that olives contain a large amount of oily substances. In fact, olives can also be squeezed into olive oil. Olive oil can be used for cooking and beauty.
However, some oils will be converted into trans fatty acids after heating. Can virgin olive oil be used for cooking?
In fact, the main argument about whether the olive oil brand can be heated is due to monounsaturated fatty acids.
In fact, those who said this did not understand the chemistry behind it.
When oleic acid is subjected to high heat, through the extension of time, more and more trans oleic acid will be generated.
However, trans fatty acids are not the only ones caused by hydrogenated vegetable oils.
As long as it is an oil containing unsaturated fatty acids, cis-trans isomers can theoretically occur after heating to form trans fatty acids.
Moreover, trans fatty acids are not the most terrible dangerous substances produced by heating oils and fats.
There are many worse than it. It may be said that fatty acids containing multiple double bonds are particularly susceptible to cyclization reactions, oxidative polymerization reactions, and thermal decomposition products of fats after heating.
These products are more toxic than trans fatty acids.
As the saying goes, “Flies don’t sting seamless eggs.”
The double bonds above fatty acids, or unsaturated bonds, are like “cracks” one by one, they will cause molecules to bend, it is easy for oxygen to invade, and it is prone to polymerization.
First, the more double bonds there are in a molecular weight molecule, the lower its oxidative stability and the worse its thermal stability.
In the case of heating, the rate of oxidation is reduced.
The content of monounsaturated fatty acids in olive oil has the absolute advantage, and of course, there is only one “slit” in its molecule.
Soybean oil is the most linoleic acid with two double bonds, the content is more than 50%, and there are even multiple linolenic acids with three double bonds, so its heat resistance is not as good as olive oil.
The fatty acid composition of corn oil and soybean oil is quite similar, safflower oil, grape seed oil and other linoleic acid content is higher, up to more than 70%.
Linseed oils such as α-linolenic acid, perilla seed oil, and walnut oil containing arachidonic acid in addition to alkyl linoleic acid, because of the fatty acid ratio of 3-4 double bondsCracks, especially “delicate”, are extremely prone to oxidation and polymerization, and are not suitable for heating.
It is pointed out that peanut oil and rice bran oil are slightly “skinned”, and their saturated, monounsaturated, and polyunsaturated fatty acids are relatively balanced.
Saturated fatty acids do not contain double bonds. Unless continuously heated at high temperatures, oxygen is “seamless and drillable” and has relatively good heat resistance.
Therefore, the increased the content of saturated fatty acids in fats, the more suitable it is for frying.
Instant noodle factories and fast food restaurants like to use palm oil to deep-fried foods. It is precisely because palm oil contains nearly half of saturated fatty acids and the content of polyunsaturated fatty acids is very low.
For the past several hundred years, people have been using deep-saturated fatty acids such as lard, butter, nuts, etc. to deep-fried foods, and this is exactly the reason.
These fried foods are not easy to discolor and have a crispy taste.
Among the oils with higher saturated fatty acids, olive oil is relatively “skinny”.
Non-virgin olive oil, yellow olive oil, is very suitable for making all kinds of ordinary stir-fried vegetables, and its stability is stronger than soybean oil.
However, virgin olive oil has not been refined. There are many free fatty acids, and its color is yellow-green. Among them, chlorophyll is a light-sensitive substance that promotes oxidation. Therefore, it is not suitable for high temperature and heating.Slightly heated gradient.
Besides, the special olive fragrance will also be lost by heating, just as fragrant oil will waste its aroma when used for cooking.
Actually, it’s not that olive oil can’t be used for cooking. It just means that any oils and fats are not good at high temperature, and imported olive oil brands are relatively better from the point of smoke.
[Does eating steamed sweet potatoes make you fat?]
Babies who like to eat sweets should pay attention to it. Everyone is often worried about whether steamed sweet potatoes will be fat. Most people think that steamed sweet potatoes are also one of the big sweets, so will eating steamed sweet potatoes make you fat?
Although sweet potato is one of the vegetables, people who often like to eat sweet potato will treat it as a kind of fruit or a snack. Sweet potato is sweet and delicate, and chewing in the mouth will make people have an endless aftertaste.
