Category: 桑拿

[Baking soda whitening method]_Baking soda_Whitening teeth_Bone

[Baking soda whitening method]_Baking soda_Whitening teeth_Bone

It is very important to improve the appearance of a person’s teeth. If a person’s teeth are black and yellow, they will become very unconfident when they laugh, so everyone will use some simple methods to whiten teeth.

The key to whitening your teeth is to use some baking soda. In fact, baking soda with salt and toothpaste can whiten your teeth.

Teeth white and neat will give you extra points in communication, and will give a good impression.

So whitening your teeth is very important. Soda whitening is the first thing many people think of. So what should you do?

What else can I do to whiten my teeth?

The following editors will answer it for you!

Use baking soda and salt together. Add a bit of salt, add a bit of water, and mix thoroughly. Don’t make it too thin. It can be applied to the teeth. Then use a clean cloth or toothbrush to apply a small amount and gently brush your teeth.

Use baking soda and toothpaste together. Sprinkle a little on the toothpaste when you brush your teeth.

However, this substance mixed with baking soda and toothpaste can only be used for brushing once a day. The baking soda should be alkaline. If you use it more, it will damage your teeth. It is best not to use it alone.

Precautions Baking soda itself is an alkaline substance, because if you use alkaline things to brush your teeth for a long time, it will also cause stress to the tooth itself, so it is recommended that you do not use it for a long time.There will be damage.

Baking soda is an alkaline thing that cannot be used for a long time, and whitening teeth must be protected daily. In addition to brushing your teeth in the morning and evening, and often gargle, what other tips are there for whitening your teeth?

The following editors will introduce several other methods for whitening your teeth!

Peanut whitening teeth can still eat more peanuts every day, because the process of eating peanuts is a process of cleaning the teeth itself. When you eat peanuts, the dirt on the teeth will also fall out, thus cleaning the teeth.

[Does sea urchin aphrodisiac]_ Bushen _ effect

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[Can fungus and mutton be eaten together]_mutton_black fungus_to eat

[Can fungus and mutton be eaten together]_mutton_black fungus_to eat

Fungus is a kind of fungus food. After the mountain was closed for afforestation, people could not pick the fungus on the mountain, so they invented the artificial planting method.

Today, the fungus sold on the market are artificially grown fungus, and the taste and taste are good. Can the fungus and lamb be eaten together?

There are many ways to eat mutton. Let me give you a detailed explanation of what mutton and food cannot be eaten together.

First, mutton cannot be eaten with anything. Although mutton is rich in nutrition and delicious, eating more can easily lead to fire, and it is also particular about the food mix. Eating mutton with some foods may lead to bad results. Let ‘s take a lookLamb cannot be eaten with anything.

1. You ca n’t drink tea with mutton. Lamb is rich in protein, and tea contains broken sulfuric acid. Drinking tea while eating mutton will produce metabolic acid and protein, weaken the peristalsis of the intestine, reduce stool moisture, and slender constipation.

2, mutton should not eat sour vinegar with vinegar has astringent effect, eating with mutton becomes its discount effect of warming.

3, mutton can’t be eaten with watermelon. The mutton is sweet and hot, while watermelon is cold, which is a cold product. After eating, it greatly reduces the warming effect of mutton.

4. Mutton cannot be eaten with pumpkin Mutton and pumpkin are warm food. If eaten together, of course, it will be poured on the fire.

Mutton is warm in nature and needs to be paired with vegetables when eating, which can cool in series, detoxify and eliminate fire.

Lamb is suitable to be eaten with vegetables such as winter melon, loofah, spinach, cabbage, enoki mushroom, and mushrooms.

Patients with hepatitis should not eat mutton.

The mutton is warm and hot, and excessive consumption may worsen the illness.

In addition, after ingesting large amounts of protein and a small amount, due to liver disease, all metabolic functions such as oxidation, decomposition, and absorption cannot be effectively completed, which will increase the burden of hypertension and cause disease.

Second, the practice of mutton cumin mutton, mutton, and cumin, two ingredients, merge into a unique flavor; Angelica mutton soup, can drive cold, but also warm up, has a higher nutritional effect; mutton stew noodles,The hot soup is delicious and delicious, with a fragrant nose, which is eaten into the mouth and warmed to the stomach.