Let ‘s take a look at the problems that need to be noticed when eating sweet potatoes and the impact of sweet potatoes on the body.
According to scientific research, eating sweet potatoes does not make people fat, on the contrary sweet potatoes are also an ideal weight loss food.
Its trace amount is very low, and its concentration is lower than that of ordinary rice, so you don’t have to worry about getting fat after eating, but you can take weight loss.
Sweet potatoes also contain a substance similar to estrogen, which has a certain effect on protecting human skin and delaying aging.
Therefore, many foreign women regard sweet potatoes as beauty foods.
Sweet potatoes are crunchy and sweet and can replace fruits; cooked foods are soft and sweet in your mouth and sweet in your heart.
It can be used both as a staple food and as a vegetable.
Steamed, boiled, fried, fried, and eaten in many ways, once skillfully cooked, can also become a meal on the table.
The efficacy and role of sweet potatoes1.
Sweet potatoes are good for the heart 2.
Sweet potatoes have anti-diabetic effects3.
Sweet potatoes are long-lived foods. To eat sweet potatoes, pay attention to science one. It is best to eat them at noon, and it is better to break them down during the day. It is best to eat sweet potatoes at noon because after eating sweet potatoes, it takes 4-5 hours for absorption in the human body.
At the same time, the sunlight in the afternoon can promote the absorption of calcium.
Eat sweet potatoes at night, the sugar content is too much, the body can not absorb for a while, easy to bulge.
Second, do not eat sweet potatoes with sweets. Sweet potatoes cannot be eaten together because sweet potatoes are sweet. If you add sweets together, you will increase the possibility of gastroesophageal reflux.
Third, do not eat steamed sweet potatoes with skin, hot and sweet, sweet and delicious, and some steamed overflowing “sugar oil.”
The sweet potato skin is very popular, and it is welcomed by many people. Many people eat it with skin.
However, experts point out that it is best not to eat steamed sweet potatoes even with skin. Sweet potatoes contaminated with black spot bacteria are not easy to distinguish after roasting, so do not eat sweet potatoes with black spots or burnt, which may cause poisoning.
At the same time, although most of the steamed sweet potatoes on the streets have been replaced by steam boxes, too many are made from coal sintering. When coal is burned, it will produce a lot of harmful substances such as sulfur dioxide, which is bad for health.
Fourth, fasting is not suitable for eating sweet potatoes. Due to the high sugar content of sweet potatoes, eating fasting will produce a large amount of gastric acid. When too much acid will stimulate the gastric mucosa and cause acid return, it will make people feel heartburn.
At the same time, sweet potatoes also contain an oxidase, which can produce a large amount of carbon dioxide gas in the hot road, which easily causes symptoms such as bloating and snoring.
It should be noted that, because it is not appropriate to eat too many sweet potatoes at one time, the method of eating sweet potatoes is also very particular about it.
First of all, eating sweet potatoes raw is not good because the cell membrane of starch in raw sweet potatoes has not been destroyed by high temperature and it is difficult to digest in the human body.
In essence, sweet potatoes should not be eaten alone.
You can mix sweet potatoes with rice noodles and control the amount of food once. Second, when eating sweet potatoes, use some pickles and salty soup to neutralize. In addition, you can soak raw sweet potatoes with a small amount of alum solution and iodine solution, and then process themVarious cooked food.
[Dendrobium Huaishan Qizi Pork Bone Soup Practice]_How to do_What method
Dendrobium and Huaishan are both foods with high nutritional value, which have good conditioning and health effects on the body. For example, Dendrobium has the effect of nourishing yin and promoting fluid, Huaishan has good anti-cancer and anti-cancer effects, and wolfberry has a goodThe comprehensive function of eyesight and strong kidneys, made these ingredients together into Dendrobium Huaishan Qizi pork bone soup, which has good health effects, can promote blood circulation and improve the body’s immunity.
Dried Dendrobium Huaishan Qizi Pork Bone Soup Ingredients: 50g fresh Dendrobium and 300g lean meat.