There are many ways to make mutton, and I will listen to the details of how to make mutton.

Ingredients of Astragalus Angelica Lamb Soup: Angelica, Astragalus, Lamb, Onion, Ginger, Cooking Wine, MSG.

Method: 1. Wash the mutton, add orange peel to the pot, remove the orange peel after boiling and discard, then add a few orange peels to continue cooking, repeat 3-5 times to remove the mutton smell.

2. Angelica, Astragalus and Codonopaceae are washed, wrapped in gauze bags, and pierced.

3. Wash the green onions and ginger and cut into sections.

4. Put mutton, angelica, astragalus, codonopsis, onion, ginger and cooking wine into the pot, and add an appropriate amount of water.

5, boil on the fire, and then stew with simmered fire until the lamb is cooked.

[Crispy chicken breasts with cold spring onions]_Home cooking of crispy chicken breasts with cold spring onions_Crispy chicken breasts with cold spring onions_Crispy chicken breasts with cold spring onions

[Crispy chicken breasts with cold spring onions]_Home cooking of crispy chicken breasts with cold spring onions_Crispy chicken breasts with cold spring onions_Crispy chicken breasts with cold spring onions

Our life is inseparable from friends, and naturally there is a meal between friends.

Gathering is a happy thing, we can gather together and talk about everything.

For dinner, most people choose to stay in a well-known restaurant.

But if you can do it yourself, I believe friends will be happier.

Well, here I’ll show you how to cook cold onion and crispy chicken breasts.


Cut the chicken breast into small pieces, add cooking wine, salt and water starch for 2 minutes.

Add dry starch and mix well.

Add salad oil to the pan and cook until it is 90% hot.

Take the golden yellow and pour it into the colander to control the net oil. Whenever we see a good hand made by others, we must be envious.

Do n’t worry about it now. According to the introduction above, I will try to make the cool and crispy chicken breasts.

[Does green onion and honey eat poison together?]_ 石蜜 _Can you eat it together?

[Does green onion and honey eat poison together?]_ 石蜜 _Can you eat it together?

We heard the old man say that green onions cannot be directly with honey, and green onions and honey seem to be food for the two worlds.

The onion taste is very spicy, which is more suitable as an ingredient to adjust the taste of the dishes when cooking. Honey is very sweet and is used in many places. It can make desserts and add color to Chinese cuisine.

So, can green onions and honey be eaten together?

Are there any caveats?

First, honey and shallots are very good foods for health, and they are more common in daily life. Especially for honey, everyone thinks that honey is a natural antioxidant and it does not spoil. In fact, this is also true.There is nothing wrong with understanding, because if honey is not tightly sealed and exposed in the air for a long time, it will also cause loss of taste and nutrients.

So it ‘s better not to eat two things together.

Second, the correct allowable time is half an hour to one hour after eating. This is the best effect. Friends who want to lose weight can drink honey water for half an hour at breakfast. This can help the body to discharge excess oil and honey.Water can also be drunk an hour before bedtime, which can effectively promote sleep.

This type of method will destroy the nutrients in honey, inactivate the enzymes in the honey, lighten the flavor, completely change the taste, and it will be sour when you eat it. The reason is that the honey water deteriorates after brewing with boiling water.

Therefore, we should use warm water for brewing. The water temperature should preferably be below 40 degrees, and avoid overheating and destroying the nutritional content of honey. Especially in summer, using cold white for brewing can bring out the heat-clearing effect.

The brewing ratio of honey and water Although this ratio is not mandatory, it can be determined according to the user’s own needs. The general standard is that honey and water are brewed at a ratio of 10: 300ml, depending on their own taste.Add a little bit more sweet, as long as the concentration of honey is not very high, it is not a problem if it is not consumed in large quantities, an adult can consume 100g a day.

Three times a day, morning, evening and night.

Jiangshan Oupai (603208) 2019 Interim Report Comments: Engineering Channel-Driven Performance Continues to Increase Capability

Jiangshan Oupai (603208) 2019 Interim Report Comments: Engineering Channel-Driven Performance Continues to Increase Capability

Matters: The company released the 2019 semi-annual report on August 12, 2019.

2019H1 achieved operating income7.

30,000 yuan, an annual increase of 52.

01%; net profit attributable to mother is 0.

810,000 yuan, an increase of 41 in ten years.