Supplementary materials Huaishan, 50g wolfberry 10g, appropriate amount of salt, light Dendrobium Huaishan wolfberry broth Step 1 Fresh Dendrobium wolfberry, Huaishan, lean meat (or pork bones, poultry) seasoning: salt 2 fresh Dendrobium to remove dead branchesThe leaves are washed and made flat. 3 Dendrobium is a more pot-resistant medicinal material. It is better to cut small pieces and even rotten to make a soup. 4 Wash the lean meat and cut into pieces.Put enough water about 2500 milliliters or so.
Put in wolfberry for 5 hours and continue to cook for 9 hours and half a hour. Turn off the salt and season with salt. Our taste is relatively light. Soup is basically cooked without salt. Seasoning and nutritional effects. Chinese medicine Dendrobium is a stalk of a variety of orchids.
Dendrobium’s original plants mostly grow in rocky crevices on cliffs or parasitize on tree trunks deep in dense forests, and yield in natural environments is very small.
Dendrobium was once listed as “Immortal Grass” with Ganoderma, Ginseng, Cordyceps and so on.
However, it must be noted that Dendrobium is mildly cold and greasy, and has the disadvantages of convergence of evil qi. It can fight the spread of diseases inside the human body, and can also help wet sputum and reduce heat. Only due to fever, strain, and aging.It can be used only if the yin deficiency and hotness are caused. Those who are usually hot and humid, sputum, obese or have a fat and thick taste, as well as those suffering from colds, diarrhea, edema, jaundice, sores, and so on.Should not take Dendrobium.
Dendrobium is a more pot-resistant medicinal material. If you shoot fresh Dendrobium, there will be mucus. That is the essence of Dendrobium.
It is better to use fresh Dendrobium to make soup or even add water to stir it.
ZTE (000063): Operators’ business recovery is obviously optimistic about the possibility of 5G construction
Event: The company released its 2019 Interim Report, which achieved operating income of US $ 44.6 billion in the first half of the year, an increase of 13%; the net profit attributable to ordinary shareholders of listed companies was 14.
7.1 billion, turning losses into profits previously; in line with expectations.
At the same time forecast the first three quarters to achieve a net profit of 38?
4.6 billion, in line with expectations.
Shenzhen Bay Super Headquarters Base Project Confirms Revenue and Boosts Q3 PerformanceQ3 single-quarter net profit after the project is about 2?
1 billion, in line with expectations.
The operator’s business recovery is obvious. The gross profit margin of the three major businesses increased in the first half of the year. The operator’s business revenue increased by 38% to US $ 32.4 billion. The business recovery was significant. It mainly benefited from domestic and foreign FDD system equipment, internal optical transmission products increased, and gross profit margin 44.
73%, up 3.
49pct; government and corporate affairs have grown steadily, with revenue of US $ 4.7 billion, an annual increase of 6%, and a gross profit margin of 36.
95%, up 8.
33pct; the remaining budget for consumer business, revenue of 7.4 billion US dollars, a year-on-year decrease of 35%, gross profit margin of 16.
48%, up 8.
The domestic market has grown steadily, and the European and American markets have declined. In the first half of the year, the company’s domestic market revenue has steadily increased and increased year by year.
5%, accounting for 61% of revenue; Asia and Africa markets have grown significantly, increasing 83%, 112% respectively; Europe and the United States and other markets have improved, decreased by 18%, and accounted for 15% of revenue.
The global wave of 5G construction has begun, optimistic about the company’s market prospects. Major equipment vendors are prominent in the communications industry chain and are the mainstay of the communications industry.
After years of company R & D investment and continuous upgrading of industry technologies / standards, the main equipment supplier industry has formed absolute high barriers.
We believe that in the next wave of 5G construction, major equipment manufacturers will benefit the most, and the competitive pattern formed by the restructuring of high industry barriers will ensure the overall profit level of equipment manufacturers.
ZTE, as the second domestic and the top four main equipment manufacturers in the world, will fully benefit from the 5G trillion investment and construction.
In addition, the company is actively deploying 5G multi-modal terminal products, and consumer business is expected to usher in a turnaround.
Maintain “Buy” rating and maintain 19?
The 21-year net profit forecast is 4.49 / 61/7 billion US dollars, corresponding to PE26X / 21X / 18X. It is optimistic about the market prospects of the company as the world ‘s top four major equipment manufacturers under the global 5G construction wave. Maintain a “Buy” rating risk warning.: Trade friction escalates, 5G progress is less than expected, and overseas business expansion is 南京桑拿网 blocked
Moutai, Guizhou (600519): Single-quarter growth rate narrowed under high base, focus on direct sales volume in second half
Core points: 1.Event Guizhou Moutai released its 2019 semi-annual report.In the first half of 2019, the company achieved total operating income of 411.73 ppm, an increase of 16 in ten years.80%, operating income 394.880,000 yuan, an increase of 18 in ten years.24%; net profit attributable to mother was 199.51 ppm, an increase of 26 in ten years.56%, net of non-attributed net profit of 200.31 ppm, an increase of 26 in ten years.11%. 2.Our Analysis and Judgment (1) The Q2 single-quarter growth rate at the high base point narrowed the company’s single-quarter revenue in the second quarter, and the increase in net profit grew quarter by quarter, mainly due to the large base last year.From the single quarter data, the company’s total operating income in the first and second quarters was 224.81, 186.92 ppm, with annual growth rates of 22 respectively.21, 10.89%; operating income was 216.44, 178.4.4 billion, the previous growth rate was 23.92, 12.01%; net profit attributable to mothers is 112.21, 87.30 ppm, with annual growth rates of 31.91, 20.29%; net profit after deduction is 113.02, 87.30 ppm, with annual growth rates of 32.79, 18.39%.The overall growth of the company is still stable, and the profit growth rate is higher than the income growth rate. In the first half of the year, the growth rate of Moutai liquor was higher than that of series liquors, which was the first time since 2016. In the first half of the year, Maotai and series wines achieved revenues of 347.95, 46.55 ppm, with annual growth rates of 18 respectively.42, 16.57%. (2) Recovery of advance accounts and cash flow Advance indicators such as advance accounts and net cash flow of the company rebounded, indicating that downstream demand is still booming.In 19Q2, the company’s balance of advance receipts was 122.5.7 billion, an increase of 8 from Q1.72 ppm, an increase of 23 in ten years.30%, ending 6 consecutive quarters of previous negative growth. Company Q2 received a sales rebate of 205.71 ppm, net operating cash flow was 228.98ppm, operating cash flow net / net profit ratio from 9 in 19Q1.98% rose to 246 in 19Q2.72%, compared with 164 in the second quarter of last year.29%. The adjustment of the payment policy has an impact on advance receipts and cash flow indicators.According to the relevant information of the wine said, the company notified in mid-June that dealers were required to complete the third and fourth quarters of Moutai 53 degrees (with a cup) before June 30, and canceled the original third-quarter payment plan.Therefore, the company’s Q2 advance receipts and cash flow improved within expectations. (3) Increase in gross profit margin and net profit margin The company’s gross profit margin and net profit margin continued to increase steadily on a high base, and profitability increased.The gross profit margin of the company in 19H1 was 91.87%, increasing by 0 every year.92PCT, presumably related to the company’s increase in the release of high unit price non-standard wine.19H1 company sales rate 4.83%, down by 1 every year.41PCT, indicating that the company’s marketing performance has improved. Considering the improvement of the direct sales business in the second half of the year, it is expected that with the release of marketing resources, the sales rate will gradually remain stable; management + research and development rate6.73%, a decline of 0 every year.25PCT, management efficiency has been further improved.The increase in gross profit margin and the decline in the period rate drove the company’s net profit margin to increase.01PCT to 53.68%. (IV) In the second half of the year, direct sales accounted for the volume of direct sales, which was disclosed in the semi-annual report.The semi-annual report shows that in the first half of 2019, the company’s direct headquarters accounted for 4.06%, lower than 7 in the first half of 2018.72%. In 2018, the ratio of annual direct operation construction was 5.95%. The number of dealers continued to decrease in the first half of the year, and it is expected that the response will 苏州夜网论坛 be increased direct sales.In 19H1, the number of Moutai dealers decreased by 99, of which Q1 decreased by 39 and Q2 decreased by 60; 19H1 decreased the number of series of liquor dealers by 494 and increased by 21.In 2018, the company reduced 437 Moutai distributors.At the Moutai Distributor Conference on December 28, 2018, Li Baofang said that Moutai will launch Moutai 3 in 2019.1 Nominally, the distribution contract will