18%; net profit after deduction is 0.

71 ppm, an increase of 45 in ten years.


2019Q2 achieved operating income4.

880,000 yuan, an increase of 73 in ten years.

61%; net profit attributable to mother is 0.

710,000 yuan, an increase of 47 in ten years.

39%; net profit after deduction is 0.

62 ppm, an increase of 52 in ten years.


  Comment: The splint 合肥夜网 door business contributed 50% of the revenue, and the cabinet business started at an early stage.

2019H1 company’s plywood molded door business and solid wood composite door business achieved revenue 3 respectively.

92 ppm / 2.

72 trillion, an increase of 47 in the first half.

49% / 43.

67%, revenue accounted for 53.

65% / 37.

22%; cabinet business achieved zero revenue.

10,000 yuan, contributing 1% of revenue.

  Tap the market potential of each channel, and engineering channels drive high revenue growth.

In terms of dealer channels, increase blank area investment and eliminate low-quality stores; in terms of engineering channels, maintain existing high-quality engineering customers and develop new high-quality engineering customers, increase supporting products, and provide after-sales value-added services.

The growth of the company’s operating income in 2019H1 was mainly due to the increase in sales of engineering channel customers, among which Guangzhou Evergrande and the company had such a situation.

3.5 billion (including tax).

The channels of foreign trade companies and export channels focus on developing new high-quality large customers.

  The gross profit margin increased, and the ability to control fees improved.

2019H1 net margin level 11.

15%, a decline of 0 per year.

74 points; Net margin for the second quarter of 201914.

8%, down 2 every year.

14 points, mainly due to the increase in gross profit margin, an increase of 11 from the previous quarter.

02 points.

2019H1 gross margin level 31.

06%, down 2 every year.9pct, mainly due to the increase in sales income during the period corresponding to the increase in costs.

Gross profit margin for the second quarter of 2019 was 33.

03%, 5 per year.

32pct, mainly due to the increase in operating costs, an increase of 5 quarter.

93 points.

Expense rate during 2019H1 is 18.

01%, down 2 every year.

98 points; sales expense ratio and management expense ratio are 9.

28% / 7.

61%, a decrease of 0 per year.

24pct / 3.

13 points; financial expense ratio 1.

12%, a year to raise 0.

39pct, which was due to the increase in factoring expenses and the interest of Henan Evergrande Europe Loan in the current period.

Expense rate during Q2 2019 is 16.

3%, a decline of 3 per year.

55 points, down 3 from the previous quarter.

81pct; sales expense ratio 8.

84%, an increase of 0 a year.

02pct, down by 1 from the previous month.

32pct; management expense ratio 6.

69%, a decrease of 3 per year.

55 points, down 1 from the previous month.

43pct; financial expense ratio is 0.

77%, a decrease of 0 every year.

01pct, down by 1 from the previous month.

06 points.

The net cash flow of the company’s operating activities in 2019H1 is -1.

US $ 0.7 billion was mainly due to an increase in bills payable due in the current period.

2019H1 accounts receivable increased by ten in ten years.

7.4 billion to 4.

1.6 billion, mainly due to the increase in accounts receivable of engineering customers.

  The company’s engineering business volume has increased, and the “one-stop shop for wooden doors” in hardcover rooms is promising.

Steady progress in the construction of investment projects.

On the disclosure date of the final semi-annual report, the “marketing network construction project” has completed its investment. At the same time, the company’s “annual production of 1.2 million sets of wooden door project” is progressing as planned, and it is still in the infrastructure stage.

Due to the stable development of the company’s main business, engineering channels to support revenue growth, and improved cost control capabilities, we maintain our forecast of the company’s net profit attributable to mothers in 2019-2021.



16 ppm, corresponding to the current expected PE of 14, 11, 9 times, maintain “strong push” rating; with reference to other furniture sub-segment valuation, maintain the company’s 18 times PE, corresponding to a target price of 45 yuan.

  Risk reminder: The development of customers at the engineering end is not up to expectations, and interest rates in the real estate market fluctuate.

Xinhua Insurance (601336) 2019 Annual Results Express Comment: The rapid development of the agent team is poised for second takeoff

Xinhua Insurance (601336) 2019 Annual Results Express Comment: The rapid development of the agent team is poised for “second takeoff”

On February 2, the company issued a pre-announcement of its results, and in 2019 realized net profit attributable to shareholders of the parent company 142.