be based on the planned volume and stock in 2017, insisting on “not increasing or decreasing”, totaling about 1.Around 7 with 1 remaining.4 Will be used partly to increase the proportion of direct and self-employed.The company plans to launch Moutai 2 in 2018.8 for the first time, actual placement 3.In 25 months, the actual amount of investment in 2019 is expected to exceed the planned amount. In the first half of the year, the promotion of direct sales was not strong, and in the second half of the year, it seriously paid attention to its volume and price policies.In April 2019, the company took out 600 tons of additional public public offering mall stores, which was called the test of direct channel expansion.On May 5, Guizhou Moutai Group Marketing Company was unveiled.At the company’s 2018 annual shareholder meeting at the end of May, the company stated that the supply of Moutai and series wines in Moutai’s directly-operated stores will increase by about 1,000 tons per year, and consider increasing the number of directly-operated stores.In July, the company selected three national e-commerce platforms to supply 400 tons of Moutai.The sales agreement between the company and the group marketing company has not been finalized, and there are uncertainties in the initial and continuous correspondence.As the gross profit of direct sales is higher than that of distribution, the increase in the percentage of direct sales improves the company’s profit. However, the determination of the sales price of this company and the group sales company will be higher than the current replacement of dealers, which will increase the company’s profit.At the distribution price, this portion of profits will be digested by the Group. 3.Investment proposal is expected to achieve a total operating income of 903 in 2019-2021.00, 1050.64, 1216.43 ppm, an increase of 16 each year.97, 16.35, 15.78%, achieving net profit attributable to mother 426.86, 503.36, 585.26 trillion, an increase of 21 each year.25, 17.92, 16.27%, corresponding to an EPS of 33 in 2019-2021.98, 40.07, 46.59 yuan, the current price corresponding to PE multiples of 28, 24, 21 times, maintaining the “recommended” level. 4.Risks indicate food safety risks; the risk of weak downstream demand; direct sales are less than expected risks.
Xingwang Ruijie (002396) Interim Review: Business structure optimization continues to be bullish on corporate network development
The company released the first half of 2019 report a few days ago and realized revenue of 33.
27 ppm (previously 5 down.
43%), net profit attributable to mother 1.
5.7 billion (10 years growth 34.
22%), net of non-attributed net profit1.
1.9 billion (a decade increase of 133.
The company’s communications products are mainly overseas markets. Due to the uncertainty of Sino-US trade relations, the revenue of communications products has declined, resulting in an overall increase in revenue growth; while the company’s product structure has been optimized and business gross margin growth has increased, resulting in a net profit growth.
Key points of investment: The rapid growth of enterprise-level network equipment and the smooth promotion of data center switches: In the first half of 2019, the revenue of enterprise-level network equipment products15.
7.6 billion (10 years growth 19.
6%), gross margin 44.
07% (up 0 every year.
Data center switches have been widely used in Internet companies such as Alibaba, Tencent, Toutiao, and Meituan. At the same time, the company actively expanded its overseas business and completed the establishment of a wholly-owned Japanese subsidiary.
The strength of the network terminal business and the growth rate of revenue gross profit: In the first half of 2019, the company’s network terminal business achieved revenue5.
7.6 billion (six months increase of 46.
97%), with a gross profit margin of 27.
57% (an increase of 3 a year.
45%). The increase in performance in the current period was mainly due to the increase in the amount of network terminal products sold to customers in the financial industry (banking, insurance) compared to the same period last year.
Merging this report, the company’s smart terminal products and smart business hall solutions were shortlisted by the six major state-controlled banks and many joint-stock banks, and initial results were achieved in the construction of cloud desktop product channels.
The expense ratio still has room to fall, and R & D expansion continues to increase: during the reporting period, the company’s expense ratio increased, and the sales expense ratio was 16.
5% (an increase of 3% per year) and a management fee rate of 3.
3% (increased by 0 every year.
6%), the financial rate is 0.
05% (annual increase of 0.
The increase in financial expenses is mainly due to exchange losses caused by the growth of the exchange rate of RMB against the US dollar in the first half of the year. It is expected that there will be room for future rates to decrease.
R & D costs increase by 14 per year.