About 6 trillion, an increase of about 80% each year; deducted non-attribution net profit 127.

5 trillion, an increase of about 60% each year.

It is expected that Q4 will return to the net profit of the mother 12.

About 5.7 billion, an increase of about 471% in ten years, about -48.

86%; it is estimated that Q4 deducted non-attributed economic profit is about 15.

72 ‰, an increase of about 615% in ten years, or -36.


In 2019, the company realized premium income of 1381.

3 ppm, an increase of 12 in ten years.

96%, of which Q4 premium income was 302.

180,000 yuan, an increase of 35 in ten years.

64%, down 10 from the previous month.


Investment Points 1.

Tax preferential policies increase thick and solid performance, and equity investments have improved significantly. In May, the “Announcement on Pre-tax Alternative Policies for Insurance Companies’ Fees and Commission 重庆耍耍网 Expenditures” was released. The company will release new accounting policies applicable to the settlement and settlement of corporate income tax in 2018.The one-off adjustment to the current profit and loss is regarded as non-recurring profit and loss, about 18.

5.1 billion, accounting for 12.


The Shanghai and Shenzhen 300 Index is up 36 in 2019.

07%, the company’s equity investment has improved significantly compared to 2018.


The initial reserve replenishment continued to grow, and to a certain extent, the growth rate of the company’s performance had re-determined its actuarial assumptions. Changes in the accounting estimates in the first three quarters resulted in a decrease in the life insurance liability reserve RMB7.

8.3 billion yuan, long-term health insurance liability reserves increased by 武汉夜生活网 RMB27.

65 million yuan, a total reduction of pre-tax profit for the first three quarters of 201919.

8.2 billion.

Changes in accounting assumptions will result in a gradual increase in the increase in reserve provisions and curb profit growth.


The number of agents reached a new high. In 2020, NBV is expected to improve the pressure transmission of the industry in 2019, and the number of company agents will increase against the trend.

As of the end of 2019, the number of company agents exceeded 500,000, a record high.

Relative to the increase in agents, the increase in company premiums in 2019.

In the fourth quarter of the merger, the merged company vigorously developed the premium payment on behalf of the bank, and it is expected that the growth rate of NBV in the budget will be at a historical low.

The development of a low-base merger agent team creates a good foundation for the improvement of the NBV growth rate in 2020 and is expected to advance to a growth rate of about 10%.

But we still need to pay attention to the increase in per capita capacity.


The new CEO repositioned, and the “second takeoff” company has formulated a “1 + 2 + 1” strategy, with life insurance business as the main body, wealth management, health care services as the two wings, and technology empowerment as the driver.The company’s goal is to be the first echelon of the industry, with assets exceeding one trillion yuan, scale value increasing simultaneously, and industrial synergy to play its role.

The company repositioned its bancassurance channels, focusing on both scale and value, driving the growth of premiums.

The company’s new job performance demand is high, and its performance in 2020 is worth looking forward to.

5. The short-term impact of the epidemic is limited, and the long-term trend remains unchanged.
  The main impact of the epidemic situation was concentrated on the increase of agents, the development of the industry, and the payment of compensation.

, The company ‘s agent increase, exhibition industry, offline training and other activities were affected, but due to the company ‘s “opening door” early progress and online training, online exhibition industry and other measures to offset some distortions, the epidemic is expected to increaseSpeed impact is limited.

The impact of this new type of coronavirus epidemic on insurance claims, the main types of insurance involved include critical illness insurance, life insurance and medical insurance.

Benefits for critical illness insurance need to be determined according to specific insurance clauses, and the overall impact is small; life insurance benefits need to meet criteria such as death or total disability, which ultimately leads to a reduction in the disease situation and limited benefits due to death; medical insurance benefits are subject toThe epidemic situation affects the reimbursement of reimbursable medical insurance products on the market.

However, as the three national ministries and commissions have clearly stated that the medical expenses of patients are covered by medical insurance and financial subsidies, the company’s overall pressure on compensation payments is not great.

In the long run, the epidemic situation is in danger, and it will inevitably intensify the speed of innovation in the insurance industry in the industry. The long-term trend will remain unchanged. It is expected that the inflection point will be in the second half of the year. In the future, insurance premiums, especially health insurance, have broad development space.

We believe that the number of agents and strategic positioning of the company are highly foundational for development, and the long-term positive trend remains unchanged.


Budget estimates and investment recommendations The company recently received the CBRC’s “Reply from the China Banking Regulatory Commission on Xinhua Life Insurance Co., Ltd.’s Issuance of Capital Supplemental Bonds” (Yinbao Jianfu[2020]No. 30), and agreed to the company’s disclosure in the national interbank bond market.Issuing 10-year redeemable capital supplement bonds with an issue size not exceeding RMB 10 billion, and requiring the company to complete the issuance measures within 6 months after obtaining the issuance license from the competent authority.

The company intends to use the funds raised from the issuance of capital supplementary bonds to supplement capital to improve solvency.

In the future, the company’s thinking and strategy for the development of security and wealth management products will change, with equal emphasis on value and scale, and long-term development is expected.

  From the current point of view, the company’s P / EV is at a relatively low historical level and is expected to continue to benefit from the increase in product income and premiums brought by business transformation and high-cash value products. We look forward to achieving further success in the realization of the new session.
We expect the diluted EPS for 2019-2021 to be 4, respectively.



86 yuan, P / EV is 0.



52 times, underestimated the rebound configuration variety, maintaining the “recommended” rating for the company.

Risk reminder: Sino-US trade friction risk; market systematic decline risk; performance is less than expected risk; long-term interest rate downside risk; regulatory trend risk; risk of regulatory approval for issuing capital supplementary bonds; risk of serious epidemic spread

Yangnong Chemical (600486): The leader of the original medicine relies on Sinochem to set sail

Yangnong Chemical (600486): The leader of the original medicine relies on Sinochem to set sail

The challenger of the global agrochemical leader, Yangnong Chemical Co., Ltd., the king of imitation pesticides, was established in 1999. It is mainly engaged in the business of pesticides, herbicides and fungicides, supplemented by fine chemicals business, and provides global pyrethroids and wheat straw.Fear pesticide faucet.

The huge amount of profits calculated by the company has the ability to invest in the construction of a large number of new projects. According to our statistics, since 2018, the company has fully promoted the projects of Youjia Phase III, Phase IV, and terminal and storage facilities, with a total investment of 26.

800 million, all of them are expected to contribute to net profit after tax.

4.4 billion.

Strategic choices at key points in 杭州桑拿网 history have made Yangnong Chemical stronger. Looking at Yangnong Chemical’s development history, the expansion of production capacity at different strategic points can be traced.

Since the listing, the company has mainly experienced three large-scale capacity expansions, corresponding to Jiangsu Yizheng Youshi Chemical Project, Nantong Youjia Phase I Project, and Youjia Phase II Project.

In June 2019, the company completed the acquisition of high-quality assets of Sinochem Group, forming a more complete industrial chain integrating research, production and sales, giving full play to synergies and expanding market share; replacing the company’s shortcomings in creating pharmaceuticals and preparations.Plate, striding into the vast market of 60 billion preparations.

A global leader in permethrin, a company with obvious advantages of self-intermediate integration, the market share of permethrin is the first in the country and the second in the world, and the global market share is second only to Sumitomo Japan. The production capacity of santhrin and agricultural permethrin is 2,600 tons and 5,500 tons, respectively.At the same time, it has self-made intermediates such as methyl tintinate and DV instead of chlorine. It is the only pyrethroid manufacturer in China that realizes the integration of the basic chemical raw material-intermediate-pesticide drug industry chain.

From 2016 to 2019, the environmental protection trend has been tightened year by year. The long-term environmental protection policies triggered by the severely superimposed Xiangshui incident have tightened, and some of the industry’s production capacity has continued to clear. Although the price in 2019 has been distorted and dropped, but Real Madrid has completely disbanded and Runtian continued to stop production.Long-term price efforts to maintain a reasonable central level.

Dicamba: The demand is growing rapidly. Dicamba, the only supporting enterprise in the entire industry chain, is stable on the demand side of traditional grasses, about 1.

3 Every year, demand growth mainly comes from the promotion of Monsanto’s dicamba-resistant soy and cotton seeds in the Americas. We estimate that the global demand for dicamba in 2020 will be 6.