66%, R & D intensity reaches 14.
43% (10-year growth of 2.
The company reported a total of 64 patents (52 invention patents) at the first report level and a total of 55 patents. At the end of the continuous reporting period, 1799 patents (1157 invention patents) were gradually obtained.
ICT business is still the company’s main focus in the future, and optical communication will bring steady increase: As a few comprehensively deployed enterprises in the field of internal enterprise-level network equipment, in the context of cloud computing and data centers entering a period of rapid growth,The business of each department of the company will grow steadily with the development of the industry.
Under the pressure of traffic, the quality and quantity of data centers are rising. Traditional data centers urgently need to be upgraded to optical communication mode, and the demand for 25G / 100G 武汉夜网论坛 and 100G / 400G data center switches has increased.
The company has gradually succeeded in achieving large-scale commercial use by the Internet vendors on the right. Through 5G construction, the company has gradually benefited from the steady increase brought by optical communications.
Profit forecast and investment suggestions: It is expected that the company will achieve net profit from 2019 to 2021 respectively7.
26 billion, 9.
44 billion, 12.2.7 billion, the corresponding EPS is 1.
24 yuan, 1.
62 yuan, 2.
10 yuan; corresponding current expected PE is 20 times, 15 times, 12 times; considering the company’s industry level and the estimated level of other companies in the industry, we maintain the “overweight” level of the company.
Risk factors: 5G construction fails to meet expectations, and Sino-US 北京夜网 trade frictions intensify.
Depth * Company * Fenghuo Communication (600498): High R & D and perfect 5G layout in the first quarter with performance in line with expectations
The company released the first quarter performance report, reporting a series of realized operating income.
810,000 yuan,淡水桑拿网 an increase of 14 in ten years.
90%; net profit attributable to mother is 1.
67 ppm, an increase of 19 per year.
Highlights of the support level The first quarter results were in line with expectations and management efficiency continued to improve.
The company’s revenue and profit increased in the first quarter, increasing by 14 respectively.
90% and 19.
71%, the performance is stable and progress, the overall situation is in line with expectations, and various businesses are also implemented smoothly.
In the first quarter, the company’s three fees generally showed a downward trend, and administrative expenses decreased by 84.
67%, the refined control is quite effective, and the operating efficiency continues to improve.
Net cash flow from operating activities of the company-17.
20,000 yuan, an increase of 41 in ten years.
41%, the recovery situation improved.
With the development of accompanying business, the company is expected to continue the growth trend of performance.
The demand for network security has expanded, and the sky has ushered in a peak in data construction.
In the long term, the country has continued to increase its network security management and control, and the information security needs of key industries such as communications, finance, and energy have continued to grow.
As a trump company in the field of network information security, the subsidiary Benevolent Star has mature network security business layout and long-term agency cooperation experience. Its special police equipment has widely replaced the public security and military fields.
The network security big data platform has been deployed in more than 300 points across the country, and the Beacon Public Opinion Network can provide military opinion departments with public opinion inspection, forecasting, and reporting services.
At the same time, the company will also deepen its network security products into the civilian sector, help enterprises develop informatization, and explore new growth points for their business.
High research and development and perfect 5G layout, grasp the core driver of future development.
Facing the possibility of a 5G construction window, the company expanded R & D investment, and the R & D expenses reached 5 in the first quarter.
800,000 yuan, an increase of 9 in ten years.
73%, improving the competitiveness of 5G core technologies.
The company integrates a complete 5G bearer network solution, successfully covering key areas such as slicing networking, optical transmission networks, and leading optical fiber and cable technology, and has been certified by the top telecommunication equipment testing agency Telcordia.
At the same time, the company publicly issued convertible bonds30.
US $ 8.8 billion for R & D and industrialization 合肥夜网of fiber optic chips, fiber extension rods, and continuous broadband access equipment.
With its strategic layout in the field of 5G and optical communications, it is expected to inject growth momentum into the company’s future earnings.
We estimate that our EPS forecast for 2019-2021 is 0.
26 yuan, corresponding to a price-earnings ratio of 33.
5 times, 28.
0 times, 23.
0x, maintain BUY rating.
The main risks faced by the rating are lower than expected investment by operators, technical risks, market competition risks, etc.