5 benchmark, based on a neutral estimate, the demand-to-capacity ratio is still in the 85% -90% range. Yangnong Chemical is the only manufacturer in the entire industrial chain supporting the world’s production capacity, the world’s first production capacity, production stability and cost control have advantages, althoughSince the second half of 2018, Sino-U.S. Trade has been intensifying, and demand has decreased in the short term. However, we believe that the continued growth of wheat-resistant GM soybean and cotton, especially the penetration of South America, has limited room for continued price decline. In the long run,, Still in a state of tight balance.

Glyphosate: The industry structure has been optimized, and the price center has increased. The glyphosate industry continues to shrink its capacity under the dual effects of spontaneous de-capacity and environmental protection and de-capacity. At present, there are only more than 10 manufacturing companies.

Although the price has improved due to the influence of the off-peak season, the average prices in 2017, 2018 and 2019 have been 23768, 26701 and 24925 yuan / ton since the beginning of the year; the price difference is 11,816, 13546 and 13358 yuan / ton respectively; the price center and the price difference have been earlierThere has been great improvement, and the profitability of the industry has continued to increase.

It is expected that the company’s net profit attributable to its mother in 2019, 2020 and 2021 will be 11 respectively.

30, 13.


5.1 billion yuan, corresponding to PE 14.


8, 10.

8x, maintain BUY rating.

Risk analysis Safety production risks, production capacity is less than expected risks, and industry competition intensifies risks.

Tiannai Technology (688116): Leading Carbon Nanotube Enterprises Benefit from High Growth of Lithium Batteries

Tiannai Technology (688116): Leading Carbon Nanotube Enterprises Benefit from High Growth of Lithium Batteries

The company is China’s largest carbon nanotube manufacturer.

As one of the global companies that initially 深圳桑拿网 introduced carbon nanotubes into lithium batteries through conductive pastes, the company has been committed to mass production of carbon nanotubes and the development and application of downstream markets since its inception, accumulated production experience and customer resources.
According to the statistics of the Institute of Industrial, Industrial and Research Lithium-Ion Power (GGII), the company’s carbon nanotube conductive deposition products and volume measurement have consistently ranked first in the domestic industry in the past two years.

Power lithium batteries maintain high growth, and the demand for carbon nanotube conductive agents is rapidly increasing.

Driven by the rapid growth of the power lithium battery market, the global carbon nanotube conductive deposition for power lithium batteries has maintained high growth.

According to the data of the Institute of Industrial, Industrial, and Industrial Research, the global market demand for carbon nanotube conductive sheets for power lithium batteries in 2018 was 3.

44 samples with an output value of 8.

8 ppm, carbon nanotube conductive powder penetrates and dissolves in the field of power lithium batteries31.


By 2023, the conductive permeability of carbon nanotubes is expected to reach 82.

2%, the demand for carbon nanotube conductive paste will reach 19.

06 samples, the output value will reach 47.

9 trillion, the compound annual average growth rate of demand in the next five years is 40.

8%, the compound annual average growth rate of output value is 40.


The company has cultivated lithium batteries for many years and established stable and high-quality customer relationships.

Lithium battery companies have strict inspection procedures for conductive paste suppliers, comprehensively evaluate their product quality, stability, consistency, and continuous supply capacity, and inspection cycles.

The company has cooperated with domestic first-class lithium battery manufacturers for many years, and has established stable and high-quality customer relationships in new product development and industrialization.

The company’s main customers include BYD, ATL (New Energy Technology), CATL (Ningde Times), Tianjin Lishen, Funeng Technology, Xinwangda and other domestic first-rate lithium battery companies.

Company estimates and inquiry suggestions: We predict that the company’s operating income in 2019-2021 will be 4 respectively.

1.7 billion, 5.

4.2 billion, 7.

32 ppm; It is predicted that the company’s net profit attributable to the parent company in 2019-2021 will be 0.

8.4 billion, 1.

0.5 billion, 1.

3.4 billion.

The company is a leading domestic carbon nanotube conductive paste company. At present, the company has achieved profitability and is expected to maintain stable growth. The valuation of PE is reasonable.

According to the principle of prudence, with reference to the assessment levels of domestic Taitai, Tianci materials, and New Zebang, the average dynamic PE of the three companies in 2019 is 30.

36 times, calculated that the company’s reasonable estimate of the center is 10.

99 yuan / share, corresponding to city level 25.

48 ppm, 15% of the inquiry range is[9.


42]yuan / share.

Risk reminder: The development of the new energy automobile industry is less than expected, the permeability of the carbon nanotube conductive agent is less than expected, and market system risks.

Yongxin shares (002014): Outperformed performance continues to benefit from industry consolidation

Yongxin shares (002014): Outperformed performance continues to benefit from industry consolidation

Investment Highlights The company released a quarterly report for the year of 19: Realized revenue5.

68 ppm, an increase of 12 per year.

16%; net profit attributable to mother 0.

51 ppm, an increase of 18 per year.

91%; net profit attributable to mother reaches 8.

98%, an increase of 0 every year.

51pct, performance 深圳桑拿网 was slightly better than expected.

Steady revenue growth and continued exploration of high-quality customers: The company’s main business, color printing composite packaging materials, achieved steady growth in revenue. At the same time, it actively built plastic flexible packaging film production lines and acquired a complete integrated layout through the acquisition of Xinli Ink.

As a domestic leader in soft plastic bags, the company covers high-quality large customers such as Nestle, Wrigley, Chacha, Mengniu, etc. At the same time, it develops customers in the pharmaceutical and daily chemical fields to ensure stable revenue growth. At the same time, thanks to supply-side reforms, the soft bag industry pattern continues to optimize.Company orders and sharing continued to increase.

The price of raw materials fluctuates at a high level, contributing to the elasticity of performance: the company’s main raw material, such as BOPP film, substitutes for petrochemical derivatives, and its price is closely related to the price of oil.

Oil prices have continued to fall since 18Q4, and the average price per barrel of 19TI WTI crude oil / Brent crude oil futures price was 54.


83 dollars, a decrease of 12 compared with the same period last year.

73% / 5.

06%, driving the company’s gross profit margin to improve significantly, exceeding the rise by 3.

14pct to 24.


Expenses increased and operating cash flow was good: the company’s three rates for Q1 combined.

97%, up 2 every year.

45 points.

The total sales expenses are 0.

25 trillion, the sales expense ratio increased by 0.

91 points to 4.

48% is due to the continuous development of business and customers; management and R & D expenses total 0.

460,000 yuan, the management + R & D expense rate increased by 1.

49 points to 8.

22% was due to the increase in employee salaries, increase in accrued expenses and R & D expenses.

First-class, the company achieved net operating cash flow of 0.

3.6 billion, -0 compared to the same period last year.

2.3 billion growth; the company’s inventory turnover days were 63.

46 days, down 6 from the same period last year.

84 days, the turnover increased.

Actively expand production capacity and promote industrial chain support: The company actively expands production capacity in response to market demand. Through three bases in Huangshan, Guangzhou, and Hebei, it forms a national customer coverage to ensure timely product delivery.

By the end of 18, 50% of the new functional packaging materials project of 13,000 tons and the relocation and upgrading of 20,000 tons of ink technology will be completed gradually, and 10% of the 8000 tons of multi-functional film technology renovation project will be completed.

Maintaining high dividend payout ratios and high-quality distribution targets: The company gradually realized net profits in 04-18.

4.8 billion, a total of 12 cash dividends distributed to shareholders.

700 million, with an average dividend payout ratio of more than 65%, of which the company’s dividend ratio for the 18 years reached 77.

47%, corresponding to the current sustainable budget adjustment4.35%.

In addition, the company’s recent repurchase of company shares demonstrates development confidence, and by March 31, 19, it has gradually repurchased 503.

90,000 shares, accounting for 1% of the company’s current total share capital, with a total payment of 3,413.

770,000 yuan, the repurchase of shares in the future may be used preferentially for employee shareholding or equity incentives.

Earnings forecast and investment grade: We expect to achieve revenue of 19 to 21 years respectively.



9.2 billion, an increase of 14.

2% / 14.

7% / 14.

3%; net profit attributable to mother 2.



4.7 billion, an increase of 16.

9% / 15.

0% / 14.


The current priority corresponding to PE is 15.

37X / 13.

37X / 11.

66X, maintain “Buy” rating.

Risk warning: raw material prices fluctuate sharply, environmental protection expectations are not up to expectations, and downstream demand continues to be sluggish